ETH all time high, Facebook rebrands to Meta & more - The Daily Gwei Refuel #241 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the deadly gray refuel where we cap the latest news the ethereum ecosystem i'm your host anthony sosano today's the 29th of october 2021 all right everyone let's get into it so all-time high day for eth today uh we went to i think 4 400 so finally broke through the old all-time high of around 43.75 43.80 there we did touched it the other day i then came it came back off it went went under 4k but now you know we kind of went back up to 4 400 and right now it's 43 24 so again we've come down a little bit here but i mean you know i woke up to this actually it was pretty funny because i usually wake up at like 11 a.m uh most mornings and i kind of like woke up later today

because they were kind of um really uh really strong winds last night that kind of kept me up so i just slept in a little bit and i kind of checked the price and i'm like okay we're almost that all-time high uh this is amazing so i tweeted out this picture gm with like uh the happy kind of wojack here then i got to my pc and as i sat down on my pc i was kind of um just looking at the chart and i was like wow okay yes yes and we went to all-time high and i was like oh yeah finally we finally broke through it uh and it's funny because i've been saying to some friends for quite a while that i thought we're to get all time high in october and they were saying to me no no it's going to be

november like you know they'll you know obviously doing their ta i'm going to get the charts i'm like no guys i feel like it's going to be october and then when we hit it the other day um that you know i didn't really get credited with it because we we only hit it on some exchanges we didn't break through it so i was like oh okay fair enough but you know i kind of counted it but then today we really kind of broke through it and you know it's it's funny like i don't know kind of like what's going to happen from here are we going to break through it again like when you when you guys are watching this or kind of like over the next few days it we seem to be just hanging around the all-time high which is which is fine i think but it

goes back to what i was saying yesterday about how you know we had that kind of like massive ship pump and everyone was like oh this is a top signal we're going to crash like we're going to go into a bear market again this is ridiculous and i kind of said that i don't think that's going to happen at all i think there's just too many kind of like tailwinds behind eth right now that's keeping me really bullish i'm going to talk about some of them on the on the refill of course but yeah i mean it was just really great to wake up to another eighth all-time high even though we've come down a bit it's it's kind of like a little bit annoying i you know the thing that i pay attention to a lot um these days is kind of like the

funding rates and what the funding rates show you is basically how much are people paying to be long a certain asset now if the funding rates are high that generally means that there's a lot of leverage in the system and it's kind of like it means that there could be uh kind of like you know if if the price was to go down there could be a bunch of liquidations that pushes the price down even further and we could have one of those sell-offs that we all kind of like know and love right so i kind of watched that and i saw that going up like rapidly as we kind of blew through all-time high and i was like oh god why these apes like leveraging up already like come on guys like relax for a little bit let us go a bit higher than the all-time high before

you start leveraging up but i guess people love to do that right love to get greedy love to long the all-time high so i i don't know um and you know i think the other thing worth mentioning as well is that heath is basically i mean it's still basically at its all-time high and bitcoin is not even near it i think bitcoin's what 61k right now i think its new all-time high was like 67 or 68k uh and i mean it just keeps gaining and i'm not surprised by this at all given how many tailwinds are behind eth right now and i just i mean obviously i'm biased because like i'm i'm really into ethereum and i and you guys know i don't hold any any bitcoin but i mean there's a reason i don't hold any because i just don't see the point of bitcoin in the world that

we're in i don't see the point of bitcoin going forward really and i know some people do and so uh sorry not not just some people a lot of people do and a lot of people kind of like see it as a story of value digital gold has its place and that's fine that's like a niche to me like i don't see that as being a massive kind of growth vehicle for it i see it kind of putting a cap on how high bitcoin can go and then i look at eth and i kind of look at all the kind of not just the tailwinds but all the value across mechanisms for ether as an asset and i'm like i just i'm so much more bullish on eth i'm so much more bullish on the ethereum ecosystem and what's happening there you know everything like all the popular stuff

that we always talk about like d5 and nfts and and and kind of like dows and and metaverse stuff which i'm going to talk about in a sec um and you know i just can't help but be really really bullish on ethereum so so yeah i think that's just i mean it's also funny to say this is like breaking precedent too usually it's bitcoin that goes into price discovery first which technically it did i mean like you know uh when it went to its all-time high the other day but it's come back down and kind of got rejected while ether just kept trending up especially against bitcoin like on the ratio as well so from that point of view i don't know i it feels like the winds have changed um i i've personally felt the winds have that the winds have changed for a long

time now pretty much since like i guess defy summer or at least the start of it like june 2020 i think when the comp token launched as part of compound and then we had like the kickoff of d5 summer that really changed everything in my mind that basically got a ethereum to like the forefront of many people's minds and basically opened the door to a lot of people kind of like coming into ethereum from other ecosystems you know we had a massive migration of btc come over to ethereum from the bitcoin network to participate in d5 and since then i felt like ethereum has really just taken uh taken hold of the entire crypto space and been the main focus of it um since june of 2020 and i mean it's shown in the price as well like it's output i mean yes bitcoin

has gone up as well but it's outperformed bitcoin since since march since the bottom last year it's outperformed bitcoin it continues to and uh and you know right now it's kind of uh in its it hit its all-time high and kind of like wants to go into price discovery uh before bitcoin as well so yeah um it's it's just it's very different to what kind of like the ecosystem is used to and i don't know how many people actually realize that i don't know how many people have come to terms with that yet there is definitely i think the markets are confused as well where they're like uh you know is is you know what the hell is going on like eighth is actually doing something that they're that people aren't expecting because eighth is usually weak in q4 against bitcoin but right now it's not obviously there's

still two months left of q4 and everything can reverse from here but uh i don't know i'm not i'm not feeling that but we'll see what happens we'll see what happens over the next few months i mean these sorts of things is not really anything to worry about if you're a long-term person um you know i'm a long-term guy as well you guys know that but essentially i just like kind of looking at these sorts of things because for me i'm in this ecosystem to see ethereum continue to win and can you dominate continue to basically be the substrate for everything to run on um and you know i i want ethereum to be number one i don't think bitcoin deserves to be number one i think that it's it's value and it's kind of like i guess it's spot at number one is is

there because of the fact that it's been around for much longer um and it obviously has like a more institutional adoption uh to an extent and and kind of like a massive network effect but so does ethereum and i think ethereum has caught up to bitcoin and everything except market cap at this point so we'll see how that plays out uh but yeah enough about price got a bunch of other updates to get through um so diva the devcon unicorn put out a update tweet today about when devcon 6 is going to be taking place and another event apparently that it might be that that looks to be taking place in south africa which is pretty cool so uh basically devcon 6 will be happening in fall of 2022 now i really hate when people use seasons to refer to

the time of the year because i'm sorry the northern hemisphere is not the only hemisphere right like i'm in the southern hemisphere and so are a lot of people we do not um have the same kind of like seasons as as northern hemisphere obviously it's reversed so i would rather people just say like you know give a quarter like a q1 q2 or like late uh this year early this year and that's what they did with their follow-up tweet because people were confused and they basically said defcon 6 is coming in late 2022 so basically fall for the northern hemisphere even though defcon 6 is is being um hosted in bogada colombia which is in the southern hemisphere so it's just kind of funny how that worked out there but yeah i mean i do plan to get out to to to these devcon sticks i mean devcons are the biggest

ethereum conferences they're you know i've only been to one funny enough i went to the one in osaka uh that was my first and only devcon uh and i i unfortunately hadn't gone to the previous four but it was amazing i loved it i loved kind of like uh you know how many people were there everything that went on there it's obviously the most ethereum kind of like a line conference um and it's the only conference that the ethereum foundation holds so it's it's a pretty it's a pretty big one so i'm hoping to get out there at the at late 2022 here uh and then apparently they're teasing another kind of like conference in early 2022 in south africa i don't know where it's going to be in maybe not just south africa it seems like the map here is teasing like africa the whole continent

but i'm just assuming it's south africa so it could be cape town or lagos or somewhere like that i've never been so i would love to go to that as well but we'll have to see and you know i i kind of like um mentioned on twitter the other day that i think the first conference i'm going to be going to is is going to be 8th denver in february i definitely want to get out to that the dates were actually announced for that um it's it's pretty much the normal dates like the 17th to the 21st of um of february so i'm looking forward to seeing a lot of people there as well i'm definitely wanting to get out to that one but yeah these are the dates i guess for devcon 6 which has got delayed because of covert it was supposed to happen in 2020 obviously

isn't going to happen this year and now it's going to happen in late 2022 so i'm very much looking forward to that but there are a bunch of other conferences in 2022 that i'll be going to as well and hope to see all of you there all right so the biggest piece of news of the last 24 hours is facebook renaming themselves to meta in reference to the metaverse so they say here that they're helping to build the metaverse a place where uh people will play and connect in 3d welcome to the next chapter of social connection now there's a lot to unpack here i'm not gonna go through everything in in extreme detail but the first thing i want to say is i hate the logo i really i just i look at this logo and i'm like i get what you're doing it's

kind of like a play on a game controller it's a play on a vr headset um but i just don't like it just i don't know it looks weird to me it doesn't look like a good logo but anyway i mean that's subjective what what i should focus on is kind of like what this means for the ecosystem this is actually pretty huge like no matter what you think of facebook as a company there's no denying that i mean they they're they're huge right they have billions of users across facebook instagram whatsapp all their other kind of like things like oculus and and stuff like that and uh you know everyone knows about them for them to rename themselves to meta and to put their full weight behind uh kind of like turning into a metaverse company and kind of like using the term metaverse um for that for all their kind

of like existing users to see is a huge endorsement and validation of what we've been building within the crypto ethereum ecosystems now of course you know we don't need their endorsement we don't you know we don't want these centralized parties to kind of like encroach on what we're trying to build in a decentralized way but what this does is basically incepts the idea of a metaverse into people's heads so when they come and get onboarded into like ethereum into kind of like the layer twos like immutable x and stuff like that that are building these nft metaverse products they're already gonna have exposure to the term it's not gonna be a brand new thing to them they're going to be like oh that's like that thing that facebook's doing you know and a lot of people will kind of look to that and be like this must be

legit right because as much hate as facebook gets there you know there are still like billions of people that use it so just because people hate it doesn't mean they aren't using it and it doesn't mean that everyone hates it there are plenty of people out there who love using it love using you know obviously instagram and whatsapp and and oculus and things like that i mean i have an oculus as well i don't really use any of these apps i use facebook messenger sometimes but i don't really use the other apps um or anything like that but uh i i think that this is just like a huge onboarding vehicle now obviously metta or facebook or whatever aren't going to build a decentralized metaverse they're going to build a closed close of not on top of available

so i don't expect this to be much different from that um but from that point of view this is kind of like where crypto and ethereum's opportunity lies where ethereum is the complete opposite it is open permissionless decentralized you can build whatever you want on there there's no central party that can remove it from the ethereum network and uh you know if you build it in a truly decentralized way the users of your whatever you've built you can't take their assets or kind of like their um their things away from them uh and you know obviously the ethereum the underlying platform is decentralized so it can't unilaterally take away anyone's kind of assets either so that's what kind of like i guess meta and facebook and everything are contending with but at the same time they have a massive head start due to the fact that they have a massive user

base but they also have headwinds they have regulatory headwinds which they suffered during um trying to launch facebook libra which became dm which i now think is called nova and i don't know kind of like what the status is there but they've gone through like a ton of of headwinds there with that uh so i think they're gonna they're gonna see that come out here as well and also the fact that uh because it's gonna be closed off then in my mind it's just not gonna attract the right kinds of people that you wanna be attracting to build out a metaverse platform to build out something that's exciting and something that people developers are going to get excited about especially because users are one thing but without developers building things it doesn't really mean anything it doesn't matter how many users you have if the developers aren't

building new and innovative stuff on your platform then the users are going to go elsewhere and that's exactly why facebook has this thing where they like to acquire massive kind of like applications and other companies in order to kind of eat the users but also not have to basically build it themselves so you know facebook acquired instagram uh for a billion dollars and at the time that was actually viewed as like a very expensive acquisition but it obviously played out very nicely for them and then they acquired whatsapp for uh i think it was like 20 something billion dollars some some ridiculous amount of money and then they are quite oculus as well uh for for a large amount of money they they tried to acquire snapchat but snapchat turned them down uh and i'm sure they've made it like a bunch of other acquisitions as

well they but the thing is they can't acquire ethereum right they can't buy ethereum what they can do is join ethereum but they can't buy a theorem there is no one to buy it from like they can become a validator if they want they can become many validators but they cannot buy ethereum make it part of like the meta you know group of companies and basically do whatever they want with it that's not happening yes they can quote unquote acquire companies that are building on top of ethereum if they're centralized companies but even still if are if there are developers building decentralized products there's no way for for them to be acquired either like you can do maybe a token swap where the the community comes together and says okay well you know we we we're happy to get bored out here's our

tokens and kind of just like we'll get our money for our tokens but even still i just don't see that happening and i think that is the best defense ethereum has against something like this and and even an offense because we we being ethereum get to get all the really innovative developers coming into the ecosystem that want to build on this sort of stuff and don't want to kind of like build on facebook's closed off ecosystem where there is a higher chance that if you build something that facebook doesn't like or that meta doesn't like it's going to get removed it's just going to get deleted that's not going to happen to you on ethereum and that's not going to happen to you on a lot of the pla the things building on ethereum either which i think is is really really cool so yeah i mean i wrote a bit more

about this in the delegate newsletter today but those are just my general thoughts there on what's happening we'll have to see how this plays out over the coming years but i think brendan put it actually best here where he basically put out a tweet where he said so basically it's ethereum versus facebook in a race to create a compelling metaverse open versus closed transparent versus opaque permissionless versus permissioned community owned versus zuck owned my better place let's build a better future together so obviously i mean brendan is the co-founder and ceo ceo of dharma so obviously his bets are on ethereum and so are mine even more obviously and i'm sure a lot of you guys are betting on on ethereum as well um and i i don't know maybe you know but the funny thing is like meta can actually build whatever they want to build on ethereum they can

just build it as a rollup like imagine if that actually happened like i had a friend today message me about it and say imagine if meta built themselves as a rollup on ethereum how huge would that be and it would be and you know what i actually don't think it's far-fetched to say that they will be doing something like that because they get to tap into an already kind of like existing user base that is used to kind of like nfts metaverse crypto gaming and stuff like that and get to kind of uh you know build their own thing like their roll-up can be centralized doesn't have to be a decentralized roll-up but uh you know and they can still kind of maintain maintain complete control over it but they get the interoperability of the entire ethereum ecosystem so you know i'm i'm i'm actually sure you know

i'm actually not going to be surprised if that happens either and you know i'm just seeing a comment here that novi which is what um libra into dm into novi uh is actually pax now which is which is in the rc20 on ethereum so funny enough facebook has already ended up on ethereum with one of their products so we'll have to see how that plays out but uh interesting times ahead for the metaverse and for centralized versus decentralized uh kind of like products and services so bankless had a really great newsletter today where they basically went through ethereum's q3 results uh and compared q3 2021 to q3 2020. so you can see in this table here uh i don't want i can't maximize it because my camera is blocking it there you go you

can see it there um the they've got a bunch of different metrics here they compare between q3 2020 and 2021 at q3a 2021 and compare the growth network revenue is up from 321 billion to 1.9 trillion uh which is which is quite crazy if i'm ready no no sorry sorry network revenue is not value settled i was reading that wrong so it's up from 321 million to a 1.9 billion which is still a growth of like 5x which is insane value settled went from 107 billion uh dollars to 536 billion dollars up about 4x there each staked went from zero because the beacon chain wasn't live to uh it's pretty much it's at eight million eighth now which is

obviously a growth of infinity percent the issuance rate of eighth has actually dropped by thirty percent thanks to eighth being burned um we didn't have one five five nine last q3 which means that value of eighth burn was zero now it's 1.3 billion dollars i think it's more than that uh to be honest i think this number is is off here um daily active addresses went up 24 which i actually think daily active addresses as i've explained before is kind of like uh i would say an inferior metric for layer one because a lot of users are moving to layer two um so i expect daily active addresses to either just remain flat or go down from here because as time goes on the most active addresses on ethereum will just be whales and the layer twos posting their proofs

and stuff like that instead of uh end users so yeah i don't expect that to kind of like uh grow grow much further from here because people are just gonna move to layer two uh d5 tvl is up 12x to 123 billion from 10 billion the decentralized exchange volume is at 48 billion in q3 2020. now it's at 189 billion in q3 2021 and as you can see i mean you can go down the list here the i mean the growth in general has just been absolutely insane i think the most insane growth is open c sales five million dollars in q3 2020 in kothway 2021 it was 6.7 billion dollars a growth of a hundred and forty one thousand eight hundred and forty seven percent that's insane right absolutely insane and l2 tvl as well

went from 8.4 million to 2.5 billion which is a growth of almost 30 000 percent so as you can see ethereum's growth over the last year has been completely insane 8 is still undervalued because at the end of q3 last year that would be september i think if i'm doing it right in my head october never yeah september um i don't remember exactly what the eighth price was but i'm pretty sure it was like four hundred dollars or it might be maybe not even four hundred dollars i think it was around four hundred dollars um and eid is only up 10x from there uh i just i mean and given like the growth that ethereum has kind of like uh gone through especially because we have the issuance being reduced due to the burn and also the the tailwinds that are coming for for eighth i would say right

now atheist is extremely undervalued i i just don't it and it's undervalued because people don't understand it people don't understand like this sort of stuff and don't understand like how how fast ethereum is still growing and the fact of the matter is we're still early like super super early like think about it for a sec d5 itself is like still very insular it's still very crypto native it hasn't actually penetrated into the real world in any real way yet could you imagine the entire world's financial system running on ethereum in like the late stage of adoption imagine how much growth there still is to have here there is you know i mean i'm just going to spit random numbers here there is like tens of thousands of at times more growth left in everything that we're doing here

and that's going to translate to obviously eth being burned value flowing to eat for things like staking and also um uses collateral and stuff like that within d5 i i don't know guys this is again goes back to my thesis around a hundred thousand dollar eighth over the next kind of like five to ten years i just don't see a world where that doesn't happen given that ethereum is just growing so quickly i don't see a theorem losing its market share to to anyone really i know that you know people say oh ethereum has already lost its market share because tvl has gone to other networks uh instead of ethereum but ethereum's tvl is still growing it's just the pie is getting bigger so from that point of view yes maybe ethereum's overall market share if you're measuring a tvl will go down but ethereum itself is still

growing at a really rapid pace and ethereum's l2 ecosystem is just now starting off and that will grow at a rapid pace as well so really cool metrics here from uh from bankless i was just giving this a read i'm gonna power through this because i'm realizing i'm i'm i'm at 22 minutes already so uh and i just on the on the feed burn as well the ultrasound money account tweeted out um over the last three days the eat supply has actually been decreasing due to the fee burn as i explained yesterday now when you i haven't actually looked at it like this before when you actually put the numbers here this is crazy october 26th we had 117 million 757 635 8th on october 27th we had um 117 million 757 thousand 327 eighth so we burned more than we issued

and then again on october 28th we burned more than we issued again by about two thousand eighth which is crazy i mean this is a net deflationary eth right here now this is during proof of work and proof of stake as well uh uh both networks issuing you eat once the merge happens every single day will be a deflationary ease day by a lot and you know if we maintain the current fee revenue but at that point i think it's two percent right now a reduction in supply hdr so two percent each year over the next 10 years that's a 20 reduction in the in the eighth supply and that's assuming that the uh kind of like revenue doesn't go up which for all intents and uh sorry from all the signals that i'm seeing i do definitely think it's going to keep going up over

the years so you could say like there's a 20 reduction in the eighth supply from here which would get us to uh probably under 100 million uh i eat which is crazy right and this is coming from like the the uh the active supplies now this is not just coming from cold storage because the eighth being burned is coming from the active supply that people are using to pay fees uh and then also the the fact that we're um dropping issuance by about 85 percent uh uh with the merge that's also active heat that usually gets sold to cover running costs so yeah putting it like this and being able to see it and kind of like putting the hard numbers is crazy and i don't think people appreciate the craziness of a deflationary eth so phonon dao has introduced themselves

today uh they said running phone on here and they said say hello to a whole new approach to scaling and privacy for the entire blockchain ecosystem and phonon describes themselves as a community-owned protocol enabling off-chain transfer of digital assets using secure hardware turn all crypto into peer-to-peer cash private fast and free now this is coming out of the grid plus team you guys will know about grid plus and their lattice one hardware wallet product that i have talked about before um this is obviously a phonon is obviously going to be an integral part of that you can kind of read this blog post for kind of more details on that but this is really exciting i i i mean as i've said before i think privacy is something that the ethereum ecosystem is still lacking in a big way

and this is another team kind of like tackling it in a in in in a way and this team is also very experienced like if you've used the lattice one or looked into the specs of the lattice one hardware wallet it is the most secure hardware wallet on the market like by far it has um protections that no other hardware can even dream of so if there's one team that i would actually trust to build something like like this like a secure hardware enforced private payment system it is the grid plus team so i am looking forward to phone on i think this looks really cool i'm looking forward to seeing more in the wild and actually using it myself uh and i'm just really really glad that we get to see more of these privacy kind of like protocols coming to market and speaking of that as

well uh john woo from aztec network put out a thread about uh what aztec connect is going to enable for uh for i guess ethereum and it's going to enable private swaps and limit orders on uni swap making a private on-chain order book possible for the first time this site kind of stuff is is kind of mind-blowing right because we're going uh beyond payments and we're going to swaps and doing private kind of um kind of swaps on uni swaps so uh he he kind of put out this thread which i i suggest reading but essentially he starts off the thread by saying um you know some background on on aztec connect connect is aztec's layer two to layer one privacy bridge so meaning you'll be able to take shielded assets from the aztec network which is a rollup that lives on top of ethereum

and instantly sorry and interact directly with any l1 smart contract accessing l1 liquidity with full privacy so essentially um you can kind of like go from layer two to layer one in a very private way do private trades private transfers all that sort of stuff and oh and also kind of like obviously reducing gas cost because it's on a layer two now um aztecs layer two is actually called a zkzk roll up uh it's not uh it's not like a z cable on top of a zk roller but it is privacy within a zk roll up which i think is is really awesome so highly recommend giving this kind of like thread a read here it's very interesting but as i said very very bullish on uh on privacy protocols going forward so a lot of you will have seen this

crypto punk that sold for 532 million dollars today which wasn't a real sale what ended up happening was that as mariano explains here um someone flash loaned this money listed their punk foot for sale for an insane amount bought it um got the the eighth back from the other account and repaid the flash loan um and robert miller put put a put out a tweet with a closer look here um where you know how it work and why people would do this and he basically explained that you know why would people kind of do this why would someone do this it doesn't make any sense they didn't make any money they you know what are they trying to prove here robert basically says you know as this wasn't a real sale it wasn't an exploit no one made any money but they probably did this to generate a bunch of buzz about

it on twitter and troll a bit which is kind of funny right like i mean anyone can do this right like flash loans i mean the way flash loans work is that it literally gives anyone the ability to uh to borrow you know hundreds of millions if not billions of dollars or as many as much money as they can get out of these protocols that allow you to do flash loans and as long as you repay it back in the same block uh you're able to kind of like do whatever you want with the money uh which is which is pretty pretty cool i mean flashlights are still one of the most uh cool one of the coolest things in the ethereum ecosystem to me so so yeah but i thought this was just a little funny thing to point out so immutable x or immutable is in

continuing their dominance within the nft ecosystem here they announced yesterday that they have partnered with esl gaming which is a the world's leading esports company and if any of you have entered gaming or esports you'll know just how big esl is um and they have partnered with them to uh to kind of like have csgo nfts issued on the immutable x layer 2 network on top of ethereum i mean this is amazing immutable their business development department must be insane because they are landing so many big partnerships right now which is just really crazy to see um obviously their technology is powered by starkware and they're not a zk raptor of volitium um but they allow massive scalability for ethereum uh and they're and for nft sorry i should say and that you know

they also they aren't charging any any fees either they're covering the fees right now so great to see them land a huge partnership here um in a disclosure i'm an investor in immutable and i should have disclosed other things as well like i'm an investor in kind of like um a few other things along here i've got to get that website out that um that has my disclosures on there so i don't have to keep bringing it up i know i've talked about that for a while but but yeah anyway cool to see this partnership here and i'm looking forward to seeing uh what esl does on immutable x uh speaking of stockwear stocknet alpha 3 is now live on testnet so they're saying here they continue to prepare for the alpha deployment on mainnet and to improve stock net based on user feedback um in this release is improved an

improved testing framework improved compilation time and syntax for short strings which means this is a pretty much a developer-focused kind of release and i saw someone comment about this someone from starkware i think comment that stocknet will actually be deployed um in alpha to mainnet end of november it's going to come like late november instead of early or mid so something to keep in mind there as well i'm just getting through the rest of these updates quickly so alchemy uh blockchain infrastructure provider announced that they have raised a massive 250 million dollar series c at a valuation at of 3.5 billion dollars and this um round was led by a16z now for those of you who don't know what alchemy is it's because it sits in the background you will

probably have used alchemy if you have used any of the apps that um that use it to to kind of like offer you services it's kind of similar to infuria where they basically offer infrastructure for blockchain such as nodes and and like archive nodes full nodes all that sort of stuff um and obviously this is very very valuable for the ecosystem going forward so this is incredible growth i mean sorry incredible raise and obviously incredible growth too uh because of the fact that they've been powering some of the biggest apps out there such as uh open c rv dydx i mean we've all used these apps before um and they're also obviously support ethereum but they're also going to be supporting other networks like polygon arbitram um optimism and and more so yeah congrats on the raise to alchemy here this is a

huge raise right it's one of the biggest in the ecosystem 3.5 billion valuation funny thing is is that like you know i think is a token coming isn't it coming i would actually put my money on a token coming but i don't know how you would farm the airdrop for alchemy like are they just gonna a drop their token to everyone who used um one of the alchemy powered apps maybe are they even going to do a token i don't know but if i'm speculating and i'm kind of like thinking that they will well yeah i mean will they even do an air drop i don't know like you never you don't really usually see a series c raise i in in projects that do tokens they usually stop at series b uh and most of them stop at like the series a or c phase they don't go to a series c

if they're gonna do a token so that's why i'm kind of like on the fence if they'll do one or not they may just kind of like go public on in the normal kind of way and have like a public equity and shares that you can that you can purchase but if they do do a token and you do an airdrop i would say that there's no real way to farm it other than using the apps that they're powering which is pretty much like a lot of apps out there so something to keep in mind for sure all right last up here is a shout out to scott scott uh here who basically announced a collab between eath university and hack lodge uh which is bait and and what they're kind of like um got here is a web 3 edition of hack lodge so it what this is is a web 3

focused hacker house for undergraduates during the winter break of january 8th to 16th in the bay area so if that applies to applies to you you can apply now to hack lodge uh here the link will be linked in the youtube description of course but yeah if you're a developer or someone who wants to get involved with this sort of stuff definitely check that out and my pet peeve comes back to to annoy me again by um i guess uh referring to times in uh with with seasons like winter break it's hilarious because when i say winter break i'm like well it's like july right because it's winter here in july but no it's january 8th to 16th 22 i assume so definitely go check this out if that fits you uh but on that note i think i'm gonna end it there and but a quick reminder there's

an ama tomorrow in the discord channel definitely go check that out ask your questions in the ama series channel if you can't make it all the details are in discord uh in the kind of like calendar channel so definitely go check that out but on that note i'm gonna end it there thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all on the ama or on next week's refuel see you everyone