Client diversity update, dYdX v4 detailed and more - The Daily Gwei Refuel #291 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily great refuel where we cap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's 12th of january 2022 all right everyone let's get into it so first off today a tweet from superfiz here so superfiz tweeted out today the ethereum merge will take place sometime around june 2022 but it won't have an impact on the transaction fees you're paying after the merge the focus will likely shift to fees but you can be proactive now by using tools like polygon x die arbitrary optimism and zk sync now this goes back to what i've been saying to you guys for months now about this really bad narrative that seems to have formed around the merge or some some people still calling it eth2 lowering gas phase obviously i've said

before this isn't going to be the case it doesn't have any kind of impact on gas fees it's not meant to we're literally just switching over from proof of work to proof of stake now some people have brought up before that oh well you know the block time is actually going to be uh uh faster under the proof of stake right instead of around 13 seconds that it is today it's going to be 12 seconds uh once we kind of like uh do the merge and and go on to proof of stake that is true of course um it may have a slight impact on transaction fees because of that but i doubt it i doubt we're even going to feel it just among the i mean obviously the fee market is volatile and among all the things that affect how volatile the free market is i

doubt that kind of like reduction in block time is even going to be felt so again i i stress i can't stress this enough the merge will not reduce gas fees everyone should be kind of like spreading that message as much as you can because i already know how bad the fud's going to be no matter what we do you know you guys know that i believe that you can't win narrative wars it doesn't matter how much we do how many public campaigns we do how much we try i still think that there's just too many bad narratives out there already around this and there's too many people spreading them that it's going to be really hard to to kind of like correct that narrative there and i was thinking about this today because i wrote the newsletter about it and i was thinking about this from kind of like a

newcomer perspective obviously the ethereum scaling roadmap is relatively complex it's not simple it's not like you can just say to people uh okay well yeah we're gonna do this and and then you know transaction fees are going to be basically free and everyone's going to enjoy you know a fully scalable ethereum it's not like that at all you know we have to talk about ethereum uh sharding we have to talk about statelessness we have to talk about the modular roadmap and layer 2 and all that sort of stuff and for newcomers this is all jargon to them this is all buzz words they have no idea what's what what people are talking about and a lot of them don't actually care to know a lot of them just want to use what's available to them to use today that is cheap and and fast to use that's why a lot of

people use these kind of like alternative l1s a lot of people are using their twos as well and things like polygon um and you know that's totally understandable of course so from that perspective i think that's where those are kind of like bad narratives come from because people want something to latch on that allows them to like basically say oh okay this is going to fix this they want an easy fix and for for them for a lot of the newcomers their easy fix is basically saying eth2 will fix gas fees even if it's completely wrong which it is right eth2 is obviously an iterative kind of like process uh it's not going to just like a3 is not just kind of like one thing that happens and then automatically the gas fees are lower obviously it's a kind of like a longer term thing we all you

know i mean most of us know the ethereum roadmap by now in terms of um you know scaling via sharding and layer twos and things like that but for newcomers they don't have that context so i totally understand why they've latched on to this narrative but it doesn't make it any less bad it is a terrible narrative because i i mean i i you know i kind of like i'm half looking forward to it in a way because i want to see just how bad the fud is once the merge happens around it um you know just how many people say oh why are gas fees still high on ethereum if eth2 is deployed i like people are going to say that right it may sound insane to us it may sound very like a very uneducated opinion and it is but this is the opinion that a lot of people

hold or the viewer a lot of people hold because they are missing that context and because a lot of people just simply don't care to learn that additional context and that's the way it is that's the reality of it you can't fight reality right like just just like you can't fight or you can't fight narrative but just like you can't win you can't find the fight the reality of the situation and the relative situation is always going to be that most people want these simple narratives that's why you see a lot of these things with simple narratives kind of like uh you know do really well price price wise like look at cardano for example there was the simple narratives there um that kind of like charles was spewing for for months about you know it's going to get smart contracts then we're going to have all these developers

that come on board it's going to be awesome blah blah you know we're going to have all these apps it's going to be way more scalable than ethereum all this sort of stuff then they released smart contracts and nothing really happened right like there was not a migration to cardinal there was not all these apps that spun up i mean hardly anyone uses it right but still people latched on to that narrative and they still latch onto that narrative today because it's just a simple and easy thing for people to latch on to whereas the narratives that kind of like i try to talk about and try to spread around you know ethereum's modular roadmap i think is the the best way to scale a blockchain using layer twos is the best way to kind of like get ethereum security while not sacrificing decentralization this means nothing to a

lot of a lot of the newer people which is which is totally fine and there was a tweet i believe from from ryan sean adams i think it was earlier in the day i remember the exact tweet i don't have it in front of me but it was around you know us who kind of like uh talk about the virtues of of decentralization or a lot of us who talk about the virtues of decentralization uh come from a kind of position of okay well you know we're not in this ecosystem to be a dj anymore because we made our money and now we can talk about decentralization because we're in this privileged position where we don't have to worry about uh sorry we're not in it for the money we're in it for the tech that's kind of like true to an extent i you know personally i've always been in

it for the tech like yes obviously the money was uh was part of it too but i know a lot of people who have been who kind of like were in it for the tech and invested as they were in it for the tech and then obviously they got in early enough that that did well over time but it's true most people coming in they want to make money they don't care what they use they're not maximalist of anything they're not kind of like married to any change they're just using whatever's going to make the money and that's totally fine but that just makes our job even harder as educators uh because there's there's a kind of like um a kind of like perverse incentive there where these other people may buy tokens of other kind of like blockchains and they may be out and they may be like oh

okay look at this we can like fight ethereum because they're not as scalable because i don't hold eighth and things like that so it's just all these competing things that are happening all at once that lead to these bad narratives playing out uh but you know we'll see hopefully it's not as bad as i think it's gonna be once the merge happens but i got guys from everything that i've seen like i sometimes venture into quote unquote normie crypto land and i do this by going to the various youtubers out there like bitboy and a few of the other big ones out there that really are just like normie central and i read through the comments i check what the actual youtuber is saying it's so bad it is just like completely wrong there's so much chilling so much pump and dumping so much just absolutely horrible

information that you can tell that no one's actually done their research it's just a game of chinese whispers where they heard something from someone else then they kind of like changed a little bit of it then someone else heard that and they changed it again and then by the time it gets to these kind of like people who are spewing it to their audience it's just a it's just a mess of a narrative so i i do think it's going to be pretty shitty at least maybe for the first few weeks or people kind of like digest that information but i think that the positives of the merge are going to fire out outweigh the negatives i think that by the time the merge comes around layer 2 you know 2022 or al triple 2 is going to be in full swing some of these l2's

will probably have tokens by by june 2022 at least the generalized ones uh uh hopefully will there but um regardless of all of that people have these tools that they can use today if they want to use them they can if they don't want to use them they don't have to but you know most people in crypto today are using evm networks whether that be uh the polyglot pos chain these like layer layer two is like arbitrary optimism whether it's the avalanche c chain or phantom or any of these other evm kind of like small ibm networks out there it's just all evm and that all comes back to ethereum so i think from that perspective it's it's totally fine and we should be encouraging people to use whatever they want to use but it's just these when these bad narratives come to light is what really

makes my kind of like i mean i wouldn't say it makes me angry it just makes me kind of like oh my god i put so much effort into educating what's going on here it makes me a bit frustrated so yeah but uh yeah i mean there's a there's basically the the thing that i wanted to kind of like just drill into you guys and want you guys to spread as well yeah obviously the merge doesn't lower gas phase and anytime you see someone saying that if you can be bothered uh correcting them i think can go a long way but uh i'm not sure how much of a dent it's going to put in the overall kind of like sphere i think as i said crypto people in general just always want an easy narrative to latch onto whether it's correct or not doesn't

really matter i think in especially on the internet it's just yeah it's it's kind of hard there but anyway i'm gonna move on from that onto something related to i guess like proof of stake to eth2 a new twitter thread from michael sproul about client diversity on the beacon chain so unfortunately client diversity has not gotten better prism still accounts for a large part of the network it's actually even larger than i think people thought at 68.1 percent which is not what we want to see uh lighthouse is coming in second place at twenty two point two percent teku at third place with nine point five percent and nimbus with zero point three percent share now this is obviously an approximation based on michael's method which you can read in his um twitter thread here it is not an exact science but it is a pretty good

estimation uh uh that well pretty much the best one that we have now why is this bad well i've described this before in the refill but i'll give a quick refresher for those of you who don't who aren't aware of this the reason it's bad is because we have this notion of finality within the beacon chain where if two-thirds or sixty-six percent of the eighth stakes uh kind of like stake themselves every 12 minutes to say okay well everything that happened you know prior to these 12 minutes is finalized and if anyone tries to revert history there's going to be like a massive slashing event where most all of that would kind of like get get slashed that is obviously like billions of dollars worth of economic security uh as part of that finality mechanism there now 66 is the key number here because prism has 68 of the network

so if prism were to have a bug in it or kind of like some uh issue with it and it forked off of the chain and forked into its own chain technically prism would be the canonical chain because they have 68 of the network so lighthouse tico and nimbus would be on the minority network and that network would not be recognized as the canonical one it would not be finalized as the canonical one and that would lead to a mess of having to use social consensus to basically i don't i don't know if rollback's the right word to basically fix of the right term or to basically fix uh the chain back to that pre-bug or the decision could be made by that social layer that the prism bug can kind of like stay in and that's that's the kind of like chain that we're all using

obviously this is not good and the thing is is that this can happen on any network like ethereum really is on the only um network on the crypto network that is trying to do multi-clients and trying to have client diversity in in any real way bitcoin has one client bitcoin core i mean it looks okay so i shouldn't say it just has one client it does have other clients but bitcoin core is like 99 of the network so if bitcoin core had an issue then the uh or it had a bug then the entire network would kind of like basically just follow along with that and i guess like i'm not sure if it would be less severe it's just like a different kind of um a different notion there and you know having the reason why we want client diversity within ethereum having multi-client architecture is in case one

of the clients kind of like has a bug or something goes wrong with them the whole network doesn't go down because as i've described before ethereum favors liveness over everything else and to have a liveness or to have 100 uptime you need to to have redundancies in place and having client diversity means redundancies because essentially if uh you know as we're seeing on ethereum the ethereum one network if one of the clients fails the other one can pick up the slack but in eve two it's a very different affair because with it with eth1 it's on proof of work right where there's no concept of finality and the the kind of like chain that becomes kind of like the canonical chain is usually the one that didn't have the bug even if it's them even if it's if it's the minority one um whereas in proof of

stake it's very different as i just described so we ideally want to see prison below 60 not even just below 66 like below 60 um but unfortunately it doesn't seem to be much changing here and people have asked the question like okay how do we incentivize people to use different clients is there anything we can do here there are a few different things here and there that we can do but i don't know how much material impact that would make someone in the discord channel kind of um asked the question of what if these uh these um clients had tokens and they did kind of like token incentives that would probably introduce a whole set of new issues such as client devs no longer being incentivized to drive value to eth they would be incentivized to drive value to their own token which could lead to perverse things happening

on the network i mean that's just scratching the service of what client team introducing their own tokens would uh or you know would entail them i don't think that's a solution um what about like a massive kind of um i guess like campaign where everyone basically tells uh everyone else you know if you're a staker you need to get off prison this is critical get onto one of these other clients to improve client diversity that can work to an extent but again it's relying on kind of like altruism um i think the the third thing that could be done uh uh i had it i've forgotten right now that what the third thing that could be done would be oh okay yeah sorry the third thing that could be done which does rely on altruism but i think is a bit better of a way here is make it dead simple for

existing stakers to change from prism to another client because right now it's actually relatively difficult but not just difficult it for a lot of people they don't want to do it because their machine has been running just fine for a long time like imagine if you start if you started staking on december 1st 2020 when the beacon chain went live and you've been running the prism client the whole time and everything's been running well you've been earning your rewards uh and and you know now at this point you've probably forgotten how you set it up originally if you haven't added any more validators do you really want to mess around with your validator that's working right now just to change to another one you don't right like a lot of people don't want to do this even the hardcore ethereum people that i know that know that client diversity is a big

deal they don't want to take the risk because there's risks like slashing risks and things like that which is totally understandable so can we make it easier for people to switch from prism to or from any client to any client basically and we can't and i think people are working on this but again that does rely on on altruism doesn't rely on people actively changing the clients that they're that they're kind of like using there's no direct monetary incentive for it for it to happen there but uh you know and then and then obviously like any new stakers that come online we should be encouraging them to go for something other than prism as well especially the large staking pools like exchanges and things like lido and stuff like that i think lido does a pretty good job here actually so they're not really um an issue but i

think the centralized exchanges definitely need to to to do more here but uh yeah maybe post merge will see better client diversity because people will be able to kind of like you know exit the validator sets like stop validating um before they switch clients you know to kind of basically eliminate that slashing risk um but we'll have to see i have to see how that plays out there but uh yeah go give this thread a read from michael it's got some more insights in it and gives his a methodology of how he came to these numbers all right so hayden from unisop shared a tweet today that it's been only a few weeks since the launch of unisop v3 on polygon uh the polygon pos chain and it's already the highest volume decks there so on only 45 million dollars of tvl as well so on 45 million dollars of tbl

there's been 74 million dollars of 24 hour volume i believe this is on par with if not greater than the arbitrary optimism volumes for uni swap and this is without incentives too there's no incentives on arbitrary optimism either but this is without incentives there and uh doing more volume than than quick quick swap on way less tvl and the quick swap was the native amm that was on uh the polygon post chain for a long time you know this brings me back to what i what i'm saying about kind of like brand awareness around uni swap and why unisop still dominates amms the brand awareness it has and the brand trust it has is literally second to none like it's so far ahead of the pack that it's insane and they their tech like unisof v3 is so far ahead of the pack in terms of capital efficiency and

returning uh good reward uh good um apys to lps that there is no competition and obviously units of v4 is being worked on right now as well so and v3 has a license on it the last two years where no one can use it unless they go well no one can legally use it of course people can fork it and do it illegally but no one can legally fork unison v3 or deploy v3 to anywhere that hasn't been signed off by by governance um so from that perspective uh yeah a lot of these forks are still on the v2 of unison which is which is i guess like i don't know if i'd say it's it's inferior but it's a different kind of like thing and i think v3 is definitely you know i mean v3 is obviously more capital efficient but it's definitely a

better system in general at least i believe but i don't think that's an objective fact i think there there are benefits and pros and cons to each you know v2 and v3 but a lot of these kind of like other amms are based on unison v2 and not uh not v3 but still really really cool to see this obviously the polygon pos chain's ecosystem is very large there's a lot of moving parts there there's a lot of users on there there's a lot of capital you know just sitting there wanting to lp and things like that um and as i said v3 is incredibly efficient with capital and that's why that units of v3 has been able to do more volume than quick swap with way less tvl tbl on unisof v3 is 45 million dollars or 46 million dollars and um tvl on quick swap

is 814 million dollars so yeah much less uh kind of like uh tbr liquidity there much more capital efficiency so good great to see this from unisop on polygon so an update on that liquidity mining program that little cohen has been championing championing for arbitrary and optimism it's coming very soon so he announced yesterday that they have been able to get an audit done by abdk which has started today and should be completed in two to three weeks so for reference abdk is one of the top auditing firms um you can see here that i think abdk is tier two so obviously one of the top here out of out of six tiers um and and uh while they're waiting for the audit david mihal who uh of uh crypto fees.info fame is building

the ui to adapt for the changes that they made to the staking contracts tldr lps need to provide a range for a minimum with with to avoid single ticker whales ranking in all of the uni rewards benefits fairness and retail friendly so it's a bit more information in this thread here but uh we should within the next month or so see liquidity mining rewards for uh for uni swap on arbitram and and optimism so essentially what this would mean is that you get uni token rewards for alping on albuquerque optimism and i think polygon is going to be doing rewards as well for unison v3 uh maybe some medic rewards on there and i'm sure you know if liquidity mining is successful in arbitrary optimism we may see that on polygon as well but i think this is going to be a big deal because

if this works as we hope it does i think there's going to be other projects that trying to like try this approach to drive more activity to arbitrary optimism obviously going to get a lot more users a lot more tvl on there because we've all seen what happens when we when you do a liquidity mining program correctly you get a lot of people coming across to farm the rewards yes there may be mercenaries but it's a really cool way to bootstrap an ecosystem and get and just kind of like get the flywheel going there so really cool to see this um and i'll keep you guys updated on the progress here so speaking of optimism matcha is now live there so uh obviously matcha is the dex aggregator that is pretty much everywhere these days they're on ethereum polygon avalanche you know phantom and now optimism so this is

obviously powered by xerox project which means xerox is now live on optimism as well so really cool to see this just another thing for you to use on optimism i'm sure they're going to be uh live on arbitrary soon so if you know for arbitrary users out there don't fret but um you know as we all know optimism moved there why at least so it's no surprise to see these things going live and i think this is just in time because as i said just before the uni token awards are going to drive a lot of volume to these things and i think people are going to want to use matcha or use uh kind of like dex aggregators to trade within these things so having kind of like more liquidity and more users coming there uh to use both unisop and matcha matcha whether they're

farming rewards or not is a pretty big deal so yeah really really cool to see this go test it out if you're an optimism user so immutable announced today that everyone can now seamlessly onboard and mint on immutable rx directly without contacting their team or using a sign up form first so basically this is i guess like uh permissionless onboarding and minting for your projects on immutablex for your nft projects um you know i think there was a project on immutable recently um within the last 24 hours from i believe gary v uh if i if i kind of like get the tweet up here and it was a very very successful one yeah there's someone tweeting about kia uh saying the claiming process using immutable x for v friends book games was the smoothest i've seen in the nft space

so far simple signing shows allocated tokens immediately shows where already no gas fees the future looks bright for layer two so immutable x is just doing an amazing job here getting a lot of people on board especially like the more normie crowd that are really interested in nfts and the fact that you can now kind of like on board and mint seamlessly on immutable x without having to go through the team is a big deal because we're gonna get a lot more projects on there and not just the ones that the team has been had a chance to onboard so really really cool to see that another related announcement from immutable is that they now hit 1000 test contracts registered on immutablex so in just two months this number skyrocketed 4x showing the insane growth of interest among developers choosing uh the immutable x protocol so that's just

related to what i was saying before about how basically like you know people want to deploy their own nfts they want to do their own stuff on here and being able to do that in a permissionless way without going to the team is a really really big deal so really really cool to see that as well so dydx has put out a update on their roadmap and and looking ahead to v4 which they have which is their top priority that they plan to have released by end of year 2022 so they're describing dydx v4 as a fully decentralized community controlled and no central component version with no central party will receive trading fees on dydx v4 so this is full decentralization now i wonder i didn't really see this kind of too much in in in the blog post

unless i missed that i wonder if they're going to be decentralizing the i guess call it a sequencer or the nodes of their layer 2 network as part of this because that's what full decentralization means to me um they haven't i don't think they went into detail about that in the blog post if i missed that do let me know but i didn't see that in the blog post but that's what it kind of like means to me so and the fact that they're saying no central party will receive trading fees on diy dx v4 means to me that would go to kind of like a dow or it would go to kind of um uh the dao and then also go to the people running nodes in order to like incentivize them to keep the network up and and things like that but not just

kind of like the layer 2 network itself but also the off chain order book and even the kind of like front end and stuff like that so that's what full decentralization means to me i hope that's part of kind of like their roadmap um obviously this is a big undertaking and they're saying they're going to get it done by the end of the year and they've still got 12 months almost 12 months to do it of course but i hope that's what they mean by full decentralization and they don't just mean like you know we're 90 decentralized but they're still that kind of like 10 centralized part uh but i'm excited to see how this goes i mean they could blaze a path forward for like how other d5 teams or at least d5l2 teams do this or maybe more maybe it may be more

specifically d5 l2 teams that run their own l2s and don't just kind of like uh uh deploy to the um to the uh the generalized ones like arbitrary optimism but run their own kind of like layer two roll-up protocol like diversify loop ring uh so rare immutable x diy decks it doesn't have to be um d5 right it can be anything i think this would be kind of like a blueprint for them to work off so really cool to see how this progresses during the year i'm glad that they are committed to this because obviously decentralization of everything should be the main goal for these sorts of things uh and i wonder if unless they do this u.s people will be able to trade on the idex without a vpn i think they should right i think uh you know there'll be people building for other front ends that won't block us

users and stuff like that so that's going to be cool as well and that's what we want for full decentralization right so that you don't have to block people from doing things because you can uh just use a different ui instead of the quantum quote official one or the one that was built originally by the team there all right final update so epns mainnet is now officially alive so you can read the blog post for me more detail here but just a refresher on what epns is it stands for ethereum push notification service and they build themselves as the communication layer of web 3. so it allows you to create send and receive multi-chain push notifications among adapts and users now disclosure here i am a small seed investor in epns as you you know some of you already know um but really cool to see them finally live on

on main net so you can read these blog posts it's quite short so it won't take you too long to kind of like read the read it here but for them to finally be live on mainnet after working really hard on it over the last a few months or so i mean it's been more than a few months i think it's been like uh over over a year now or something like that is really awesome to see because i um the funny thing is like i spoke to the the founders um a while ago now on my first call with them and before i invested or anything like that um they're first-time builders uh they kind of like uh had a pns that they did for a hackathon and they were just so passionate about that what they were building it was infectious right i was

just like they were talking about it that they're two founders in india and i was like this is awesome right like these people that are just kind of like building this this kind of like really cool things that that people actually want to use and you know building something that's actually um needed within the industry they're uh they're kind of like super committed to it they're fir you know first time founders obviously uh have kind of like a long road ahead of them with developing products but it was just infectious for me so that's why i you know kind of like made my investment in them and got really excited about them and have been following them for quite a while now and you know whenever a project gets to mainnet i know how the teams feel because i used to work for set protocol

directly and whenever we ship something to mainnet it was just such an amazing feeling because you've been working on it for so long some of the things you work on for like months and months and months and then when you finally get it to maintain people start using it people get excited about it it's kind of like all those months worth of work of you know sacrificing uh basically your social life working really hard working kind of like overtime stuff like that it all seems worth it uh at that point right and it's just like a really great uh gratifying feeling so you know that's why i i can't you know i imagine that's what the ap s kind of like uh founders and team of feeling over this main net launch but uh yeah anyway that's just a little backstory there because i like highlighting um founders

and teams that i really gel with but definitely go give the blog post to read for more information about this and um visit the website as well to play around with their kind of mainnet deployment here um i have a few minutes left actually on this episode so maybe i should talk quickly about a topic that i wanted to just touch on today just to follow up what i said yesterday about the markets what i always find funny about the markets is that you'll have like a down week where things will go down 20 30 percent and then you'll have like a day where things go up five percent again and everyone gets super bullish right like everyone's like really really bearish and then you'll have like a the inevitable recovery day because at that point like the the short-term speculators are done selling for for the

short term and then you have like that inevitable bounce and i just find it hilarious going on crypto twitter and everyone is suddenly bullish again the sentiment shift never ceases to amaze me always makes me laugh but you know i'm sure you guys noticed it today but in general like i'm sure you also noticed that the you know in the macro environment um jerome powell the fed chair said that he expects interest rates to remain really low for the foreseeable future and then he he also said that he thinks that stablecoins uh private stablecoins are gonna exist alongside uh kind of like government stablecoins so really positive kind of news there and sometimes you may think you know you may think to yourself is this all coordinated like do do kind of like the politicians do um does the fair do these kind of people

just do all this so they can get a cheaper entry i know that's going into conspiracy theory territory but sometimes it does seem a little bit coordinated a little bit weird not just for crypto but just like for the wider financial markets and what i find to be to kind of like really back that up is that from what i've read in congress in the u.s i don't think there's kind of like very strict laws against insider trading um so a lot of the kind of like politicians will trade based on a lot of the inside information they get for being a politician and i'm pretty sure it's not a legal or at least it's not an illegal in any way in which they can actually get penalized for it or get sent to jail and it's very hard to kind of like uh kind of like

ping them for it so from that perspective as well it just leads kind of like credibility to that because you know at the end of the day if you have a position of power where you can actually move financial markets um and it's not just politicians it's anyone who has a position where they they actually do have an effect on certain financial markets maybe you use that to benefit yourself right i'm sure a lot of people do but i think jerome powell hasn't actually abused his position from everything that i've seen from him he has a very tough job everything that he says is kind of like you know i guess taunt taunted pieces anything he says is taunt to pieces and analyze and everyone tries to see kind of the hidden message but i think he's been pretty pretty steadfast with a lot of things obviously he's made

comments in the past which he's changed his tune on like inflation being transitory things like that but they're very calculated kind of um statements made for one one um reason or another whether that's kind of like to to kind of like calm the markets or to get their markets going again and there's obviously a lot of politics that plays into it but generally i think that people read or see what they want to see and that's it so we'll have to see how the market goes from here as i said to you guys like long-term bullish always no idea about the short to medium term and also no idea about the macroeconomic environment like it's just not my field and there's only very few people in the world that i actually believe have a great read on it and that's why you see most hedge funds don't actually

outperform just like a baseline index like the um the s p 500 because it's so hard there's so many moving parts to it uh and like that's not to say that you can't outperform it doing dj and stuff within crypto but uh that's a hot that's a discussion for another kind of like um another video and that's a whole different topic so i think i'm at time now so i'm going to end it there 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