Dencun launch timeline, L2 decentralization & more - The Daily Gwei Refuel #710 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delway refuel where C latest news in the etherum ecosystem I'm your host andth and today the 23rd of December 2023 all right everyone let's get into it so apologies for missing the last two days of refuels I did want about Thursday's uh Miss but unfortunately yesterday I ran out of time to record one because I did a podcast with bankless at 12:30 a.m. my time and as you guys know I normally record the refuel at around 11:00 p.m. and then by the time I uploaded do all the work you know um uh and kind of get that all ready I just ran out of time basically so I was not able to do a refill yesterday but the podcast I did with bankless was really really fun uh you know the guests that were on weren't the typical guests that I've I do

podcasts with normally I mean David and Ryan were there of course but it was Michael iolo uh from uh from blockworks I believe and Jordy Alexander who um basically helps out the mantle team which is an L2 team and and and and does a bunch of other stuff out there uh but we talked all about the ethereum and eth bull case uh and basically it was a really interesting discussion because we talked about it from our own point of views rather than kind of all agreeing on the bull case for ethereum and eth we all had our own kind of bull case for it which was which was really great and we tended to agree on a lot uh which was surprising actually for all of us I think because I think that we all thought that each other had different views on things um and you know vastly

different views on things but we did have different views but they kind of Co ended up coalescing around the same thesis or the same thesis on and the same bull cases for Ethan ethereum uh but yeah anyway I'm not going to ramble more about that one you can catch that episode uh early next year uh so I think it's going to be the first episode of the year for Bank list uh so yeah you can catch that uh in probably a couple weeks or something like that or maybe 10 days or something I'm not sure exactly when they're going to be putting it live but look for that then uh now uh this brings me to something else I wanted to talk about just before I jumped into the news there is a bunch of stuff to get through of course bunch of exciting stuff but I needed to talk about this

before I get into it so I've decided to take a break from the refill for all of next week uh now I wanted to to take a break from crypto for a while now honestly I think I've been burnt out for a long time if I'm being honest and I've just been working through it I've just been pushing through because I just enjoy doing it so much and I feel really guilty whenever I miss a refu episode let alone kind of taking a break from it uh I just you know I know you guys it's it's part of your routine to watch the refuel listen to the refuel uh and you kind of like uh like um like listening and watching it as a source of information for what's happening in the ethereum ecosystem but I figured you know if I ever was going to take a break

it would be during the holiday period because I doubt there's going to be much stuff happening next week guys like it's literally Christmas and then there's that period between Christmas and New Year's and everyone's pretty much going to be on holidays there there is still going to be stuff happening don't get me wrong and and I'm not going to be kind of totally offline I'll probably still be in the Discord Channel a bit on Twitter uh and things like that but uh I'm going to try and kind of Disconnect a lot to some extent and that includes obviously not doing the refuel since that's such a big part of of my day and I want to be able to disconnect and just see how I go with that because I feel like if I don't don't do that uh I'm just going to keep spiraling and it's

just going to keep getting worse and worse uh this industry is is insane honestly uh it's insane from a mental perspective I mean I have been uh uh uh working out a lot more over the past few months to be able to deal with that but I think that you know that it help it helps me to feel good generally but my mental state given that the Market's hitting up again given that there's just so much crap going on all the time like so many narratives so much going on all the time you guys see this right um it just it just weighs on me personally because ethereum is such a big part of my life and when people start kind of spreading about ethereum or saying things like ethereum is dead I try not to take it personally but I do because ethereum is just so

close to my heart and such a big part of my life uh and I feel like as I said I've needed probably needed to take a break for for quite a while now so I decided uh even though uh you know for me it's kind of it's going to be very hard to do this and I know that you guys as I said it's part of your routine have just decided to take all of next week off of of the refill uh and try to spend as little time as possible on Twitter and and Discord and just try to disconnect from crypto all together maybe try to play some video games I used to love playing video games but I don't do much of it anymore because crypto is basically all what takes up all of my time uh but yeah just a fair warning uh I think that if we're talking

about like the date that I'll I'll probably be back I mean Monday is New Year's Day right the 1st of January so realistically it'll probably be the Tuesday so it'll be a bit more than a week it'll be all of next week Monday to Friday and then probably the Monday after and then Tuesday the 2nd of Jan is when I imagine I'll I'll probably be back but fair warning as well we'll see how we go like I'm taking next week 100% maybe it you know I want to take a bit more after that I I'm just kind of giving a fair warning here but I don't think so I think that next week should be good you know spend more time with family and friends obviously dur the during the holiday period kind of enjoy things outside of crypto for a bit because I do suspect that 2024 is going

to be an absolutely crazy year uh not just from kind of a market perspective but because the markets go crazy so do you know all the developments within within the industry so does all the noise get much louder because we're going to have a bunch of new people coming in especially as Ethan BTC crossed their all-time highs again which I obviously think is going to happen next year there's just going to be a massive influx I mean for anyone who's been around in previous bull markets you know exactly what it's like uh it is I mean it's crazy like that's that's all that's the only way to really describe it for those of you who haven't been around in a bull crypto bull market before we're not anything close to to a a full-blown bull market yet we're in the very early stages still as I said

we're in that transition period uh where we're basically convincing the market that it's a bull market I think that we're exiting that transition period now and we're going into like the first stages of the proper bull market uh and I think that obviously when Ethan BTC cross alltime highs that's when the majority of the interest comes in and then it's just going to get nuts and I don't know how long that will last for this time you know last time it didn't actually last very long if you count May 2021 as the the real top not November 2021 then the craziness really only lasted uh about I don't know you could say six months really of the bulk of the bull market so maybe it last six month this time maybe it goes longer than that obviously there are many many different reasons to be bullish on crypto not just

the the ETFs which you know I saw some news today about that that it's pretty much all but guaranteed like 99% now that the ETFs are getting approved before gen 10th but there's so much more than that guys there's so much stuff happening you know uh uh there's so much stuff happening for ethereum and so much stuff happening for other ecosystems yeah it's going to be a crazy time so yeah just a fair warning there no refuels at all next week uh and on that note I hope you all have a good holiday period good Christmas I hope you all get to have a break and disconnect a little bit maybe it makes it easier to disconnect because you won't be you know there won't be a refill to listen to so you can be like oh well I'll just disconnect and you know um you know

Anthony will tell me all about it once he's back because I obviously will do a longer episode when I'm back covering everything but as I said the news is probably going to be pretty slow it's probably not going to be that much news coming out uh but the markets might be crazy because I I think that the um the holiday period is is usually a crazy time for the market in either direction so we'll have to see but anyway enough of me rambling about that let's jump into the news over the last 48 hours and I think the biggest piece of news is that we finally have a timeline for the Denon upgrade so for the upgrade going from test Nets to main Nets and I've been talking about this obviously for a long time now but Tim biker here posted in his uh his um thread on the all core

devs recap basically a timeline for the test net so you see here that gurly will be forked on Jan 17th now I did speculate that it would happen in early January but it seems like it's happening in mid January um but the thing is is that they're actually doing the other test Nets uh very very quickly after after gley so there's going to be girle in Jane 17th which will Fork to den then seoa Jan 30th which which is 2 weeks later but then Hol sky is on Feb 7th so if we're looking at a timeline where you want to give four weeks notice before main net for before mayet mid-march for main net seems very possible so it doesn't seem like we're going to push this out to April because they're doing the test net so fast like I figured that would that would do two weeks before uh

between each test net but it seems like they're only doing that between girle and saoa and then only one week between sapoia and Hy or hsky whatever you want to call it and then you know maybe that way a week and then on Feb 15th or Feb 14th they announce uh May net will be like mid- March or something like that right or even late March I mean mid to late March is my is my firm estimate at this point in time uh and and you know give you give or take a week or so sort of thing there so we finally have a timeline there and that obviously uh you know denin obviously includes the much anticipated EIP 4844 which I've already seen people talk about you know it's kind of funny watching the market reaction to this because as soon as the timeline was announced I saw people

start shilling the EIP 4844 and I saw some L2 tokens go up like op and ab went up and then obviously eth had a little bit of a little bit of a pump um and it was because like as I've said to you guys The Narrative shifts really really quickly and as soon as there's a new narrative for people to focus on they shift to it and the new narrative now is the fact that we have an actual timeline for 4844 and it's not just something that we say oh it might happen here or it might happen there right we have an actual concrete timeline from the um from the allore devs themselves so people are speculating on that and I I actually did mention this like lots of months ago I I it have to be like six months ago at least that I figured that

in around Denon and particularly if if it got pushed out to q1 we would have like a ethereum L2 kind of mania sort of thing because obviously people are speculating on uh denune and IP 4844 but also eth has been lagging so you know after the btcf gets approved maybe the narrative well I I do think the narrative is going to straight away shift to the eth ATF and eth usually performs pretty well during q1 if you actually look at history so just taking that all together it made I think it makes for a good trade for the Traders out there and especially for like the narrative Traders and investors and things like that uh as well but that's the market side of things in terms of the technical side of things as I said we can probably expect this late mid to late March uh for for mayet for denune

uh which is going to be exciting because you know obviously the hype always gets ahead of the reality I think that the hype for EIP 4844 is Def has definitely gotten ahead of the reality in in reality ARP 4844 is awesome but it's just like laying the groundwork for future upgrades for future scalability upgrades for these l2s and also at the same time the l2s themselves or the rollups themselves they have to change themselves to be able to take advantage of blobs right of Erp 4844 so not all of them will do that on day one maybe some of them will I'm not sure who will I haven't seen any announcement yet announcements yet but they have like another 3 months at least from here or probably over three months to prepare for it and they've been preparing for it already I mean I've I've talked about

updates from from optimism talking about and arbitrum and things like that so I I suspect some of them will be ready to go as soon as IP 4844 lands um and then of course obviously after that we can start we can we can tweak the The Blob sizes of 4844 with each uh with each um Network upgrade after that and also there are e there are things we can do uh that was uh there was a post posted by Terren called EIP 4844 plus which are things that the clients could do themselves in order to give more capacity here so as I said like the hype is going to get ahead of the reality of it but the reality is is that it lays the groundwork it's a really awesome upgrade and it it gets us on the path towards full dank sharding which is

ethereum's solution to data availability basically to making ethereum layer one a very competitive data availability chain because that's been a main topic of discussion in the community generally as well it's like okay well if l2s can settle their data elsewhere why wouldn't they do that I'm like okay well I mean some of them will do that uh or maybe even a lot of them will do that but at the end of the day you there's a security trade-off there because you're no longer having your data secured by ethereum L1 it is now secured by some offchain data availability layer yes it's cheaper but as I said like you're not getting the same level of security and we actually talked about this on the bankers podcast a fair bit so I'll wait for that to come out for you guys to get my my full takes on that so I don't

reash myself here uh but yeah you can go check out Tim biker thread for yourself to look at all the details about what was discussed it wasn't just the timing around Denon obviously that was a big part of it uh but but yeah exciting times exciting times guys there we should have denune live sometime in March all right speaking of den there's one last last upgrade I think that I wanted to talk about two two last things two last updates I wanted to talk about with regards to Denon so paraos has been doing Shadow Forks of course of of girly so he's done the first one here girly Shadow Fork one it went live recently uh it's a 300 node Shadow Fork largest largest public one to date with almost every client combo as they are on mainnet and he did a thread basically recapping what it looks like and what

their testing looks like uh everything looks good like really good actually everything looks like it's it's going exactly as expected there's no unexpected uh kind of data coming in there's no unexpected uh like uh bugs or anything like that it seems like everything is running really really well so far and this is really promising because if we put EIP 4844 live on mainnet and then uh we basically come to the conclusion that okay well we can actually increase the blob sizes uh from here uh pretty soon because of the fact that the clients can handle this and the network can handle this then we can do that and you know with the next upgrade after denune Petra if we get the max effective balance EIP in where essentially you can collapse the number of validators down and take load off the network we can actually do a kind of

swapsies sort of thing where we basically swap the um number of validators so we reduce the number of validators which doesn't reduce the the um the security of the network it just reduces the number of validators which is basically a redundancy now because we abandon the original sharding road map which required a lot of validators but right now now we don't but we basically reduce that but then that takes load off the network which allows us to basically increase the size of blobs and essentially put that load back on the network in some way or kind of slowly work our way up there but that load is being used for something much better than a redundancy like than than technical debt so to speak right it's being used to offer more space and more scalability to the the layer twos that settle their data on ethereum here so

you can go check out paraos thread on the shadow Fork I'll link it in the YouTube description below and there's one other thread here that I came across from suzan nfts which talks all about the denune upgrade specifically IP 4844 in plain language so if you're still confused about what IP 48 44 is you should definitely go check out this thread it is a great tldr there only nine tweets so I'll link that in the YouTube description below for you to check out all right so uh something called the PBS Foundation was launched over the past couple of days so you see here Eugene lenthal uh shared this on Twitter and said the mission of the PBS Foundation is to spearhead research um pertaining to proposer Builder separation and provide infrastructure support for those committed to PBS and

Grant applications are now open you can learn more going to this to this kind of um this blog post here so they're currently in a pilot phase you can see here that there is going to be a six-month pilot phase where they give out grants for infrastructure Pro uh infrastructure efforts research efforts data transparency and Community Education f as I said full details in the post but this is really cool because PBS and I guess like proposed Builder separation and meev generally and and trying to fix it or at least like make it so that it's not as bad as it is today and like just just to improve it is an absolutely huge order uh it is a tall order it is being worked on by a lot of smart people I would say some of the smartest people in the ecosystem but we could always use more right we could

always use more people involved we could always use more people doing research doing analysis and that's exactly what this PBS Foundation is attempting to do is attempting to bring people into into uh researching PBS and essentially giving them grants to do that so you're not just doing it for free not just doing it because you know it's out of the kindness of your heart you're actually getting rewarded for doing as well so you can go check out this for yourself I'll link the uh the post in the YouTube description below for you to do so all right so IG layer is on a roll they crossed $1 billion uh of tvl over the last couple of days you can actually go check this out at app. .xyz but this is huge guys I mean I know IG layer isn't live right now and all you're

really doing is just like putting your eth in for when Igan ler does go live uh but I remember I did the napkin math last week and I I think uh I came came out to like $600 million but I went back and did the napkin math properly and it worked out to like $800 million at the time but because the price of ether has gone up obviously the um you know the tvl goes up in dollar terms and it crossed over a billion dollars now including all of their allss that they currently support as well as just the normal vanilla Beacon chain Ethier uh and of course you know people are obviously reaking because they want to farm a potential airdrop but they also want to get involved with a new ecosystem from the ground floor cuz you guys know I'm extremely bullish on

reaking as a primitive generally and that's another thing we actually talked a lot about on the bankless podcast as well so I won't I won't go into too much detail here but but reaking is definitely that thing that seems I mean I know it's going to happen on other networks eventually but it seems very unique to ethereum right now and ethereum seems very like best positions to take to take advantage of it and I think the number one reason why is because ethereum has a very diverse node operator set right it doesn't just have like a bunch of um big super nodes running in a running in data centers right which uh which you know certain chains have out there and and people argue whether that's centralized or decentralized and they use neoo coefficient and stuff like that I'm not going to debate that but the the the the

reason I'm bringing it up is because you know ethereum has people like myself who would you know a solo ster completely home solo Staker uh they have uh people that uh will stake just with the lsts like they'll just buy an LST and then those LST operators will be like businesses and things like that there'll be centralized exchanges there'll be like institutional grade stakers there's just like a wide breadth of global entities that are node operators and ethereum by far has the most amount of solo no node operators right in terms of solo validating because even Bitcoin to be a solo Miner you would have to spend a lot of money to do that right uh because essentially to even have a chance of proposing a block you're not going to do that with just one ASC machine you're going to need a lot more

than that uh to to be to kind of be profitable whereas with a with a solo Staker yes you have to obviously have that 32 e to be a true solo Staker like all doing it all on your own once you have that you start earning rewards immediately you don't have to wait to propose a block you start earning rewards from attestations and from obviously being part of syn committees uh and then obviously when you propose a block you get rewards on top as well and the chances of proposing a block I think uh now that there's obviously a lot more e stake now but I think your chance of of um proposing a block uh approaches 100% after like 9 months so within a 9 month on average period um and that's obviously you have to outlay the 32 e in order to do that but then there are all

these other ways to stake right there's DVT where you can split up the Stak and do Squad staking there's rocker poool where there eth requirement is a lot lower because it's it's technically a version of squad staking because essentially you're taking deposits from other other eth holders and you're just kind of like um pulling those together and and you are the note operator right uh and there's just many different ways to stake so ethereum is very uniquely positioned for reaking because it just has such an extremely diverse and geographically distributed and decentralized note operator set and to get that is actually really difficult guys like I think people underestimate how difficult it is to get that note operator set because the only way you're going to get solo stakers a lot of the time like true solo stakers is if they have some kind of ideological belief or

alignment to crypto values I believe I don't I don't I don't believe that um someone will will choose to solo stake purely out of uh kind of like Po profit maximalism or economic incentives I do think that if they were profit Maxes they probably wouldn't be solo staking because there is potentially more money to be made elsewhere and I don't think they would even want to run their own node because that's that's an extra cost right it's not a big cost but that's an extra cost it's more overhead stuff like that um and and it's really the hobbyist right it's the hobbyist it's the it's the ones who are ideologically aligned who are in crypto for the you know The Cypher Punk Mission and and those kind of values that are Solo stakers and other and other people that that push that and and and try to get more solo

stakers on board and it's not just even staking it's also just running full nodes as well like people who do that a lot of them are are you know I mean a lot of them will run it because they're running a business off of it or something like that maybe they're an RPC provider or they're you know they're an exchange that does um they're sorry they're taking service provider things like that but there are a lot of people who run full nodes at home you know on dap nodes on on on on just normal kind of PCS uh and I think at least from my experience talking to a lot of these people they're they're very very ideologically aligned with the values of of crypto uh and I think that ethereum is leagues ahead of every other chain in this for both running full nodes but

also for validating on the network just because of those dynamics that I mentioned before but anyway congrats to Igan L on this curious to see how big this gets uh especially before they go live I mean I think Igan da is going to go live in q1 hopefully and then the rest of the abss will probably go live as well or at least the initial batch and then we'll see what that kind of looks like and what the I guess yield looks like for these resters as well you know is there going to be token rewards that juice it things like that it's an exciting time for ethereum in that regard right now speaking of ethereum value values and narratives and ideologies and stuff like that I came I came across a really really great uh Twitter thread today from po who started off the Twitter thread by saying

ethereum does have a narrative it's just been memory hold it is a Computing platform for decentralized applications a world computer and it has core values that we should talk about more these are cyer Punk ideals and open source development orientation where we build our own alternatives to the inherited nealis Wasteland We inherited these principles are decentralization permissionless sensorship resistance credible neutrality uh and more and there's obviously more in this thread you can go check out I'll link it in the YouTube description below but the reason I wanted to highlight this is because people always go on about the fact that oh ethereum is too complicated to understand ethereum has too many conflictive conflicting narratives ethereum is trying to be this eum is trying to be that blah blah blah and so on and so forth and obviously there isn't like a widely agreed upon definition of what ethereum is but I

think that's ethereum super power to be honest and the way I kind of view ethereum is that ethereum is everything right like you can do anything you want on ethereum and the L2 road map actually is the perfect example of that because l2s can do whatever they want they don't have to be AVM they can be non AVM right they can do they can play with their their fee markets they can they can do whatever they want with their fee Market they can have an IP 1559 style fee Market or they can have a modified style of that or they could do local fee markets you know they could do all these sorts of things uh they can have um you know different they could they could um specialize for different applications they can do so many different things that they you know projects can't do on

ethereum L1 because ethereum L1 is definitely a rigid set of rules and and that's done on purpose but it allows the l2s to to be more expressive here so ethereum to me is just everything ethereum doesn't need a singular narrative outside of that you just ethereum is everything it is a Computing platform for decentralized applications it is a world computer and the term World computer got made fun of a lot during ethereum's life cycle so I think that's why people kind of abandoned it and tried to come up with other memes you know it's kind of funny how memes change over time and narratives change over time the ultrasound money meme I think landed with a lot of people when it first came out obviously it was made fun of straight away because it's a play on the Bitcoin sound money meme and all that sorts of stuff but now I think that

the ultrasound money meme uh has probably run its course I don't think we actually need that anymore and I was funny enough I was saying this on the banglas podcast where I said ethereum well ethereum people especially ethereum crypto natives or ethereum natives I should say I think a lot of us tend to still be stuck in like high school when we should be in college right we we we we already graduated from high school to college but for some reason our mindset is still stuck as if we're in high school CU if you split up crypto into the um into like you know primary school high school and college you could say that the longtail is still in primary school right they're all just trying to grow up and fight for their kind of fair share here and then move on to high school and then the ones that that go to

high school right I I feel like ethereum was their last cycle but since then ethereum has actually graduated to college and I think the only two that are in college are Bitcoin and ethereum but ethereum is still acting like it's in high school whereas bit Bitcoin is acting like it's in in college it is it has graduated and what I mean by this if you want to extend the analogy out college is the tradire ecosystem whereas High School Is Still The Insider crypto ecosystem right um so if you think about it like that that's why I think a lot of them the those kind of memes like Ultras sound money and stuff don't really land uh after a while because it just tries to go outside of the crypto or outside of the ethereum ecosystem and it's not something that other people resonate with so if we're trying to if we are

trying to refactor ethereum narratives and trying to push something new out we have to think of it from like okay we've graduated out of high school we're now alongside Bitcoin uh what are we you know what do we uh compared to bitcoin what do we do differently to bitcoin and I think the the number one thing obviously is ethereum is a world computer you build applications on it and then the AL twos can build on it as well it's ethereum is a chain of chains uh and you can build all different types of applications but then you have e as the native asset which I think if we're talking about narratives and and kind of things that resonate with trafi it is a yield bearing asset when you stake it right and tradire loves yield like it really does I mean I think that yield is

the one thing that pretty much everyone understands whether it's in trfi or in crypto everyone inherently understands yield but in crypto yield is not very attractive for a lot of people because a lot of the crypto natives they just want to gamble they just want to be Deens they just want to go and play in the casinos whereas the people in the tradire world especially where all the money is concentrated right now in the kind of like you know with the Boomers and and and the older Generations they're not interested in gambling their money away they want to be in something that is steadily uh kind of increasing their wealth but also paying them a quote unquote dividend right or paying them a yield now obviously uh stocks do that for them there's real estate there's there's um bonds and other kind of Investments that you can use but then

we should position eth as as an investment alongside of that and say okay well e Stak eth has a yield um and eth uh is is a technology platform is a a platform where you build applications on and then I think that would resonate with a lot of people because essentially people already know about applications and Tech right I mean the biggest companies in the world are tech companies you have apples Microsoft and Google people know these Brands so ethereum is a technical uh a a a platform that you can build applications on uh that has a monetary uh unit that offers you a yield th those are the most powerful things to me about ethereum and those are the most powerful narratives I think but if we're talking about something that's more expensive than that uh in terms of like just a very dead simple narrative for me it's just

ethereum is everything you can do anything you want within within ethereum um especially with the layer 2 road map here but you should go give Paul's um tweet thre a read it really focuses more on the ideals and the and the um the ideology behind it because yeah we have probably strayed from that within the ethereum community a little bit but at the same time I do think that we can kind of win back the narrative and at and also like narrative follows price a lot too so I'm sure that you know if eth price starts going consistently up and outperforming everyone's going to be like oh well eth is the future of France you know a future of Finance uh it's all good you know we were just meing before guys ethereum's not dead but that's inside crypto I'm now looking outside of crypto crypto cuz if we're still trying

to impress inside crypto it's like a college kid trying to impress high school kids it doesn't work it's like how do you do fellow kids no that's not how it works right we should be focused on the people uh you know the people that we um that we've graduated to which is tradire especially because we're getting a spot ef2 right just all kind of falls into that uh but yeah anyway going to leave that one at that you can go check out Paul thread I'll link it in the YouTube description below for you to do so all right Obel Labs have announced the first obal distributed validators with Native reaking on IG layer have been deployed to the girly test net so you can go check out uh this tweet thread I'll link it in the YouTube description below uh but this is really cool to see because Obel you know has

kind of just hit main net recently for normal staking uh and now they're doing reaking right basically right out of the boxy which is going to be very important I think because as I said before reaking is going to be huge people are going to want to do it people are going to want to maximize their rewards as well uh and and also you know if we can plug in DVT into where where people are running DVT and then being able to run uh to be able to be node operators without the full 32 eth is going to be really really awesome and and I mentioned the other day about how you know super Fizz let a let a group of people that are doing it with uh 10 people total so you put in 3.2 e each and all those people are node operators all of those people are

running the validator software so that kind of stuff's uh obviously going to keep keep keep growing from here but couple that with IG layer and make sure that reegers can join in on the fun well then you've got a massive flywheel here guys so yeah you can go check out these news from oal I'll link it in the YouTube description below for you to do so all right as you guys know last week arbitrum sequencer had a brief outage due to inscriptions uh kind of hitting the network quite hard now they put out a postmortem uh I think yesterday and you can read the full postmortem tweet thread and also the full post modem itself I'll link it in the YouTube description below the tldr is basically uh this on the morning of December 15th the arbitrum one batch poster which post transactions data to ethereum formed a

backlog due to an issue with an ethereum consensus client that the sequencer was relying on and the way the backlog was being monitored leading to the batch poster not being able to keep up the growth of the backlog was exacerbated by the high volume of inscriptions being minted at the time so essentially just a bug in one of the consensus clients that were running I don't know if they named which client it was but I I guess it doesn't really matter honestly which client it was um but yeah that's that's essentially what happened and that was that's what caused it to fall over but it was brought back online pretty quickly and it's been running fine since then but again guys this is not going to be an issue once multiple people can run or mult entities can run sequences obviously right now it's just offchain

Labs running a sequencer so there's going to be more chances for something to go wrong because they're the only one running it so if something goes wrong for them and it goes offline well no one else can run a sequencer so no one else can process transactions uh using a sequencer they have to fall back to L1 which is still a cool property but still you know you know what I mean right uh so in the future this will definitely not be an issue uh and it's a good learning experience as well but anyway you can go check out the postmortem for yourself I'll link this in the YouTube description below for you to do so all right so speaking of I guess like decentralization of l2s op Labs posted a blog post yesterday saying the journey towards stage two decentralization in the optimism ecosystem our latest blog

post discusses the critical path for blockchain maturity and decentralization and how optimism can get there so stage two is basically the final stage you want to be at so to know roll up or no Layer Two is at stage two right now as you can see on L2 beat I mean if I go to L2 beat.com right now I've shown this before but just for uh I guess like brevity's sake here I'll bring the tab over here and you can see it on my screen we scroll down we can see that pretty much no rollups except the really small ones like dgate V1 and fuel V1 are at stage two the rest of them are stage one or stage zero with the majority being stage zero now the only big ones that are stage one right now are arbitrum 1 and dydx but arbitra one

obviously being is the biggest by far but uh you know the others like the op stack ch ZK sync uh linear stuff like that they they're stage zero right now but the end goal is stage two where essentially you fill out your whole kind of rosette here as with green your whole kind of pie I guess with green and then stage two means that there are no uh I guess like um training wheels um but the stages do not reflect the rollup security it reflects the decentralization of the rollup of course so in this post optimism basically outlines how they're going to get to this and again the funny thing about this is that there's a bad narrative right now saying that l2s aren't actually going to decentralize but al2s have every single uh incentive to decentralize guys like if they don't

decentralize they're not going to win in my mind because their competitors will decentralize and the competitors will have that narrative force behind them and they'll actually be able to hit their competitors and say Hey you know we're decentralized we're at stage two you're still at stage zero or stage one um you know why are you there and we've already seen this happen right we already see people basically go at optimism and say hey you guys aren't even at stage one yet because you don't even have fraud proof yet you're basically just a very centralized um very centralized platform right now so we already see this playing out so if we take that to its logical conclusion essentially if you aren't at stage two as a layer to in a roll up that is a liability for you it's a liability for your growth it's a liability for your

your ability to to form narratives around your ecosystem and honestly I think it's not a coincidence that arbitrum one being stage one and being the biggest L2 uh by uh you know tvl activity whichever way you want to measure it that that's not a coincidence in my I do think people look at this sorts of stuff and are com more comfortable storing their funds on Arbitron 1 because they're at stage one instead of stage zero now of course once we get to stage two that's like the Holy Grail we're like oh my God okay stage two fully full decentralization um I can feel safe storing my assets here even in the worst case scenarios because I can always fall back to L1 uh and that is really the pivotal kind of stuff that we're working towards but I'm going to make the Bold prediction here I think

all of the major l2s and rollups within the next couple within the next couple of years are going to be at stage two because they as I said they have every incen to be there and I I'm I'm very confident that most of the the teams have a huge amount of resources dedicated to this one goal of decentralizing because that is critically important for the rollup Centric road map because at the end of the day if all we have is centralized l2s on top of a decentralized L1 it doesn't matter because a decentralized L1 you know we're pushing users off of that we're pushing users to the l2s so we should hold the l2s to the same standard that we hold the l12 in terms of decentralization and of course you always have the L1 fullback that's the whole point but uh I'm just glad to see

that these l2s are definitely taking this seriously and are trying to work towards stage two so if you want to learn more about that in the context of optimism you can go read their blog post for yourself I'll link it in the YouTube description below for you to do so all right now speaking of L2 beat they've upgraded their uh risk rosette which is that thing I was just kind of uh showing before here you can go to the risk analysis here and you can actually see the risk so the major upgrade they've done here they it with they've said the exit window addresses the question in the event of an unwanted potentially malicious upgrade how much time is available for users to exit before the upgrade is executed but in some cases the exit time is actually shorter than sorry longer than the

upgrade time so for example if the upgrade takes 10 days but your exit takes 15 days or something like that uh I'm just throwing out days just to illustrate my points here then that's not good because the upgrade happens before you're able to get your funds out right for example so they've updated that to reflect that here and I mean honestly guys like we the the fact that we even have this page like look at this risk analysis page here look at the amount of work that's just gone into this in order to show us the risks of each L2 here this has never in history been done for anything except l2s it hasn't been done for l1's hasn't been done for side chains hasn't been done for for for for for basically anything in the ecosystem over the years the closest that has ever come to trying to

I guess like measure things like this for l1's uh Masari had something but it is a far cry from what L2 beat has so the fact that we even have this is a test is a testament to the fact that people in the ethereum ecosystem really really freaking care about this stuff like deeply deeply enough to to make this website and to keep it updated and to be very strict as well because you know they have to be strict about this they can't just play favorites they have to make sure that everything is factually correct uh because people are relying on this as a trusted resource right so if you look at here look at all the detail it's just a crazy amount of detail and obviously a lot of red right now we want to change that to be white we want to make sure that that's all

good uh but you know you can see here the exit Windows a lot of them have none and then the proposer failures for some of them you cannot withdraw once the proposer fails uh on on most of them but over time we want to see all that turn white we want to see all that uh be you know uh all that decentralized all that be a lot better than what it is today but yeah you can go check out this page for yourself but as I said they did upgrade it um because they basically as you can see here have uh detailed that in this thread which I'll link in the YouTube description below for you to check out all right last up here I was just an announcement that the infinex app is now live on mainnet infinex per trading Blends uh the best of D5 with the fast

and Familiar ux of web 2 self custodial trustless and transparent now this is uh live on on Bas uh basically uh so mainnet of Bas not L1 main net uh and the cool thing about this is it's part of the synthetics ecosystem essentially this is their their app that they're trying to build to basically mirror what we have in centralized exchanges but on chain where you can have like self you know self custodial with the ux of web the user experience of web 2 and of centralized exchanges and trustless and transparent and all the good stuff that we get get from that and it's been worked on for quite a while it's basically the the Holy Grail of what synthetics has been working towards for many years now and it is finally live on mainnet so if this sounds like something that you're interested in checking out

definitely do so I'll link it in the YouTube description below but great to see them live on mayet here and I can't wait to see the growth of these things because as I said like I think I said this the other day that L1 is just like not the growth area anymore in terms of like consumer facing applications L1 is the growth area for l2s essentially to settle down to whether they're setting their data settling their data there or their proofs there or you know they have their bridges on there and things like that um whereas the l2s is where all of the experimentation happens it's where all of the growth happens it's where all of the users are going to sit uh and then obviously you know there's a lot long journey to get to where you want to from decentral from a decentralization

perspective from an interoperability perspective but we're going to get there and the apps going live will help us get there by bringing more users on chain testing out more things being able to basically uh create a more vibrant ecosystem uh across all of these uh l2s here but yeah I think that's it for today and I just wanted to quickly remind you guys in case you've forgotten this will be the last refu until at least the 2nd of January don't be surprised if I'm not back on the 2nd of January but I feel like I should be I mean that's a good what like N9 days from now or something like that or maybe 10 days or something so it's obviously more than a week break because of the weekends and stuff like that U but as I said at the beginning I hope you all

have a good holiday period uh I I I I think that we all deserve a break and we all need a break before the craziness of 2024 kicks in uh and then you just prepare yourself just spend time with family and friends because you're probably going to be in your bunker especially if you're if you're trying to play the D gen game you're probably not going to get much time to do anything except being a DJ if 2024 is a full-blown ball Market as we think it's going to be so yeah just make sure to take some time for yourselves guys make sure to exercise as well like honestly I can't put my my weight not not intended I can't put my weight behind exercising enough like it really does help um I think i' my mentally I'd probably be in a worse position if I wasn't exercising

but it it can only do so much right if your mental state is being affected by other things like I know mine is being affected by the fact that I just sit at my computer on Twitter talking to people all day about crypto just not giving my mind a chance to rest definitely affects uh affects the mind there so yeah take care of your health it's all we've really got at the end of the day um health comes first always and yeah as I said I hope you all have a great holiday period but that's going to be it for me for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give a a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you in a couple of weeks thanks everyone