EF uses DeFi, OpenSea token and more - The Daily Gwei Refuel #825 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the Lego refuel wake up the latest news in the through system I'm your host D is the 14th of February 2025 all right everyone let's get into it so apologies for missing Wednesday's Wednesday's episode everyone I uh just ran out of time to do an episode on Wednesday but hey I stuck to the three episode a week Cadence for a little bit there and I'm going to get back to it next week uh and there is an episode today of course so yeah still trying to keep up with the consistent episodes here but again apologies for missing Wednesday's episode but let's jump into the new now so the Stak eth ETFs are coming as you guys know this has been a big topic of discussion in the ethereum community as of late I kind of talked a lot a bit about this the other day I

gave kind of my general view on what I think the stake eth ETFs mean for eth the asset ethereum the network why I don't consider it to be like a huge deal and that these Mega institutions like Black Rock and others are going to suddenly overtake ethereum and be able to control ethereum ethereum governance is far more complex than that there's far more Nuance to than that and ethereum staking is far more complex than that as well because we have slashing right which is an in protocol kind of punishment for any funny business but also at the end of the day these networks are secured by social consensus as the kind of consensus of Last Resort you could say the whole point of getting kind of a consensus mechanism or having a consensus mechanism in place outside of being kind

of cyber resistance like proof of stake and proof of work is to basically never get to the point where you have to invoke social consensus because invoking social consensus is extremely messy I mean no one quote unquote really wins there is D damage dealt on all sides of the debate there but really what we want to do is make sure that uh we don't get to that point basically we don't get to the point of having to invoke that and I think that ethereum Pro stake does a really good job of that I think that it's in everyone's best interest uh economically but also just uh if you want to you know if you're building your business on top of it so not do any funny business and in terms of like nation state attacks that's a whole other thing but at the same time I've

gone through that before how costly it would be for a nation state to even try and I guess like stop finality on the ethereum network uh but you know they could always do things like seiz validators from different us-based operators but the last time I checked uh most of laos's operators aren't in the US so that's the biggest staking entity obviously um and also coinbase is the biggest staking provider in the US as a single entity I believe and they're not like they're at like not under 10% still I think so they're not even close to 33% so in order to actually take over enough validators to prevent finality would be a pretty tall ask even for a nation state even for a very well funded nation state and on top of that it would be a very tall asked basically an impossible ask to get to 66% which is what would uh

you know send the network offline and the worst if that if that actually happens you know the worst case scenario we basically invoke social consensus then and socially Fork out the attacker and away we go from there as I said lots of damage would would happen in that case but the network would still go on and Network would still survive that even though there's a lot of collateral damage from that but I'm getting a little bit ranty now about ethereum proof of stake and how things tend to be secured here but yeah the stake the reason why I'm bringing this up is because 21 shares which isn't Black Rock by the way I think people got confused here black rock is ey shares 21 shares is another eth ETF provider not just eth they do other ETFs as well it's not Black Rock but 21 shares basically put

forward um a proposal to amend their ETF to be able to their e ETF to be able to stake that eth and we expect this to happen across all of the eth ETFs and honestly I won't get like I mean I'm excited about it and I think it's going to happen and I've been saying it's going to happen since the you know the administration changed but I'm not going to say it's like 100% uh you know exciting or very exciting until like Black Rock and Fidelity do it because they're the ones that have the the most power here they're the ones that bring in the most amount of money you know they're the ones stacking the most amount of ethia and uh I I I understand people have their reservations about this and their concerns about this but I think I've addressed those already so

I'm not going to go over them again but we're going to have to see what this looks like you know how long does it take to get approved are all of them going to get approved at once are Black Rock and Fidelity going to come later are they going to do it now are they going to be new ETFs or are they going to be amendments to existing ones and what I mean by that is that is for example Black Rock going to launch a separate staked eth ETF and just have their normal spot eth ETF as it is or are they going to have their spot e ETF combined with their stake Stak eth ETF so it's basically just one ETF and then essentially what they say to customer is that is that you can either stake this eth and get this yield or you can just

have it as um you know normal kind of eth without the yield on it uh and I think that's probably going to be what happens but we'll have to see how that shakes out there but anyway staked e ETFs are definitely uh coming all right some spicy allcore Dev updates so Nix soia posted a tweet and gave it TD to why there was some spice in the latest allore devs call essentially there has been a soft decision made to uh aim for a fusaka spec free in about a month and in layman's terms this basically means that the fusaka I guess like overall kind of design and what eips would be included in fusaka is going to get Frozen in a month which means that developers aka the client implementers can basically

work on just implementing all of the eips and getting that ready for main net so if we do have a spec freeze in a month that really UPS the odds of faka going live before the end of the year to pretty high I would say like 70 80% it goes It goes up pretty high because of the fact that once the spec is frozen it can be unfrozen but normally U it's frozen because the core developers and researchers are confident this is what's going into the upgrade and right now it's I think it's just Pi Das and eof that's going into faka but maybe fossil makes it in uh you know who knows we'll have to see if that makes it in but yeah if there is a spec freeze in a month that means that uh the the client developers will have so so in a month

right let's just put a date on this it's mid-march let's say that the devs work on it until like August and start doing test Nets then that's still like a while away they do test Nets in August we'll get a main net by November sort of thing if if we're talking about like maybe even in October so it seems like the faka fast follow Fork might actually happen and we we might actually be changing core development to be be targeting six-month Forks instead of yearly Forks which would be really really awesome that's that's a 50% reduction right that's a Haring in time of Doing Hard Forks on ethereum and yes the forks are smaller but I think there's obviously been a shift in priorities around to include in Forks obviously pias is what is the thing that everyone wants like right now because it allows us to to massively scale blobs

and then obviously keep iterating and improving on that keep getting blob count increases in keep keep doing uh you know L1 gas limit increases stuff like that so that's something that came out of this allore devs call and there was also a lot of discussion around eof again on this call and it was a bit contentious as you guys know as I've mentioned plenty of times on the refuel eof is a contentious thing it seems at this point that it is like still a 50/50 chance whether it's going to get in or not I think we'll know for sure if the faka spec freezes and eof is in it I think a lot of people a lot of core developers seem indifferent on it it's like they don't want it but they don't not want it it's like okay if it happens it happens sort of thing I don't know

enough about it to argue either side of things I've just been following along with some of the discussions that I've seen on Twitter it is a very kind of low-level thing it's not something that's necessarily user facing so it's not something that users really need to pay attention to but there are good arguments on on both sides here so we'll have to see how that um how that all shakes out there all right so the ethereum foundation has deployed a bunch of their eth into defi as promised now I think this is really cool for a number of reasons first reason is that obviously the ethereum foundation using defi directly is better than them selling their eth so if they just you know put their eth into what they've done here R compound and Spark and then borrow against that eth instead of selling it that is better on a number of

different fronts uh like such as I guess the Vibes front right sentiment front also the fact that they can hold this eth and let's say eth doubles or triples from here they didn't have to sell their eth now they were able to borrow against it and then they can just pay back that debt by selling ether two times or 3x from here or earn money some other way uh from that maybe earning some yield from from East staking and then selling the rewards and then paying the the debt of this uh you know of the stable coins that they borrow off with the yield that they get from staking their eth there's a lot of different ways they can do it here and I'm sure that the EF treasury is on top of this but the other biger reason why I think this is a big deal is

because people don't realize this but the etherum foundation doesn't have any more money than what they currently have I know that's a bit of a weird way of describing it but they have about a billion dollars between their eighth or maybe it's a bit more less now because eth went down but between their eighth and their fat Holdings they have $ 800 million to a billion dollars left right now the reason why I say that that's all they've got is because they can't do another Ico they can't do like a private sale or anything like that because the ethereum foundation can't print more more eth right they can't print more E from the network because it's just not the way it works the ethereum network if there was like an EIP put in place to say hey we want to print 10% more eth and then uh the ethereum foundation put

this put this forward and said we want to print 10% more eth and then we're going to sell it and that's going to fund ethereum development that just would never fly for many obvious reasons I'm not going to go into all of them so so really the EF only has that money they currently have yes if eth goes 2x from here they have 2X the amount amount of dollars that they did before 3x X whatever it is if e goes to 10K it's like 4X right from from from here basically the ethereum foundation now has what 3 to point I guess that's like $3.5 billion or something like that stand which means that if they haven't sold any eth that they hold right now so obviously them putting their eth into defi instead of selling it now is a good long-term treasury management strategy for them as well but the real thing here

is that because this is the only money that the EF has them putting it into Defi and uh maybe not staking it staking it is is way less risky but then putting it into defi is a very strong signal that they to to to like everyone I think in the ethereum community of that one the defa protocols that they put this eth into they consider to be the safest on ethereum now we know you know being plugged in we know that these are the safest on ethereum a I would argue is the safest defa app on ethereum uh besides maybe Unis swap but Unis swap is obviously um a deck whereas a is a lending Market spark probably second most secure and then compound maybe third but at the same time as there's not much between them they're all pretty secure and pretty reliable and have

weathered many storms over the years that's the main thing I think that the air for was looking for there but still they put this eth at risk as I said this is this is all they've got right this isn't isn't all their eth it's like what is it I'm doing the quick Matthew it's like 50,000 e they have like 300,000 e or something like that or a bit more than that or or something so it's still a huge chunk of their eth but they've put this at risk and they're doing this obviously for for their own benefit obviously for sentiment reasons and people wanting to see them do this and stuff like that but it's still a risk that they're taking here so I I think that that's worth noting here as well but the bigger deal I guess like from a treasury management standpoint is the

fact that they can hold on to this e without having to sell it and essentially be able to fund their operations and then they're basically making an implicit bet on E the asset and this is something that the community has wanted the ethereum foundation to do as well they basically said the etherum foundation needs to care more about the um eth asset it cares a lot about ethereum the network but you know we don't really feel they care that much about e the asset which I think is a bit silly because I think there's the Ean Foundation has a lot of people that do care about e the asset but as an entity themselves maybe they haven't signaled it as much this is a pretty big signal because it basically means that they're saying well we think that this e is going to be worth more in the future

that's why we're borrowing against it today and that means that we're incentivized to make sure that eth is worth more in the future so they're incentivized to deliver value to eth the asset which as I said I think is the the biggest deal here about this move so this is a lot of stuff that you wouldn't have seen or would maybe not even thought about just seeing this tweet here but that's what I took from this move and that's why I think it's a pretty big deal and the community loves it the community loves seeing the you know the etherum foundation get more involved with the I guess quote unquote trenches even though I don't think anyone would consider AR or compound or spark to be the trenchers but for the EF it is you know anything on chain I think for uh for people that haven't been on

chain before can be considered that but we'll have to see what else the EF does here they are still exploring staking I think I saw vitalic mention it they're still exploring staking if if I had to guess they would probably like do a split between solo staking staking with Lio staking with Rocka pool and that's maybe about it I don't know who else they would really stake with because the other protocols haven't been around for very long as you guys know there are a ton of like lsts out there and LTS out there but I don't know if any of them would be safe and secure enough for the etherum foundation um and I I I've covered a bunch of them before like swell puffer ethery I just don't think they've been battle tested enough I think Lio definitely has rockero 100% has and rockol would be better for

decentralization of the network of course and would be more aligned with ethereum values but Lido's Community staking module is also pretty good so if the EF was part of that that would be really cool but solo staking is obviously the gold standard here and the EF has no issues solo staking considering they have like all these eth they have the in-house they have the people in house who built you know well not all of them but like a lot of people in house who built ethereum PR stake so them solo staking is a no-brainer but if they also want to support the wider staking ecosystem it would make a lot of of sense for them to go with Lio Rocka pool maybe a tiny amount into these other protocols just to show that hey we want to support you guys you guys are valued you know we're doing this but we

we also need you to understand that you haven't been around as long so let's start small one and kind of scale it up from uh from there all right the ethereum foundation research team will be hosting in Reddit AMA on February 25th at 2 p.m. UTC and you can submit your questions with this Google Docs form so I think this is maybe a better way of doing it because it allows the researchers to collect the questions in a more scalable way so you can go check that out I'll link in the YouTube description below but these are always a very good time these amas don't happen that often I don't know if it's once a year or once every 6 months but when they do you essentially have a gold mine of information to sift through that will keep you busy for a very long time about

what is happening uh on within the ethereum foundation when it comes to research on the protocol now as I've said before on the refuel and I've said this many times I feel like I've broken record at this point the research within ethereum can vary in timelines from something that could ship in like 3 months to some something that could ship in 5 years there is a huge variance here in timelines because there is a huge variance in the research being done at the ethereum foundation but also outside of it but these amas are a good way to basically get a feel for what the ethereum foundation uh research team is working on how they're thinking about things what the timelines look like for things and also just reinvigorate your bullish energy on ethereum I will probably cover like the top an

from this AMA once it happens as I said it's on Fe 20 Feb 25th so it's about 11 days from now uh but yeah if you want to submit your own questions you can I'll link that form in the YouTube description below for you to do so all right so moving on to something from inside the simulation. E he has built or she I don't know the agender here have built a built on ethereum uh logo generator essentially so you can go to ethereum is foru.com and you can add your own artw artwork to this build on ethereum Logo that was created the other week and I think I showed this on on the refuel and you can deploy it on multiple different networks you can have it on mainnet or sorry you can create it I I I I should say on a mainnet base arbitrum

optimism or on any custom networks you can set here as well which is very very cool you can also um edit things like the Border width for example so you can see how it changes the Border width here you can uh you can change the colors you can see if you want it in landscape or in line or in portrait uh and as I said you can add your own artwork here so I'm going to add my own artwork quickly from from desktop if it if it loads up here you can't see this right now on my screen but like I'm going to add this in my favorite eth Pepe I love the eth Pepe but he's in there now uh and then I can just click download uh and then uh Away We Go From with that there so this is a really good tool honestly it's just like

so simple to use uh and you know huge kudos to inside the simulation for building this and I would love to see this uh kind of go uh kind of shown on Twitter I I might actually post this eth Pepe one on Twitter because I think it's so cool uh but I just think this tool is really awesome and I'm just so inspired by all the work that people have put into these kind of logo designs since I first kind of teased the powered by ethereum kind of branding people have just taken and ran with it and that is really the ethereum spirit to just take something and run with it and just do it and I think we have like a very nice variance in in stuff that's been happening in built on ethereum badges empowered by ethereum Badges and I think it's just cool that the community came

out in a big way for this there's still more work being done there's still that competition on Joker race that's being run that will run through Denver I believe through eth Denver I believe uh but even stuff like this is just you know above and beyond I guess the the Call of Duty here which is really awesome to see so I'm definitely going to download this and post it on Twitter I think after I finish recording this episode here but you can go check this out for yourself I'll link it in the YouTube description below but also just another thanks to inside the simulation for building this uh this was uh really awesome to see all right one of the hottest topics if not the hottest Topic in the ethereum ecosystem over the last 6 months has been interoperability of l2s now as you guys know Josh Rudolph

here from the ethereum foundation have Ste has stepped up in a really big way to get L2 interoperability to the next level so he's been hosting this uh L2 interoperability call with a bunch of different Builders across all of the different teams in the ethereum ecosystem not just L2 teams but also infrastructure teams wallet teams and Beyond you can actually see a lot of the representation that was had by the uh tw Twitter accounts that have been tagged here I'll link this in the YouTube description below for you to check out and you can also check out the highlights from the latest call now I'm not going to cover every call going forward but I did want to just focus on one dot point that Josh put put uh put put here on his recap where he said interoperability is iterative with lots of stuff already shipping now this is

really important because there seems to be maybe a little bit of a belief in the ecosystem right now that L2 interoperability is this switch that can just be turned on that's not how it works it's not like we're we're building towards you know in 6 months time we're going to build all the up all this infrastructure over 6 months and then in six months time we're going to switch on put a switch on and then suddenly the whole ecosystem is interoperable and suddenly everyone Everything feels like one chain again within ethereum no that's not how it works unfortunately I mean I wish it worked like that but that's just not how it works it's iterative and what is what what Josh means by this I believe and I guess like the the context that I can give around this is that as I've said before there

are different layers that you can do interoperability on you can do it at the protocol layer you can do it at the interface layer you can do it at the wallet layer so there is a difference between between interfaces and wallets I think interfaces essentially allow you to connect an existing wallet to it in order to interact with things whereas wallets themselves obviously the wallet here but then there are even further layers of abstraction like that where you you essentially have an interface and wallet in one which is something like a a coinbase right not not coinbase Wallet not uh not on base but coinbase itself where essentially if you go to coinbase today and you buy e you can stake through coinbase but you can do that all on the coinbase exchange you don't have to go go on chain and they have the wallet for you it's not your

keys not your coins but they host the wallet for you they manage it all for you and they also manage uh the onchain stuff you're doing in the background there so there are different types of interoperability here there there and they range from centralized to decentralized they range from all the different interfaces at the protocol layer at the layer two layout and so on and so forth so that's why it's iterative because each team and each project will be shipping their own interoperability efforts and you'll be able to to to use which one you want the whole AG Grail obviously is to make the protocol layer as interoperable as possible the L2 protocols themselves as interoperable as possible just at that at that kind of base layer there and then all of that gets inherited by the interfaces by the wallets and then you get to the point where you're like okay

well it may be like a switch is turned on maybe let's just say if you want that switch being turned on feeling let's just say you stopped using anything on chain today you come back in a year and then you see how things are I can guarantee maybe not guarantee but I'm pretty certain that in a year's time maybe even shorter than that you're going to have an experience with the top wallets the top interfaces where essentially you won't have to worry about bridging won't have to worry about different chains you won't have to worry about having assets on multiple chains you'll just be able to do everything from a single interface and it will feel like you're part of one ethereum again you won't have to hear about some app that's on base but all your funds are on arbitrum so you have to bridge you can

be like well I don't care if my assets are here and that app's there I can use my assets wherever I want I can interact with this app and it's just a one click away there's no more approved transactions as you guys know account abstraction is also in parallel being developed here we have EIP 7702 going live with Petra along with all the other stuff um happening at the interface and wallet level for for um account abstraction and stuff like that but in inability abstraction abstracting away all of that that's going to happen very very soon and Josh as I said is leading the charge here but he made a really important point in his recap where he said that he's iterative it is not a light switch turn on kind of moment it is iterative you're going to feel it as more and more time goes on

and I think that's the better way to approach it as well because it means it's more of a Bottoms Up approach rather than a top down approach which is the ethereum spirit anyway all right a massive announcement from arbitrum so as you guys know they've been working on this bold permissionless validation mechanism uh for their fault prooof system here uh and now starting today I believe or or the other day that anyone can now defend arbitrum by being part of this fault proof system or essentially submitting fault proofs if they think that fraud is going on or faults are going on should say on the arbitrum networks now I believe I don't know if this is live for No it's it's live for just arbitrum 1 uh so far it's going to be live on other arbitr networks I think as time goes on uh but this means that

they're closer to stage two decentralization here and if you actually go to the l2b website which I will I think it's already been updated to reflect uh essentially what arbitrum is here yeah arbitrum only has one yellow left in their risk rosette pie here so they've got four greens one yellow that is is awesome because as you can see from the other l2s Bas is in in second place here they have uh just one red in their exit window that means they're still stage stage Zero by the way so you can see how how strict the um stages are here and then op main net um basically has the same thing because it's running the same uh it's running the op stack there but then the rest of them have a lot of Reds and yellows and oranges in them at least the rest are

the ones that have lots of tvl some of them are all green but they've only got $50 million of tvl so it's not really uh relevant here so arbitrum is really leading the charge here and getting all those green things filled and honestly they're going to get stage two this year like no doubt about it at this point and that means that they are a fully decentralized uh uh rollup uh fully as as decentralized as you can get as a a rollup that exists as a layer two rather than a native rollup native rollups I think take it a step further but uh yeah that's that's the Holy Grail that's what we've been working towards for years now and honestly I'm really happy to see that arbitr will probably be the first one to get there and the reason is because they've been pushing on this for

a long time they they've been pushing harder than I think any other L2 ecosystem out there and they've really stuck to this even in the face of getting ridiculed for this basically people saying well if you were centralized you could move faster and you shouldn't be focusing so much on that stuff you need to build up your ecosystem well they they've done both right like arbitrum if you actually go to the l2b l2b website uh here the main page their tvl is still ahead of Bas even after all the growth that Bas has had uh yes they they're I guess like user operat are lower but i' I've I've never really liked as you guys know use operations or TPS as like a raw metric I I and and neither do I like tvl as a raw metric but the thing is is that arbitrum

has grown a really healthy defi ecosystem if you look at all the metrics there the tvl is reflect a reflection of that I think and also their user activity or TPS or user operations I would say I should say are also reflective of that because you would expect less user operations and less transactions per second on these defi chains that are being used uh with with more Capital so being used for things like money markets and being used to to lend and borrow and stuff like that rather than something that is maybe used uh by more of the uh speculative crowd like I know Bas has been appealing to the mcoin crowd so they're definitely doing more transactions because they're in and up out of positions constantly so there is a little bit of a difference between ecosystems here but it's not Al it's also not a on toone comparison

because these things measure transactions and user operations differently depending on on on on which construction you're looking at but that's besides the point that I wanted to make was that the fact that arbitrum one will reach stage two this year I hope that Bas and the rest of the op stat can still reach stage one this year it's not actually much for them to do that they basically have only read in the exit window uh exit window part of the pie which is a pretty important one to be fair that's why they're not even stage one yet because the exit window is essentially a window for users to exit in case of an unwanted regular update since the contracts are instantly upgradeable so it's essentially that escape patch that we talk about and it really is I mean if you were to talk about what matters most on an L2 like

that is probably at the top of the list so that's why it's so strict here whereas arbitrum has a yellow exit window right now which means that they they've got an exit window of 7 days so under normal circumstances if they do uh an upgrade outside of the security Council so if they just do a normal upgrade then you have seven days to exit before that upgrade was to go live whereas with the security Council there is no DeLay So essentially what happens is that um uh right now if the security Council came together they could instantly upgrade the network to do any number of things so that's why it's yellow but as we know as I've explained before the reason why this exists is because the Security Council is there for critical bugs you can't wait seven days to fix a critical bug because by

that point all manner of crap could have happened right but still they're they're almost there they're almost at stage two so I'm super excited they've set the bar here congrats to arbitrum for delivering bold and I'm excited to see that stage two uh I guess like badge being hit in the near future speaking of l2s uni chain is now live on mainnet I tried this out I think on a test transaction I did uh a couple of days ago or something like that it's fast it's cheap it's what I expect from l2s uh I'm I I was really excited that it was basically a very similar experience to the other l2s there uh because that's what I guess I expect these days it's kind of table Stakes there um and they're also I I I think there was a lot of questions about what they're prioritizing and kind of what

their differentiation is here well essentially they're prioritizing the central ization from day one they're trying to be as decentralized as possible from the get-go they're trying to do that with fast and low fees they're trying to do cross uh chain liquidity with with intents and things like that and they also want to basically have a network of uh validators up as quickly as possible where people can stake their uni tokens and essentially get free Revenue sharing from from uni chain here now uni chain is currently list currently listed on L2 beat as well you can actually go in here that's using the same stack like the op stack that Basin op mainnet use so it has the same assumptions here it's got the four Greens in the pie but the exit window is still is still red the tvl uh is is still low because they just

launched it's about 25 million you can expect that to go up as they begin to incentivize things as well I do think they're going to incentivize things with potential token rewards here but as they begin to get more I guess like apps live on the network cuz uni chain isn't an app specific chain it's also just a generalized chain here as they get more distribution via the unisoft wallet via the the unop website I'm sure they're going to be pushing people to use uni chain and say Hey you can get better experience doing this there's going to be more activity here but it does bring up the discussion around I guess like generalized chains versus app chains again and people being like we already have enough generalized chains why do we need more sort of thing and look I don't even think that's an argument worth

having or a debate worth having I think in the end as I mentioned before a lot of these things are just going to be natively inoperable with each other users are going to be able to just use their assets wherever they are essentially and they're going to be able to use the apps on whatever chain they're on and then really it becomes I think it becomes a game where the chains with the most activity will be the ones that land the uh the best apps essentially so for example let's say that the lines are blurred and now intop is quote unquote fixed you can now use uh an app that's deployed on arbitrum 1 from any of the other l2s maybe not any of the other l2s but let's say the ones that use blobs right the rollups that use blobs let's just say they're stage

one as well at least stage one so let's say that's the that's the line that has now been blurred so essentially what happens is that the app where the app is dictates where the activity goes so if the app's on Arbitron 1 Arbitron 1 is getting all the activity even though the assets are on these other chains Arbitron 1 is the chain that's getting the activity and you would say well why wouldn't this app deploy anywhere else it's like maybe they would but there's no guarantee that the users are going to use the app on those other chains they'll just maybe use it on arbitrum 1 for different reasons reasons maybe because it's cheaper and faster somehow or maybe because it's more secure because they trust it more there are different reasons here but the lines definitely do get blurred so I do think that the generalized chains will

eventually like not die out but like it's going to be like the same as it was with the l1s most of them just go nowhere and I think that the app specific chains are going to become more and more important as interoperability gets fixed and solved because that means that there's really no reason to deploy not no reason but like there's more and more reason for you to deploy an app specific chain than it is tooy de your app on a generalized chain I guess the biggest reasons for both is the reason why you would deploy your app on an existing generalized chain is because that's where all the money and users already are but the biggest reason you would deploy your app as an app specific chain is because you want to capture any value that your app generates you don't want to bleed that value to to the

generalized chain so there are tradeoffs here there are certain apps that can get big enough and then spin out as their own app chain but then the ecosystem that they launched on has an opportunity to make sure that that app spins out as a chain that was built on the op stack for example or the arbitrum stack for example the ZK sync stack so even though they launch as on the generalized chain if they want to launch their app chain then launching It On The Stack is even better because then the whole Collective kind of uh I gu I guess um benefits from that right but that those are my general thoughts there on that but anyway as I said um good to see uni chain live now you can go check it out for yourself uh uh you can just go to the Unis swap

website and you can find it there all right so openc finally announced after many years of people waiting for this here that their token is coming so the token is named C and there are are a few things to know about this so historical Open Sea usage not just recent activity will be an important ingredient for the airdrop that everyone expects to get get here the claim process will be simple and accessible us users welcome that's interesting right I'll get back to that in a sec uh they open C said here that they're focused on long-term sustainability and supporting a healthy enduring Community yeah I mean cool so is every other foundation in crypto no details on timing yet we're taking the learnings from these space and getting

it right so note on that there is no airdrop Checker or claim yet claimer yet as far as I know so do not fall for any of the scams cuz I'm sure there's going to be plenty of them there but back to that us users welcome point this is a huge deal guys because as you guys know for a long time now us people were barred from airdrops for no reason basically it wasn't illegal to get an air drop but they were barred from Air drops because of the really hostile regulatory environment in particular from the SEC and openc I think didn't even do their token until now because of that they weren't even willing to risk it they also I believe received a Wells notice or a potentially a lawsuit I can't remember from uh the SEC or they're probably both but anyway us

users welcome so the one of the biggest apps and one of the most well-known apps on ethereum and within crypto has basically said that we're comfortable enough and we feel comfortable enough now doing airdrops to us people you guys can do that too so now and and thankfully for all the US people you guys will now be able to access these aird drops any team not airdropping to us users is is going to basically uh be I guess blacklisted by everyone because they're going to be like well there's no reason not to do this anymore you know openc did it why can't you so I think that that's going to become a trend going forward which is awesome I think that this is another signal that the regulatory environment has just completely changed it's literally a 180

and we expected this this isn't a surprise to anyone I think because the the the um the expectation obviously was that if Trump won if the Republicans won this would happen because the not not only do they like crypto and they talk a lot about crypto but we knew guaranteed that g genza would be fired and we knew that there really couldn't be anyone else that was worse than Gary gendler put in place especially not by a republican Administration there was always a small chance that there could be but wasn't really a realistic chance and then since then the momentum has been building around the fact that okay well Hester Pierce is now in charge of the crypto part of the SEC and uh the new SEC chair is pro crypto right and then the cftc chair the new one is Brian quines who is posting on farcaster like

you're just getting all of these really bullish crypto people in politics in in in the regulatory environment in positions of power and that is exactly why you're seeing this and there's more stuff coming guys there I I read some uh tweets and some threads about the fact that uh there is a decision on coinbase's lawsuit coming up you could imagine that the SEC just drops the suit against coinbase or just like lets it run out and go stale and once we see what how they treat coinbase's case we can basically have confirmation that that's the way they're going to treat all the other cases here and we have even further confirmation that they're not going to be going after all these companies in the US now with frivolous lawsuits so again a massive regulatory Boon here massive regulatory win here

and I really don't think the market Mark is pricing this in guys I really think that the market is really underpricing the impact of this and I think it's because they've been burned for quite a while I think that's because there's other things at you know at play rather than just the Crypton native stuff when it comes to markets but I do truly think that we're in a new era here for at least the next kind of like two years I know that the the midterms can stand to change things in uh in in uh I guess like uh the polit political sphere but there's no guarantee that the demss are going to win in the midterms Maybe Republicans win again like I don't know I you guys know I don't really pay much attention to us politics I try to limit my the attention I pay there I try to

just pay attention when it involves crypto but when it comes to the SEC chair even if the Democrats were to win the midterms or were to win I guess like the house back or something like that I don't think from my understanding it would affect the SEC chair or or the regulatory environment the cftc chair or anything so we very likely have at least four years of this which is just really bullish to me just really really bullish so we'll see how the market you know hopefully prices that in as time goes on here but as I've said before I think that ethereum definitely stands to benefit the most from a friendly regulatory environment I've been hearing so much in the background from places like ethereal lies which they're going to be announcing stuff as they come I said this in the dead Discord Channel

today but essentially they don't want to announce anything unless they've got something to announce so they don't want to tease anything they don't want to say or things are going well without actually having something to show for it which I think is a good approach but that's all happening and there's just so much other stuff happening in the background when it comes to the the regulatory front there and basically making sure that ethereum is part of those conversations and of course on boarding the traditional Finance institutions and all those uh corporates that we want to on board uh as well but on that note I think that's going to be it for today's episode so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all on Monday

thanks everyone