Bullish ETH, Dispelling Ethereum FUD and more - The Daily Gwei Refuel #698 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delu reuel where cup latest news in the ethereum ecosystem I'm your host Anthony s and today the 4th of December 2023 all right everyone let's get into it so the it's a rare occasion today I have an eth chart open in front of me you guys know that I don't talk about uh kind of like market dynamics too much on the refuel I do obviously talk about eth and why I'm bullish on it but really uh for me to have a chart up means that something special has happened and that special thing that has happened is that eth is finally above uh it range that it has been in its crab range that it's been in for a very long time now and we are at the highest eth price at time of recording uh 2265 since uh since yeah since May of

2022 and as you can see obviously back then we were heading down instead of up and it's kind of like the opposite right now now of course this is a huge milestone because if we take the amount of days it has been since then to today it has been 574 days uh which is a very very long time right um but I've always said to you guys that I thought that we' you know we'd crab between $1 and $2,000 for quite a while uh and I I did say towards the end of this year I think I thought it would happen I think that it got brought forward by about 3ish months uh especially on BTC because of the ETF stuff but generally yeah I mean I remember saying to you guys at the start of this year that we would just crab between 1 and 2K and you can see here

from basically the start of this year where is it January to to basically I guess like November we did that you know we were we were at like a what is it 1,200 to to 2.1k so we basically stuck in that range um and we actually spent most of the time actually at between 1500 and and 2.1k so a pretty tight range there but you know generally that was the range that was the The Crab range there now of course we've broken above it uh BTC has also been really really strong lately that's obviously because of the ETF stuff that's been going on I mean BT is at like 42k right now uh you know and it's kind of hard to know where it's going to go from here right because everyone's thinking obviously the bull market is is back on we're in the ear early stages still but

at the same time things are getting really overheated right now I mean I think BTC is quite overheated right now I wouldn't be surprised to see a big dump there and a flush out which would obviously take the rest of the market with it and that wouldn't be necessarily bearish it would just mean that the market really needs to test out what you know what's going on and test out the liquidity and make sure that the you know people that are leveraged up too much get liquidated so that we can continue up you know there's a lot of different market dynamics at play here but generally when you see what you see on on things like BTC which right now it's on its e green weekly C uh candle in a row which is pretty crazy right it screams pretty overheated to me um and

then you see like all this money plowing into BTC from other assets it just screams like a fomo trade to me and the same happens to eth the same happens to pretty much like every asset I think that gets like a bid like that not not every asset in crypto but like every asset that gets a bid like that where it's just outperforming the rest of the market and everyone's ferming into it because they're like oh I got to catch this train you know before it keeps going without me uh and they wait until the last minute to do that because what ends up happening is that people would have seen BTC at like 32k and be like okay it's not going to break out there then it broke out right went to like 35k and they're like okay well it's going to go back to 32k then I'll buy right and

then it goes to like 38k and they're like okay it's going to go back down and then I'll buy right and then it gets to a point where they're like you know screw it I'm going to buy now whether they're in Fiat or in another asset because the other assets are obviously lagging BTC they're like oh well I'm going to sell my BTC sorry sell my other assets and go into BTC now and that's usually where you see things kind of top out because you basically tap into the available pool of liquidity and available pool of money you get all all these people fmo in and then the earlier buyers see this and the more sophisticated buyers see this and they're like you know what I'm going to take some profits here I'm going to exit here and I'm going to go into another asset and that's why you see rotations

happen between different assets where BTC will pump for a while and then eth will pump for a while and then other assets will pump for a while and it'll just ping-pong off of each other and that's the reason why I've said to you guys a lot of times that you know one of my main bull market tips is not to chase pumps on on on other assets because you end up just whittling away your stack because it's very very hard to to trade that and I I think that most people who try to trade it will definitely lose and you know obviously we don't have insight into who's winning and who's losing all we see is what's happening on in in the markets and some people will post their p&l screenshots to Twitter but I mean that's noise um really we don't have access to like a global p&l kind of uh

spreadsheet or or scoreboard where we can see who won on this trade or who lost on that trade but I am fairly confident that most people lose trading to be honest like on net um because it's very hard to trade it's very hard to trade uh not only crypto markets but all markets but crypto in particular there so yeah I'm I'm definitely not bearish but at the same time I always like look at what's happening in the in the broader Market I'm like okay it's getting pretty overheated right now it's getting pretty hot right now and as I've said to you guys I can I can imagine a thing where you know we've pumped up to where we are now especially with BTC it goes down maybe it goes back down to like 35k and and wrecks everyone and then just spikes up from there and then

BTC hangs around going sideways for for a little while right that can easily happen and the little while could be 36 months still right it just depends um because I do think a lot of the bid is definitely an anticipation of the ETF the ETF itself I mean like there's always the sell the news event stuff that that that people talk about and trading around that is really hard I'm sure there's going to be a ton of volatility around it once it does eventually get approved stuff like that but generally if you're a longer term investor which I'm sure a lot of you guys are and if you've kind of listened to what I've said over the past couple of years at least I mean on the show I've been I've been singing the same tune where it's basically you know we're in in this fouryear cycle that I think

has been brought forward a little bit now because of the ETF stuff it may just be like a 3.5e cycle right instead of a four-year cycle but we're in this long-term cycle where essentially that you know you buy during the crabs and you you sell when things get like really really hot and you know saying it out loud like that makes it sound easy but it's not easy and I think that it's much easier to actually buy in a crab than it is to sell um during the tops because if you actually go back and look at how much time you actually have to sell you don't have that much time and you know you can look at how violent it is during the 2021 uh in particular kind of uh uh bull market and how you know the craziness obviously of that new all-time high that

we hit but I've said before about how I thought this was just all driven by leverage but if you go back and actually look at previous cycle so not the 2020 2021 cycle you look at the 2017 cycle here you don't have very long to sell the top I mean you can if I scroll in here and and actually show you guys what I mean here so these are weekly candles if we actually look at uh all of the the the price that eth spent above I guess 700 how long did eth spend above 700 cuz e obviously went to 1420 so how long did it spend above 700 U before it kind of uh came down it only spent 70 days above above that price right so if you wanted to sell anywhere close to the top you had 70 days to do it and if you were

talking about doing it on the way up you had less time than that you had like 2 weeks 3 weeks to do it right you you had like 21 days to do it um and then you obviously from from there there are bounces here and there but generally it just continues down um you know and we go into a bare market now if we look at the crab market and how long you actually have to buy between the defined crab range of 100 and 300 for E back in 2019 right you basically or in 2018 you basically have from here to to to here to buy between1 and $300 that's that's the whole range you had there that's 616 days that is way more way more than what you had to sell right and of course you know different there's different price

points you can you can buy and sell here between $1 and $300 obviously but if you bought at $200 as an average uh Buy price there you had 600 day plus days to do it whereas if you want to sell anywhere near the top you have maybe a month to do it right you know maybe maybe six weeks or something like that you have a very very short period of time to do it and that's why I'm saying to you guys that it is very hard to time any any of this stuff uh but at the same time it's much much harder to time things on the way up than it is to time things on the you know during the crab market on the way down it's also pretty brutal because like you buy because uh things have gone down 50% you're like it's not going to go down more more than

that well hello yes it does I mean if we just look at the last cycle what happened you can go to the top which was 4900 for eia right uh and then it's gone down 50% and we're at what we're at400 and you're like okay I'll buy here then e goes to $880 right so like you're buying 50% down you're thinking you're getting a bargain but then you buy here and then it goes to 880 and it goes down another 64% so again like buying in in bare markets is brutal buy selling in Bull markets is is brutal it's just very very hard uh to to be able to time anywhere close to the top that's why I've always been an advocate of like DCA in and DCA out but at least in the crab market Market as you can see here you have just such a long period of time to

stack between a defined range and that has been true for every single cycle in cryptos so far I mean if you go to BTC actually I'll bring up the the alltime BTC chart you can see this play out basically like every single time it's the same story right you see the spikes very you know very quick spikes but then you see like the crab market and and kind of the recovery takes much longer there so yeah anyway something to to keep in mind there and something to keep track of there uh but yeah enough on the on the price talk just great to see that eth has uh broken out of that range there and yeah I think that eth will definitely continue up from here but there will be turbulence guys like do not expect a nice little run up uh and honestly like as I've been saying this I

just looked at my other charts that I've got another screen and like the market is actually already selling off BTC sold off a bit but like the rest of the market is selling off pretty hard right now I mean I'm looking at coin gecko some things are down like 5 10% like literally as I said guys I was watching BTC go to 42k just before and I was saying to some friends I'm like we're about to see a nuke and I mean sure enough you know maybe we were seeing the beginnings of a nuke right now but again as I said this is short-term stuff this is not long-term stuff it doesn't mean anything for the bull market it is really just like a healthy test of kind of um liquidity it's a healthy flush out of of of just like over leverage speculation and then from then on we can

continue up and honestly it might be the the thing that gets uh eth moving again cuz I know that eth has been lagging BTC it might the thing that people where people are like okay well you know BTC had it run it's calling off now it's going to go sideways for a bit I'm going to jump into eth basically so we could see that as well but again I'm not trying to to kind of make any short-term predictions here but really it always it always it's always pretty obvious to me when I see that things you know things raging up really really hard and then people like foming in me being like okay that doesn't look very healthy right now and I'm expecting a kind of pullback there but we'll see how it goes maybe by the end of the episode uh things are going to go go down even even more maybe

by the time you you're watching this episode it's down even more or it's up even more I don't know but as I said like at time of recording that's kind of what's Happening Here anyway moving on from that to some uh nonprice related stuff well I guess this is a little bit price related this is about the BTC ETF so James sci-fi confirmed that the official window is Jan 5th to Jan 10th as I mentioned last week but realistically it will happen on Jan 8th Jan 9th or Jan 10th and it being the approval of the BTC spot ETFs uh and because those are weekdays now if you were a betting person which we all are because we're all buying crypto um you would say that it would happen on Jan 8th right on Monday Jan 8th because it's the start of the week so I'm going to

say that right I mean maybe if it happens maybe it happens sooner than that but if I had to pick a date between Jan 8th 9th and 10th I would pick Jan 8th so Monday January 8th uh it might happen there and you know it it's funny because like that is as I've said in the past the perfect time for it to happen you have ETF hype into harving hype into proper ball market like yeah I don't know I I feel like the stars aligned for this basically but yeah that's the window we've got Jan 8th 9th or 10th we'll see how it plays out and obviously I'll keep you guys updated on all of that all right so Proto Lambda posted this tweet last week that I shared with you guys of his testing of a bunch of wallets within the ethereum ecosystem uh

and it was quite a long tweet actually he went through the pros and cons of different wallets and what he likes and what he doesn't like about them uh today or not today I think yesterday he has started development on his own wallet called grug wallet so grug is a self-aware uh and he is not a web 3 wallet Dev and is's going to build it differently uh so you can go check out what this actually is um and and and kind of what the rational is here it's quite extensive actually what protol Lambda has been able to has been able to um has been able to put together here uh but yeah I mean this is something to keep an eye on because I think that he has a really really great kind of view of the wallet landscape right now uh and he's basically being being the change he

wants to see in the world uh so yeah definitely go check this out I'll link it in the YouTube description below uh but I didn't want to spend too much time talking about the the specific wallet in general I did want to spend a little bit of time talking about just wallets generally and how I think that there's going to be a massive consolidation of the wallet space over the next few years there's not going to be hundreds of wallets guys like I really don't think there's going to be hundreds of wallets like it doesn't make sense for there to be hundreds of wallets I mean there's going to be hundreds of wallets in that that'll exist but I'm talking like market share I think that there's only going to be a small handful that will have the majority of of the market share here I really don't think we're going to

have 100 wallets that all have huge market share and I think the best wallets are once again going to be the ones that abstract away the most amount of stuff and make it the the easiest way possible for people to interact with onchain products and that's what I've been saying obviously for many months now where we need to get it down to like two or three clicks to do anything the wallets that do that are the winners because that's how you on board the average user like right now all your the the people that you're on boarding to your wallets right now are the more sophisticated users even if you your wallet is like really easy to use you're basically onboarding the users who are willing to put in the work to actually understand what's going on now the masses aren't going to do that the vast

majority of people are not going to do that they're not going to spend the effort doing that so to onboard them you need to essentially simplify everything down to two or three clicks and that's why I'm saying that the wallet that does that will be the big winner because though that that'll be the one that people use and recommend to their friends and family and we'll get a critical mass because it'll be so easy to do anything and of course you know there's always going to be ways for uh more advanced users to do more advanced things like that's the beauty of the crypto ecosystem and that's I guess like the beauty of Technology really is that you can go as deep as you want to go as advanced as you want to go uh I should say open source technology because obviously with uh certain ecosystems you can't like for

example you're very limited in what you can do in the Apple ecosystem compared to the Android ecosystem but with ethereum generally it's open permissionless you know open source so you can do anything you want you can use the really really simplified wallet or you can use the really really complex wallet or you can uh you not use a wallet at all and basically um interact with it on the command line right so there's all these different kind of ways to interact with this stuff uh and I but as I said like the masses are never going to do that like just think about the masses using Linux desktop right that's not going to happen I mean even the enthusiasts don't really use Linux Linux desktop right or even the command line um generally so that that's how I think about it today where we have these

wallets which are not simple they uh require additional knowledge they require people to put in the work to do anything but opportunity lies in that right I mean think about how many people have made uh lots of money from like aird drops and things like that from just being involved with ecosystems even though it's clunky even though it's expensive because of gas fees even though it's it's just not a simplified experience but over the long term you know 10 plus years there is going to be a small handful of wallets and they're they're going to be ones that have just simplified everything down uh and you know ideally some of them give the user the uh the ability to do whatever they want still like you know Advanced user but there are going to be some that that look very um look like a very locked in

experience just from I guess like a pure monetization perspective but yeah that's my general view on how the wallet space is going to play out over the long term uh and I'm not going to say what my favorite wallet is right now to be honest because I don't want to play favorites or pick favorites here I will say that I enjoy using a bunch of different wallets I mean I've been testing them out I don't really enjoy using metamask I should say that first it is definitely like very behind the competition in terms of feature set and in terms of like usability just for the average person but I will say that I've really enjoyed Rabbi I've enjoyed Tahoe uh rainbow wallet and coinbase wallet those are the main ones that I've been testing around um and they've been pretty smooth and pretty cool but again

there's still nowhere near simple enough for the average user uh and it'll get there it'll get there but yeah it's not there right now anyway enough on that topic moving on to the next thing I wanted to talk about which was something that I came ac across called Z K email so they've introduced uh their audited ZK email V1 SDK so our their solution Powers ZK P2P which is a project I've talked about before and email wallet.org br br bridging offchain data with onchain actions we've only begun to explore Innovative trust free web 2 to web 3 interfaces and I mean that's the key here right we've only begun to explore this because I've said to you guys before that ZK Tech is really cool for scaling but ZK Tech is way cooler

for privacy and it enables way more action like way more uh kind of um use cases in the Privacy realm than it does in the scaling realm in my opinion because with with ZK in the Privacy realm you get things like this you get ZK email you get ZK P2P you are able to uh to essentially verify things that that are true without um needing people's information right you're able to do decentralized kyc and AML and you're able to essentially not collect data and and just collect a ZK proof so there is a whole world tier of things outside of scaling when it comes to ZK in the world of privacy and they unlock huge amounts of non-financial use cases which as I've said in the past plenty of

times I want to see more of uh and they also unlock a huge amount of potential for mixing those use cases with the scalability gains as well because a lot of these things obviously are going to be done offchain um but they can be done offchain at layer 2 because layer 2 is technically I mean it is taking it offchain right uh and then put the the the proof on chain so that you have those security guarantees you have that proof on ethereum layer one to to basically guarantee that and that alone opens up like just a massive world of non-financial use cases that I'm super excited about so if you're EXC as excited about that as I am you can go check out ZK email for yourself but also you know you guys should check out ZK P2P which is a trustless Fiat on-ramp

which as I've said in the past and I remember saying that I thought that that we couldn't do a decentralized Fiat on an off-ramp but but we are able to do a trustless Fiat on an offramp and what I mean by this is that obviously in the Fiat world everything is centralized and ZK PTP uses venmo which is centralized and any USD that's being sent over venmo is part of the trafi centralized system but the thing is is that we can merge ZK Tech into that and basically make it trustless because now we generated a ZK proof for that onboarding and we basically create a Marketplace of of of on- ramping and off- ramping and and you basically use ZK proof to uh make it a trustless market place so you there's no need to trust your counterparty you know that they're telling the truth and what

they're doing is is right because you're using a ZK proof to to prove that right so yeah trustless Fiat on an off- ramping I think is probably the best we're going to get we're not going to get decentralized Fiat on an off- ramping because Fiat is not issued in a decentralized fashion it is a centralized world right trafy is a centralized world but that's fine I don't think that's a big deal I think having trustless Fe on an off-ramps is a big deal so you could def definitely go check out ZK P2P as well if you haven't yet all right so obviously over the last few weeks in particular there's been a lot of fud about ethereum guys like a lot of fud and you know this is I guess like nothing new for me I've been putting up with this fud about ethereum for many years now but I put out a tweet

over the weekend where I said seeing a lot of ethereum hate and fud lately that frankly makes me sad because it is diminishing the hard work of all the builders so to all the ethereum Builders out there keep going keep building keep innovating and keep delivering real value to real people and the reason I put this out there is because I don't necessarily think too many Builders pay much attention to crypto Twitter or pay attention to The Narrative of the week but at the same time it's hard not to get down about things when you literally have people on crypto Twitter trashing all the work that you're doing whether it's building layer 2s whether it's building defi whether it's building ethereum core protocol stuff you know it's hard to not get down when someone is out there just trashing your work especially if they're trashing it with

fud which is literally not based in reality which is literally uh uh not based in truth and I always try to stick to the truth like I I mean over the weekend I was called a propaganda machine uh which I thought was hilarious cuz I'm like how am I a propaganda machine like I don't think that I spread lies or misinformation um about anything really even about other ecosystems I try my hardest to stick to the truth and if I ever get something wrong I admit it at least I think I do maybe I'm going crazy and taking crazy pills here but but generally um I think when when you look at all the fud that's been going on and all the hate that's been going on it's just followed the price right um eth has obviously as an asset hasn't gone up as much as other things have over the past

few months another ecosyst and then everyone starts saying oh eth is dead you know this is going to flip eth eth is is lagging ethereum Tech is and I really hate these these types of people who do this because when when they do this it's just literally following the price they're just pumping bags like it's not based in any kind of reality it's basically them being like oh this thing pumped and I made a bit of money here and I wanted to pump more so I'm just going to come up with total about ethereum because it it it's good for my bags like doesn't make any I mean it makes sense if you look at it from that perspective but like the the fud itself and the ha itself is just stupid it's just noise um and that's why I you know I said just before I don't

think the builders necessarily pay too much attention to this but it it still would get them down I believe and you know as as a segue from from this tweet here I came across another interesting tweet from from DC investor uh today oh today I guess a couple days ago where he said people thought ethereum would never have real working apps but then it did they thought people would never show up to use uh ethereum but then they did they thought it would never Implement EIP 1559 but then it did they thought it would never Implement proof of stake and turn off proof of work but then it did and they thought staking wouldn't be enough to secure the network but then it is now they are saying ethereum will never fully decentralized it it's l2s but then it will like the amount of Milestones the ethereum ecosystem has

hit over the years and the amount of fud that we've been able to squash with real deliverables and the amount of people that have been proven wrong time and time again about ethereum is astronomical at this point and they still continue down this road of doubting the ethereum ecosystem and at this point like I think that it's never going to stop because there's competing Financial incentives here of course but really like in the face of all of the stuff that's happened in the past and all the stuff that ethereum has delivered and all of the people that ethereum has proven wrong do you really think that saying something like ethereums l2s will never decentralized isn't is a hill you really want to die on because from where I'm sitting it's not I truly believe that the l2s will decentralize and obviously they're on

their own Journeys they have different um milestones to meet depending on which L2 it is and they will get to their decentralized state at different times but to say that they're never going to decentralize and to say that they're always going to be centralized is to me an insane thing to say and and to me it just screams that either you're uninformed and haven't done your research or you're just saying that because you want to make ethereum look bad because it really is the new narrative that people have pivoted to remember when I said to you guys that you know once l2s start growing more they're going to come up with some batshit insane narratives to justify hating the l2s because originally they said the al2s wouldn't work at all and then they said that the l2s wouldn't actually get any usage and then they did

they did work and they did get usage and now they're saying that okay well you know l2s did get usage and they do work but they're never going to decentralize and it's just like okay you just shift in the goal posts again but like we'll just prove you wrong again but then as soon as we prove them wrong again what do you think's going to happen they're going to say something else they're going to be like ah you know it it you know it still sucks because of fragmented liquidity like they're saying that right now but again like this isn't based in any sort of reality at least from where I'm sitting at least from where I am because I'm obviously very plugged in um and if they're uninformed then fair enough but go inform yourself before spouting off nonsense like that I guess uh publicly especially but yeah

anyway I'm going to digress on that point there CU I realize I'm already at 25 minutes here and I want to cover a bunch of other things that I had that I wanted to cover which is actually segue from this and you'll notice that it's not uh Twitter tabs that I've got up here it's actually tabs of various different um L2 metric tracking sites and the reason I have this up is because I was just talking about how people are doubting the ethereum ecosystem still and they're doubting the l2s I want to show you guys something now none of these metrics are perfect they can all be gamed right they all have their own flaws but taken holistically it paints a picture here so let's look on L2 beat.com you see that TV for l2s is at all-time highs hm okay I thought l2s weren't working I thought l2s weren't

getting usage I thought people didn't like l2s because of fragmented liquidity or because they weren't decentralized or this that and the other well seems like people love l2s because the tvl is at all-time high then we can go to the activity Tab and we'll see what's in there right this includes eth Manet in the blue but if we go to the red what does it look like well it looks pretty healthy to me this is TPS looks pretty healthy to me looks like it's been going up slowly over time and as I said like none of these metrics are perfect but looks pretty good to me then we can go to daily active addresses for l2s and ethereum well would you look at that it's up only we take away ethereum the al2s are up only go to transaction count take takeway ethereum because takeway

ethereum layer one I should say and and look at the the transaction count looks pretty healthy to me you could you can smooth this I mean this is I think smooth over seven days but you can smooth it even more because obviously there's going to be Peaks and stuff but it looks really health healthy to me there all right so that's ethereum and it's l2s but what about ethereum itself well I mean ethereum itself is doing just fine uh if you want to look at any metric in ethereum whether it's active addresses or transaction count which you can see here and transaction count is kind of has a ceiling obviously because of the gas limit um and then daily active addresses ethereum is doing just fine but then let's go to the more the the things that can't really be faked or are impossible or expensive to fake or

impossible and expensive to game and that thing is ethereum fee Revenue right and I've always said this but let's go Ultra sale money website hm what's that oh since the merge we've been deflationary for a very long time actually since January of this year the entire year we've been net deflationary since the merge we've burned over a million eth right which is more than we we've issued we only issued $866,000 eth okay if we go and do a shorter time frame let's do over the last even 30 days right where deflation area eth is is burning there um and then if we scroll down and we go to to some of the kind of like USD values here we go over the last 30 days just because I can't select anything longer than that except the merge which is a bit long let's look at USD value so we've burned $217

Million worth of fees I think uh it's about 70 to 80% of all fees paid on the network all right then look let's look at the burn Le board what is it well it's The Usual Suspects it's Unis swap it's e transfers it's stable coins but then look down here there's l2s here arbitrum over the last 30 days has paid $4.5 million to ethereum L1 in order to be a roll up on top of ethereum there and you can scroll down you'll see other l2s that paid a little bit less optimism is 2.7 million you can keep scrolling down you you you you'll see more Bas at 1.4 million hm seems like ethereum L1 is still doing amazingly even in the face of the l2s growing but I was told that l2s would take all the activity off of L1 I was told that the L1 gas prices

would be single digits again which is hilarious fud considering people were fuding the fact that they were high but gas prices have been high for quite a while now the last 30 days have been above the ultrasound barrier for most of it we go since the merge you can actually see that you know we've we've been above it for for a little while and we've been far above it I mean again go to the last 30 days how how far above it have we been the ultr sound barrier is currently at 22 gay we've been way higher than that but I was told that no one uses the l2s I was told that they're crap and they fragment liquidity and I was told that even if people did use them it would suck everything up from layer one and then layer one ethereum would suffer but if we actually look at

the facts none of that is true guys like I'm shocked I know I'm being a smartass but you see my point here none of the reality matches with the narrative like at all like the narrative is total crap it literally is a fugazi it is completely made up and the fact that people believe these narratives and latch on to them like they're actually true without just looking at the very obvious metrics that we have that show that they're not true is mind-blowing to me and the only reason that people do this in my opinion the only reason is because they have bags in other ecosystems they have investments in other ecosystems and they have no interest in the truth they have no interest in reality they want their bags

to go up they want to make money there's nothing wrong with making money there's nothing wrong with wanting bags to go up but if you're fighting ethereum and if you're spreading all this nonsense just because that's your goal then I don't respect you right I don't respect it I don't respect that at all and I think that it's incredibly damaging to to to the space overall because you just keep that toxicity Circle going because then the ethereum people hit back and they're just like this is not true and then everything just gets toxic and it just becomes a mess so at the end of the day I know all of you listening and watching to the refuel don't need to be told this but maybe you can tell other people at the end of the day the narrative may be more powerful than the reality over the

short term but you can't escape reality and the reality is that ethereum layer one and Layer Two is still growing it's still growing more than the other ecosystems there is still people using layer one even though they're using layer twos as well and each layer caters to different audiences and we are burning eth during all of that l2s burn eth because they settle down to L1 L1 activity Burns eth it makes eth a stronger asset it makes eth go up it makes it so the ethereum ecosystem has more money to play with and it makes ethereum overall more and more likely to succeed into the future and more and more likely to keep growing anyway enough that's a that's a rant I just

realized I ranted for a while there but you guys know I'm very passionate about these things and hopefully uh I was able to kind of like I don't know squash some concerns you may have from some of the stuff that you're reading on crypto Twitter lately or or elsewhere of people fighting ethereum I can confidently say the ethereum has never been in a better place right from every angle that you look at it and the reality doesn't lie here it's not just a narrative it is reality but on that note that's going to be it for today so thank 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 by