EIP-1559 approved, ETH on balance sheets and more - The Daily Gwei Refuel #72 - 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's the 8th of march 2021 all right everyone let's get into it so just a quick kind of note here i did post the third episode of the daily grade data pump series uh i think yesterday or a couple days ago now uh you can go check that check that out if you missed it basically what i do in these videos is that i kind of go over all the various on-chain metrics for ethereum and defying kind of like run through them kind of how you can use them as signals for various different things and and and kind of like show you how to use them basically so definitely go check out that video if you haven't yet um and you know i do

them every month basically going over the previous month's worth of data so yeah be sure to subscribe to the channel so you don't miss any future ones there all right so the biggest news uh since the last refuel was that eip1559 has finally been accepted into a hard fork so it got it's been accepted into the london hard fork which is tentatively scheduled for deployment in july of 2021 so only a few months away after almost two years of waiting you know since uh one five five nine was i guess originally kind of put forward as a proposal by eric connor and vitalik as an eip um you know we're finally here right it'll be i think it'll be on like pretty much exactly two years by the time it gets deployed here and obviously this is the

most kind of hotly anticipated eip ever right i don't think there's ever been a kind of uh a network upgrade or an eip that has been more anticipated than this even the last kind of issuance reduction was you know it was kind of like hyped up but it was nowhere near as hyped up as this is and i think you know obviously for a few reasons right i mean i've gone i've talked about one five five nine a lot in in you know previous refuels but obviously the main reason people are excited about it is the fee burn which is which is cool but the funny thing is about the fee burn is that it's just a bonus right i think the fee burn was the narrative but the actual fundamental improvements that one five five nine bring are more than that right i've gone

through it before they they provide like an on-chain gas oracle for smart contracts and it's especially important for layer two as well right it provides much better um you know smoothing of transactions than we've got now uh because of the way the base fee works um it basically makes it so that you can pretty much be guaranteed that your transaction will get into a block you won't have to basically you know say you're like doing a transaction you put like a a gray amount in and then what ends up happening is that like the the face spike during you know while the blocks being mined and then you might not get into the next block one five five nine helps a lot with this it also you know enshrines eighth as the only asset that can be paid for the base fee because it gets burned

so you can't do what's called economic abstraction where you can go around that and pay fees and other kind of like currencies not not eth which is really important there's a few other benefits as well to this but i won't go through them all again i think it's just really really cool to finally see that this is going in i mean obviously we had a bit of miners kind of like being against this lately and they still are against this and they're signaling against that but i spoke about on the refuel before how i don't think they have really any power here or any say they're just gonna mine on the chain that everyone else sticks to and pretty much everyone's gonna stick to one five five nine like i doubt any exchanges are gonna side with the non one five five nine fork i doubt any

uh kind of infrastructure providers or any kind of apps they're going to going to side with the miners here so that's not a worry i don't think um so yeah i mean oh if all goes well this would be out in july of 2021. the reason why i said here tentatively scheduled because just in case something happens we have to push it back to august right um you know for whatever reason sometimes these things happen uh it might get pushed back to august but uh it has to happen in july or august because of the difficulty bomb as i've explained before that will go off in it will start going off in july where um the the block times will start getting longer and the network will actually you know really feel kind of sl uh like it'll basically feel like a slog to do

anything on it because of the difficulty bomb so we have to get this kind of out there and and diffusing the bomb is basically going into london hard fork as well so yeah i'm pretty confident that we can hit the july date here as far as i know all the development around 1.59 for the clients has been done or at least most of it has been done it really is just waiting now and you know we've got the berlin hard fork coming up as well uh which is next month basically on the on main net this month it's being deployed to test nets that's coming with a bunch of technical improvements that obviously a lot of people aren't really um too interested in because they're kind of low low level stuff that uh that that a lot of people don't really understand which is fair enough i don't understand

all of it either but i know that there's some upgrades in there people are excited about but 1559 is obviously the one that everyone's waiting for and it's just it's just awesome right it's just really really awesome that we're finally at a stage where it's going in but yeah anyway i've spoken about it too much over the last few weeks so i won't dawdle on this on this too much but one other thing i wanted to go through was a great thread from hasu here where he basically spoke about what i was just speaking about and he explained how with one five five nine you can get more predictable transactions basically so he says here in his first tweet no i'll just read the first one because this is a thread but he basically says one of the most common questions we get around eip1559

is how predictable the price of getting into the next block will be or in other words how often will you be able to pay the current base fee plus minimum tip compared to the system degrading to today's first price auction and then he kind of like explains how this all works and then he ends it with saying that basically this all means that 95 to 99 of the time users will simply be able to pay the quoted price and reliably get their transaction mined in the next block that is a critical ux upgrade right like absolutely critical like i can't even tell you the amount of times that i've you know put my transaction in paid the the rapid fee right and then i still didn't get my transaction in the next block because the rapid fee just kind of like um uh you know

spiked so much and and even the fast theme stuff like that um that's not gonna happen most of the time anymore with one five five nine and that's what i think people should be most excited about because i'm sure you've all experienced that right where you put a transaction and then you get you know front run and the prices spike up and all this kind of stuff happens um you know that's going to be like basically only you know maybe at most five percent of the time this will happen across the whole network so really really massive ux improvement there um and i think you know as i said the fibo the fee burn is just a bonus on top of all these kind of improvements that are coming with one five five nine but yeah very very excited for that i'll link this thread in the youtube

description you can go check it out and read the whole thread to see how this works and you know on my tweet as well here i've got like a second tweet where you can learn all about one five five nine this is tim baiko's resource pack here uh and on that note actually i did want to give like a massive shout out to tim here i mean i've spoken about him before without tim leading the charge on one five five nine and basically being the champion for it i don't think it would have happened like straight up i i i i find it highly unlikely we would have got to the point where we are today this was his baby he made sure that things got done he made sure that teams were coordinated and as i said before he was basically the danny ryan

for one five five nine and for those of you who don't know danny ryan is critical to kind of like eth2 and the e2 coordination between all the different teams and researchers just as tim biker here was critical to one five five nine and he's actually uh part of the kind of like eighth one effort and he's actually the um going to be hosting the all-called devs calls from now on hudson jameson stepped down there uh from that but yeah so just wanted to give a shout out to him and basically everyone else that made this happen i mean there are so many people that made this happen like you can go on the resource page here and see how many people kind of like contributed to it right you know hasu and georgios did a lot of research around it um the ethereum cat herders fine maddix

ether global uh barnaby uh from uh the ef who does um basically analysis on on these sorts of things mike zoltu tim roughgarden who i've spoken about before who actually is outside of the crypto ecosystem he did an economic analysis on it and so many more names i mean you can just go here and see it all but basically this was like a massive effort from so many people in the ethereum community and outside of the ethereum community so a huge thanks to them without them and especially without tim this would not have happened ever which is which is kind of crap to think about right since it was so hotly anticipated but we got here and this is the power of the ethereum community at the end of the day i think all right so this week git coin grants round nine is launching i did warn you

guys you know over the last couple weeks that i'll be annoying you about this basically this launches on wednesday there's gonna be a 500 000 matching pool uh that you'll be able to kind of like pull from when you donate to uh different grants on get coin and just a quick recap for those of you who don't know how this works basically there's a bunch of different grants on get coin you can donate to them and your um donations can potentially be matched up to hundreds of times so for example if you were to donate one die it could get matched by up to 100 die with these matching funds now there's a lot of good projects on here i mean i'll talk more about it and walk through it once it's live on wednesday but basically you know i think everyone in the ethereum ecosystem especially if

you've made like a bit of money during the last few months i think you know it's basically your duty to give some of that back like i'll just straight up say that i think that you know give what you can but i do think that the ethereum economy gives you know you so much right and a lot of it is built on open source software a lot of it is built on projects that don't have coins right so they're not even monetizing or anything they're just like building software because they're passionate about it so from that point of view i truly believe that you should give back you know as much as you can here and as i said because of the matching pool you don't even have to donate much right you know you can donate 10 diet to a bunch of different projects

maybe you just have 100 kind of diet you want to donate donate 10 to 10 different projects and that'll get matched as well so yeah but i'll bug you guys more about uh about that on wednesday and i'll kind of walk you through how it works too for those of you who haven't done this before but i do think it's your duty as an ethereum citizen to basically do this um and you know i mean i'm not gonna blame you if you don't right but i do think that if you've made money you know it's always good to give some of that back to the ecosystem because at the end of the day a lot of it's open source a lot of it's built for free a lot of it's built as passion projects and you know people got to eat right so it's always good to to give back i think

so an interesting tweet here from victor buenan i'll read it out he basically said i think all new protocols air dropping tokens should reward bitcoin contributors badger did it first as far as he knows but it shouldn't be the last this is likely the highest return on investment in the whole industry target good ecosystem participants increasing open source software funding beautiful now i wrote about this in the delegate newsletter today and but i'll quickly go over what i basically wrote about i think this is critically important because what we've seen with airdrops within the community right now within the ecosystem you know let's take the unisoft airdrop for example you know that was the biggest and most high price high profile airdrop you know everyone that ever interacted with uni swap got 400 uni per address

right and then the liquidity providers got a bit more uh depending on when they provided liquidity and for how long and stuff like that but what ended up happening is a lot of those uni tokens ended up being kind of dumped right because it was free money right i mean you know uni the uni price went up to like ten dollars during that mania so that airdrop ended up being worth like four thousand dollars at the time it's obviously worth a lot more now because uni went up but a lot of people sold back then and i'll say i sold mine too right i mean for me i was just like not that i didn't want to hold uni but like for me i mean taxes of course because it's income and then i you know i wanted to take some profit profits from something anyway so

i just figured i'd sell it but you know there's a lot of people like me and i know honestly i shouldn't have been airdropped these tokens because i don't really have much of a kind of interest in participating in uni governance for example where the tokens are basically a governance token right and you want people participating in the governance of it and i just wasn't really interested in participating in uniform governance it's not it's not a community that i spent a lot of time in not that i don't like unisop or anything but it's just not something that i focus on personally um so you know from that point of view you know i sold my tokens into the market to basically speculators and you know i don't know how many people you know kind of held onto their tokens and actually participating in governance

but from that point of view i think basically those air drops are kind of a waste i think there are much better ways to do air drops i mean we've seen air drops from like one inch and pulled together and bunch of other things i mean you know as victor mentioned here badger dao actually did a really good air drop where it wasn't just air drop to users of the badger protocol which actually wasn't live but they airdropped it to users of different protocols and they airdropped the two bitcoin contributors as well so and i actually argue in in the piece that i wrote that git coin contributors are pretty well aligned with open source software with governance with things like this and because git coin is is a really great platform for cyber resistance where a lot of the people on there you know

have to kind of be verified and you have to kind of like know that they're a human and it's not like multiple addresses and things like that that's a really good way to get like quick alignment from really kind of hardcore ethereum you know ecosystem participants right because a lot of people who have donated in multiple git coin grants rounds uh have been around for quite a while now and have been like you know we you know donating our git coin is kind of like a thing you do up until maybe the last couple of rounds you only did that if you were like really deep in the ethereum ecosystem so from that point of view air dropping some tokens to them would align them better than just air dropping it to maybe some random people who use the protocol for example but again that's not a

silver bullet either i think that just a an airdrop in general is not enough i think that you have to do way more than that if you want to get alignment from token holders you know airdrop's one thing but another good way to do it is you pay out tokens out of the the kind of like protocol dow to contributors right and you make them want to hold the token you basically you know because they're contributing to the protocol they're actually kind of like in the discord right they're in the forum they're talking they're they're adding value because you know they obviously want to get paid tokens but by doing this they actually get involved and kind of like go down the rabbit hole of your protocol and get like kind of attached to it as well so that's one way to do it another way is that with liquidity

mining programs instead of just paying it out and letting people like constantly dump it you do a vested model you know the the most successful one of these is synthetics right they did a liquidity mining program which started in i think april of 2019 so it's been going for almost two years now and it's actually vested for a year so you claim your tokens and then you have to wait a year to get them and because of this they were able to build up a really great community with this because everyone that held for like that whole year right they couldn't dump it straight away they got more involved with the ecosystem they got more involved with the community and by the time their tokens unlocked the price had gone up so much right they had been become so involved with the ecosystem and like made friends and became

involved with the community they didn't want to dump anymore right like some of them did for sure but like a lot of them didn't and sushi swap's doing this as well where they're vesting two thirds of the rewards um you know there are other kind of projects experimenting this with this as well but i guess my general point here is that if you want to get like a kind of like wide distribution of your governance token you kind of need to do not just an airdrop but like everything do an airdrop do a liquidity mining program with uh vesting payout tokens to contributors to the protocol to get them aligned right and you can even put investing on that that doesn't have to be paid out straight away either as long as you're upfront about that it's going to be vested right there's another thing where you can

actually raise funds with from the dow right sell tokens to a bunch of really strong strategic partners within the ecosystem really key players and i'm not talking just like vc funds or like hedge funds or traditional investors or whatever i'm talking like actual strategic players on board like angel investors and things like that people who have a name in the community and can actually add value to your kind of like protocol and add value to your project that's another way to do it as well so i think we're going to see more of this kind of experimentation play out you know one project that i i really like how they've done things is um you know one that i'm involved with the index co-op and i've spoken about them before the airdrop that they did was only one percent of all tokens and that was just

the dpi holders and then from there they've been rewarding tokens like index tokens to a lot of contributors right the liquidity mining program that they're doing is not look like super lucrative i think it's like 20 apy or something on a dpi 8th pool um and they're actually doing like not just one liquidity mining program they're doing multiple ones across different protocols like one on loop brings layer two exchange for example to kind of like get loopering users involved and you know that's just resulting in a pretty healthy kind of like token holder base and it takes time to build this up you can't build this up in a week it can kind of play out over years and you know from that perspective you can get a really nice base of token holders who really care about the protocol and really want to govern it and really

want to be part of it and this is what happened with ethereum as well i think during the last few years you've had a lot of people kind of like you know come in and out but a lot of people have stayed and and built up an eighth position and now you know even though eth doesn't give you governance rights over the ethereum platform you have like a a pretty like big vested interest right you have a lot of skin in the game to see ethereum succeed to make sure that you're involved with different discussions and different kind of conversations around ethereum maybe not governance but like in general right you know maybe you're just the cheerleader for ethereum that's fine too so i think all of that stuff is very powerful and yeah i mean uh kudos to victor here for showing this out today

because i've got my brain spinning as you can as you can tell um but yeah i think more more kind of projects to experiment with with this sort of stuff and and even more than this i mean there's so much you can do i think you know we're kind of like i guess wasting the opportunity by just basically doing you know just doing a vanilla airdrop and calling it a day i think there should be you know more done around this and i'm looking forward to you know seeing teams kind of experiment with this so uh you know i've been going on about march being a big month for ethereum for i guess like the past week or so and i mean it is really shaping up to be a big month right i mean i i kind of put out this tweet today as saying nfts are going truly

mainstream now and they really are i mean it's actually amazing how many people from outside the ecosystem are coming in to the ethereum ecosystem just through nfts so that's that's huge right and it's really ramped up in march like just over the last couple of weeks there's been so many people coming in it's been it's been nuts right we have the berlin test net deployments going live with mainnet drew next month which is which is you know the first ethereum network upgrade in a very long time um since i think you know maybe i guess like a year and a bit now um we had eip159 approved for the london hard fork so you know there's no more if you know if if it's going to happen it's like when it's going to happen right or like people were asking you know will this happen you know when's it going to

happen it's like well we know when it's going to happen we just got to wait for it now which is in july companies putting eth on their balance sheets i mean i i have this here over here so i'll talk about this kind of later um but more companies are doing this and you know the biggest one i think is optimism and other layer twos launching this month right where we're changing the narrative from ethereum can't scale to ethereum will scale and we're going to kill all the competition and we're going to just blow you all away with how much we can scale basically so and i call this the march of ethereum right because it's it's it's march if you you know if you don't get my little kind of play on words there but yeah this is what's got me excited for for this month and for the next few

months as well especially the layer 2 stuff i mean i've gone on to play about layer 2 a lot lately um and you know i i have a feeling optimism is going to launch either this week or next week um and and then there are other layer 2s like i've talked about immutable x before and arbor trim and i'm sure there's a bunch of others as well uh there's like bridging going live with connects vector and hot protocol which i'll talk about in a sec i mean there's so much stuff happening right now right and it's just crazy i mean you know in a few months time i bet you will have like so much activity happening on layer two it's just gonna be nuts to see it right we went from like basically you know just i guess loopering and diversifying a few other things to like a

kind of like massive uh sorry layer two ecosystem which is going to be really really cool to see kind of play out there i didn't even mention you know unisop v3 here i don't know if it's going to come out this month but i mean i kind of feel like it will and unison v3 has been you know beyond hyped right i mean unisop is the darling project of ethereum v3 is like promising all these kind of things it's so hyped i mean that's just another thing from a narrative point of view that's going to be good for ethereum this month as well so a very exciting month left there's 22 days left of the month or or 23 i don't know if there's 31 days in march or not um but basically you know on top of all this like the price action has been

pretty kind of like uh good as well right you can see here on the chart you know we kind of ended february at like what in the 1300s right after that dump and then since then we've kind of come back up into the 1700s during march and i was saying for a while that i thought march was going to be a good month for east price because it usually is like during a bull market so that's just the bonus and i think that's a function of all this stuff kind of happening as well especially with the layer 2 hype getting real and like it's not just hype anymore we're actually going to launch these things imminently i think it's really positive there so yeah really cool to see that playing out and on that note as well i mean i just mentioned how there's uh going to be bridging kind of

um i guess things going live and hot protocol is one of them and in this video they give a demo of them sending uh kind of like die from arbitram to xdi so arbitram is a layer 2 xdi is a side chain but this was one of the concerns of layer twos and side chains for scaling right where would fragment the liquidity fragment the user experience you know what would we be able to do cross change and transactions and yes we are we're gonna be able to do it right i mean layer two technically you know you could call them their own chains but they're not really they inherit ethereum security but for the sake of like what i'm saying you could say that you know it's like cross-chain things right um so yeah i mean this is really cool this isn't just going to be like

arbitrary to x-dire you can imagine a world of cross-chain stuffs just using metamask right you don't need to use another wallet or anything like that and you don't need to kind of fiddle with anything you just kind of sign a transaction like you normally do and you pay like a small fee because you're going from layer two to a side chain or a layer two to a layer two or a side chain to a side chain all this sort of stuff right there's just to be a theorem sitting in the middle as that economic nexus that i always talk about and all these layer twos and other side chains and exchanges and everything like anywhere there's kind of like economic activity happening out on kind of on the sides it's just going to flood all into ethereum it's going to pass through ethereum it's going to pass through

ethereum layer 2 it's going to it's just going to be wild right the future of everything is indeed kind of like i guess you could call it multi-chain but i really do believe that a lot of that activity is going to be happening on each layer 2s rather than um chains that aren't secured by eighth it's just what people are going to prefer i think what projects are going to prefer to build upon especially if the fees are like basically free or like near zero there's kind of like no um you know it's a no-brainer to use layer twos that are secured by ethereum so really cool kind of demo video from hot protocol here so fade protocol has announced that their genesis event is launching on monday the 22nd of march now what this is is basically it's their token sale i guess you could call it

it's going to be live for three days uh everyone gets the same terms so you can commit eighth to uh this and get faye tokens uh sorry tribe tokens in return which is their governance token um and basically uh by doing so um you know at another three days the eighth will be used to bootstrap's uh face protocol's controlled value which is the pcv which is the way the protocol works um and basically the fey uh token which is kind of like the stable coin and the tribe token will go live on on march on kind of march 25th here so yeah if you're interested in getting involved definitely go read this blog post and interested in getting your hands on some tokens here um you know i i guess like i've spoken about kind of like algorithmic stable coins before and how i think a lot of them weren't

very appealing or weren't very kind of like you know i guess they weren't stable coins right a lot of the mechanisms didn't make sense i think faye protocol actually can work and does make sense i'm actually really excited to see how it plays out i mean you know obviously they've tested it a lot internally and it works but you can never really tell what's going to work and what's not unless it's on main net and i'm really really excited to see this play out because if we can get like a fully decentralized algorithmic stable coin that is governance minimized and backed by eth and other decentralized assets that's the holy grail i mean i wrote about this in delegate newsletter uh that the holy grail of stable coins is it for is is for it to be like decentralized you know scalable and stable but also be

governance minimized which is hard to do right it's very hard to do but if they can succeed here it's going to be big so yeah definitely check this out if you haven't already so there's this little video here from a user called web on twitter with his nft in his hand using kind of ar glasses or i guess this is probably using his phone but you know the future is like ar glasses augmented reality glasses now i think this is like super cool right this is what i think people are missing when it comes to nfts is it's not just what you see on like you know on chain right it's also what you can do with these things like you can basically have a whole augmented reality world where people can kind of like have their own items that are provably theirs right that are the real thing

um in these kind of like metaverse worlds where these virtual worlds where everyone can come into i mean there's so much stuff you can do here just seeing this like you know when i saw this it's just like a trading card there's like you can make like an entire trading card kind of series like you have like the physical cards but it's like an ar card you can still like kind of like see the card in your hand right if you have ai glasses on you can just look at your hand and kind of like see it there and then other people can see it with their ar right i mean you know it's still maybe a couple of years away or maybe a few years away until it matures but this is the future here you know you can see that what they have is like a

real card or a fake card and people aren't going to want to you know kind of like be aren't going to be impressed by the fake cards i mean as someone who collected a lot of trading cards as a kid i mean everyone knew it was fake you know when you had a fake card and no one cared about fake ones no one was going to trade your you know a real one for a fake one because they knew it was fake just like how there's nfts that can be fake where you know you copy like a crypto punk and you say oh well this is the same thing right it's got like the same picture and it's on chain it's like well that's not the real crypto punk right um and i don't want it because it's not the real one so i think that's going to

play a big part in all this and why people kind of like going to want to own value nfts and you know a lot of it is i guess subjective value and bragging rights too but yeah this is definitely the future here the ar stuff and honestly i can't wait until ar glasses become a thing because i've wanted that ever since google glass announced it you know a few years ago and they discontinued that program but i hear that apple was building um you know augmented reality glasses now um but you know that might be a few years of waste or or maybe a couple of years away but i think that's going to change like not just you know the nft space and crypto in general it's going to like change a lot about how we do things right you can imagine having an always on display

you know on your glasses as you're walking everywhere it's going to be you know truly like you're in i guess like a cyberpunk 27 2077 game or you know a lot of those futuristic sci-fi movies that you see where there's just like ar stuff everywhere i think i think we're going to get there and it's probably going to be sooner than people than people think and i think nft is going to be a big thing and play a big part there so yeah definitely something i'm keeping keeping an eye on here so as i said before there is uh there was a public company that bought eth and they actually bought more ethan they did btc so there's a company that said in hong kong called uh i think my two uh that's that that's how you say it basically i think it's a cosmetics company um

listed in hong kong but basically they bought 17.9 million dollars worth of btc and 22.1 million dollars worth of eth i don't know if this is the first public company to put eth on their balance sheets but they are definitely one of the first and i mean it's pretty insane how they bought more ethan btc right like you usually see you know that these companies just buying btc or if they've bought eth maybe it's like in the quota others section of their alternative asset kind of like i guess um portfolio um position there but yeah i mean i don't think this is the last company we're gonna see putting eth on their balance sheets and i you know i remember saying this like a few weeks ago that you know they're going to do this you know i've said it so many times on the refill as

well the the jump from non-crypto to bt like being outside of crypto and into btc is huge right but the jump from btc to eth is tiny in comparison so anything that happens to btc is gonna happen to eth within you know maybe weeks or like maybe just a few months right it's not going to take many years for it to happen you know if bitcoin gets an etf in the u.s i i i'm betting that eth gets an etf shortly after that because all the companies that you know have a bitcoin atf are going to be like well you know let's do an eighth one now and i'm gonna apply for an eighth one and then that's gonna come out there there's already one in canada of an eighth etf with the btc atf that kind of went live i mean these things happened really

really quickly so i just you know i mean i was surprised that they put more eath than bts on their balance sheet because uh normally you kind of like market cap weight it right but you know this is really positive this sends a really you know cool signal to like other public companies that you can buy eth and you you know eat is legit right eth is something that you should own and and they actually have like a thesis here about why they bought each um kind of asset i think you know their eighth thesis rested on like the utility thesis which i think is cool they're basically saying you know they're buying it as like a reserve for gas and things like that and their btc thesis i mean is the same as everyone else like it's a story of value right it's like digital gold whatever right

we've heard that story before but i think that this thesis will evolve over time as well i do think that eth is a story of value you know it's an incredibly valuable asset outside of its users gas you know it can be used as trustless collateral in d5 it's used in staking right all that sort of stuff so but it's just good that this signal has been sent out now and the genie is not going to be put back into the bottle there's going to be plenty more public companies coming out and saying that they've bought eighth and put it on their balance sheets in the near future so i'm really really excited for that and it's going to be bring really positive kind of price movements to eth right which is going to be cool as well so yeah definitely going to keep my eyes on

that one so an interesting tweet from santiago here that i thought was cool he basically uh listed you know different generations and he said you know boomers were first then gen x then gen y then gen z now there's gen e right uh or generation ethereum and the reason why i thought this was interesting is because generation ethereum isn't based on kind of when you were born right it's not based on your age anyone can be part of generation ethereum it's just you know if you're in the ethereum ecosystem you are basically like especially now you are basically you know part of the ethereum generation you're growing up with you know i guess you're not growing up with ethereum but like you know ethereum is is advancing and you're along for the ride

right so you're like being involved like really heavily with the protocol with the ecosystem with the community you're you know depending on what you're doing within the ecosystem you're influencing it right you know maybe you're contributing in some way whatever you're doing right you're investing whatever it is and that makes you part of generation e or generation ethereum and i guess the symbol that he's got here is the is the eighth symbol uh which i thought was just a really cool way to put it because you know if you go through all these different generations i mean they do have the defining kind of traits i mean boomers basically have the defining trade-off they were like the post-war generation right where there was like a massive kind of rebuilding happening post-war where uh you know boomers got a lot of the wealth because of that and then jnx

came after it they kind of like i guess uh i guess like on the coattails of the boomers got some of the wealth from there gen y got pretty screwed over right millennials um you know my generation we got pretty screwed over by the old world where you know we a lot like house prices are really high right everything's super expensive wages are stacked and all that sort of stuff and then gen z who are i guess below me i think they're like maybe the the oldest is like 20 years old or something like that they got really screwed right they got even more screwed than we did but then you have this new kind of generation gen e where basically all like the boomers gen x um don't really understand this technology right they don't understand how to invest in it they don't they don't really get get it right they

don't really like not all of them but the majority of them just just don't get it uh and that's fine right but what that means is that these three generations or these two gen y and gen z get to take advantage of that and just become part of gen e and basically what i think is going to happen is that all the old world money from the boomers in gen x is going to flow into gen e because we're going to own all the assets right we're going to own all the future assets on the the chain you know we're going to own the eighth we're going to own the btc we're going to own all the d5 tokens right we're not that money that they had that that the old world has because the boomers in jnx have most of the money like all the wealth and all the money is like

concentrated in those kind of like generations like gen y has a bit of it right gen z doesn't really have that much but i think gen e it's like a wealth transfer event where a lot of money from from from boomers and gen x are just going to flow into gen e and a lot of gen y and gen z are putting their wealth into crypto and digital assets and nfts and stuff like that i mean you know i can't even imagine trying to explain enough t's to to a boomer right like most of them are just not going to understand it um so yeah and what they'll end up doing is that they'll end up just buying these assets in kind of like their brokerage account right or like their investment advisor just puts you know puts it on their kind of like portfolio as like an alternative asset

or whatever right but by that point there are going to be massive asset classes right you know at you know i guess like institutions didn't start buying btc until it was around 10 20 000 i mean that's very late into btc's life cycle and now they're starting it with um with eth right and you know ether is like what is it now seventeen hundred dollars right and they're just starting doing it with eighth now so you know the boomers might end up buying eight when it's 10k like you know what i mean like all this kind of stuff um is playing out where this massive wealth transfer event is happening and i i think it's super positive i think it's the only way really that gen y z and and and kind of like generations after that have they have the advantage of technology they understand that they grow up with

it right um but all the wealth is still in the kind of boomer and gen x generations and i think that's just going to trickle down so yeah that's why i thought this tweet was really interesting but also because like being part of a of a kind of like gen worldwide kind of like a no borders generation that's fully digital is also a cool concept to kind of think about as well so yeah definitely really cool uh cool tweet from santiago here so last thing i wanted to talk about was this tweet thread from lucas who is an editor at bankless he basically put together a thread on how you can evaluate different i guess tokens and how you can evaluate them from an investment perspective now i'll link this tweet in the youtube description you can go check it out for yourself but basically

i've got a lot of people asking me questions about this they're like you know they're not asking me for investment advice but they're basically asking me how to evaluate these things like how do you know what token is good what's not what's not good how do you separate narrative from reality how do you know you know what's uh what token is going to capture value what's not and all these sorts of things and i you know i'll link this thread you can go read through the whole thing i won't go through through the thread itself but one thing i did want to reiterate here and i've spoken about on the refill before is that if you think that governance tokens adjust governance tokens then you just like as they say you're not going to make it right governance tokens have the power to do anything they have the power to vote in

fee capture right they have the power to change different parameters on the protocol they have the power to basically add new features to the protocol all this sort of stuff so if you you know if if you kind of like look at these tokens like oh that's just the governance token i'm not going to buy it well i just don't think that's a great way to go about it um and this thread explains you know all the different things that can happen for these tokens you know even if they're just governance tokens they can start out as that and then progress towards being more than that i mean for an example if you look at uni it's like number eight on coin market cap has like a 17 billion dollar market cap and like 35 billion fully diluted uni is just the governance token it does

nothing right now there is no fee capture right there is nothing but the expectation is is that fee capture is going to get turned on and your new token holders will be able to i guess get a portion of the fees generated by uni swap now at the same time the current evaluation doesn't doesn't kind of like justify that because it's not generating enough fees to justify the massive valuation but uni also has like a narrative valuation as well right where you know it's unisop right everyone knows what it is you know uni's on coinbase so a lot of retail investors can get access to it very easily and all that sort of stuff but what lucas's thread here does is basically go through the fundamental side of things as well because fundamentals do matter in in the long run i think short run obviously narrative

rules and like a good story rules but in the long run you need the narrative but you also need the fundamentals to back it up because eventually people kind of realize that the emperor has no clothes if you don't have the fundamentals and they just sell their tokens and you know people people kind of like lose money because the token price goes down and all that sort of stuff so yeah go check out this thread it'll be in the youtube description because that is it for today's episode as i've gone over time so thank you again everyone for listening and watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up subscribe to the delegate newsletter join the discord and i'll catch you all tomorrow thanks everyone