EF's upcoming AMA, Multidimensional EIP-1559 & more - The Daily Gwei Refuel #287 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel worry cap the latest news in your theorem ecosystem i'm your host anthony sosano and today the 6th of january 2022 all right everyone let's get into it so i put out a tweet last night that i had kind of been thinking about lately over the last few weeks really and i kind of just put this out there i wanted to get other people's opinions on it but i basically said you either die a degen or live long enough to see yourself become a crypto boomer and then i followed up this tweet by saying you know i wasn't subtweeting anyone with this uh just something that i've been thinking about a lot lately i was a pretty big d-gen in ethereum d5 summer which was most of 2020 but these days i feel like a boomer

because i mostly just stack eighth plus do some angel investments uh don't lose your dj in kids so i think the reason why i kind of put this out was because i've been feeling like because i'm not doing the dj and stuff i'm missing out on a lot of what's going on right now with things like default 2.0 some of the nft stuff and you know even some of the kind of like dow stuff that's been going on so when it comes to the d5 2.0 stuff a lot of it is pretty speculative right a lot of it's very risk on a lot of it uh require you know uh captures people through the um i guess high apys and stuff like that and that reminds me of d5 summon for sure but these days those kind of things just don't appeal to me i

like i mean i love the innovation coming out of d5 2.0 or whatever people are calling it these days um you know there's some really cool ideas there but you know djenting in or apping into random like farms and risking a lot of my money just doesn't appeal to me these days and that's just because i'm in a different position to what i was in d5 of 2020. and there's plenty of newer people that are in the position i was back in 2020 which is kind of funny when you look at how quickly this industry moves is that um d5 summer started in what june of 2020 it's not even two years ago um and kind of like i'm at a point now where i just don't really feel the need to do that stuff anymore but this leads to me missing things like i'm

sure that you guys will have noticed that i don't you know i tend to cover what i can but there's still a lot of things that i i miss these days and i mean it's one of two reasons i miss i miss it because uh i don't i just don't think it's you know important enough to cover on the refuel or i miss it because i'm just not paying attention to those sorts of things these days and the perfect example of this is the things in the d5 2.0 ecosystem where there's a lot going on there um you know i'm sure a lot of you guys recently saw the drama between daniel sesta and the bankless guys around uh i i guess like the bankless guys not knowing who he was and knowing the projects like abracadabra and stuff like that i was sympathizing with the

bankless guys in that fact that like i understood why they didn't know of this because they're in kind of like a simple position to where i am whereas i think that they uh you know basically did all their you know dj and stuff in in 2020 and now they just kind of like um just turned a little bit into crypto boomers and that sort of stuff those other projects like abracadabra i think there's time and and ice and stuff like that it's just things that that we just don't pay much attention to and especially because these things aren't majority on each either um you know i know these they are on 8th but they're also kind of like multi-chain projects on avalanche and phantom i believe so another reason why you know i mean i personally don't pay too much too much close attention to it there but that's

not to say that they're not good projects and that they're you know they're bad projects or anything like that but it's just funny to see how i caught myself over the last few weeks at least realizing that yes i'm aware of these projects yes i i know how they work i know what innovations they're bringing to the table but i don't follow them very closely and and to be fair i don't really follow you know any one project super closely i mean the project that i follow the closest is ethereum itself obviously all the all the stuff going on there with um core protocol work and layer twos which i consider as part of the chord protocol work to be honest but at the application layer it's just become such a thing where there's so many applications now and it's kind of hard to know what to pay attention to

because there are actually a lot of projects that people kind of like get feverish about that it's just straight up ponzi's and that actually will collapse i'm not talking about the things that people think of ponzi's but aren't really i'm talking about the actual things that people know are ponzis they're playing them because they want to make money off of them but those sorts of things i mean i have no issue with but it's just not something that i'm going to personally be paying attention to and that's why you know i kind of feel like a crypto boomer these days because that's something i would have paid attention to back maybe you know 18 months ago or something like that i know a lot of you guys get involved with this stuff as well like i see it in the discord channel you guys discussing this stuff it's actually one

of the reasons why i can even keep up with it to be honest because i read through the channel see what people are talking about and things like that um so i'm glad that you know at least i have that but just generally it's just not something that i'm paying too close of attention attention to uh lately so that's why i said like don't lose your dj because if you do you can kind of like lose your edge right it depends on what you want to do as well like are you trying to make like an outsized return are you trying to turn a few thousand dollars into you know six figures seven figures or something like that or are you just cruising along because you've made you know the money that you wanted to make from it uh and you're basically just cruising along doing the less dj stuff

and you know to be fair the dj and stuff is pretty risky right it requires like a lot of a lot of risk taking it requires kind of like that mindset of okay well i'm taking a lot of risk here but the reward's really high and if i lose you know what i'm putting into it whether it be like a few thousand dollars or something like that i'm fine with losing that whereas um when you get to a stage where you where you've kind of like accumulated some wealth you kind of like turn over into wealth preservation mode but you're like okay maybe i'll degen a little bit on the side if i can be bothered with like a small part of my stack but for most of my stack i just want to keep in safer kind of like assets i don't want to do i

want to keep it in safer protocols i don't want to do anything too crazy with it and you know people take profits as well whether it be into stable coins or fiat or anything like that they cash out they go buy a house or something like that um so there are those different risk profiles depending on where you are in kind of like the the on the wealth ladder essentially and i felt all that right like i started where a lot of you guys are probably starting from these days i only started with a few thousand dollars in crypto back in the day and i grew that to a point where i was pretty happy with it um and then i just completely stopped doing all the djing stuff i mean i don't even use any of the any of the protocols outside of testing

them out like i you know i mean obviously if they're on ethereum layer one testing them out becomes a bit cost prohibitive because the fees are so high but i have tested out a lot of the stuff on layer two you know a lot of the um the uh unique layer two applications that are on both arbitrary and optimism and obviously the stuff that's on the polygon pos chain and things like that but i'm not kind of like doing what i used to do in 2020 so i think that ever i mean i do think it's inevitable that most people end up in that position and it's totally fine there are people out there who you know for them get you know earning more and more money just like a scoreboard like the the the the um the money itself doesn't matter it's kind of like getting a high score like

they could have 10 million dollars and they could probably say to themselves wow okay 10 million dollars i don't need to ever work again like this is you know i could cash out everything right now buy myself a really nice house and just do whatever i want for the rest of my life um but you know for for some people it's kind of like okay well i have 10 million why not 100 million you know let's see if i can get to a billion right there are people out there there's plenty of people out there that um that want to do that but it just depends on the type of person that you are and it depends what you got into this industry for to begin with too like if you're more interested in the tech then you're probably going to be less interested in in just like

chasing all these kind of like um all these training opportunities and speculating all the time but if you're interested in just solely making money well i mean that is your kind of like day job right your day job is to keep making as much money as possible for whatever reason like personally i don't see the point in maximizing and min-maxing everything just to make as much money as possible just for a high score like for me i mean i mean you know you want to make money to be able to kind of like have sustained yourself throughout life and to obviously spend there to buy nicer things for yourself but uh i don't never looked at it as a kind of like high score and that's why i mean i'm a crypto boomer now right but i think that uh you can still keep your

kind of like dj inside in that you can pay attention to the projects that maybe you don't you know partaking or speculate in but you pay attention to the innovations that they're bringing to the table and the cool stuff that they're doing but but again as time goes on there's more and more projects that are going to come out it's going to become pretty much impossible for any one person to keep up with the ethereum ecosystem let alone the crypto ecosystem as a whole and we really shouldn't shame people for that i really i don't agree with sharing people for not knowing um who someone is or what something is even if they're heavily involved in one part of the ecosystem because i can tell you right now there's a lot of people within um uh within this ecosystem that don't know anything about things that you think are

kind of like really really well known uh for example like i i surprise them i get surprised sometimes because i talk to people and they're like oh i didn't hear this i'm like wow okay how did like in my head i'm like how did they not hear of this like i had seen this everywhere and the reality is that a lot of you know people don't spend every waking moment on twitter they don't spend every waking moment on reddit and watching youtube you know watching the refuel things like that they um they're just casual observers they enjoy you know crypto they they they kind of get the vision they're casual investors but they're not sitting there all day every day which most people aren't doing that like there's only a few people that do that sit there um and pay attention to everything for one

reason or another like a lot of the reasons people kind of like sit there and pay attention to everything are monetary because they want to be on the bleeding edge they want to get you know extract that alpha um and you know some people just really enjoy it like for me personally the reason i am still so involved with the secret system is because it's just my passion i really really enjoy it i'm not trying to extract alfred out of anything i'm not trying to find the next 100x general or stuff like that i want to keep up with everything so i can kind of like pass on this education to everyone else and make sure that they can keep up with everything but the the you know there's plenty of casual observers out there and there's nothing wrong with that so just a little bit of a spiel there about uh

you know i guess going from a d-gen to a crypto boomer and how fast it can creep up on you but it doesn't have to mean that you fall behind you can still keep up to date with things but i i tell you i can tell you like from first-hand experience you you do reach a point where you're like okay well you know you get scared of losing what you've accumulated so you become very risk off and you become very conservative and that's exactly what you know the term boomer is supposed to um describe it's not i i use the term boomer to describe like a conservative very risk-off you know not wanting anything to change mindset rather than the generation because typically kind of like the older generations are in that mindset anyway because you know they're at the kind of like um you know

tail end of their of their lives they've built up all this stuff over their lives and they don't want to lose it right at the end right so they become conservative they don't take uh many risks and they also want to pass things on to their kids or to their families so i think it's just a natural thing that as you get older you become risk averse but also as your as your wealth goes up over time you become risk of a more risk averse and you and you want to kind of like keep what you've earned instead of risking it all for for more gains because there is a ceiling at some point where you're kind of like okay well this level of wealth is only going to marginally increase my happiness and it's not actually a very high ceiling to be honest there's been studies done on

things like that but if your only goal or your main goal is to kind of like accumulate as much money as possible and it's like a high score for you then by all means do that but i think most people don't fall into that bucket um i think most people fall into the bucket that i'm in uh but yeah anyway i'm gonna leave it at that i just thought it was just uh just kind of like instill some wisdom in you guys about something that i've been thinking a lot about over the last i guess month or two all right so a really cool new eighth research blog post from vitalik today titled multi-dimensional eip1559 so what this basically describes is a way to have different i guess like fee markets on ethereum for different things so for example you could have a fee market that's specific to layer twos

because they use call data this goes back to the eip4488 that was proposed a few weeks ago you could have um different fee markets for kind of like d5 for nfts just for different op crows essentially not you wouldn't um the protocol wouldn't bucket these things into the category of d5 nft layer 2 that the protocol would just know the op codes that are used with all the um they get the the operation codes that are used by each solution and bucket it into its own kind of like fee market now this is just an idea there was a few bits of back and forth here one of them brought up kind of like or a couple of them brought up the complexity of this i'm gonna be honest this is not something that's that's probably going to be put into the network anytime soon

i think that obviously the merge is the priority and then you have um uh shouting after that and a few other things so i don't know if this is going to be i mean i wouldn't put my money on this coming into the network any time soon but it's still something interesting to think about because it goes back to the discussion around erp 4488 um around kind of like lowering the cost of call data so that l2s can have cheaper gas cost on l1 but it also brings up the discussion of okay are we playing favorites by doing this right like are we favorite are we kind of like saying okay well you know if there's a if called out data's cheaper then doing something else like something within d5 does that play favorites towards layer two i think that becomes kind of like an

ecosystem-wide thing where we have to basically uh come to kind of like an agreement as an ecosystem on what we value out of the ethereum network do we value it providing more space for layer twos do we evaluate providing more space for d5 nfts all that sort of stuff um and i personally i think that we should be valuing um the theorem's layer one block space for l2s because i as i've said before and kind of like the path and the roadmap to you know getting to a certain point is is to basically get to a point where layer one is really only for layer twos to be kind of verifying themselves on and posting their data to and all that sort of stuff there so from that perspective we should really make it so that layer one ethereum is is um you know favoring our l2s and that's exactly

what erp 4488 tried to do and will do if it goes through like after the merge and things like that but i think it's more of a i wouldn't say moral question but more of a kind of like subjective thing it's definitely not an objective thing you can't say okay well you know layer twos are objectively more important than than d5 i mean i personally think that they are but objectivity is a funny thing because there's other people who would say well no d5 is more important because the d5 activity on ethereum at least for the foreseeable future is generating most of the fee revenue which is burning you know the most eighth which is which is um uh sending value to ethers and asset which is securing the network right you can make an argument kind of like either way so being objective about this sort

of stuff is incredibly difficult and i don't believe there's actually an objective answer to this i but i you know as i said i personally believe that we should be optimizing l1 for l2 which we are doing but i think that we should be doing it quicker than what we are and i believe that we should be getting as much people to migrate off and to layer twos as as possible but that's going to be a slower kind of like burn their sore process this multi-dimensional one five five nine upgrade may go in before we get to even kind of like twenty thirty percent of like uh of usage of layer twos of um of layer one block space so yeah but anyway you can give this a little research post a read here and read the back and forth it's pretty interesting i thought it was

uh it was a great thing just to kind of like discuss with you guys today uh and you know if you're interested in commenting you can i always love the eighth research kind of forum here because anyone can comment like follow daily where community member domothy actually commented here which which i i kind of like so i was like oh well that's really cool and kind of like asked a few questions and the amazing thing is is like vitalik replies right like you're literally able to converse with uh with the tag the founder of ethereum on this research kind of like post here and he'll reply to you just like anyone else and i've always admired that about vitalik but especially about this industry where you can essentially talk to any of the heavy hitters as long as you meet them in the right kind of

like forum so that was really cool as well but anyway definitely go give this a read i'll link it in the youtube description for you guys so justin drake announced today that the ethereum foundation research team will host a reddit ama on jan 7th at 1 pm utc so that's tomorrow i believe i don't know what the current utc time is but yeah at 1 pm uh utc jan 7th and you can ask your questions right now so i'll link this reddit thread in the youtube description you can go ask your questions in here um but essentially uh these are always really great you can basically ask you know who the people who are at the forefront of ethereum kind of like research and development anything about ethereum i already see people like librosis who is polynomial for those who don't know uh in here as a

few other kind of like people already asking questions just going down the list here um to see to see anyone else that i kind of like um that i kind of recognize but i'm not really frequent on reddit so apologies to anyone watching this and you see your name on there and i don't recognize you but uh definitely go get your questions in before the ama happens obviously you can ask it during the ama but these are always amazing i love reading through them they're so much kind of like alpha packed into these i guess like alpha being kind of like um ethereum core protocol development alpha rather than kind of like alpha before investing um so yeah if you if you're in it for the tech this is definitely one that you want to read so definitely go check that out and speaking of core ethereum

development geth version 1.10.15 is out which can which contains a few important bug fixes so if you are running a geth client or full note here definitely go give this release a download and install it and upgrade your full node here so another great thread from studio pseudo theos today hopefully i'm saying that right mate um about data availability so this thread goes uh through what data available availability is why it's important for blockchains as well so you can see it's not too long of a thread here it's got links to more information here but you know i've talked about their availability a lot on the reefer before and how it's kind of like one of the core pillars of the modular road map and why it's so important um so studio theater has just put together a really nice thread here

going over and in more detail about it with the links to a few different things you know it's funny because like people may be thinking oh you know maybe not on the refill but like in general general you may be thinking everyone's heard of the modular stack these days everyone's heard of data availability and settlement and execution it's all well and good but if you pay attention to i guess like what the wider crypto ecosystem knows about ethereum knows about ethereum scaling roadmap it's very very little and i actually saw recently that vitalik went on bankless and he said a few things on there that i think you know in the spur of the moment you tend to say things that may not be like totally accurate or may not be kind of like um you know totally in line with what uh ethereum is kind of

like doing and maybe taken out of context as well and i've seen so many people kind of like take things out of context and add no nuance to it for example vitalik i think said something like if ethe 2.0 or or kind of like the ethereum roadmap is 50 done or 50 of the way to completion now when you kind of like look at that as in a vacuum without nuance it just it seems very kind of like weird you may think yourself ah you know it's been all these years and eth2 is only 50 done but the reality is is that eth2 is not really a thing right it's just the ethereum roadmap eth2 as nomenclature has kind of like been retired in favor of just like the general ethereum roadmap and the general ethereum roadmap uh you know we could be 50 done with it because we keep

adding things to it it could even be 30 done because maybe we're going to add things in the future but i think the right way to look a bit to look at ethereum is that it is never going to be finished it is a constantly evolving protocol i don't think that it's ever going to occupy completely where no changes can happen at the protocol layer i think that changes will become slower and slower over time and we may get to a point where where a change only goes into ethereum once every five years or once every 10 years or something you know later down the line but that still means ethereum is never quote-unquote finished right because there's always things that we want to add to it but in terms of like the core things over the next say three-ish years um they're the major

things right they've got you got the merge of course you have sharding you have statelessness you have um hopefully snarkifying layer one things like that and you know a bunch of other things like state expiry all that sort of stuff there that's all part of the like you know nearish term roadmap and i would actually argue that gets us to basically 90 completion and then the remaining 10 are a lot of nice to haves out there um and maybe other critical things like quantum resistance and stuff like that i've seen people talk about that lately as well but that's what i mean by by just citing something like oh vitalik said that you know eth2 is only 50 complete it just lacks complete nuance but this is what most people see this is what the mainstream sees and this is what i try so hard to fight against this

bad information not to say that vitality comes up with this bad information what ends up happening is that anything he says gets twisted by the mainstream media because they do clickbait headlines or by people kind of like just doing chinese whispers and essentially mumbling up what was exactly said and on the internet it's just so bad because it takes you know much more effort to refute than it does to spread it like that's one thing i've become acutely aware of over the years are fighting all this fud so i think that continuously putting out this information even if you think that everyone already knows kind of like what it is and you think that's old information i don't think it is i think that continuously putting it out is a huge net positive i think that continuously kind of like harping on about the modular blockchain design what a fumes

roadmap looks like why the eth2 norman clutcher doesn't actually make much sense these days and especially uh kind of educating people on the fact that the merge isn't going to substantially reduce gas fees at all i mean there might be a slight decrease because of the faster blockchain block times but i doubt it's going to be noticeable things like that right because there's so much bad information that just gets spread around um either kind of like willingly or unwillingly by by people and i think that we should always aim to to correct that and pseudo theaters is one person that has been doing this a lot lately through their twitter threads so i'm really really glad to see that obviously paulina did a bunch of it as well you know i i've done it in the past i don't do that many twitter threads these days

but obviously i do it through the newsletter and and the refuel um there's been other people like donothy as well and a few others out there i think max invest just calling out random names here that that i can remember right now um and i think it's a really great way to grow a twitter following too if you want to grow twitter following putting out educational threads like this is definitely a good way to do it too so yeah don't be afraid to kind of like repeat things that you think that everyone knows because more often than not most people don't know it and it just may feel like they do because you might because twitter's algorithms are showing you kind of like the people that um that are aware of these things not the people that aren't aware of these things and trust me there are a lot of

people who aren't aware of these things all right moving on so austin griffith had put together a really nice thread today on your web3 developer next steps so if you've done the scaffold.e challenges that i mentioned the other day from austin here um you understand how to build a simple nft a staking app and a token vendor so you're ready for the rest of the mental model and this thread goes through the web three developer next step so there's a lot of links here a lot of great stuff a lot of tutorials i mean heaps like look at this i'm scrolling down this thread right now it's kind of like never ending right um and austin griffith built a lot of great stuff he's a great teacher great mentor um really really really cares about kind of upskilling builders and to kind of get involved with web3 and with ethereum

development so if that's you and you're interested in this sort of stuff definitely go check out this thread it'll be linked in the youtube description i would say this is probably one of the fastest ways to get up to speed with web3 development so if you're trying to i guess like upskill in order to get a job as a developer within the web 3 ethereum crypto ecosystems this is probably one of the best places to to do that so definitely go check this out it'll be linked in the youtube description below so a resource i came across today was this uh resource from natalya who she says she spent the past few weeks learning about starkware and so and put together a document compiling the best resources now i thought this is really cool because you can see here this document is very comprehensive like you

just basically expand these things and you can kind of see all the links to different kind of like things like libraries and tools um fees on on the alpha of stock net comparisons between roll ups community calls twitter accounts to follow and then you have like a bunch of um podcast features to listen to from starkware and then stuff on cairo which is their native language upcoming events and as i said you can expand all this stuff more info here so this is really cool i'd love to see this be done for like basically everything you know not just stockwear obviously like optimism uptrend polygon all the l2s but also all the projects i really you know there really isn't kind of like a one-stop repository for everything there are some attempts at it i know masari's has been doing a lot of work here it's kind of like creating a

one-stop shop for a lot of projects and stuff like that but i think that when it comes to having like a bunch of resources that uh available available for people there could be more work done here so this may be like a project that you guys can focus on as well if you're trying to make a name for yourself within the industry as i said the one of the best ways is through i think um uh educational threads on twitter that's a really great way and even on reddit as well doing an educational post there but putting together resources and sharing them with people is another good way you know that's how actually i got my start i used to run a website i think it should still be live called block by block dot io which was just a website with a list of resources like it had

links to to all these different resources within the crypto ecosystem a lot of them are these they if the website is still live a lot of them are outdated these days but that's how i got my start and the ether newsletter used to be called the block by block newsletter and all i did was kind of like continue doing that i had like barely any subscribers like 50 to 100 subscribers for the longest time i kept doing twitter threads kept sharing um my site kept linking people to resources kept educating and that was how i got my start so i think it's just the the probably still the best way to get your start because so many people are hungry to learn so many people are hungry to kind of like have things broken down for them into really easy to digest things they want links to more resources they

want to go deeper down the rabbit hole and um if you're more experienced then doing that is a net positive in both ways because you get to educate people but you also get to grow your own following which comes with a lot of kind of like benefits as well i mean uh you know i have people always asking me about like how do i get you know um uh how i get like invited to invest in early stage companies and stuff like that and how i get early access to things really at the end of the day it's got to do with the fact that like you know i built myself up and put my name up within the ecosystem and got to a point where uh you know i can add value to projects i can i can help them with marketing community stuff and and uh and

kind of help them with feedback on things so that's a pretty good way to get to that point as well so definitely uh i guess i keep that in mind when um when growing your own profile i know i've seen a people want to do this and they've asked me for advice on how to grow their profiles and things like that and that really is the best way to do it it is more competitive these days than it was back when i was doing it because there's a lot more people in the ecosystem but at the same time it means that a lot more people to kind of like follow you too like i remember my following was very small like it was probably under 10 000 or even under 5000 for the longest time like well into 2019 i believe or even in 2020 and then it

exploded from there because a lot more people came into the ecosystem but for a long time there wasn't it wasn't very much of us around like doesn't matter if it was a bull or bear market there wasn't very much of us around but these days bull or bear there's plenty of people around there's plenty of things to do plenty of things to cover plenty of things to talk about even if the market is going down like it is today right there's still plenty of stuff to talk about um uh so yeah and plenty of stuff to educate about as well there but i think on that note that's going to be it for today i know i'm a bit short on time today but as i said guys i don't expect much to be happening uh until probably next week or the week after people are

still on holiday still enjoying their break um but i'm sure that we're gonna we're still in store for a big q1 uh as we go forward through january february and march but on that note gonna end it there so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all next week thanks everyone or not next week tomorrow thanks everyone