ConsenSys raises $200mil, ConstitutionDAO and more - The Daily Gwei Refuel #255 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's 18th november 2021 all right everyone let's get into it so a couple of big announcements out of consensus over the last 24 hours so first one is that they have closed a 200 million dollar raise at a 3.2 a billion dollar valuation now this race had participation from a bunch of big name vcs and others including hsbc coinbase ventures and marshall waste here so in addition to this uh i think consensus wants to hire another 400 employees to continue operations in asia um and yeah i mean all of you know consensus right they are a long-time ethereum kind of

like core i guess it's not kind of like a part of the the as i was explaining yesterday kind of consensus was spun out when joe lubin kind of like left the uh the ethereum foundation or i don't even know if he was ever part of it he basically just like he was a co-founder of ethereum but he kind of like left to start consensus and consensus has been responsible for you know many of the most popular apps that we all uh absent kind of like services that we all use like metamask of course and truffle suite for developers and all those sorts of things like that uh so yeah great to see this raise come in for them i didn't think the valuation was a little bit low considering the products that consensus has under them uh especially metamask metamask alone should be worth this and

i'll explain why in a sec but then you have infuria you have truffle suite you have like i mean there's so many approaches that consensus has under there under there kind of like wing they have tokens in all different types of projects so it definitely did come in a kind of like a lower evaluation than i would have thought but you know it is what it is who knows you know who knows even metamask is gonna is gonna tokenize anytime soon i'm still suspecting they will and it's going to be funny to see the metamask token be worth more than consensus itself because i think it will be like for example i mean if ans can be worth what is it right now five billion dollars fully diluted evaluation metamask easy right metamask is something that everyone uses and everyone uses very regularly it's got

probably um you know out of just like not even just within ethereum but with crypto more broadly it is probably the most well-known product like on-chain product in existence right now everyone's used their ever you know like we'll continue to use it i mean i use it all the time um and it's been kind of like a handy tool for years in the ethereum ecosystem um but yeah i guess like on that note as well when it comes to metamasters is the second massive announcement i guess like out of consensus is that metamask now has 21 million monthly active users that's crazy right this is amazing i mean you know as i've explained before metamask isn't just uh kind of like an ethereum wallet you can add any evm compatible network to your metamask rpc so you can add like arbitrary optimism and of course there's

all those evm side chains like bsc uh you have phantom avalanche all these other ones obviously the polygon pos chain has been very popular so you take all that together and that's what you get because there really isn't any other wall i guess like desktop browser wallets right now that uh kind of match up to metamask in terms of like brand awareness in terms of functionality and utility and i know metamask is missing a lot of features that everyone would want but it doesn't matter like what people want right now and i was actually i made a comment about this in the daily grade discord channel i think the kind of like people saying oh we need better ux to onboard people is kind of like completely overblown because if you are offering to give people money through incentive programs they're going to jump through so many hoops it's not

even funny like they're gonna jump through every hoop imaginable if they if they see easy money and and kind of like they need to jump through these these hoops to get it such as like liquidity mining yield farming especially on the cheaper chains like obviously not on ethereum layer one but on these kind of like cheaper chains or all the l2s um these people are going to jump through the hoops to get to that and i think that obviously for mass mass adoption we do need to simplify the ux a lot more but at the same time i don't know i'm just not convinced that uh crypto needs to dumb down the um dumb down the interface so much right i don't think we have to get to the point where it's essentially it's become like so dumbed down where i mean i don't know

if any of you guys have ever watched the uh the movie idiocracy right i actually watched it for the first time a few months ago and in the in the user interfaces that people use within you know wherever they are within society have been dumbed down so much um that basically it's just like the action of like putting a um i guess like a block into a into a hole and that's like the user interface and there's kind of like a big button on the screen that says yes or no right there's no complexity there i actually think that's detrimental to the user experience i think that you shouldn't assume the users are like really really dumb but i understand why web 2 companies have done this they want to make sure that they can make the process as dead simple as possible but in doing

that i think you lose a lot of the magic of what makes a lot of these things cool and a lot of the innovation that you can do here um and i love the kind of like people that you can actually on board given the right incentives because obviously in the web 2 world there's no money making incentives or there's very little money making incentives as opposed and it's more about like social incentives as opposed to crypto where it's both it's social and financial and financial is obviously very powerful here so if you have like a yield farm or if someone hears about a token they want to buy on a specific kind of like chain they're going to jump through the hoops to get there like think about all the people that would have installed metamask just to buy the ship token when it was pumping because

she wasn't available on coinbase originally and it wasn't available on like you know many centralized exchanges you have to buy it through a dex and then what about all those other kind of like meme coins that were on bsc bsc was popular for that sort of stuff people jumped through these hoops because there was money to be made so do not underestimate the power of incentives i always tell that to people it's like the reason why i mean i was looking at the other day i was looking i was kind of like i had a suspicion i'm like okay you know the avalanche c chain which is an evm sidechain has gotten a lot of attention lately because it had cheap fees which it doesn't anymore funny enough it actually had got got like so much usage that the fees have gone up which is inevitable for any chain by the

way it's just the reason why the fees are low on a lot of these chains is because they don't have enough usage to fill up the blocks yet but when they do the fees obviously kind of go higher and that's why i talk about the modular blockchain design all that good stuff there but to get back on topic i went to d5lama's website and they tracked the tvl of different chains if you look at every single chain that has done massive incentive programs such as uh you know the avalanche c chain phantom uh you had the polygon pos chain earlier in the year you can see the uptick very clearly and it's the same for ethereum layer one but it just goes back further back to d5 summer as soon as the incentives kick in as soon as there's kind of like yield farming to be

had where you can farm tokens and sell them off and make make you know relatively easy money the tbr skyrockets and the thing is is that like you know depending on how long the yield farm uh kind of like lasts it could be it's a lot of mercenary capital it'll come and go but it actually works to bootstrap a new ecosystem that's why i was talking yesterday about uh little cohen's proposal to get unit liquidity mining on layer twos it's just a really nice growth uh growth hack essentially and it works very very well if done correctly i mean there's plenty of instances where it's worked very poorly but i think that people really do underestimate still underestimate how powerful these liquidity incentives are and that's why i'm not surprised to see metamask growth just continue to skyrocket because as i said they're the most popular desktop browser wallet

they're the only real one that people can use and kind of like easily change chains and easily kind of manage their assets i know the ux is like really alien but i'm sorry as i said before i don't think we need to dumb things down to the point where it's like so so dumb like and and they can like appeal to everyone just yet we're not even there yet like if we're not at the point where we where we can mass uh mass on board everyone yet no no chain is not nothing in the ecosystem is not just because of the ux but also because of the scalability uh i've said before and i'll say it again eventually uh the the fees are going to have to be zero now by zero i mean zero for the end user there's still going to be fees on on on

these things they're still gonna be fees paid to lay one ethereum through the layer twos but long term if you want mass adoption for any chain i'm sorry but like even one cent fees is probably not going to cut it because it depends on the actions people are doing if people want to use the chain you know lots and lots for the day then then it stacks up really quickly uh maybe one cent fit you know fees do cut it if it's baked into the actual products but i think it's going to be a race to the bottom on fees and what will end up happening is that there will be fees but the apps will pay for it out of their kind of like profitability that they've gotten from from kind of like running the roll-up for example like a dx they're paying the

later one ethereum fees by using the trading fees that they're taking to to do that so i'm expecting to see a lot of that but uh yeah a little bit of a tangent there but i thought it was relevant to the discussion of metamask users absolutely blowing up and you know what if menomos was going to do a token now would be the perfect time to do it because they have so many users there's so much hype the market is okay like it's not like bullish or bearish right now it's just like you know let's go sideways for a bit which is actually fine so i think if they were going to do a token they would do it now and unfortunately i've thought about it for a very long time the only way they could do an airdrop for metamask users would be through the swap feature and that

would actually not be a great distribution i think it would punish a lot of the older users because the older users and the ethereum ogs we don't use the swap feature because it has a 0.8 percent fee on top of the fee that the amm already charges so we just go direct and you know funny enough that might actually be detrimental to us if we don't get the you know as many tokens as other people which is fine whatever i mean a lot of us have been spoiled with air drops lately but i'm very curious to see about the timing here especially because consensus just raised a new round it's going to be interesting to see if um metamask does their token soon i'm expecting it sooner rather than later but at the same time uh i think that they're still trying to figure out a way

to distribute it as fairly as possible that's i guess the last thing i saw about it so uh trent van epps highlighted a reddit comment from froggy frogstar or swagmas prime on on reddit today so you can go to reddit here and there's this kind of like really really popular post on reddit from i don't know some random user here and it's titled ethy's bad and i've and i'm tired of pretending it's not and i mean this whole post ball of text is really like hilariously bad if you read this as someone who's been here for a while you'll know immediately why but unfortunately uh the cryptocurrency subreddit uh is is not those kinds of people most of them are newer people so they're going to read this and they're automatically going to think it's true

because we live in the age of post truth and no one actually facts checks anything which is super annoying um as an educator it's the most annoying thing ever but sphagnum's prime jumped in here and basically debunked every single point with links to sources and kind of like uh you know further explanation about every single point here so if you did come across this post or if you saw someone link it to you or if you just want to kind of like see what it looks like to systematically destroy fudd this is amazing because i used to do this a lot as well um on on twitter especially not not really on reddit on twitter and ether was born out of this sort of stuff so it's really great to see other people like sphagnum swagms prime here taking on board uh kind of like the taking i guess like the

torch right and carrying it head forward and debunking this because if he didn't do it who else who else would have done it in this post and you know he's pro i mean the original post got almost 10 000 upvotes his post got uh almost 5 000 but unfortunately the way the internet works we all know the parent post is going to see the most amount of views by order to magnitude and the comments are not going to see as many views but still it's worthwhile doing this uh i think where the ethereum community is extremely lucky to have people like sphygmous in it to basically debunk all of this fud and i'm not going to go through it you can read through it yourself but it is some of the worst fighter i've ever seen in terms of like how stupid it is it's full of conspiracy

theories it seems like this person is an xrp bag holder just kind of like salty about the fact that um xrp was uh kind of like uh no i think it was officially classified as a security but like the ssc went after ripple uh and stuff like that but also you know talking about how like uh you know obviously the you know uh the kind of like proof of stake that uh and how that's more centralized in the period of work and stuff like that funny enough i don't think that they mention anything about gas fees in here which is probably strategic on their part uh because everyone talks about high gas phase these days and there's just really no point bringing it up anymore um but yeah give this a read i'll link it in the youtube description just wanted to highlight that there for you

so polygon has announced that they're earning one donating one million dollars to get coin to help fund open source projects man this is amazing like the next bitcoin grants round which is december something uh matching round is going to be huge absolutely massive it's going to be bigger than the last round which is already big we have millions of dollars coming in for public goods i went over yesterday how the um the ethereum foundation donated 500 000 to get coin they're going to be doing a um a different round i think it's going to be separate to the normal git coin grants matching round but i mean it's just amazing to see the amount of money pouring into public goods we've had obviously the theater foundation do it we've had kind of polygon do it we've had optimism do it uh where they're basically saying all their profit from

this their layer two sequencer is going towards public goods which got paid out recently we have the ef ecosystem support program generally i mean there's so many initiatives out there i'm not going to go through them all and there's kind of like more being spun up in the background i think as well that are going to be coming out soon um there's some stuff that i'm going to be doing soon for public goods just a little bit of an alpha leak there that's coming out soon uh but i mean i don't know i i see i see nothing negative about this sort of stuff i see it basically as the community or the wider kind of like crypto ecosystem giving back to the infrastructure that we all take for granted really i mean a lot of the stuff that we use is is free i mean

and a lot of the stuff that we use is maintained by just like a very core group of people who are definitely not paid enough like the ethereum core developers for example they should be paid way more than they are but the problem is is that when you see kind of like core developers of maybe other chains they have like stock options or kind of like token options that they that vest out to them now ethereum can't do that because ethereum already did its ico in 2014 it's already issued tokens the token price has already gone up a lot uh since then and the ethereum foundation can't print more eighth they can just pay out bonuses and each of course and all that sort of stuff but still the upside is probably less than going and kind of like joining some random team and if the token pumps you

get more but at the same time as i've explained before a lot of uh especially ethereum core developers they're not just in it for the money right i mean yes money's important but they're in it for the mission and they've really bought into doing this stuff they want to change the world i mean the amount of ethereum core developers that are super excited about the merge right now you can't do the merge and other change you can't work on on sharding on on most other chains you can't you know work with like such a a a strong community and and all that sort of stuff right you can't buy that um but at the same time we do want to get as much money to them as possible just to make sure that they feel valued not because maybe they need it or they want to go

buy a lambo or something it's never about that when it comes to money at least from my point of view what it's about is simply valuing these people as they should be valued because i'm a firm believer in that you that the world should you know it doesn't it most of the time it doesn't work like this unfortunately but i'm a firm believer in in kind of like i guess like tuning fine-tuning the world so that the we can kind of like give back to the to people who put in a lot of value that you know almost the same amount as they put in essentially so if these core developers are maintaining a 500 billion ethereum network and they're kind of like building critical kind of upgrades that are actually going to increase the price of ether over time than one they should be given eighth right and they should be

given in various ways it could be vested over time there's a few initiatives going on for that but generally they should be given eighth as a bonus especially from from their employer and things like that if that's possible um but two the community should just shower them with money um because we want them to feel as valued as possible we want them to stay within the ecosystem we don't want to lose them to to kind of like other teams and you know the thing is that we in an industry like this where not only is industry struggling to find enough people to to hire for all the different kind of like project teams but the core developers i mean the core developer role is not a role that uh just anyone can do it requires a very very specialized kind of um set of skills instead of knowledge it requires

people to kind of like want to work uh as a core developer i mean that's it's it's a high stress kind of environment as well um but the payoff is really more of a social payoff than a monetary payoff at least for ethereum um and and more of a kind of like payoff of yes you are kind of like changing the world with this technology but at the same time that doesn't mean that we should just stand by and say okay well yes these people are probably you know paid a lot as a salary as on a salary basis but they should share in the upside of eath as well if their contributions to the ethereum network cause the eath price to go up right over the long term of course then they should be getting eighth for their for their work and they should be

able to get it and it should be vested and they should be able to hold it and and they should be able to kind of like ride up that wave just like all of us have written it up if we bought early on i mean i wrote it up i tried to give back as much as possible but to be honest i think the core developers have done much more than i have for for the ethereum ecosystem in terms of like uh making sure that the upgrades are going through making sure things like one five five nine happen making sure that the ethereum network doesn't blow itself up i mean those things it's a it's a thankless job people just do not talk about it enough and uh i think that they're just like the the unsung heroes of ethereum so very much uh in favor of uh i guess like

any teams and any projects donating as much money as possible to public goods whether that be core development or something else just anything that classified as public classifies as public goods and that helps the wider crypto and ethereum ecosystems starkware has announced that starknet alpha 4 is now out which in this release is going to be the one that will be deployed to mainnet so you can read more details about it here on their blog post but basically what's new is token bridges block hashes and a few more features as you can read about in here so this is more i guess like developer oriented um and not you know the the update's not very detailed beyond that but of course you can check out kind of our code examples and stuff on their website but essentially as i said this is the main net release

candidate now i've said before that i think that stock net alpha is going to be late november i didn't think it was going to be early or mid-november we're at 18th of november now so either next week or the week after we should see it on main net now i do want to caution people here that just because the stark net alpha is going to mainnet doesn't mean that suddenly everyone is going to have their apps on there and everything's going to be dandy and everything's going to you know have like a massive kind of network effect and growth it's going to take time i think it's actually going to take more than uh a few months i mean roll-ups optimistic graphs have already taken longer than a few months it's been since august with arbitrary i mean arbitrary autism are obviously growing but it's

just like a slow burn it's not like a uh until they do tokens of course because then it can go crazy but it's not like uh you know stock that's going to get to to mainnet and then everyone's going to suddenly build on that everyone's going to move there and everything's going to be dandy and slack is going to have like you know billions of billions of tvl it's not going to happen like that uh but the thing is there are apps that are already kind of like running on star wars technology that can connect into stock net not in the initial release but you know later on down the line such as immutable x and diy dx and and so rare and all the other kind of things building on star wars technology diversify of course um so so yeah super exciting to to see that uh and i can't

wait to see this on main net so i've been speaking a lot about uh union stop's new 0.01 feet here for stable coin swaps and i guess i'm talking about it again today because hayden adams from unisop put out an update saying uh since uh i guess like the last update the uh 0.01 feet tl was turned on units of v3 has gone from 10 of one inches usdc to a usdt volume to 96 that is crazy look at this chart the purple uh kind of um bar here is unisop v3 you can see just a few days ago where before the 0.01 fee was switched on i think that's november 13th maybe um it was basically maybe 10 percent as oh yeah it's about 10 percent

as um as hayden said here then increased increased again slightly decreased and then boom massive increase and you know i think like the best comparison would obviously be curve here and you can see curve uh is is basically this uh what is this kind of like blue purple i mean it's looks like the same color it's kind of hard to distinguish between uh between these things but i guess that's curve v1 where's curve v2 maybe i'm blind right now but um i mean the curve's not really going to be much there right i think when you when you kind of look at it like that it basically means that uh maybe there's more information here yeah you can see here curvy ones 3.5 percent what about curve v2 yeah i don't know i'm gonna have to look at that more closely but uh it's safe to say that uh

unisop is extremely competitive now especially because as i've explained before stablecoin swaps are a race to the bottom in terms of phase guys like i strongly believe that there is no reason why it isn't going to be like that so i mean unisop doing this is going to force curve to react to this uh and it's also going to force them uh to kind of like not just react but also try and uh try and innovate beyond fees too because as you know fees i mean race to the bottom it basically means that unisop and curve may actually just have the same fees and then from then on it becomes a matter of like integrations and and marketing and brand awareness business development all that sort of stuff and i think unisop has a better lead there than curve um just because it's much more well known so we'll have

to see not to say i'm bearish on curve or anything like that it's a great team great product but at the same time i don't know guys like i i don't i don't see where curves moat is if their fees are higher than uni swaps because unisop basically already has a massive mode they've lowered the fees for stable coin swaps so we'll have to see i mean curve obviously has like pools that aren't just two assets they have like triples and bigger pools than that and they have some other pools out there so they're not like kind of like out of the out of the race or anything but they're going to have to react to this for sure i believe so nifty island is teasing a bunch of new nfts that they're going to be doing as a pre-launch gift to their community so these are called the legendary

pistols which is a kind of like a series of nfts i think there's 10 000 pistols metaverse ready and primed for in-game utility all but 10 will be given away as a gift to the community and then 10 i assume are going to be kind of like sold off here so this is amazing i mean as an early nifty iron community member and as a palm holder and as a blade holder as well uh apparently i'll be getting airdropped one of these bad boys so i'm very much looking forward to that um but again this goes back to what i was saying yesterday about permanence normally when you get air dropped an item in a in a video game as i explained yesterday it's like centralized so there's no permanence there but with this total permanence i have total control over it because it's an nft um you know the jpeg

itself of course like depends where that's stored but that can be easily stored on rwev or ipfs or anything like that um and i can store it locally myself as well but i mean that just brings total permanence to it so i'm very very excited for this and i might bid on one of the one of the ten we'll see how i go there but i'm very much looking forward to this i'm very much looking forward to nifty islands uh kind of like race as well because they they said here that this is the final kind of like gift uh and final nft drop um and it'll be the last drop before sorry the last drop before nifty islands beta launch so looks like their beta launch is happening the raffle is happening on the first of december so it looks like there and it's kind of like a

series of raffles here but basically um looks like their beta might be happening in december or january so very much looking forward to playing around with nifty ireland in beta speaking of nfts seb from zappa uh kind of like showcased a little teaser here about zapper's new nft integration obviously it has been lacking lately i mean it's not obviously not like the central place people go to but i think they're trying to really rectify that they you know you can see here they've got like trending collections top sales you can see top collection top collections with like um i guess like volume floor price all that good stuff there activity i mean yeah it seems like they're making it a much more social experience and trying to go toe-to-toe with kind of other nft interfaces which there aren't actually many i personally use uh uh

open c to look at my nfts right now zappa has this issue where uh it'll show you a price of the nft that is like you know totally incorrect and when i look at it i'm just like hmm yes that's not correct my random nft is not worth a million dollars and i don't know where that kind of like price comes from um but yeah i'm assuming they're going to fix that with this so really cool to see this little sneak peek here of their new nft interface uh diversify is launching a new reward slash liquidity mining program on december 1st uh you'll be able to provide in 16 new incentivized pools and earn dvf tokens so you can read this blog post for more details about this but you know diversify for those who don't know is a layer to exchange they're built using stark waste

technology they're they're a valydium technically but they're built using star wars star wars technology and they have an amm and they also have a club as well so i think this is gonna lead to some really awesome growth for them i know that uh loop ring as a kind of like exchange layer two exchanges also done liquidity mining in the past and it really does work to bootstrap the growth as i've explained before so very much looking forward to this if you want to get involved definitely check out the blog post for more details here all right now i'm going to talk a bit about this because someone mentioned it in the discord channel and i've been seeing people talk about this i haven't covered it yet constitution dow all right i'm sure you've all heard about it by now but for those of you who haven't

what constitution doubt is doing is that they're raising a bunch of money to buy a copy of the us kind of like constitution from uh sotheby's which is which is the auction house of course which is happening i think today the auction so so far they have raised over 40 million dollars in eighth to buy this thing crazy i mean this thing is actually really rare it's one of 13 original copies of the us constitution so obviously it is a big deal but i think beyond that there's a deeper meaning here there's a deeper kind of thing that we can look into here that i wrote about in the newsletter and that's essentially this dao was formed in the last few days and managed to raise over 40 million dollars from anyone in the world this is the true power of dao's not only are

dao's good for amazing social coordination global social coordination but they are good for global financial capital uh formation because when you think about it let's take um doing a kind of like fundraise or a dow kind of like a crowd raise like a constitution dow let's take an example of doing it in ethereum versus doing it in traditional finance well i'll just explain to you what it looks like in ethereum land right it's very very easy to do and it can be done really quickly in traditional finance you know what would happen with this it would get censored the the centralized payment processes would basically shut them down before they even got off the ground they'd be like you're running in it because people because also because people are getting a token for doing this to govern the constitution down but essentially the centralized payment process will be like

well this is too risky you're running an unregistered security offerings we're shutting you down and reporting you to the sec see you later and they freeze the funds right um and then you have to go through this long and rds process to get your funds back and nothing gets off the ground now let's assume for a moment they don't censor this and they don't stop it from happening there are other crowd of crowd funds that have been fine in the past like um kickstarter of course and and uh indiegogo and all that sort of stuff and they've worked quite well for it for a long time ah quite well i would say like 90 of the stuff funded on there maybe maybe more than that just ends up going to zero and doesn't actually do anything kind of like icos um but essentially what constitution dow allows it allows

for on ethereum is uncensorable decentralized global capital formation with social coordination on top of it with a dow on top of it with a token to manage that dow and being able to bid on a real world item by doing this now of course there's trust here the multisig that holds these funds is consisting of 13 people there i think all of them are known or at least most of them are known so if there was a rug that happened you could probably go after them but you know there's still a risk there it is a 30 you know 13 uh multisig hold i don't know what it is i don't know if it's a 10 of 13 or something like that or maybe a seven of 13 but there are currently 13 multi-sig it's a 13 multisig right now um so from that point of view yes there is still

risk there it's like get rugged by the multi-holders instead of getting rugged by paypal right for example but in saying that it is still much better than the existing system like a thousand times better and the fact that they were able to raise for something brand new by the way this is not something that kind of like was already well known this just came out of nowhere and people like talked about it uh it was all organic marketing all over twitter there's no kind of like insiders there's no pre-sale there's nothing there's there's no tokens being given to people to promote this it really is like a totally fair launch where you just throw in money once uh that you know if they do win the kind of like constitution they will issue the token which i think the token might be called people or something like that um

i saw people sending me people tokens to my cecil.etherdress because they're trying to scam people of course so i'm just assuming that it's going to be called people but there is not a token right now so please don't go looking for token to ape into it doesn't exist right now um but you know if they do kind of like win it they're going to issue the token and then the dow will be able to kind of manage various aspects of it like where this will be displayed um kind of like um uh i i think there's a few more details on the website but basically the main one that we're focusing on is like you know where it's going to be displayed uh kind of like who's going to steward it who's going to you know the multi-stakeholders all that sort of stuff there so that's super exciting

that's something that you can't do at all in traditional finance even if you aren't censored you you really not you can't practically do that you can't form a dow like a worldwide doubt that anyone can participate in you can't uh issue a token i mean you can do i mean the thing is you can actually do this in like the real world for example but it is so impractical it doesn't make any sense to do it because you need legal paperwork you need lawyers to look at efforts illegally bonding you need to be able to track everything it's just a crazy amount of complexity and a crazy amount of overhead and and like so much cost involved whereas in ethereum you issue an nfc 20 token the token is governed by the smart contract the dow is governed by the smart contract which is governed by the token holders and you

are all well and good you know the nfts are owned by the dow i certainly know the nft the constitution is owned by the dow the physical object still requires you know stewardship still requires kind of like securing and all that sort of stuff there but the kind of like nft is you know belonging to the down and things like that so so yeah my opinion on this is like a super cool idea i really like what they're doing i know that there's been a bit of scare scepticism about this people like you know i don't understand what this is like why people throwing so much money at this and i would really say that the excitement comes from people being able to show off the power of ethereum as a social and financial capital kind of like a coordination mechanism and also it's just something to get involved with

as community members of ethereum it's just something to have fun with it's something to make memes about like this is meme wag btc or hashtag wag btc which stands for we're gonna buy the constitution that's genius because obviously you'd have btc in there right it's a nod to btc as well um and you know you got like this like parchment parchment which is uh kind of taken from olympus down which is like 3 3 which is basically um saying that we should all work together to do something um because it's in everyone's best interest to do that so yeah i mean i just thought this was very fascinating i know i hadn't covered it yet but i was actually waiting until it was kind of like confirmed confirmed that it was legit i didn't want to talk about it if it turned out to be a scam it seems

legit but as i said the multi-sig is 13 uh holders right now so they could rug if they wanted to but i don't think that's going to happen um from what i've seen but don't quote me on that if it does happen um please don't you know don't quote me on that but if you want to put money into this it's your choice i haven't personally done so um but yeah just be aware of that um and also be aware of any scam tokens guys there's no token for this project yet please do not buy it i'm getting spammed every day with people meta shib all these tokens like get it stop you know i have notifications on for my sass or the ether dress from etherscan i should turn those off because it's just getting annoying now um but anyway and rant there i got a couple other things

to get through before i end this uh for today just a quick one here adidas is issuing a po app so for those of you who don't know i mean pull up i mean i'm i'm not even going to say that everyone should know paul by now it's basically a way to collect unique nfts unique badges as like and pop-up stands for proof of attendance protocol and basically these like unique rare things that you can only get for attending like an online event or attending a special kind of launch or attending an offline event or something like that so adidas have actually uh i created one and you can see it's basically the adidas logo here with kind of like a 2021 background kind of like a cascading there uh this is awesome i mean i love the fact that these traditional brands are getting

more and more involved with crypto and i love the fact that they're getting more and more involved with ethereum kind of like native uh darling projects like po-app because at the end of the day it's all about the culture and community and it seems adidas gets that which i really really love so yeah really cool to see that and the final thing here was just a shout out that the ethereum dot org team is hiring a product designer so if you want to own the full design lifecycle of your web of ethereum.org web products and collaborate closely with their small team in engineering small product and engineering teams then apply to this role you can go to the website here it's a link that links directly to product designer at ethereum.org you can apply it for the job click the button here and it'll show

like all the skills that you need and everything and here's kind of like the estimated salary as well 95k 235k us dollars of course uh and i think this is yeah remote as well so you know i can't think of like a more awesome job i mean obviously there's a lot of awesome jobs out out there but this is you know definitely one that i would uh would be very interested in if i was a product designer because the ethereum.old website has come such a long way such an amazing website i mean just looking at it in front of me look at all this art i love this i love this stuff so much it looks so cool and you get to be involved in this so definitely go check this out i will link it in the youtube description but i'm going to end it

there so thank you 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