Coinbase cuts workforce, DeFi in a bear market - The Daily Gwei Refuel #385 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where recap the latest news in the ethereum ecosystem i'm your host anthony and today's the 14th of june 2022 all right everyone let's get into it so i am going to be a part of a series over the next eight weeks being hosted by ssv network here called the merge so this is going to be an eight-week series with each week interviewing someone new about the merch basically about everything got to do with the merge so we're going to be starting with tim biko later in the week you can kind of like set a reminder here it's going to be done on twitter spaces as you can kind of like see here it's going to be done at my time that should be 10 a.m on on june 18th uh my time which is australian eastern standard

time um i think for us it's like evening and europe it's pretty late but it's going to be recorded and everything so if you miss it uh then you know it's not a big deal so so there's that uh but you know why are we doing this kind of why are we doing this series well ssv network answers it perfectly in in their tweet here where they said there is lots of misinformation as well as sharp lack of understanding in and around all things proof of stake and the merge whether it's gas fees or what this means for us and you it is clear that we are severely undereducated to a comical degree so this series will basically uh kind of like improve education there obviously i do a lot of that on the refuel but we want to reach more people we want to kind of like do it through

different avenues like twitter spaces and things like that so i'm excited for this and if you are around to catch it live on this on the spaces as i said it's happening uh kind of like this week and then for the next eight weeks we will basically be doing a new guest which is going to be really really exciting so i am looking forward to it i hope you guys are too as i said it will also be recorded so no stress if you miss catching it live there but definitely set a reminder if you want to i'll link it in the youtube description below all right so i put out this tweet just before where i said um one of my meditations during the last bear market was to go on long walks by listening to crypto podcasts that weren't focused on trading slash prices this helped to keep

me grounded and focused on the technology it has paid off big time over the long run so i used to do this in it was kind of like 20 i think was it the second half of 2018 and pretty much all of 2019 um i ended up losing a lot of weight back then and kind of like just going for walks as part of that routine like i was on a diet i was doing exercise um and i usually go for really long walks like it would be i think two hours or more at some point right depending on how good the podcast was and how many i was listening to but it was really awesome because you could kind of get lost in it right like i i i went on the same kind of like walk every pretty much time and i didn't need to

kind of pay attention to where i was walking it was just kind of like second nature at that point and then i just get really really lost in the podcast itself and it actually made me really really bullish and kept me kind of like grounded because it's always nice to hear i guess people reaffirm your own beliefs about the technology and also have the same views as you on on the technology and a perfect example of this is a podcast that i listened to today uh it was the one with um with the guy uh from framework i mean i've i've gone blank on his name right now on bank list it's not a new podcast that came out i think a couple a couple of weeks ago um but he's from framework ventures which is kind of like a fund in the space but he really understands kind

of like the ethereum vision where ethereum is going he's making big bets on the application layer and on the gaming layer oh that's right vance vance is his name um some of you will know him most of you probably will know him he's pretty active on twitter uh but it was really just great to listen to him talk about things and this was when he was around two thousand dollars and he actually picked a few things like he wasn't talking about the prices he was talking more in the context of kind of like the bear markets and how builders kind of react to them and things like that and it was funny hearing him talk about these things the 2000 eighth and a lot of them have come true um up to this point i think he said that you know there was probably going to be

more downside things like that there was probably going to be a flush out of kind of like t unsustainable kind of like teams and unsustainable projects and all that sort of stuff and then he went into kind of like how he thinks about different things within the ethereum ecosystem and how he uh kind of like has a mental model around them so i think you know for first cyclers for people who maybe got into this in 2020 or 2021 i would say the best use of your time right now in 2022 during this bear market would be to do this uh not ju obviously you guys listen to the refuel probably every day right and that's that that's that's that's great but don't just listen to me like there's plenty of awesome voices out there that you should be listening to um especially ones that

are kind of like working on the projects themselves and i kind of like have a small list here ones that i listen to there's epicenter zero knowledge uncommon core a bank list not all of them on bank list bankers has a ton of content but just like the really kind of like good uh tech focus ones uh and then up only when it's tech focused obviously up only is is kind of like um a trading focus as well they do have traders on and they do talk a lot about price but they do have really good tech episodes too so those are the ones i usually listen to um and then the ones that i produce obviously the daily grain ether which i'm sure a lot of you already listened to and i mean obviously you're already listening to the daily gray uh but those things i think or

those podcasts are just some there are others out there that you may kind of like find interesting that kind of like i just didn't name there but i think that's the highest return on investment right now like yeah you can you can buy eighth and dca into eight if you want to you know scoop up bear market prices if that's kind of like your prerogative but i think that outside of that the the higher return is literally basically i guess programming your mind to be in a good frame of mind because i know for first cyclers price action is the price action over the last i guess six months has been really brutal and even for us uh kind of i guess veterans you could call us um or ogs uh we you know a lot of us didn't expect east to go below the last all-time high and

things like that so we're kind of like reevaluating things now being okay well did eath kind of like get you know way overvalued in people's eyes you know where's either going to settle out what's eats kind of like fair value um as it exists today is eighth undervalued right now all that sorts of stuff and it's not something that i'm going to uh kind of like talk about that much on the refuel i try to avoid as much market talk as possible um but in general that's kind of like the things that i think people are thinking about right now in the og crowd but the first cyclo crowd is probably not worth your time to think about those sorts of things to be honest at all i think as i said like the best thing you could be doing right now is just listening to the podcast reading i

guess like newsletters uh reading uh blog posts just kind of like engrossing yourself in the tech rather than staring at the charts all day because if unless you're a trader staring at the charts all day isn't going to serve you any purpose at all it'll actually you might not even notice it's happening it'll actually be worse for you because what ends up happening is when you stare at the charts too much your brain tends to i guess baseline and normalize that and when the charts are just kind of uh just down only your brain tends to kind of baseline itself for that and then it baselines itself in in a kind of negative um negative frame of mind whereas if you're listening to the tech focus podcast which are pretty much always positive about the tech what people are building what they're hoping to achieve then your frame of mind

changes so that's why i really at the day that's why it was such a big meditation for me going on these walks especially getting out and getting you know i guess like getting some exercise in going out and smelling some fresh air that played a huge part in as well but also making sure that my brain was aware of the fact that the crypto is much more than just the markets crypto is the tech at the end of the day i mean at the beginning and end of the day it's all about the tech to me so why not focus on the tech and stop looking at at the prices so i think that's that's pretty much the highest return on investment and i think that right now i mean especially at the depths of the bear market it definitely is if there's one piece of advice i could

give to anyone right now it's like don't stare at the charts don't look at the prices just just stop doing it all together seriously it's not going to do you any good unless you're a trader as i said there's no point if you want to average in set some buys on an exchange or set some buyers on a decentralized exchange through limit orders and just leave them there you know whatever price you want to buy them at leave them there and then if you want to readjust them from time to time you can but other than that just don't look at the price anymore like like i know it's easy for me to say that and obviously i still look at the price uh quite frequently but as i said like for veterans and for ogs it's a different thing for us whereas for the

first cyclist people that are newer it's it's it's kind of like a very i guess fresh in your mind and very something just not worth your time focusing on but that's just my opinion you can focus on whatever you want at the end of the day and you also don't need to go for just walks either you can do whatever you want like you can ride your bike which is what i do now i don't really go on walks anymore i tend to just ride my bike uh you can go to the gym you can do yoga and then or you can play video games while doing it too like i think the the thing is i play uh classic well because as i said in my other tweet here it's like an afk game where i can just like turn my brain off to the game and

then turn and leave my brain focused on the podcast and i have like a little ipad mini in front of me so i'll have the podcast going there and on my big screen here i'll have the game going and then i'll just kind of like really watch the podcast most of them listen to that rather than focus on the game but it's it's to kind of keep me uh i guess focused because if i'm listening to a podcast while on twitter i mean i'm not going to focus on the podcast or i'm going to focus on twitter so if i'm in front of my computer i want to listen to a podcast that's how i do it but normally i will go out uh my outside of my house because then there's just no distractions and i'll make sure that i just don't touch my phone and it's

really easy to do when i'm on a bike ride like when you're walking it's a bit harder because you can easily touch your phone but on a bike ride i'm just riding my bike i can't really go on my phone if i do i have to stop my bike so i'm gonna get run over by car or something so in that from that kind of like perspective it's really easy to just listen to the podcast get engrossed in it uh and learn and learn that's what i mean i'm all about education i'm all about learning and you should definitely focus on the tech rather than the prices especially in times like these but i'm going to leave it at that for now a bunch of other stuff to get through for today uh so something that was just announced about an hour ago i think before i

started recording here was that coinbase has decided to reduce the size of their team by 18 now this shouldn't come as a shock at this point i think block fire has done something similar uh today as well this is what happens in bear markets guys companies doesn't i mean i wouldn't say all companies but like especially the bigger ones they tend to over hire uh for one reason or another and then when the market turns sour they have to cut and we saw this a lot in the last bear market especially out of consensus they hired a lot during 2017 and even parts of 2018 then they had to cut because they were bleeding money at the end of the day that's that's the main reason right like and the thing is is that

if you project the bear market to last one two years from now maybe maybe you're projecting like the worst case scenario of three years well as a company you kind of map that out and you say okay well what's my what's our runway here what's the revenue going to be going to be going forward because obviously the revenue numbers that we're doing six months ago aren't what the revenue numbers are today and then if the market stays quiet like it has in previous bear markets really really quiet what are the revenues going to be like and they're projecting all of that out and they're thinking to themselves okay well we need to cut we need to cut things here not just um the team but or but like all expenses and cutting the team especially for things that are maybe the more moonshot ideas or maybe

the things that are kind of like nice to haves for the company is the first to go so unsurprising to me that this happened really shitty that it happened but i think the positive here is that there are still a lot of teams smaller teams especially hiring because they just raise a lot of money they have kind of like the runway for many many years and they have the money in order to hire some of these people so i'm sure uh some or or most of these people will probably find jobs elsewhere in crypto uh if not in crypto maybe in kind of like the web 2 world which is also laying off people due to the bear market but generally uh there are still kind of like jobs out there uh and i would also note on this as well what's what kind of like sucked here was that

coinbase i think uh terminated these accounts and blocked people out of their account their coinbase accounts and their kind of coinbase company email due to security concerns obviously like if you get if you found out that you're kind of being let go there's kind of like a security concern there about uh i guess accessing potential sensitive information such as insider trading related stuff on coinbase and maybe accessing uh systems that you shouldn't have access to if you're not going to be employed at coinbase anymore it's still a kick in the guts at the end of the day apparently they're going to be letting people know by their personal emails so i mean imagine being like not even checking kind of i guess your personal email yet and trying to log into your coinbase account or your or all the coinbase backend there and being locked

out and yeah it's just a mess right like you can you think about all the scenarios it just gets very very messy from there but as i said this is normal bear market behavior you're going to see funds blowing up you're going to see companies reducing their head count you're going to see private market valuations crater we've obviously already seen the public market valuations crater and at some point the bottom will be found the market will range for a while eventually confidence will return and we'll repeat it again like it's not like the cycle is never going to repeat itself it's just that you never know how deep the bear market is going to go you never know how long it's going to last for and you never really know when it's going to start i guess um up trending again now there are certain signs you can look for there

are certain uh kind of like signals that that signal a change in the market and where people start feeling really positive again uh i think for me that was when eighth crossed about four hundred dollars back in 2020 was and it was when i really started feeling uh the bull market was back we had d5 summer before that happened and that was also a feeling for me but what really confirmed it was when eth kind of i guess got above that price that it was stuck at uh or that range that it was stuck at since i guess 20 to the beginning of 2019 or like second half of 2018 there so there are those sorts of signals but other signals uh as well like you just you just you kind of feel a wind change it's kind of hard to describe it if you're in crypto every day you do

tend to feel these things and i took advantage of that to be honest like i i mean you guys know i made most of my like uh uh money during d5 summer uh because i i just kind of felt the winds change and i'm like okay this isn't some just random scam pump that's going to get sold into like it was in 2019 this is actually something real here the winds have changed i'm extremely bullish on this and i feel like we're going to run here really really hard and we did like yes stefa came down after it but we did we had a massive defy bubble that uh that made a lot of people a lot of money and then those profits rolled into eth from there and obviously i rolled a lot of the profits into eighth as well and wrote that up i wrote that up during

2021 and the thing is is that we got really really overheated really quickly obviously by may we're at 4400 and then we came off of that and then by november we're at 4900 again but there are kind of like different pockets like the i think the second rally from may to november or i guess like from june july to november was driven uh by what i guess vance called on his bankless podcast a low conviction rally it was just a very different rally like i was very bullish on 8th because of erp-1559 and other and other things like the merge but i think what ended up happening was that a lot of crap just ended up pumping as part of like a late cycle thing where a lot of the all-tail ones pumped a lot of the just like pure went up a lot of many in the nft

kind of ecosystem went up and then the wins changed then we went into a bear market right like so when they change again i'll let you guys know like i actually won't say it when i'm not like totally confident in it i'll probably call it like much later than a lot of other people will but until like okay maybe i can give some alpha here what i'm looking for for the wins to actually change in terms of when we could actually or when i would actually feel like we're back in a proper bull market i think ethan needs to cross 3 600 again i know that seems like a world away from here at this point and for good reason i think eth would need to cross 3 600 again with conviction uh without being sold back down without coming back under it under it for me to think okay we're

going all-time highs and the bull market is back in full swing that's the first thing i'd be looking for but i'd also be looking for a bunch of other kind of things that i always look for like general sentiment and general kind of happenings within the ecosystem but it may not play out exactly like that either so i just that's just kind of like what i'm looking for and i will definitely keep you guys apprised of how i'm feeling but right now i'm definitely feeling like we're in for a long bear market and long is relative at the end of the day it could last six months from here maybe because we've already been in it for six months or it could last a year or could last two years i'm not sure especially with given the macro environment right now uh but at the end of the day i don't think

it's going to last forever i don't think it's going to last for a very very long period of time i think that crypto is extremely resilient i think that the the teams that kind of survive the bear market will do very very well going forward not just in the bull markets but just like over the long term so just something to keep in mind there but sad to see this from coinbase today but they'll be fine i think i don't think they're going to be uh obviously going under or anything like that but tough times ahead for all of crypto in this bear market because capital just dries up liquidity dries up and it's a slog and for anyone who's been through previous crypto bear market you know exactly what i mean if this is your first one strap in as i said learn learn

learn as much as you can because it's quieter now it's much easier to do it it's less distractions and you'll be set and really really um nicely set up for the next bull market when it inevitably comes by all right so some updates out of ethereum.org today so they've said here lots of very exciting changes after deploying v 4.2.0 or v420 of ethereum.org so they have a new page dedicated to decentralized social networks and how ethereum enables their use case uh they have another brand new use case page discussing decentralized identity um and also if you're looking for something to build during the bear you can check out those to kind of like keep you busy more interested in the protocol uh there's a walkthrough of the yellow paper there as well uh there's a bunch of other things

too which you can read in this thread here what i'm really excited about is these new pages because i think decentralized social networks and decentralized identity are going to be the two key themes going into the bear market especially because these sorts of things are things that i think regardless of what the price is doing the people who care about them i still care about them because they're not really related to the price like decentralized social networks um for example something like uh like what's the lens protocol for example it doesn't have a token attached to it you could argue maybe ave is the token for lens protocol but it's not right there's not really any financial stuff going on there it's just purely can we build a decentralized network from first principles same it goes for this centralized identity a lot of those things i don't have tokens attached to

them or don't have monetary incentives attached to them and they definitely have use cases today i mean there's decentralized identity uh platforms integrated with git coin in order to boost your git coin matching you kind of verify with these platforms and things like that so these pages are cool you can go check them out they've got links to a bunch of things on that are being worked on a bunch of information here so definitely go check them out but this is the kind of stuff i'm talking about when it comes to tech focus stuff because this doesn't really have much to do with price and even related to decentralized identity is stuff like signing with ethereum stuff like sismo with their zero knowledge badges uh po app of course like all these sorts of stuff guys is like very very orthogonal to prices and to crypto markets and stuff

that that really is interesting from a pure tech standpoint and from a pure like how does this improve the world standpoint and that's what i'm definitely most interested in so definitely go check this out i'll link these in the youtube description below alright so a really great thread here from uh asheen i think that's how you pronounce his name he's got it in his bio here pronounced us asheen okay uh from us sheen here from obel network so he's put together a thread uh titled the modular ethereum stack now this isn't the modular ethereum stack as i have talked about it before this is a different modularity this is modularity on the protocol layer on the i guess like uh client layer and i'll explain what i mean by that it's not the modularity of layer one layer two right data

availability execution consensus all that sorts of stuff this is more looking at how we're in post merge we're going to be having something called a consensus layer and an execution layer and on both of those layers they're going to be separated with different clients obviously on the consensus layer we have clients like prism and lighthouse and on the execution layer we have guest nethermine and a bunch of the other ones as well there so that's the first separation then uh there are there are other separations uh such as what obama network is doing with distributed validator technology and their middleware client called sharon here as well so there are multiple execution consensus and validated clients all working together in this environment as part of the modular stack obviously you can use lighthouse with geth or you can use prism with nethermind or you can use

lighthouse with another than mine right that's the whole point of client diversity between the execution and consensus layers you can chop and change which ones you use and they all talk to each other so that's what uh what's what's being talked about in this in this thread here and i definitely um i highly recommend giving it a read for a further breakdown it's not a long thread but i really really liked it because i think yeah there's two parts to the modular kind of like thesis here there's modularity on the consensus execution and settlements and data availability and then there's modularity of the actual uh inside the consensus and execution itself uh which is related to the core clients and how they all talk to each other and then middleware and other software products like dvt that get built on that so i'll link this

in the youtube description and you can go check out this thread for yourself all right so zk sync is uh teasing that they are shipping a major update to their v2 test net decks next week so as a heads up to developers this will this will be feature forward uh looking structural changes that necessitate a re genesis so similar to i guess what optimism did with their genesis but that was done on mainnet this is done on test net v2 of zk sync is is still coming here which is really really cool uh to see um obviously layer 2 teams are all working in the background all working diligently probably working a bit more kind of like pressure off at this point because of the fact that we are in the bear market uh which is which is awesome because i think they can focus on doing

things right instead of rushing them out the door so just kind of giving a heads up here for the developers but also it may mean that uh the v2 of zk sync may be closer to mainnet than we think hopefully within the next few months i'm definitely looking forward to that there all right so bert milley here from flashbots uh put together a little thread talking about the massive mav payments uh that happened from people from that person selling 65 000 ether the other day that i talked about to protect their maker position so there was a 720 eighth arb uh which is the biggest flashbots bundle payment ever uh another 548th uh mav payment here 428th and 3108 and you can see the transactions that he screenshotted here

of what's going on now this is what happens when you basically just market sell things guys like mav will get you um and mev will make profits off of you so that what ended up happening was that 65 000 8 was literally market sold through all these dexers to a dex aggregator in order to pay down some debt of this position uh which i mean i don't even know why the person did this unless it was an automated thing because one they have like one hour to protect their makeup position because the oracle only updates once every hour and two they weren't um they weren't uh kind of like uh needing to sell all the ether ones you can actually average it down they could have sold five thousand eighth right paid off what they had lowered the liquidation price do it again and again and again

and as i said they still have that hour to do it so even if the price went below the price that they're going to get liquidated then they can panic you know or then they can sell faster but there's no point markets selling 65 000 eve like for and suffering all that slippery slippage and giving like these mev people uh uh uh or i guess these people kind of like they're called searches and ability to make so much money off of this but it's what happened and made it may have been automated there isn't automated service as part of oasis which is the um the kind of make a cdp front end or make a vault front end there uh they may have triggered this but yeah it was just like a weird thing to me that someone would would do this when they didn't need to

like they were they weren't even at risk of liquidation like uh because as i said they have that hour but they also had even more time because they could just keep lowering the price there so so so yeah but anyway this uh this thread is very very short just probably a link to the transaction here but i guess like pretty pretty crazy to see how much money can be made if you know what you're doing when it comes to mev here all right so another tweet that i put out today i was talking about d file and ethereum and i said d5 on ethereum the real default d5 aka d5 1.0 is working very well well during all of this volatility we're still building the future of financial don't miss the forest for the trees so what i mean by d5 1.0 is like the og d5 projects your

makers your compounds uni swap rv a bunch of others out there that didn't really uh participate in the d5 2.0 movement which was like ponzis and money games and didn't really bring in any invade in any innovation there are all those protocols they're very low risk to use compared to other protocols they're faring extremely well they're handling the market volatility really well they're working just as designed and they're growing and thriving especially something like unisop which just seems to be growing like crazy still and what i really love about this is the fact that these builders of these projects didn't i guess try to take shortcuts here they didn't try to do ridiculous liquidity mining programs in order to to get some

growth during i guess the mania they already had tokens and they didn't try to do anything crazy with their tokens they were building sustainable tools they weren't building ponzi-esque things obviously dai came under a lot of hate from the terror crowd because they said that ust was a better decentralized stable coin and ust actually ended up growing bigger than die but we all know how that ended there's no need for me to kind of repeat repeat myself there but you know there's a reason why the maker protocol doesn't accept mk the mkr token as collateral and it also doesn't use it as a kind of like an algo stable yes it's boring in terms of you know during a bear market you may look at it and be like why would i ever touch that it's so boring it's boomify or whatever you want to call it

um fair enough but at the end of the day that's what it should be finance is not something that should be hard and fast like it's literally people's money here we've seen countless examples of this even over the last few months of why you should not play hard and fast with financial tools they inevitably blow up they inevitably have issues with them so you need to move slow you need to move methodically you need to move sustainably but the problem is is that crypto doesn't do that during bull markets at all it moves very very quickly the greed takes over people new people are coming in like no tomorrow money's flooding in there's a huge liquidity injection and low quality projects will take advantage of this because they're not really building for the long term they don't care about sustainability they're

building for those period of a few months where there's a massive mania and they can make money from it and they did a lot of people made a lot of money from this just forking existing projects or spinning up shitty uh clones of other projects and uh adding a token to it and making money while they're going was good there so that's probably always going to happen during bull markets but if you really want to focus on what has longevity and what is going to actually be sustainable over the 10-year period plus 10-year plus period it's definitely the things that seem the most boring because they're still going to be here during bear markets they're going to still be thriving they're going to still be working and they're not going to break and that's exactly what's been happening with the d5 quad on quote 1.0

d5 1.0 right so i just wanted to kind of i guess talk a little bit about that there because i think it's important i think it's important to consider what you are i guess putting your money into how much risk you're taking and also to consider if you're in this for the long term then you should be focused on long-term related things you shouldn't be just focused on the short-termism and at the end of the day there's only there's there's only a small handful of things that are long-term focused but those things are going to be here when the dust settles those things are going to be here where ever when everyone clears out and those things there's a high chance they're going to be here in 10 years rather than you know last for a few months and then die off right so just something to keep in mind uh there

all right so interest protocol which i spoke about i think a few weeks ago is now live users can go to interest protocol dot io to deposit usdc and mint usdi or borrow usdi against a wrapped eighth uni or wrapped btc so if you're interested in playing around with another d5 protocol here you can definitely go check out interest protocol i think this is uh one of those that i was talking about before that looks to like to be more sustainable and wanting to be more sustainable but it's a new project so you know you have to give it time to bake in and everything like that um but there's not just interest protocol there are a bunch of other newer projects out there that are trying to be sustainable trying to build things right these are the ones i would be focusing on in the bear market i

wouldn't be focusing on any of the things that may be still sticking around as zombies but are just like completely unsustainable rubbish i'd be focusing on the things that have serious teams behind them serious experience teams behind them making products that actually make sense and products that are growing you know maybe they're growing so slowly because it's a bear market but still growing organically without ridiculous token incentives or anything like that that's the projects i'd be focusing on and i put interest protocol in that bucket there from what i've seen from them they seem to be a really cool new new little money market here and i'm liking some of the innovations that they're doing as well so definitely go check them out i'll link it in the youtube description all right so uh jasper from i guess like the rocker pool community here uh pinged

me about this update today so there's currently a vote for getting our eth on the maker protocol here so at r8 as a new vault type so the vault uh the vote is going to mkr holders right now it seems that uh a lot of people are in favor of this i can't remember what the actual threshold was i don't remember if you had to have 70 or 80 yes in order to uh get this added at the moment it's 77 yes i'm hoping this goes through because obviously we want uh to be able to leverage uh if you i mean a lot obviously a lot of people want to be able to leverage their stake derivatives such as re in order to uh i guess maybe do leverage staking or borrow against it to do something with it uh maybe go against it to get some

stables and and go buy something with it because they don't want to sell their eighth and anything like that so definitely want to get this pushed through here so if you have mkr tokens you can go vote on this if you'd like but we'll keep an eye on this i think there's two days two hours remaining hopefully this goes through because if it does then yeah our eighth will be added as a collateral type to make up which is very very cool all right last up here we just have a a tweet from scroll which is one of the layer twos on ethereum building a zk evm so this is basically a blog post introducing themselves and their vision and value so i just wanted to highlight this year for you guys to go uh give a read of this it was a pretty great read

it's pretty short it just basically says exactly where the title says their vision and values how they envision uh you know scroll feeding within the latest landscape on ethereum and also just going over what they're building with a zk evm here so definitely go check that out linked in the youtube description but 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 the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone