ETH all time high, Caspian announced and more - The Daily Gwei Refuel #92 - 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 5th of april 2021 all right everyone i hope you all had a good easter over the weekend it has been a wild weekend for its price that's for sure we broke a new into a new all-time high which was about let's see here on the chart 21.45 is our new all-time high obviously we've come down a little bit here back at around 2061 that time of recording the old all-time high was around 2040 so we broke it by about a hundred dollars here uh and you know the funny thing is i was looking at the chart here and our old all-time high was on the 20th of feb which is about six weeks ago now right

it really didn't feel like six weeks like thinking about it you know march was obviously a bit of a wild month as you can see here right we basically started off at what 1300 went all the way back up to about 1940 and then came back down to 1545 and then obviously continued on from there but yeah it hasn't felt like six weeks that's for sure it kind of felt like it's all-time high was like last week and then we you know we broke again broke it again on the weekend um but yeah been really really cool to see that i mean honestly like as i've been saying a lot on the refuel i don't see any reason why eth you know shouldn't be at what what it's at right now like all the things happening with it we have one five five nine coming all the e2 were

coming you know the continued growth of d5 nfts all that you know sort of good stuff there and as i mentioned on kind of like friday's refuel i talked about how like the sentiment of ethers and asset is just completely different lately to what i've seen in the past in a very positive way so you know all of that kind of compounding here and all the other kind of updates you know that keep coming out for ethereum all the mainstream attention you know i i don't see any reason why we we shouldn't kind of like stay over 2 000 at this point um which is a wild thing to say right like a 2 000 eth it's just absolutely amazing i mean i know we got we kind of got there back in feb but you know at this point we've kind of like stayed there you know when we hit

all-time high here in feb on the 20th of feb of uh of 2040 by the end of february we were back to 1300 so it was like a week essentially or or eight days uh we went we we kind of felt like almost 40 percent which was which was quite insane but now it seems like you know we kind of like went down a bit retested kind of like the old all-time high around here and kind of like continued back uh above 2000 here which is which is really cool but i don't know what's gonna happen in the short term of course uh i think you know the market's kind of like feels like it's entering another phase right now and you know i kind of put out this tweet just before where i kind of said we're in the phase of the bull market where people are

looking at things that haven't pumped yet and saying it's still so far below its old all-time high only a matter of time before it pumps uh you know you know this can of course become a self-fulfilling prophecy if enough people buy into this narrative and i'm seeing this everywhere right now people are bringing up literally like zombie projects that you know no one's even thought about in years and saying oh look at these projects um they're still like way below their all-time high like 90 below their old all-time iphone 2017 um you know it's only a matter of time before they kind of go up again and the funny thing is is this is what you kind of see towards like the mid to late stage bull markets which is scary because you know i i've spoken about before how i don't think we're going to have like

another two year bear market right i do think that the cycles are going to be quicker um you know in terms of like if we if we kind of like have a down market it's not going to last for two years uh maybe a few months at most but you know when we're getting to the stage where people have these kind of like narratives that they're trying to perpetuate and it's actually working like i'm seeing a lot of these kind of things that have no reason to be going up in value just continue to go up and which is just it's just insane to see to see this happen but you know when i see this i'm like okay well that means there's like a ton of kind of like new investors in the space right which is obvious we know this um but there's also like a ton of kind

of like irrational exuberance at this point where people are like i can't lose right i can just invest in anything and everything's going to go up and it's going to be fine this is exactly what we saw in kind of like late q3 q4 of 2017 and this culminated in i guess the start of 2018 where everything just went nuts right you know btc went to 20k like basically doubled in like a week uh-huh eighth went to 1400 all these other things just started popping off like i remember xrp went up like 5x in a week or something like that you know just just all this stuff that just didn't make much sense and was extremely frothy we're not there yet i think we're at the beginning kind of stages of the i mean not of the bull market but of the next phase of the bull market where we

go into this kind of like it's pretty much stupidity where people will just like bet on anything which kind of scares me but at the same time you know i think generally you know the the asset like the i mean i guess the assets that uh are the strongest you know the ones that the strongest fundamentals are going to be all right yes they'll have drawdowns of course but you know i think a lot of these other things are going to burn a lot of people because yes they may go up but you know there's going to be so many people that know that it's just going up for the sake of it and they don't actually want to hold these assets so they'll just sell right they'll just sell and they might take profits into other things and this is how you see the cycles kind of

playing out where people will bet on these other things and then you know ethan bitcoin might sit flat for a while and then people will take profits into those coins and those will go up and then eventually people like the money kind of runs out and people like well i want to cash out now and we you know everyone goes to usd or fiat we kind of have those those crashes so i'm not ruling out another long bear mark you know it depends how frothy the kind of market gets if we have literally you know billions tens of billions hundreds of billions of dollars going into absolute kind of crap that has no long-term value then you know that doesn't last forever that that very that actually very quickly kind of peters out and we kind of lose these kind of you know new money inflows and

you know momentum can can shift pretty quickly we can go from a bull market momentum to bear market momentum like very quickly and you know uh things can drop like 50 in a week you know we i just showed you how heath dropped like 40 almost 40 percent in in a week um and you know i think obviously it's still in a bull market it recovered but one day it's going to drop like that and it's not going to recover again as fast as it has it's uh you know this is exactly what happened during the last market cycle where you know eth went to 1400 then it dumped like the 700 like really really quickly then it kind of dead cap bounced up to i think 900 or something like that and then it just continued down from there so you know it's very very hard this is why

it's very hard to time the tops of these kind of market cycles uh because of the fact that you just don't know you don't know if it's just going to be a short term kind of um thing or if we've actually kind of topped out and we've broken the kind of momentum for the bull market and we're going into a kind another bear market and we don't know how long it's going to last now as i said i think they're going to be shorter but we just don't know at this point in time i'm just making kind of like educated guesses i'm not kind of saying that i know exactly what's going to happen no one knows that but at this stage of the market not not investment advice but i would kind of like issue kind of caution here um you know i the way i kind of like you know play

that play these kind of things i always have the long term outlook you guys know that about me but you know that's what i encourage people to do um yeah just to kind of like always just like have the long-term outlook you know if you're doing short-term stuff you're not really investing you're speculating um and you know you i've seen a lot of people get wrecked doing this as well and you know the the kind of i guess more and more more deeper and longer we go into a bear market the riskier it gets to invest in things that's just the way it goes because things will have already gone up a lot there'll be a lot of people in a lot of profit they might you know might start taking profits on that and you might get left holding the bag sort of thing so yeah just uh

just be cautious just uh you know keep keep your head on i know it's very easy to get sucked into things uh because of the fact that you know you can see all these things going up a lot in value something's doubling overnight and you get fomo and you want to kind of promo into it and stuff like that and you know you might make some money if you can get in and out in time but that's just not the strategy i like to take it's full of stress anxiety it's full of kind of you know a high chance that you'll lose your money and things like that so yeah just a little bit of not investment advice there just a little bit of general kind of like advice when we're kind of i guess like uh navigating through these markets here so uh another really positive note for

eth is that there is now over uh 10 million eighth locked in d5 so i think last time i checked on d5 pulse it was 10.4 million uh which is quite insane i think what got us over the line here from like nine to ten was two specific events so i'm going to talk about the fade protocol genesis in a little bit i've got it here on one of my tabs um which i locked up over six hundred thousand eighth in the unisop pool uh so that's contributed to it but what also contributed to it was another around six hundred thousand ether a billion dollars from justin's son so he put that into compound uh or there one of the d5 protocols i remember exactly which one um and i think he's doing yield farming with it or whatever so that kind of contributed to it there

and i mean you know it kind of hurts right that that someone like justin's sun who you know many in the industry myself included consider to be a pretty much a scammer right um you know i'm not afraid to say that there's a lot of scammy stuff associated with tron and that whole ecosystem it's a lot of misleading marketing all that kind of stuff there but i guess besides that it's just like this one you know guy who doesn't really do anything for the ethereum ecosystem is actually parasitic because he launched a competitor uh and kind of like you know uh basically said tron was better than ethereum for years and all this sort of stuff the fact that he has this much eighth just kind of like rubs me the wrong way but i'm not gonna go on about that too much there uh you know it's not it's not

something i can control so i'm not gonna worry about it but it's funny that he's still using kind of like i still has like a billion dollars on ethereum within d5 doing things on ethereum even though he has his own network where he should be kind of supporting and doing things on so obviously he probably doesn't have much faith in tron um you know at this point which i mean you know i don't think anyone kind of like uh would have at this point like i just i just don't see it so yeah funny to see that but really positive to see you know the amount of growth in with eth locked in d5 at this stage this is so this is over 10 million um i think the total supply of it's like 114 150 million right now so this is almost ten percent and this is not even

including eth2 which has three point seven million eighth in it right and i've kind of spoken about this before how there's so much eth kind of like you know spread out everywhere that's kind of locked or sitting in kind of cold storage you're getting taken off you know exchanges like especially centralized exchanges which are at like almost two-year lows now i think in this in their kind of balances for ethon exchanges so that's all you know kind of what's pushing the eighth price up as well i think is that there's just less and less each to buy on the market so yeah really really cool to see that i'm excited to get up to 20 million maybe one day you know it's funny because i guess as time goes on and you know as the eth price goes higher i kind of expected the 8th locked in d5 thing to kind of i

guess um grow at a at a at a slower pace right not as fast as it has in the past and but it's still growing like really really quickly so i'm surprised by that because right now 10 million eighth is you know a huge chunk i mean like that's what like 20 billion or something like that at this point in time it's kind of like a huge chunk of um of of money there uh but like it's it's great it's great for all of d5 because it means we have more economic bandwidth within the ecosystem to back a lot of the apps that we're kind of doing so yeah we'll see how much more eth gets locked in dfi over time are going forward so a quick shout out to my good friend dc investor here um he created a new newsletter called the catalyst

where he'll be kind of like he says he'll be periodically sharing uh his random thoughts and he actually put out a really great uh first post you can see here are not welcome to the catalyst that was uh linked from there i i already subscribed to this but yeah we will we see a multi-chain world where he basically runs through kind of like you know what what does the world look like in the future with ethereum and bitcoin and all the other chains out there um i read through it earlier today i suggest you go read through it as well highly recommend subscribing as well if you haven't yet dc investor is one of the clearest thinkers in this space he's been around for quite a while um you know he writes a lot i mean he used to write a lot on reddit as well

for those of you who who kind of looked during the eighth trader eath finance days um he was very active on there he does a lot of kind of twitter threads as well so if you've seen any of that if you've been following him you know you'll kind of get the gist of i guess what he's trying to do here uh but yeah it's great to have more kind of content as well like uh coming out of the ethereum ecosystem because we have obviously the daily way right we have bankless we have the defiant we have um you know a bunch of other kind of publications out there uh but um you know always room for more i think and you know i met a joke here i said a daily way challenger appears and i don't really consider it to be a challenge i consider it to be extremely

additive and really exciting that someone else is is giving their perspective and writing about kind of the ethereum ecosystem because you know i have my views i have my opinions i have my perspective but dc investor brings you know i guess like a very different perspective especially on things like nfts he spends a lot more time in that ecosystem than i do he spends a lot more time i guess in in the ecosystems where kind of like a coordination problems need to be solved and governance and things like that he's very interested in that sort of stuff as he worked as a management consultant in in government for about 15 years prior to to leaving recently so yeah i i think uh if you're interested in kind of like following along with his writings you should definitely go subscribe to this it'll of course be linked in the youtube

description for you to check out so justin drake posted this uh i guess tweet just before a screenshot of a telegram group or a telegram poll here basically asking is it possible to ship uh the minimum viable merge for the eighth one to eight to merge in 2021. now what the minimum viable merge would be um it would be literally minimum viable it would literally just be getting rid of group of work and securing the um eth1 chain as we know today with proof of stake that's it there would be no transfers from the eth2 beacon chain uh and and kind of like all the validators in there to i guess uh the eth1 chain there'll be no withdrawals to the eth1 chain there'll be no statelessness uh so for

those who know about the stateless um uh statelessness clients um that are kind of coming out soon and no major evm changes or anything this is literally minimum viable which i think you know i mean you can see here 86 percent of the researchers that have voted so far agree agree with this um and justin notes down here that um there's still eth one kind of like uh devs that haven't voted in this poll yet but essentially uh you know i think that we we might be able to do this in 2021 if if the researchers are this kind of confident here um and you know i think it's okay to leave these kind of transfers withdrawal statelessness whatever for further kind of hard forks once the merger is in because at this point we just need to get rid of proof

of work it's as simple as that we need to get rid of um you know uh mine is we need to be full proof of stake network and we need to kind of simplify things where it's just one ethereum again where you have the consensus layer which is the beacon chain and the application layer which is eth1 and then you know next year we can kind of add all of these features in like the transfers withdrawals um you know from from the eth2 to eth1 chain uh sharding statelessness all that all that kind of good stuff that we've been building towards uh so yeah i mean i'm fully on board with this if we can get it by end of year 2021 that'll be a huge i think boost of confidence and then the all the researchers and developers can just focus on getting these these critical features like

shouting out and statelessness out next year so yeah interested to kind of see how this goes obviously one five five nine is still slated for the london hard fork which is happening hopefully in july if not august august is the absolute latest it can happen in because of the difficulty bomb um so yeah this would happen obviously after that as part of the shanghai upgrade um so yeah we'll we'll see what happens there i i don't know i i'm still kind of like on the fence about this happening in 2021 you know i wouldn't mind if it happened in q1 2022 i don't think that would be a big deal but if we can get it done this year all the all the more better i think so starkware announced over the weekend that they have uh kind of like uh i mean i come up with

a new i guess design for a new l2 powered amm uh called caspian so essentially it's the tldr here and it gets a bit complex if you read through the post but it's simple enough to understand what ends up happening is that the liquidity for this amm lives on layer one but the order orders and like exchange and everything happens on layer two so this is done using starquest you know kind of uh uh zk roll up technology at layer two and they've got like a few different kind of designs that they've come up with here to basically do this with operators using star wars technology there's all these diagrams here that you can go through i'm not going to explain you know how how it works i'm not going to read through the whole thing you can go check it out check it out for yourself here

but essentially this is one of the concerns that people have had right about i guess l1 you know l2s and and kind of like cross l2 sort of thing basically having this fragmented liquidity and if caspian works as it's detailed here this would solve this at least between l1 and l2 where all the trading would be done at l2 liquidity leaves on l1 still and you know you can kind of tap into that and this isn't to say that liquidity can't live on l2 as well but the thing is you know moving liquidity is is i mean it's it's not easy um you know liquidity is very sticky to a kind of base layer you know you can move liquidity between protocols kind of quickly i guess depending on like if you do like a vampire attack or or if you kind of like do token

incentives but generally liquidity is kind of pretty sticky you know even though that other chains have gotten a bit of liquidity lately um ethereum just hasn't really lost anything you know we're still at record highs for kind of tvl locked uh you know if locked uh volumes across dexes so this is kind of like what starque is trying to solve here is that they know that liquidity is very sticky on l1 they know that a lot of people are going to stay on l1 especially whales who don't care about the gas fees so why not tap into that for l2 and why not do it in a way that kind of doesn't break the compressibility and and doesn't fragment things so that's what caspian is in a nutshell here so definitely go check this out if you haven't already i think it's really interesting as i've said before

starkware is an absolute machine of a team here they are basically building some extremely novel technology that is going to change the face i think of ethereum scaling for sure they already have a few things live right with stock wear and diverse uh stock with um dydx and diversify uh and they've got you know they've got their stock x 3.0 engine coming in june 2021 which will support caspian here as well so yeah interesting interested to see this go live and to see if it actually lives up to the hype as well because if so this definitely solves a lot of the issues that people have been bringing up lately all right so let's talk about faye protocol uh that you may have heard about over the weekend it was literally all over twitter uh for a lot of the

weekend because of what happened so i wrote about this in today's daily grade newsletter as well with a more detailed kind of explanation so definitely go read that if you want more detail here but i think i'll end up covering most of it now anyway so yeah you can listen in or read whatever whatever kind of floats your boat there but essentially faye protocol is an algorithmic stablecoin uh kind of protocol that had their public sale over i guess like late last week into the weekend they raised 1.2 billion dollars in the protocol as part of the genesis event which was essentially uh 1.2 billion worth of eth for a total of 2.6 billion dollars because then they minted the phase stable coin uh kind of like after that so you have like a 50 50 pair on uni swap of of fey and eath

now i do want to kind of uh i guess like give a disclaimer here that i am a seed investor in faye protocol so just to get that out of the way before i kind of dive into the mechanics of it and everything so i'll try and be as unbiased as i can with this analysis um but yeah obviously like because i'm i'm invested in it there might be a little bit of bias there so just a bit of a warning there but anyway what happened with faye is what happens with stable coins in general like basically all i guess non-fiat backed stable coins so not usdc not gusd not like tether and things like that basically synthetic stable coins like dye susd and now fey what always ends up happening is that they very easily can lose their peg because they rely on

supply and demand fundamentally to drive and to keep their peg at a dollar now what ended up happening with faye is that everyone kind of like put their eighth into this genesis event because they wanted to get the tribe token which is the governor's token of the platform so a lot of people thought to themselves well i can just put my ether in and then once the sale finishes i'll just um you know i'll just use the because when you put your ether you technically bought the fey token which is the stable coin but that that people basically thought to themselves well then i can just trade my fey for for the eighth get my eighth back and then i get my tribe tokens as well now this is not what happened and this is not what's happening because this is not how the protocol works

essentially the way that fey keeps its um peg to the dollar they use two different kind of mechanisms one is something called pcv or protocol controlled value now what this is it basically uses uses the treasury which is currently holding 1.2 billion dollars worth of um eth as a as a kind of like reserve asset to essentially uh uh act as i guess like a way to buy to kind of meet new supply or burn supply or fae to get it back to to peg essentially if the the kind of like wider market isn't doing its job but the first line of defense to get fade back to peg is what's called direct incentives now this is what's screwing everyone up right now because what the only way direct incentives work

is if you basically have a balanced supply and demand kind of ecosystem here now as you can imagine right now because everyone wants to sell their faith to get their eat back there's just a glut of supply out there so there's too much supply there's hardly any demand for faye because you can't do anything with fey right now it's not integrated into d5 apps you can't limit it out on rv or compound right you can't like yield farm with it you can't really do anything with it at all i don't even think you can put it in a curve pool yet as a stable coin so from that point of view you know the the the peg has gone under like it's not at a dollar it's at like 95 cents now now the reason why the peg hasn't gone even lower than this is because if you're selling fey under

peg you're actually penalized for doing so and the penalty exponentially increases the further away faye is from its pick so to put this in simple terms if you were to sell your fae right now um to i guess like the unisop pool uh at 95 cents you say okay well i'm just gonna take a five cent haircut i don't care i want to get my eighth back well no no that's not how it works what ends up happening is that on top of that five cent kind of um i guess like discount you're taking there you're also taking a thirty percent burn of your of your fae because the protocol is trying to discourage people from selling morphe so that the the peg doesn't keep falling so and you know the worst thing about this is that uni swap the interface doesn't tell you this

it won't tell you hey if you sell fay right now for eath it's going to actually burn 30 percent and you're going to be you're going to get 30 percent less than you would have than what the interface shows you that you will get so a lot of people have been burned by this but this is exactly how the protocol is supposed to work now how do you get faye back to a dollar now well you need people to buy faye right you need people to buy faye from the pool using eth but as i said no one wants to do that right now so from that point of view that's why pha is in a rut right now that's why it's at 95 cents that's why it can't go higher because every time it goes higher you're inevitably inevitably going to have people who want

to sell faye again to get their eighth back right because the penalty will be less and less severe now the way that that fey gets out of this rut is by using pcv protocol controlled value by using that mechanism now what this does is it uses the treasury to buy back fail to burn faye to bring it back to peg so as i said it has a 1.2 billion dollars worth of in its treasury right now so we can use that but the way the mechanisms currently work is that it it's set up in such a way that it only does that at when certain conditions are met and it hasn't done it yet because the conditions haven't been met yet so this is essentially i guess like the most battle testing that faye's probably ever going to get i think because of the fact that they have

essentially an extremely imbalanced supply and demand kind of um uh thing here where the supply is essentially you know vastly outweighing the demand and you know to use even another example here of where we've seen this play out before is with dye if there's too much dye in the ecosystem and not enough buyers for die dye is going to lose its peg as well it's as simple as that so you know and then the way maker controls this or the maker protocol controls is they raise or lower stability fees so a lot of you may have remembered that back in i think 2019 makers stability fees went up to like 21 because they wanted people to close their their kind of like loans out to pay diet back to the protocol to shrink the supply

because there wasn't enough demand essentially so from that point of view you know faye does this in a in a different way but it's the same kind of game it's trying to maintain the peg through these kind of incentive mechanisms that have been set up now you know i think and i and i i said this in my newsletter as well i think they could have done this in a lot better way they could have done this sale in a lot and a lot of a better way here for one i think they could have kept it right at maybe like i mean 50 million or something like that because because they they i guess like because they kind of like um uh raised so much right and had an uncapped sale people could just appear and people were just aping in for the tribe token at the

end of the day so you know and i think the team explained it quite well they had a post about this but people don't read right people throw into things and you know i think people as i said had the wrong idea that they could just put their ethan and get their ether out after it and as john in his thread here explains is that that's exactly what didn't happen and what ended up happening was that a few whales kind of i guess took advantage of people here um because they had an exit plan because the first people to kind of exit out were were fine because they were the ones that were selling it around uh i think it was a dollar one i think uh yeah so basically a dollar i won here um and basically uh after that you know people started

selling and then it obviously went under under the um the peg and now it's stuck at like 95 cents essentially so you know as as john kind of puts it here you basically got wrecked unless you were one of those kind of like early exiters and had like a programmatic exit plan which means there was like a bot that triggered this for you or like a very detailed kind of plan here that that kind of triggered for you so yeah i and you know as i said before like i obviously have a bit of a bias here but i don't think this is a death knell for the fae project i actually think this is a really cool kind of test of its mechanisms and to see if it actually works over time to bring it back to peg under some of the most extreme

conditions i've ever seen for something to be kind of like under so much pressure because you can imagine that even if the reserves itself start i guess kind of like buying up faye to get it back to to peg there's gonna be so much cell pressure still like think about it there's still a billion dollars worth of people people i guess like faye i think i think there's a billion dollars at the fair i might be kind of getting it wrong i haven't looked at the latest numbers here um but essentially there's a there's a lot of phase cell pressure right now so you know is it going to be a thing where it's just going to be a balancing act or it's going to be something where the protocol keeps having to to buy more and more faye and then people keep selling and then

eventually you reach kind of an equilibrium of a dollar and it's going to probably going to take a little while for this to happen unless they speed it up you know they you know the team and governance in general can change the parameters here and kind of speed up that you know that pcv there all the mechanisms there um and i think that's what they're going to do but at the end of the day this is just like as simple as i can put it it's a supply and demand thing so you know i highly suggest reading this thread because it does a really great job of breaking it down as well i may have missed some things or i may may still be confusing you with it because this is something that a lot of you if you haven't kind of looked into before can be confusing and

i don't blame you for being confused but really at the core of it and at the core of every single non-fiat-backed stablecoin is supply and demand and and that's it that's how they keep their peg at the end of the day so i think the the fastest way faye can kind of like get back to peg naturally is just start doing integrations get fake integrated everywhere but the problem is right now is that you know a lot of um the d5 apps out there especially the bigger ones they don't want to add fade because it's it's untested right it has already shown that it can remain under peg for extended periods of time so it's kind of like a rock and a hard place where it's basically relying on the pcv to get it back to peg with some direct incentives thrown in there for good measure as well

so maybe we won't see too many default integrations for the short term but i think if they can get back to peg it'll be more attractive for people to kind of add this uh or at least for d5 apps to kind of add this to to their apps here so yeah i'm going to keep a keep a lookout for that and and see how that goes so ryan sean adams had an interesting tweet here where i think there was a conversation about uh you know eth as an asset and kind of being ultrasound money and then someone kind of came back and said that eath is kind of like digital fuel digital oil and then ryan kind of says he thinks the oil analogy is slightly flawed because if the ethereum block space is oil block space is the commodity not eth ethe is the reserve currency that pays

for that oil and so ethe is not oil itself ether is used as money outside of buying block space so ether is like the petrodollar except sound now for those who don't know what the petro dollar is essentially you know usd is the um the i guess currency that the world denominates in for oil for petrol you know for petrol for oil and things like that so whenever you buy and sell oil in the world you're basically denominating that in usd and that's that's kind of what the petro dollar refers to now obviously whenever you you're kind of like buying ethereum block space you it's like buying oil right and that's denominated in each so eat is not the oil it is the petrodollar in this kind of sense and it's sound because it is not being kind of inflated away like the usd is

right um and you know we have ultrasound money coming with one five five nine and pause issuance uh putting eth as a deflationary asset eventually well hopefully we hope um so yeah i think this is a really good analogy on uh and i think you know very clearly states why eth is kind of like not oil here and block space is is the commodity and is the oil here so the ceo of shopify was doubling with ethereum smart contracts over the weekend uh he basically sped said not sped speaking of crypto i spent the morning dabbling with eat smart contracts mainly to understand how erc20 works better fascinating world remix.ethereum.org has really has been really helpful this just continues the trend of kind of more and more people outside of the

ethereum ecosystem taking notice of this and shopify for those who don't know is the biggest ecommerce kind of i guess like uh e-commerce as a service kind of company in the world like a billion dollar company huge company like the public and everything so could this be shopify kind of like playing with integrating crypto payments integrating kind of like crypto into their systems i know there's probably like um apps you can get on shopify that allow you to accept kind of crypto you know i'm pretty sure there already is but it's good to see like the ceo basically talking about and talking about ethereum uh in particular which is which is really cool so yeah just something i wanted to kind of um you know point out there um and i think we're gonna see more and more of this as time goes on so sam richards from the ethereum.org

website team basically posted this chart over the weekend uh with the q1 data of ether.org so traffic traffic exploded uh to their translated content as well up four times uh since december so this is like all content on the website excluding english which is awesome to see i mean i've i've very much said that ethereum is still too western centric so two still to like us europe um you know centric where basically all the english-speaking countries are kind of like of the focus and there's a lot of like i guess blind spots in the in the asian countries especially um you know people like eastern european things like that as well so yeah we're really really great to see that and see that growth kind of um happening over

over q1 um and you know i guess like you can see the the currency kind of not the currency the the the country kind of like shorthand here but i don't know what each of them are i guess like the blue here i mean there's too many to to kind of point out here but um you know i'll link these in the youtube description you can go check it out yourself and to see which countries kind of like i guess have the most uh market share here or at least um a traffic share here sorry so danny ryan posted the latest edition of finalize which basically goes over ethereum's consensus layer so essentially we have rayonism uh going uh i guess like a project that's uh being worked on uh during the upcoming ethereum scaling hackathon that'll basically work on uh the eth1 to e2 merge and

and and with doing sharding on top of it as well i've spoken about that before on i think last week's refuel uh an update on the bl blst security advisory here and update on the beacon chain security and testing request for product here so yeah if that interests you definitely go check out that post from danny uh next up we have we have here that the default pulse index completed its march rebalance and added two new tokens farm and cream uh have been added and also all assets are capped at 25 allocation now uh now i think you know before this was actually put in place uni swap account for like 33 of the index now obviously we don't want like an unlimited kind of cap here we we want to kind of put on a cap so that that

specific assets don't become too big in in the kind of like the index because then they i guess leads to perverse kind of like i guess growth and retraction here so i think the 25 cap makes a lot of sense but yeah i guess congrats to to our harvest finance and cream finance for getting their tokens included in the d5 pulse index i think that it's a prestigious thing honestly i think you know obviously not every token is going to be in the dpi uh straight away there's a six month kind of waiting period for tokens so kind of getting to the point where you're accepted is is a pretty good goal i think so last up here we have david mihal he has these websites that he builds that basically tracks various things within the ecosystem um his most popular one is cryptofees.info you may have

gone to it so he created a new one over the weekend called openorgs.info which basically tracks the treasuries of different default apps here now i might i actually may have covered this last week i i think maybe on friday's refuel i covered this already so maybe i forgot about this too much happening in this ecosystem but essentially here uh it tracks the different treasuries um in d5 obviously you can see unisop has the biggest one compound rv and then alchemics which is really funny because alchemix is a very new d5 protocol i think like three months old at this point not even uh maybe even two months so the fact that they've already got a 780 million dollar treasury is pretty big deal uh tornado cash badger and then a bunch of kind of smaller ones here which is which is really really cool to see

so yeah great website here and now that i think about it i'm pretty sure i did cover it on on friday but oh well you know for those who didn't see it then you're kind of seeing it today and that's it for today because i've gone way over time here so thank you again everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone