EIP-1559 history, Aave liquidity mining launch - The Daily Gwei Refuel #108​​​ - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 27th of april 2021 all right everyone let's get into it for today so just a note here actually i did discuss yesterday about the importance of eth2 client diversity and i did speak about how um a prism was the only one with a windows client so i thought that that was kind of contributing to the centralization i guess around prism maybe centralization isn't the right word but like the concentration on prism and turns out that i'm wrong there which is which is awesome uh ben uh pointed out today that teku and nimbus also fully support windows right now and lighthouse is currently working on an imp on an implementation which is really

awesome to see i mean i hadn't checked it since genesis really because like once i got set up at genesis um i didn't like kind of check on the other clients or anything like that since then just been letting my validator kind of validate his uh kind of run uh run along there but it's really awesome that that that this is the case and i don't think many people are aware of this so i mean if you're running a windows setup and you were just running prism definitely go check out take your nimbus here or you could just wait for lighthouse and check that out when it comes out later um but yeah same kind of like message as yesterday definitely want to get the e3 clients uh much more diverse than what they are now so this is just another barrier that kind of comes down

uh for for kind of like stakers here so yeah and i was talking to people in the discord channel the daily grade discord channel around about this as well and you know i definitely kind of sympathize with the people who are like basically saying they don't want to change anything with their staking setup just in case something goes wrong and changing clients you know depending on uh i guess like uh how how complex your setup is or kind of like how i mean um you know uh kind of like how many validators you have and things like that and maybe it can get messy and you might not want to risk it totally understand that but if you're the kind of person who loves to to kind of like tinker with this stuff and kind of um wants to help the network and wants to keep it as healthy as

possible uh there are definitely tons of guides out there for staking and i'm sure if you had any questions you can join the discord channels for the various um kind of client teams and they'll be able to walk you through it and help you with it as well so yeah if you're running windows you can you can use three clients now prism take your nimbus or you can wait for lighthouse to come out to use that one if that's what you prefer uh but yeah thanks ben for pointing this out and i've spoken about ben before he actually runs uh an eth2 newsletter called eth2.news and he also works on the tiku client here so he's obviously an eth2 expert uh i would highly recommend going and subscribing to eth2.news it is the best uh eth2 newsletter ever i mean i've spoken about it tons of times before but

if you haven't subscribed to it yet definitely go there that's where i keep up to date with everything happening with eth2 and i i don't know how i'd be able to follow along without it so yeah definitely go check it out at eth2.news so mark zeller put out a uh from ave put out an interesting tweet today where he basically says if your blockchain node requirements look like this you're not decentralized use a spreadsheet and he has a picture here of the node requirements for solana now i'm not going to pick on any one project here but this is really kind of what it comes down to it in the day with a lot of these networks is you know the reason why ethereum is so limited in scalability is because of its decentralization and i know i'm preaching to the choir on the refill

here and a lot of you will already understand this but for those who don't running an ethereum kind of full node right a node that lets you validate the network yourself is very easy to do um as compared to something like solana or one of these other chains like eos or whatever or or bse these kind of chains that run on super nodes and just have like you know all this scalability because they've essentially centralized their validator set so you know from that perspective like i i mean it comes back to the fundamental question for me it's like why are you even using a blockchain to begin with like what's the benefit here like if you're not decentralized then in my eyes there's just no reason to run a blockchain you are much better off running on a centralized server because it's much faster much more efficient

you don't have to deal with all the blockchain stuff um and you know the the reason is obvious as to why um people you know prefer to kind of like spin up these kind of blockchains because there's lots of money involved now i'm not going to say that this is the reason kind of like the solana was created or this is the reason why any other ones were created right some of them definitely were created just to suck money out of people and some of them are clear scams like i'll just call out like tron as a clear scam right um but you know that's that's kind of like the incentive there it's because you can't you know you could achieve the same thing with the same kind of levels of decentralization aka close to zero on um amazon aws for example but issuing like a token and calling

yourself crypto would be basically impossible then uh and this isn't to discount the work that a lot of these other teams are doing and you know i think that some of these projects are interesting from like a computer science perspective i know that you know i'm not a huge fan of of solana or that ecosystem it's just not what i want to focus on but if i look at it as not a blockchain but as a kind of like a distributed computing system that essentially is pushing the limits of what you can do with with server grade hardware which is basically what this is and this picture here is server grade hardware this is not something that most people will ever use uh it's expensive to use as well um but if i look at it from that perspective and look at these guys because a lot of them are

hardware engineers so they're kind of like trying to get as much juice as they can out of this hardware then it's impressive right to me but if i look at it from a blockchain lens it's literally completely just like unimpressive it means nothing to me it's not doing anything kind of novel on the decentralization front and that's why to me uh ethereum kind of like wins on that because ethereum is preserving its decentralization while also tackling the extremely hard problems of being of trying to scale a system that is inherently unscalable because it's trying to be decentralized right so you know from that perspective i think it's just good to kind of understand why these different systems are the way they are and why different people don't like other things i see a lot of people saying oh it's just eth max is coping because of these

other chains uh you know they don't like his other chains because it's competition it's like well it's not like it's not competing in the same arena at the end of the day like uh it's it's basically uh two different completely different things right i think uh like celana and these other supernode blockchains that are basically kind of centralized are essentially trying to compete with things like aws if i'm being honest um and you know there are obviously lots of use cases for that but the the use cases aren't going to be decentralized they're just going to be centralized and you know i know a lot of these chains say oh we've got a path to decentralization over time whatever i'm like but you can't get there if these are the requirements to run a node um but anyway i'm not gonna i'm not gonna pick on on one project too much here

this applies to so many projects in this ecosystem and if you see a lot of projects claiming that they've been able to kind of scale layer one um most of the time it is because they've just sacrificed decentralization the only way that i've seen or the only credible way that i've seen to scale a blockchain without sacrificing decentralization is what ethereum is doing with sharding now that is still an open problem and sharding has a lot of attack vectors that have to be worked out before it can even be pushed into production um we can do data sharding but like i'm talking execution charting now i know there's other chains like zelic zalika that have that have kind of tackled this um but from from as far as i know um it is not like very decentralized either um from from kind of my my cursory

research there but i'm open to learning more at the end of the day but yeah when i just see people saying you know it's just eth maxi cope i just kind of like uh tune those people out completely i actually block a lot of them now because it's just it's such a crappy way to kind of think about these things um and you know just calling someone a maxi because they disagree with your viewpoint or they they kind of like have an another kind of educated view and it doesn't align with your view uh is just like not a great way to debate or think critically about things so yeah anyway i just wanted to give like a little bit of a rant there that we were actually discussing in the daily grade discord today about uh noob friendly videos like stand alone videos that i should do and this one

came up as like pretty much the one that i should start with essentially like why decentralization matters uh and like what new people should know and i think that it is the most important question because at the end of the day it all comes back to that the reason why we're building any of this stuff is for decentralization because we could do all of what we're doing on blockchains today um you know by just using like a kind of like centralized kind of um implementation of it right but that would kill pretty much like the entire point of it like i just i mean i'm preaching to the choir here i know i know a lot of you understand this but i think yeah noob friendly videos are definitely very important because it's very easy to get duped by a lot of the marketing there's a lot of money

involved so people will make money on certain things they didn't get attached to them and all this kind of stuff right i'll leave it at that for now i'm going to definitely try and focus and find the time to do these these newbie videos because i think they're incredibly important um and yeah i guess if you want to help with those it's going to be a community effort a daily great community effort it's just not going to be me kind of putting it together i'm going to come to the community for feedback on things so if you're interested in helping along with that be sure to join the daily grade discord and we're discussing it in there so i put out this kind of tweet today discussing you know how to spot early alpha in crypto now i get asked this question all the time like literally pretty much

every day in discord dms and twitter dms anywhere right people always ask me like how do you find the alpha or like the opportunities in crypto really early on and not just opportunities to make money but also opportunities to be part of a community from the ground floor now there are multiple ways to do this and i listed them out here you can talk to the devs of these projects right you can monitor the github repos you can read or contribute on the governance forums you can join the discord channels or the telegram chats and talk to the core community or you can even talk to the big backers of the project like early investors and funds and vcs and stuff like that now this can apply to both as i said price and the fundamentals of the project if you want alpha and you want to see

what's coming down the pipeline for a project because you want to make a speculative bet that the token price is going to go up because not many people understand what's coming then you talk to the devs right you monitor like the github repo you monitor like the the governance forum and see what's being posted there and all that sort of stuff if you do this like i think a couple of weeks ago when uh or maybe it was a little longer than a couple weeks ago when uh the rv liquidity mining post was on the forum and you knew that was coming you could have bought ava back then and now you would have been up a lot on your money so there's this there's kind of things like that going on a lot of the time um and this happens basically everywhere because of the fact that it's very

kind of like noisy in crypto a lot of these teams won't even bother marketing the stuff that they're building or won't even bother talking about it until uh it's actually released so if you want that early alpha you have to just go seeking for like looking for it yourself and i i follow i put a follow-up tweet here by saying you know there are multiple research firms that will do this all for you but they're not cheap right it'll come at a price um but if you don't have the time to do this yourself then i would say it's worth it but if you want to be very very early and like before these research firms are even into it then you need to put in the time and effort yourself to kind of research this stuff and you know and and and being early doesn't

mean that you're basically like uh uh kind of like being there from day one you can there are lots of projects that go you know months or even some years without any kind of like massive uh i guess hype behind them or any kind of massive price movements and then one day they'll just explode up because pet people will suddenly kind of pay attention to it and you know even ethereum was like this for example right i mean ethereum was quiet for quite a while until you know i would argue that ethereum as a community and as an ecosystem was very quiet until 2017 um you know that's basically three years after it was uh was announced essentially over three years after uh since it was announced so and then there's a lot of other projects that i'm seeing within d5 within the dow space the social token space all

these things that are just like grinding bustling building and people just aren't paying attention to it so to find those and i know inevitably people are going to reach out to me after i'm saying this and to tell me what to look for i'm not going to tell you what projects to look for i'm sorry but like i don't want to do that because i feel like if i do that and then you know you buy something because i told you about this project and then you lose money on it i'll feel bad that's why i don't recommend any kind of like tokens or anything like that but you know if you just i mean you can just pay attention to what i what i kind of like talk about on the on the refuel and what i kind of like um pay attention to on twitter and all

that sort of stuff and you can read between the lines but but anyway from this perspective like the way i kind of find these projects is exactly this um you know sometimes they'll reach out to me as well because they want to get like early kind of reviews on their projects and and kind of like uh i guess some early kind of um uh feedback on it and stuff like that but at the same time i also reach out to to people on twitter randomly like i call dm founders of projects all the time and you know maybe i have more of a chance of getting a reply just because of you know i'm probably more well known in the ecosystem but i don't think that means that you know people should still shouldn't try it i think joining a discord channel and directly pinging

the team or the founders is going to get you a reply i've seen it happen plenty of times like i see founders in discord channels all the time like founders ceos talking directly to just random people they're not even like people that have an identity it's just an anon account and they're answering questions and they're being upfront with them and talking about things that is just like pure alpha so from that perspective crypto really does level the playing field here i know there's still like early deals and stuff like that where people get into them as like seed deals and and private funding rounds like i you know obviously partake in that as well as an angel investor you might have seen that um but that i mean that doesn't mean that there isn't plenty of public opportunities available i actually think the public markets have been to an

extent more lucrative than the private markets for a lot of people uh you know and the private markets also come with investing and a lot of teams have long vesting too you know this is just as an example here you know my uh my my i'm a pre-seed investor to m stable and an advisor but my tokens vest out over a long period of time like my preset investment was in january of 2019 my tokens didn't start vesting until july 2020 and it best out over three years so you know from that perspective if i had bought avair or synthetics in early 2019 i would have probably made just as much if not more than what i had made from the private market so it's it's not like that you know everything's just private markets and you can't even kind of like have uh and pay attention to the public

markets and make the same kind of returns there it may be harder and maybe a little bit more riskier but it's there the opportunities are there they they're going to be there for a long time the information asymmetry within crypto is pretty insane so you know if you're in even if you're just watching like me on the refuel and paying attention to to you know um i guess like crypto twitter in general you have a much better view of the ecosystem than a lot of other people and think about how much other people still have to come into the ecosystem that aren't even paying attention right now that that's kind of my thesis on the whole space and why i remain bullish on the whole space is that as i've discussed before there's at most a few hundred thousand d5 users at this point right out of like the

potential billions of users so if you look at that then i mean it's very hard to be bearish right but anyway i'll i'll leave it at that uh i think you know i'm happy to answer questions about this sort of stuff if you want to ping me in discord about it um but i i just i'm not going to just tell you what to kind of look at i mean i can tell you what projects i i find interesting but i'm never going to tell you what to buy or anything like that i'm never going to give it investment advice or stuff like that for obvious reasons but yeah i'll leave it at that you can feel free to reach out to me on the discord channel there so justin drake put out a new spreadsheet today he loves his spreadsheets and i love his spreadsheets

where he basically uh captioned it with 120 million eighth peak supply question mark now the way he got to this was he put together this spreadsheet here where he basically assumes the eip1559 activation date and the merge date now obviously until we have the merge where we are still paying out to miners right proof of work miners and i discussed how we're paying out roughly four point five percent new issuance a year two miners and we're paying 0.35 percent to stake is right now and then once the merge goes through we'll only be paying it to stakers and i i assume that it's going to level out at 0.5.6 or something like that so what justin does in this table is he essentially takes those numbers and says okay well if we have the merge done

by uh best guess first of the summer 2021 uh and obviously 1559 activated by july uh what will the supply be when both of those things happen so you can see here that the supplier when the merge goes through would be 118 million 117 million 981 000 uh and then you can go like he has like rows here uh sorry columns here for less conservative and conservative um so even if in the most conservative scenario where 1559 doesn't get implemented till august and the merge doesn't happen until march 2022 we would still be under 120 million each by that time accounting for new proof of work issuance and new proof of stake issuance um and then also the average daily fee

burn up until that date as well this is very plausible i actually think we're going to get the the i think we're going to get the best guess here obviously i i do think 1559 is going to go live on the 14th of july the merge maybe i think uh something like this uh first of february maybe december i don't know i could i could see it happening as i mentioned yesterday it's kind of very ambitious but i could see it happening but anyway that would still put us at you know 100 under 120 million each year and then we're going to be burning more in fees than we issue a new eighth which makes 8th deflationary so potentially we never go over 120 million 120 million eighth supply here which essentially i guess like technically hardcap's either whatever the

the value was before we had these two things happen which is which is quite insane to think about and i actually remember a post from vitalik back in the day where he basically asked like should there be a a max eath cap like a uh sorry a supply cap on the amount of eat issued and i think one of the numbers that he threw around was 120 million and at the time everyone said no right and it's still no like we should have perpetual issuance with fee burn um and that's what we're going to have but it's it's funny to see that this works out like that like basically almost 120 million here so i don't know if vitalik's a time travel or a what at this point but i mean he he he seems very kind of like prescient here so yeah an interesting kind of table from

uh justin drake i'll link in the youtube description for you all to go check out as well so santiago put out another interesting tweet here today i mean he just the stream of good tweets i just realized that i talk about his tweets a lot on the refuel so go give him a follow if you haven't yet but he put out a tweet saying each flipping btc is increasingly possible when you consider eath powers d5 and the digital metaverse if issuance slows down negative with one five five nine staked eath generates cash flow and demand for eight increases due to drivers one to three and becomes reflexive i mean this is a lot of stuff that i've been talking about right my bullish thesis for eth the other day was based heavily on this uh particularly the merge and one five five nine and eighth being deflationary

and then obviously define all that sort of stuff um but when i really think about this btc capturing digital gold is such a niche area like i've spoken about this before even if it captures the entire gold market cap of 10 trillion dollars that is still nothing compared to what it can capture being the backbone of a new global financial system it can be 100 trillion dollars plus in market cap like i i mean you know and and i know like that would give ether a pro uh near one million dollar price and i'm not going to say that that's going to happen anytime soon um i'm getting a bit crazy here now maybe but i just think that i don't know if ethereum succeeds everything that it is is trying to do

and eth remains the backbone of the ethereum ecosystem which it will it always will like there is not going to be a time it is i mean i would put the chances of eth being replaced in the ethereum network by some other asset um you know as the backbone especially within like staking and for paying fees and stuff at like it's effectively zero percent the chance is so low it's not even worth thinking about so just purely based on that right i i think eth can and and the ethereum network can be worth 100 trillion plus one day and this this is that's going to take decades that is not going to be any time soon don't get me wrong that's going to take a very long time um maybe it happens faster than i think it will but still it's not it's not anywhere close and i'm not saying that

it's going to get to a million dollars per coin like you know tomorrow or something but anyway um if we take that perspective i i do think eth can flip btc much i mean much earlier than that though i don't think he has to go to a you know 100 trillion dollar cap to flip btc i think 8th can actually flip btc much much sooner than that uh but we're going to have to see how that kind of pans out there but yeah really a really good tweet from santiago here fits in exactly what i've been talking about what i what i've been thinking what a lot of ethereum people think um and what you see them kind of like talk about on twitter but at the end of the day you know flipping btc isn't just a fundamentals thing it's also a market structure thing

like i can imagine the same thing happening that happened in 2017 when eth gets too close to btc in market cap what ends up happening is that it becomes like too risky to hold each for traders and for for people just speculating where they're like well you know they think to themselves while athei's getting really close to flipping btc you know that's not going to happen and then you know people start selling eth whether that's for bitcoin or for cash and then you know it becomes like the self-fulfilling prophecy where everyone's thinking the same thing and and things just fall so maybe that happens but i think over the long term the fundamental value outstrips that kind of speculative value and that will lead to a flipping and i've always believed that i believe that ever since 2017 ever since i got into ethereum and i don't care how long it takes you

know even if it takes 10 years for it to do this which i don't think it will but even if it did take that it would still have i would still have been right in saying that there was a you know a flipped bitcoin so that's how i kind of look at the flipping but really uh you know and really just based on fundamentals at the end of the day not not speculation there's speculation in there of course but fundamentals is how i evaluate a lot of these things and and the value of eth so vitalik had a really great post on reddit a couple days ago that i missed until today he basically put together a list of some of the less appreciated benefits of ethereum's proof of stake you can read this i'll link it in the youtube description but essentially uh the major benefits

that aren't really talked about include block time distribution so uh on improve of work ethereum block times are based on a poison distribution which means that uh it's basically random so you know you on average you can get one block every 13 seconds but it's typical but sometimes it can actually take as long as 30 or 60 seconds between blocks because of this distribution now with proof of stake you have a very kind of like a set in stone uh block time of 12 seconds uh and when you make a transaction it's six seconds uh so that's one thing there uh faster pre-finality confirmation so with um group of stake you get much faster finality um and then better light client protocols

which is part of i guess like the stateless ethereum kind of work as well faster ability to detect network issues which is actually really important because if you if you see the other day what happened with the the prism kind of um uh bug on main net we were able to detect that pretty much instantly because that we can see the participation rate dropping from 99 to you know whatever it dropped drops to um whereas in proof of work it takes a bit longer because we saw the other day when when my uh when electricity got shut off in a province in china i think 20 of the hash rate went offline for bitcoin now and it was kind of a lagging thing so it was it was kind of like you don't know uh what's what's kind of going wrong until like maybe a few days after all

kind of what's what's happened so that's a benefit there but i'll link it in the youtube description you can read the whole thing here i like that vitalik's been more active on reddit lately i need to be more active on there i think it's still a great very uh good community and there's a lot of people on there but i guess for me i spend most of my time on twitter of course and and and in discord channels but yeah reddit is still uh a a really great place of of our friends a lot of new people that come in through reddit as well so probably somewhere i need to spend more of my time in so i was digging through kind of eip1559s history today and i came across some really interesting things and it's funny because i put together this tweet where i

basically said eip1559's journey to mainnet essentially there was a paper on blockchain resource pricing published by vitalik on august 8 2018 then there was a fee market change issue opened on the 7th of november 2018 by vitalik then one five five nine was officially created and specified on april uh 13th 2019 and then obviously ipl 559 will go live on mainnet on july 14th 2021 which is almost two years after it was formalized and specified but three years since this paper was published by vitalik and there was actually an earlier thing that vitalik published in july of 2018 here but then even earlier than this someone pointed out to me in july of 2016 vitalik was talking about

not one five nine as we imagined it today but kind of the ideas that that uh that inspired uh one five five nine so it'll have been five years since those first ideas came to light before uh one five five nine went to mainnet which kind of just shows like how kind of long the research and development process is for these major changes and and kind of like uh i guess one five nine is just one example of this and i wrote about this in the daily grade newsletter today you also have stateless ethereum you also have proof of stake which took a long time it took like seven years you know we've we've been talking about proof of stake since 2014 at least vitalik had been or at least late 2013 as well

when he kind of officially revealed the ethereum white paper uh sharding as well right um you have uh data availability kind of problems as well i've been talked about for a while there's all this kind of stuff that's just been spoken about for so long layer twos right for example just just so many things um but eventually they do come to maine and it may feel like forever because it really is a long time in crypto land but you know by the time they get to main net they are some of the the kind of most robust upgrades that we'll see on ethereum so yeah i just thought this was really interesting looking into the history here and looking into kind of how far we've come since then ethereum protocol core protocol development today is much better than it was in the past in terms of like speed to main net

and kind of getting those upgrades out there and understanding the different open research problems and things like that uh so yeah really cool to see this i'm glad i dug into it because it's just like super interesting flowing down this rabbit hole today and finding the other things that have been around for quite a while that i kind of forgotten about and assumed that it was just kind of a recent thing but really they've been around for for quite a while here so ava's liquidity mining program went live today this is the first time rv has had liquidity mining on the protocol itself they have been one of the fastest growing d5 protocols without liquidity mining to this uh to this stage and you know i actually think that them doing the liquidity mining now makes sense because it will spur the next kind of like i guess phase of

growth for them and they're already at over 10 billion dollars on on ethereum uh there are over one billion dollars on polygon as well so a total of over 11 billion in liquidity uh and what you can do is essentially um a bunch of assets you can lend or borrow them it's very similar to compound where you can earn uh tokens but on either you earn a staked harvest so basically there are the other that he staked and can can participate in governance instead of the other token itself whereas on compound you obviously earn earned comp there um but yeah there's not it's not like a very super lucrative farm where you can get like a thousand apy or anything like that but it's still very good for a relatively safe farm and you can kind of stack your yields here where you can

kind of borrow stable coins from rv after depositing some collateral and then taking those stable coins to another yield farm maybe yearn or m stable or something and and earn um a kind of uh apy on that too or earn a yield on that as well so yeah cool to see this go live from from rv uh and i'm i'm really curious to see if this can get them to like much higher than what they are now i think 10 billion is is cool but 100 billion is cooler right so let's see if they can they can get there with uh with this liquidity mining program so element finance has detailed their road to mainnet here so essentially uh it's very close they'll be on mainnet on may 21st that's what they're targeting uh on april 30th their code will be open sourced all the security audits will be

out there they'll launch a bug bounty program and on may 7th they will have a public test net for people to play around with uh i've spoken about element finance before on the refuel essentially what they're doing is they're essentially creating a way to split uh yield bearing assets into multiple tokens or unless that's what they're starting with essentially what this means is that you can depo say you deposit some funds into uh ave for example and you get like an a token say you get like a usdc and you're earning a yield on that you can split that ausdc into two parts the yield bearing part and the principal part and then you can do whatever you want with those as separate assets that's essentially what element finance is trying to do in a nutshell but uh they have a lot more in the pipeline from what i

understand as well so very exciting uh kind of times here m stable launched on polygon yesterday which is a very awesome to see now i need to do a big disclaimer here and say that i am an advisor to both m stable and polygon and i had a pretty big hand in making this happen because you know i mean i spoke i've spoken about polygon a lot i love what they're doing i love what they're doing for ethereum scalability and m stable being a kind of like d5 savings account as i like to call it where you can earn a very nice yield on your stable coins is just like a match made in heaven with polygon because i believe that um you know there's a lot of smaller users who just want to put like a few thousand dollars into these protocols earn some yield on them

but have been locked out because of the high gas prices on ethereum so that's why i kind of like made sure that instable was deployed to polygon because i'm like you know let's get these users with enjoying these low fees on on on a system that is very ethereum aligned and and kind of like wants to help like all these projects kind of scale and things like that so yeah i'm really excited to see this what you can do right now is you can take your your usd uh onto um a polygon whether that be usdc die or usdt uh and kind of put that in m stable and earn a very high yield last time i checked it was about 300 percent that's gonna come down uh that's not not going to be stable like i would actually not count on 300 being being there for very long at all i it's

probably already below that um but it's still it's still pretty pretty nice yield uh and for those of you who don't know how how m stable generates yield it generates it from the swap fees because they're also a stable coin swapper uh the redemption fees from people redeeming assets and also from lending out the assets on rv because arves on polygon um so and from that perspective as well the yield is also going to come from the matic tokens that are earned on aver from m stable so that's going to boost the yield too so yeah if you're looking for some stable coin yield uh definitely go check out m stable on either ethereum or polygon uh and you know the the the the really cool thing is that you can actually borrow stable coins on aver uh on polygon and put them in m

stable to kind of like get that recursive yield farming going uh and all you have to bring across is your eth so yeah definitely go check this out if you haven't yet but as i said big disclaimer i had a big play a big part in making this happen and i'm very proud of this so definitely want you guys to go check it out so nexus mutual launched their protocol cover yesterday what this basically means is getting covered with nexus now includes economic incentives oracle and governance attacks uh on any chain and on layer two as well so they've essentially expanded their coverage offering to basically everything in in d5 right i think nexus mutual over time has come under fire for not having coverage for like you know all the possible attack

scenarios that can happen on these networks and they've kind of i guess met that head-on with uh protocol cover here so i'll link this in the youtube description you can go check this out um and essentially uh you can read the details here you can see that they're supporting other protocols and other kind of chains here um and you can you can see like that i like these memes uh because like i think nexus mutual being a coverage protocol they like kind of adopted the um uh the mascot of a turtle because turtles have like a hard shell right and they've gone with the ninja turtles here that's a pretty funny meme but essentially they've got things like yield token cover as well and investment earnings and stuff i mean this is great like if you're worried about all the risks in d5 um and want to cover yourself nexus

mutual is the way to go here for sure so definitely go check this out it'll be linked in the youtube description so the index coupe is launching a new product soon called the btc 2x fly because it passed the uh governance vote that it needed to pass to to um get get launched here now for those of you who are aware of the eth 2x fly product that is already kind of live that has about 30 million of tvr and it lets you basically go uh uh get leverage on your eat automatically so essentially you buy the fly token and then the leverage position is managed for you automatically by default pulse um and that's you know exploded in growth obviously because a lot of people want to leverage now go leverage long on each because a lot of people are bullish on each

now they've got a btc product coming here which you know obviously a lot of you know i don't i don't really like i'm not super bullish on on on btc or whatever and i'm not like i don't hold any btc but i don't think that matters i think there are a lot of people who who are bullish on btc and they hold it and everything like that and this is just a really great product i think for the index co-op to support here uh and you know i'm an index token hold i work closely with with with set which is a big part of the index card pr obviously an advisor to set as well um but you know i think these more innovative products that people can get like leveraged exposure to these assets without taking on like massive risk and having kind of like automated um

exposure as well is very important so yeah go check this out if you're a btc holder um yeah this will obviously uh appeal to you uh and if you you haven't checked out the eth fly yet as an eth holder i would suggest going and doing that as well and kind of like researching it and seeing if it's a product that you may be interested in i i personally love it i i love it as much as i love something like the d5 pulse index i think it fits a real need and has real product market fit so yeah definitely go check out these products when you have some time all right that's it for today everyone thank you again for listening and watching be sure to subscribe to the youtube channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel

and i'll catch you all tomorrow thanks everyone