BTC ETFs approved, Core dev updates and more - The Daily Gwei Refuel #713 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delway refuel where recap latest news in the etherum ecosystem I'm your host Andy s and the 15th of January 2024 all right everyone let's get into it so I'm back after another weekl long break and I'm sure most of you have seen this already but unfortunately I needed to take a break because my dog buddy passed away last Sunday the 7th of January now we had known that was coming for a few weeks I think uh at least uh you know he had slowed down a lot obviously as uh as older dogs and I guess older people do right um as you kind of age uh and he was having weakness in his legs and his behavior kind of started changing and then obviously we took him to a vet we actually took him on 26th of December to

the vet and basically she said that it was highly likely that he had cancer uh because he had these swollen lymph nodes all over him and then not even two weeks later he was gone he just deteriorated very quickly from there obviously we opted not to do treatment because he was very old um he was uh 16 and a half I mean more than 16 and a half his birthday's in May so almost 17 years old uh and definitely not one of those chihuahua dogs that Liv to like 20 years old I think that's the one of the dogs that lived the longest he definitely lived longer than expected so yeah we got him I should say I got him as part of um a family dog back in 2007 it's a very long time ago I think I was 14 years old at the time I'm 31 now 32 this

year but got him back then and he had been in my life since then basically you know it's kind of funny cuz he had a bunch of different owners over the years but I was always there so basically we got it as a family dog and then I think when I was like 20 or 21 my parents split up my sister and and Mom moved out me and my dad stayed in the the kind of like family home and Buddy stayed with us there uh and then uh when Co hit like a few years later my dad moved out with his new partner and then it was basically me and my fiance Diana who looked after him for really the last four years and he came with us when we moved into our new house as well but I would say it was really the last four

years that that uh kind of like it had the biggest impact on myself and and Diana with with buddy we spent a lot of time with him obviously I work from home and obviously because of covid there was lockdowns and things like that so we spent a lot of time with him during that time we gave him all the love that we could uh especially my fiance she was a champion with him honestly she he loved her so much uh basically so yeah he had the the last four years of his life was probably the best honestly because he just got so much attention um but yeah then unfortunately he passed away last Sunday and honestly for me it was it was I mean I we obviously as I said like we knew it was coming but for me it hit me really really hard it hit me harder than

I thought it would hit me I I think that besides my fiance I had grown so attached to buddy that it was probably like the second most attached to person not a person but like living thing in my in my life to be honest honestly I I because I spend so much time with him because he's just so innocent he's a dog right I mean someone actually dm'd me and said that think about it like this you know for us as humans we have so much going on in our lives so many different things happening you know so many different things that we're focused on but for a dog uh and really for for other pets as well we are their whole life really I mean they've got nothing else really going on we are their whole life we feed them right we we we play

with them we we are their source of Happiness right so we basically are their entire world for their entire life essentially so I thought that was a that was a really beautiful uh beautiful way to look at it um but yeah I think that's why it hit me the hardest and I do want to give a really really big shout out to everyone and a thank you to everyone who uh sent me your condolences and love it really meant a lot to know that I had a lot of people that were obviously uh kind of sharing their own experiences with pets that they have or have had in the past that have passed away as well you know knew how I feel but also just people passing on their love that really did help me over the last week or so I'm still not in the best place honestly

like I'm still pretty shaken up and pretty torn by it I know that you know obviously over time uh you know it kind of heals it and makes it easier to deal with but it just sucks especially because I'm still in the same house as where buddy was and Buddy would always sit on the couch or he'd always come into my study when I was sitting here and kind of want my attention and that's kind of all gone right so it feels like a part of me is just missing at this point uh and I'm just kind of working through the motions and dealing with with that especially because just it's just very hard um and honestly as I said like he lived a very long life one of the lucky luckier dogs out there but that doesn't make it any easier I mean as humans we have a life expectancy of

what if you're in a first world country it's like 80 to 85 most dogs don't even live to to be anywhere near 17 like I I was looking it up like 10 to 15 years is what most dogs get uh and that you know that is a really really short time compared to our lives especially if you get a dog as like a kid or as a teenager like I did it just puts into perspective how long our lives are compared to to a dog's life and there are other animals that live even uh you know even less time than that that people keep as pets and things like that but anyway I don't want to ramble too much on about this I just figured that obviously you guys know that the last week I I was away because of this uh and it really just uh

it hit me harder than I expected it would hit me so maybe there'll be days going forward that I'll just have to take off because I'll just be having a bad day about it or something like that and I'm sure any of you have had pets before or have pets know exactly how it feels you know you know it's kind of funny cuz I was talking to different people about this and I kind of get the feeling for people who' have never had pets before they don't understand that a pet especially something like a dog or even a cat I mean I haven't had any other pets except buddy uh so I don't know what it feels like to have another pet but especially something like a dog that we've literally bred over you know tens of thousands of years even longer than that to be our best friend right to

be human's best friend we're basically uh soulbound to them essentially when and and and they rely on us for for everything um when you form a bond that strongly with a living thing it doesn't matter if it's an animal or a human I think that it hits the same you know I I I felt the same way about Buddy as I did about my grandparents passing I know it's the people who haven't had pets before maybe they they think that's weird maybe they think that's uh you know that that's crazy but I think if you have if you've had a pet or if you have a pet uh and you're really close to them and you spend a lot of time with them you definitely understand the bond that can form with them and how their loss can be like losing a human I mean

for me and my fiance it was really like losing a child we don't have any children yet we do plan to sometime in the future but we don't have any yet and I can only describe it as feeling like you know a parent losing their child I mean I don't know what that feels like and I hope that I obviously never know what that feels like but that's that's the that's the kind of loss that I felt and it was a really deep sadness especially for the first couple of days I I mean even at this point I'm still in disbelief about it I still I still expect to you know go out on my study go to the couch and see him just lying there sitting there like he is in this picture uh because he really did leave an impression and a presence on everyone

uh and it really yeah it really just kind of feels like I've lost a part of myself but anyway as I said didn't want to going too long about that but I felt like that was something that I wanted to get out there for you guys uh just to explain kind of Buddy's life explain what he meant to me and explained uh why you know I need to take that time off there and I do apologize for taking that time off but I have a lot to get through today so enough on that enough on that for now I'm going to get into everything that I've missed over the past week or so so a lot of exciting things happened obviously we're going to kick it off with uh talk about the ETF now of course the Bitcoin ETFs the spot ETFs were approved you guys know that I had no

doubt about this at all and there's so much to say about this so I want to start at the top by basically saying yes they got approved and I do want to get this out of the way before I jump into this there is someone in the daily way Discord Channel quite active in there uh you know he's he's really great his name is greystoke he was very doubtful that these ETFs would get approved by Jan 10th he figured that they would get denied so the ARA one would get denied on Jan 10th and then they'd all get approved in March uh and I was obviously on the other end of that saying and so were other people in the deily grade Discord Channel we were all saying that hey no it's going to get approved by Jan 10th otherwise they're going to open themselves up to many lawsuits basically

and they would have like for sure uh the next day they would have been hit with all these lawsuits I'm sure that these fists probably had the lawsuits ready to go if they were denied here so I just want to say uh gry stroke funny that that that's the kind of like way it worked out I'm not going to spend the whole episode dunking on you like I was joking about in The Daily gr Discord Channel but hey uh you know good play there and you know what's funny I actually see that you're more confident that the E ETFs are going to get approved now than you worry about the BTC atfs but we'll have to see how that plays out and I'll talk about that a little bit later but yeah now that that's out of the way ETFs approved obviously we saw the price action over

the last week and exactly what happened once they were approved and I did mention this I think a few weeks ago where I said the market was in like a holding pattern where it was like they it didn't know if the ETF was going to be bullish or bearish for BTC and I did say I think I said this and if I didn't say this it's what I was thinking at the time that it would stay in a Range it would stay in a Range because you basically have the market at a at a stalemate where it doesn't know where wants to go and this was this was specific to BTC and then I also said that immediately after the BTC ETFs were approved you would see a rotation into eth now what's funny is is that this actually happened before they were approved because as we all know by now

the sec's Twitter account was compromised now we don't know if it was hacked or not we don't know how the compromise kind of happened and I don't know if the SEC will actually do a postmortem on this but it was compromised a day before so Jan 9th and obviously it tweeted out that it the ETFs were approved now once it tweeted this out uh the BTC price spiked up momentarily but then it dumped but the thing is is that it dumped because people rotated immediately into eth and eth BTC skyrocketed now this is what we call in the market this is what's called the market showing its hand because before this everyone was doubting whether this rotation would happen right like is it this easy you know is the market going to give us a trade at this easy and I've been saying for a long

time that the narrative would immediately shift and the price action would immediately shift because now obviously the ETFs being approved is uh a reality and now we have to move on to the next narrative which is the eth ETFs right so that happened on Jan 9th now because the market showed its hand everyone was like okay well yeah the rotation trade is on and that gave it more strength and then obviously eth BTC uh if you've looked at the chart I raised 3 months of bleeding in like 3 days so it went from 0.047 I think a bottom that I wasn't even looking at this obviously because this all happened during um you know the during the time that buddy passed away but at 0.048 it's at 0.06 now it skyrocketed it went up like 20 plus% off of that and then it continued going up obviously on Jan 10th

when the ETFs were actually approved now Bitcoin has actually held a sideways pattern uh for for a while now it did go up a little bit it went up to like almost 50k but then came back down it's at around 43k right now but if you were to look at the chart it's still in that kind of sideways pattern that it's been in for quite a while and that's exactly because the bulk of the ETF move for BTC happened between 25k and 45k that was the move that was the market pricing in the ETS getting approved on Jan 10th and I did mention this multiple times that was the move right and now because of that and because of the eth BTC bleeding during that entire move eth was lagging right I mean there were other assets popping off as well but eth as an asset

was lagging because anyone who was going to buy eth would just buy BTC instead because there was this obvious trade happening but now the obvious trade is the eth ETF narrative because everyone's like okay well if BTC went from 25k to 45k on the ATF uh narrative what can eth do can eth go to like 3K can it go to 3.5k can it go to 4K so this is the the speculation that we're now seeing uh and and because of that it's going to run until probably may I think May is the first final deadlines or first batch of final deadlines for the ETFs and because of the fact that the SEC approved the BTC spot ETFs on Jan 10th even though there was only one or two I believe it might have just been one application that would that had a deadline here out

of the 11 people are now speculating that okay well this means that the eth ETF is going to be approved in in May and the timing of this couldn't be better guys and for for multiple reasons I mean if you're talking about like bullish kind of catalyst here and bullish reasons here the timing couldn't be better and I'll tell you why one the Bitcoin harving is in April so that's another narrative that's that's happening right the Bitcoin harving is is always a narrative it's always something that get gets people excited uh two we could be pushing very close to all-time highs by Q2 which is where May falls into right and three May is not that long long from here but it is kind of like 5 months so it does give eth time to move and if eth starts moving it means that the rest of the Market's

going to keep moving because eth is usually viewed as kind of like more of a risk on BET than BTC is and then you'll see kind of more and more money going to the other things that are more risk on and obviously rotate through but all of that culminates in Ethan BTC reaching fresh new all-time highs which is what kicks off the I guess I wouldn't say final stages of the bull market but that's like the probably the midpoint to be honest is when the the all-time highs get reached and then you have like the whole mid to to to to end of the the bull market being the crazy stuff that happens obviously we get a lot of new money coming in everyone's like oh my God they're back at all-time highs you know you have every narrative running crazy and you have all the scams popping

off and you know all the stuff that we see in a bull market so that's kind of like the road map that we have right now I'm still fairly confident we could see alltime highs by Q2 for BTC and eth uh and you know maybe it gets pushed out to Q3 but Q2 seems pretty good there uh and then you also have like eth uh eth Native narratives right you have EIP 4844 and denune going live mid to late mid to late March it looks like at this stage and you also have reaking as a narrative picking up like a lot of steam and and you know obviously Ian L going live in between that you have a lot of new layer 2s coming online as well Layer Two growth going crazy there's just a lot of reasons to be bullish on eth at this point in time uh and now that that

overhang is gone of of people trading the BTC spot ETF which meant that eth was bleeding now eth I think is poised to outperform for a while from here and it's I mean it's already outperform amazingly I mean 20% move is crazy guys under e BTC and the fact that it like it went you know 3 months of bleed was erased in 3 days I think sends a strong signal to the market that no one was bearish on eth they were just going into BTC as the the trade for the ETF and now they're doing the same thing for eth so everyone's going to front run that they're going to be like okay well if we're playing out this narrative trade again then we better buy eth now and that's what basically pushes eth up even further right and that obviously brings in should bring in new money as things

approach on new all-time highs because it might be there is an argument to be made that it's still all the same hot hot ball of money but that's okay I don't think that's a bad thing cuz that's what gets things started and we as we saw like with the early stage bull market and then I me mentioned the other day that I thought we we were past the early stage bull market and we Sorry past the very early we we're in the early stage bull market now but we'll past the kind of transition period from crab to bull market and then we're going to move into the midpoint when alltime highs happen and then we'll obviously move from mid to to to uh to mid to late to late and I'll I'll mention it when I feel like that's happening but you know I'm already seeing people call for like

the top here which is just crazy to me as well someone said that oh this is like the coinbase IPO uh the ETFs launching is like the coinbase IPO and I was like that's insane the market conditions are totally different right now compared to coinbase's IPO which just a reminder happened in May 2021 I believe or April 2021 which is basically like the the the the Pico top oh not the Pico top like the first top that we had and I've mentioned before I believe the second top in November 2021 was a fugazi top it was driven by scam leverage and FTX and S SPF doing all their scam leverage stuff right all that stuff there so I still consider like May 2021 to be the actual top of that market cycle and that happened around the same time as the coinbase IPO the Bitcoin

ETFs are launching when BTC isn't any I mean it's it's close to alltime high I think it's down about I think BTC is down about 40% from all-time high right now but it I mean we're not even at the old alltime high yet so you you can't make that same argument I just I just felt like that was insane there um but but yeah I mean that's that's I guess like the bulk of what I wanted to say about the ETFs is that uh I I think that I'm I'm pending myself on the back uh for being right about two things the ATS being approved which honestly I didn't think was was anything to doubt uh but there were a lot of people doubting it even till the final hour um but that they getting approved by Jan 10th and also the second thing which I think a

lot of more people were doubting was that there would be a rotation into eth I saw people saying that the entire Market cycle would skip over eth because like why would you buy eth when you can buy BTC and other assets it was the classic barbell theory that was uh present in 2020 where everyone was saying you know why would you buy E when you can just buy BTC and def5 tokens and then of course eth just slaughtered everything during the bulk of the bull market and of and def5 tokens got slaughtered against eth even the ones that were the most bullish back then are just like in the gutter still down 90 plus perc and then obviously eth outperformed BTC as well and that's saw the same kind of narratives perpetuating this time around too so I think that I'm taking credit for the second thing the

most that the fact that I I called months in advance mind you the fact that it would immediately rotate didn't it didn't even wait it didn't even wait for the official announcement it immediately happened as soon as the fake announcement went out right so the the fact that I could I saw that month in advance I'm going to Pat myself on the back for that uh but to me it was just obvious it was so obvious that that would happen um especially given like sentiment as well and given people saying that um you know eth is going to lag forever every everything's just going to outperform eth I was like yeah okay I've seen this I've seen this before I've seen this too many times before uh I I I think that's crap but anyway enough on the ETF stuff I think yeah I'm going to move on to the next

bit of news which was the an update on the SEC versus coinbase so as you guys know the SEC still has open cases against coinbase binance and Kraken for basically the same thing which is charging them with trading unregistered Securities now of course there were a bunch of crypto assets named in these cases I'm not going to Rattle them all off but some of the more popular ones were named in there uh but there is an update here from meta law man that says that there is a hearing on coinbase's motion for judgment on the pleadings uh which is going to be held on Wednesday Jan 17th which is this week and he says that there are four possible outcomes with potential per ations to each so the four possible outcomes so option one is the judge denies coinbase's motion uh judge option two is a judge grants coin

bases motion with prejudice option three is the judge grants motion without prejudice and option four the judge grants motion with respect to the claims relating to the 13 crypto tokens but denies with respect to the staking service so there are four key options there and meta law man describes what each of these entail so I'll link this thread in the YouTube description below for you to do do so uh but the judge just reminded here that he proceeding over Queen base's case is Judge failer here who actually has ruled in favor of crypto related cases before so they've got a good judge that's for sure specifically in coinbase's kcr but we'll have to wait till Jan 17th to see which way they rule but if the judge actually grants coinbase's uh motion without uh Prejudice and basically uh sorry with prejudice that means the entire case is

dismissed and it was it's all over at the district court but the set can the SEC can then move on to appeal at the second Circuit Court of Appeals so yeah that's the best possible outcome that the judge basically dismisses the entire case but we don't know what the chances of that are it could go either way we have to see how that shakes out obviously I think that the SEC should lose these cases there is no legal Merit for these cases and the SEC continuing to say things like that uh there there are things such as crypto asset Securities which uh just for a reminder do not exist at all a crypto asset security is not a thing it is not a law there is no law that says that crypto that says crypto asset Securities are a thing this is something that the SEC has

made up this is something that Gary Kensa has made up it is a total and I really really hope the judge sees this I think they will I mean I have a lot of faith in the US um judicial system from the previous cases that the uh that the that have been won in the crypto Arena here I have zero faith in the SEC I have zero faith in uh regulatory bodies generally in the US and I have even less faith in Congress to do anything about this so it's really up to the courts here and I'm really looking forward to seeing what the judge rule does on Jan 17th here but I'll link this thread in the description below for you to check out all right so just a shout out here I did mention that the 11th ethereum Foundation uh research Reddit AMA was

happening so it did happen uh last week I believe so if you missed that you can go check out all the questions and answers I'll link them in the YouTube description below there were a lot of good questions and answers guys like if you want to know what's happening at the bleeding edge of ethereum development and not just ethereum L1 but l2s as well definitely go check this out I'll link it in the YouTube description below for you to do so all right so there are a couple of all Court devs calls uh since I've been away I just wanted to cover this one that like clients actually put a tweet thread out about so he was covering for for Tim boo here but this was the first all core devs call of 2024 and they discussed a bunch of things mainly around Denon of course but also

around what the next upgrade for ethereum will look like so what comes after denune is obviously I think they're calling it Petra these days I was calling at Petra but I think it's called Petra now or that's at least what the cevs are are kind of um talking about but they also with regards to denune sets upgrade schedules for the test net so I don't remember if I covered this before I took my break but essentially gurle is going to be happening on 17th of Jan so that is this week on Wednesday sapoia is going to be happening on 30th of Jan and hsky on 7th of Feb uh all at different times you can see all this I'll link it in the YouTube description below and then obviously May net comes after that now I'm sticking to my prediction that if all the test Nets

Go correctly we're going to see a main net launch by mid to late March I say that because you usually usually want to give everyone at least a month's notice for them to upgrade their their clients right for the for the client teams to get out or their their clients be able to upgrade to so at least a month's notice and which means that I mean 7th of Feb H ski test net launch then I would probably think that they would wait a week before sending out the official Hey Okay Main net launch is going to be on this date and that would obviously put it at mid to late late March there so that's how I get to mid to late March I'm pretty confident in that at this point as I've said before uh if the test Nets go well there's really nothing there's no more changes

to the clients there's no more changes to the specs like there were that resulted in the delay or not delay but resulted in the timelines changing from you know November last year to March this year but yeah I'm pretty confident in March it could push out to early April but eh what's a couple of weeks among friends right it doesn't really matter so anyway that's your schedule on Denon but of course they're moving on from denune now over to the Petra upgrade but they also discussed around priorities so there is an open discussion now uh now within the within the core devs on whether to prioritize a veral tree and and statelessness and how how that's going to affect upgrades and it says here that should it be decided that verle is next you could expect no new execution layer features for at least 12

to 24 months possibly longer now there was some confusion around this this does not mean that there would be no hard forks for 12 to 24 months it would just mean that potentially there would be no execution layer related eips as part of those hard Forks so we could still do consensus layout eips such as the max effective balance increase and other related eips like that but if they do choose to prioritize vehicle trees then we could we could see maybe execution lay updates coming uh no more execution lay Updates this year and they would be pushed into next year's upgrades there but anyway you can go read light clients's full thread here for for um context on that and there was also a tweet here from Alex Stokes which uh says that the path is currently clear for core development in 2024 with the

Petra hard Fork by Devcon so hopefully by November with these EIP here with parallel work being done on veral Das which is data availability sampling and 7547 which is inclusion lists uh tease this up to ship blob count increases in early 2025 vertical mid 2025 and exclusion list sometimes in 2025 so the 7251 I believe is the max effective balance increase so as I said that should still be slated for inclusion in an upgrade in in Petra in or Petra whatever you want to call it hopefully by November this year uh and I'm I'm really hoping for that because as I've said before the max effective balance increase for ethereum stakers of ethereum validators is huge uh and it allows us obviously to do a bunch of

things one of those is increasing the network load which means that increasing the blob count and possibly even increasing the gas limit which I know has been a discussion recently I don't know if I actually have a tweet to talk about the gas limit right now but uh sorry to talk about today but now that I've mentioned it I do want to talk about this so there was a lot of discussion around raising the gas limit over the last week now for those of you who don't know the gas limit on ethereum is basically ethereum's block size the more the bigger it is the more I guess like data is added to the chain or the more kind of um the more the chain grows essentially the bigger the chain gets now the reason why it's kept so small is because we want to allow people to run

full nodes on consumer grade Hardware right we don't want them to have like data centers that that or or really P High powerered Hardware in order to run full nodes on and it doesn't just increase chain size it increases sync time it increases general overhead it is not something that should be increased willy-nilly now the reason that there's a lot of discussion about it is because by increasing it you do in theory lower the fees uh lower layer one fees in in kind of the short term because let me give you an example here if we were to increase or double the the gas limit right now the the gas limit is is 30 million it's technically 15 million but because of EIP 1559 it's it's 30 million so let's say we double that to 60 million uh just just for agument sake here that means that you would in theory

have an instant uh 2x capacity so that means that the gas fee should basically cut cut in half so instead of it being 20 G as it is right now it would be tangu now the reason why uh I'm not necessarily against a gas limit increase I did mention this in the daily grade Discord Channel but the reason why I don't think it's something that I mean is is is such a big of a fix that people think it is is because there's this concept of induced demand and I think most people know what this is but basically you increase like uh the available space and it gets filled up that's the concept of induced demand because essentially what happens is that let's let's use a highway as an example here so let's say you have a four lane highway and it's congested all the time

and then you say okay well I'm going to add like two more Lanes to this highway and then it's going to flow better because now we have six Lanes but the problem with that is that everyone that wasn't driving before or taking other roads before because they knew that that Highway was congested is now going to be like okay well I can go take the highway now because there's two extra Lanes here and traffic is Flowing better so over the short term you have a better flowing traffic system but very quickly that gets filled up again and then you're back to square one where it's essentially oh okay well we have a six Lane highway but it's congested now so that's the concept of induced demand the same thing would happen to L1 ethereum where for a short period of time we would have extra capacity but then very

quickly it would get filled up because that latent demand that is there that isn't kind of uh I guess like um isn't isn't using the network right now would come in and use the network because now you've basically hared the gas fees and everyone's like oh you know the gas fees are hared I can go use it well you know there's there's that kind of saying of you are traffic well you are now filling up the block with transactions and you are now getting us back to exactly where we were and as of course the people who are willing to pay the higher fees are the me bots so we basically back to square one so I'm not necessarily against raising the gas limit when it is safe to do so but it's all about the trade-offs here like what's the trade-off here do we double the gas size

that sorry we double the gas limit that basically means we double the chain size we make it harder to sync we kick off lower powerered uh devices on the network potentially we force a lot of people to upgrade their ssds if they're on 2 terab right now they would have to go to 4 terab for example even more than that now it's not expensive to do that but it's a hassle for people and for what for a bit of shortterm I I guess like uh relief for L1 when we have a rollup Centric road map anyway I just don't think that it is something that necessarily should be relied upon for L1 scaling I mean sure we could increase it a little bit because uh we haven't increased it for a while and Hardware has has gotten better and cheaper and and would make sense just to increase it

to match that but relying on it for scalability no not at all and on top of all of that if we once we ship vle trees and we ship kind of things like State expir and stuff like that we have the potential to be able to increase the gas Li much more than by 2x we could increase at like 10 to 100x some of the estimates that I've seen without negatively impacting the network without increasing the chain size without uh making it harder to sync uh the network right um and then one last thing I say about the gas limit in uh increase or gas limits in general we are technically increasing the gas limit by introducing ARP 4844 yes it is something that is is distinctly different than the existing L1 um gas market that we have today but we are adding extra capacity for l2s

right and the reason why we we've done this is because obviously we want to uh give these l2s some scalability gains while we're working on full dank sharding and we want to make it cheaper for people to use these CU we're pushing them to l2s because obviously L1 is very expensive but the other side of it is that we have expiry on those things so the chain size only is gets bigger for the period of time that they have to store the blobs the blobs expire after a period of time I I mean I can't remember the exact days I always getet these mixed up I think it's 18 days it might be longer but after that period of time you as a forer you can prune that and that's fine the network will let you do that so essentially you only have to keep it for 18 days whereas by

increasing the gas limit you have to keep it without State expiry being um implemented which is a road map item but it's probably not going to be implemented till sometime next year if that right when you think about it as as a gas limit increase that is not something that you can Pro not something you can change that is a permanent increase to the change size so there are always trade-offs guys and that's why I think that increasing the gas limit maybe to match the advances in Hardware is okay but we shouldn't rely on it for L1 scalability improvements and that's my general view on the gas limit increase there but anyway going to leave that one at that you can go check out all those tweets I talked about I'll link them in the YouTube description below I just realized I'm already at 30

minutes I wanted to keep this episode to an hour but there's so much stuff get to get through so I'm just going to go through all of it and see where I land here so next up we have uh so I saw this tweet and probably everyone already knows this by now this happened a little while ago Jan 5th year but the ethereum validator exit queue spiked up a lot uh I think it went to like 18,000 validators that wanted to exit and everyone was like why are so many validators exiting all of a sudden well it turns out that Celsius the defunct Celsius the bankrupt Celsius tweeted out saying that they were going to unstake a lot of their validators which I think totaled about 200,000 eth uh and and distribute that back to their creditors so even though a lot of eth was being

unstaked a lot of valids were being unstaked it was a reason that we could point to basically it was because Celsius needs to pay back their customers needs to pay back their creditors so that's why that happened there and I'm sure you all saw that by now but just in case you didn't I figured that was worth highlighting there all right so I just wanted to highlight this and I think this has already happened but there was a a talk G being given here you can see uh Casper tweeted out saying our space certainly needs more economists thinking about the kind of problems we faced so I'm very excited for there to be a session on the economics of ethereum and one of the most influential economics conferences the Assa I'll also be presenting our work on timing games at the conference so this conference happened as I said

Jan 5th you know i' I've got a bunch of tabs here because I I obviously went back and see saw everything that I missed but I don't know if there was a recording for for this or not but this talk was given at the um Association of financial economists which is pretty cool that crypto specifically ethereum is being kind of welcomed into that world because obviously crypto and ethereum and and and crypto economics is a thing it's a big thing and and economics Powers this this whole whole I guess like um this whole ecosystem and I mentioned this on the bankless rollup so I actually ended up doing a bankless rollup to fill in for David last week I'm sure a lot of you saw that I did it with Ryan but I mentioned on there that once you have the money in crypto you

have everything and that's why ethereum has been so success successful because eth is money right eth is a store of value eth is worth $300 billion um so once you have the money once you have a really strong economic unit that powers your network in crypto you can have anything you want especially once it's programmable money whereas BTC is money BTC is a store of value but it is not programmable right that's what Bitcoin misses is that it doesn't give programmability to its native asset whereas with ethereum with eth eth is a programmable money and once you have that you can have anything you want and once you have that there are so many implications around that there are so many different ways to design that ethereum's monetary policy has been tweaked over over many years right not just IP 1559 but all the block reward

reductions under proof of work then with the merge obviously had a new uh new issuance curve be implemented um as part of proof of stake and there already there's already a lot of more research on this around tinkering with it in order to make it the best possible monetary policy for the network and the best possible money that eth can become because as I said once you have the money once you have the programmable money you can have anything in crypto so it's really great to see that ethereum is being invited to these uh conferences and is able to present there because there is a lot of really cool Financial engineering or economic engineering being done within the crypto and ethereum ecosystems all right so there was an issue with Basu I believe last week yeah Jan 11th yeah so oh sorry I think before

Jan 11th but this is the postmortem so it happened on Jan 6 so Basu put out this tweet that said you know on Jan 6th many Basu mainnet notes experienced the halt this was triggered by an edge case in Bonsai and was rectified in 12 hours by our team with huge support from the community and node operators you can read the full postmodem breakdown I'll link it in the YouTube description below um but Basu is still the minority of the network right now I don't know what the percentage is for Basu but it's definitely not that high I think it's maybe 5 to 10% or something like that I know some of you in the daily gr Discord uh uh Community you run Basu and you had issues there the reason I bring this up is not because I wanted to talk necessarily about Basu but I wanted to

talk about the fact that if this happens for GU guys the whole network goes down like that's the that's that's kind of what we're facing here because gu is still the super majority execution layer client if this was to happen on gu the entire network goes down and people were were making fun of of Bas are saying that you know you this is why I use gu because it's more reliable than these other clients but the problem with that is that even though the GU is more reliable it's been around for longer it's it's probably more secure right um the issue with that is that if everyone's running gu it de facto makes it not secure anymore because as I said the if you're a super majority execution layer client and you have a bug and you have something that goes wrong the network goes offline guys like it

literally goes offline there's no slowing of blocks there's no delayed inclusion it goes offline you cannot use the Network anymore and if ethereum L1 goes Offline that is one of the cat atrophic outcomes in my opinion that is one of the most catastrophic outcomes for ethereum because that eats away at ethereum's reliability as a global settlement layout right and that's what ethereum is being built for to be that global settlement layer so even though Basu had an issue here be glad that it wasn't gu because if it was gu we'd be in a lot more pain than than than we I don't think there was much pain from this there was some people that went offline they just obviously restarted or updated their clients and they were back online not even a day later but there this is another call to basically if you're on gu I understand why you're on

gu but think about this is it worse for you to be on Basu or nethermind or any other client that goes down for a day right um but the network still runs or is it worse if you're on gu and then you're contributing to the fact that gu is a super majority and then for the entire network to go offline I think the ladder is worse that's my opinion of course now obviously as individuals we don't have an impact in in the terms of what we run as big of an impact in terms of what we run as the staking providers do but as individuals we have an impact at the social layer so we can pressure these other staking providers or these taking providers such as coinbase right such as Lio such as um uh you know binance and Kraken and all them to get

off GE especially coinbase I think coinbase mentioned recently that they're going to be looking into getting off gu or at least kind of phasing out gu as being the majority of what they run I think they only run gu right now so that would be a huge uh a huge deal if they did that because immediately you would see a pretty big change in the makeup of the execution layer client diversity but as an individual as I said like yes running your own thing isn't going to have as big of an impact but it's still still better it's still good for for the health of the network and it's still kind of like practicing What You Preach too and I understand that if you don't want to be offline for a day especially if you've got a lot of validators you could miss a block proposal I get that

in that respect if you have a lot of validators and you're scared of missing a block proposal just have a backup Noe you can still run gu right this is the thing there's a difference between running a full node um uh the connected to validators and running ones that aren't connected to validators I run my gu archive node and there's no validators connected to that so I run my gu archive node because of the odal duties that I have in rocker pool but I connect my um my validators to nethermind uh right so that full node that I'm running that gu archive node is not connected to validators which means it's not participating in consensus which means that it's not contributing to the fact that if GE had a bug it would take the network down because there's no consensus happening on that you know there's no Val is connected to

that so you can still have a backup gu node that your validators can automatically switch over to and you can do this natively by the way with with Rocka poool um or you can use their res the rescue node effort that Rocka poool the rockol community has has come up with has been around for a little while um while still using nether mind or base with another minority client so if you are concerned about that and honestly you should only really be concerned about that if you are running a lot of validators because the chances of you if you're running one validator and the CH the chances of you missing a block proposal uh on on a random day where one of these nodes goes uh you know has a bug in it is very very small but if you're running like tens potentially hundreds of validators then sure but in

that respect you should be running backups anyway I mean I I'm running backups for my validators of course because I don't want them going offline I don't want to be Miss block proposals but if you are at the industrial size of hundreds of validators um you should definitely run be running backups for everything you should be running um you know unable power supplies You' be running backup internet if you're really concerned about it like if you're concerned about missing block proposals because if you're running hundreds of validators there's a good chance that you're getting one or more proposals per day and you will miss those if something was was to happen it was highly likely you would so of course you'd be running backups anyway but anyway you can go read the full postmortem of what happened with Basu I'll link it in the YouTube description below for you to do

so all right so Igan has announced a bunch of new L lsts coming to the platform as well as an unpause of the reaking Caps so their reaking starts again on gen 29th at 12:00 p.m. Pacific time here and we'll go until Feb 2nd at 12:00 p.m. Pacific time so you've only got like a 3-day window here or 4-day window here and they're also going to be adding fracks uh finances mantels and liquid stake liquid collectives staked eth derivatives uh so this is s fra eth m e or meth and LS eth are going to be added here but yeah as I said the uh the unstaking cap sorry the um the reaking Caps are going to be unpaused at on these dates as well I find this funny because the Caps didn't get filled up

straight away last time but they still got filled up and the higher the price of eth goes the more tvl aen lay has in dollar terms and I think that there is still a pretty big I guess hunger for reaking but we're kind of getting to the point now where we're basically tapping into how much eth is is is is wanting to restake at least right now because of the fact that IG isn't live yet obviously it's still relatively risky because it's new right uh and by doing this you're locking up your eth you can't withdraw and obviously locking up your eth can have Diet cont consequences like I'm sure people who locked up their eth in blast that are waiting for that air drop probably are regretting it because they missed out on using that eth for other things right so there is a

opportunity cost here there is a there's a Time cost here and you have to basically wear that wear that up and I think that the fact that the reaking Caps aren't getting filled as quickly means that we've basically Tapped Out the vast majority of people that were going to restake before anything was live now of course when things go live and you can withdraw it will it's a completely different story but until that happens yeah it's it's going to be like this but anyway as I said said the reaking Caps get lifted on J 29th still a couple of weeks from now but you'll be able to restake with these new three lsts along with all the other ones that are currently live on the platform all right speaking of Igan layer Shan put out a great tweet thread where he said uh igen layers shared

security the four super superpowers since IG ler is the first Universal validation platform with shared cryptoeconomic security there is a lot of new ground to cover here and he has an image here as well as a short explanation uh in the thread as well as a YouTube video video so I'm not going to read all this out you can go check this out for yourself but the uh the four superpowers that shared security give you is shared security is strictly better than uh better than the existing security services so the example here is that $1 billion restate uh to 1,000 Services is better than 1 million stake to each service insurance for attributable attributable security so each Ser service can buy insurance for a subset of stake economic of scale in insurance if an app uses five Services all of which are fully restak on igen

layer the app only needs to buy $1 of insurance in total rather than $1 of insurance on each and elastic scaling of security if there are many apps with independently varying amounts of security demand over time it is better to borrow the required amount from a common pool rather than to have dedicated pool security I really like this Framing and really like these superpowers because this is exactly how I think about it I think about Ian layer as scaled shared security basically and I couldn't think of anything better than tapping into the existing Economic Security of e as an asset and also the existing node operator set of the ethereum ecosystem but but also this introduces more risk there's always more risk here guys and I think this is something that maybe I haven't talked about enough on the refu because as you guys know I'm really really bullish on

Ian layer have been for ages I'm I'm an investor in Igan layer like it I mean I try to be as unbiased as possible here but I really do view reaking as as a new primitive that hasn't been done before and it's such a explosively bullish primitive that I when I think about it enough it gives me goosebumps I'm not even kidding like that's how bullish I am on reaking as a primitive but at the same time I think about a lot of the risks involved with it and think about the things that could go wrong and I kind of think okay well in the worst case scenario I wouldn't in the worst case scenario I don't think it would cause long-term damage to ethereum or anything like that but in the worst case scenario you could see a blow up on the level of Terror in the worst case

scenario because these things are permissionless because someone could build an an igen layer service that looks like I don't know maybe doesn't look like Terror but but acts like something that is upon zero acts like something that could death spile right and then a lot of people would would go into that especially during a bull market a lot of people would put their their restake eth into that and then if it blows up that would harm all of those people as I said ethereum as a network would be fine I I do believe that but it would harm it on the social layer of course it would harm a lot of users which means that there would be a probably a pretty um a stark crash in the price of eth because there would be a loss of confidence there it would be a narrative for people to trade all that

stuff there so I do see the risks I do understand the risks and I do think that they're worth talking about and they're worth highlighting but at the same time this was always going to happen reaking this is this is a primitive that was always going to happen given the way that that lsts work given the way that that you know proof of stake works and if ethereum as Network can't deal with that and if we can't build a secure reaking ecosystem then we don't deserve to have any of this so it does so I think that it doesn't me matter if I'm bullish or not on it I think what matters is that it was going to happen anyway and I'm glad that it's happening um happening via something like Igan layer where I think sham is a really really good guy he's really really smart

he's really open to criticism which I always think is is a great uh character trait for for for someone if they're really open to criticism and they're open to uh kind of explaining themselves in detail and they're open to explaining themselves technically as well so I think sham is is really great as as as one of the founders of Igan L here um but on top of that I think that just the way that they've gone about things and the way that they're doing things like getting in the eth stake first uh you know doing doing T TV caps in order to boot trap that initial security I know there are people that say that that's risky but I mean everything's risky like saying something's risky is not enough to go off right you have to basically detail what the risks are here but I

think it's just a really great way of going about things and they know that a lot of people want to restake and I know there a lot of Deens in the crypto ecosystem and they're trying to do it as at least I believe that they're trying to do it as non deeny as possible but anyway you can go give i l oh sorry Shams twe that a read I'll link it in the YouTube description below for you to do so all right so ethery has uh put out their 2024 road map or the first half of 2024 road map and it looks very similar to vitalic uh ethereum road map so they've taken inspiration from it but essentially they have four key uh things that that on on their road map they have decentralization and governance product defi Integrations and community and each of these things have a bunch of other

things within them that you can check out I'll link it in the YouTube description below um but I I think what you guys are probably most interested in is when the token is going to go live I know a lot of you guys are farming it right now so they said here we have set the token generation event for April so yeah the TGA is happening in in April here uh and in terms of going uh in terms of the other updates that come before that there is a dow framework being published in February and a tokenomics documents release in March leading into the token generation event uh and obviously e the LST is part of eifi is already live it went live in November they've had a lot of great inflows from that they're doing a bunch of L2 strategies as well starting with

polygon and a bunch of things around community and partnership so you can go check out this thread for yourself to see everything that's happening there uh and and I'll link it in the YouTube description below for you to do so all right so obal announced that the first ever restak obal distributed validator clusters on the ethereum main net are live now so this was part of operation solo Staker from eifi the two clusters are integrated with Native reaking on Igan layer so the two DV the DV clusters are located in Australia uh well they're located in a lot of places here you can see here Australia Kenya Thailand England and so on and so forth you can read all the countries I'll link that in the YouTube description below but great to see that this is live here because as I've said before guys distributed valid technology is the

future of this ecosystem is the future of the staking ecosystem and obviously R staking is also the future of the staking ecosystem so marrying these things two things together is a no-brainer and something that I'm glad to see has been done sooner rather than later but uh yeah just congrats to to OB for and ethery for doing this this is really really great to see all right so onto some L2 news so Steven gfet one of the co-founders of offchain labs who developed the arbitrum one or arbitrum ecosystem uh put out a tweet saying a very big day for arbitrum 1 so this happened on Jane 5th so they uh the reason why he's saying this is because arbitrum 1 did more trading volume than ethereum mainnet for I believe the first time ever and as you

can see this is a screenshot from defi Lama I believe so arbitri did uh 24-hour volume of $1.8 billion whereas ethereum M did $1.4 billion and then Steven says uh you know is ethereum second place now no this is literally how ethereum remains number one and it is right when you're talking about ethereum you have to talk about ethereum main net plus the l2s in terms of any metrics you look at because ethereum l2s are ethereum uh of course here uh and I think arbitrum has actually maintained a lot of this volume to be honest it's not just a flash in the pan like some other networks out there it's really great to see that they've maintained this and it's really great to see it continue to grow I mean there's another related tweet to this from Unis swop uh tweeting out that L2 volume on Unis swop is hitting up the

Unis swop 30-day volume on Jan 9th you can see here arbitrum in a in a strong lead with $12 billion polygon at $3.1 billion I think polygon here is the polygon P chain which technically is not an L2 but it's going to be an L2 in the future I don't know if you're going to count that or not but still I'll just leave that at that I'm not going to start a holy war optimism at 2.2 billion and base at 0.3 billion here but generally volumes on l2s just continue to grow and that's exactly what we want to be seeing right we want to be seeing the L2 continue to grow their volumes and liquidity Network effect because that's what's going to bring in new users that's going to that's what's going to solve or at least help a lot with the liquidity fragmentation that

people go on about which I think is a overplayed narrative to be honest I mean Mo the vast majority of people can just go on to arbitrum one right now and be fine you could literally live on arbitrum 1 and be fine with with most things and if you need to go to other networks that's fine as well you can bridge to them like I I really think this liquidity fragmentation thing is vastly overblown and it's going to get solved guys like I've mentioned this before it's going to get solved but I think it's something that definitely people talk about too much as being like a major issue in like a death now for ethereum's rollup Centric roow map when in reality it's not at all but anyway good to see these volumes picking up here on the l2s moving on uh so offchain lab's Twitter account tweeted out uh

thread here saying upgrades made to the arbitrum tech stack on arbitrum 1 and Nova require approval from the arbitrum Dow uh however arbitrum orbit chains can permissionless Le adopt new upgrades prior to the Dow voting if they wish so the new upgrades that are in development right now are bold stylus and time boost you guys know that bold is the next Generation fraud proofs for arbitrum Stylus is the ability to build smart contracts in languages other than solidity such as rust C and C++ and time boost is a modified transaction ordering policy for chains based on the arbitrum stack and for those who utilize espresso's shared sequencing protocol so more more stuff around me there and there's blog post Linked In the thread here for uh I guess descriptions on which each of these things are you can go check that out I'll link it in the

YouTube description below I know I'm running through these things a little bit fast here guys but I really wanted to keep this episode to an hour or less because I didn't want to keep going on for for you know keep keep boring you guys but there obviously has been a lot of news to cover and uh there's going to be a lot more news to cover during the week anyway but yeah moving on from that so yeah I mean this is something that I actually wanted to spend a few minutes discussing because there was drama about this of course so the retroactive public goods funding round three uh finished uh and the results were published so 30 million op was granted to contributors building the public goods that power the optimism Collective so 501 total recipients got a share of 30 million op I personally got a pretty substantial

sum I got 76,000 op tokens which is huge I mean the current price of op is what I think it's like 350 or something or $4 I haven't actually checked it lately but if I actually check the price of op I'll be able to know just so 358 so 358 time 76,000 op that is $272,000 right that is a very huge chunk of change guys like that is not something to scoff at now of course a bunch of that is going to go to taxes unfortunately I think at least half of that will go to taxes but I am planning to offset that because I'd rather not pay more taxes than I've already paid uh so what I'm going to do is I think that that I'll be able to donate to the protocol Guild soon with that op while being able to write that off tax-wise so

if I'm able to do that that means I'm able to lower my tax bill or essentially not pay tax on that op or at least on a portion of it and essentially redirect that money towards protocol Guild because I'd much much rather give the money to the protocol Guild than to uh the Australian government because I've paid enough tax at this point and and I paid all my taxes that I owe I'm not trying to dodge tax or anything like that but I'd rather be able to pay uh you know pay this op to um to the protocol Guild or Don it to the protocol Guild rather than they just me needing to cash it out and then you know give the Australian dollars to to the tax offers again so I'm going to look for obviously a legal way to do that I'm not

going to do that if I can't legally do it but that's the plan right now but I just wanted to you know say huge thanks to everyone who supports the daily gay obviously I got the grant for the daily gay for all the work that I do around it uh but yeah that's that's huge honestly guys like it's it's a large sum of money it kind of funny because it makes up for the fact that I lost that 50,000 op to that fishing uh that fishing scam that I fell for I think it's a few months ago now uh so it makes up for that and more but I'm just very very humbled uh to get that op there but of course I wasn't the only one who received op there were a lot of projects as I said 51 total recipients that received a lot it was

great to see that the top 10 recipients were all core ethereum kind of teams like protocol Guild and cor developer teams I think the protocol Guild ended up getting like oh how much did they get like 600,000 op or something something something crazy right which is great because there's over a 100 people that are going to be getting a share of that um and that is a lot of money millions of dollars there so I'm I'm very happy to see that but of course with with whenever money is given out as part of these things there is a lot of drama around it now there was a lot of people bringing up tweet threads of project that they highlighted saying that oh this project doesn't deserve this because they took VC money or then you know they're a dodgy pro project or they got too much money for what they are

look guys at the end of the day retroactive public goods funding from optimism is an experiment it is not something that is an exact science it is not something that is perfect there is a lot of issues with it uh I've discussed these issues before I think I discussed it a couple months ago around the whole VC thing like if you're VC funded or not but at the end of the day the experiment is playing out uh the money that's being paid out is coming from the op tokens and the only reason why the op token has any value is because people are buying it on the open market so no one's really being forced into to this no one's being forced to buy the op token so I don't really think it's an egregious thing at all um and also at the same time I kind

of got a little bit annoyed with people calling out these projects because if you think about it you can think about this like an airdrop how many people call out others for getting airdrops like do you ever see I mean sometimes it happens but like for the majority of the air drops that happen there are people that get massive air drops and no one calls them out for not deserving it when in reality a lot of the air drops people get they they I mean deserve is a subjective thing but really what are you getting an air drop for right you're getting an air drop because you Ed the protocol once or you were actually farming it right you were actually just trying to game it and try to game the system so like I feel like that should be called out more than people actually

having to submit an application having to go through a review process with badge holders you know having to actually do the work uh in order to get these grants and at the end of the day like some of the projects that people called out weren't actually getting that much money uh in the grand scheme of things like I saw people getting called out for getting like 5,000 op which okay I'm not going to say that $20,000 almost $1,000 isn't a lot of money but they're acting like these people are getting like millions of dollars or something like that right the way they were calling them out so I just thought that was a bit crazy and that's as I said why I wanted spend a few minutes talking about this but as I said it's an experiment it's playing out I'm very humbled to get the the grant that I did

on obviously I'm very very thankful for it um you know whether I deserve it or not I I think that's just a very subjective thing it doesn't really matter at the end of the day what matters is how it actually plays out and if you want to have your voice heard you need to go into the optimism governance forums and community and have your voice heard there you can't do it on Twitter you have to actually engage where the optimism Community is because this is an optimism run thing this is not something that's going to be dealt with on crypto Twitter and crypto Twitter is a horrible place to deal with these things anyway so if you do have opinions on this and you do want to give feedback to the optimism Collective go to the governance forums and do it don't do it on Twitter

or or at least if you're going to do it on Twitter write it on Twitter and then go to the forums and post it there so that people can actually see it and discuss it with you because a lot of people don't want to sit on Twitter and discuss these things because Twitter is not a great platform for that but anyway moving on from that to next update here so Eclipse you guys know this is the svm L2 or salana virtual machine L2 that's coming to ethereum soon so they've they've put out a deep dive that outlines the technical details of the eclipse Bridge how blocks are posted to Celestia which is their data availability layer that they're using and how C and eclipse's fraud proof design and how it's distinct from implementations common across evm based L2 so if you're interested in learning more about eclipse's design you can go

check out this pretty lengthy blog post pretty detailed blog post as well I'll link this in the YouTube description below for you to do so all right uh last couple of things here so coinbase put out their road map for their Bas Network for 2024 and you can see here Jesse poak just just summarized this in a quote tweet saying just shared bases 2024 m mission the top priorities accelerating decentralization driving down fees across the board making smart wallets the default making it dead simple to on and off ramp bringing coinbase and others on chain and making the super chain seamless so they really are all in this thing guys coinbase is super Allin on Bas they're super Allin on l2s on the op stack on the super chain and they're going to do everything in their power to

make base the best experience possible for people now I know of course know base may have not been growing as fast as some people expected it to but coinbase has always been a company that plays the long game they play the marathon they've been around since what 2012 you know it's been like 12 years almost since coinbase has been around and as I mentioned a few months ago or or I guess like a few weeks ago when binance got hit by the um by the Department of Justice I believe or the treasury Department or something like that um because they played hard and fast and obviously FTX played hard and fast and a lot of these other exchanges always played hard and fast que base was always the marathon runner they played it slow they played it by the rules by the book and in the end they they won

now I'm not saying that a lot of the rules are good like a lot of rules are not good but Queen Bas didn't play Cowboy and that's always been why they've been so successful in my mind and I think they playing do doing the same playbook for bass I think bass is going to have slow and steady growth it's not going to be DJ and growth it's not going to be people going in there and aping billions of dollars to farm some token they've already said multiple times the Bas isn't going to have a token and even if even if it does sometime soon sorry even if it does it won't be anytime soon right but yeah it's just great to see them doubling down on this and especially having the number one point here be accelerating decentralization because one of the main knocks that people have against Bas is

that it's centralized around Queen base and they won't decentralize it I am very very confident they will decentralize it and it's in their best uh you know it's in their best interest to decentralize it as well so you're going to see that happen throughout this year and even into next year there but you can go read the full 2024 road map for base I'll link it in the YouTube description below for you to do so and last up here there was another tweet from Jesse poac where he said inspired by Adan uh Romero and the bass team uh they now focus on two metrics uh for how they grow and this is related to what I was just saying about quein base focusing on the slow and steady growth of Base instead of the fast uh you know the fast and loose growth so the two metrics are quality

monthly transacting addresses or Q MTA and quality monthly transacting Builders or qmb there's so much noise and misdirection in onchain metrics and it's been helpful to focus on the signal I mean preach Jesse seriously preach I am I mean you can go back years on the refuel and find me talking about this and about how so many of the onchain metrics are crap in crypto and so many can be gamed so much is noise so much is just used to pump narratives up and I'm so so happy that the bass team is going to be focusing on these these quality kind of monthly transacting addresses and monthly transacting Builders now how they actually Define these things for both for both of these um you know you have to base it on a bunch of different heris STS and I'm sure they'll publish something about this in the future but

I'm glad that they're putting this out there publicly because I believe that as an industry we need to be more I guess like on top of these metrics we need to be qualifying these metrics and we need to be basically weeding out the noise because if we don't we're basically just left with really shitty metrics that perpetuate shitty narratives that perpetuate shitty ecosystems that just make the you know people they just harm people in the end because there's a lot of people who buy into this stuff just based on the metrics think thinking that they're buying into a big winner and then getting wrecked like and we see this play out all time and time again with everything so I really hope that as an industry we can continue to move forward with highlighting better metrics across the board and highlighting better ways of measuring uh onchain uh usage uh

especially onchain usage across longer time periods as well which is something that I've been preaching a about for years there but I think on that note guys that's that's going to be it for today so again apologies for missing this week but hopefully I've made up for it with this hourong episode I should be good for the rest of the week but there may be a rug at any moment as I said it just depends on how I'm feeling you know I was feeling good today so I was like yeah I'm going to do it I almost like actually at the beginning of the day I was almost like should I give should I should I rug the refill today because I'm not feeling too great because I woke up and I was just not feeling great then as the day progressed and I got some sun

I got outside a bit you know started feeling better so I was like you know what I'm going to do it and you know it's 10:30 p.m. my time right now so I'm basically recording this at the time I usually do but yeah I'm glad I did it because I covered a lot of grounds here hopefully you guys learn something as uh you know my goal of every refill is to be able to teach you guys at least one thing that you didn't know before so yeah but anyway that's going to be it for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone