EIP-1559 live, Mean Finance launched and more - The Daily Gwei Refuel #180 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray review where recap the latest news in the ethereum ecosystem i'm your host anthony cesano and today's the 5th of august 2021 all right everyone it is eip1559 day by the time you're watching this it has already gone live on the network as i am recording this before one five five nine is going live because we have the live stream happening at around uh the time that i usually record the video so yeah i hope it went well i hope nothing blew up um you know i'm talking to you from the past right now um but yeah if everything went well you will be able to use one of these four websites to watch each being burned on mainnet so i'm sure there's gonna be more than these four there's gonna be many more actually than than these

i'm expecting like tons of these different sites to come out you know it's gonna be people kind of like putting together uh these websites in different ways like different front ends all that sort of stuff so yeah it's gonna be cool to see how that plays out but i mean just like what perfect launch conditions for one five five nine right like i mean you know i know high fees aren't a good thing for end users but like the fact is the higher the fees are the more ethies being burned and while the fees have been trending up like if you remember last month in july or at least in early july the fees were like under 10 way and everyone was going oh well let's do use of one five five nine now it's not going to burn that much eath and you know even at that those grave

prices it was going to burn a lot of eth but at like 40 plus gway what we've been seeing lately it's going to burn like you know four times as much at least kind of ethic and that's what's kind of to be expected there so yeah some very nice launch conditions there as well as the you know the wider market being hot right now and as well as kind of like getting a ton of new users into ethereum through nfts they're gonna get the benefit of one five five nines transaction fee pricing and mechanism there where they're gonna have a much better experience on layer one uh so yeah i mean i couldn't have thought of like better launch conditions for for one five five nine in london as a whole so yeah i'm i'm really excited that that's finally um you know gone live

uh obviously i'll be on that live stream you will have watched me on that live stream i gotta you know remember that i'm talking to you from the past right now but yeah i mean other than that there was a bunch of one five five nine related tweets that went out today um nader the uh the guy who i co-authored the uh one five five nine piece in the newsletter the other day with put out a basic explanation about one five five nine explained in five minutes in different videos so you can go check out this tweet thread it's got the videos here and then a link to the original post uh so if you prefer video video explanation nato did a really good job here uh scott moore reminded us all that there was this grant on git coin uh about i think it was about a year ago

now this erp one five five nine git coin grant and this was a way to fund the effort to get one five five nine finally you know two main net i mean up until like that point it had still been like a like a light research phase and there were people who wanted it but there was no concerted effort and then tim baiko kind of took the reins got this funding together i got like community signal from this and we basically got one five five nine approved a few months ago so that was really awesome and you know i think uh i can't remember the exact amount that was funded i think it was like a hundred thousand dollars or something like that from 567 funders which is really cool so a little bit of history there uh barnaby put together a really great thread here

about kind of like uh you know what's exciting with one five five nine um other than the burn so the actual mechanism that's been put in place so this is a really great thread to go read you can go check this out it will of course be linked in the youtube description um and for those of you who don't know who barnaby is he's been one of the forefront one of the researchers on the forefront of one five five nine are testing it from uh kind of like incentives perspective um and from kind of like a a more heavy research perspective so he's been doing a lot of great work with one five five nine for a while and he was also on the bankless um one five five nine panel the other day if you've missed that go check that out at the bank listeners

youtube channel um and then finally here we have a tim baico's thread where he's got like london mining misconceptions a thread so essentially a thread with a bunch of misconceptions surrounding you know the london upgrade and one five five nine activating uh this was really good it's really educational got a bunch of kind of links to different uh different things here how things are gonna work how mev relates to this uh and all these sorts of stuff so if you're interested in reading about that definitely go check out this thread uh which i thought was really cool for tim to put together but i mean you know can you imagine what tim's feeling like right now he's been you know at the forefront of this for a while now and he's like a big reason or at least a major reason why one five five nine has made it to

maine there and you know he must be feeling amazing that he's that this is like a massive accomplishment for him uh and like all the people he's worked with and all the people he's kind of like uh you know stewarded to to get us to to mainnet here so i can't imagine the feeling he has but generally i think we're all feeling uh absolutely amazing about this like especially us those of us who have been there since the beginning i still remember when eric connor and and vitalik co-authored this eip in april of 2019 i remember seeing it and being like this is awesome like you know this is a no-brainer we're gonna get this like really really soon and then like i remember feeling like a few months went by and i'm like okay well it's been a little while but you know these things take time and then

a year goes by and i'm like uh okay okay we really need this now and then that led to the git coin effort and then you know a year later i'm like oh my god finally you know after over two years of uh from from that proposal that erp going kind of like live uh we haven't got you know live on the network so i mean for those of you who've been around this whole time you'll know like how often this eip has been spoken about uh and not just for like the burn perspective but also for like improving user experience and things like that how much research development time went into this i mean there's so much that has gone into this it's absolutely amazing and it's a testament to i guess like the um the the willingness for the ethereum kind of like community not to ossify at

the protocol level because a lot of the ips that go into the network are much smaller than one five five nine they don't change too many things um and i think one five five nine is the biggest upgrade in ethereum's history uh besides when we when we do the merger in uh in uh in early next year so yeah great to see it at um you know finally live of course and i can't wait to see it go live myself like uh you know um on the live stream soon uh but by the time you've watched this it's gone live and hopefully the network hasn't uh burned down hopefully the only thing we're burning is eighth and not the network but anyway uh that's it for the one five five nine talk i know you guys are sick of it um but i think i'm i will talk about one

five five nine you know on the on the refill going forward but i think that the talk around that it's gonna just basically um uh kind of like become just about like how much heat is burned each day and i promise you i'm not gonna talk about it every single day and be like hey we burn this much eat this day or hey we burn this much eat this day it'll be more about like the outliers and like the big burns and things like that um and definitely kind of looking at how different uh users and smart contract uh developers are kind of like treating this new fee mechanism and seeing if it actually does what we all hoped it would do so yeah uh really exciting times for sure but anyway moving on here uh so a tree verse i think i spoke about

this maybe the other day on the refuel if not i've definitely been paying close attention to it and retweeting it and things like that but they gave like an early kind of look today on their um twitter here you can see they're calling themselves basically the runescape of blockchain games where for those of you who don't know what runescape is it's basically a old mmo um massively multiplayer online game uh where you could base rpgs sorry i should say game where you know you could basically do everything you do in an rpg but just online and for those of you who have played world of warcraft it's you know it's similar to that of course uh but it had a heavy focus on crafting and things like that as well uh and you know it was very different i think to to world of warcraft and you

know uh it came out before and there's like old school school runescape now like there is classic world of warcraft and things like that uh but essentially i've been talking about this for a while and i've been saying that i wanted someone to build a blockchain game with this kind of uh permanence into it like with a with like an online world where you can basically craft things you know buy materials have like materials that you can buy and sell for real kind of like money whether that be like uh eth or or stable coins or whatever it is and i think this is exactly what treevers is doing and can you imagine like every item in like the game and every every kind of like um uh piece of armor whatever every piece of furniture if you're building like a house be something that you can buy on an open

marketplace i think that's that's a really cool kind of thing um and you know they're teasing here that this is coming on august 9th this private alpha uh number one here so yeah if you're looking for something i guess uh that's you know i mean there's a lot of blockchain games out there but i think this one's definitely showing some promise so if you're looking for something interesting definitely go check this out um but i'm sure a lot of you have seen axiomfinity and a bunch of the other blockchain games i mean a lot of them are still very very early stage i think actually infinity is probably one of the only ones that are fur that are further along and they've been building for you know a while now uh but there's a wave of these coming over the next six to 12 months

and you know a lot of them will be duds right a lot of them will um you'll end up failing to get abuser base or end up failing to kind of like get momentum and that's the same for a lot of different games especially if you have like permanent worlds and like things things in the metaverse and online games a lot of mmos actually have like a very small player base if you know for those of you who have um done any research into mmos you know that it's basically a power law effect where you have the top ones you know at the top i mean world of warcraft final fantasy guild wars i think there's a few others out there old school runescape things like that but then you have like you know a bunch of these in the long tail which basically don't have many plays at all

um but you know still have like a a little bit of a vibrant and thriving community but it's a small community so it's going to be cute i'm going to be curious to see which kind of like blockchain games uh kind of like become really popular which ones kind of fall by the wayside uh and things like that i think we can already see infinity is the lead in the lead by far but will that will that last like who knows right it's still very early days so we don't actually know which ones of these are gonna last so i'm definitely gonna be you know paying close attention to it because i'm a big gamer i love gaming and i'm really looking forward to seeing how we can enhance games with kind of like blockchain and crypto rather than just like tacking it onto it

i want to see something new i don't want to see just people being like oh okay well you know we're a crypto game because we let you do things in the game with each or whatever it's like i don't know you know i'd like something built from the ground up centered around being a crypto game rather than stuff being bolted on so i'm definitely gonna be paying a lot of attention to that but you can go check out this teaser for yourself if you're listening in you won't be able to see it so it'll be linked in the youtube description for you to go check out so an update on those regulations that are being put into the infrastructure bill so jerry brito from coin center announced today that uh a few representatives here sorry a few a few senators here have introduced an amendment to

explicitly exclude validators hardware and software wallet makers and protocol devs from the tax reporting provisions now this is a pretty big change uh i mean it really does uh make this language more targeted and things like that but it still needs to be changed some more uh you can see here i think someone asked about like decentralized exchanges uh and liquidity providers and stuff like that i think this language actually applies to decentralized exchanges um which is good but like i i i think we just need even more further clarity here with this kind of amendment but it's great to see that uh you know as i was saying the other day i had kind of like strong hope that these senators or at least sorry these rules uh would be amended um these regulations would be amended and it would be watered down because i mean i

remember mentioning the other day when you're negotiating something you always start like at the extreme and then you know you don't start at like the most conservative thing you always want to start like at the at the other end of the spectrum and then work your way back as you negotiate because you know if you start at like you know um at zero instead of starting at 100 well then you have no wiggle room there and then people will just and the other party would just be like okay well that's fine yeah it's like when you go to buy something and you're negotiating on price you know you don't start uh you add the prices like you know at close to the ticket price you start as low as you can and you work your way up if you're a good negotiator not many people can do that

but you know politics is all about negotiation so um and especially these kind of regulations and bills so i'm really glad that we have people in our kind of like corner here are going about for us like queen cena and jake trevinsky has been you know monitoring this very closely and he put out a call today saying that it's time to call your senators and tell them you support basically all of these other senators uh their amendments to to the bill so if you're in the u.s you can do this if you're not in the u.s you can i guess spread the message obviously i can't do this as i'm not in the u.s but essentially uh you can call right here or submit a form below and i know you know there's a lot of cynicism within the crypto community about you know politics and stuff like that and i'm in

the same boat i think i mean i'm not going to get too political here but i definitely understand the cynicism with politicians and like a lot of them really are kind of useless for lack of a better term but you know calling or putting through kind of like a letter whatever to yours to your senators if you're in you're in the u.s is better than not doing it like even if there is only a slim chance like a less than one percent chance that they're going to listen to it or see it that is still better than the zero percent chance if you don't do anything so definitely do it if you're in the us i really do encourage you to because at the end of the day i've spoken about this before but essentially bad regulations uh it can have profound effects on crypto

uh especially if they're unenforceable because then you have like people having to be brought to court and then it depends how far the state wants to go with things and you have like a mess and then people just like leave the us because they're like oh can't be bothered dealing with this you know i went on about this in my little rant yesterday about dydx and how they couldn't air drop their tokens to us people because of draconian regulations so definitely we want to stop these going in if possible even if they are unenforceable it still just saves us a lot of headaches down the line so yeah i'll link this in the youtube description you can go check it out if you're based in the us and you know be sure to call your senators so azor ah today announced something called punks.house which is basically a

permissionless auction house for crypto punks it allows you to list punks for reserve timed auctions list punks without worrying about a floor price bid knowing that an auction will finalize uh and you can use something called a party party dow which was actually launched today uh to buy collectively so essentially what party dao allows you to do is that uh basically band together with people to uh to win an nft on at auction basically to bid on nfts at auction so essentially there's this kind this thing here party of the living dead which is like a party to buy this um uh this zombie punk which will then be fractionalized on fractional uh oh wow i can see other people's curses here that's pretty cool um but anyway you can see here uh that the bidding pool is at 233 eighth

they're required to outbid is 551 eighth um and the current bid is is 500 eighth by uh by you know an individual so obviously this is just kind of like banding together in order to win this nft to get it fractionalized which i think is really really cool i mean the nft ecosystem is just like absolutely insane right like when you think about it all of these things are like super experimental super brand new people are building these like really quickly tapping into the open apis that we have in the nft space and all that sort of stuff i mean it's just amazing like how fast these things come to market considering that nfts are really over only the last few months have become like super popular and we already have all these tools to do things like we we can fractionalize nfts

we can um you know do uh party party bids of nfts we can use them in video games we can basically you know display them digitally and stuff like that with uh purpose-built frames my my frame behind me the mural 2 isn't purposeful for nfts but it works really well and there's a lot of purpose-built nft digital frames now to display your art so there's so much happening here i mean and it's not just like collectibles and art and things like that there's a bunch of other stuff happening especially with platforms like mirror where they are changing the way people publish things and i've been interested in getting my newsletter on there but they don't have a subscription uh feature yet but as soon as they do i'm moving to mirror because it means i can do more fun stuff like no these big pieces that i do like the

eip1559 piece i can have like custom art made for it and then you you know you all can basically bid on it at an nft auction or you can basically mint an nft representing that piece and things like that i mean it's just like web 3 native and and it gets people more involved with you know my writing and stuff like that and even potentially like these um these youtube videos too could be done like that i think getting off the web 2 world and getting more into the web 3 world is something that i'm really interested in doing and i'm really excited that all these tools are coming out now that's going to allow me to do this because at the end of the day the way you make it kind of like the way you get adoption of these things is by making the tools really really

easy for people to use because if if the tools aren't there if it's like very hard to set up then you're going to bar a lot of people from doing it like 99 of people won't go through the hoops to do this sort of stuff uh but you're one percent that do early pioneers and they you know reap a lot of the benefits it's the same thing that happens in the defrag system like think about how clunky d5 was even just a year ago before d5 summer but if you had been around then if you had bought like the d5 tokens if you had interacted with the apps you'd gotten awesome airdrops along the line you'd be in early yield farming so you made money like that and you bought the tokens early on so you know those tokens have appreciated over time so you've made

money from that but also you maybe would have bought eighth and stuff too so being early has its upsides but most people don't want to be early right most people just want that easy to use experience and that's what they're going to get from tools like this where it's just basically a nice ui for them to interact with they can do what they want and it's integrated with all their favorite wallets stuff like that and i think we're going to see more and more of that happen and that's how we're going to lead to the mass adoption of everything in this space and i you know i've spoken about this plenty of times in the past but where where i mean i think if you look at like uh the adoption phases we're i think we're we're very close to exiting the early pioneer stage i think you know as much as i

think we're still very early we're definitely like not at the beginning and we're obviously not at the end of the early adopter phase uh but like we're basically teetering on it where we have all these really awesome tools coming out now we have all these people coming into crypto especially through nfts that are like the early majority where we're gonna see an explosion like millions tens of millions hundreds and millions of people coming into this ecosystem to do all these sorts of things uh and then you know we're gonna see that slope go up it's still gonna take years because we need scaling we need a better tools we need better services all that sort of stuff but it has started this is the mass adoption super cycle no i don't care about the price whenever someone says supercycle in regards to price like that's a meme to me it's like yes

okay the price will go up and down there'll be dips and and what and pumps or whatever um but like in terms of adoption i don't think that's going down from here on out i think the adoption is going up for you know for the foreseeable future i don't see people leaving for long periods of time um i think you know a lot of people going to get a lot of value out of things even during bear markets especially you know the nft space and stuff like that so yeah the adoption super cycle is here it's gonna keep happening i'm super excited to be along for the ride and i hope you all are too uh but yeah i'm gonna be on to the next update now from mean finance so this is a new um uh kind of pro a new dca protocol uh

and they basically launched today so basically their protocol enables users to dollar cost average into any erc 20 um with their preferred period frequency so the kind of blog post is here with more details about this uh but i'm sorry the website's here live and there's a blog post with more details about it or at least documentation with more details about it here uh basically explaining it all yeah yeah so how the protocol works and like how they uh leverage unisop's uh t-wop oracles which is our time-weighted average price oracles to dollar cost average and stuff like that and kind of like what they're built on and how it all kind of works here so you can see here you can connect your wallet basically say you know you wanna put one thousand dollars into into eighth um one thousand usdc into eighth and they'll say we'll swap x

amount of usdc every day for you into eighth and you know you can execute daily weekly or monthly here and you can set a time period so this tool is actually pretty amazing because of the fact that i know a lot of people who do dca and you know you have to do it on your own if you're not if it's not automated right unless you have a custom solution you basically say okay well maybe you set an alarm and you're like okay every day i want to buy a hundred dollars worth of um of eighth for a week or something or maybe every week i want to buy like 100 worth of eight whatever whatever frequency it is whatever amount it is now you can automate this entire process with mean finance which i think is just absolutely awesome and i think dca like this is an investment advice

i don't personally you know it's funny like i actually think dca is a really great way to invest and i definitely dca in a way by buying ether every day uh but the way i like buy other things a lot of the time is i just market buy a lot of the time if i like something um dca can can be really good over the long term but it depends on what kind of strategy you're going for like are you buying eth today to hold for five years or are you buying east today to hold for six months uh because if you're buying to hold for six months maybe dca-ing you know over a month maybe isn't your best strategy maybe the best strategies is to market buy because in six months time the price could be a lot higher but at the same time

the price could also be a lot lower you know you don't know so that's why i think people prefer dca is because you get to like spread out your risk spread out you know your your buyers and your purchase prices and kind of average it out from there uh whereas you know for me like i i personally uh you know where i'm but when i'm buying anything but eighth i pretty much market buy things unless it's like already really hot then i just won't even touch it but generally that's kind of like how i go about it but that's not that's not investment advice of course that's just kind of like my approach um but yeah if you're if you're a fan of dca if it's something that you're already doing on your own and you want some way to automate it definitely check out mean finance here

um just note that the contracts have not been audited yet so you're using it at your own risk obviously if you are worried about like smart contract hacks and things like that maybe it's not for you because it hasn't been audited but if you just want to play around with it with a small amount maybe 100 usdc you can definitely do that i mean i wonder how much the fees are uh like i'm sure the fees would eat into that as well so maybe that's not like maybe maybe this would work but much better on layer two so hopefully they kind of like uh do a deploy to layer two this would have been cool to be deployed to optimism actually because unisop's already on there so they could have used uniswap on there with v3 with the two up oracles to do this um so yeah maybe they already are on

layer two let me have a look here i don't think so i don't think i saw them say they're on layer two so i'm pretty sure they're on layer one for now but once they get to layer two yeah this this becomes something that's that's super super interesting so yeah definitely check this out if you haven't yet i'll link this in the youtube description for you to do so all right so last up here we have a fundraise from crystal which describes themselves as one platform for all of d5 uh so they've raised 6.6 million dollars uh from a bunch of different investors here i'm i'm not sure who led the round let me have a look here so the round was led by with uh backing from crypto.com signum capital block tower hyper chain and a bunch of other investors here and a few different angel investors so

um basically the uh this crystal kind of uh platform is incubated by kyber network uh and basically their kind of i think goal is to as they as they say here consolidate the best device services on a simple user interface to save users time money and effort so i guess like you can see here this is like an interface into d5 very similar to a lot of the other interfaces we already have like zappa and xerion and things like that i mean there's plenty of these these days but i really like crystal because i i mean it was incubated by kyber and i i really like the kyber project but also because this interface looks really nice too i mean as i was saying before we need these really nice looking interfaces with very great uh very nice um user experiences to to kind of like

continue that mass adoption especially in the d5 space and to get more people involved and you know this is on web and mobile as well which is critical i mean if you only have a desktop app and you don't have a mobile app well then you're left behind you need to have a mobile app now i know uh zappa for example is working on a mobile app they've only got desktop right now uh but essentially you can't be on the desktop only you need a separate app i believe or at least you need your kind of like interface to work in a web browser on on a mobile phone because if you don't do that then your competitors are going to do it and they'll kind of like um kind of leap frog you there but yeah just just really cool to see more of these platforms

being funded because at the end of the day uh we need these for mass adoption you know as i've said plenty of times um but they also need funding right like everything needs funding in this in this space but and as i said before there's plenty of money going around for all these sorts of ideas um yeah but yeah if you're interested in playing around with this it is already live it currently supports ethereum uh binance smart chain and polygon uh and they want to support the other they want to expand to other networks such as solana and polkadot and i hope that layer two is on their roadmap as well because it definitely makes sense to support all the different layer twos like optimism and arbitrary you know all the lattes i always talk about on the refuel so yeah but i think uh

that is it for the updates i had today uh just a final note like um on one five five nine uh just wanted to say i guess like thank you all for listening to everything that i have been talking about on one five five nine over the last few months i know it can get you know kind of stale at times because we've been talking about it for so long but i think one thing that i just wanted to say is to remember that while you know if you spend every day in crypto if you're watching the refuel every day things can seem like they're taking forever but in reality it's just because you're paying attention to it every day and the same goes for price i think that's very very important to remember that if you're looking at the price every day it may seem like we've been stuck

in like a sideways um you know uh season i guess or crab season or whatever you want to call it for months now or like for years now but really it hasn't been that long and the price has actually been trending up since the lows at least the eighth price since 1700 it's back at like what 2600 now at time of recording or something like that just bringing up the charts here yeah about 20 2600 so um you know same appli applies to upgrades and things like that but some things genuinely have taken a very long time like one five five nine took two years the you know the merger by the time it goes through will have taken a very long time because that's basically the full realization of proof of stake and stuff like that and same with all the d5 things but generally you know imagine you were

uh you didn't look at crypto for a year imagine you know even just like june 2020 last year just before the comp liquidity mining went live and defy summer started and then you came back a year later after not paying attention think about the amount of things that have changed in a year like the whole d5 summer or d5 exploding in use nfts dows like you know all the ethereum core protocol upgrades the eth price exploding i mean back in june the east price was like 200 or something like it was still nothing and now it's like 10x or more of the price and it's just funny how like people underestimate i guess like how much can happen because they pay too close attention to the day-to-day so yeah just a little bit of advice there on the heels of one five five nine but anyway

i think that's it for today so thank you everyone for listening and watching be sure to subscribe to the youtube 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 tomorrow thanks everyone