Coinbase vs SEC, Goerli Dencun fork and more - The Daily Gwei Refuel #715 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delway refuel where up the latest news in etherum ecosystem I'm your host Anthony s the 18th of January 2024 right everyone let's get into it so I did mention that uh yesterday or today I believe no yesterday that coinbase was fronting court with the SEC for their first kind of court date in regards to the sec's lawsuit against them now there was a lot of people live tweeting this there were a lot of uh people talking about this on Twitter I'm sure you saw a bunch of threads but I think the best summary threat I I I saw was from Jake shinsky here who basically started the thread off by saying today's coinbase hearing revealed a key flaw in the sec's legal Theory it turns nearly every asset on the planet into security this can't be true the SEC was created to regulate

markets for financial instruments not digital Goods or the Technologies empowering them and then of course he continues in this in the thread saying the judge assigned to this case judge failer seems to get this flaw quite well um where she said I'm presented with the Spectre of Collectibles being regulated by the SEC and she's is right the SEC Theory would give it author authority over sneakers trading cards Watchers basically anything with a market price and this has been something that has been discussed within the context of you know crypto assets and the SEC and what's a security and what's not a security is that the SEC is really just gunning for being able to label whatever they want as a security based on their own definitions or based on what they think is a security and by doing that they expand Way Beyond crypto assets and

into things like as Jake mentioned here sneakers trading cards Watchers Etc which obviously is completely unworkable you know these are things that people buy and sell all the time there are marketplaces for them and they are definitely not Securities they are not Securities based on the Securities laws from the 1930s and they wouldn't be based on any updated laws because it just would not make any sense for for for those laws to exist basically but yeah it seems like the coinbase is coming off really well in this uh in this case right now seems like the judge really does understand the intricacies with with this case and the intricacies with regards to not just the crypto assets themselves and if they're a security or not but also staking as a product because the SEC is also going after coinbase for their staking product

and they're going after binance and Kraken for the same thing uh for for their staking product basically saying that what they're offering is security and I think there's a quote of the judge saying or asking a question of you know does the sa consider earning interest in a bank account to be a security because really like you could make that argument if you're making the argument about staking you could make that argument about interest on dollars in a in a bank account right so yeah it's looking really positive here I mean I remember when this lawsuit first came out I even said that I thought that coinbase was in a really good position to basically fight this and also win this and I think that that's just gotten stronger and stronger over time especially given the SEC has just racked up losses after losses in court uh and and the thing is

is that I really think that coinbase is going to wipe the floor with them to be honest I I I really don't think the SEC is going to win on anything against coinbase because it doesn't really make any sense uh they from what I've read from from lawyers and and others out there their lawsuit really doesn't make any sense against Queen base and of course this is just going to have to be all hashed out in court and I do hope the judge obviously looks at this as objectively as possible I don't want her to basically take coinbase's side just because I want coinbase to win obviously in a court uh you want everything to be as objective as possible and I think that uh from what I've read coinbase came well prepared the coinbase's lawyers came well prepared with really really great arguments and the judge

seemed to really resonate with that I think there were better arguments than what the SEC came with but yeah it's kind of funny to see these kind of battles go on because I always think about the incentives SE like the people Behind These things you know how much these lawyers are getting paid what they kind of what you know what's in it for them you know what their career prospects are like after this because you could argue that uh people that work for coinbase may be much more passionate about this because their whole career relies on this uh kind of case uh not just the lawyers but others this kind of case uh going coinbase's way right it's a big part of their career relies on this and also they're probably really passionate about crypto so they want to fight for crypto in court whereas the

people at the SEC the lawyers at the SEC they could be the opposite they could be people who just hate crypto and and just have a have a really um distasteful view of crypto and really want to you know kill the Crypt brows or or shut down the Crypt Bros so to speak there may be people there like that but you you kind of have to wonder uh you know what what kind of people are on on each side of the aisle and honestly if I had to bet on people like whether they be Regulators government people versus kind of like people within crypto innovators you know Builders I would always bet on the innovators and Builders every single time because there is just so much more I guess like fulfillment and passion in being a builder than there is in being kind of a regulator I believe unless

like you know you're one of those people who get joy out of I guess bringing Justice to people and your flavor of Justice to people that you think should be brought against them because you know it's funny when you talk to different people out there some people really really really hate crypto for one reason or another like just absolutely hate it and we've seen that actually play out with some of the biggest asset managers you saw Vanguard uh the other day Vanguard I should say the other day saying that they're not going to offer Bitcoin ETF products to their customers because they don't think that it is is the right thing to do or they have a subjective view on this and that's fine that's totally fine for them to do they're a private business right they're a private company um or they're they're allowed to do that right they're allowed

to uh essentially uh I guess pick and choose which products they want to offer but the the funny thing about this is that there's no real reason for them to do this outside of in my in my opinion spite in in my opinion that the the leadership at Vanguard probably just doesn't like crypto at all and that's why this has become a decision or something that they've gone with here and it just makes no business sense really because the BTC ETFs have generated a lot of volume and I think they're going to lose a lot of customers uh by not offering these products I think eventually they will offer them but taking this kind of moral stance is always weird in in markets I think and and when it comes to Market related stuff because you could make a moral stance for basically anything you can

moralize anything I mean I've had people try to oh I've seen people try to moralize everything within crypto they say oh you shouldn't invest in this because it's immoral you know the Bitcoin Maxes will say that ethereum is a scam and anyone who's who's buying eth is a scammer right or anyone who's promoting eth is a a scammer so there are obviously a lot of subjectivity here and the same just extends out to the non crypto world because I and I always thought it was funny when I when I thought more more deeply about this when you really think about it the Bitcoin Max is calling ethereum a scam is the exact same as the normies calling crypto a scam it's the same thing it's just like going up right it totals all the way down so you're just going you're going up and up and up and then you you

start at the top and then you work your way out down to the bottom and then you you know you have some people in the ethereum community calling other things a scan that aren't a scam right maybe other l1s and stuff like that and then you have the other l1's calling other ones a scam or you know not morally correct or just shitty blah blah blah and it's always funny seeing those kind of things play out but I honestly uh think it's it's uh it's a bad business decision as I said from Vanguard and others out there to do this and they'll come around eventually but yeah anyway I'll keep you guys updated on this case with the co with coinbase and and the SEC as I said I do expect coinbase to win this but it could take a while to get there because seems that the C also

came to fight here they're not just going to roll over uh and you know not they're definitely not going to withdraw their case but their track record is not great within the cryptosphere so I hope to see them obviously lose this case like personally because I I do think that they've got no no basis here for a case and the SEC has just been extremely hostile towards crypto so they have absolutely zero Goodwill with me personally I know within the crypto ecosystem it'd be very hard to find anyone that is in favor of what the SEC has been doing even people who don't like crypto have even spoken up in defense of crypto saying that the SEC is actually not doing what they're supposed to be doing they're going way beyond their mandate they're basically power grabbing and it's just funny when you have the people who actually don't even

like crypto defending crypto because they don't like the SEC more for the way they're actually um you know treating the law and and the way they're actually going about things that's when you know you're kind of screwed up so yeah anyway moving on from that one to some ethereum related news now of course we had the girly denune Fork yesterday and I remember I I recorded yesterday's episode earlier so the fork would have happened by the time you watched the episode and I think I said on there that don't expect there to be uh High participation like if there's low participation on the test net then that's totally normal and that's exactly what happened there was low participation on the test net we needed to wait for people to come back online and and to upgrade their their validators and nodes in order to advance

the chain but eventually we got there and the girly Fork finalized and you can actually track this at the Dora girly Explorer here I'll link this in the YouTube description below but there was also another thing that happened uh a little bug that happened at the time of the fork I believe got to do with the prism clients um which was basically an edge case bug that I don't believe could happen on Main Nets yeah I don't think it would happen on Main Nets um or maybe it would have happened on mayet sorry but they didn't get caught in the dev Nets because the dev Nets I think were too new and this was like a bug that only happened if the network was but past a certain age or something like that or passed a certain historical route as paraos details here but there

was a fix patched in very very quickly validators came back online and the CH chain started finalizing again um and yeah everything's been fine since then I think I mean you can go to the explore and you can actually see that everything's chugging along just fine and we do have blobs live on the network right now the blobs are there on girly I should say not on Main net the blobs are working fine uh and denune successfully forked on girly here now of course the inevitable question people have is is this going to lead to a delay in the timeline here well two things on that one thing there's no main net timeline yet there are only estimations like I've given you know mid to late March I've said that many times now and two because it was a relatively minor bug uh the the

prism bug I I don't foresee this actually having an impact we'll know today I think there's an allore devs called today or tomorrow that that we'll know but even if there is an impact of this maybe they you know maybe they decide oh we'll push the other test net Forks out a week or something like that that would be the most I would see but at the same time I I don't see why they would push them out because the fix as I said was deployed very quickly it was a a very minor bug in the grand scheme of things and everything else seemed to work work fine and again this is what test Nets are for like this is exactly what t test Nets are for so I would put money on at least right now that there won't be any kind of delay in the other

test net forking they'll Fork uho will Fork on 30th of Jan hsky on Feb 7th uh and you know I expect those to go well I don't expect there to be any any hiccups there and then if they do yeah there wouldn't be any kind of I guess quote unquote delay to get main net going there but we'll have to see I guess we'll see by either tomorrow or or Monday it depending when the allcore dev call is I think the allore dev call is actually today so we probably see by tomorrow's episode cuz tomorrow's obviously last episode of the week uh what they decide there but yeah I don't know I don't know why they would need an extra like why would they would they would push anything out considering that the fix is already in and there's no other bugs that have kind of uh creeped

up or anything and the low participation stuff as I explained yesterday is literally test net specific it's got nothing to do with uh with the kind of upgrade it's just the fact that people are slow to upgrade their test net nodes and and come online because there's no money at stake you know I I I explained all this yesterday so I'm not going to go through it again but that's kind of why why it happens like that so on Main we don't have that issue so yeah but anyway I will keep you guys updated on this and I'm sure you probably see a tweet on this before I do tomorrow's episode if they do decide to delay anything here but I don't think so that does it doesn't really make much sense to me that they would do something like that all right so I covered the uh road

map items or I guess like the eips that are slated for possible inclusion so they just proposed right now possible inclusion in the Prague Electra upgrade which is the next upgrade after denune um and I came across a really interesting tweet today from Jimmy Rosa who basically has a nice little animation here where he he places the um the eips as part of the prag SL Electra upgrade in the in vitalic road map here so he basically places them where they belong in the road map I don't know if you can see this if I go full screen here I think you can let me just quickly Go full screen here yeah you can see it you can see it here but it's a bit cut off but you can you can see that on the left hand side this is the um this is

what I shared yesterday which is a list of all the IPS that are proposed for prag Electra and Jimmy has basically dragged them in to the road map on the right hand side here and to where they fit in on the road map so you can see he drags in the verle trees section into the Verge then um the new OP codes they go into the uh the splurge and The Purge you can actually see them like on on on the video um I'll link this in the YouTube description you can watch it for yourself but you can actually see and what I wanted to point out here Beyond this was that these things are part of multiple categories there's as I've said before like this Rob the vitalic put out is not sequential it doesn't happen one after the other it happens in parallel

and that's exactly what you're seeing here we could have eips that belong uh in The Verge category and in the Splurge category of the road map going in into the the same upgrade right so there's no need to wait until like we do the all the surge we do all the scourge and then you know go through the steps like that that's not how it works and actually a lot of these eips are part of the Splurge if you if you're watching the video here which is pretty pretty fun to see because the Splurge is considered the nice to have I guess um and the things that not necessarily have to be on the back burner but just things that aren't necessarily like the biggest priority and as I've said before these eips are only proposed right now they're not in you know they're not considered

for inclusion or slated for inclusion in the upgrade yet they're just proposed as possible IPS for the upgrade uh but still cool to see that there is actually the Splurge eips being being worked on uh right now but anyway you can go check out this video for yourself I'll link it in the YouTube description below uh for you to do so all right so speaking of up dates on ethereum's road map Josh Rudolph here who works on uh vericle uh trees or I guess like the vericle upgrade of ethereum has shared the latest updates on stateless ethereum from the vericle implementers call number 10 now this of course is a pretty big tweet you can go give this a read I'll link it in the YouTube description below but I think that uh the tldr is is basically that they had client team updates testing and

tooling launch of the newest test net and blash upcodes and he also posted at the at the at the um the top of the Tweet here why we're actually doing vericle trees and statelessness and he says vericle and statelessness not only improve decentralization by making it significantly easier to run a node but just as importantly also paav the way for future performance and scalability gains such as stateless nodes um equals eliminating dis IO reduces barriers to a higher gas limit and so on and that's what I've talked about before about the fact that once we have these implemented we can actually raise the gas limit a lot higher without suffering from those negative externalities that I mentioned I think a few days ago on the refuel here uh and then he linked to Peter from gu's uh slides that he did on this topic that I remember highlighting on the

refill a little while ago but you can check these out these these slides are quite old now I think they're from 2022 but it's still the same thing it's still it's still very relevant to today uh and then of course you can check out the rest of the Tweet here for updates from the call uh and I'll just link this in the YouTube description below uh for you to do so but yeah it definitely seems like a lot of work is being done on uh the The Verge verical statelessness right now but in saying that I I still don't think it would go live this year I I I still think it will get punted to next year because it is such a large upgrade and such a large undertaking and I believe that there are more I guess like I wouldn't say urgent but more like important upgrades that

need to go live this year uh especially um uh raising the effective balance uh sorry the max effective balance I think that's pretty important because as I said that takes load off the network and allows us to potentially increase the size of blobs which benefit l2s which is where all the users are so we're talking about priorities here V like vericle is great don't get me wrong it's it's awesome and it's much needed but you have to prioritize like as I said like those eips in that list of the ones that are proposed for prag SL Electra they like not all of them are going to go in and you the core devs the community has to prioritize what we actually want to see go in uh in that upgrade and what we'll get like kind of punted to next year so we'll have to see how that

shakes out there but yeah you can go read this tweet I'll link it in the YouTube description below for you to do so all right so we have something new from flash Bots today so there's a dashboard that they've released Illuminating ethereum's orderflow Market with an accompanying blog post so what this dashboard shows if you go to the actual dashboard itself is basically how the entire private orderflow Market or I guess like retail orderflow uh Market works on ethereum from you know the different relays the different Builders the different kind of dexes people use uh and and and so on and so forth and you can see how these all interact here through public and private menol so yeah it's not just the private menol it's also the public men poool uh and it's pretty cool to see this all visualized

uh it's actually like when I look at this I'm like wow this is a generally pretty healthy Market I think because you can see how many different players there are yes there are some dominant players on here like the aggregators and things like that and obviously they're are dominant Builders but you can really see just how diverse the onchain ecosystem is when it comes to where liquidity sits where people choose to do Trad you know what contracts they use so on and so forth um but you can see as I said like most of the building happens in the three of the top Builders Beaver build Titan and aryn Builder uh they they build a lot of the um a lot of the blocks and as I've mentioned before that's generally okay from a I guess U building blocks perspective it's generally not okay from a censorship

perspective right now because four out of five I think of the top Builders are still censoring ofac transactions or ofac sorry tornado cash transactions because it's on the ofac list TI but posts like these or dashboards like these illuminate that for us and allow us to work on it with things like inclusion lists and so on and so forth so yeah you can go check out this dashboard for yourself along with the accompanying blog post I'll link them both in the YouTube description below for you to do so all right so Octon has updated us on the epoch 2 allocation window so this is now open until January 30th 2024 it's your chance to decide where your rewards will go keep them donate them donate some or all to public goods or contribute to the matching fund and just a reminder here Octon is a an initiative

where they're basically taking staking rewards and distribut well not all the staking rewards but you know some of the staking rewards and distributing them out uh based on community input to things like public goods and this was um this was put in place a little while ago I think it's already been a year maybe um I'm not sure exactly how long it's been but in this thread you can see all the details around the second round that they're doing here how to get involved uh and I mean there's a blog post here for for more in-depth information about all of this but yeah cool to see this experiment continue I think that during the first epoch gave away like a few hundred e of awards or something like that so it's not small kind of amounts of money here guys it's some pretty serious money here and as you guys know

I'm always in favor of anything trying to fund any kind of public goods out there whether that be you know gitcoin optimism retroactive public goods funding octant uh a bunch of other you know things out there there there's there's actually a fair few of these uh public goods funding initiatives now which is great to see because obviously we don't want to just have one because then it becomes very centralized and we don't want to just have one type either because for example Within optimism what you have is uh they're funding it via op tokens basically and and those OP tokens were printed out of thin air and the only reason they have any value is because people are buying them on the market right um and and and and kind of like bidding up the price for for whatever reason uh and then you have the

gitcoin way of doing it where people are you know putting up matching funds but then there's also people donating and then you have the quadratic matching going on then you have way Octon is doing it where they're staking eth and taking a portion of those rewards and allocating them and then you have like the protocol Guild which is going to all the Dows around uh and and basically asking them hey you should contribute some of your treasury to the protocol Guild because the cevs keep this network alive for you guys to you know profit from and benefit from and so on and so forth so there are different ways to fund public goods and I'm glad to see a lot of them being tried and tested and we're going to see which ones uh uh you know which ones are better than others uh and I'm actually going to talk about

one of the failed experiments recently um uh but uh in a sec but yeah just great to see this so you got you can go check this out for yourself I'll link this in the YouTube description below for you to do so all right and just a shout out here super Fe reminded us today that there is a list of dashboards that he curates that can be useful for interpreting the ethereum ecosystem and you can find it on GitHub I'll link this in the YouTube description below but this is great there are so many dashboards here guys you can get lost in these dashboards for hours on end tracking everything to do with the ethereum ecosystem whether that's Beacon chain Health Beacon chain uh kind of metrics stuff like that you know staking metrics generally monetary policy dashboards defi dashboards MAV stuff there's so much going on on here

guys and I highly recommend checking this out so thanks again to Super Fizz for maintaining this and shouting it out again and reminding us all to go check it out but as I said I'll link it in the YouTube description below for you to check out all right so I just mentioned before about how one of those experiments with public goods has unfortunately I I I I I struggle to use the term failed because like failed is such a harsh term I'm going to say not worked out because not every experiment is going to work out most actually don't work out most experiments end up just like fading away or end up not doing what their creators thought they were going to do and one of those things is the public goods Network which was the layer to the uh op stack chain that was launched by gitcoin so

they said here today on Twitter today we are sharing a bit of sweet update on the public goods Network's future since launching the public goods Network in July 2023 our journey has been one of building and learning filled by the incredible support of the public goods Alliance her Community Partners and of course gitcoin so after a thorough assessment the public goods Network stewards have decided to wind down PGN over the next 6 months tentatively closing in June 2024 uh and they say here the decision of course was not easy but a realistic evaluation highlighted challenges in our ability to meet our goals of generating significant funding for public goods and you remember one of those goals was to basically use the sequence of fees from the public goods Network in order to fund public goods now I think that I I they talk about why I I guess like um

and they're also trying to do contract secured Revenue as well which was basically uh uh something that I wanted to see experimented on on layer 2os but but unfortunately it's not going to be done with with PGN here but they explain more in more detail in this thread about kind of their thinking and also the the the the governance foreign post as well um but when I think about why this kind of failed or why this didn't work out the thing that comes to mind for me is really the ux of it all because I remember during the gitcoin grants matching rounds you had like I think three options you could donate on ethereum mainnet the uh optimism main net and PGN and I think anytime people wanted to go and donate via PGN you'd obviously have to bridge into PGN to do

this and that was just like a ux barrier for people and PGM was not supported by any centralized exchanges um you had to bridge in from basically ethereum main net so essentially what happened was is that you'd be paying ethereum main net fees anyway to bridge into PGN and then you would be able to donate and then uh a lot of people already had money on op Manet so they would just use op mainnet instead of using the PGN right or they just used ethereum main net so there was like a a ux fragmentation issue there which as I've said before will get solved eventually this will all be abstracted away eventually but this is bleeding edge stuff here guys this is not something that uh that is uh something that Norm are going to be using this is definitely very Crypton native stuff uh and even then it's just

like a very high barrier to entry there and then of course because as I've said before a lot of these longtail of l2s especially these ones that um are more Niche and focus on something in specific uh probably aren't going to work out because I just won't be able to get the the Mind share the market share from the bigger ones out there because it liquidity is network is a is a power law distribution at the end of day it always follows a power law distribution we've already seen that play out with l1's we've seen it play out with l2s we've seen it play out with pretty much everything within crypto and and and a lot of things within just traditional Finance as well um but I remember when I talked about the PGN back when it first got announced I was pretty excited for

it because I wanted to see the experiment play out I can't remember exactly what I said I don't know if I said if it would succeed or fail I mean obviously I didn't know and and obviously it it it didn't end up succeeding but I thought at the time I was pretty excited because I was like you another layer two someone's experimenting with with this they're doing you know public goods funding via the sequencer fees and sequencer Revenue but I I do remember possibly mentioning at the time that I think thought that getting enough Seiner Revenue to do this would be quite hard because you'd need a lot of transactions obviously because the transactions are so cheap you'd have to basically have um a lot of transactions happening to to make this money and you would have to have like hundreds of thousands of dollars a day

of of Fe Revenue because then obviously you'd be paying a lot of that to ethereum L1 as um to settle on it and then you take whatever left for public goods funding and it just didn't work out there just wasn't enough there and I'm really glad to see that they wound this down sooner rather than later there are a lot of projects out there that exist as zombies and I hate it because zombie projects are the worst because they just feel like a slow rug so I'm glad that um that gitcoin decided to wind down the PGN and uh you know earlier sooner rather than later uh which is you know speaks to gitcoin commitment to trying things and then if it doesn't work out not just like doubling down on it and becoming a zombie kind of project but just you know running it down and trying something new

trying something else and focusing their energy elsewhere that to me is a sign of a very mature ecosystem and a very mature team so crudos to them for doing that but anyway you can go read the full thread and post related posts here I'll link them in the YouTube description below for you to do so all right interesting tweet here from Nick who is the CEO at fuel which is an L2 on ethereum uh he put out a tweet where he said 4844 may be one of the most important features for ethereum it enables ethereum to produce incredible through Port while remaining the ultimate settlement layout no requirements remain low and decentralization remains high this is the true Cipher punk way and what I love about this tweet is be is one I mean I've been preaching this for years now you guys know this is this is what I'm

all about right but two it really is the true cyer cyer punk way right because this entire ecosystem you know starting with Bitcoin was founded on the fact that we want something decentralized right and if you don't have decentralization then you're much better off just being completely centralized I actually don't really believe in the the decentralization is a spectrum thing when it comes to uh when it comes to crypto especially when it comes to l1s I do believe that there is uh kind of part of decentralization for certain projects where essentially you can start off very centralized and then become decentralized over time I think even Bitcoin started off like that right but if you're not decentralized and you're not credibly decentralized there is absolutely no point to having a blockchain like there is literally zero point because you can achieve everything

you want to achieve in a you know a more efficient cheaper faster better way being completely centralized just throw it centralization out decentralization has a really really high cost to it the cost is the fact that scale is extremely limited as we've seen with Bitcoin as we've seen with ethereum as we seen with even some of these quote unquote high throughput l1s right they're nowhere near enough throughput at this stage to service the world and they're nowhere near enough throughput to even challenge centralized Solutions right and and a lot of them take a lot of um shortcuts and and you know pump up the node requirements and stuff like that which inevitably makes them more centralized so at the end of the day I and I I have this I've had this strong belief for a very very long time like if you're not decentralized there's no point there

really is no point uh and that's why ethereum has gone well one of the reasons why ethereum has gone with the rollup Centric road map because the ethereum ecosystem strongly believes that if ethereum L1 sacrifices those properties of being able to run your own full node being able to run the network on low powerered Hardware being open to everyone to to verify the chain then there is no point there is no point at all it doesn't matter if we scaled all we scaled was a centralized thing and inevitably eventually it will get completely sensored will probably get completely shut down if it's centralized and the whole point is that it can't be right and that's why we scaling via the different kind of l2s out there I mean that's one of the reasons why with the rollup Centric road map so I just wanted to to comment on on Nick's uh tweet here

you know of course there was someone who replied and said and said I wouldn't exactly classify 0.375 megabytes as incredible throughput which is obviously referencing The Blob initial blob throughput here but then Nick had a great reply to him he said it is when you're talking about a real blockchain and not a Federated server Network one of ethereum's biggest technical differentiators is accessible node requirements it's generally the ultimate Cipher Punk chain which is a big reason why it will continue to be so valuable I couldn't have said it better myself right if ethereum hasn't taken any shortcuts to scale hasn't taken any any kind of um I guess like uh anything that that will centralize the the L1 to scale ethereum has pushed scaling to l2s yes a lot of them are relatively centralized right now some of them are really centralized right now but as I said you

can become decentralized over time and it's on them to prove it's on these networks to prove that they're decentralized over time and you know we we'll probably get a stage two roll up this year Arbitron one is stage one already if they get to stage two this year they they are credibly decentralized at that stage and then we've got the biggest L2 that that's decentralized and we we've scaled really at the end of the day so when I think about it like that uh yeah that that's that's kind of my whole view of why we're building what we're building here and that's why I'm so so disinterested in all these monolithic chains because I really do fundamentally believe that there is zero point to a blockchain if it is not decentralized zero point and I I I as I said like I strongly believe that to the point where for someone to

convince me that there is any point to anything that anything is isn't decentralized to be a blockchain uh I I I I you know I kind of welcome you to try and convince me of that because that is I would say maybe my strongest hell belief in crypto honestly I mean obviously that falls into how bullish I am on ethereum generally but yeah that's my strongest H belief I I in in crypto I mean the whole point of this entire ecosystem is decentralization there but as I said if you agree with me uh try to convince me in maybe the day Discord Channel or something like that that uh you know not decentralized blockchains deserve to exist I I just do not think that is the case all right so just a quick FYI here as of recording and probably the foreseeable future the Rocka poool

Twitter account is still compromised so it's been I think like had at least 12 hours probably a bit longer than that that this account has been compromised it is sharing fishing links do not click these Links at all guys they will drain your tokens and your money you will lose money money by clicking here um but the reason I bring this up is just another General Security reminder for everyone about pretty much like everything uh make sure that you've locked down a lot of things that you that you kind of like manage whether they be you know web two accounts such as Twitter and know remove your mobile number off of that use proper TFA on there like an Authenticator app but also just like your crypto Holdings generally you should lock down you should um uh obviously have great uh custody setups

if you are self- custody you should really just take your security very seriously so I just wanted to to give a reminder out there about that but also on the uh Twitter account compromise thing the reason why Rocka pool's Twitter account is still compromised is because Twitter's customer support absolutely sucks like since Elon took over it has just gotten worse and worse and worse and it's because I believe Elon gutted the customer support department so now to get your Twitter account back takes days right because it has to go through like probably what is's a skeleton crew of customer support uh unless you're like a really big account obviously the SEC got their account back very quickly but that's one because they're a government entity and two it's a really big account and same for people like valital got it back really really quickly but for anything

relatively small like the Rocka pool project is obviously big within crypto but you know they're not a huge account they've got like 50,000 followers on Twitter right so when you look at it from from that perspective and you look at it from the perspective of uh what the kind of priority is here yeah Twitter do just have a priority for this so they just absolutely suck I hate it but make sure you lock your Twitter account down make sure that you don't have a mobile number attached to it at all because Sim swapping is very common and make sure you have a proper authenticator attached to your account to protect yourself from this because honestly guys if you have like just an account and you you know you're only using it to follow other people you don't really have many followers the chances of you getting your account back

are really really Slim I know that Jasper a rockero Community member um You probably see him on Twitter all the time lost his original account I think had to start again and has has a new account I don't think he's gotten access back to his original account yet or maybe he has but I mean it was a very long time it's been a very long time so so yeah just lock your account down you don't have to face that uh there but anyway on that note that's going to be it for today's episode so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give r a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone