Client diversity chat, Tokens are broken and more - The Daily Gwei Refuel #787 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the daway refuel where recap latest news in eum ecosystem I'm your host and Sun 26th of June 2024 all right everyone let's get into it so apologies for missing yesterday's episode everyone uh but that is going to lead me into doing a little bit of housekeeping here on the refuel now you guys know that I miss at least one episode a week and I have been doing that for quite a while now even before my break and you guys know that I took my break or at least the main reason I took my break was because I was totally burnt out um uh within the with the crypto ecosystem generally because I had just been in it for so long I've been doing things so hardcore for so long that I needed a break there now if you're in the daily

way Discord Channel you'll know uh what I'm about to talk about because I leaked it yesterday but for the first time ever I'm changing the Cadence of the daily guay refuel I've been doing this since late 2020 I believe or early 2021 and the Cadence has usually been the same where I do five episodes a week on weekdays or i' try to do five episodes a week on weekday but going forward I'm only going to be doing episodes on Monday Wednesday and Friday so it will be going down to three episodes per week now I have not made this decision lightly it's probably been a long time coming to be honest and I think that if I don't do it it's just going to lead to me burning out again and me having to take more extended breaks which I'd rather not do I'd rather be able to kind

of keep up a regular Cadence and have breaks in between so you know having a break on Tuesday and Thursday from from doing the show and just doing it on Monday Wednesday and Friday uh instead there now I will say that there will be will be exceptions where if there's a big news day on like a Tuesday or a Thursday I will probably do an episode then uh and there might be sometimes where I swap the days around but I'm going to try and stick to three episodes uh a week here now of course you guys know that I've recently restarted doing into The Ether with Eric Connor so I think that even though I'm going down to three episodes a week into The Ether runs for like an hour which is technically two refill episodes so I'm still doing the same amount of content I

guess and I I I I like that Cadence I like I like doing that so that's what I'm going to stick to going forward so I think that this uh new schedule will start next week this week I'll probably just do an episode tomorrow and Miss Friday I think I think I'm going to have to miss Friday this week so I'll probably do one tomorrow tomorrow being Thursday at and then Friday I'll miss and then next week I'll start on my Monday Wednesday Friday Cadence there and I guess like I wanted to apologize as well to people out there who have the daily way refill as their morning routine there's going to be now two extra mornings a week uh obviously including the week where you won't have a refuel but I have to do this I have to do this for for my health for my mental health uh I have

been in this industry for so long uh and it's it's caught up with me guys like you guys know this from when I took my break it's caught up with me and I really don't want to have to keep taking extended breaks I don't want to I don't want to have to keep burning myself out so I'd rather uh just kind of drop down to a 3-day a week Cadence uh there still probably 30-minute episodes probably go over depending on you know on the day and how much news there is out in the uh in the ethosphere as we call it there uh but that's going to be it going forward and you know who knows maybe I'll go back to 5 days a week eventually if I feel like that uh you know the um the ecosystem needs that or I feel like I

can do that but going forward starting next week there will be episodes on Monday Wednesday and Friday only and sometimes I obviously will switch their days around but if I do that I'll let you guys know as I always do by announcing it in the daily way Discord Channel there but anyway enough housekeeping onto the news so there was a tweet that was put out by Van X head of digital assets uh research today now for those of you who don't know vanck is one of the tradire institutions that has applied for an eth ETF and we'll be getting that approved soon and they said here Matthew the head of digital asset research at vanex said vanex is going to wave the fee initially on the spot e ETF so in an email to etf.com uh Matthew here uh wrote that the firm aims to be a

leader on crypto ETF fees even if it means we lose money at the outset uh and then the plan is to make it up on volume in this case decentralized fin volume now you may be wondering that's a bit weird what does ETFs have to do with defi you know these ETFs don't happen on chain there's no onchain buying going on really that's all that's going on is these ETFs are buying E from the open market not through defi usually through an exchange such as coinbase so what does this have to do with defi well Matthew uh I guess elaborated on this in a reply to someone asking this exact question where he said more onchain activity equals more eth gas spent equals eth price higher equals van eth bags go up and there's not a guarantee this will happen but that's the kind of

thesis here so essentially the thesis is that even if they've only got a certain amount of eth and they kind of plateau there in terms of AUM like eth denominated AUM if the eth price is going up it's better for them because when they do Implement a fee the fee is on the dollar amount right so if they have like a 0.2% fee which seems to be the standard ETF fee then that is obviously going to be worth more if the US dollar value of their AUM goes up it doesn't matter about the eth value if let's just say they have a million eth in their ETF if that's worth uh you know I'm going to just do napkin math right now off the top of my head if that that's worth a billion dollars it's worth more than that but let's say it's worth a billion dollars but then the eth

price doubles and the eth um AUM stays the same well that's now worth $2 billion and now it's 0.2% on $2 billion so that's the kind of thesis here essentially getting in as much AUM as you can at the start and then uh hopefully as uh you know as things go on the eth price goes up obviously in USD domination and these companies make more money now of course they're going to be doing everything they can in the background to get people into the E ETFs so it's going to be interesting to see how all of that plays out there but it's an interesting strategy from vanck I know the other ETF issuers have different strategies I know bitwise is dedicating some percentage of their fees to uh protocol C devs or CT or sorry protocol Guild uh the protocol Guild I think that was bitwise I believe I know

vanck was doing it or one of them was doing it for the Futures ETFs but there are different kind of things happening here between where the fees are going what the fees are going to look like so on and so forth but the fee Wars have begun really it's the same with the BTC ETFs there's a there's a fee War because you want to bring in as much a as possible and then you can either kind of raise the fees later or you will basically implement the fee so you'll do like a six-month period where you don't have a fee and then you'll Implement like a 2% fee and the logic is by that point you'll have a lot of AUM and people knew that this was going to happen and you've provided them such a great product and experience that they're just going to stay with you

anyway even though they're paying a 2% fee on this here and this is extremely lucrative guys like when you think about the numbers that these uh institutions are working with here and the fact that it's a yearly fee like okay it' be awesome if like eth on average goes up 50% a year or something like Nets out to 50% a year on average uh that's great because even if you're getting even if you're paying a 0 2% fee you're not going to feel that right you're not you're not going to feel that because your eighth uh portfolio value has gone up by 50% but these companies are definitely going to feel that because for them uh that that 2% is coming off of the the dollar value so if e goes up 50% they're just making so much more money off of this 2% here so uh that's

why these products are so popular that's one of the reasons why they're so popular and why these institutions love selling them to people because it's just like a very nice wrapper around assets uh and in a tax advantaged way as well so anyway uh that's that's e on that topic there but I guess like generally with the E ETFs we haven't heard anything I think over the last day but I guess as I said yesterday or the day before I should say uh I'm expecting to hear some kind of stuff this week but really it it'll probably launch next week uh if I had to put money on it you know July 2nd seems like a good day to launch and my prediction would be wrong then I said July 8th but I don't know just I just want them to launch at this point to e ETF right like it's just been

so so long we've been waiting for this and we got the approval and now it's been over a month since it got approved and it still hasn't launched as was suspected at the time it was suspected that it would take up to 6 weeks for these things to go live Trading if it goes live on July 2nd that is 6 weeks from when they got approved so pretty much bang on the money there in terms of predictions not myself but other people out there who' been predicting this stuff uh but that's how I'm I'm kind of looking at it right now but anyway uh just wanted to discuss that a little bit there keep you guys updated on that all right so Peter from gu has been working on a bunch of different things with I guess like that relates to a couple of different things like

statelessness and client diversity so you remember a few months ago Peter a post that he think he thought that the there was another approach to client diversity other than just getting people to switch off of gu to another client and the other approach was enabling stateless verification uh uh between clients so essentially the tldr of this CU it's quite a lengthy post there you go definitely go give this a read but the TDR is that you could essentially check your the validity of what your um uh of what you're kind of proposing I guess attesting to the blocks that you're attesting to or the validity of what you're verifying as a full node or as a validator um well I think this is actually applying more to full nodes I'm still digesting this cuz this only came out just before and I've been reading

through it but essentially what you'd be doing is cross verifying what your full node is seeing stateless with other full noes so you wouldn't need to run say gu and never mind you could just uh do stateless verification with a nethermind client that someone else is running at least that's my understanding of it or nethermind know that someone else is running and that way you have client diversity uh well I mean you don't okay technically it's not client diversity but that you have a diverse way of of um verifying the chain without having to run multiple clients or without having to check it against multiple clients because in the I guess current Paradigm you have to if you want to have a backup here you run gu and then you run another mind as well and then you cross reference these against each other but

you have to run full nodes for both whereas in this Paradigm what Peter is describing is a way to run just like a GU full node but then check your uh full node validity against uh another full node stateless Le so not having to run that whole node you can just check it against someone else's node and you can do that in a um in in a stateless uh way where essentially you're not trusting that full node it's still being verified by your own one but you're able to cross check it basically cross reference it you know check your work against someone else's work sort of thing here so it's a really interesting thing that Peter has come up with here but as I said like read through the post yourself because I'm still digesting this on how this all works it is actually live today it is

implemented into go ethereum and functional so if you want to play around with this you can maybe it wouldn't be something that I would recommend playing around with on like a mainten implementation just yet or a production implementation just yet because it's new but it is live out there for you to try out if you want to and as I said it's a different way of doing client diversity but a very interesting way because I guess like the biggest thing for client diversity is that it's a bit of an overhead to get people to change from one client to another so is there a way that we can make it so that it doesn't matter what client you pick uh you can pick whatever client you want uh but with this functionality in built into that client you don't have to suffer from the penalties of running a super

majority client and the penalties have been discussed at length before in the community and also on the refuel you know those penalties of basically you um suffering greatly if there is a if there is a bug and you're on the wrong uh you're running the wrong client you're running the buged client or if the chain ends up finalizing on a bug chain that would affect everyone and that would obviously be really bad for everyone because it would require social coordination in order to fix so can wee prevent this from happening even if there is a client on the network that has a super majority on either the consensus layer or execution layer side and that is what Peter has been working on uh and it seems like he has been able to crack that nut I mean from from reading through this it all makes a lot

of sense to me uh and as I said I'm still digesting it but just on the first read that I I read through before I was looking at it I'm like this makes a lot of sense and and this actually fits in with the wider ethereum row map of being able to state of verify the chain stateless or being able to run uh True Light client and being able to trust that you're not getting rugged or you're not being lied to essentially so yeah very very cool things out out here you can go give this a read I'll link it in the YouTube description below for you to do so all right so uh eat staking guides there are so many of them out there but hey what's another one for you guys to check out so this one comes from Samuel Chong who updated his eth home staking

guide after the last version which was done 9 months ago so there's a bunch of new content included in this of updated stuff in this so essentially this incorporates DVT or distributed validator technology into home staking as well uh but this is a really great guide guys I went through it myself I mean I haven't used it because I've already got all my stuff set up so I I don't have any need to use it right now but if you're someone who wants to get started with home staking you know solo staking whatever you want to call it this is definitely a guy that you should check out especially if you wanted to integrate DVT into your setup here so this is pretty detailed like I I as I said I went through it already and it gives you a lot of information on pretty

much like everything got to do with not just home staking or solo staking but also staking generally and also DVT so if you've at all been interested in that and you've wanted to get started I think you should definitely check this guide out which I'll link in the YouTube description below but that's really all I wanted to say on it I just wanted to give a shout out here huge shout out to Samuel Chong who's otherwise known as stegosaurus on Twitter for putting this guide together we always could do with more guides for for staking your eth I mean obviously the easiest way to stake your eth today is to just delegate it to coinbase or binance or one of the lsts or LRT providers out there but there are trade-offs with that right the with delegation comes uh very little I guess control over what happens with your eth

you're not running the software yourself you're not running the validators you're not running the the infrastructure yourself uh you're giving up some percentage of your rewards as a fee and you've got really no control over what happens on the validator side or on the full node side and you're not really in my opinion adding any more kind of security to the network at this point I think e has enough Economic Security at this point I think anything more that's being added has severe diminishing returns um unless it's being staked with maybe new node operators and uh but like for the most part most of the the eat stake is going into existing node operators so the fact that it's already super expensive to attack ethereum from an economic security standpoint and adding more it just has extreme diminishing returns in my opinion means we don't really need to have much more e

staked but if that e is being staked with new fresh new solo stakers and fresh new home Stak who are running nodes themselves running the validators themselves that does add more security and decentralization to the network overall as well as I guess like a bit more Economic Security too I'm not saying that it means nothing but there is a point of diminishing returns and I think we passed it I think we passed it a little while ago guys like there is what 30% almost 30 I think over 30% like of of e Stak I always get these numbers mixed up in terms of like total e staked versus uh uh what's staked in Lio and other providers here I'm just looking this up my other screen here so so yeah this 33 million eth staked which is worth many many tens of billions of dollars guys the the the attack Vector

of attacking via Economic Security so essentially uh I mean how do I put this basically if you wanted to attack via buying up enough eth to get a majority of the chain or get 33% of the chain or 66% of the chain it's basically impossible to do that at this point even if you're a nation state not only does it cost too much it's also very hard to even source that amount of eth and then you also have to go through the enq anyway so by the time you do that the community would would respond to it and you'd be fed out or essentially it would be identified as an attack and and something would be changed in order to prevent you from doing that so the path of least resistance would actually be to go after the not operators themselves right and so to get more note operators

online is to make the chain more resilient is to make the chain more secure because it means you have to go after more and more node operators in order to get to those thresholds there so Economic Security is very real it's not a meme as some people believe in the ecosystem but there is a point of diminishing returns to it and I think within eth we have definitely reached that point of diminishing returns not to say that we shouldn't be bringing more eth online to stake but I would much rather see it go into home stakers solar stakers or different node operators or smaller node operators than what we've seen with with the bigger ones out there to add actual I guess um to add actual uh uh security to the ethereum chain here but anyway enough of a tangent rant there you can go check out this guy for

yourself I'll link it in the YouTube description below for for you to do so all right L2 beat has a new feature out today called the ZK catalog which is an initiative that kickstarts ZK circuit verification in blockchain projects they say here this marks the start of a wider initiative aimed at boosting transparency transparency and Trust in zero knowledge systems so this is L2 bits foray into making sure that you can have total I guess a total view of what's Happening behind the scenes when it comes to ZK rollups and ZK proofs now of course a lot of this is still in progress there are a lot of things still to work out but if you were to click on to let's say the details of scroll here and what this looks like you can see that right now l2b lists that there's

only two verifiers uh with Scrolls um zero knowledge proofs right now are they doing aggregation yes or no yes and was there a trusted setup yes or no and they''re listing the verifiers out here for you you're able to go check them for yourself and there's a description of what's actually happening in in the background as well as links to the Prov code you know if it's open source not so on and so forth this is great because at the end of the day a ZK rollup especially or a ZK proving system especially is only as strong as the transparency around it because if it's a black box if you can't actually see what's happening then essentially what you get is a closed kind of de facto centralized ecosystem because if you can't see into the box then anything could be happening in that box and if

it's just spitting out a proof of what happened okay you can be certain that the proof proves what happened the ZK proof proves what happened but if what happened was uh you know dodgy or shitty or you know the rules were changed underneath you or there was a rug happening then it's it doesn't matter if the proof is correct what actually happened is is not good right it's not a net good here so you definitely want to be able to see uh what's happening behind the scenes and this is what L2 beats ZK catalog initiative is all about so huge curos to them for putting this together you can go check out this for yourself uh but as I said it's still early days it's going to become more more populated over time they're going to be covering more and more projects over time um so great to see that they

have the put this together here all right something interesting out of the rainbow ecosystem today so rainbow is a wallet app on mobile and desktop that you guys know about disclosure I'm an investor an angel investor in Rainbow here they've been around for quite a while and one of my favorite wallets to use what they announced today is something called rainbow eth rewards so they are airdropping uh the eth that rainbow has earned to the most active rainbow users every single week and this is just phase one there are more phases to come but for now let's talk about rainbow eth rewards and they've got a thread here talking about uh talking about this here now why this is interesting to me and why I'm bringing this up because it's not something I usually talk about I don't usually talk about reward programs or points programs on the refuel but the

reason I'm bringing this up is because usually with points programs you're rewarded at the end of the the program with a token right like a project will do a token they'll air drop it and then maybe they'll do seasons whereas with in Rainbow's case what they're doing here is they're rewarding eth that they've earned as um as a wallet back into the community so actual eth like a token or an asset that you actually want and you're actually probably more likely to hold on to and keep than something that you maybe get aird dropped and then sell for E anyway right so and this is coming from uh I guess like the the um the eth that's been earned by rainbow not from just printing it out of thin air right so it's something different but also makes a lot of sense you know with

rainbow for example I don't know if it would make sense for them to do a token for themselves they're a wallet right uh it would make it definitely makes more sense for them to be a wallet take some fees off of offering that wallet service right whether it be swap fees or whatever else you want to want to say it is and then trickle that back to people using the wallet and the most active users in the form of eth and as I said an asset that people actually want to hold that people actually want to store their worth in and actually want to invest in over the long term so that's why I'm bringing this up today because it's something different here uh which which I thought was very very cool so you can go check out how this actually works under the hood I'll link it in the

YouTube description below but also the reason I want to talk about this is because it opens up a wider discussion around I think tokens generally now of course I I've been talking about this for a while now and I've been talking to a lot of projects and teams about this and I've got to say I'm quite frustrated not with the project and teams but the I'm frustrated with the meta of of tokens generally so the meta today essentially is if you're have a project and you plan to do a token you raise money from accredited investors normally VCS and Angels right and you give them some kind of percentage ation of the total token Supply you give a percentage to the team and which I mean there's nothing wrong with that but that this is how the token breakdowns are done and

then you have the rest of it going to the quote unquote Community a portion of that will be for an airdrop a portion of that will be for uh the community Treasury and a portion of that might be for the protocol Guild or something else right but that's the current meta of of things in no way I mean I guess like at no point in that meta or in that pipeline is there an Ico or is there a token sale to the public there is only tokens giv to the public via and an airdrop which is most likely immediately sold for the most part and also an airdrop is very different to someone actually buying your token when you air dropped a token and let's say the airdrop is worth $1,000 and the air drop goes back down to like $500 uh because

that the token dumps and you haven't sold yet well okay you didn't lose $500 because you didn't invest $500 you didn't invest $1,000 right you got it for free so it's still $500 of free money that you got I mean yes okay there's some opportunity cost cuz maybe you had to deposit funds in order to farm the airdrop but you haven't actually bought this token whereas when it comes to I mean just buying an asset directly or an Ico for example you've put your money in so when you put like $1,000 in and you buy the token for tokens for $1,000 if that token goes down 50% you've now lost $500 so there's a different calculus here between buying something and getting it for free and this is not unique to crypto guys this is this is a an economics thing Way

Beyond crypto but my point here is that the reason why tokens suck today so many tokens suck today is because of the fact that the projects are forced into doing this current meta this really shitty meta of an airdrop just to give the community something put most of the token Supply in a treasury sell a lot of the supply to VCS in order to fund your project to begin with right and then the public gets scraps at the end of the day and this is the project and team's fault I've spoken to a lot of projects and teams about this I'm trying to change the meta myself but every single one of them says the same thing they're going to end up getting sued by the SEC or some other regulatory body um and it is straight up illegal for them to do this it is illegal to sell Assets in a in a

in a Securities offering essentially because that's what the SEC argues that these things are to unaccredited investors so when you sell them to accredited investors you're getting around that an accredited investor as defined by the US is you have a certain net worth or you have a certain income uh over over a period of two years that meets a certain threshold it's basically a wealth test here now because of that that's why we've got the current meta because you can't sell to the public and because these teams don't want to do it because they don't want to get in trouble and I don't blame the teams for this you have the The Meta of what I just described before but also this ends up with a low float you have 5 to 10% of the tokens floating from day one instead of the 50 plus percent that you would

have if you did a public token sale the token doesn't have a natural price because it's being priced based on some weird pre-market that exists before the token goes live and maybe some uh I guess pricing based on what the previous VC rounds were done done at but there's no Public Market that was able to buy into this token before it started trading thus there was no real price Discovery happening here and in the face of that it it basically has a high full looted value over time more and more tokens come to Market and essentially the token goes down only uh from there so no one is protected here no no one is better off here everyone is worse off it doesn't matter if it is the you know the the VCS the the team uh the airdrop recipients or people who buy the token

on public markets everyone is worse off some people are still win like for example the VCS still win because they they're up so so massively on this the team obviously with their own tokens would still win but in my opinion they're worse off than they otherwise would be and they're worse off because of the fact that a down only token means a down only community means a depressed community means your project has less chance of success overall so I I I wish to live in a reality where icos could be a thing without people getting in trouble for doing them imagine you have an Ico where you sell 50% of the supply to the market and let's say you raise $50 million right and that's maybe on the higher end of things but let's say

you raise $50 million okay well if you've got 50% of the token Supply sold for $50 million that implies a fully diluted value of $100 million that's it that's your price Discovery right there you basically gave it to the market and you're like hey Market what do you want to buy our tokens for before there's even a market for them this is what it's like and that's the starting price hey and look at that it's way less than the many billions and billions of dollars uh fully diluted value that exists today and hey look half of the supply is already circulating maybe you have 20% of the supply that goes to the team from there and 30% of the supply that goes to a treasury and look it's so much better than what exists today now in saying all of this it's not a perfect solution it's

not something that's going to be the Holy Grail it still definitely depends on if the Project's good or not and if the project actually executes or not and if value flows to the Token or not but it gets rid of the shitty meta of high fully eluded value low circulating supply low low market cap down only tokens over time even if the project is doing extremely well right look at look at um some of the most successful projects arbitrum for example and disclosure I'm an investor in AB I'm not trying to show you my bags you guys know I've told you many times not to buy these things but look at arbitra absolutely killing it the top L2 for a long time keeps growing keeps doing so many things right to keep growing yet the AR token is down only against USD and eth why because there are tons of

unlocks coming over time now whether the unlocks get sold or not is is irrelevant what is relevant is the fact that the market can see this and the market wants to price this in over time so essentially you have a dead zone of 3 years let's say of the vesting period of these tokens having to come out before you can actually start to have true price Discovery and then when that happens by the point that that happens most projects are probably dead by that point so what you've all you've done is you've enriched the VCS who are still up massively right you've enriched the the team who was still out massively and all the public market buyers are wrecked essentially everyone who tried to buy it on public are wrecked your community you know may be not as strong as it could

have been if it's still strong kudos to you you've built a community around things other than a token uh price which which obviously is important but it just leaves you much worse off so as I said I dream I have a dream not to use that over overdone cliche but I have a dream that we bring back not just icos we bring back the high uh I guess like token Supply on Market from day one the natural price Discovery because that is the way that a a token doesn't go down only that is the way to actually get a community bought into your project they can buy the token early on when it's worth not much then your project keeps growing and then your token goes up and your community is happy I think Pendle is a really good example of this you go to Pendle you look at the chart it was

depressed for a while people could buy there people could buy it at the lows and they they could get in really low and then it went up a lot and people made money on it because they bought I think it went up like 150x or something like that something crazy because Pendle grew as a project they executed well and their token holders people who bought it at the Lowe's and supported the project you know when it was still growing were rewarded for that you don't get that at all in the current meta for the vast majority of projects and and on net it means that most of this industry is just completely uninvestable as a public market investor as a private investor sure you you're probably doing well because you're still up massively on these things I mean you guys know I'm I'm an angel investor in a lot of these

things but honestly I would rather that meta die completely I'd rather not be an angel investor anymore and I'd rather be able to just buy these things on the public market at a much lower valuation mind you and let them start off as at a much lower valuation and then let that grow into the project growing over time not the other way around where you can have a super successful project and a token that doesn't reflect that at all and a token that's just down only that is a complete warping of uh I guess like what a project should be or what a what a what investing should be it shouldn't work this way but because of the SEC because of The Regulators because of the current system they have forced the system to be this way I don't blame the VCS I don't blame the the you know

insiders generally I don't blame the team here because there is no other way to currently do a token besides I guess like meme coins but then in that world it's completely different where essentially you launch a token but how are you going to build a project around that if you launch a token and the token's worthless and then you've got no money to build the thing it doesn't happen like that you need to be able to raise some kind of money in order to build a project out in order to build a team in order to get have a runway for many years so you can just focus on the project instead of focusing on having to fund raise all the time and focusing on worrying about money all the time so this is why the the the current meta is the way it is and I'm honestly from

coming from where I where I've been in this ecosystem and seeing this play out over time over years I'm really pissed off about this guys like it's something that I I I really hate that has become a theme within crypto and I hope that we can change it and I hope that it can change in the future I'm trying to be the change I want to see in the world in the background but I'm getting stonewalled guys and I don't blame teams for stonewalling me on this straight up they just say we can't do it it's illegal and I'm like okay well that makes sense like I'm not going to blame you for that but I can still lament about how shitty it is that it is illegal just because something is illegal doesn't mean that it is wrong that a lot of people think like this a

lot of people outside of crypto think like this um or even inside of crypto but like in in real life think like this of oh if it's illegal it must be wrong it's like no no no no there's been plenty of things that have been illegal in the past that were later made legal because it is the law is it can change the law is malleable the law is basically a set of uh widely agreed upon um beliefs that people can codify and there are consequences for breaking that law but that does not mean the law is morally just or ethically right or wrong all that means is people have agreed at that point in time for the law to be that but laws should be changed when that is no longer the case and right now and for many years actually the current meta of how investing works for early

stage startups inside and outside of crypto is completely broken and completely unfair and I want to see it change so I'm going to keep pushing I hope you guys can get involved in any capacity that you can because at the end of the day we need to make a difference here we need to make a change here crypto is all about making a change and making a difference and we need to start at Ground Zero we can't you know I guess like U Shield these virtues without following along with them ourselves but anyway that's very ranty but I just wanted to get that off my chest something I've been thinking a lot about lately uh and something that obviously really annoys me but hopefully we can see some change uh going forward now last up here I want to end with something not as ranty so valantis has

introduced themselves and this is another project that I'm an investor in that I wish you guys could have been able to invest in as well but unfortunately uh it's illegal to sell tokens to the public or illegal to sell Equity to the public so unfortunately not but valantis is a new form of decentralized exchange now I know there's a lot of dexas out there I know there's a lot of decentralized exchanges out there and generally I try to avoid investing in I guess a lot of up layer things because a lot of them are copy paste of what already exists but valantis in my opinion is quite different because what they've tried to do and they've described it here they've tried to create basically a modular decentralized exchange what that means is that they want to have a an app store of reusable decentralized exchange

components here where essentially you can pick and choose which components you want to build on or developers can pick and choose which components they want to they want to use and build with in order to make their you know their ideal decentralized exchange for whatever they're trying to optimized for here um and valantis has been building for quite a while now and it's actually pretty impressive what they've been able to build and what they've been able to do here and basically integrate all of these different things from all of the different projects that have existed uh in the past in order to essentially make it so that you can have the I guess I wouldn't call it the perfect decentralized exchange but the near-perfect one where essentially you're only limited by your imagination as a developer when building this out you're not limited by what the uh I

guess like modules can do what the project can do you're limited by your own imagination so basically Lego blocks for decentralized exchanges here so if you haven't been following along with valantis I highly recommend that you do so not for my sake uh I don't really care if you follow with my investments or not I invested as I said because I find valantis extremely interesting and I find what they're trying to build extremely interesting but if you're at all interested in Defi and you want to look at things that um aren are new or net new or pushing things forward or innovating I believe valantis is one of those things you can go check out their blog post for yourself to see exactly what they're doing here and why they are different I'll link that in the YouTube description uh below for you to do so uh

but I've gone overtime here so I think 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 subsscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone