Dencun live on Sepolia, rswETH introduced and more - The Daily Gwei Refuel #722 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Da great refuel W up latest news in ethereum ecosystem I'm your host Anthony sday 31st of January 2024 all right everyone let's get into it so apologies for missing yesterday's EP episode everyone I just ran out of time to record it honestly and it got pretty late and I was pretty tired so I basically said well I'll just give today a miss and make up for it uh tomorrow uh tomorrow being today uh there's a lot to get through so I wanted to jump right into it so the first thing that I wanted to talk about today was related to the spot e ETFs now I think I talked about this either last week or the week before gave a little bit of an update around this but there was an article that the block published today an exclusive they

had where they uh quoted standard charted Bank saying that the SEC is likely to approve the spot ethereum ETFs on May 23rd which is that first final deadline for the for the um for the issuers as I've been discussing on the refuel before now for those of you don't know standard chared is one of the biggest banks in the world but at the same time we commonly see a lot of these kind of I guess analysts from these Banks say things like this uh and it's not just about the ETFs they sometimes say okay we're bullish on you know this coin or we're bullish on crypto or bearish on crypto where for for such and such reason and a lot of the time it's just I mean the analysis can be based on like reality and based on fact but a lot of the time it's the same thing that you

see within crypto and people give their analysis of things or give their predictions on things they're just predictions right they're not anything that uh you can kind of uh look at with any s sort of guarantee of it happening now in saying that when it comes to the spot e ETFs I have said before that I think that the chance of the spot e ETFs getting approved by May is quite good but I would put the chance at like the same as the the ATF guys maybe around 70 60 70% and the reason for that is because with the BTC one we had I guess like a lot of precedent of it getting denied for a very long time and then just a buildup over time uh of confidence in it to get them to the uh to the point where they're like okay there's a 90% chance that the SEC

approves this and the those chances really went up after grayscale one in court if you actually look at a lot of the hype around the BTC spot ETFs it started mostly in October but Black Rock filed for the ETF in June uh so in October BTC I think it was late October BTC broke out of its 30k range and then just went up only from there and it was pretty Relentless up only uh until the obviously the ETS spot ETFs were approved but it wasn't starting from June there was a pump up to 30k but then it sold back down to 25k so it didn't actually break that range until late October and I think uh let me have a look grayscale versus sec I can't remember exactly when gray scale won this um this oh yeah they won it in

October that's that's right yeah so that's why we saw the pump there because everyone suddenly got very confident in the SEC approving these things because of the fact that they lost that Core case uh to grayscale over gbtc obviously now this time around we we don't have that with eth where uh gry scal is not suing the SEC over eth e but we do do have the precedent you know we have the precedent that if the SEC was to deny the spot eth ETFs it's highly likely that they would get sued not just by grayscale but probably by other issuers and those issuers would basically say Hey you approved the BTC spot ETFs uh and you uh uh based on you know the fact that you can't not approve them if you have a if uh they have the the product already has Futures ETFs and the same is

true for eth right so when you look at it like that eth has the precedent that it can kind of fall back on now but the arguments against and there's actually a thread that I shared on the dead great Discord Channel a Twitter thread from a lawyer who basically gave so he wasn't being like he wasn't saying that it's not going to get approved but he gave the reasons why or how the SEC could uh could deny these things so he basically runs through all the arguments the SEC could use if they deny this thing that may or may not open themselves up up to lawsuits and a lot of the arguments are very kind of esoteric and very uh I guess like on the edge of what you could argue to deny one of these things it's more like reaching I guess I would call

it than anything else but if Gary genda wants to be Petty like he has been historically then that's the way he would do it now in saying that as well though you have to actually uh take into account The Wider context here and The Wider uh context around the political landscape because this year is an election year in the US right Gary gendler is a Democrat he is at the behest of uh Democrats like Elizabeth Warren and obviously uh uh you know the president but at the same time do they want to push the issue do they want to get even more bad press for the SEC which is bad press for the Democrats in a critical election year because I mean definitely this election is one of the most critical in in the US's history from what I've read about it I I don't

follow politics too closely but you know it seems like a pretty big deal so would the SEC just approve these things in order uh to to avoid all of that right because at the end of the day uh when when you know when you want to win an election you need to to uh to basically uh do everything you can to get as many votes as possible and I do think that there are going to be a lot not I mean it's not going to be a huge number of people but there are going to be a significant number of people that will definitely vote based on just crypto related policies here because crypto is such a big part of their lives it's their whole livelihood with their whole career and I think at this point it's very clear that it when it comes to

crypto the you know the the Democrats aren't very friendly towards him at least the high ranking Democrats aren't and they're openly hostile I should say towards them now will the Republicans be better I don't know I mean people speculate they'll be better but at the end of the day like it it goes back to how it sucks that the US only really has two options here but uh when you when you look at it people would be basically vote based on well we know the Democrats are really hostile towards crypto let's take a chance with the Republicans and vote for them so uh that's and there are people who are going to be single issue voters based on that so I do think the wider context here matters but we will know as we get closer to that May 23rd deadline what this uh what the chances

look like because if say the SA starts doing a lot of back and forth with the issuers like they did with the the issuers for the BTC spot ETFs then the chances start going up because they're not going to do a lot of back and forth like that if they plan to deny it so the chances creep up to you know from 60 to 70% then potentially to 80% and then maybe we get to that 90% number based on whatever I mean it's only I mean it's February now right so you got February March April you got three months worth uh and most of May uh worth of stuff that could happen to change the odds here uh and if you actually look at prediction markets I think they the odds basically 50/50 from what I've seen um and I guess that makes sense it's

basically a coin toss of whether this is going to get approved or not but as we get closer and closer to the date you're going to see those odd shift based on various different uh you know news that comes out during the the leadup to this so I obviously keep you guys updated on all of this but my odds remain the same you know 70% is of of this getting approved I've given the reasons before about why I think that there's a strong chance that it can get approved but I also understand that there are arguments to be made about how the could be denied and at the end of the day it wouldn't be denied forever like I I I I reckon that if they denied it in in May it could still potentially happen in 2024 uh because the Black Rock deadline I think

is August or something like that or it could happen in 2025 like I really do think that the window of uh you know from where it gets denied to when it gets approved it it'd be very small it wouldn't be like years and years and years worth of waiting here uh but yeah I mean at the same time right now the odds are not the same as they were for the PTC spot ETFs but that could change very quickly as we approach these deadlines here but yeah as I said I'll keep you guys updated on this but definitely a major thing to kind of monitor over the coming months all right speaking of major things to monitor over the coming months uh denune is getting closer and closer so as you guys probably know by now uh denum was activated on the seoa test net

today and everything went smoothly I didn't see any issues at all being reported uh with any of the clients so blobs are now flowing on the sapoia test net and as paraos said said here uneventful test net Forks are the best ones and of course they are because when they're uneventful and nothing really happens it's a it's a good feeling uh that you know that this is you know you you've kind of like dotted your eyes and crossed the crossed your te's and stuff like that but at the same time I would also argue that finding things that are wrong in in test Nets is something that you want to happen as well because let's just say in the test Nets nothing goes wrong and then a bug happens on Main net you would have rather founded in the test net and these are these things that

we call unknown unknowns where you actually don't know what could go wrong and could just happen and it's like an edge case that you can't account for and it doesn't happen on the test Nets but happens later on Main net this has actually happened a couple of times in the past uh and you know it's it's almost guaranteed to happen at some point in the future again just given the the fact that know bugs are unavoidable but that's again why we have client diversity and things like that right to protect against these things um but yeah I mean denune is getting much closer now guys I mean I still sticking to my March timeline here like mid to late March timeline like if Hy Holi holeski however you want to pronounce it go smoothly which is next on Feb 7th uh then I see no reason for the cord Debs not to

schedule the main net uh kind of fork about a month from there uh and yeah that could I mean as I said the earliest could be early March it could could push us into mid-march late March would be surprising so I'm more Co Lessing around kind of that mid-march point now um but yeah we'll have to see what that what gets decided on after the whole H ski test net here and see where the the date actually happens here but very very close now I mean if it happens in mid March it's only 6 weeks away guys like it's going to happen before you know I remember saying the same thing about about the merge like there was such a huge leadup to the merge such a huge buildup years and years of buildup same with ip1 1559 and then it happened and we move on to the next thing this is the

beautiful thing about ethereum I think is that we don't just like sit in one place and stagnate and basically keep kind of like waxing poetically about the thing the really cool things that we did in the past like yes it gets brought up yes we talk about it and we learn from it but ethereum keeps moving forward and that's always what's attracted me to ethereum uh one of the main things that's attracted me to ethereum is the fact that we keep moving forward because I se other ecosystems specifically within within Bitcoin they live in the past a lot because Bitcoin as an ecosystem is not necessarily moving forward uh in in the same way as ethereum is like there's no no major changes being made to the Bitcoin protocol itself there are some things here and there like the ordinal stuff right but that divides the community and

it creates another mess here and there uh but in terms of like the actual protocol it kind of stagnates and a lot of the the bitcoiners they love just waxing poetically about the past and what happened in the past and they love all of the the the you know the history of of Bitcoin because really when you're looking forward I mean besides the price going up and and and with that you know people holding Bitcoin and if you want to call that adoption you can call that adoption uh there's no like protocol upgrades to look forward to there's you know there's no major things like that to look forward to where whereas in ethereum there is and that works for Bitcoin you know that's what they want Bitcoin to be I'm not trying to say that that's necessarily a negative thing but for me like I I couldn't be in that

ecosystem for very long I would get very very bored um even with the ordinal stuff I would just be like well this stuff just seems like an inferior version of what we have on ethereum and other smart contract chains why do I care about this and I understand people care about it for speculative reasons as well but at this point in my crypto Journey I'm like way past the speculative side of things I mean I've been in crypto if you like technically since 2013 so it's been like 11 years now and if you want to count it from 2017 it's it's you know it's been uh seven years I'm just way past that point and and I really just want to focus on the tech I want to focus on the evolving Tech and things like you know denune another upgrades they just get me so

excited but once they've actually been put into the network I look forward to the next thing cuz I just want to keep moving forward I don't want to stag in there I don't want to sit in one spot and that's what I've always loved about ethereum so yeah uh I'll keep you guys updated on the progress here but I think the next update will just be the whole Sky test net which as I said happens next week and then after that we'll hopefully have a main net date for blobs for EIP 4844 and some other eips that are coming as part of Denon all right so uh Tim Boo has introduced something called the protocol Guild pledge which is basically a initiative to get projects to pledge uh 1% of their native tokens to the protocol Guild now that do you guys know what the protocol Guild is it's

basically a um a nonchain kind of Treasury that gets streamed to ethereum core protocol contributors whether they be developers or researchers over time and there is currently 152 of these people and the pot consists of or the treasury I should say consists of like eth and other token and really the initiative now is to basically get every project to uh every project built on ethereum to issue 1% of their tokens to the protocol Guild now it doesn't have to happen all at once it can be streamed over time but the goal is really to get 1% of their native tokens issued to the protocol Guild now this has been the goal I think since day one but as you guys know the protocol Guild has gone through a pilot period where they wanted to keep things

relatively small in order to test the waters and see if this thing worked and it's worked I think Beyond even you know Tim and Tren Vans who are the two of the leads of protocol Guild here beyond their expectations so they're kind of ramping this up to the next level now with the protocol Guild pledge to get teams to sign up to donate 1% of their native tokens now there have been teams that have donated tokens to the protocol Guild already um arbitrum and optimism I think have uh and there's a few others out there I don't know off the top of my head what the percentage is but it has been millions of dollars so it's not you know it hasn't been nothing um but also today eifi announced that they're actually donating 1% of their token to the protocol Guild which is really

really uh great to see and eifi continues to be one of the most aligned um ethereum projects which is great and this is actually a really great way to show alignment to to ethereum right giving you know 1% of your native tokens to the protocol Guild because it essentially means that you value the ethereum core devis and research as you value the work that they do and you want to make sure that that work keeps getting done at a really high quality bar because it also helps your project right um and you know this is one thing that se separates e the ethereum ecosystem from from pretty much every other ecosystem is that we recognize the need for long-term in sustainability for core developers right and for core core researchers and we recognize that organizations like the ethereum foundation are Central points of failure

organizations like consensus and are Central points of failure these organizations that have traditionally funded these things and yes they're going to keep funding them into the future but we need something that is I I wouldn't say it's like fully credibly neutral but we need something that like as close to credibly neutral as possible and we need something as sustainable as possible and when I talk about sustainability here I'm talking on the ERS of decades if not if not like I know it may may sound crazy for me to say this but if not centuries because that's really what could happen here is where essentially just have uh basically all of these um these projects giving 1% of their token supply to the protocol Guild over you know decades if not centuries and the the core protocol continues to be maintained and developed uh without having to basically um you know rely on

third party funding rely on I guess uh uh uh I guess uh centralized funding and stuff like that so that's to me what separates the ethereum ecosystem from a lot of others because off the top of my head I don't know of any other ecosystem that has anything like this uh um pretty much every other layer one is funded directly by its respective Foundation which is completely fine I think I'm not going to knock that because the ethereum foundation has funded ethereum development for a very long time and still continues to do that but if you want to become a long-term sustainable protocol in the order of decades if not centuries then you need to decentralize that funding you need need to create a sustainable funding mechanism and it needs to come from within the ecosystem it can't rely on third parties it can't rely on outside the ecosystem it needs

to come from within and that's exactly what the protocol Guild is uh doing here so you can go check this out the protocol Guild pledge for yourself I'll link this in the YouTube description below uh for you to do so all right so Mike Nea has published another eth research posts all about inclusion list so this one is titled unconditional inclusion list and you guys will remember that inclusion lists is one of E theum ways of tackling censorship on the network basically giving power back to the validators in the me boost uh or PBS pipeline where essentially in that pipeline you have the builders and you have the relays and you have the validators now the validators are the group that sensors the least whereas the builders are the group that sensor the most and the relays are in the middle so we basically

want to essentially uh shift that so that the validators are back in control the proposes of the blocks are back in control of the censorship of ethereum here now I believe this is a very good candidate for going into Petra in the next ethereum upgrade and I believe that this may actually end up pushing out other eips and and from from some of the stuff that I've been seeing recently it's too early to tell but from some of the stuff that I've been been seeing recently I think that the core devs and and and a lot of the community seem to be more in favor of inclusion lists uh than something like the max effective balance increase because when it comes to what ethereum is uniquely positioned to provide value on sship resistance is

right at the top like ethereum is very uniquely positioned to that because as I've mentioned before if any of these other networks got ofac sanctioned I think that they would do very very poorly I think that they would actually approach 100% censorship because of the fact that they don't have a robust node operator set like ethereum does where essentially we can fall back to the validators for sensorship resistance here now as the way it's currently um you know designed in ethereum because most people use meev boost we don't have that but with this inclusion list upgrade or this inclusion list EIP we can kind of flip the switch back and basically give the power back to the validators here so yeah the argument is being made that okay the max effective balance increase is important but if we can't do both like if you had to choose

one between inclusion lists and the and and I'll just say Meb for short uh then I think we're probably going to ear on the side of inclusion lists here now at the same time like I understand that but my own personal preference is that obviously we have both I mean they're both both widely different things like I mean the max effective balance increase uh is like the the pros for that are completely different for the pros of inclusion list right they both serve ethereum layer one and and strengthen uh some of the stuff around it but they're both good in their own way so for me to choose between them I actually can't choose between them honestly like I If someone held a gun to my head it'd be very hard for me to choose between them um but I would just choose one because I

wouldn't want to get shot in the head but you you get what I'm saying um but in terms of uh you know some people saying that you know max effective balance increase isn't that important I've seen some people say that I would actually very much disagree with that I think it's critically important and you know you remember that EIP that that was kind of rushed in to cap the validated churn limit on the network you remember my objections to that e EIP where I basically said that the logic being used to put this EIP in is is unsound there's not been enough research done on this and it makes no sense and the number one reason was because it was assumed that the validated entry queue would stay like full you know permanently which it hasn't it's basically been zero for quite a while now and I remember calling

this out a lot and I remember at the time the core devs were like kind of clutching their pearls being like Oh my God if we don't put in this churn limit uh kind uh um uh freeze then we're going to overload the network and then the Network's going to fall over and it's just going to be really bad but now it does you know it seems like people are saying that the max effective balance increase which is the actual fix to this issue because it it consolidates validators down we don't have to worry about overloading the Network anymore it seems like people are all of a sudden like okay well it's not as important as we once thought which okay if it's in the context of uh I guess like the network falling over yeah that's actually correct but it just annoys me a

little bit because I called this out months ago and I was ignored like I yelled about this and I was kind of ignored um on on this on this and people actually told me that I was overreacting to it um when in reality I think I was not overreacting to it I think I was actually on the ball with it and it just proves like even more that I was on the ball with it now where like it isn't a rush to get this in the network is not going to fall over I don't expect there to be like a mass influx of valid is anytime soon um but you know obviously if the market heats up and there's lots of me to be extracted maybe that changes but I don't know like as I said when I discussed this months ago I just didn't

see a reason for this to um for this to happen but anyway enough on that that's a little bit of a rant something I had to get off my chest something that was bugging me over the last few days I just wanted to get off my chest but if you want to look at the latest design of inclusion lists this is it so you can go check this out I'll link it in the YouTube description below but if I had to put money on which uh EIP would go in if we had to if we had to choose between inclusion lists and max effective balance increase I for Petra I should say I would put my money on inclusion List It just seems like something that more people are interested in getting into the network if they had to choose between the two so yeah I'd put my money

on inclusion list but in terms of what I want to see go in in Petra it's both of them maybe we can do both of them I don't know but I understand that with the uh with the Meb e there are a lot of moving parts to it there a lot of a lot of considerations to uh to basically um work through through and there's a lot of testing that would need to be done so if that gets pushed out to next year so be it I mean it's still going to come eventually I'm I'm a patient guy but I would have liked to have seen them both in Petra but as I said if we have to choose inclusion lists definitely are critically important because ethereum is I mean one of ethereum's unique value props is that it is a censorship resistant Network the most censorship

resistant Network I believe uh in crypto all right so ethery has announced their Advisory Board now of course you guys know or maybe you don't know but I mentioned it the other day that I am an adviser to eif fire now uh you can see how they listed me as an eth maxi which is funny um I guess like that's totally accurate uh but I just thought it was funny um but they've also got Sund deep from polygon here uh James Smith from the ethereum foundation uh Mike Arington from Arington capital and a secret advisor I don't know who that is either to be honest like I I didn't even know any of the other advisers until it was announced here um but yeah I'm an adviser to ethery now so do keep that in mind when I'm talking about ethery guys like I'm going to like I you guys know I

always try to not be biased towards teams that I'm advising or invested in but there may be just kind of unconscious bias that I'm not aware of so please keep in mind that I am an adviser to ethery now but also generally when it comes to like anything I talk about on on the refuel 90% of the time I'm actually either an advisor or an investor in that project or have at least talked to that project or helped them out with something um and also I'm biased towards wanting to see the ethereum ecosystem exceed uh succeed generally so I don't know I maybe maybe you guys can let me know if you think that I'm being too biased towards projects or not when I'm covering them um but yeah I just I I try my my best not to be uh not to be biased towards

things but in saying that uh I'm excited to be part of this Advisory Board here you know from all my discussions with the ethery team and all my interactions with them they've been Stellar like I've loved working alongside them I've loved talking to them they are definitely extremely ethereum aligned and they have been a rock stars at basically growing their protocol I mean they have over $500 million of TBL now they've they've definitely found the Gap in the market and filled it and they've definitely played it really well um and they've definitely increased competition across the LST or LRT space here uh which I really really like and of course it's not just eifi uh it's others out there too I mean there are plenty of protocols spinning up the uh there plenty of LST protocols uh spinning up and doing these things doing vampire attacks on Lio

which I love to see because if you recall like a year ago or even longer than that when people were discussing lios dominance I always stuck to my thought that lios dominance would only both stop going up and come down through competition and that has been true I think uh for a long time now where competition has come online it's taking eat that otherwise would have gone into Lio and it's taken it into these apps whether it be eify or swell or you know others coming online like puffa for example so it's gone into these things and it's taken away from Lio Lio is still the same percentage market share as it was almost 2 years ago but that's on a relative basis uh you know uh and uh which is okay I think it's okay that

they're still at the same but now obviously the mission is to continue this pressure continue vampire attacking them continue getting more and more eth into these other protocols to take away from from Lido's dominance here which would you know which is what they're doing with their vampire attacks and things like that so great to see that playing out great to see that people either listen to me or my thesis played out that more competition would lead to you know lead to better outcomes than just yelling into the void the social layer is really strong guys I've talked about this countless times on the refuel it's really strong but it's not a silver bullet it is not a Panacea it is not going to fix every issue the social layer alone is definitely not going to fix the issue of State concentration um and and honestly the social layer alone

doesn't fix client diversity either what it does is it pushes things in the in the direction that we want them to go in or at least attempt to push them in that direction but it requires actions at the end of the day you know talking is one thing actions are another uh but the social layup pushes those actions and pushes them forward and it it has different effects in different parts to the ecosystem obviously it's client diversity is easier than stake diversity because there's there's not really e direct economic incentives involved um with this and there's not really that kind of like liquidity butet liquidity effect involved with client diversity because as I've explained before if you're on 100% gu it's really easy to switch over to 50% never mind 50% gu for example because even as a large

operation it isn't much work to do that like you you should ex have an existing pipeline where you can do these things and even if you building that pipeline isn't exactly very difficult but to get people to move like a lot of liquidity like billions of dollars from one protocol that's been around for a long time that they used to that they have no problems with by the way to another protocol takes Financial incentives so a lot of people moving from let's say Ste uh or from Lio to other Protocols are doing so based on financial incentives a lot of the time they're doing so to go you know Farm an air drop or to participate in in reaking uh things like that now there's nothing wrong with that but but that's the thing we can do a direct Financial incentive there we can't do that uh that needs to be done

and we can't do that with client diversity but with client diversity we have the luxury of the fact that we don't need to do that right um we you know and and and there is actually a pretty hefty penalty for running a majority client if there was a bug or super majority client if there was a bug which acts as an incentive but it's not like a direct incentive but anyway enough about client diversity I've talked a lot too much about that recently but yeah great to see eies Advisory Board finally publicly announced here now did mention swell they also had a big update over I think this was yesterday where they introduced their liquid reaking token r swe or RW eth uh so it's restake swell eth it lets you earn pearls which is their point system lets you earn IG layer points and

future reaking award rewards while still enjoying the freedom to participate in defi so it's very similar I think to what eifi has been doing uh recently but now you have that option with swell you know swell has also been absolutely killing the game over the last year or so with their pearls program um you know with with the way they've been doing things I've really enjoyed that as well and I I'm going to disclose this you guys already know I'm I'm going to disclose it again I'm an investor and adviser in swell as well so just keep that in mind but uh I've just been a huge fan of them you know it's Aussie Aussie based team here as well which is always which is always a bonus for me um but yeah if you're interested in participating in in them and interested in kind of like participating in their

ecosystem you can go check out uh this link here which I'll link in the YouTube description but great to see them them finally launch uh this this here I know that's been in the works for quite a while now all right so last up here on the staking front is I just wanted to highlight something from Rocka poool so this wasn't a tweet or anything but someone in the daily way Discord Channel asked the question uh relating to what I said the other day about how Rocka poool is going to potentially allow node operators to spin up validators without having to use LPL as collateral now this has been probably the biggest issue I think that people have had with Rocka pool is that you had to bring eth and RPL if you wanted to be a note operator now if you want to see the latest

proposal around this uh then you should definitely check out this one that I'll link in the in the YouTube description below but this is a proposal from uh valdoria that goes through basically completely rethinking the way that the RPL token exists or interacts with the Rocka pool ecosystem and how it acures value as well so you can go give this a read I'll link it in the YouTube description below but the reason I bring this up is because Rocka poool is I guess like a that's been around for a while now and it gets less talked about because it's not doing like you know D gen like liquid reaking points things because the RPL token already exists right it's not something that people can Farm there are going to be incentives and things like that obviously um coming out and dripping out slowly especially with uh with these changes that they're

going to be making here but essentially I'm very excited to see the fact that node operators will not have to to basically stake RPL alongside their eth in order to be a not operator because that will increase efficiency across the board that will hopefully increase Rocka pool's market share because I love the fact that rockol is almost 3% right now and maybe they don't grow much from here in terms of percentage market share I don't know I think they will but like even if they didn't having a real market share grow growth in terms of like more eate with them and more node operators coming online is very very healthy for the network right because even if their Network share remains at 3% but like let's just say 100 more node operators come online that is a net positive for the ecosystem because if if L's

dominance stays at 32% right and stays there for quite a while uh and they've only and and they had like 29 or something nde operators uh for a while and then they increased it to 38 they only added another nine nde operators right so but their market share is huge and the market share has stayed the same here but they're only ated uh nine note operators whereas with Rocka poool even if the the market share stays the same um they could potentially add hundreds of new not operators which is much better for the decentralization of the network um and also obviously if you want to take it to its logical extreme with coinbase being a single note operator their market share going up is doesn't really add anything I actually think coinbase's market share going up is only good for coinbase it is not good

for the beacon chain so really we need to um encourage people to stake with something like Rocka pool or run their own nodes right or stay with these other smaller Services um just to get more node operators on the network I want to see you know tens of thousands of solo node operators or home node operators on the network I don't think we're at this that point now I think we're at a few ,000 if I had to to say at at most definitely at I'm probably overestimating there but in terms of in terms of home uh stakers or home node operators I want to say that get to tens of thousands I know hundreds of thousands is probably unrealistic but maybe we will get there as well but tens of thousands of unique nerde operators is more than enough I think um in terms

of uh protecting ethereum's decentralization and making it so that ethereum is as distributed as possible and also I want to see those um distributed around the world I don't want to see them just concentrated in like the US and Europe I want to see them in Asia I want to see them in the Middle East I want to see them in Africa I want to see them in Australia obviously um and and and other parts around the world I want to see node operators everywhere and the only way we can do that is by lowering the barriers to entry as I discussed the other day when I went on my staking rant for like 17 minutes um the only way we can do that is by lowering the barriers to entry and there's much more to it than just lowering lowering the eth requirements right but lowering the eth

requirement is obviously the major part of it and make and and doing things like within Rocka pool where you remove the need to speculate on the RPL token if all you want to do is be a note operator that is a huge Boon as well so you can go read this I'll link in the YouTube description below for you to do so all right so gasless DNS SEC is now live on the ethereum main net so what does this mean in plain English terms well this means that within the ens ecosystem you can now use a TLD that you already kind of own such as like cat and dog or gooogle Gmail so you can have like for my understanding I could have like sassel dodog or maybe for for those of you in the daily grade Discord Channel you'll

get this reference you can have gr attack do. dog that would be funny um but yeah I mean this is now enabled on on mainnet I think it's available to everyone now which is really cool to see if you want to learn more about this Nick has a whole thread about this I'll link it in the YouTube description below for you to kind of uh uh look here um but essentially uh this has been a long time coming I think and as it says here it's gasless as well which is always good because I think gas fees have been one of the main blockers for ens for a lot of people because of the fact that obviously or you can only do it at layer one and they're they're doing like layer 2 Integrations as well but because of that like it prices out a lot of people

and it actually is kind kind of heavy with gas because of the fact that it's not just like a simple token transfer it is a smart contract interaction but those barriers of of Entry are slowly being eroded there uh so it's just great to see this now live but I'll link this in the YouTube description below for you to go check out all right so I just wanted to put this pup on your radar everyone so this is a pup celebrating the launch of smoothly I believe all of the proceeds from yeah all the proceeds from this popup go to the smoothly pool so if you just go to the the um the thing here in minet or the link here in minet I'll link it in the YouTube description below uh the minting fees all of them go to the um go to the uh

the the smoothly pull which then gets distributed to all of the validators all the solo validators that are part of the smoothly pull there so just wanted to put that on your I'll link it in the YouTube description below for you to go check out all right finally here there is now a public Dune dashboard available for farcaster data so if you're interested in tracking the rise of farcaster and basically its meteoric growth that it's been going through lately you can now check out this Dune dashboard now I am making a very concerted effort to be more active on farcaster because there are so many like good conversations happening on there there are a lot of good people on there that are way more active on there than they are on Twitter and and I actually saw a a tweet or I shouldn't say a tweet a cast on

farcaster from Trent van EPS today where he basically was replying to I think Eric Connor uh was got on farcaster and said that you know is anyone else concerned that we're splitting the community between uh the eum community between Twitter and farcaster and then Trent said well no we're not necessarily splitting it for the long term what we're doing is we're trying to migrate over to farcaster from crypto Twitter because crypto Twitter just became like uh a total right it's just grifters scammers Galore so yes crypto Twitter is still bigger right now or even ethereum Twitter is still bigger but if we all move over to farcaster then we can just migrate the whole community over and also farcaster is crypto native it's web 3 native it's much better than Twitter

when it comes to uh kind of like Integrations that it has within crypto when it comes to uh things like um uh security and also uh long-term plans around decentralization all that sorts of stuff so yeah I mean as I said I'm going to make a really big effort to use far C them more I'm still going to be using both because there's still a lot of stuff that gets posted on Twitter Twitter's still the Town Square for now but I did like the way Trent framed it as a migration rather than as a splitting of the ecosystem because if enough of us migrate across then others will continue to come and then we'll build that Network effect up and we will basically be able to abandon Twitter because Twitter since Elon bought it has just been down only like it's actually been like I I was very bearish on it

when Elon board it I think I don't know if I mentioned it at the time but I was talking to friends about it and I said this is probably the worst thing that's going to happen to Twitter and everyone was celebrating it for one reason or another and I'm like no no this is really really bad Ilan has no idea how to run a social media company uh at all and it's just gotten worse and worse I mean the latest is the fact that I don't know if you guys saw this but Rocka pool's Twitter account is still compromised guys like and it has been like this for weeks and they've had back and forth with people at Twitter they apparently got extorted out of like three eth to get their account back originally and the account got compromised again it's yeah it's it's a

complete mess right and that's just one thing but that is a huge huge thing because there's so many Bots and so many scammers running ramp on on on Twitter uh and you know Elon said that he was going to fix that he didn't fix that he basically just fired everyone that was had anything to do with that uh and because he wanted to cut costs because Twitter he bought for a stupid amount of money and now he has to try and make that money back for the investors uh but yeah no Twitter's in my eyes a dying platform farter is a growing platform and it will continue to grow from here it's really going to be up only from here for faras uh and I'm just curious to see what it looks like even just a year from now so I'm going to be using

both going forward you'll probably see more farter tabs covered on the refuel going forward um but yeah it's great to see that or it's great to frame it as a migration rather than as a splitting of the community because we need to get off Twitter at this point guys like crypto Twitter is a is a complete mess it is not something that is friendly anymore it's not something that I have fun on anymore I only go on there to collect stuff for the refuel outside of that uh when I'm on there I actually feel myself getting upset because there's just so much crap like it it it isn't a place of Joy anymore I think and I'm sure a lot of you feel that way as well but anyway that's going to be it for today's longer than usual episode I hope you all enjoyed it and thanks for listening and

watching I'll uh just subscribe to the channel if you haven't yet give it a thumbs up subscribe to newslet join the Discord Channel and I'll catch you all tomorrow thanks everyone