Doge madness, Parsec live, Stablecoin growth and more - The Daily Gwei Refuel #46 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 29th of january 2021 and the last 24 hours have been absolutely insane not just in the ethereum ecosystem but in the crypto ecosystem as a whole so let's get right into it so obviously you know yesterday or the last i guess 24 48 hours there has been a lot of price movements on dogecoin now uh dogecoin for i mean everyone knows what dogecoin is i don't think i have to explain it it's been around since 2013.

it's basically a meme coin uh you know everyone likes the doge meme and everything like that but it is also one of the cryptos that is available on um on robinhood uh so of course once people were done with gme um and like you know pumping a bunch of different stocks on there uh you know the the trading got disabled right so they couldn't actually do anything anymore so they moved on to crypto and you know this kind of took the internet by storm in the last 24 hours it was actually pretty insane uh you know people that i had never seen talk about crypto before were talking about it there were like all these internet celebrities talking about it and stuff like that and what ended up happening is that it pretty much went like uh i think about it 10 times from its

bottom so you can see here you know it trends sideways most of its time right sideways to down it doesn't really do much um because really there's no fundamentals to those right it's a meme coin it really doesn't do anything um but then you know you can see here it kind of bottom then wow shot right up 10 times basically in a day which is really really crazy got into the top 10 right absolutely insane and you know it's come down a bit now i think it's come down about about 40 percent um you know i mean i was kind of saying to to my friends like this is crazy this is gonna dump and and unfortunately a lot of kind of newer investors are going to get wrecked on this which they probably did if you brought up around here right and if you've kind of

panic sold at this point and you know as i said doge doesn't really have any fundamentals so there's no reason for anyone to hold it except for speculation and that's why you see such violent moves down after it like this was a pretty pretty violent move down right and you know maybe that continues but you know the the profits from that i think have started to move into other coins now so you can actually see on ethio that east going back up right now um it's gone from 1300 to 14 16 at time of recording uh the alt the all-time high is what 14 the week here 1476 the new all-time high so maybe we'll break through that soon um you know i think there's going to be a lot of new people coming into the

crypto ecosystem now because of this dogecoin thing and because of stocks a lot of new people have gotten kind of um exposed to investing in general now learnt about it want to get more involved so yeah i mean i i just don't see a world where we don't kind of see a ton of new people coming into the ecosystem because of this uh so yeah definitely going to be a pretty wild ride i think and on top of all of this and i think the reason a big reason why you know it's pumping here and bitcoin was pumping as well is because elon musk put bitcoin in his twitter bio so i think before that it was i can't remember what it was i think maybe he's had dogecoin in there before but everyone knew it was a joke right so he bought sorry excuse me

he put bitcoin in here and uh basically everyone's speculating now because he also has a tweet that he put out three hours ago saying in retrospect it was inevitable and everyone's thinking that he's talking about bitcoin and now people are speculating you know is elon gonna announce that tesla's put bitcoin on their balance sheet which wouldn't be too far-fetched i think you know um we've seen other companies do it lately i actually wouldn't be surprised if this happens or elon announces that um he's made a personal investment into bitcoin of some sort of size who knows it's all speculation right now until he kind of announces it himself or tesla announces something but again wouldn't be surprised at all and you know i think that it's probably you know it makes sense for them to do

this uh you know i i hope to once one day see companies putting eth on their balance sheet of course but they're going to start with btc first the they're kind of they're kind of like following all these other companies that are doing it right now so yeah there's a lot of speculation around that and it kind of i think bitcoin went from 32 000 to 38 000 within the last few hours um a lot of you watching this were probably asleep when that happened it was quite funny just to see this spike happen and i was like okay why why is that happening and i went to went to twitter and i saw some some tweets about this i'm like okay that's that's kind of a big deal uh the richest man in the world puts bitcoin in his bio and then has a cryptic tweet uh that that

kind of links back to it so speculation is definitely running rampant here so yeah i will um i'll keep you all updated but i'm sure you're going to see this on twitter anyway i think things are about to get very very very crazy within crypto you know they've they've been crazy for the last few months but they're about to get much crazier so i hope you had a had a chance to have a break because i don't know if anyone's going to be able to have a break uh going forward from here so yeah it's going to be interesting to see uh play out there so alex from nansen put out this tweet today uh it basically ranks different entities by how much gas they consume so you can see here that uni swap's the top consumer one inch is second wrapped ether is actually third that's

interesting tether are there you know and the list goes down and then down the bottom we have a new entrant optimism now obviously i've spoken about optimism a lot on the refill before they're the layer two scaling technology that's gone live in a soft main net capacity uh they have synthetics running on their kind of layer two system right now but just because they're on layer two doesn't mean they don't pay gas so the optimism system actually settles to ethereum and anyone with drawing assets or withdrawing anything from like layer two to layer one also pays gas on kind of layer one here so optimism is already one of the top gas guzzlers here which i think is pretty cool i mean just getting a lot of use with synthetics uh and things like that so yeah just

really really awesome to to see that uh where i mean i think people are underestimating kind of um uh how how kind of fast we're gonna get to layer two adoption and how quickly we're gonna basically um get to a point where most end users are sitting on layer two instead of layer one and you know these layer twos are all settling to layer one we have like a massive ecosystem of them going around and as i've spoken about it before ethereum becomes this amazing economic nexus and all these things are talking to it and bridging in and bridging out and we have just a beautiful system working so yeah and they're all going to be paying their dues in ethereum fees to settle on the ethereum network and then with eip1559 we're going to have the fee burning

which means that there's going to be a kind of a symbiotic relationship there between the apps and the layer 2s and the bridges and everything so very very exciting and i thought it was a was a cool tweet from alex here so dude analytics put out this tweet here uh basically there's now 25 billion uh us dollar stable coins issued on ethereum uh most of that being tether of course uh usdc is catching up as you can see here in the in the chart uh there's a few smaller ones obviously there's dye and then there's gemini dollar binance usd and synthetics usd and stuff like that susd um and also there's half a million weekly sending addresses as well now those aren't people right they're just the ethereum addresses so it's not

unique people and i'd wager that most of that stuff is like bot activity or arbitrage activity between different exchanges where you know traders or bots are taking one kind of uh you know stable coins from one area to another to do like an arbitrage trade there but still this is economic activity on ethereum this is where a lot of the kind of fees are coming from and where all that kind of like i guess fee revenue is coming from is this sort of activity happening on the network and i i think i've said it before but stablecoin is obviously the best product market fit out of kind of anything right now um you know even you know you could say d5 has product market fit but within d5 stable coins are like the the leader by far right and then i guess you could say

decentralized exchanges are the second bit but basically i think 25 billion is going to turn into a trillion a lot faster than what people think it will um you know with all the new people coming into the ecosystem they're going to be minting so much more tether so much more usdc it's just going to all go on chain d5 is just going to explode even further especially with layer 2s that's going gonna cause a lot more of an explosion here as well it's just gonna be crazy like i mean i say it every episode but it is definitely gonna be crazy so i'm very curious to see if we get to that one trillion dollar mark maybe this year right we're only i mean we're almost at the end of january so we've still got 11 months left and if you say that you know if there's

like 20 billion dollars maybe not 20 billion dollars of stable coins issued a month but but you know maybe there's like 100 billion dollars of stable coins issued a month we could get to a trillion um i know that sounds like a lot but it depends right if this bull market really really heats up and we really get a lot of this big money coming in and a lot of new money coming in from retail investors it doesn't take much to get to that uh so i think you know we can see a trillion dollars on chain possibly this year if not probably next year definitely next year i would say uh if this kind of growth trend continues though there is a caveat if the bull market ends this year we're probably not going to you know see much growth into 2022 we're going to see

a lot of things come kind of restrict down because we've we've gone through a bull bear cycle but still going to be very interesting to kind of keep track of and keep an eye on what the stable coins on ethereum look like and uh you know how much we get as we we progressed through this year so will from parsec finance announce that they have launched parsec today out of public beta so i think i've spoken about parsec on the refill once before but just for a quick refresher for those who haven't seen that episode you can think of parsec parsec as basically the bloomberg terminal of ethereum now if you don't know what the blue terminal is it's basically a piece of software that you have to pay five thousand dollars a month for in the traditional finance system to

access a basically a host of different information so you can access like stock prices news for different stocks and analytical tools all that sort of stuff so as you can see from the screenshot here parsec basically does that for ethereum and i don't think it's five thousand dollars a month i don't actually know the pricing here um of what it is i think it's it's much less than that but it basically gives you similar tools here i i saw that you can like customize this kind of dashboard here where you can add different widgets in you there's a news widget which isn't actually displayed on the screenshot here but you can see these are these kind of other widgets around here like they've got trending assets they've got a chart you know you have different kind of trades coming in cryptos by market cap

in the bottom right you can actually do direct trades through this terminal as well um and you can basically you know customize it to your liking as well which i thought was really cool so if that's something you're interested in definitely go check out parsec um as i said i think that there might be a free trial with it and then it's a it's a kind of a paid service but if you're like a heavy defy user and you want to just have like a terminal where you can keep track of everything i think this is something that would appeal to you so yeah definitely go check it out if you haven't yet and that's not a sponsored message or anything i just um i was one of the the early testers and i had to play around with it and i ended up you know using it a

little bit and i thought it was really really cool uh but i'm not a trader or anything like that i think this definitely appeals to more of the active trader crowd so yeah if that's you definitely go go check it out so continuing on i'll just refresh this here because it's faded a little bit continuing on with you know the fact that we saw uh you know a lot of i guess you could say censorship or centralized control over the last 24-48 hours in the traditional finance space argent put out this tweet which i thought was was was pretty pretty clever where they said censorship resistant trading available to anyone anywhere only a tap away and then you can see their nice argent wallet here and i actually think argent is one of the the better ethereum wallets out there because it's just so simple for people

to use and it taps directly into d5 protocols that are censorship resistant right um basically uh like uni swap and and curve and kind of balance and all this sort of stuff where you can have freedom with your money right you can get away from these centralized institutions and and and and basically you know control your i guess financial life from your phone like that's pretty awesome like people i mean some people will say well you can already do that with you know the apps you have on your phone with with kind of like banks and things like that and it's like yeah but that's just centralized you know stuff we don't want that we're here to go bankless and agent helps you do that so yeah i'm definitely a user of igen as well i spend i do most of my stuff on desktop though so i'm not

a heavy mobile mobile wallet user but i think for those who are and those who just want like a very simple and streamlined tool arjun's definitely very very good for that especially for for newer people like maybe a lot of you listening to this aren't very new to the ecosystem you've been around for a while you know the nooks and crannies right but i think the next million people aren't going to be using metamask as their main wallet i think they're going to be using these mobile wallets because they're already used to that uh mobile banking is huge right so let's get mobile d5 just as big i think that's going to be that's going to be really cool so yeah um i mean if you haven't checked out arjun yet i i recommend doing so so an announcement from spendless today so i guess i mean they announced their

product today so spendless is basically a place to earn interest on your on your dollars and donate donate it to charity without kind of spending anything so i guess an example here of what this looks like is basically pull together right where we pull together you can put your money in and then the interest from that uh basically gets paid out in a lottery system um so it's kind of known as a no loss lottery where you don't lose the principal um you just like you basically give up the interest to go into the running of this lottery which pays out come which pays out to a winner each week whereas with spendless you basically can direct this interest towards a charity which i thought was really really cool and it's it's all automated right you just put it into

kind of like the spendless contracts and then it'll direct the funds to to a charity basically so i think at the moment they've got a few charities here with uh planting real trees uh offset your air travel or preserve the digital environment with internet archive i'm sure they're gonna they're gonna basically add um a lot more kind of charities to this as time goes on i do think that i think you can actually choose which charity you give to as well which is obviously very important um and they're using yearn vaults from what i can see here yeah yeah they're using un finance faults so yeah i mean this is just super cool i think this kind of stuff is maybe you know it might seem boring to us power users

us d5 power users but this is the sort of stuff that i think can enable more of that financial empowerment for people where they might have some funds and they're like okay i don't mind giving up the interest on these funds if it's going to a charity and then they don't lose their principal and they can just like keep it in in in spendless and basically um the interest goes towards a charity that they care about which i think is really really cool so yeah if you if you haven't checked this out yet it just got announced like yeah the last 24 hours and um i i don't i didn't see any people talking about it so if you haven't checked it out yet definitely definitely go give it a look so linda uh hopped on the the little bandwagon today with robin hood and gme

which i thought was really cool because she put out a reminder about her beginner's guide to deepfire that she wrote i think i kind of while ago a few months ago yeah on nakamoto.com so actually this was written a year ago wow i didn't even i mean i remember reading this and it does not feel like a year but anyway this is like a complete beginner's guide to d5 and i mean i haven't read it since a year ago so maybe it's a little bit outdated at this point because this was before yield farming this was before any of that sort of stuff so but i i think it's still it's still very relevant because i think it was just like a high level overview of of d5 like an introduction basically so if you know maybe you know someone who is new to crypto or know someone that's

messaged you like how do i get started with defy you know where do i go what where's the beginner's guide you can link them this which will be of course linked in the youtube description for you to for you to link to them but there's a few other guides out there i think you know there's bankless as a beginner's guide if you just google bankless um you know beginner's guide or getting started with banklet bankless i think it's called that's a really nice guide there um because there's not i mean from what i've seen there's not too many like completely noob guides and it's kind of hard to break these things down to like completely you know noob friendly guides because think about how many things you have to explain to someone even explaining the concept of stable coins you know say you say to someone hey

there's a stable coin on ethereum and it tracks the value of one us dollar uh and then people like okay well uh what's ethereum you know and then and then you know you explain what ethereum is and then they're like okay well then how does this thing live on ethereum it's like oh because it's a token it's like what's a token right so there's all these kind of things that you need to kind of be aware of at the moment which kind of i guess increases the barrier for entry for some people but at the same time these guides are really good for explaining that like linda explains stable coins here the composability aspects i think decentralized lending stuff like that in in i think you know terms that people can understand so definitely link this to people that are asking you kind of you

know how do i get started with d5 how do i take advantage of this how do i do stuff here because trying to learn on your own is is very difficult um like for me i mean geez i spent a lot of time learning in 2017 about ethereum and it was just there was information just scattered everywhere there was no central repository it was very hard to find out what was what so there's a lot more information available to you today so i think taking advantage of that is a very good use of your time and linking it to people so that they don't kind of get led astray because you can actually fall down certain holes like rabbit holes that are not great for educating you about kind of things and you know they they might just give you incorrect information or lead you into

like pump and dump schemes and things like that and and sometimes scams so yeah i think you know we all have a responsibility i think being in the ecosystem to educate these newcomers as best we can so a tweet from santiago today which i thought was really interesting i think this was yesterday he basically says quote the total market cap of d5 is still less than gamestop uh one is a struggling dallas-based video game retailer the other is core infrastructure of a new global decentralized financial system end quote amazing tweet a really amazing tweet right i i think we've gone through this a lot on the refuel about how the d5 market cap is just stupidly low like it's so undervalued it just it's so

it's so insane to me these things are gen like a lot of these defy apps are generating cash flows for their token holders and they're in hyper growth stage still so they're already generating cash flows right for for i guess you could call them shareholders and they're they're still a startup that's growing extremely quickly so when you think about that combination right and you think about the fact that a lot of these defy coins um have you know tiny market caps compared to their fintech counterparts you think about a lot of them aren't actually in the top 10 yet right i mean it's funny because those chrome went to the top 10 today but none of the default tokens have been there yet so that was just a funny little thing there as well but in general this is why i guess myself and a lot of others in the

ecosystem are beating this drum that defy is incredibly undervalued you know it's it has all this fundamental value tied to it it's not just the meme coin it's not just something that's a pump and dump you know the fundamental value drives uh the value of the token itself like i mean taking ave is a perfect example here and i own iron rb so full disclosure um but you know in defy summer ave actually dumped down to i think 26 dollars and now it's at three hundred dollars it didn't just go up for no reason ave is such an amazing money market it is growing so rapidly there is so much in the pipeline they just released v2 right there is just so much happening you know it went on coinbase so it's easier for

people to buy right i'm not saying to go by rv but what i'm saying is that these things you know sometimes can pump for no reason but the fundamental value here and why are there went over 10 times since it's kind of um i guess like since it was 26 dollars is because the value was there if if rv didn't have fundamental value to it then it would not have pumped as hard as it did i think it would have gone up a little bit because this is crypto and everything tends to go up but the the the value of the platform is is beginning to be tied to the token and you know there's a handful of these projects that i think are achieving escape velocity where we can be pretty confident that they're going to be around in five years whereas you know some of them still have

to prove themselves right so it is a very risky space to invest in and you know people like to call everything a d5 blue blue chip but really calling something at d5 blue chip is just code for i have a bag of this it's a blue chip now the real d5 blue chips are actually i think there's there's only a handful of them and i'm not gonna i'm not going to go through them all because i don't want to i don't want to kind of influence your decisions here but i definitely think ave fits into that for sure because they they're just like such a great product and it's beloved by everyone and you know the its price action tells you that because no one wants to sell their rv they want to stake it they don't want to get rid of it because they know

how precious of an asset it is they know it's generating cash flows for them they know that ave is growing so quickly and and they know that that they can be exposed to that by holding on to their bear tokens so yeah just a little bit of a i guess spiel there on d5 tokens again i know i'm a broken record on this but i'm gonna keep kind of pumping it home until we have d5 tokens in the top ten because until that happens i am not going to be satisfied alright so justin drake put out a really cool tweet uh i guess like two tweets here actually uh yesterday basically saying that uni swap has basically none of these kind of things and i won't i won't read out the whole tweet but he basically says uni swap's got no kyc

no funding caps no asset censorship no frozen funds no outages no preferred partners no backroom deals no geo fencing no counterparty no servers no passwords you know all this stuff that centralized finance has and this is the the power of defy right this is the extreme power of d5 is that we can basically remove all of this stuff from uh the you know the financial system by building these default apps which is just absolutely incredible i mean this is i i had never seen it put like this before i mean i had you know i've had a list of my own reasons that i've told people before but justin really hits at home with this basically that you know there's all these other things that you never really

think about like circuit breakers right on centralized exchanges where they you know where i guess what gme did was like a circuit breaker where they cut people off from buying the sorry what what robinhood did to gme they cut people off from buying gma because it was going up too fast and they're billionaire buddies right they're billionaire hedge fund buddies were losing too much money there's none of that you know hayden adams can't stop uni swap you know there's no frozen funds right there's no outages um because unisop lives on ethereum and in ethereum the ethereum network is incredibly resilient right there's no planned maintenance because it's just whenever you do an ethereum network upgrade even that isn't planned maintenance it just continues on um and you know whenever uniswap does an upgrade it upgrades to an entirely new protocol

right where the existing one still exists and works it's just um the new one exists as well in that case you know no kyc obviously is a huge thing no funding caps right you can trade any size you want as long as the liquidity allows for it no geo fencing even if the front end of you know unisop is banned you know even if you're banned from using that front end there's like 50 other front ends you can use and even if you're banned from all of them you can talk directly to the smart contracts on ethereum as long as you're running an ethereum full node or you can tap into a third-party node as well so yeah i mean it's just i can't believe like sometimes i think to myself i'm like true surely if defy can't be this much better than

c5 like this isn't just a zero to one kind of innovation here this is like a zero to one hundred it is literally so much better than c5 that i can't believe it wasn't invented up until this point really and i can't believe that so many people are still bearish on this or sleeping on it or don't realize the potential here it's just absolutely insane to me the potential here is just i mean as i've said before the total adjustable market for finance is the entire world every single human being on the planet right and if we can offer every single human being on the planet an experience with finance that is a thousand a ten thousand a million times better than what they've done with c5 which i think it is then how is this not going to win

like this is to me it's a guarantee to me that it's no longer if d5 is going to be a thing it's when it's that's all it is there's there's absolutely no doubt in my mind that ethereum and dfi are going to win and we're going to absolutely usurp the traditional system they'll be fighting right they'll fight back against us they'll try to shut us down but they can't they cannot stop ethereum unless they take over the ethereum you know the whole ethereum network they can't stop this there's nothing they can do they can target the developers the humans whatever that doesn't matter other people just fork it and continue it on right uh there's literally there's nothing they can do all right basically simple as that and that's the most powerful thing that is is the fact that we can build this entirely parallel financial system

leapfrog the existing one eventually and there's nothing they can do to stop us right they'll try believe me they will try they will slow us down because they can through regulations through kind of like choking the fear on ramps but i think that we should work with them as much as we can right work with the existing system but basically implant our or imprint our kind of uh way of the world the way our way of like how we view these things on them where we say we're sick of the centralized stuff we want decentralized everything we want this neutral free and fair infrastructure like the internet is and we don't want any of these centralization vectors anymore and we'll point to all the examples of why that's a bad thing you know not every government's going to be open to this

most will be close to it but we're still going to make our case we've still got to plead our our kind of deal here we still need to make sure that they understand and educate them and when i say they and then i'm talking about governments right and congress people in the u.s and just politicians in general we need them to understand we nee we rather you you want them on side you don't want them offside because offside they'll fight they won't be able to stop it but they'll slow us down a lot if they cut the fiat on ramps that sets us back a massive massive amount because you think about the fact that we can't decentralize the fiat on ramps at this point in time we can try but it's going to take a long time to get anywhere near that most people come in through the fiat on

ramps so if we can't on-ramp people to defy through centralized exchanges then basically a lot of this stuff kind of fails so yeah we definitely want them on site but anyway i digress i go on about d5 a lot just because i'm so pumped about it but yeah basically um really great tweet here from from justin i'll link it in the youtube description you can go read the whole thing um if you want to and follow justin on on twitter and actually now that i think about it he put he had a podcast with the bankless guys a couple of days ago or a few days ago um called moon math where he went through a lot of different cryptography related things and how they relate to ethereum it was such a good podcast i got so bullish i was so excited listening to it

i was riding my bike and i'm just like this is amazing like i just got pumped on my bike and i was like ah and riding really really quickly because i just i was so pumped um the reason why i got pumped is because you never hear about this stuff unless you're in the weeds of ethereum and he basically talks about all the different things in ethereum that's a problem today that we can solve with this advanced cryptography so highly recommend going and checking out that podcast all you have to do is go to um i think the bankless podcast search that on google and you'll find it there i'm sure a lot of you already listened to it it's a great great podcast but anyway that's it for today's refuel i've gone almost 30 minutes here so thank you everyone for listening and watching subscribe to the youtube

channel if you haven't yet give that video a thumbs up subscribe to the deliberate newsletter join the discord and i will catch you all next week and have a great weekend everyone thanks everyone