The bull case for ETH, Loopring L2 bridge & more - The Daily Gwei Refuel #104​​​​ - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily way refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 21st of april 2021. all right let's get into the news everyone so the market's quite hot right now uh and what's even hotter is the uh value that ethereum is settling so you can see this tweet here from ryan watkins from asari we basically tweeted out that ethereum has settled 1.5 trillion dollars of um of value in q1 2021 so just the first three months january february march of 2021 we have settled one point i mean the ethereum network i should say has settled 1.5 trillion dollars worth of value which is more than its previous seven quarters combined which means it is more

than all of 2019 and all of 2020 combined uh which is just absolutely insane right i mean you know i i've written a lot about this and i've talked a lot about this on the refill about how i believe ethereum is going to become the world sediment layer it is well on its way to doing so i think i saw a tweet before that it's already settling more value than paypal which is absolutely insane when you think about it right um and you know in in general like the value that's being settled is also like any kind of asset right there are there are stable coins on there there's obviously eth there's um lots of different kind of like governance tokens or just like you know utility tokens or whatever and there's nfts i mean there is so much value being settled on ethereum and

because as i wrote about yesterday i talked about yesterday uh ethereum is a credibly neutral platform you know anyone can just spin up their own asset on there for whatever they want and they have like no fear of it being removed or being taken down because the network's decentralized so from that point of view that's always kind of been my my bull case for ethereum as a settlement layer is that there's just going to be you know infinite amounts of assets deployed to ethereum and they don't have to be just stable coins they don't have to be just governance tokens um you know there's just like a world of nfts going on and things like that as well so yeah really really great to see this man i mean this blew away my expectations too i was thinking you know okay maybe we'd get to a trillion in q1

um that'd be really cool to see but the fact that we're at 1.5 trillion in q1 uh is just incredible and i also saw before i was looking at like the ethereum fees paid i think we set a new record over the last 24 hours of 50 million dollars of fees paid i think we did one of those days in february um but i think we actually ended up doing more over the last 24 hours and the only you know i guess like sad thing about that is that erp 1559 isn't implemented yet so all of those fees went to miners uh which means you know inevitably some of it will be getting dumped on the market instead of burned but still this free revenue even in the face of like i guess quote-unquote competitors and other ecosystems starting to get usage the fee revenue is still as high as it's

as it's been over the last few months so i don't think that's going away anytime soon the demand to use ethereum is just absolutely incredible even when the market's kind of quiet guay was still around a hundred right which is 20 25 million dollars a day in fees on average if gray's around 100 um so from that perspective you know people might say oh well it's only because the market's hot it's like okay well you know even when the market's quiet it's hotter than what it is during a bear market but that's not the point the point is that ethereum as a platform is going to i guess like you know exist through bulls and bear markets and ethereum as a platform has usage has use cases sorry i should say during bear markets as well we have d5 we have yield farming yes the yields will be

lower but it's still going to be better than getting 0.5 in your bank account like where are you gonna go right you go to cash where are you gonna go right you're gonna go to stocks you can do that on ethereum you you don't need to go to the traditional finance system to do that um you're gonna you know get into a high yield savings account well i mean you're gonna get point five percent at best uh in at least in the west um so you're not gonna go there so of course you're gonna go to stables and even if you're only yet even if the yields drop to like two percent that's still better than just sitting in cash right so from that perspective the network is always going to be being used and with 1.59 implemented that means fees are always going to be being

going to to get burned as well like think about that for a sec does it matter what part of the market cycle we are in whether it's a bull market or a bear market every single block is going to burn a portion of fees in perpetuity forever this doesn't stop 24 hours a day seven days a week 365 days a year forever right until the ethereum network stops running which you know it's going to run for a very long time like decades centuries depending on you know no one can tell the future but you know decades at least the ethereum network is going to be running i i believe uninterrupted and that means fees are going to be being burned there uh and yeah i mean this this i'm gonna talk a little bit more about this because i've got a bunch of eip159 stuff

lined up here and i also did write about it in the daily weigh newsletter so you can go check that out but i'll leave that for a bit later in the refuel here uh another bit of bullish news that came out today was that um those canadian etfs that i spoke about the etfs went live and the first day of trading volume here um eric tweeted out here where he said that ethex which is galaxy's etf did 21 million dollars a volume eth which is from purpose is 19 million and ether from evolve is three million now these figures are obviously quite low compared to centralized exchange or decentralized exchange volumes but this is day one of a brand new product uh and i you know as eric notes here this is about one-fifth of what the bitcoin etf did on day one

um and that makes sense considering that each market cap is around one-fifth of of bitcoin uh but obviously is much less known um than than bitcoin as well i believe but this is still very positive and he eric also notes here that on day one the volume is largely buying so most of it will will convert to assets so i'm gonna keep an eye on this see how this goes see kind of like um what what what shakes out here and kind of like what volumes we see i think this is just going to inevitably increase but it's really great to see that you know um atheists kind of like being put into these etfs in canada and i'm hoping that u.s you know i wouldn't say this shift for the u.s i think bitcoin might get an etf in the u.s this year maybe

towards the end of the year but i believe that eth will get an etf etf next year in the us if if bitcoin gets one this year so still very bullish there as well but yeah good good to see canada kind of being on the forefront here and approving this so bitfinex announced uh today that they're supporting deposits and withdrawals of usdt to the hermes layer 2 uh network on ethereum which is a zk roll up layer 2 implementation here really cool to see you know centralized exchanges supporting some layer twos here i hope to see more of this i mean i've been harping on about this for months now that you know the way to really get this adoption of layer 2 and ethereum to to you know to speed it up is to get these kind of centralized services offering these bridges in and out

we already saw this play out with bsc you know without binance being a bridge into bsc i i don't think it would have gotten anywhere near the amount of traction it has um and that's the same goes for layer twos i think you know i was thinking about it as well like there's going to be multiple ways to enter into a layer two because you could theoretically have like binance withdraw to bsc and then a bsc bridge to layer two on ethereum like that could be done um and it's gonna be interesting to see if if uh you know binance allows that to happen because by allowing someone to deploy a bridge on bsc to go to ethereum's layer 2 you basically like by proxy are allowing people to go to your competitor so we'll see what happens there but anyway um you know i don't want to

dawdle too much on that one but i think that uh more centralized exchanges more centralized services uh and more of the more of these kind of platforms should be doing a kind of like layer two integration here and you know usdt uh is obviously a stable coin so it makes sense for them to be on a layer 2 solution because stablecoin transfers at least usd usdt from mostly done for arbitrage transactions between like layer 1 ethereum and and different centralized exchanges and stuff like that so yeah i mean we're going to see like an like a world of arbitrage open up on layer 2 as well so i think taylor's getting ahead of the game here by by supporting this early on so an interesting tweet here from from

andre of of yeon finance he basically said back in my law days we had a saying contracts are there for the bad times and not the good times i feel the same way about decentralization now this goes back to i think you know when you think about like insurance right you don't take out insurance because you you know um because everything's going good right you don't take that insurance for the good times you take out insurance so that something goes wrong you're covered that's andre's point here with contracts right like if you when you write up a contract with someone it's not because that you know you think something's going to go bad or you know something's going to go bad and you're not doing it you know and everything might be good but you're not doing it because everything's good you're doing it because you're

protecting yourself from the you know the chance because there's a non-zero chance that something goes wrong and you want to have it on a legal document that is enforceable um that you know by i guess like the legal system uh so that you can kind of have that protection now the same goes for decentralization where you know you may not care about it or you may not want it you know while everything's running smoothly but you want it there for when things aren't running smoothly so you know you you want to be protected from the the perils of centralization where you know you could get censored or your app if you deploy an app can get removed because it doesn't fit into you know what what is um i guess like what the operator wants it to uh law enforcement can come after these platforms and and get them to do

something right get them to remove something or whatever so decentralization is obviously incredibly valuable but it's not readily kind of like apparent why it's valuable uh when things are good um it's only when things go pear-shaped that you really care about it and i think this this goes for not just like platforms like ethereum or layer one blockchains in general it goes for the apps built on top as well right and i know a lot of d5 apps right now on ethereum still have admin keys right and that's by design and i don't think we should fault apps for that but i think the base layer needs to be you know as decentralized as it can be from very early on before you can even like kind of trust building on it because if it's something like bsc where it's completely centralized

then you know inevitably one day that's just going to lead to some pitfalls there might be some kind of law enforcement action or there might be some kind of like action that happens on there from the operators which you know is due to that that kind of centralization there so yeah i think this was just really great and really well put by andre and really kind of like succinctly put as well there's not many times when you can get something so succinctly put in the crypto space since everything's so complex but andre did a really great job here so kudos to him on that one so you know i'm sure we've all seen lately a lot of the i guess kind of like gambling going on in the crypto space a lot of the casino-esque stuff happening a lot of the scams are you know kind of

happening across the space and now and today you know watching kind of like those safe moon and kind of like arse tokens and stuff on bfc i kind of thought to myself about this tweet from mateo leibowitz uh in july of 2020 he basically said what is the role of an analyst in a market where fundamentals don't matter now the reason i think about this a lot is because you know i know like i i'm a fundamentals based investor of course i mean you all know that about me i would definitely only buy things that i'm comfortable holding over the long term because i believe in the fundamentals of it obviously you know i hold a lot of eighth and you know i've been stacking eight for years because i truly believe in its fundamentals i have there's no doubt in my mind that that

ethereum has um you know the best fundamentals out of any blockchain system and eth as an asset has the best fundamentals out of any layer one asset out there and maybe any asset in crypto and yes i'm talking even more than bitcoin um but then you look at kind of like all these other things that pump up and let's use dogecoin as an example if you look at the performance of dogecoin over the last kind of like few years even it has outperformed both bitcoin and eth right and a lot of the other stuff out there so you're seeing you so you probably think to yourself you know why did i bother doing fundamentals investing when i could have just thrown money into those you've been better off well look that's the wrong way to think about it i think there's a reason you didn't buy doge and you bought

eth and or you bought btc right you didn't buy doge because it really literally is a joke coin it does nothing it is a meme and that's not a bad thing but you didn't believe and you didn't have conviction on this as an asset so if you were to buy a doge a few years ago you would have had to have the thesis that okay while the doge meme is not going anywhere right if another bull market comes around and we get more new people coming in you know maybe they're gonna they're gonna like those because of the mean you know and it's cheap as well at the unit i mean it's not cheap by market cap but like the unit price is is cheap and that attracts noobs and then you would have had to pick like the tick tock mania you would have had to pick like robin

hood um the gma stuff that happened which kind of i think inspired dogecoin as well you would have had to pick elon musk kind of tweeting about it it's impossible you wouldn't have been able to pick that and you know even if you bought it back then you wouldn't have held it to today like most people do not hold that long because you just don't have that same conviction so from that point of view the role of an animal analyst in a market where fundamentals don't seem to matter at least in the short term is that you're basically investing um comfortably rather than gambling like i don't think investing in things that you have no conviction in is actually investing i think it is gambling because if you had conviction in it then you probably wouldn't uh sorry if you didn't have conviction in it then uh you're not like doing a

fundamental investment so to speak and i guess we could kind of debate about like the semantics of what that means but to me an investment is something that you actually believe in and that you actually invest in based on fundamentals if you are buying something because you believe it's going to go up in value due to to all these different things not not anything with the fundamentals but just due to all these things that might happen by chance well then it's gambling to me and then i i basically said you know the answer to matteo's question here is that ignore the noise right focus on the long term educate newcomers create lasting value and build strong networks and friendships that's exactly what i've been trying to do over the last few years and i think you know i've succeeded to some extent uh with all of the stuff that i do

obviously with the daily gray and stuff like that uh and focusing on the long term i mean i've just been stacking e since early 2017. obviously i hold some defy tokens as well i recently trimmed a lot of my portfolio actually because it was getting a bit out of hand i trimmed it down just to a few assets but assets that i definitely you know believe in and investing based on fundamentals and i just ignore the noise like yeah i watch it yeah i pay attention to it um and just out of curiosity but i don't let it get to me i don't let it kind of like cloud my kind of like investing judgment where i'm like okay well maybe i should have bought these kind of like scams or does and i would have made more money at the end of the day money is a means

to an end right i mean you know you're probably seeing like people putting like 200 into something and making millions off it that's that's just again it's just gambling because when you think about it it's the same concept as a lottery where you might have people putting like in a hundred dollars into into a lottery and then someone wins the jackpot of like 20 million dollars well i mean yeah one person won that out of how many people that played right probably potentially millions of people that played so from that point of view you know i mean i'm not not to say that fundamentals based investing can't have like gambling aspects to it as well uh because you know maybe in the short term something pumps up because people are just you know aping into it or whatever but i think as i said here chasing every pump

and dump is just gambling and fundamentals do matter over the long term which they do because if you look at a lot over the long term and you look through bear markets you know all this stuff gets obliterated absolutely obliterated and the more quality stuff goes down as well but it doesn't go down as much so from that point of view i think over the longer term you're fine but short term during manias people don't care people don't like i mean some people do but most people just don't the new entrants don't know what to look for in terms of fundamentals yet they just see crypto as a way to make some quick money and that's and that's fine i mean a lot of us may be started like that but that's why during the down markets and during the quieter markets is when the fundamentals really shine

and separate the wheat from the chaff so to speak so yeah i'll leave it at that for now um but yeah just just something i think about a lot from you know from time to time uh and just something i think that all of you maybe maybe we've been thinking about as well and just just some color there so ryan berkman's here uh said uh well announced today that uh human and a few other people have put together a pdf report aimed at bankers and fund managers called ethereum a store of value with cash flow and the report is available at ethereumcashflow.com you can kind of view it yet it's only a four-page report it's very simple it basically outlines the very simple bull case for eth as an asset and ethereum as a network now

i'm not going to read the whole thing for you you can go read it it'll be linked in the youtube description here uh but i think this is a very nice kind of way to relay the value prop of ethernet ethereum to these investors that don't spend every waking moment in the ecosystem and don't watch my refuels and don't read my newsletters when they should because they would know all of this like months in advance but i don't think they're going to do that right i think that these newer investors need a very high level kind of like um a guide to ethereum and eth and what gives it value and they also need it to be kind of like articulated to them in words and terms that they are used through which is what this report does so highly recommend going giving this report a read as i said it's only four

pages here not much text to go through and you know you might learn something as well maybe you already know this i mean i i obviously already knew all this but it doesn't matter i think reading through it and kind of like reinforcing your knowledge is is really important so yeah definitely go check this one out so synthetics have announced that they're going to be releasing new synths on synthetics protocol including uh s facebook s amazon s apple s netflix and s goog so as i was saying before where you gonna go when you cash out of crypto you're gonna go buy some stocks well i mean here you go you can buy some stocks on synthetics as platform you don't have to go to traditional finance you don't have to leave the crypto ecosystem uh so these will be live in on april 22nd at midnight utc here

uh and i think they're also going to be adding new cryptocurrency synths as i mentioned here such as scrv sroon and s1 inch and there's no expensive downtime for this as well this is really really awesome i think that for me if i want to buy stocks which i don't right now but when i eventually do i'm definitely going to be using a synthetic stock here i'm not going to trad fire i mean i wouldn't even know where to start i've never bought a stock myself um all of my investing has been done in the crypto ecosystem uh where i've just bought crypto assets uh and you know i guess like the stocks that i own through like my retirement account which i don't even manage it's like you know someone else manages that another company does but um you know if i was to go to stocks

i would do it through synthetics here i know there's other platforms as well like off ethereum um or like on ethereum but like running on a different platform like i know there's the terra ecosystem with mirror and you can use that as well but for me you know i'm an snx holder i really love the synthetics platform i want to support them so i would just buy these kind of like synthetic assets here uh if i was going to buy stocks and you know these are very popular ones right like uh you know facebook amazon apple netflix google and i think they already have tesla maybe um but yeah i mean if you were going to buy stocks i would do it through synthetics because it's much easier too right it means you can basically i'm sure you'll be able to lp with this sort of stuff too so it's not just like

a dead asset in your account you can hold it in your own wallet um you know it is a synthetic asset at the end of the day as well so it's like basically just the price fee that you're getting exposure to but it's still going to give you exposure to the asset so yeah really cool to see this from synthetics here so loopering announced something really exciting today and for some reason my twitter feed didn't want to show me this until later in the day even though this is like really exciting i hate when twitter does that but anyway what they announced today is something they're calling ethport which is loopering solution to solve composability between l1 l2 and centralized exchanges while greatly reducing l1 fees so the key takeaways here is that loop ring zk roll up users can interact with

layer one dapps directly from layer two by utilizing the power of batching and zero knowledge proofs i've talked about batching before in the context of starkware's zk um roll up caspian a kind of amm design i spoke about that on a few refuels back there um loop ring now will now support cheap and capital efficient cross l2 to l2 transfers awesome right i mean i've been discussing how connext has been doing this and hot protocol is going to be doing this but now we have another entrant in loop ring really glad to see more entrance here uh centralized exchanges can now easily support withdrawing directly to loot bring zk roll up using standard l1 functionality while still reaping the the cost savings of l2 it's also much easier for centralized exchanges to

allow users to deposit to a centralized exchange cheaper again i've gone on about this for months now we know we need decentralized exchanges to kind of bridge into l2s and the l2s need to make it as easy as possible for them to do this and by using the same l1 functionality this is what looping has done here all of this is expected to be available in may of 2021 as part of the loop ring 3.7 release may is just a month away right they don't give a date here but at most it's going to be six weeks till the end of may that's coming really really quickly and i'm just like super excited to see this now if you want the full details they have a blog post here which you can go read you know you can see how it works and kind of like what's under the hood here

it'll be linked in the youtube description i won't go through it i've got a lot more to get through and i'm at the 20 minute mark already but yeah this is just super exciting solely needed and loopering once again killing the game on the l2 front all right now we get to some of the fun stuff that i wanted to talk about i've got to do with eip1559 and like the eth2 merge and all that's good stuff all right i did write about this in the daily grain newsletter as well so definitely go check that out because it was quite a bullish piece and with eighth moving up in price i just felt really bullish today so i was just like okay i'm going to write something like really bullish that i've been sitting on for quite a while but anyway i'm going to explain it for you today

let's go so lamboshi put out this really great tweet where he said if one five five nine and the merge were active today there would have been 839 new eth issued and 15 128 burnt validators would have received 6488 in transaction fees which when annualized works out to 69 apy apr for staking so to put this into perspective currently when you stake on eth2 you are only getting the block rewards which is uh you know i guess like 6 7 right now you're not getting fees obviously because there's no activity on the eth2 network right now but once the merger is done fees will be going to stakers right the fees that aren't burned like

you know aip1559 is going to burn most of the fees and i think uh lembell here is um is assuming a 70 fee burn so those 30 fees that aren't burnt are going directly to stakers now that greatly increases the staking ap apr and it and it would work out to 69 annualized here now what do you think is going to happen when people see that you can get 69 on your eat they're going to put more eat into staking right and i spoke about this and this and this actually speaks to cyrus's tweet here and i called this the eighth super cycle in my newsletter now basically the way the super cycle goes is that you will have eight stakes to secure the beacon chain right this this is i should i should step back sorry this is in a post eip one five five nine and

post each one to e2 merge world this is when both you know that both of those kind of upgrades are done so this is how the super cycle goes step one ethy state to secure the beacon chain step two staked each earns rewards via a block reward right the the block issuance that's the new ish issued every block fees generated by the network and mev minor extractable value generated by the network as well and in addition to this a value is driven to eth via burn fees with 1.559 right third step the beacon chain staking api apr is high because of these value drivers that i just described fourth more easy stake to capture this high apy apr right and fifth the eath price

naturally goes up over the long term due to this fee burn and due to more eth being locked in staking and then step six well step six is repeat steps one to five right now obviously over time all of these steps will have diminishing returns where you know there there won't be as much each stake each time and the api is going to come down um but but you know as kind of like uh as some of you may know there is actually a soft limit on how much eat can be staked as well based on the validated account which is around 30 million right now but 30 million each steak is absolutely massive for context currently what steak is four million so if we get to like the limit the soft limit so to speak because i think more it can be staked but

just more validators can't come online so you basically go into a cube where you have to wait for other validators to exit and you can enter but essentially 30 million each right now is like 27 of the total supply or something like that a crazy amount of eat right which is like tens of billions of dollars of eat being staked um and if we reach that limit right we basically have like pretty much 30 million each locked in perpetuity in staking we have all these fees being burned um you know because of the ethereum network activity is so high uh and then because of that we also have uh each price naturally going up over the long term because of that constant kind of like demand for eath as an asset now this is on top of all the other

eight use cases this is on top of each use case in in d5 right which is already at 11 million eighth in there and growing it is on top of institutions buying east which they haven't really even started doing yet it's on top of each user's money within ethereum especially within the nft economy it's on top of people using ether as a story value asset right just holding it in cold storage and it's on top of people using it as an inflation hedge right and any other kind of use cases or whatever we come up with in the future now i haven't been shy about my price prediction for eth ten thousand dollars i've been saying that for a while i said it back in 2019 in depth the depths of the bear market eth was like 100 and something dollars and i said

you know if all of this happens if one 559 happens if the if staking happens which i did believe it would right this is going back to my fundamentals based investing if all that happens then ether will be worth ten thousand dollars which is a 1.1 trillion dollar market cap which is btc's current market cap so we already have pre-set up for that now that was before all of this came to light that i just explained to you now i think 10 000 is a bearish target and this is not investment advice don't get me wrong i'm not telling you that this is 100 going to happen but i have very strong conviction on this and it is a major reason why i don't plan to sell any of my eth ever i don't i i just don't want to give it up i don't care if

eth goes to 20k and then drops back to you know 5k and i could have sold on boarding cheaper i'm not a trader i don't plan to time that i i'm talking long term like decades i just don't want to sell my heat i want to stake most of my eighth once the merger goes through and i want to use some of it in defy as well now in saying that i said in my newsletter today that i think that if all of this pans out for for ethan ethereum then i see no reason why eth can't be worth 10 trillion dollars plus which is gold's current market cap gold does nothing it is an unproductive asset it just literally just has value because it has value it's mean you know bitcoin being digital gold can probably be argued it's the same thing uh and from that point of view why can

gold be worth 10 trillion dollars as an as a as an unproductive asset right that doesn't have a fee burn or i guess like a burn on it right for example um and and ethereum and eth can't be worth that so if eight is worth 10 trillion dollars plus you know or more that would give ether price of near 100 000 and i don't even think that's far-fetched i don't think that's crazy because what's crazy is gold being worth 10 trillion dollars so if gold keeps losing its value which i think it will because if you've seen gold performance over the last year when it was supposed to perform it's at its best as an inflation hedge um or as like a the world going to it didn't it didn't perform at all all that value i think flowed into crypto already right

or at least a lot of that so as value continues to bleed from these old traditional assets like gold like silver and all this sort of stuff right that have very minimal utility i know gold has some utility but you know if it was actually rated based on its utility value so valued based on its utility value it would be very small it wouldn't be 10 trillion so anyway if we take that thesis as well then there's absolutely no doubt in my mind that it can be worth 10 trillion dollars one day it's not going to happen tomorrow it's not going to happen next month it's not going to happen next year but maybe it happens in 10 years right and that's not even a long time like i'm i'm 29 i can wait 10 years you know depending on like your your age you know 10 years might be longer to you

but for me i mean that's not a long time to me and at the same time you don't just have to hold your eighth and do nothing with it it is the most productive asset on the planet you could do whatever you want with it right and as long as you keep like as i discussed yesterday like a safe liquidation price you can even borrow stable coins against it in a yield farm and if you just want to play it really safe you just chuck it in staking you might just get like once the merger goes through you know maybe maybe you're only getting 10 to 15 percent and i say only because maybe there's more lucrative opportunities in d5 but that's 10 15 on an asset that over the long term you know you believe is going to appreciate so you just keep stacking each right

just keep stacking it i'm not even talking about how uh like when the merger goes through the issuance drops by 90 to what it is now and the stake is unforced to sell like miners are because stakers don't have giant ongoing costs like mining hardware maintenance and electricity so when you consider all of this together it is extremely extremely hard to imagine a reality where eath isn't worth at least one trillion dollars so a ten thousand dollar eighth and even in the in the most bullish case or maybe even not in the most bullish case but in a really bullish case eth being worth a hundred thousand dollars per coin right anyway i'm going to stop there because i've gone over time there's a few other things i want to kind of go through here but that is the ultimate bull case for

ethereum for eth if you aren't bought into that right after i just explained that whole bookcase there then maybe you will in the future or maybe you're just not gonna make it as i like to say but i'm not telling you to go like put your life savings into eth right this is not investment advice this is just how i approach eath as an asset and ethereum as a network so i hope that has helped you i'm gonna move on to the next stuff here and trying to get through this because i've gone over time uh and yeah i mean i put out this funny tweet today when i said you know you know that episode of south park when cartman literally freezes himself because he couldn't handle waiting three weeks for the nintendo wii to be released i mean yeah that's exactly how i feel

about waiting for eip1559 even though it's only about three months away but this is i mean just everything that i just explained to is the reason why i can't wait for one five five nine and then the merger hopefully you know q1 next year uh is the next thing that i'm just going to be like sitting around being like oh god i need it to happen sort of thing so yeah just just wanted to kind of like cover how that had to do with what i just just kind of spoke about there so instadap today released a uh l1 to l2 refinancing bridge between ethereum and polygon here so essentially what this allows you to do is automatically migrate your l1 positions or debt positions on rv to polygon in a single click uh and at fractions of a penny this is what we we need right we need

these solutions for people to kind of migrate from uh layer one to layer two in a really easy way now polygons first i'm sure instead up is gonna do this for the other layer two solutions when they come online like the generalized ones but this is is exactly what we need here if you want to learn how it works the blog post is here i'll link it in the youtube description but i'm gonna gonna move on because i'm running out of time here uh dharma announced today that uh you can now go from dollars to d5 in all 50 states in in the us so if you are based in the u.s you can deposit up to 25 000 per week no matter the state that you're in directly from your bank account into a bunch of defer apps including uni swap compound rv yearn

and pull together amazing work here from dharma to get more people on board into d5 really really great to see this um i'm not using it because obviously i'm not in the us and i think this is more for many of the normies within within um d5 rather than us power users but still this is what we need to get more people into this ecosystem a big release here from a new platform called crystal uh so crystal d5 here uh basically what this is this is an app uh that that's one platform for all of d5 i think this is like basically kyber networks um uh uh i guess like go at what dam is building so great to see some some competition here it allows you to like swap tokens on uni swap and things like that allows you to earn uh with one click deposits to earn

interest on compound and rve and stuff like that um and there's like a referral program anyway i'll link this to you so you can get more details in it in the youtube description below because i think this is really really exciting finally here we have a really great blog post from barnaby who describes the road to ethereum ethereum being you know the eth once ease to merge uh visualizing emerged data sharded roll-up centric future for ethereum these words just make me buzz because you when when you understand what these words mean and what they mean for ethereum you can get pretty excited about it i uh definitely recommend going and giving this a full read-through it gives you a really great recap of how you know um the e-function merge is going to go through what a roll-up centric um kind of like world looks like

for ethereum what the difference is between the ethereum execution layer and application layer and all this sort of stuff so yeah definitely go check that out if you haven't yet and i will leave it at that thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up join the discord channel subscribe to the newsletter and i'll catch you all tomorrow thanks everyone