dGEN1 thoughts, Blob price discovery and more - The Daily Gwei Refuel #805 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of theway Ruel wake up latest news in E AC system I'm your host Dany s the 23rd of October 2024 all right everyone let's get into it sorry for missing the last couple of days of episodes I just didn't get around to doing one so I feel like I said that I wanted to stick to the Monday Wednesday Friday Cadence going forward but I feel like I don't know it's becoming more like just random like whenever I get a chance to do an episode is when an episode happens especially if I'm kind of I guess uh motivated to talk about something in particular or I've seen something in particular that definitely needs to be kind of talked about rather than doing an episode on like a regular uh rather than doing episodes on a regular Cadence so we'll see how we go

as as time goes on here but yeah I'm still going to try and stick to like the Monday Wednesday Friday thing but you know sometimes I'll go out with friends on like a Wednesday night and then I won't have time to do the refuel or something like that right so th those things tend to happen so it may come out Tuesday it may come out Thursday instead of Monday Wednesday Fridays but I will try to keep doing as many episodes as I can of course but anyway with that housekeeping out of the way first off today is a tweet from Hunter horley who is the CEO of bitwise who as you guys know are one of the ETF issuers for eth and also for BTC now Hunter quote tweeted Nate Jeresy here who was talking about the uh BTC and eth ETFs just just in general and all the money that

they've taken in this year and Hunter basically quote tweeted this with a quote where he said uh why didn't the ethereum ETFs do better uh and that was basically a question and and this is a question he gets he got an event last week and he basically put together a few comments here regarding this question and the reason why I wanted to talk about this was because as you'll hear from um I guess like the answers that Hunter gives here they're very similar to the ones that I've given on the refill over the last few months so it's good to get this you know straight from the horse's mouth so to speak but the first reason he gives is that it was summer for many investors summer is a slow period you monitor but don't take on a lot of new projects and I mean the

eth ETFs launched right smack bang in the middle of summer right in June so yeah it was a bad time to launch for the E ETFs um and that's one reason and the second reason is uh the market bull markets always draw Focus the Bitcoin ETFs launched amid a rising Bitcoin ether ETFs launched in a sideways Market again I brought this up months ago at this stage where I said that the EFS essentially launched at the I guess like bottom of the market so to speak um during that maybe not the exact bottom but like uh during that kind of um downward Movement we had from March you know that downtrend we had from March whereas the Bitcoin ETFs launched in January which was right smack bang in the middle of that massive kind of upswing we were having there or massive uptrend we were having there and then

the third reason Hunter gives was you know right after the Bitcoin ETFs many traditional investors um sometime has been um and continues to be needed to figure out how to incorporate Bitcoin after the launch of the ETFs ethereum arriving before that was solved made it hard to turn attention to it so essentially they were just getting their feet warm with the Bitcoin ETFs and then they had to go and learn about the E ETF so you as I've said before like this is a long-term thing it's going to take them a while to learn about a theory I'm learn about eth and I think I mentioned this a couple of weeks ago where essentially a lot of these uh I guess like uh tradire folks have never even heard of a theum which might seem insane to us it seems insane to me considering how much ethereum has been in the news

since 2017 right like ethereum really I guess went into mainstream prominence with the icos but the fact that a lot of these folks haven't even heard of ethereum is quite insane but the good news is is that once they learn about ethereum they tend to warm up to it very quickly and see the value prop now of course that doesn't mean they're going to allocate to e dread away or anything like that but that's what we need to do we need to keep educating here but of course if they're just getting their feet wet with Bitcoin if they're just learning about Bitcoin which seems insane as well considering how big Bitcoin is but if they're just learning about that what its value prop is how it works then for them to go ahead and learn about ethereum it's going to take some time so and by time here I mean

like years I'm not talking about weeks or months I mean years here guys so that's why I've always said and I've maintained this since like basically we started talking about ETFs in this industry again is that the ETFs are a long-term vehicle they are not a short-term thing looking at the day-to-day flows is useless I mean I'll give you an example of this over the last what week the BTC ETFs have had some pretty Monster inflows actually if I go to the website here far side and I'll bring this up for you guys to see so if you look at the BTC ETFs they've had some pretty Monster flows I mean like what almost a couple of billion since the 11th of October that's a pretty big deal the BTC price has gone up of course to mirror that or I guess like to follow that that those inflows

there but at the same time right like you can look at these just random outflow days you can see here that um yesterday the 22nd of October Arc uh Bitcoin ETF had $134 Million worth of outflows right whereas it took in you know I guess if you calculated here about 400 million uh from the 11th of October to the 18th of October and then it just randomly has $130 million outflow day that's why I said like day-to-day week to week there's not really any signal here it's more of people kind of like trading it's more of people playing like a basis trade it's more people doing like complex strategies or I mean there is definitely some kind of like funny business going on in terms of buying in at a certain time and then selling in order to like tax L loss Harvest potentially but yeah

I mean as I said like looking day-to-day week to week is not the thing that you should be looking at obviously the uptrend is the thing that you should be looking at and I guess like sorry I should say the trend of uh where the ETFs are going and obviously they ATC ETFs have been up only the ET ETFs have been a lot slower still relatively good um but also still I guess like net outflow of 476 million since launch because of the grayscale eth e outflows but that's slowly getting chipped away and eventually that will turn positive and eventually we'll see um I I truly believe we'll see um more more money coming to eth as tradire learns more about it understands it more just like it has with the BTC ETF so I'm not too concerned about that but obviously in crypto land on crypto Twitter and other

places that you look at they're very sensitive to day-to-day movements of things you know it's kind of hilarious when you actually go into the trenches of what these people are looking at they're literally so sensitive that they'll be like hyper bullish and have a whole thesis about some like New Meme coin one week and then the next week they've completely stopped talking about that one and moved on to something else it almost makes you think and I mean I'm pretty sure this is correct but it makes you think that like a lot of this is just completely fake right it's like a lot of bots um pumping up certain narratives in order to to get into something and then sell it and then that thing just bleeds out like it doesn't feel organic right if you actually dive dive deep into these things um because

it really isn't like I I I truly don't believe that um that there's many humans to the bot ratio I think there's like 100 Bots to one human sort of thing if we're doing like a naive thing there so like that those kinds of people the people that are like literally locked in every day just like chasing this stuff they're not interested in this right as much as they they it's kind of funny how like how much of the sentiment um or the B the negative sentiment is lobbied at eth saying you know eth is a shitcoin I don't want to buy eth I'm going to go buy meme coins the same applies to BTC these people buying memec coins and not buying BTC either they're not interested in that because they're not interested in slow and steady um I guess like price Rises what they want or what they're

trying to chase is a lottery win essentially so this sort of stuff I mean it's it's narrative it's it's kind of like silly when you when you dive deep into it and it's stuff that as long-term investors which I'm sure a lot of you guys are and you basically Ian on some level are in this for the tech and don't think you'd be listening to the Daily gay if you didn't care about the tech um it's just kind of useless for us to be paying attention to that but I am going to talk a bit more about that at the end of the episode there were a few thoughts I wanted to give around just sentiment generally there but that's enough on the ETFs moving on to something that I wanted to talk about which was this new device from the uh ethos team here so a

lot of you have seen this device already it's called the D gen 1 now this is not a new crypto phone as you guys know I have been incredibly bearish on crypto phones um since obviously salana popularized there by doing the salana phone but even before that there were like crypto phones ethereum phones and the EOS team actually did do an ethereum phone I and I have it but the reason why I'm I'm bearish on them is not because they're like shitty devices or anything like that but because I don't think anyone's going to replace their everyday driver phone with a crypto phone like whatever that means I mean you can kind of like stretch the definition of what a crypto phone is but I don't think anyone's going to replace their daily driver a lot of the time this thing just has like a customer in in ethereum

phone's case or eos's case it's it's it's a custom OS on a phone where you can still download other apps it's it's running Androids you can download apps off the Play Store and things like that but really I mean I I the vast majority 99.99% of people even more than that are never going to do that they're never going to buy this thing and replace their daily driver I mean I personally use an iPhone I'm not going to replace my iPhone with a crypto phone like I don't need to I don't I don't see any need for that but then the eth team came out with this new device called the the D gen one now this device is not a phone but it can act like a phone you can install like a phone app on it you can install other apps on it because it is

running a modified version of Android here but it doesn't really look like a phone like you can see the form factor in the little the little video teaser here it's like half the size of a of a smartphone it's got like a um it's got like a different design at the bottom here where it kind of like edges in it reminds me of the old HTC Legend I think it was phone that's one of my first smartphones uh back in the day if it's got um it's got a camera of course for scanning QR codes and stuff you obviously need that fingerprint reader on the back it looks like a grip uh and it's got like a laser as well for some reason I thought that was just like a memy thing they did there um but the cool thing about this is as I said it's

not a phone it's supposed to be a everyday carry item it's supposed to complement your existing set of like Tech Essentials if you will now they did tweet out um what was uh what was actually coming with the device they didn't tweet out specs or anything like that which has kind of had people going you know why like there's not much information about this why am I buying this I think um it's definitely not cheap to buy this thing but I bought one for the culture really because I just like seeing things um you know new experiments be done within crypto especially when it comes to Hardware when it makes sense like I don't necessarily think it makes sense with with crypto phones I'm I'm very bearish on on crypto phones but as I said like I am much more bullish on on stuff like

this because of the fact that it complement your existing devices rather than trying to replace it because there is no way as I said that I'm going to replace my iPhone with a crypto phone it's just not going to happen it makes no sense for me to do that uh and and even if I was on Android I wouldn't replace my existing Android phone whatever that is with a crypto phone here and there's this tweet here that basically describes what this device actually has or what it comes with so it has a system level wallet of course you want a wallet on this device like I mean without a wallet it's completely useless it has an eim and physical Sim so as I said you can use it as a phone but obviously um having a um a Sim also allows everything else not just a phone

right using it as a proper mobile device you can browse with it it has a laser as I mentioned which again it's just a fun little thing I mean I don't know what else you would be doing with a laser on this thing other than having a bit of fun with it uh maybe if you've got a cat you can tease it with it you can make a call with it as I said if you install the phone app it has two light node proxies on it that's where things start getting a bit interesting for me is that light nodes really are the endgame or verification of blockchains essentially what a light node allows you to do or a guess like what a light client allows you to do is is essentially verify the chain like you would if you ran a normal full node without having to download the

whole chain now this is one of ethereum's endgame kind of goals here is to allow for that to happen it can't happen um today without basically trusting another node so essentially what you can do is you can check another node and essentially uh check uh that it's correct and and serving you up the um I guess correct chain and you verify that against your uh light node here but the end game is to essentially be able to do it with without having to trust and be able to do it trustless and that's obviously what we're trying to build in crypto right as I said it has a camera and you can mint nfts from images on it which is really cool and they said the total specs are coming soon I don't expect this to be the most powerful device in the world as I said this seems

like a very kind of like fun experimental thing here um but but as I said as well I am more bullish on something like this than a phone because of the fact that it doesn't replace my phone it complements it will I use this um you know as my everyday carrier will I carry is around with me all the time I'm not sure it's I I as I said I ordered one I'll get once I get it I'll see how I how I kind of go with it um but still something interesting something more interesting than what we've seen in the past and people asked me I guess in the Discord channel it's like you know exactly what was it and hopefully I've given you some more kind of context around what it is but I guess the closest comparison here is a hardware wallet really and maybe not

like a ledger like one of the the The Ledger kind of like Bluetooth devices uh sorry not the device the little Ledger Nano that's what it's called um but more so with something like The Ledger Stacks or the the new one that they kind of brought out there the one was with the screen on it it's probably closer to something like that except I don't know if it has a secure Enclave on it so I'm not going to say it's a hardware wallet because to be a hardware wallet it would have to have a secure Enclave on it so that you cannot access the private key no matter what I mean maybe if you had physical access to the device you could but that's like the defining feature of a hardware wallet so um I don't know if it has that and obviously grid plus has

the screen as well um on the on their devices there but uh essentially that's kind of I guess like the best example I can kind of give of what it what it's like but at the same time it's a hybrid of like a crypto phone and and a hardware wallet here where it has all the wallet functionality it has all the good stuff like that but it also can act as a proper mobile device you can put a phone app on it if you want or you could leave that offer you don't have to use it as a phone as I said doesn't have to replace your everyday driver it complements it so I'm looking forward to it uh and I know that was a long shill about it I'm not being paid to shill this or anything like that as I said I purchased one on my own so just a

disclosure there but I haven't actually received it yet so I'm just speculating on on everything here but I felt like it was worth covering this because I have been bearish on these devices in the past and people were wondering what made me I said I think I said in my tweet cautiously optimistic about this I didn't say I was bullish on it I said I yes something that I could cautiously get behind because again I don't know how I'm going to treat this device and it is the first version of it I don't know what future versions are going to look like so we're going to have to see how this shakes out uh there all right moving on to some core Dev related news So Christine Kim here has a new report all about ethereum's upcoming upgrades and catalyst so in this report she dives

into Petra fusaka and the impacts these upgrades could have on eth stakeholders so as you guys know Petra is the next um upgrade that's coming to ethereum uh Christine here has her estimated timeline at around March or April for mainnet Activation uh more so April um I remember I've been saying q1 or like late q1 in March that could EAS easily push into April so it seems like Christine and I are aligned here on timelines but she has a really nice graphic here kind of showing the step-by-step process of what we're in and where we've come from from September to April essentially what's happening with Dev Nets test Nets finalizing Scopes and all that good stuff there the usual stuff we see in ethereum upgrades and then of course she also dove into faka which is the um upgrade that's

coming after petric which includes a bunch of the EIP that were bumped from Petra such as pias and this is just a great overview of everything happening I mean honestly you should go give this whole report a full read for yourself because it has basically a complete overview of pectra the eips that are included what they do and she also has a tweet here where she kind of like relates it back to uh catalysts for eat's value now of course as you guys know nothing coming in Petra really directly impacts eat's value in terms of trying to drive more value to it or anything like that and honestly going forward I don't imagine there being like any eips that would necessarily do that unless we did like an issuance change like lowering the issuance which was discussed a few months back but everyone

in the community is pretty against that right now so I don't know if that's going to change in the future I'm still kind of I guess neutral about that like I don't really see the the the pros just yet because I haven't seen the latest iterations of it I'm I'm sure they're coming but um and I don't really I mean I see so I should say I see the pros and I see the cons that's why I'm kind of neutral but yeah I haven't really made my my my mind up on that but in terms of like what's coming in in Petra with like blob count increases and stuff like that uh and then P Das later on uh it's not going to directly impact eth value it's not going to drive more value value to eth there it's kind of outside of the scope and that's fine I mean uh when I

say direct impact uh that that kind of like means something that you is like basically measurable but there is lots of indirect impact such as scaling blobs scales l2s more l2s get to get more users on boarded more users using eth obviously I believe eth is a money in a story value and the more people that hold it and buy it and use it the more e will go up in value so that's the kind of like indirect value uh driver there but yeah anyway you should definitely go give Christine's report a read it is very comprehensive uh it covers basically everything you'll need to know uh and I had a really great time uh reading it because I actually learned a few things from it as well I haven't following I haven't been following pectra as closely out as I would have liked over the last couple months

obviously because I was traveling uh for for two months there but I am trying to get back into the swing of things and Christine's writing uh tweeting you know everything that she does has been a big help there and she's also got a podcast by the way I'm sure you guys are aware of this by now called the infinite jungle where she talks to a bunch of people in the ethereum community as uh as well as covering these sorts of stuff in podcast format which you should go check out I'm sure you can find the link on her profile there now uh speaking of blobs an interesting thing happened over the last 24 hours when it comes to blobs thanks to the scroll airdrop so scroll air dropped its token to its community and of course they did it on their Network where everyone had to go claim the

airdrop and that basically uh I guess like skyrocketed Scrolls TPS and Scrolls usage and that meant that more blobs were being used and we went into blob price Discovery for a little bit of time it wasn't very long um I believe it only lasted less than 24 hours here but you can see there was a chart shared by data always looking at the blob Market going into price Discovery here and then I believe they actually ended up sharing another chart of it coming back down yeah you can see here what this looks like going from around 700 a.m. to uh what I'm just eyeing at like 12:00 a.m.

or something like that so as I said less than 24 hours it kind of did like the mem coin life cycle of like rocketing up and then dumping back down right but essentially what data always was pointing out was that um in it took about 3 hours of increased blob demand to surpass the EIP 7762 Target about 30 minutes after that to start to find price stability so essentially there's been a lot of discussion around how long it takes ethereum blobs to enter sustained price Discovery and start uh I guess like surpassing the uh sorry Start um going into uh price Discovery where blobs are no longer free uh and uh there is an EIP called EIP 7762 that wants to essentially create a target for this and uh basically means that the blob's go

into price Discovery sooner than they do today and that's what data always is is measuring here so and and then they concluded by saying with how mature The Blob Market is and the changes in the supply chain over the past few months uh they don't know if 7762 is all that valuable anymore when an exogenous shock barely disrupts the market for a few hours it's probably uh over tuning to push for 7762 I don't know if we have enough data to make that conclusion yet but like I I kind of ER on that side as well you know everyone goes on about blobs not being saturated as like this I don't know potential like cold start problem or this thing that's potentially bearish for ethereum and that we need to tune and we need to change I'm all for

changing the fee The Blob fee Market to be more efficient and just like react to things in a better way but at the same time it just comes back to like the fundamental um principles of supply and demand there is too much Supply right there's more supply of blobs than there is demand for it right now so until that demand exceeds that Supply it's not we're not going to see um sustained kind of price Discovery here and I talked about this the other day on the refuel so I'm not going to kind of rehash all my points from back then but that's all it really is and obviously once uh demand picks up and we reach kind of The Blob Target and we go into sustained price Discovery that's not necessarily something we want to see because it means that layer 2 fees go up and what

we want to see is essentially U more obviously more blobs added to the network which we're probably getting in Petra here but then scaling that up even further with pier and other things like that and ideally we don't really necessarily want to see blobs go into some kind of like insane price Discovery where they get so expensive and all that cost is passed on to users at L2 what we want to see is a healthier fee Market where essentially there is I guess like some predictive or more I guess reliable fees being paid so blobs aren't free but the more reliable fees being paid and then we make it up in volume you know we sell we the ethereum network sells more and more blobs as time goes on and it makes it up in volume that's how it generates the the fair Revenue there

instead of trying to I guess like milk the existing blobs that we have I and and try to like milk it for some uh some fees that don't really need right now in my opinion because we're trying to scale this thing up to the world right as I discussed the other day so yeah anyway you can go check out this uh this chart for yourself I'll link it in the YouTube description below for you to do so all right changing gears a little bit here something from the ZK sync ecosystem so this was announced I believe yesterday uh where on on Twitter here they say bonzes is the first city to issue decentralized IDs to its citizens by integrating Quark ID into the m IBA platform over 3.6 million bonaza citizens now have control over their

documents via blockchain and ZK proofs with ZK sync era serving as the settlement layer I've been talking about like ZK ID for so long now and obviously it's taken a lot longer for it to I guess proliferate or get adoption than any of us would have liked as things do tend to take longer than you know any of us would have liked but we're now finally seeing this I remember there was something similar with um in Denver I think there was some pilot programs there around this but this I believe is going to be uh not just a pilot it's actually going to be live it's actually going to be something that bonus Eda citizens have access to and I think uh it's maybe worth rehashing why I'm so bullish on ZK ID I mean I'm sure you guys are well aware of just how much of

our data is being constantly leaked absolutely everywhere because basically everywhere requires uh I guess it's a form of kyc where essentially they're like well we need to know who you are we need to know your full name your date of birth email address in America you need your social security number we we uh we need maybe your street address and yeah okay maybe we need your passport or dri's license to verify your identity and hey we're not going to delete all of this information once we're done with it we're going to store it forever and we're going to store it somewhere where it's not secure and then it's going to get leaked and then all your information is going to be out there and you're going to get fished and you're going to get scammed you're going to get so many um scam emails scam letters all that

stuff out there and then uh you know eventually some people will lose money here and it's just like such a bad solution especially in the US where they don't have very good data protection or data privacy laws the EU is a lot better at this but I mean still not perfect obviously and that's where something like a ZK ID comes in where essentially you use the magic of ZK to essentially prove to whoever you need to that you are who you say you are without having to give them any information you literally just give them a ZK proof and you say Hey Okay I I am who I say I am here's the proof of that and that proof is matched with a you know a central registry but it's just the proof the information is not not in that registry that your private information your

personal data is not there and we basically solve the issue of personal data leaking overnight and obviously it's not a silver bullet there's still going to be the um matter of getting this adopted getting people onboarded making sure there's not other ways they can leak their information and making sure these things are integrated correctly but that's why I've been so bullish on it because it is uniquely enabled by ZK Tech and also uniquely enabled by blockchains because of the fact that you want to have like a I guess neutral settlement layer uh to to put this on and and something that everyone can view um but they're not viewing your personal information they're viewing a ZK proof and it's very there's something similar that was done by coinbase essentially where essentially they're not I don't know what what what kind of like Tech they're using under the hood I don't know if

they were using ZK proofs for this but essentially what they were doing is that they were using the ethereum attestation service or EAS to essentially attest that you are who you say you are because obviously if you've got a coinbase account they've done kyc on you and they were offering like perks uh for verifying yourself such as like transactions on base so essentially what you would do is you that you would um basically go to coinbase tell them hey this is my ethereum address can you attest that this is my ethereum address um and so I can get these these perks and then the coinbase will do that because they're like well we already know who you who you are so we're going to attest and and we're going to put this on chain but no one's going to know anything about this is just like a

random string of characters to people that see this on chain but we know as coinbase that you are who you say you are this is your address that's tied to you and we're going to give you the perks because of that so no information was leaked even though it is on a public ledger so that is like the Holy Grail here guys and I actually um made a comment the other day on Twitter in reply to Tim boo who asked what more should we be focusing on as an ecosystem in ethereum and I said privacy right like privacy has taken a massive hit obviously because of the fact that the um tornado Cash Tornado cash got sanctioned by ofac a lot of the um I guess war against crypto is definitely focusing on privacy as well uh and obviously the um tornado cach developers were arrested and facing uh trial right

now going through a trial right now um uh but uh yeah I mean I think that privacy is still like the biggest thing outside of scalability that we need to focus on within not just the ethereum ecosystem but all of crypto because without privacy we're not going to get much more adoption than this I think I think that um without privacy none of the serious institutions are going to want to build anything durable on this technology without privacy uh we're not going to be able to do things like um uh like uh like expanding the attestation stuff essentially where essenti you know it's cool that coinbase is doing it but we would like to expand that and scale that up to testing to everything but we want to do that in a privacy preserving way so the whole gra would be to have things like ZK IDs that are used to

identify yourself but you still have and retain all of your own data and then having ATT stations posted on chain as well of these things and then being able to kind of like interoperate with all of that information on all these different apps imagine being able to go out and uh basically I mean this is probably far into the future but imagine being able to go out to lenders and basically say hey here's my onchain credit score essentially but I'm not going to tell you what my kind of like score is I'm not going to tell you my history or anything like that I'm not going to give you any personal information but I have a proof that I am a worthy borrower essentially so I as I said probably something far into the future from where we are today but that stuff is really

just um I guess like possible when you have ZK which enables privacy of course but you have like native onchain privacy and you have things like what ZK syn has done here integrated more W widely here so if you want to learn more about zky solution they're doing a Twitter space which I'll link in the YouTube description below this is going to happen in a couple days from now on October 25th so you can go check that out for yourself as I said I'll link it and there's also more information here as well as a full blog post on how this all works under the hood but as I said I'm super excited to see something like this live it's something that I've been talking about for a while uh and yeah everything in crypto takes way longer than we think it's going to take

especially in ethereum but eventually we get there uh I think that's the Trend uh that we've seen over the last few years of course another new product launch that came out uh I think a few days ago now that was that I was meant to cover kind of last week but I I I forgot to is something from gravitar and node set here which is built on top of rocker pool so essentially what this is is a new way to stake your eth with a new LST called XR eth and you can also stake your RPL tokens um and get an Al Lis te RPL called xrpl so essentially the problem that they've identified here is that that Rocka pool's growth has been limited by the need for note operators to lock up significant collateral this has led to asset concentration and bottlenecks in staking expansion and the

constellation upgrade that this part of rocker pool here solves this by tokenizing note operator bonds through XR e and xrpl so the solution is that with constellation external investors can now participate in node bonding by minting XR e and xrpl this opens the door for more validators decentralized staking and greater efficiency Across The Rocker pool ecosystem so the cool thing about this is that node set actually has a bunch of node operators that have signed up that are essentially just waiting for people to put eth in and to spin up validators and run those validators for you and you can actually see on their website here that uh if you want to become a node operator you can if you want to just essentially stake your eat you can you just click I need decentralization and it comes up with um with a with a popup here that you can't

see on on on my screen there but the reason why I think this is really cool and I actually spoke to the team about this is there's this I guess like I wouldn't call it a big problem but there's this kind of thing going on within the ethereum staking ecosystem right now where we have different staking solutions that are coming out like different lsts different LTS and they have their own node operator set but typically this node operator set will be the same as other lsds they'll be like not exactly the same but they'll be the same kind of entities staking on Lio staking on eifi staking on puffa you know staking on um on on uh on on the other LST projects out there and essentially that doesn't really add anything to decentralization of the network right because if it's the same

entity then we're not adding any more decentralization or any more I guess like um any more security to the network really Economic Security maybe but at the same time if all of that eth is just getting funneled into the same people then uh like each uh I guess like e that we're adding is really not adding much Economic Security at this point in time and that's where nodet comes in where they say well basically we're going to leverage Rocka pool's existing infrastructure here which is the most decentralized um LST and has the most node operators by far and essentially incentivize more node operators to join and essentially curate them so that we're not just having the same node operators across all of the different LST uh projects or LRT projects out there because it's kind of useless I

mean it's not useless but like it's kind of redundant right so the the goal should be to on board more note operators the goal should be to on board um different node operators and it should be to on board not operators in different locations or locations where we don't have a strong concentration of them and I think that's exactly what uh node set gravitar and Rocka pool obviously trying to do here and this really is just the beginning of what they're doing there is like you as I said you guys can go check this out for yourself but there is so many things that they've got coming Rocka pool itself is undergoing a pretty massive kind of um I guess you could call it Resurgence uh right now with the upgrades that they've got going live and the things that they're working on I believe Jasper was twe was teasing a

tweet thread that he was going to put out today so I'm definitely looking out for that and we'll probably cover it on the next refuel um but yeah now that we've got like ethereum staking to to a really nice spot in terms of the infrastructure is there you know withdrawals are enabled obviously the merge is done and we're in like the maturation State what we need to make sure of is that it doesn't concentrate it doesn't centralize from here and we've obviously done a lot of work with that by essentially making the community aware of of lier and making sure that no the lier is in over 33% market share and no other um protocol gets to that but at the same time we need to improve the node operator set we need to get more node operators online and we need to incentivize them to be online this is

one way to do that so you can go check this out for yourself I'll link it in the YouTube description below for you to do so all right last up here is just a reminder that I'll be speaking at the bankless summit which is taking place one day after Devcon on November 17th 16th I believe um I I get confused with the dates um because I haven't actually um I haven't actually looked at the dates yet I have so many invites to events just coming way and I'm trying to organize my calendar right now um but yeah on November 16th yeah and the reason why I'm giving shout out here is because as you guys know I'm speaking at this event I believe I'm going to be the first Speaker uh and just to give you guys a little bit of a teaser about what

I'm I'm speaking about my talk is probably going to be titled um a journey through the infinite Garden that is ethereum what I'm going to do and what my aim is to is to basically take the audience through a journey of where ethereum has come from where it is today and where it's going in the future I'm going to channel as much bullish energy as I can for this talk I've only got I believe 30 minutes but I'm going to try my hardest to paint a really clear picture of what I believe ethereum um is is is headed towards and I do obviously want to give the context of the past and and and kind of like realign around the future before giving what uh soor real realign around the present before giving my thoughts on what I think is going to play out in the future uh there but you

can go get your tickets if you're going to be in Bangkok for Devcon I'll link the YouTube description in the um I'll link it in the YouTube description below for you to do so there I hope to see a lot of you there I hope to see packed audience at the bankler summit because as I said it's not just me speaking there there are a ton of speakers I mean if you go to this link here for the tickets you'll actually be able to see the the speakers here there are people like sham from igen layout Justin Drake you guys all all know here you've and you know the the the um the speakers are actually quite varied so obviously sheram and Justin are pretty core ethereum but then you got Eric Wall who he spends a lot of time in the Bitcoin ecosystem and you got Peter Van

valkenberg who spends a lot of time on the regulatory side of crypto isn't really in side one ecosystem and then you've got like everyone's I guess like favorite controversial voice in the ethereum ecosystem am mean solmani here who you all probably know know very well he is um very active on Twitter but yeah as I said like very diverse set of speakers here and I can't wait to uh to go to this event uh and to speak at this event myself now I did say to you guys that I had something I want to talk about at the end here with regards to sentiment uh throughout the crypto ecosystem so it it's kind of funny because I was talking about this in a daily grade Discord Channel just before where I said that negative sentiment is just as contagious as positive sentiment and I

want to expand on this essentially you guys a lot of you guys will have been around in 2021 uh probably not earlier than that for most of you I think uh from what I can tell but 2021 where the whole Market was just going absolutely crazy right and everyone was like making money well making money on paper everything felt good was going up eth was rocketing you know all your other bags were rocketing and and all this new money was coming in and all this stuff was happening it was so hard to keep track of and everyone on crypto twio was happy and that positive sentiment was extremely contagious right for better or worse it was extremely contagious it was very hard to be negative very hard to be bearish but then you flip the switch over the last I guess couple of years where it's been uh

more so like last year and maybe this year somewhat where it's been relatively bearish and sideways right like it's kind of funny that the sentiment is so negative right now even though Bitcoin is basically almost that all-time high I know eth has has basically been lagging a bit here but honestly it's not doing that bad considering it went to like eight almost $800 at at the bottom of the bare market now it's at like 2,600 um and and and I but the thing is like most of the other assets are still down like 80 90% from their all-time highs as well so I understand like that side of things but but the negative sentiment and the reason why I think there's so much of it is because as I said it's it's just as contagious as the positive sentiment so let's walk through like a

an average crypto participant's day well they probably log into crypto Twitter the first thing in the morning right they probably check the prices actually before they do that they go go on their phone they check the prices coin Geo coin market cap trading view whatever you use to check the prices and if the price is going sideways or if it's down you're probably going to be like damn like that that makes me feel like that's not good that's not fun um another shitty day in the market so you've already started your day off like if that's what you're doing if you're literally waking up and checking the the prices as I mentioned a few months ago before I took my break this is something that I used to do and and wasn't fun right I didn't even know why I did it was like kind of a habit that I

that I had but anyway say you start off your day like that and then you get out of bed and maybe you sit on your phone your laptop your computer whatever it is and you scroll through Twitter and then everyone on Twitter is just being negative they're like oh my God another dump oh my God we're still going sideways oh stocks are raging and crypto is doing nothing right and you're reading all of this negative sentiment when keep in mind you just woke up and check the prices and put yourself into a bad mood so you've now Amplified that bad n bad uh mood with the negative sentiment on on Twitter right so then from Twitter maybe you go somewhere else maybe you go on like Discord or something like that maybe you um maybe you talk to some friends and maybe they're echoing the same kind of

negative sentiment because they've done the exact same thing that you have done they've checked the prices they've gone on Twitter they've gone um elsewhere and just seen negative sentiment everywhere so what this does is it just causes a feedback loop of negative sentiment and pardon my language there but like it's so insane that this this kind of happens pretty much every day within the industry it's like a groundhog day of just like negative sentiment during these times where essentially you're only feeling and you're only feeling negative about things because other people are but the hilarious thing about this is that they're only feeling that way because of other people and and and and the thing is is that it all traces back to the price action because if your moods are dictated by what the price of your of an asset that you're holding is doing on

any given day day then you're start and you're checking that at the beginning of the day you're starting your day off in the worst way possible and then you're just feeding on that and it just becomes this cycle this kind of like never ending as I said Groundhog Day cycle of negative sentiment that feeds into everything so that's why you see like um everyone uh well not everyone but like it seems like everyone on crypto Twitter being like really bearish on ethereum saying ethereum is dead eth is dead eth is a shitcoin know um such and such is going to kill eth blah blah blah you're seeing all of that just because of the price just because the price is going sideways it's not even really doing anything other than that I mean if you actually look at the at at um the last couple of months especially it's really

just been going kind of sideways here um and and I think that drives people crazier than it going um down to be honest because obviously like every pump gets sold down and then every time you have hope that it's going to go up again it goes down again and it just kind of does this this ping pong thing right but but that's all it is at end of the day and I've explained this before on the refuel plenty of times where sentiment follows price but like negative sentiment is is just so contagious I think much more contagious than positive sentiment and it just lasts for so much longer than you think it will and it just feeds off of everything then it can that it can literally convince you of things that aren't even true like there are people convinced that ethereum is dying when you have black rock PayPal

Visa stripe all these major companies building on top of it and that's just one thing you have the layer 2os hitting new user base all-time highs new activity all-time highs every other day you have um e eth L1 still being heavily used you have blobs basically um successfully scaling ethereum you have all these developments happening around ethereum you have the ethereum staking ecosystem still growing all the time reaking still growing like all these things just happening right but if all you did was sit on crypto Twitter if all you did was consume this negative kind of sentiment it kind of tricks your brain into thinking that well okay maybe I'm wrong maybe ethereum is dying maybe ethereum is failing when it's not at all like there's nothing wrong with ethereum the price is the price the price is

doing shitty things the market es and flows like I understand that and I think that for a lot of people they look at the price not just against USD of course but against like Bitcoin and against other like L1 tokens and like salana for example and I'm like oh my God like salana is going up against eth and E going down against BTC what the hell is wrong with eth what the hell is wrong with ethereum when I don't think anything's wrong with it like was anything wrong with Bitcoin when eth was going up against it no it didn't doesn't seem like it bitcoin's doing just fine in terms of what it's trying to do which is um guing value essentially the BTC guing value right so it there needs to be a kind of I guess like deep thought put into this if all if you're getting

your kind of I guess like um feed from from Twitter if you're getting fed from Twitter all the time is that you need to actually just take a step back and realize that that's not real that's all kind of made up it's all just feeding on of itself in a negative spiral uh of people just like feeding off of each other's negative sentiment um that leads them to the wrong conclusions so if there was something wrong with like ethereum or if there was something wrong with ether as an asset like I would be the first to say it I would be the first to notice it given that I'm so close to the ecosystem but I'm not seeing anything wrong like I don't I I understand the B cases people have oh you know e theum feere Revenue has gone down or ethereum l2s have fragmentation

I understand that but from my perspective I take a little bit of a longer term look here than like a week or a month and I say well I believe the fragmentation of liquidity will be solved and I believe that it's not even big deal to begin with because any user that I speak to doesn't really complain about it they're like well yeah I just go on arbitrum or I go on base I just bridge if I have to it takes like 2 seconds and all is well um and then when it comes to like the fear of a new well as I've said before on the refill guys like we haven't even onboarded like a millions of monthly active users yet let alone the billions that we're trying to bring on chain here so why are we worried about value acrel right now why

are we worried about fear Revenue we should be worried about onboarding as many people as possible and that means getting ethereum scaled as much as possible which is what we're doing with blobs we delivered blobs they're working perfectly to scale the l2s the l2s are working perfectly and that's just the l2s that are live today not to mention all the other l2s that are coming live uh the ones that I'm particularly paying attention to and I should disclose that I'm an investor in both of them but I'm pretty much an investor in all the l2s CU I'm so bullish on them but Mega E and Eclipse they're two massive l2s especially Mega e um which is evm based eclipse is svm based but they're pushing the limit of what's possible at L2 they're trying to essentially do like 100,000 TPS plus they're really trying to push these things to the Limit and

they have repeatedly said that what they're doing is only possible because they're building as a layer two and not a layer one so there is just so much exciting stuff happening and honestly if all you did was listen to maybe the refuel you would probably feel a lot different about the ecosystem than if you were to sit sit on Twitter sit on Discord and just feed off this negative energy and I see it play it all the time I'm affected by it as well this is one thing I actually wanted to to hit on that I'm glad I remembered because I didn't want to forget to hit on on this people may think I'm immune to this sort of stuff they may think I'm immune to the negative sentiment they may think I'm immune to um all of the I I guess like talking that happens about

ethereum and eth on Twitter I'm I'm not guys like I'm not at all I feel the same way about it as you do but I have strategies to like reorient myself around the longer term stuff here and not get bogged down in this sorts of stuff like I try my hardest not to it does get to me sometimes it gets to me so much sometimes that I literally have to just step away from things and try not to to to kind of look at anything cuz as I said it's just so much crap it's so much it's not worth consuming it's not worth your time what is worth your time is if you want to be involved and deeply involved with the crypto EO system especially with ethereum um just pay attention to things outside of social media don't sit on crypto Twitter all the time don't even

sit on like the the crypto Reddit sections don't sit in the daily grade Discord prices Channel which is just so bad I muted that channel ages ago because honestly like I sometimes I check it just for moderation purposes and I read through it and I'm like holy like these guys have been talking about the same things for months now like why I'm like I'm no offense to anyone who spends time in there like thank you for being active in the Discord Channel but like I read through it and I'm like it's the same that was being said months ago like why are you guys still talking about this and um I get that it's maybe a form of th therapy for people they want to like talk to each other about it and like um and essentially like bounce ideas off each other but again it tends to kind of

put you into this like feedback loop of sentiment uh feeding on sentiment and it goes both ways so yeah if you if you just want to like stick with um the tech and stick with what's happening and have more kind of like longer term mind go watch bankless stuff go uh you know listen obviously listen to the refill which you which you do go um read um research papers go read documentation of your favorite kind of protocols they have a lot of docs out there go use them do that sort of stuff don't sit on crypto Twitter all day and read through the Doom posting like and and obviously it's not just um crypto stuff that's on Twitter it's all the other stuff too like I don't know about you guys but my for you feed no matter matter how many times I try to tune it is so bad like I

just get pushed all this political stuff into my feed I just I hate it because I just don't want to deal with politics especially not when I'm I'm on my computer trying to focus on ethereum uh I don't want to deal with that sort of stuff I'm just pushed random videos of like I don't know just like clickbait engagement videos and then Elon Musk is always in my feed with his crap and I'm just like oh my God it's just an overload of stuff I'm like okay cool like I'm going to try and tune it which I try to do but also try and less time there because it's just not healthy I don't think it's healthy I don't think we as humans are built for that stuff but anyway I've rambled long enough here ranted long enough here but I thought it was important to talk about that stuff I

think the the key takeaway from that yeah well the two key takeaways from that whole thing is is one just be aware of the these kind of like negative feedback loops that you can find yourself in and two um be aware that everyone's affected by this even me like in in in a big way to be honest at times but you got to have strategies for dealing with this you got to make sure that you zoom out and know that a lot of it is not reality it's just fake and a lot of it isn't even real people like it's Bots like let's be honest you are pushing this kind of sentiment um and when it's money involved when it's different incentives involved for different things things can get very uh murky there as well but I think on that note that's going to be it for today so

thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to the newsletter join the Discord Channel and I'll catch you all next time thanks everyone