Client diversity improving, RWA.xyz introduced - The Daily Gwei Refuel #502 - Ethereum Updates

Transcript

hello everyone welcome to another episode of The Daily gray refuel where we cup latest news in ethereum ecosystem I'm your host Anthony until the 7th of December 2022. all right everyone let's get into it so as you guys know a few weeks ago I was nominated to a become a new member of the rocket pool odao while the rockapool Odell proposal to invite me to to join the Odell here uh has now been uh kind of submitted here or created I should say uh and as I've mentioned before all of the RPL rewards that I will earn as an Odell member if I'm accepted in uh will be automatically donated to the protocol Guild now uh you know I've talked about why I'm doing this in the past and asked for actually tax feedback on this when I originally mentioned that and people reached out

and helped me a lot with that so thank you to them but I'm super excited for this uh like I'm hoping the community will vote me into the Odell here uh definitely been a huge fan of rocketpool for a very long time now uh just spun out my own mini pool recently as you guys saw planning to spin up some more uh relatively soon as I did mention the other week there but yeah if you are are involved with rockapool at all and you are part of the um the down you want you want to participate in these votes I think the voting begins in about a week from now this is just the proposal to discuss it among the community as well which you can which you can get involved with on The Rocker Paul Discord Channel which is a great Community there I

highly recommend joining them uh but yeah I just wanted to kind of give a heads up that that's uh I guess in motion now and I'm super excited about that so thank you to the rockable community for this opportunity I won't let you down if I'm accepted as an odow member definitely we'll be taking it extremely seriously taking the roles that I need to uh do as a no down member very seriously and hopefully we can uh kind of continue to create a very uh decentralized and healthy rocket pool together all right so Julian I'm here from the gef team says thanks to parathosh the Beverly Hills vehicle test net is finally operational so we have a vertical tree test net finally operational here which is very very cool I've talked about vertical trees on the refuel before it is part of the ethereum

roadmap part of The Verge roadmap of of ethereum there and it's not that doesn't have like too much Focus right now the focus is definitely more on the Surge and and uh the stuff that's part of the merge such as withdrawals but the Verge is definitely that next big upgrade that we want to get but you know we want to implement into the ethereum network and there are a test Nets being spun up there are devnets being spun UPS there are specs there's ongoing research all that good stuff there as I mentioned before I wouldn't expect to see this on mainnet until at least 2024 uh so it's still a little while away but still good to keep up to date with what people are doing here and great to see that parathos who was the lead person behind all the shadow Fox leading up to the

merge uh is now behind this codenamed Beverly kills a vocal test net so you can go check this out at Beverly hills.eathdevops.io basically you can kind of see an e-stats dashboard as well I mean it's got links to all the relevant things here some general information General configuration stuff as well and then yeah here's the dashboard basically with the nodes that are connected right now I think you might be able to participate uh participate um with this uh sorry participate in this uh on uh as well I think you just have to kind of add the network here and you can run the clients as well but yeah all the information's on the website there and I'll link the tweet in the YouTube description below as I said though still a while out before we see something like this on mainnet but this is I guess the process

to get there right testing devnet short-lived test Nets or shadowfox of course as we get closer and things like that uh but yeah great to see this uh from parathodge today all right so Terence from the prilabs team has another thread out today all about EIP 4844 and the latest implementers call talking about this EIP so this is a summary thread of that which you can go check out in the YouTube description below I'll link it there for you but the tldr is that obviously progress is being made on 4844 right now no updates on timeline I discussed yesterday that I still think that 48 44 is probably going to be in the upgrade after withdrawal so probably later next year if it gets implemented but there's still obviously a chance

that it goes into Shanghai uh I think the chance is relatively small but still a chance there basically but I think this is just a great little thread that Terence put together that I want you guys to read so of course I'll link it in the YouTube description um but you know it's funny when I'm looking at things got to do with 4844 I I don't know if I'd call it like a rift or a divide in the community right now because there are two critical things right the withdrawals and 4844 but I I and I've argued this before I think 4844 is obviously critical for scaling ethereum scaling Roll-Ups uh and making sure that we can get those fees down as much as possible but no one's clamoring for it right now because the Market's quiet fees are pretty cheap

already on layer twos right and the people that are around right now aren't like fresh new people they're definitely the the people that have been around for a while we have a slow trickle in of brand new people but there's not that many coming in um so whereas I guess like looking at the withdrawal side of things we I mean withdrawals there's so when it comes to withdrawals it's kind of funny because they have been promised as something that would go into the first upgrade after the merge and we have to we want to stick to that social contract so that's pretty much locked in because of that but at the same time we want withdrawals because we want to make sure that uh this the centralization vectors in staking are able to to be rectified through people withdrawing and staking with other providers we want to make it

so that the LSD Arbitrage Loop can actually be closed we want to improve our client client not client diversity we obviously can improve that without withdrawals but we want to improve our Geographic diversity of stakers we want to improve the censorship stuff uh obviously that you know staking withdrawals plays into that and people are clamoring for for withdrawals a lot more I've seen a lot more people ask for withdrawals than 48.44 I mean 4844 is obviously needed it's exciting it's awesome it's going to bring great improvements to layer twos but in terms of what people are clamoring for they're not doing that 4844 right now they would be if we were back like maybe a year ago you know in the bull market where all these alter ones were getting popular because ethereum layer one fees are really high which we're pushing Layer

Two fees higher um you know we we would have people clamoring for that but right now I'm not seeing that and honestly like I don't really comment too much on the markets but if I had to give a timeline of when we would see that kind of demand coming back it's not going to be for a while guys like I I don't expect next year to be anything crazy maybe the eighth price goes up a little bit maybe we go back to 2000 or something and stay there like I'm not expecting a new all-time high next year for eighth I'm not expecting a new bull market next year um I could be totally wrong on that but honestly like there are two ways the price tends to capitulate or the market tends to capitulate there's price space capitulation which a lot of people seem to think happened for 8th in June when

we went to 880 and then there is time based capitulation which takes a lot longer from when Heath bottomed last cycle to when it actually clearly you know started a new Bull Run was a very long time Eve bottomed in December of 2018 um and then uh when it started going you know back into a bull market I would probably say I guess you could say like maybe October November 2020 when he got to three 400 bucks and people were convinced that the bull market was back on for for eth right uh that was a long time that's like two two years right uh more more than two years actually if I'm no no I'm doing my math I'm doing math wrong there two two years and the reason and I mean cheers may not sound like a lot but two years is an eternity in

crypto and right now if you count the bottom as uh you know obviously as June there then we haven't even done six months yet or we can't we've basically done six months I should say we're in December right time's bloody flying but we've done done six months since then so if if we want to follow what happened in the past which I don't really think is something that uh that you should follow religiously but if you want to follow the general pattern of things we definitely have uh quite a while to go before we get out of the rut that we're in right now so coming bringing it back to what I was just saying in terms of urgency withdrawals definitely 48 44 I think people can wait for uh if it's not ready like if it's ready yeah fine implements it like and if the core devs

feel comfortable doing it as a collective then you know do it before for uh by all means but if it's not and if it's something that people are just trying to push through because they really want it to happen but it's not like an urgent thing I I don't think it should be pushed through and I'm not saying it will be I'm just saying if people are trying to do that because obviously you know really excited about it and don't want to have to wait all the extra time because it could end up not happening until maybe you know q324 next year I understand people wanting to get this in but I personally only think it should be kind of integrated in the network if the um uh if if it's ready right if it's actually ready if people feel comfortable about implementing it there

but yeah anyway just a little bit of a ramble there on that one uh but definitely excited obviously for both withdrawals and 4844 and other upgrades as well it's just all about prioritizing which ones go into the network uh you know before others all right so Tamar's from the nethermine team announced today that 10 of ethereum mainnet nodes are now running never mind so these are mainnet's execution layer nodes and 10 is running never mind which is absolutely awesome and this is something that I hadn't been paying attention to over the last few weeks but it seems that gets dominance on the execution layer side is coming down finally so you remember that guest dominance was at about 80 at time of the merge and we're now down to 75.7 so we're almost five percent down from the

peak there with other clients growing nice and steadily so we have uh Aragon nevermind and Basu taking up the vast majority of the remaining share there from Geth and as Tomas mentioned nevermind is about 10 now uh as you can see here and it seems to be second I'm it like uh actually I'm just kind of looking at ethernodes.org here and I'm getting a different percentage to him he must have done some some uh I guess like filters on this I think yeah maybe filter unsync nodes uh yes okay so if you filter by unsynced nodes um uh and not sorry if you don't include unsync nodes which I you know I don't think you should include unsync nodes because if they're not synced I mean technically they're not really part of the network right

um then yeah never mind obviously quite High here almost 11 with Geth under 75 so either way you you slice it gets dominance is coming down which is what we want to see because client diversity obviously is extremely important and you can see on client diversity.org what the current picture looks like on the consensus layer side we are very diverse right now Nimbus could use them all love and same with lodestar uh and uh prison Lighthouse maybe can lose a little bit more market share but this is looking so much better than it did just you know back at the I guess like the um the beginning of the year or at least you know Q2 ish when uh I I super fears that that big push will let that big push into getting people to switch clients away from Prism who was obviously very

