Dencun goes live March 13th, Restaking chat and more - The Daily Gwei Refuel #728 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delway refuel where C latest news in the ethereum ecosystem I'm your host Anthony Sano itday 9th of February 2024 all right everyone let's get into it so we finally have a mayet date for the denune upgrade now of course uh you probably all know the date by now it is the 13th of March and I said yesterday that I thought it would happen on the 5th of March and I was about a week off there and you know it's funny because like I had been saying for months that I thought it was like going to be early to mid-march so I got that right I'm pretty proud of myself for that but obviously I was a bit aggressive on the the timelines here and you know it was funny I was actually listening to the allore devs call

yesterday to get that you know cuz obviously I wanted to know what the date was going to be and Tim biker had this spreadsheet that he put up on the screen and it had a list of potential dates and the fifth of March was in there so while they were discussing the dates I was like rooting for the 5th of March obviously I was like oh come on come on we can do the fifth of March come on I want to be right on this um but then um you know Tim and Danny Ryan were asking the core developers like when they could have their clients ready the execution client teams figured that they could have their clients ready by uh next week but the consensus layer client teams need another couple weeks to have their clients ready so that's really what pushed it out otherwise it probably

would have been like March 5th I think I mean maybe I'm just saying that maybe that's just wishful thinking but I do think otherwise it would have been March 5th but it's not it's March 13th but who cares we finally have a date doesn't matter if I you know if my prediction was wrong I really don't care we have a date for denune to go live on mayet and that means EIP 4844 is almost here now of course the question moves to how long until um you know how long after the main net until these layer tws until these rollups start using EIP EIP 4844 blob space instead of call data and what do those transaction reduction uh kind of costs look like because if you haven't noticed lately over the past few days gas has spiked on layer one again it's been like 50 plus gay uh whenever

I've looked at it I think it spiked overnight to 100 plus gay and I say overnight is in like overnight for me uh which means that layer 2os using core data on on ethereum layer 1 are are kind of um having to deal with that whereas as you guys know withp 4844 it creates a new fee Market called called blobs basically where essentially any spikes in the normal ethereum layer 1 fee Market will not affect the blobs so layer 2os will have more predictable fees not just cheaper fees as well so there are obviously two major benefits to to blob here along with you know a bunch of longtail benefits as well but I'm just so excited that this is finally going live I mean I've been talking about this for I think uh blobs became a thing like at least two years ago or at

least Proto Dan sharting became a thing at least two years ago so I've been talking about it for that entire time and it really feels like a Monumental moment uh for ethereum because for those of you who don't know EIP 4844 lays the ground work for the entire dank sharding road map basically it gives us the first iterations of it lays the ground workor for it and gets us uh to a point where we can kind of do some shortterm scaling uh or I guess like do some initial scaling for layer 2os and then keep building upon that by increasing the blob sizes by increasing the number of blobs uh couple it with veral trees going live next year so we can increase the the gas limit of L1 ethereum but also increase the size of blobs and things like that and then uh eventually

put in uh Das or data availability sampling on ethereum L1 so we can get the full benefit of dank Shing and of course the North Star is to be able to have hundreds of thousands you know potentially millions of transactions per second on layer twos and and having like cheap transactions per second because it's kind of funny when you actually look at this from two different perspectives you look at it from the fact that okay can the chain do you know lots of TPS which as I said before not a perfect metric but for this example I just want to I just want to run this through for you guys can the chain do lots of TPS but can it remain cheap while doing that because some chains will claim that they can do lots of TPS but then the transaction costs are creeping up over time uh so if the

transaction costs are creeping up over time and you know you're doing more TPS like really it's not the same it's not the same thing as saying okay well we can do like cheap transactions and you know do such and such TPS you need to basically scale both you need to keep fees low right you need to keep fees at basically the same part Point as what they are when you're doing 100 TPS versus you know thousands of TPS and tens of thousands of TPS at least that's my opinion on it but again TPS is an imperfect metric it's not comparable across chains it's not really something that should be a kind of guiding principle for us the guiding principle should really be just making sure that we can do things on chain while inheriting ethereum security cheaply on these layer twos like that's that's the

St that's the that's the North Star there I know I said before that obviously one of the North Stars is getting those TPS numbers up but that's a kind of emergent property of the fact that we are just trying to get transaction cost down as much as possible without sacrificing security without sacrificing uh kind of uh I guess things like um like liquidity as well obviously uh in the short term liquidity has become fragmented with all the l2s but as you guys know there are multiple Solutions in the works for that I'm actually going to talk about one of those Solutions uh actually no I'm not today I I think I've talked about a lot of them recently uh and I've given you uh reading material for that and there was that Justin Drake podcast that you should definitely go listen to as well but really yeah I mean the whole goal of

this kind of scaling road map The Surge road map of ethereum Danang shiding generally is to just bring transaction costs down as much as possible for these layer 2os while also having other parts of the road map that are focused on the layer one as well like as I've said before contrary to popular belief ethereum layer 1 is still scaling for layer one not just for layer 2os it's just doing it in a different way it's not just throwing Hardware at the issue which is the worst way to scale it's doing it uh through novel kind of mechanisms and that just takes longer to build because obviously throwing Hardware at something is the easier path uh because it's just like um the path of Le resistance but that's not how we get true decentralization that's not how we get strong security guarantees and that's not what crypto is all about

that's not what a blockchain a layer one blockchain at least is for in my opinion there but anyway enough rambling from me there March 13th mark it in your calendars I think Australian time it's going to be like midnight 1:00 a.m. so I probably will be up at that time en join like a live stream or whatever but yeah I mean that's just over a month away so very very close now guys after waiting quite a while for this to go live but as I said straight after denune 100% of the focus shifts to Petra they're actually trying to call it Petra I saw Tim Biko tweet out Petra and I'm like no no no I'm not saying Petra like Petra is too much Petra it's way easier to say I hate saying Petra because that that that c in there just kind of it just it's extra

effort and you guys know I'm going to be saying the word Petra countless number of times over the next few months until we actually get it live on mayet so I'm sticking to Petra uh and I guess like it's just a naming thing it doesn't really I mean anything in the grand scheme of things but if you hear Petra or Petra references the same upgrade which is the the upgrade that's coming after denk now speaking of naming I did put out another tweet today where I basically basically cleared up a bunch of confusion for people so people were asking you know why are people saying that this is called denb and Canon when other people are saying it's called denune well I was like okay I got to put out a tweet about this because I'm seeing too much of this confusion so I said the word Denon is an amalgamation

of the words Cancun and denb Cancun is the name of the execution layer part of the upgrade and denb is the name of the consensus layer part of the upgrade so the same is true for uh for the next upgrade you know Petra or Petra it's an amalgamation of two words it's Prague and and Electra uh yes it's Prague and Electra I've got that right I am not confident on which one's Prague which one's Electro when it comes to the layers I've just I've got that confused right now but that's what typically happen same happened with Chapala which was Shanghai and capala right I believe Shanghai was acution layer capala was the consensus layer but I might be getting that wrong again but essentially the reason why these things have different names is because they're on different tracks the execution layer consensus layer have different teams

working on them they're on different tracks headed up by different people uh and they need a way to keep track of them because the eips fall into different buckets depending on if they touch the execution layer or if they touch the consensus layer they will fall into into kind of different buckets there and that and those names and that those kind of things are done so that the Debs and researchers can keep track of everything so whenever you see you know these words kind of denune denb or Cancun it's referencing the same thing going for if you say Petra or Petra or Prague and Electra referencing the same thing again uh but yeah we love to confuse people in ethereum that's that's for sure but I just figured I'd bring that up for you guys as a point of clarity there all right so moving on to an

interesting eth research post that uh that I saw uh come up on Twitter so essentially someone is trying to launch uh ethereum nodes into uh low or low earth orbit here so essentially you can see here this account called Mirror uh basically uh put out a I guess proposal or I guess like an idea of how to do this so essentially there's a there's a plan here but there's a function there's four functional objectives they want to be able to directly communicate with the satellite or with the um I guess like node uh from a ground computer once the Run ethereum light light nodes wants to have a long running time of over 10 years and has certain computer experimental performance and you can actually see that they've done a quite a bit of research into this and what this

would actually look like they've got illustrations here uh it's it's pretty uh nicely spec out and you know this reminded me of something that I think like uh there's a company called blockstream I know they haven't got the best reputation but there was a company called blockstream within the um the Bitcoin ecosystem that actually launched a Bitcoin satellite into space that that actually I believe had a full Noe on it so you can communicate with it I think these projects are really cool for things like I guess just for doing something fun but also for redundancy like imagine if we able to launch like a bunch of full nodes into space and they're like the or into low low low earth orbit where essentially these are the full nodes of Last Resort like if everything every other full node goes offline on you know on on Earth we still

have these full nodes in in low low earth orbit here that we could actually talk to and could keep the um keep the network in sync and running validators up there too I don't know if you'd be able to run valid is up there because of latency issues I know that uh you know there is obviously El musks uh SpaceX uh they're doing the the kind of satellites the satellite internet that they're doing I can't remember the name of it right now it's called something I think it's called starlink yeah it's called starlink but you know it can provide you good you know bandwidth and good speeds and everything but the problem is the latency and for being a validator you like latency actually matters you know as I've said before there's a 12C slot time you know 2 seconds of that is the block but everything around that

especially when it comes to me uh is very latency sensitive so I don't know if you'd be able to run a validator you you but you would definitely be able to run a uh um a light node up there full node might also be difficult because of latency issues but yeah I mean if you could run a light node up there like a true kind of light clim light know that would be very very cool and then you could probably run a a validator in some kind of capacity there but anyway just the post that I wanted to highlight for you guys I'm definitely not someone who is up to speed on what would actually be required to make this work in the ethereum context I think for Bitcoin it worked much easier because Bitcoin block times is a 10 minutes right so latency isn't really an issue and you're not

running a Bitcoin miner off of this satellite so it's not really an issue there uh but you can go check out this post for yourself if you want to learn more about it I'll link it in the YouTube description below for you to do so all right so I came across this tweet today from briano who works as uh strategy at igen lay here so she tweeted out saying in the past 30 days one out of every four ethereum validators has joining the queue have set their withdrawal credentials to an igen pod probably nothing so you guys know that Igan La is currently the most hyped up like I guess exciting thing happening in the ethereum mcro system and possibly within the crypto ecosystem by far they have managed to ACR so much Capital so much restak eth I mean I checked it

today I think the tvl is 5.8 billion based on current eth prices and it's just gone absolutely bananas with projects like swell and ethery and puffer spinning up that are like these liquid reaking tokens and there are other projects out there as well I think um there's a few others out there I mean I can't name them all but I know one called Renzo and there's there's a few others as well that that are kind of doing this uh but essentially this has just exploded in popularity and I guess the the reason is obvious because Igan L doesn't have a token right now they're doing their points system so everyone wants to farm IG layer points but then people are layering on their own kind of points programs on top where you can Farm like eify points or swallow pearls or puffer points while farming Igan

layer points here so it is no shock to me that all of this kind of uh eth is going straight into IG lay like one out of every four ethereum validators joining like new validators joining are going straight into IG L and that's because people are putting eth into things like ethery which then goes and Spins up these validators in the background right and basically deposits the into IG to get around the uh the LST caps there now the reason I bring this up is twofold one because like I just I love that eth is basically getting sucked into this because of the fact that I think that Igan layer and reaking as a primitive uh is really really cool for ethereum really bullish for ethereum generally I think it's going to unlock a bunch of new uh kind of things that we haven't seen before but two it speaks to

something that I read a while ago on the dangers of reaking so I read this it was a post by data always I can't remember exactly when they posted it it's probably a while ago now it probably have to be a year ago now where essentially they said that the main risk of Igan L is not the slashing risk it is not the risk of a bug in the contract it's none of that the main risk and maybe maybe I'm misquoting them here but this is this is what I understood as the main risk that they kind of highlighted the main risk is that IG layer basically becomes a thing that you have or reaking as a primitive I shouldn't just say I reaking as a primitive basically becomes a thing that you have to get involved with you're forced as a validator to restake your eth and the reason is is

like let's consider the vanilla staking apy that you get today this is not restake e this is just putting eth into a validator whether that be as a solo validator a home validator rocker pool node operator or any of the lsts out there or or you know coinbase whatever it is the current vanilla apy I think is 4% give or take you know a few percentage here and there depending on what the execution lay rewards are like so let's just say 4% okay that's that that's all well and good but let's just say like more and more e gets staked and then this apy goes down so let's say you're at like 3% now or 2% and then you see all these other people that are reaking their eth they're earning 6% 7% because of all this extra yield that has kind of been put on top from from igen

layer or from reaking and from other things like maybe potentially air drops and stuff like that and then suddenly you as a solo Staker especially uh and as like a home Staker generally you're suddenly forced into reaking because you're thinking well why am I own only earning 2% when I could be earning 6% over here and the reason why you're only earning 2% is because all these other people are plowing into staking and they're not just sitting in vanilla staking they're now reaking in order to get that APR and to get that extra boost there so then it basically forces everyone who doesn't want you know everyone who isn't altruistic which is the majority of the network you know the majority of the people staking their eth want to earn the best return possible on their eth and there's nothing wrong with that but as I said it forces people into

doing this right now what do you think happens in the end State what what what potentially can happen in the end State here in the worst case scenario is that the yield from vanilla staking gets so low that it basically means that 100% Almost 100% of the network is forced into raking which basically means that reaking is de facto the security of the ethereum network because it's so large it becomes literally too big to fail where essentially any failure of a restak protocol major failure I should say means that it's a failure of ethereum consensus means that uh essentially I mean there there's a lot of contagion that could happen here basically means essentially that the ethereum ecosystem will be very in favor of a bailout for that reaking protocol

so that is the worst case scenario and this is the what I wanted to talk about today so how do we get around this how do we actually solve this issue well there are many people looking into this I'm not going to say that I know the solution I'm not going to say that anyone really knows the solution right now but I think there's there's two ways to solve this with one of them being maybe a lot better than the other way so two ways to solve this first way is to adust the issuance curve in order to basically make it so that people aren't forced to restake there is a lot of research going into this right now I think I've highlighted a bunch of it before on the refuel it it's I'm not going to say like it's concrete or that it's anything that's going to be

implemented on the network anytime soon but there is a lot of research going into this so that's maybe the harder path I think the easier path and the more likely path is that reaking just gets enshrined in the protocol now what I mean by this is basically instead of reaking existing outside of the protocol such as a like igen layer we basically say okay well reaking is a thing people love it people want to do it so let's just enshrine it in the protocol sort of like what we're doing with me boost where we're enshrining things like the Rel layers with PBS or epbs as part of the protocol and the reason you do this is to get rid of the negative externalities of restak of me boost because as I said before me boost is de facto uh I guess like not de facto but

like 95% of the network uses me boost to build their blocks so essentially that becomes the network work so the court of alpers and researchers say okay well we need to enshrine this thing like people are using it you know the economic incentive is to use it uh if you're not using it you're missing out on a large chunk of of rewards so obviously everyone uses it so that's the closest actual kind of analogy or closest comparison to reaking so I think the end State here is that reaking gets enshrined in the ethereum protocol itself and that's how we get rid of a lot of these issues now in saying that I'm making it sound easy that's not easy right that's not easy for a few reasons I think the major reason is that by shrining it in the protocol you basically obsolete the projects that

built reaking so for example I layer is a project I mean I wouldn't say obsoleted it or obsoletes it but if you're going around igen layer and you're basically just enshrining it then people cuss out the question okay what's the value of IG layer you know what's the value of these other reaking protocols if we can just do it natively in protocol and I think the value of prop just shifts I don't think there's no value prop there I think the value prop shifts to basically that IG layer instead of being the the set of contracts that does the reaking what they just basically become is the abss right the the services that they provide and then people can just opt into that using the enshrined restake eth and they're still fine then all the projects that that were built um if if they PIV

pivot to that I think that would still be fine uh and I I think that that would be a good outcome but you also have the thing of well I mean this thing's going to get really big before we even have a workable solution for for enshrining restake reaking in the protocol so uh you know essentially what does that look like does that look like uh one day 95% of all staked e is also restak and then we have to somehow migrate that across uh into reaking well no I mean we wouldn't do that we would have to basically make it so that it's an opt-in thing where people have to manually change from say reaking with Igan lay or another reaking project to reaking natively and as an you know in an enshrined way okay then what's the incentive people to do that the the

there there's probably not really one right for them you know what's what people ask you know what's in it for me sort of thing so that's where this this kind of thing becomes very very difficult to do even if we were able to do it and that's where it's not a silver bullet as well at least that's my understanding of it now of course there are much smarter people than me like Justin Drake that is doing a lot of research into this and is has a lot of opinions on this and a lot of takes on this but generally that's my entire take on this subject of of reaking I do think that a large part of the total amount of e Stak is going to end up restak I do think that's just the natural kind of incentive mechanism that's at play here with the economic incentives I do think

that we're going to be able to face this challenge head on as an ecosystem and we're going to be able to work around it and I do think a lot of the risks of this are completely overblown as well I just want to make that clear but yeah that's that's basically how I see it so I just wanted to kind of talk to that a little bit for today um and you know I'm going to stop rambling here because I'm going to probably I can I can spend the rest of the episode talking about this I have so many thoughts on this but that's basically my my thoughts on in a nutshell on that there and on reaking uh generally Right Moving On I just wanted to highlight this tweet from meta law man talking about the SEC and how they've just been so contradictory in

their arguments in court against both coinbase and binance so I think I highlighted this a few weeks ago when it first happened but essentially meta law man here is highlighting the fact that in the SEC versus coinbase case in court which happened on Jan thir Jan 17th and the SEC versus binance case which happened on Jan 22nd the SEC is both trying to say that the tokens are securities themselves and say that the tokens aren't Securities so they said that in the coinbase case that they believe that the token itself is not the security just the investment contract is the security whereas in the binance case they say that the token itself is a security so which one is it guys like you can't have your cake and eat it too but it seems like they are trying to do that so I just wanted to again highlight

just how egregious the SEC is here and how like out of Step they are with the law here as well and how I believe that coinbase especially is going to win their case against um against the SEC here and I do wonder if there is a strategic kind of thing going on here with the SEC where they're basically trying to play Both Sides where essentially in the coinbase case they know that they're probably going to have a harder time saying that that the tokens themselves are securities because coinbase is a us-based company you know they approved coinbase's IPO they are home you know a homegrown kind of uniform company and queen base has a much stronger case than something like binance does because in the binance case binance does not have a good reputation in the US right the the Department of Justice just kind of like railed them

and made them pay a huge fine they kicked out CZ which you know CZ might go to jail over the dodgy stuff that he did right so coinbase is a lot more of a leg to stand on so maybe in the binance case they're trying that kind of harder case to win that the token itself is a security because they maybe think that okay well this is an easier thing to try at the binance case but with the coinbase one maybe they're smart enough to know that hey we shouldn't try this in the coinbase one because you the coinbase coinbase legal team has a better kind of chance of winning than the binance legal team does that's just speculation on my behalf but I wouldn't be surprised if that was the case here but again another case of the SEC being an absolutely useless organization uh

being incredibly damaging to crypto and I really hope that coinbase wins their case here I hope that binance wins too mind you I mean I know as I said binance probably has less of a chance than coinbase but I do think coinbase has a really really strong chance of winning here and I can't wait to see this case continue to play out and for the SEC to lose I mean if the SEC loses the coinbase here on this that's basically I I would say it's basically game over I mean I would hope it would be game over for them but I mean unless the kind of administration changes I think by the end of the year unless the Republic an win the election unfortunately I don't think Gary gendler is going anywhere anytime soon from what I've seen um unless he gets a promotion to treasury

but that would uh that would rely on Yellen stepping down so yeah we'll have to see I mean immediately you know you know if the Republicans win immediately Trump is going to replace uh ginla with someone else he's going to replace him with with a republican friendly person and then you can basically guarantee that it's going to be friendly for crypto for a while because two Republicans that are currently SEC Commissioners are both very friendly towards crypto especially test the Pierce and if she becomes commissioner well yeah I mean there you go if sorry the head commissioner if she becomes the head of the SEC then you can be guaranteed that crypto is in for a really really positive time uh from the SEC from the sec's point of view there I would even go as far as to say if these core cases are still going on that the

case against coinbase at least would be withdrawn completely like I would actually think that would happen here because uh it would basically be a complete change in regime here but at the same time crypto is not a I wouldn't say crypto is that much of a single issue vote for enough people to move the needle really yet it may be in the future in the US I mean this is getting to the political landscape of things but unfortunately we're in the position where in the US you already only have uh a choice between two parties which sucks to begin with and now if you're in crypto even if you disagree with every other Republican policy uh that that there is you know every other thing that is even if you hate uh you know Trump and whatever it might get to a point where you're like well crypto is such a

large part of my life and if I if the if the if the SEC is doesn't become friendlier towards crypto then I'll be forced to move out of the US if I want to build you may be forced to vote for some for something based on that single issue which just absolutely sucks I hate that that um you know us people have to deal with this I hate that that that all my friends that I know in the US a lot of the builders they have to deal with this I hate that projects are blocking people in the US from even farming points now I saw that ethery today unfortunately has now blocked people in the US from farming points and you know I that's definitely due to the hostility of the SEC and other regulatory bodies in the US and it absolutely sucks guys

it sucks and it sucks for the projects the projects don't want to be doing this like they they hate that they have to do this but they have to listen to their lawyers they don't want to go to jail right they don't want to end up uh you know uh with the SEC kind of like suing them and having to essentially pay out all these damages or payout settlements or whatever like it sucks guys so I I do think that you know if the Republicans win it'll be very very good for crypto um but other than that yeah I mean I I'm not sure like I'm not going to go on about my politics yeah you guys uh definitely don't don't come to the show for that but uh in terms of like the SEC yeah if genla doesn't doesn't step down and doesn't leave uh it's just going to

be hostility towards crypto for the foreseeable future which just as I said absolutely sucks but anyway you can go read this full tweet from metal law man has a bit more details in it I'll link it in the YouTube description below but just going to get through the rest of these updates for today because I'm coming up on time here so Rabbi has released their mobile wallets you can now use uh Rab's Mobile Wallet it's in beta you can connect your current Mobile wallet and enjoy an upgraded and secure ux on mobile with zero risk of migrating your seed phrase so you can basically migrate your existing Mobile Wallet whether it be metamask or something else into rabby without having to put your seed phrase in from my understanding so you guys know that rabby is one of my favorite wallets these days it is so

good from a security standpoint so now if you're a mobile wallet user uh and you'd rather use rabby on mobile than than desktop maybe you just want to use both you can now do so so I'll link this in the YouTube description below for you to follow the links definitely follow the link that's linked here don't go Googling it for yourself or anything like that because you might come across scams and Fishes just go to the link that's here I'll link it in the YouTube description below uh for you to check out there all right so a major announcement from the polygon ecosystem today so po the polygon Twitter account tweeted out saying uh releasing the type one upgrade to the ZK evm Prov the next generation of polygons proving Tech it can generate proofs for any evm chain side chain optimistic rollup even ethereum itself when proving ethereum

main net blocks average per transaction costs are less than a cent so 0.002 Cent to 0.003 cents and you can see here sandep one of the co-founders of polygon has tweeted out the four main benefits and why it's a big deal so the first one is that any evm chain whether it's optimistic or a side chain can integrate uh and plug in ZK proofs and achieve full ethereum Providence additionally they can connect to the aggregation layer that polygon has and share liquidity from other chains so as I was talking about before that that frag the fragment of liquidity issue is slowly but surely getting solved here uh this new Prov is 36 times faster than the only previous attempt at a T1 Prov um polygon moves one step closer to the P

the polygon POS chain becoming a ZK validium which is super exciting and the dream of an aggregated blockchain network is supercharged as this allows any other existing evm chains to join the aggregation layout without significant effort so what that means is basically any ZK or any existing evm chains out there uh whether they be a but you know layer two layer one I believe even uh and or or side chain can integrate with this and basically join the polygon ecosystem and basically join this aggregation layout which is awesome guys this is a huge deal I honestly think that polygon does not get enough credit I know that you I mean you guys know I'm an adviser to polygon um but like full disclosure here I already have my tokens they're not like I my my tokens already vested out to me like I'm not vesting any more tokens from here so

I'm under no obligation to Shield polygon I mean I do hold the tokens right but like you guys know me I don't I don't care about shielding the things that I hold maybe besides eth but that's a whole different story there but I do think polygon doesn't get enough credit for all of the Innovation that they're doing you know they're not just doing their their Prov stuff they're doing things things like the aggregation layer they're bringing in a lot of uh you know web two businesses into the ecosystem they're working closely with IM mutable on their gaming stuff they're just doing so many really cool and Innovative things and for some reason they're not getting enough credit for it so really guys if you haven't been paying attention to polygon I highly recommend that you do so in my eyes they're one of the top uh layer 2 ecosystems in the in

in in the ethereum space uh you know right next to things like right next to ecosystems like arbit optimism and a few others out there uh so yeah definitely go check them out and check what they've been up to lately but I think you're going to be hearing more and more about them uh this year because they have been building this stuff for quite a while now and now they're releasing it out into the wild as I've said before they're going to migrate that POS chain to a ZK validium they're also going to migrate their token from madic to pole to upgrade their token which basically becomes a a token for the entire polygon ecosystem and they've got a few other things up their sleeves as well and they're also very far along with governance they have a whole governance framework that they're creating uh and

and and beheading that is Hudson Jameson who worked on the ethereum governance uh side of things for a long time there so they're just killing it guys like and as I said like you guys know I'm an adviser a polygon but I you know I already have my tokens I'm under no obligation to keep Shilling them or or anything um but like I I really do like to put a spotlight on things that I think aren't getting enough attention so polygon is one of those things definitely go check this new announcement out from them I'll link it in the YouTube description below for you to do so all right speaking of layer 2 ecosystems that are killing the game I think Tao is one of those ESP from like the research point of view they've been working on a bunch of different things you guys know like based boo base

boosted rollups and stuff like that which is really really promising but today they announced something maybe you know outside of their actual technology where they announced that they're pledging 1% of their token supply to the protocol Guild which obviously is something that a lot more projects are are signing up to do recently you saw ethery do it recently now Tao I think we're going to see more and more projects do this and guys like I can't I can't even like talk about how much money this is potentially going to be like think about 1% right so let's say that the total market cap of all the projects that give 1% to the protocol Guild is $100 billion that is a$1 billion that goes to the protocol Guild if it's 100 bill you know if if the total Mark cap is $100 billion right

that's $1 billion that goes to cord Debs and researchers that goes to them sharing in you know the fruits of their labor so to speak and goes towards funding core development and core and core researches I mean like and that's on top of their existing salaries mind you so like this stuff is just so cool I just love that the protocol Guild exists it is so much better than I guess what other people suggested like instead of burn burning fees under e559 let's just send all the fee revenue or to to a dow and then from that Dow that we can distribute it out that would that was never going to work for reasons I've outlined before but what does work is the protocol Guild op in from these projects giving back just 1% of their token Supply which I know is a small amount for them but is a huge amount

when aggregated across all the other projects and a huge amount for the around about 160 core ethereum developers and researchers so kudos to Tao for this but they're not going to be the last ones guys there's going to be so many more of these projects like I I I I mean I've been encouraging projects that I'm involved with that haven't done tokens yet I say to them hey if you're going to do a token you have to give at least you know up to 1% of your token supply to the protocol Guild that is like something that you need to do and pretty much like all the ones that I spoking to about this are very receptive to this so you'll be seeing more announcements about this I believe in the uh you know in the the near future here but yeah kudos to Tao for doing

this here anyway finishing up here I just wanted to highlight something from farcaster so I put a tweet out a tweet I put a cast out where I ask people what their favorite project in ethereum is outside of things like igen layer and the various l2s because they're already very popular and I got a ton of great replies so if you guys are looking for a new ethereum new or existing ethereum projects to pay attention to that you may not have heard about otherwise go check out the replies to this cast I'll link it in the YouTube description below but as you can see a ton of replies here guys like people on farcaster are way more active than they are on Twitter which is great cuz I love it I mean I'm spending more time on farcaster these days than I am on Twitter even though

I'm still got I've still got the um the Twitter Twitter kind of links being predominantly on the refuel that's only because a lot of people are still using Twitter as a as a way to kind of get their news out there but when it comes to actually having good conversations when it comes to finding new things farcaster is just way ahead so yeah definitely go check out this cast I'll link it in the YouTube description below for you to do so but it I'm on time here I went over time but I actually thought I wasn't even going to get to 30 minutes today but it seems like I've gone overtime because you guys know me I love to ramble about things but anyway that's going to be enough for today so thank you everyone for listening and watching be sure to subscribe to the channel if

you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all next week thanks everyone