DAO hacker revealed, Loopring NFT mints and more - The Daily Gwei Refuel #320 - Ethereum Updates
22 Feb 2022 · 28:33
Anthony Sassano's Daily Gwei Refuel from 22 February 2022 opens with Laura Shin's claim to have identified the 2016 DAO hacker, which he takes with a grain of salt until more evidence emerges. He reflects on a market that feels like 2019, arguing that Ether's 40x rise in 14 months left too little liquidity for everyone taking profit, and urges listeners to keep building. He also covers the updated Flashbots MEV-Explore dashboard, Loopring's upcoming NFT minting under $2 on its ZK rollup, Polygon Hermez's Proof of Efficiency protocol, the Orbiter bridge, an off-chain privacy hackathon project, and Status's app relaunch planned for early 2023, his example of how tokens without value accrual can fail even with a sound product.
Speakers
Topics
Transcript
hello everyone and welcome to another episode of the delegate refuel where he capped the latest news and ethereum ecosystem i'm your host anthony tasano and today's the 22nd of february 2022 all right everyone let's get into it so one of crypto's most i guess like prevailing mysteries is who is the identity or what is the identity of the ethereum 2016 dow hakka now for those of you who don't know the dao was kind of like one of the first icos in 2016 on ethereum this kind of like big initiative to basically pull a bunch of each together and then invest that eighth as part of the dao and other projects now this uh kind of like dao was just called the dao also issued tokens dow tokens two people who put their ether in so you know it was pretty much like a classical ico here now this
um dao managed to attract a lot of eight like i mean a lot of eight i think uh it was uh 20 or something of all eight in existence at the time or something crazy like that probably probably more than that and and it basically drove its price up as well to i think like 25 at the time during 2016 from around five or ten dollars so it was a huge deal i mean it was the biggest thing that had happened in ethereum's history to that point yeah if um was quite young it had only been around since mid-2015 but it was a big deal now what ended up happening is that there was a bug in the dow a smart contract that allowed a hacker to kind of like exploit it and withdraw funds in into a kind of like holding account which after 30 days
would have allowed the hacker to withdraw this ether and keep the eighth now of course what ended up happening was that the community decided to do what was called an irregular state transition to fix that bug and take the ether away from the hakka and basically return it to everyone and then there was a fork in the chain and ethereum you know continued on as the fork chain known known as ethereum and the quote-unquote original chain existed as ethereum classic so there was a bit of a divide in the community there and the rest is history now laura shin here claims that she's been able to find out the identity of the dao hakka now i'll take this with a grain of salt because this thread that she's put out here she's really just promoting her new book i mean there are like three quarters of
the thread is literally links to her new book and links to her podcast and everything like that i mean not necessarily a bad thing or anything but you know it's obviously kind of like a marketing pr strategy for her book which just came out but uh the expert the excerpt from the book here is basically or at least um i'm not sure whether it's from the book or from somewhere else that darren has actually shared here says that uh the doubt hacker appears to be toby uh hoennish i don't know if that's how you say his um his last name who is a 36 year old programmer who grew up in austria and was living in singapore at the time of the hack until now he has been best known for his role as a co-founder and ceo of 10x 10x turned out to be a scam i'm pretty sure um which is
funny enough but uh 10x raised 80 million dollars in a 2017 ico to build a crypto debit card an effort that failed the market cap of those tokens which spiked at 535 million now sits at just 11 million and yeah 10x is one of those tokens that just got obliterated during the last bear market there so look take it with a grain of salt like i haven't seen all the evidence or anything like that like that this literally just came out like 10 minutes before i started recording i saw this and i wanted to mention it on the refill today uh but i'm gonna wait and see i'm gonna let this kind of like cook for the next 24 48 hours see who comes forward with more more evidence see what kind of evidence there actually is and see kind of like the ogs cooperating
this story because i mean accusing someone so publicly of being like a high profile hacker you wouldn't want to do this unless you were like really sure it was the person because this person can hit back and basically sue laura for for doing this right um depending on what jurisdiction i mean i know in australia we have pretty strict kind of like libel laws you can pretty much like uh uh sue anyone if they say something uh incorrect and and the courts basically side with the person suing a lot of the time but uh just generally you want to be very very sure uh before you kind of like make these kind of claims so from what i've just seen so far in the last you know 10 15 minutes i saw a couple people on twitter a couple of ethereum ogs comment on this saying
that it looks credible it looks legit but i'm not going to say that this is 100 you know uh correct and then toby is actually the dow hacker if he is i mean cool we actually finally our master was like six years later as i said it's one of the crypto's longest prevailing mysteries and the other one was the the bitfenix hacker as darren mentioned here who we saw you know the last couple weeks kind of get unmasked there which also happened in 2016 around the same time so quite funny how that kind of like worked out as well but um yeah just wanted to highlight this for you guys you can go check out laura's thread which as i said like most of it's just links to her book so there's not much information there and you can check out this tweet from darren as i just read
out too they'll both be linked in the youtube description but if anything kind of like happens around this over the next 24 48 hours i'll definitely cover it on i guess like the the next refuels that i do uh but yeah for now i guess you'll probably see a lot about this on twitter maybe even by the time you watch this it's already kind of like blown up on twitter which i'm sure it will be so so yeah all right so i put out this tweet today uh i was just kind of sitting on my computer i was looking at the eighth chart and i'm just like man like the price does just not want to go up right now and then i put out this tweet where i said it really does feel like 2019 again there's an insane amount of good crypto news and i've covered all of it
on the refuel i mean not maybe not all of it but like a lot of it on the refuel there's just like so much good news coming out pretty much every single day that is extremely positive for crypto uh conferences are packed with actual builders you know the eighth denver conference that just happened was the biggest east denver ever one of the biggest crypto conferences ever over 15 000 people in attendance i think uh the short term quadrant quote moon boys are gone so like the short-term speculators most of them are completely gone like they're they're definitely not hanging around when pretty much all the things that they bought are down like you know 70 80 percent uh and the market just isn't reacting positively to any of it and then i finished the tweet by saying you know just keep building and stacking we all know what happened in
2020. now i mean this is like twitter doesn't give you unlimited characters here so that's why i like adding nuance to it on the refuel look i mean 2019 like none of us thought that 2020 was going to be as big as it as it was and especially not 2021 like we were hanging around you know i remember i was very active in 2019 at conferences like pretty much went to as many conferences as i could there i mean the amount of people there was was was uh was very tiny compared to what you see today uh and it was it was like the depths of the bear market eth had basically come off its high 1400 it was hanging around one to three hundred dollars just ranging and any kind of like pumps that we ever saw were just sold down and and i think at that point
people kind of like just got over that and like oh whatever the price is going to do what it's going to do let's just focus on on the building what we're doing here like the first signs of d5 were coming out everyone was really excited about that and it was all kind of like happening there and the conferences were awesome i mean like the people the energy was just insane i really missed that uh but like i'm obviously looking forward to to getting around that this year um but then 2020 happened and it was a weird year right like 2020 happened we had that massive crash in march and everyone was like what what the hell like what the hell like we just went through a brutal 2019 and now we're going through you know a lot of brutality here and if you actually go look at the chart
january and february were really positive months for crypto it felt like the bull market was back and then we got that just one last kind of like stabbed down to 80 or 90 i think it was for eighth and then we continued back up from there and ended the year at about 700 and then within a month we were back at all-time high in january 2021. so very interesting year but not something that anyone expected and that's why i said we all know what happened in 2020. now does that mean that we're going to go through like a bearish period in 2022 where the price isn't really going to do anything uh positive it might just keep trending down and then 2023 is going to be the explosive year where everything goes gangbusters again i don't know like i mean obviously i i don't know but all i know is that as
long as the builders are still around as long as they're still um really really cool things being being deployed to mainnet as long as uh there's a lot of positive news happening i just have no reason to to be bearish here and you know i was kind of like discussing this in the discord channel today and i was saying that people were like kind of wondering like why are we coming down like why are we actually uh in a quote unquote bear market or in like a downtrend well let's contextualize it march 2020 eats eighty dollars may 2021 east is forty four hundred dollars that is over a forty x increase in fourteen months now whenever the markets and it wasn't the only asset that went up obviously a lot of assets went up now whenever that happens in the markets there's never enough liquidity
out there to absorb the enormous amount of paper gains that people have made in a short amount of time and as soon as the market starts coming down again people want to sell people want to protect their paper gains and there's also leverage in the mix too which just amplifies the whole thing because people leverage up way too much at the top right and get way too greedy and it leads to that epic drop we saw in like a week from 4 400 to 1700 that was one of the most brutal drops in crypto's history uh for eth and obviously it doesn't just apply to eighth applies to everything else we also saw a lot of craziness around dogecoin starting in jan feb and people were like oh this is a top signal but we didn't top until may so it's really hard to kind of like
pinpoint those those tops and bottoms but at the same time if an asset goes up over 40 x in 14 months obviously a lot of people are going to be seeing a lot of profit they're gonna want to take that profit and as i said there is never ever enough liquidity out there to to service everyone um and that's why a lot of the smartest investors i know if they want to scale out of a position they'll sell on the way up they won't even care if they don't you know sell at the top or anything like that if it's in a really strong uptrend they're going to be selling into that because they know that eventually the music is going to stop and it's going to come down much faster than when it went up and because obviously fear is more powerful than greed here
now obviously that is hard to do it is not something that works every time you are more likely to get success if you're an experienced investor rather than a new investor and for a lot of people it pays just to be a long-term investor but for the people that i know that did this they cashed out and weren't planning on buying back in they were buying you know obviously houses they're buying cars and stuff like that like obviously when you make money you want to spend it you're not just going to keep it in uh you know an asset forever and but they still have exposure to crypt doesn't like they have cashed out everything and you know i've sold things as well like i didn't sell my eighth but i've sold other things that i invested in over time too because there's no use
kind of like just watching number go up and not taking any profits to actually enjoy the money that you've made and that just you know amplify that across pretty much everyone in this ecosystem uh and as i said there's never enough uh kind of like dollars to absorb all of that especially after such a massive move in a short period of time so i mean that's kind of like what's always going to happen in the crypto ecosystem you have to be weary of that uh you know you definitely the the old saying goes you know be fearful when others are greedy in crypto i mean it's funny because like the grade rears its head like pretty quickly i mean i would actually argue that people were getting real greedy when eight was at seven hundred dollars but then eighth ended up going to forty four hundred
dollars so if you sold at seven hundred thinking oh i'm gonna buy it back in because everyone's greedy it's gonna dump i mean you wouldn't it's not even anywhere close to 700 didn't even get close to 700 during that massive dump in may of 2021 so timing these things is basically i mean not impossible but it's very very hard so that's why you know i'm always a big advocate of being a long-term investor and then over the long term you can take you know you can take profits at at the point that you want to take them that kind of thing but uh trying to trade and time the market yeah i just i personally not have much success there i know a lot of people that have had way you know worse experiences than i have they've blown themselves up they've just completely gone out of position because
they thought it was going to dump really hard but it ended up like pumping and they bought back higher and then it dumps of course and all that kind of stuff there but uh but yeah just as i said in this tweet keep building you know keep stacking if if you've got the ability to do so without you know without kind of like putting in too much money that you can't afford to lose or anything like that and just uh get more involved in the ecosystem on the fundamental side there's no point staring at the charts at this at this point in time or just generally there's no point staring at the charts because like right now we're we're just kind of like in this thing where i don't really think there's many humans trading this market it's a lot of bots and bots are just kind of like reading like
random signals and things like i'm not random signals but like pre-programmed signals and it just isn't a very fun kind of like market to be watching right now so yeah anyway i'm gonna leave it at that uh just a little bit of i guess like general kind of like overview of how i'm thinking about things right now uh and and obviously you know i think the best thing to do right now is just to get more involved with crypto on the builder side all right so bert miller from flashbots announced a mev dash explore v1 is now live so major updates include users mav inspect pi which is i'm assuming like a python kind of like library uh added unisop v3 and fixed the bug where some sandwich attacks were classified as arbitrages please and he says please note these numbers are lower bound estimates and not reflective of all mev
extracted now obviously you guys have heard a lot about mev over the probably last year or so i guess probably more than that at this point and this dashboard it's not new i've highlighted it before but there's a bunch of updates yes i wanted to highlight again uh it shows you the lower bound of the mev that's been extracted over time on the ethereum network so you can see here that the cumulative extracted mav went up massively as obviously the bull market kicked in which was around uh i guess like may uh i guess like uh may 2021 was where prices came off but like made so so the thing is i guess there was two phases of the of the bull market here there was the the ethan btc phase which lasted until about may 2021 then there was kind of like the quote unquote alt phase and
like the l1 phase which lasted until november-ish and ethan btsd went up during that as well um but you can see here kind of like the jumps in the mev and how much mov is being extracted over time so as i said this is the lower bound apparently there's been a 600 million dollars of total mev extracted on ethereum over time uh but uh you know that's probably much higher it could be much higher right and on this dashboard it shows you different kind of like mev classifications if you want to drill down into it a network activity um from extracted mev all this sort of uh or sort of stuff here so this is a really cool dashboard just wanted to put it on your radar definitely go check it out for yourself and kind of like dive deep into everything going on here
so zk sync is teasing something at uh at ethereum block 14 256 320 which i believe at time a time of recording it is only another hour or so away so obviously you'll find out maybe before you even watch this but what i you know my ass i'm sharing on my kind of like guess about what this is is kind of like zk sync 2.0 on on test nets um or maybe even on mainnet people were kind of speculating whether this is going to be uh the token launch i don't think so guys like it doesn't make sense for zk sync to launch a token at this point in time they still don't have zk sync 2.0 zk port or anything like that live yet so a token would just kind of like be pointless at this point in time and actually distract from just getting
these kind of like um things out there and and and stuff built out there so i'm curious to see what this is i only brought it up uh on the refill because i want to see if i'm right about my prediction here about what it actually is um but also uh i guess like if you haven't seen it yet uh definitely by the time you've watched this um it'll probably be getting announced soon depending when you've watched it and i'm curious to see what it is so yeah all right so loopring uh has kind of put out a tweet today saying open nft minting is coming to loop ring l2 anyone can mean nft's under two dollars on ethereum's faster plus cheaper second layout with the security of ethereum l1 now friendly reminder here that loop ring is a zk roll up it is not an optimistic roll-up so it is uh
is kind of like obviously inheriting ethereum security just like an optimistic roll-up but but using a zk roll up in instead here they've been making big moves into the nft ecosystem obviously there are other um kind of like layer 2s out there like immutable x but immutable x is not a zk roll up it is a volitium that's why immutable x can offer you free minting because they store data off chain whereas loop ring stores data on chain as part of their zk roll up construction but i still think minting nfts for under two dollars is pretty damn good at this point in time and that's just gonna get cheaper over time too because as i mentioned yesterday there's a lot of stuff going on on the core protocol side to lower the gas costs of uh posting data to l1 and this you know is very beneficial for
optimistic roll-ups but also beneficial for zk roll ups as well so we could see zk roll up nft minting potentially under 10 cents sooner rather than later i'm pretty excited about that but you know i'm excited for it for the for it to come to lubric anyway even if it's just under two dollars here all right so polygon put out a blog post today discussing a new proof of efficiency protocol that they have come up with uh for polygon hermes so this is a new kind of like consensus protocol here that you can kind of like read about this blog post was published yesterday i think i've discussed this before but there wasn't a blog post out about it i think they kind of like put a put a teaser out about it or anything like that but but yeah this blog post gives you an overview of what this is along
with polygon zk thesis of course with a bunch of images so just wanted to put this on your radar to go check out see what's going on here because i think polygon is going to have a big yard when it comes to zk stuff i mean all their teams are teasing zk vm test nets this year and i i think hermes is definitely teasing a zkvm on mainnet this year which is obviously a big big deal so we'll see what happens there we'll see kind of like um if that actually happens but uh definitely do your reading on zero knowledge stuff i think zero knowledge stuff layer two stuff in general is where you should be spending most of your time right now uh and learning about it because i mean while the markets are quiet like it's less distractions and you can learn about all
these fundamental stuff that's going to be a very very big deal going forward and not just layer 2 stuff but also core layer 1 protocol things like like dank sharing and stuff like that definitely gonna be super important going forward and has a lot to do with the layer two ecosystem as well all right so orbit of finance i brought these guys up a few weeks ago one of the new kind of like bridges on on ethereum they're still in alpha but they now support a bunch of different networks so they support obviously ethereum mainnet but as well as a zk sync arbitram polygon and optimism which is really really cool so you can go to orbi.finance in order to kind of like bridge between these chains and they're saying that more networks will be supported so i'm assuming they're going to support all evm compatible networks whether they be
l2 l1s or sidechains which is really cool as usual with these bridges guys like uh be be careful with them because um basically uh they're they're kind of like very new very kind of like untested this is in alpha you could lose funds always kind of like um do your due diligence here and i think the way orbiter works from memory is that it is a kind of like uh cross uh chain exchange rather than just kind of like a like a bridge so basically it's like a hopper it connects where you swap assets between different chains so there's probably i mean i don't know how the orbiter system works under the hood but there's probably less risk there than one of the other bridges but still always good to kind of like um a a kind of uh i guess like take that risk into account
and make sure that uh uh that you know what you're doing you know what assets you're bridging you know what's happening under the hood to protect yourself and you know actually now that i think about it i don't know if they support all these chains right now because they're saying more networks will be supported i think in their buyer they say they only support zk sync at albertum right now so i'm assuming that that either polygon and optimism are coming soon or they're supporting it now i mean i i'd click on this link here but i don't know what wallet selected in minimizing i don't want that popping up and ruining my privacy so i'm not going to do that right now but you can go check it out for yourself anyway there all right last l2 related update so l2b for those of you don't know are hosting
a layer 2 conference in amsterdam now they have opened up attendee applications uh and in this kind of like google doc here which you can go fill out i'll link this in the usual description so if you want to attend you definitely need to fill this out it took me like less than 60 seconds to fill it out i'm definitely hoping that i can get a slot there not sure how many kind of like tickets are available for this i'm sure that it is going to be a very very oversubscribed event and it is as it is dedicated to ethereum slayer twicker system and it is going to be as part of the kind of like devconnect event that's happening in amsterdam there the one that i'm like so excited about this guy like i can't wait at this point guys like i'm so so excited about
i'm more excited than a kid waiting for christmas that's for sure um but yeah i hope to see a lot of you there even if you don't get accepted to this there's so many events happening in amsterdam around that 8th dev connect i think there's like 10 days worth of events happening so if you want to kind of like get involved and be there you don't necessarily have to go to this layer to event or get accepted to be there so i'm hoping to see a lot of you there anyway but if you want to definitely go i guess sign up using this form and hopefully you'll be able to attend the layer 2 uh conference in amsterdam so elizabeth here from the chainsafe team uh put together a thread on something that she worked at with uh with a bunch of people oh sorry with with one other
person jimmy here at 8th denver so she worked on a privacy project so it's a it's a peer-to-peer method for de-linking accounts and transactions that happens entirely off-chain so there isn't an explicit on-chain trace of mixing coins transactions the motivation for this was that currently you need to use tornado cash or a similar mixer to mix coins before deploying interacting with a contract to delink it from your usual account but it's evident that you mixed your coins the solution is similar to an off chain coin swap that uses some crypto magic called adapter signatures the repos that they built are available here and they plan to continue working on this and eventually have people try it out next steps are to fix all the bugs from the hackathon of course right um i as you guys know privacy is part of my uh one of my one of my big kind of like thesis
for crypto always happy to highlight this sort of stuff always happy to highlight innovative stuff as well that's that's kind of like trying to do off-chain stuff obviously there is um there is the phone on network project that he's trying to do off-chain stuff as well a lot of privacy stuff there happening too uh but we need more and more of these tools i mean i think people really uh underestimate how bad it is that we don't have proper privacy on chain it may be okay now because not really many people are looking at it but in the future like you can imagine they are kind of like being blacklisted for things because a government agency looks at your on-chain history and basically says well these are all your addresses and we're gonna force these exchanges to blacklist you so you can't actually cash out and there
are i mean exchanges have blacklisted plenty of addresses in the past because they've been tied to criminal activity and things like that but i mean as we've seen from the recent drama in drama i guess recent events in canada the government can just order private companies to do any like to do do their bidding like you know i said this on the ether podcast today but basically who is a bank going to listen to or a centralized exchange going to listen to a massive government or an individual like whose side are they going to take they're going to take the government side and that you know is what we're trying to build to resist against because we know that's going to happen so we need privacy tools as part of our toolkit there we can't just rely on the um the defy tools if they're transparent
because that is only half the battle the other half i mean i guess like that's a core of the battle you know this is the scalability there's the privacy aspect and then there's the circular economy aspect which basically means that we need a way to make it so that you can have a closed loop so that you don't have to rely on centralized exchanges for cashing in and out right and a closed loop means basically you do everything on crypto rails using decentralized products not using centralized stable coins and centralized debit cards but using like fully decentralized products with privacy preserving technology we're a long way away from that guys like as much as i love um a lot of the stuff that's being built for it to be ubiquitous for it to be the standard for it to be cheap and scalable it's still a few years away at least and
i would actually argue for it to be actually like be part of like kind of the default and mainstream it's five to ten years away sort of thing but we have to build the infrastructure today we have to build the tools today we have to start training users to use this sort of stuff before we can actually move to a point where it's ubiquitous and it's mainstream so every little bit helps and you know every hackathon project helps there's so many hackathon projects that turn into like mega projects on ethereum so if you think that it's just because it happened at a hackathon that a project isn't going to go far or it's it's a small project think again guys like a lot of the time projects go very very far after after hackathons and some of your your favorite projects that were born out of
hackathons as as well there all right so we have a pretty big update from status today about uh uh they're kind of like app being reborn so they're calling this crypto plus social which is coming in early 2023 so given that this is a big update uh you know might it's taking a while to come out 2023 obviously about a year away early 2023 but in this video they share what's coming so privacy first messaging uh ad hoc group messaging fully decentralized uh token gated communities with with a group chat uh token gated channels token gated privileges um and unlike this court they can't shut the communities down a bunch of other integrations you can see on the video here sorry if i'm stuttering guys i'm just reading off what the video is
showing because there's not a thread about this but you know so many features coming that this seems like a complete reimagination of what the status app is going to is going to be and what it can enable which is really cool because you know the original status vision was to to be this they've been building since 2017 that they raised a massive ico back then they have a ton of money i mean they also had a token which hasn't really performed very well because it's kind of useless from what i can tell but they've been trying to do web 3 decentralized you know messaging stuff since 2017 since before it was cool and there's you know there's a ton going on like in this preview that they're showing here and the fact that they're saying it's coming in early 2023 means that it's probably early days for
this sort of stuff but i'm super excited about this i mean like if they can actually pull all this off and build all this uh and kind of like do it in a way that is actually user-friendly they could blow up really quickly in terms of an app that people use as like their default like imagine having an app for basically everything you want to do right crypto wallet private messaging uh being part of communities through token gating doing obviously nft stuff doing d5 stuff privacy first all these sorts of stuff right and they're saying multi-chain wallet too i mean imagine all of that are in kind of like one app that's a big undertaking and that's why it's going to take a little while for it for us for it to get to be released but i i feel like that's uh it's going to be really cool once
once it happens now you can download the status app right now there are a bunch of features already live on it um but obviously a lot of the features that they're teasing here or pretty much all of them that they're teasing here aren't available right now but i'm super excited about it just like i'm super excited about all of the web 3 stuff that's happening most of the web 3 stuff that is happening not all of it you know some of it's kind of like just just whack to be honest like i read a tweet today that someone was saying that the dow infrastructure space is in a massive bubble right now because it just seems to be hundreds of projects trying to build down infrastructure when in reality we only need maybe a few right uh maybe less than ten five five ten kind of like the
infrastructure projects maybe not even that depends on what the infrastructure is but that's kind of like how it works right ninety percent plus of companies fail and these crypto apps and services their companies at the end of the day ninety percent of them will fail they're not immune to that that's just what happens but the ten percent or even maybe less than that maybe five to ten percent that succeed can go on to become massive billion dollar companies and we see that play out in the traditional startup world and in tradify in in tech and we set out play out with crypto as well and that's what i think actually catches a lot of people off guard is that they end up buying these tokens because the tokens are a liquid like really early on and they think that just because this project has a token has
like a really ambitious road map and has all these cool things coming that it's like 100 guaranteed to succeed and they go like all in on this token and the token does nothing because one i mean a lot of the tokens have no actual value accrual two the chance of a startup succeeding is extremely low and three uh a lot of these tokens are given out for free as part of the liquidity money programs which just puts more pressure on the token um and kind of like more cell pressure on it so i think when you when you kind of like take all that together uh you can see why things are so volatile while bull markets catch people off guard and and and why people need to be very careful about what they kind of throw their money into like as i said status
has a token called snt came out in 2017 they raised i think 150 million dollars in an ico the token i don't know how much is down by right now i mean i can probably look it up right now it's down by a lot at this point i would have to say like i don't remember anyone talking about it it's down 92 from its all-time high its all-time high was four years ago like over four years ago i think uh at this point in time it had a little bit of a pump into may 2021 but still and that's down 92 against usd i don't even know what it's down against probably a lot more than that so the product is is sound they're building they're still building they're building a lot of different things uh status also has a team called nimbus that they built like a
client an e2 client around too so obviously doing a lot of good work for the ecosystem but none of that has translated to the token because the token literally has no value accrual mechanism it's pretty much useless so just a note there for you guys a prime example of what happens when you kind of like want to bet on a team and bet on what they're building and you bet on their token which is not the right way to bet on it and it kind of like a a goes to like that but anyway i'm gonna leave it at that 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