dominant at the time so consensuslayer looks amazing execution layer looking better right as I said Geth was at about 80 or I think it went up to even 82 but it's coming down which is awesome it means that people are trusting uh that these other clients are reliable that they're not going to screw them over because obviously in a post-merge world to run a full ethereum node you need to run both the consensus and execution layer client and if you're a solo Staker or if you're a validator in general and you have you know you're running one of those um those full nodes you want the execution layer side to be just as reliable as the consensus layer side uh and that seems to be the case right now so congrats to another mind on the market share growth yeah but also great to see Aragon and Basu continue to grow

as well well I'm having to say get below 50 you know relatively soon like I I'm you know I tried to actually set up never mind with my rocketpool mini pull I'm on Geth right now I know I know exactly right I should be on a minority client but I tried with nevermind and for some reason it wasn't sinking it might have been a bug or something and I haven't tried since maybe I'll I'll try and switch it over to never mind instead of Geth because I'm using lighthouse on the consensus layer side I know I should have probably used teku or Nimbus but I think you know on the execution layer side I should definitely get that rectified uh uh sooner rather than later but um you know I could probably just change as far as I know I could change it so I can sync never mind as my

fullback client and then kind of switch the clients around so that it's using never mind as my main client and gathers my fullback client I'll get around to that um but yeah I just wanted to point out the the uh diversity on the execution layer side is improving here and also nodewatch.io is the website that monitors the consensus layer nodes not much has changed here geography still looks quite healthy in terms of where these uh consensus layer nodes are our positions or are in in the world you can see the United States is is quite I mean it's not I mean it's number one but it's not like that dominant right it's under 40 dominance Germany's coming in second and about 15 and then Finland at seven percent which is funny because I never really expected Finland to be third

place here and then uh you can go down the list as well I'm not going to read them all out but anyway I'll link all these websites that I've just gone through in the YouTube description you can check them out for yourself uh but great to see the client diversity on the execution layer side coming together here all right so speaking of the protocol Guild before when I was talking about the rockable odor stuff uh we have a little tweet here from them today where they said today to date our 128 members have collectively contributed 375 years of effort towards maintaining and evolving the ethereum protocol and then you can learn more by checking out this blog post that's actually a crazy start and for those of you who don't know what the protocol Guild is it's a 128 member organization or I guess like you call it

a union where the protocol Guild is raising money or from anyone that will give it in in the ethereum ecosystem in order to vest it out to core devs over time or core devs and researchers so 128 of them right now and you can learn more about this here in this uh docs website which I'll link in the YouTube description below but you know in terms of places where I want to send money to or where you you know you can send money to and be assured that it's actually going to the right people in you know in the public goods ecosystem uh and especially obviously on the ethereum called Dev side the protocol Guild is at the top of the list there is nothing else that even comes close to it in terms of just focusing on the core development side obviously we have git

coin and we have a bunch of other initiatives as well but they're broader they don't just focus on one thing whereas the protocol guilds a mandate is to focus on the people that are building the ethereum core protocol from developers to researchers and making sure that they're rewarded for their work and as I've mentioned you know on the refill before they started off with a pilot of 10 million dollars and they want to keep growing that as time goes on and hopefully get to billions of dollars vesting out over time to these these core contributors uh and you know the thing is about this is that it's 128 members right now it started off at 119 so it's going to actually keep growing over time so obviously because it keeps growing if the amount in the protocol Guild stays the same well then everyone

share goes down so we definitely want to keep uh the members growing but also keep the money growing and that works as a nice feedback loop because the more money the protocol Guild has the more people will be incentivized to uh I guess like participate in core protocol development uh to maybe get a slice of that and more people can contribute as well because they have a source of funding that's actually been I mean not so much these days but traditionally for most of ethereum's Life funding of the ethereum core development uh I guess infrastructure or I should say clients has been a bit bit of Hit and Miss Right Touch and Go uh until very recently uh and now that we have so many client teams working on this sorts of stuff we definitely want to be able to fund them and keep them rewarded and keep them uh

going uh with with funding and that's what the protocol Guild does so I'll link this in the YouTube description you can go check it out for yourself all right so the privacy and scaling Explorations group at the ethereum foundation here put out a tweet today saying want to try building with Anon identities and groups the new sephemore sorry semaphore a boilerplate as com has components for a web app where users create IDs and leave feedback no wallet required uses as a template to make your own app or try the demo at this website yeah so this is obviously something for the developers out there that you can check out there's a live demo as I mentioned as well as a GitHub repository that you can go check out I'll link this in the YouTube description below and there's also actually a Discord Channel as well that you can join

all right so a big announcement out of the optimism ecosystem today so they announced the retroactive public goods funding around two and they did uh they kind of said that in February 2023 10 million op tokens will be distributed to the people on projects powering the public goods that make optimism possible so you guys will know that uh um optimism has been doing this retroactive public goods funding and they've been doing it uh by using the revenue that they generated uh with their sequencer because there's only just one sequencer right now it's sequencing transactions that was making you know tens of thousands of dollars I think in profit per day I believe and that was being donated and then also obviously they have their op token now and that's they have a treasury full of

these op tokens so they're going to be donating uh or distributed Distributing 10 million op which is around 10 million dollars as part of this funding around here and this will also be the initial release of the citizens house the one person one vote counterpart to the Token house in the optimism Collective which is their governance structure here and you can go read the rest of the thread for a bit more details on this but great to see that this is coming so soon Feb 20 Feb 2020 2023 is not that far away right it's about uh you know two three months from here which is great to see and it's also great to see that uh they're not just kind of going with the funding of with the op tokens but they're also uh introducing the citizens house here because I've gone on um record before on the refill by saying

that I think it's really cool that optimism is really open to experimenting with uh Dows and with governance and not just doing typical token holder governance you know you hold some op tokens and that determines your weight in voting on things they're also going with this kind of uh citizens house which is the one person one vote counterpart to the Token house uh which basically works as a way to balance out things and you can go check out their documentation for their full I guess breakdown of how their governance is supposed to work but I think in the optimism ecosystem this is what probably what excites me most like if I had to rank them obviously I'm really excited about the Raw architecture that they're building stuff like Bedrock that's coming relatively soon I actually saw another tweet to it today saying that Bedrock is uh going to be on testnet

soon so hopefully it'll be on Main net um soon after that but in terms of where optimism seems to be innovating and and focusing uh on on things in a in a much I guess like different way than we're used to is definitely on the governance side of things which I'm I'm super excited to continues to see play out I'm not an active governance participant myself I have delegated my tokens to polynomial uh so that you know because I believe Paulina is a good representative of the ecosystem and has been paying attention to optimism quite closely there uh but generally um you know I just think it's a really great approach it's something that we haven't really seen before uh and you can try I mean you can trust that the optimism team has people has the ethereum ecosystems best I guess like um intentions at heart because optimism as

as a team the core team has been around for a very long time now and they you know basically started off in plasma land migrated to optimistic Roll-Ups and they've been working on that ever since uh so yeah I'm excited to see them continue to experiment with this but as I said uh This Thread will be linked in the YouTube description below for you to check out all right so a something I came across today uh called rwa.xyz was introduced now what is this it's an Analytics tool on real world assets and they say Yeah in order to for D5 to fulfill its original Mission of building a transparent efficient Financial system real world assets must be brought on chain and then they've got a thread about this year as well as their website which you can go check out I clicked on their Twitter profile

inside of the website there yeah here's the website rwa.xyz and go check this out uh basically analytics on real world assets is what they're trying to do I don't think this is a free tool I think you've got to enter your email and then you'll go to the dashboard I'm not going to bring this up right now but you can see a screenshot of the dashboard here of what it looks like so basically what they want to do is they want to enable as much transparency into these real world kind of off-chain assets as we have for on-chain assets now as you guys will know there's been I guess a bunch of projects working around this uh there's makeup makers making a lot of moves into doing real world assets off chain Cloud real all that go stuff there there's been another protocol called Goldfinch that's been doing stuff around

this and also one that's been in the news recently and one that I I'm an angel investor in Maple finance and unfortunately they've been in the news for the wrong reasons where one of their um their borrowers actually defaulted on that debt because all of their money or most of their money was stuck on FTX and obviously no one get has no money from FTX yet so uh the people that that had money in there the users that had money in there lost the money because Maple Finance is an underclaturalized lending protocol uh and and basically it relied on you know trust and reputation rather than over collateralization and we saw the dark side of that right where you know if uh if a borrower can't pay well there's not really much you can do about it in that case right because there's no

collateral that you can take uh so there's not there's no cuddle that can make it whole right there is a portion that you can probably take and but in terms of like making it whole like what maker does for example when it liquidates a position you can't do that because it's not over collateralized so so someone like rwa.xyz with their Analytics tool could give you better I guess visibility into things and maybe you see this and you and you you think yourself well okay it's not worth the risk here I'm not going to put my money into this protocol because they've got this real world asset or this real world borrower or Lambda that doesn't seem you know very good I'm just going to avoid this thing so I love this I love bringing more transparency to things that are typically opaque so you should

definitely go check out the website for yourself and the thread where they uh dive a bit deeper into things here but great to see this uh and I'll be keeping an eye on this as it develops all right so I think last week or the week before there was a bunch of drama around metamask and infuria and their data retention slash privacy policy well they uh put out a blog post today or consensus put out a blog post today uh titled a consensus a data a retention update and metamask did a thread on this look this is good it's not great I mean I do like that they're actually addressing this but they're sticking with this I guess narrative that they need to collect an IP address in order to relay a transaction which from my understanding they don't need to do that

and people have called this out saying that they don't need to do that but I think that they're doing it not so much for relaying the transaction but they say they're doing it for load balancing and DDOS protection which makes more sense because if you're trying to protect against DDOS and trying to do load balancing then you need to know where the traffic is coming from when you do that via an IP address obviously so you need to be sending that IP address with the transaction to make sure that you're not getting hit multiple times by that and that by that IP address and that personally not trying to basically attack you or D ddosu which I guess does make sense because for example if you were to run your own full node and you would offer it to the world as an RPC for them to

use and then you have no load balancing and you have no DDOS protection on it it'd be very easy for someone to just bring it down basically it's ended offline because they're just going to overload your infrastructure with all these requests uh if you were like ignoring their IP address and not filtering uh through it so these things have to be taken into account now that's not to say that you can't run your own full no yourself and you know have your RPC only available to you and not to anyone else you can for sure do that and that's the way that I've done and that's the way uh many people have done it since uh I guess like infuria and Alchemy and these other centralized ipcs have started doing more data collection but you know I as I said like I don't think they need metamask needs to

collect it and infuro needs to collect it for uh to relay their transaction itself but they do need to collect it if they want to make sure that they're protected against the Dos attacks which which makes sense I guess but anyway great to see this update from them you can read the full update in the blog post here but there's also that thread by from metamask that I will link in the YouTube description below for you as well uh but yeah I've got a last few minutes yeah so I wanted to mention a couple of things just as reminders for you guys so first reminder is that the AMA series is back I talked about this on Monday you can ask questions in the AMA series channel on the Discord server um and I'll be answering those on Saturday and then the video will go out

Saturday morning us time uh Saturday late night Australian time and for Europe it would be afternoon I believe uh and for Asia it would be pretty pretty late in the evening as well um so yeah definitely go ask questions there and I'm actually going to go back and look at some of the questions that were asked when I stopped doing the amas because there was a bunch in there as well and try to answer those as long as they're still relevant but the questions that have been asked so far have got my brain spinning already I'm super excited to answer those uh but yeah go do that the second thing I wanted to talk about was um you know not so much like on the market side of things but more on the I guess people looking at things and being like oh wow we still have you know so

much contagion left to go with the FTX collapse and I've talked about this before but I want to briefly just touch on it again when it comes to the contagion stuff guys like I I feel like we're still going to be hearing about stuff from the FTX collapse for potentially years to come so anytime you hear people talking about and saying you know there's more contention to calm you know the Market's going to new everything's going to zero blah blah whatever just remember that the contagion stuff is going to keep happening for a while but it has diminishing returns because the beat players they I mean most of them have pretty much already blown up the biggest ones we know of and the ones that haven't blown up but are like you know on a on a Razor's Edge basically we know about them like genesis for example uh

and and there's rumors about silvergate which is like a crypto bank I mean I haven't really seen much on that yet so I can't really comment on it but I I there are rumors around it because their stock price keeps falling and people are saying they're insolvent I don't know I don't think that's the case to be honest but as I said I don't know much about them so I can't really comment too much on that but when you take it all together and think about what people are saying and and and what the returns are going to be like going forward I think any of the contention that we see is going to have definite diminished Returns the market is already so exhausted from selling doesn't mean we can't go lower of course but I think going forward it kind of seems like we're just gonna range for a while and

that's going to piss a lot of people off because it's boring sideways movement is always boring it doesn't matter if it happens in Bull markets or bear markets people get frustrated I remember in 2017 when eth was going sideways around 300 bucks for what felt like forever and then it shot up to 1400 but during that 300 sideways movement it was quite a boring time and ethereum yeah in kind of like the Ethan Marketplace so that's kind of what crypto is right now it's just sideways movement but this is where the opportunities lie as I always say so stick around learn a thing or two keep watching the refuel if you enjoy it and listening to it if you enjoy it 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 the video a thumbs up subscribe to the newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone