ETH at all time high, mStable SAVE v2 live and more - The Daily Gwei Refuel #38 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 20th of january 2021 and today is a very very special day for all of us ethereans here after one thousand one hundred and two days if re took its all-time high of 14 20 went up to about 1440 and then has come down a bit since then and settling around the 1400 area but we did it we broke all-time high i'm back to tweeting which is which is really great um which which feels really good it feels weird to tweet but it feels good um all the memes you know all the jokes all the everything over the past couple days and couple of weeks really has been amazing and and honestly i feel really humbled

by the community you know it wasn't really about me it was about the community coming together and rallying around something you know there was like a throwaway tweet for me at the time really um but yeah it's been amazing to see and i'm really glad we're back here um i i think you know obviously i think we're going to be trending you know higher than what we are now uh we took a long time to get here you know 1 102 days over three years it's last all-time high well i mean the all-time high that we just passed before uh was set on january 13th 2018. so we've done it about a week later this time which is really cool and you know now we kind of enter price discovery no one knows what happens after all-time high right we could go to 10k

right could go to 5k could go to 20k no one knows what's going to happen uh this bull market has already been very crazy you know we've seen tons of stuff happen uh not just with ethel with d5 as well the market's more mature there's more money flowing in it's just going to get crazy uh so yeah maybe it's something to keep in mind uh if you're trading these markets they do get very very crazy and if you've got you know eight that you bought way lower maybe you know you're you're setting yourself some sell targets um you know i see a lot of people doing that a lot of my friends doing that and they're sticking to them which i think is the good is is the right approach because if you keep moving them up right and you never sell and then you

know and then the price comes crashing down we're going to have a bear market you might regret it so not not financial advice but just some general advice there um but yeah this this feels amazing uh you just got to take a you know 24 hours to soak in this feeling that's what i'll be doing i mean i'm recording this it's what 12 15 a.m for me so um you know i'm going to record this get this out get a good night's sleep and then back into it tomorrow so let's i guess let's get into it uh actually no i had this first this is the first tweet i put out when i um where as soon as eighth hit all-time high um you know there were so many expectations on like what i would tweet and the expectations were so high and i had like

a few different ideas and i was like you know i could tweet this or this or this and i'm like you know what i'm just going to tweet this funny picture that xerox alexander made who runs the eth memes account he made this and and uh i guess without the beard the original one i had my friend add the beard to and i just thought it was quite funny you know everyone was kind of saying i was in twitter jail so i'm like you know what like i'll just post this picture with the caption freedom and that'll be it uh rather than trying to live up to the really really high expectations that everyone set um for i guess like uh the the comeback tweet so to speak i didn't want to let anyone down or anything like that so yeah definitely uh definitely uh it seems to

have gotten like a lot of reactions it was just crazy people must have tweet notifications on for me at this point so yeah that's been really fun but anyway let's move in to uh the i guess news from the from the last 24 hours um yeah so i was on a uh a a podcast called show me the crypto it's pretty new podcast they're quite small but i went on and i basically spoke about you know ethereum where i see it going you know where it's been d5 all that good stuff i'll include a link to this in the youtube description you can go check that one out it was a good great chat um the hosts are really cool uh you know i'm surprised they don't have more of a of a following the production quality is pretty nice um and yeah they're interviewing some

really cool people so definitely go check them out uh and check me out on there too uh and also in a few hours from this video or by the time you've watched this video i will be on bankless um we did a video covering defy season as they like to call it and we basically went through every d5 asset within the default pulse index and we kind of like gave our opinions on it kind of like where we thought what we thought about the project what we thought about the token and all that good stuff so you can go check that out link will be in the description as well all right on to the project updates now so mstable uh put out their new save v2 uh yesterday um so full disclosure here i'm an advisor and investor within mstable i've

been part of the project for a long time since january 29 2019 actually so it's been about two two years now um that i've been part of it and i've seen them you know kind of grow and work on on these products which i think are really cool but what they launched uh yesterday was what they're calling um m stable save v2 so the m stable save product is basically like a savings account it's you can put dollars in you can earn a yield and you know it's not subsidized yet with tokens it's real dollar yield because it uses the underlying tokens and lends them out to lending markets and you can earn a yield on your musd so what v2 does it actually tokenizes this yield so when you put musd into the savings account you get imu

imusd right interest bearing musd and this can be used as a normal erc20 token you can use it as collateral you can send it to people and it always accrues interest on the token which is similar to like a c token for example or an a token from rv c tokens from compound and on top of this they also launched the imusd vault where you can actually put your imusd into this vault and earn mta token rewards which is the the governance token for the m stable platform so really cool here i think these are the sorts of products that are going to bring in the the real mainstream right these just dead simple savings products that are going that pay a really nice interest rate like anything over five percent you know on your on your dollars or even

over like three or four percent is amazing to people outside of the ecosystem i mean we're spoiled right um you know and for example save v1 um was actually paying out on average i think 20 percent uh apy during its lifetime sometimes it would be lower sometimes it'd be higher based on based on various factors but it was paying out quite a quite a lot so that's just incredible right and i think you know as more people come into the ecosystem the yields will obviously come down but i think they're going to stay above five percent for quite a while especially with all the the yield stacking we can do whether that's selling tokens to to stack the yield doing like swap volumes sort of things like that so yeah go check out this product i think it's really cool i'm not just saying

that because i i'm part of the project i really do think this is a really unique and cool product to d5 that um no one's really kind of working on in any real in any real big way they're not focusing on uh and that's what m state was all about they want to build this infrastructure that makes it just super easy for people to get into these opportunities so yeah go check that out if you haven't already so the d5 pulse index has crossed 50 million dollars in market cap this past weekend and dpi holders are now there's more than this sorry there's more than 7 600 dpi holders now which is quite amazing right uh this was launched a few months ago it's basically an index that tracks the top uh defy token so there's 10 deferred

tokens in there uh they have to be you know they're not like newer tokens like sushi's not in there even though sushi is only you know pretty old at this point old for d5 i guess um the tokens that are in there have to fit like a criteria one of the criteria is that the project has to be out for six months or more so that's why you won't find a lot of the newer tokens in there but you will find the veteran tokens like snx rv comp mkr you know all that sort of stuff you'll find in there and the d5 pulse index has been performing incredibly well during the d5 um kind of boom that we've seen it actually launched at the end of d5 summer so it crashed down to about 60 dollars i think it started about 110 but then since then it's gone up to over

200 dollars now because d5 has come back so and because it's an index product you basically get to capture all the upside of it um by all the upside of defy and all the different default tokens by just holding this one index token you don't have to pick and choose right you don't have to try and catch pumps and sell and incur all these taxable events um not just i mean you know the the default pulse index from from my knowledge and my um kind of account that i've spoken to is supposed to be tax advantaged where you're not taxed on the rebalances which are done automatically each month but consult your own tax professional for that i'm in australia the laws here probably different to you know everywhere else so don't take my word on that i am not a tax advisor but in general it's just like a much

better automated product for people to get exposure to to defy so yeah definitely uh really great to see this growth here i think we're going to see the dpi grow to 1 billion dollars in market cap by the end of this cycle and the best thing about the dpi is that whenever new dpi is minted it actually goes and and takes uh the underlying tokens off the market so it's not like a synthetic asset where you know there's synthetic indexes out there that actually don't buy the tokens off the market and put them into a vault they're just like tracking the different tokens in the index whereas the d5 pulse index does both right it tracks the growth of the underlying tokens but it will also buy them from the market essentially or take them out of circulation so

really cool there but anyway if you want to learn more about the default pulse index i mean i just mentioned that i did a video with the bankless guys on this that's coming out soon so definitely go check that out once it's out because we we do dive very very deep into the d5 pulse index and all the tokens within it so curve has actually put out a preview of a new ui that they're looking at i'm kind of using i'll load it up here actually because it was quite a quite i guess departure from from their other ui so you can see it here uh you know if anyone who's seen the traditional curve ui it's very retro right it's very nineties um now a lot of people have an issue with that i actually personally really like it but because this is d5 anyone can build an

interface on curve um or any other smart contract so you know someone could build this interface it doesn't have to be the quote unquote official curve interface but you could use this if you wanted to so yeah this is like a preview of it here you know it's obviously a very very different interface to what curve has at the moment but i think it appeals more to you know i guess probably not like the complete normies right but like more it's more friendly to to newer people within krypton within d5 whereas the curve front end right now is definitely not friendly to those people um and it's kind of i guess like complicated for them to follow along with so yeah really cool to see the community putting this stuff together so hayden hayden adams from uni swap

today announced that harvard law um bfi which is i think the blockchain and fintech institution at harvard law are now a delegate in uni swap governance so they are someone who you can delegate your uni tokens to to participate in uni swap governance which i mean this is really cool and as hayden says here this is the fourth academic group to get involved after berkeley stanford and ucla so you know uniform governance is actually attracting these uh you know i guess like traditional respected institutions to be part of their governance process and this is just crazy you know maybe it gets to the point where all the d5 protocols basically do this right where they're governed by the users um delegating their stake to these kind of like institutions that can

actually work full-time on this sort of stuff um maybe that's how it goes uh um but yeah i think it's really cool to see i think it's always good to see people outside of i mean you know i mean and this is called the harvard law blockchain and fintech initiative initiatives um but it's always good to see kind of institutions that we don't normally see within the ethereum with space within the d5 space getting on board you know jumping on board and and kind of having a having a play around with it and becoming you know unisop delegates that's that's really cool so yeah really really great to see that and also hayden also tweeted out that 500 million dollars worth of uni has already vested to the uni swap governance community treasury out of the 4 billion total which is based on the current price of

uni that is a massive war chest right that is absolutely huge like 4 billion is the amount of money eos raised to build an entirely new blockchain um but i won't go into what they did and didn't do with that money but um or if they actually raised four billion dollars you know there's some some kind of like skepticism there but this is fully on chain verified that this money exists it's in the the community treasury uni token holders get to decide what happens with this and the fact that they've already got 500 million dollars to play with is is crazy like i mean to put that into context that's how much the ethereum foundation has even at its current price like they had more eth than that but now you know they've got 500 million dollars worth of eighth left in their public

address the last time i checked um so that's to build like ethereum right eth2 you know funding all the teams around it doing all this different stuff now uni swap which is an extremely ethereum alliance project has this 500 million dollars worth of uni that doesn't just have to go to things in the uni swap um kind of uh arena it can actually go to anything and you know uni token holders are very ethereum alliance so what do you think they're going to put this money towards ethereum things we might see them fund you know massive bitcoin grants rounds we might see them fund all these different public goods find different teams you know be incubators being be basically a vc fund out of it be a hedge fund you know do yield farming and there's so much you

can do with these treasuries it's just insane and the fact that it's so large just means that uni swap is always going to have funding now um it remains to be seen how the governance plays here um and how the you know how slow it moves or how fast it moves but we're going to see more and more of these massive treasuries pop up within these d5 protocols uh that are going to be used to improve them and they're as i said ethereum aligned projects are the best projects to have this sort of money because you know it's going to be spent in the right places or it's highly likely to be spent in the right places rather than chasing things that you know don't exactly make sense so yeah i think you know i've said it a million times or 500 million dollars is

a lot and that's not even the final amount right four billion dollars is going to be the final amount at current price and i actually expect uni to go up in price i don't hold any but i do expect it to go up in price because of um you know things like the coinbase ipo people are going to look at that and be like you know why is unisoft not worth as much as that when unisop is doing as much value volume you know and and unisop in general like they've got v3 coming they're going to keep growing it's just going to be insane so yeah uh basically massive kind of um things coming to the ethereum space in terms of treasuries and i can't wait to see how it plays out so alex stokes put together this blog post today uh after i guess the last 24-48 hours ethereum

miners have started coming out of the woodwork so to speak to talk about erp 1559 and how they're against it now obviously they're against erp 1559 because it cuts into their revenue but i do want to make one thing clear erp 1559 is the fee burning erp right it doesn't burn the entire fee it burns what's called the base fee and then anything paid over the base fee in what's called tips to miners is not burnt now the majority of the fee depending on the network load will probably still go to miners right uh it'll they'll be fees burned but the miners are still going to make a lot of money so in this thread you know kind of alex goes through that and i'll link the thread in the in the description

i won't read read all of this but you know at this point i mean miners the way i think about miners within a blockchain is that they're service providers right they are one part i guess of the overarching ethereum governance process but i think they're one of the quieter voices because they exist to obviously keep the network running but they're paid for their work right they're paid in block rewards they're paid in fees and right now considering that the fees are so high they are making an absolute killing right now in terms of revenue uh and and you know on a on an adjusted basis i'm pretty sure they're making more than bitcoin miners if you adjust for prices there so they should really just i mean i kind of like i got a little bit kind

of like i was looking at twitter i was like why you know i understand why they're complaining about one five five nine but like how greedy can you be like you you guys are already making so much money uh on on with ethereum mining right and you've known the ip1559 have been coming for a while and you also know eth2 has been coming for a while and that proof of work is going to be deprecated so you know what just make the most of what you've got now you know don't try to push your luck so to speak and i'm not to say not to say that i hate miners or anything like that they're a pivotal and crucial part of the network and they've been around for a while they were very important um early on especially right to bootstrap the network but at the end of the day they are one

of the only parties or really the only party getting directly paid for their work within within within on the ethereum network right the the core developers are paid out of the uh tokens that were allocated to the ethereum foundation at the genesis but once those tokens run out right and they will one day run out that's it whereas miners and their and then stakers they get paid from the network itself right so they're they're making money and and as i said they're the only real real group that's getting paid by the network directly to um to to basically participate in the network so they should really um you know be happy with what they've got for now maybe some of you watching and listening are minors and as i said i have nothing against you personally

i just think that the minor role is very specific within these these networks and it needs to stay in that specific kind of arena um and when you start venturing out and going and trying to like have like a more of a saying governance on things that maybe you know hurt your bottom line um you know in theory but you know i'm much better for the network right based on what we know then you know you're probably not gonna you're not gonna win that argument so we'll see what happens uh i was obviously i have a lot of strong feelings here i do still think one five five nine is going through uh miners as i said have known for a while that proof of work is getting deprecated on ethereum once the eth1 to eth2 merge happens they've known about 1.559 for over two

years now i just don't think that they cared too much about it when the fees were lower now the fees are higher they care more and maybe some of them don't even understand that one five five nine doesn't burn the entire fee it only burns a portion of the fee so really great blog post and summary thread from alex stokes here i'll link it in the youtube description you can go check it out yourself on that topic tim baiko put out another state of one five five nine update uh i'll link it in the youtube description of course um i won't speak to too much about what's in here it's just a bunch of updates about you know what's been going on with one five five nine what the progress is he links to alex's tweet thread and blog post here of course so yeah i'll link that for all of you to

go check out but definitely read these updates they're very important if you're interested in 1559 at all or ethereum core development at all then that is what you need to read i mean i spoke about the eth2 newsletter yesterday from ben edgington this is the equivalent of that for one five five nine so definitely go check that out if you're running the prism client in your eth2 setup they released version 1.1.0 which included several significant changes uh so definitely upgrade this if you're running prism if you haven't already this will be in the youtube description for you to check out but yeah anytime that there's an upgrade and they say that there's several significant changes that's always a good idea to update um maybe you want to wait a little bit

to see if there's any kind of bugs you don't want to mess around you don't want to maybe accidentally get slashed or something but you shouldn't right these teams you know when they ship out this stuff they they know what they're doing so definitely go uh upgrade your uh prism client if uh you're running prism ryan watkins from asari put out this incredibly bullish uh tweet today just before eve hit all-time high i think so he says that ethereum's daily transaction volume is going parabolic it now settles 12 billion dollars in transactions daily which is three billion dollars more than bitcoin and he goes imagine not bullish not being bullish on eth i mean right imagine not being bullish on each when this is the kind of growth that you're seeing

ethereum has been settling more value than bitcoin since july of 2020 and as you can see from this chart it doesn't seem to be slowing down at all um so i mean i i've been through this before on the refill right i've written about this so many times i've tweeted about this so many times i'm like a broken record at this point but this is staring you in the face right um this etherium the fact that bitcoin's market cap is larger than ethereum by by so much i think that gap's gonna close like going forward i really do because it doesn't make much sense to me um if you know eth you can you can argue you know and say you know ethe doesn't directly capture the value of all this blah blah blah um but neither does

does bitcoin right uh the value settled on the bitcoin network and the fees settled on don't go to to bitcoin holders right um but but you know bitcoin's still worth a lot for various other reasons and i think ether is going to be worth a lot for the for the same reasons and more um so yeah i mean i always love looking at this chart because it just shows that ethereum has flipped bitcoin on so many different metrics already um that it just it it's so undervalued for what it was i mean now that we're getting up to all-time high we're coming slowly coming into like where i i think it should be especially on the ebtc ratio and stuff like that considering how much is happening on ethereum but if you were paying attention over the past year and you saw just how undervalued

ethereum was compared to bitcoin you know you've had a very good past year and even like the past two two maybe three years as well um you know you're having you know very good time right now so and this is a drum that i've been beating for a long time ethereum the ethereum network can do more than the bitcoin network you know i guess like by design and that's why it can settle more value it can do more things like you know you have d5 dows nfts all that good stuff whereas bitcoin you just have moving bitcoin around right and you can actually you know your bitcoin on ethereum is actually way more powerful than your bitcoin on the bitcoin network so really you know we might see a lot of that volume come over to ethereum for for one reason or another um in in the

future or in ethereum layer 2 for example that's going to be very interesting to see right it's it's a it's kind of a narrative uh disruption there are narrative violation so to speak so we'll see how that evolves i'll keep you guys up to date on on how far ethereum gets from bitcoin here i think it's a very great metric to look at um and yeah i'm obviously incredibly bullish on eth right but yeah i'm the same kind of mindset as ryan imagine not being bullish on eve i just don't get it how can you not when you see all these metrics and this is just the space we're in right the people paying attention people knowing you know what they're looking at are the ones that they kind of reap the benefits here so you know i mean just following along with anything got to do with ethereum

whether that's through various media you know not just the daily gray but through bankless ether the defiant d5 dad i mean there's so much ethereum media now you you can kind of follow along with all this they give away so much free alpha that um you know it's kind of like if you are following along with it you have no excuse not to be bullish on it basically so yeah just wanted to just wanted to kind of talk about that a little bit and we'll keep tabs on it for sure all right last thing was this video from uh taken's theorem on twitter which i thought was really cool so if i play this video for you and only those watching will be able to see this but basically if i play it it shows the genesis block and then it shows the explosion of the addresses that came off

the genesis block and you know all the other blocks and how the addresses interacted with each other and everything like that this big blue dot is the ethereum foundation's address i'm pretty sure and then you have a bunch of other addresses of course everywhere and this is like to today basically now i wrote about this in the daily grain newsletter but this looks like a big bang to me right uh it's like the big bang of the ethereum network we had an explosion at genesis and then we had all this stuff pop off right all these addresses pop off and then since then we've had this entire ecosystem this universe developed so rapidly over the past few years and now we're basically in like escape velocity territory where no one can keep up with what's happening i mean i do a daily newsletter daily

kind of youtube video weekly newsletter on on ether spend all day you know looking and reading and everything and i still miss things believe it or not um so yeah at this point it is the ethereum network has blown up to basically be a universe that is impossible for one person to keep up with which i think is the most incredibly bullish thing to happen outside of anything the fact that ethereum has grown so much uh that uh you know one person can't keep up with it is more bullish than anything else so yeah really great to see that i really like this kind of um visualization here because it's just it really does look like a universe being born and you know it kind of like got my brain spinning i was like wow theorem

really is this universe right with you know not just applications built on it but all these people interacting smart contracts interacting it's just it's amazing i i really would love to see more visualizations like this so yeah i'm going to be keeping an eye out for that for sure all right everyone that's it for today's episode i hope you enjoyed it if you haven't yet give the video a thumbs up subscribe to the youtube channel subscribe to the daily great newsletter join the discord and hopefully by tomorrow you know it's back over its all-time high and above it right i mean as i said before we touched it and came back down but hopefully we're well above it in tomorrow's episode so yeah thank you everyone and i hope you enjoy your day