ETH flippenings, dYdX milestones and more - The Daily Gwei Refuel #134 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the deadly grey refuel where recap the latest news in the ethereum ecosystem i'm your host anthony cesano and today's the second of june 2021 all right everyone let's get into it so i came across this thread on twitter i think uh earlier this morning maybe late last night uh from pintoshi here who's a trader uh trades all kind of coins here but i think they put together a really great thread about kind of what's happening with eth at the moment in in the markets now i'm not going to give like a whole market overview here we all know how it's been going right it's it's been going sideways for a little bit after the crash that we've had here but i think that um you know this thread from pentoshi and there's one from lars that i'll go

through in a sec really show kind of i guess the changes that are happening um for ether specifically against bitcoin now the first kind of tweet here is about like the chart structure which i won't kind of talk about i mean you know everyone has their own kind of opinion on on technical analysis and things like that and he's comparing it here to um you know this structure here the livermore's a speculative chart where he's saying that ether is at number five on this you can see on the left-hand side there number five is quite low and you know he's he's obviously predicting that he's gonna go a lot higher on than that um on the eighth bitcoin ratio here not not ethiosd i should say sorry uh but then he goes into kind of like i guess comparing a lot of the stuff that i've been comparing on the refuel

for the last few months is like you know who's who's doing more fees obviously ethereum a lot more fees there's more demand to use the ethereum network you know the ethereum network is moving a lot more money than bitcoin is it's settling a lot more value than bitcoin is trillions of dollar dollars a year now which is quite insane here um otc desks as well are seeing uh more kind of like uh demand for eth over btc at this point in time uh and it still has very bullish market structure according to pintoshi here which is something that i've been noticing too if you actually look at what happened over the last few weeks and you look at the crash and the recovery from it the eighth btc ratio fell down right but it also went straight back up to where it was so it went down to i think went from 0.08

to 0.055 bounced off that and settled it around 0.072 at time of recording so pretty much like you know it done with the rest of the market but then went back up and ethan's just looked a lot stronger than bitcoin has over the i guess like the i mean even the last few months you can count that because of the fact that eth has been outperforming bitcoin for quite a while now so and i think the crash was definitely led by btc it had looked weak for quite a while um institutional inflow seemed to have stopped and it was getting like a lot of um headwinds with the esg narrative and stuff like that so i think that definitely comes into it and then patosi goes out to say that people in companies like goldman sachs and raul paul are saying that they see more utility

uh with ethan there's more upside in eth obviously he talks about one five five nine here uh and then goes on to say you know there's clearly something happening here and you know if if you kind of like step away and look at the big picture you'll see that right and i think um you know on on this note as well as also this tweet thread from lars from the block here who went through you know what metrics ethe flipped btc over in just may alone so the total kind of like i guess adjusted on chain volume uh for eight in increase to a new all-time high here of one trillion just for may uh which is which is quite quite insane here um and you know obviously uh bitcoin's kind of uh in there as well uh uh but you know eth is doing more

than bitcoin here now you wanted to say that adjusted on train volume of stable coins also increased uh by 51.9 to a new all-time high of 766 billion with obviously most of that um settling on ethereum here uh minor revenue uh it's uh minor revenues obviously up which you know to me i actually wouldn't say is a is it positive because most because the fee revenue going to minors i would say that this is like a positive what's to come obviously with one five five nine most of these fees would have been burnt so that actually goes to you know eath holders essentially and eighth captures that value um the the most interesting things uh are things like the legitimate um centralized exchange volumes i think where

uh you know you would have seen i think i spoke about this on one of the refuels that eth uh has kind of like been consistently higher or at least like equal to bitcoin's volumes on centralized exchanges which is another kind of market structure thing that's been changing lately um and daily kind of in average uh volume of um of greyscale's products i think he's showing gptc here um it's kind of like stabilized but i think eth is getting more more inflows here uh futures volume as well um and you know each futures have obviously exploded since the um the cme futures went live there uh and the real story is on the derivatives front so options uh for eighth have been have been kind of exploding here you can see ethan in kind of like the reddish color here against the the blue purple color from

bitcoin um which again i think should be should be flipped here but anyway uh you can see like how it's been gaining and it's just been quite uh and and this this kind of like uh green or turquoise line here shows the eth btc percentage as well so you can see that as 8th btc keeps going up a lot of these other metrics kind of follow it and i think these other metrics are basically um you know obviously following it because you know you can see the demand play out in the markets 4 8 of a bitcoin like more people want to buy ethan they want to buy bitcoin and people are trading the bitcoin for eth and that's going to play out and all these other types of markets whether they be exchange volume or derivative volume uh on chain kind of metrics for ethereum

have i mean ethereum has had more fees on its network for i think a year plus now um you know it's been settling more value than than bitcoin for almost as long as that uh and we're just seeing like all these flippings happen now i spoke about this on one of the refuels i think a couple weeks ago and i wrote about it in the in the newsletter where really the only flipping left is market cap at this point and i think it's gonna happen sooner rather than later i don't think it's like an if um you know for most people anymore i think it's a when people expect it to happen even the people that i i wouldn't kind of like i wouldn't have expected to to expect it to happen uh are definitely kind of up there on that list uh and i think the only people

who are denying that it will ever happen are like the most hardcore kind of like bitcoin maximalist who i regard as being a complete minority at this point in time you can see like even the middle center of the kind of like mill bitcoiners definitely can see a flipping happening and have changed their tune a lot on ether and ethereum over the last particularly over the last year or so since d5 has exploded so it's really great to see i think this growth i think it's healthier i really do think that uh bitcoin uh has been holding back this entire industry in terms of on the technology side and it has been giving this industry i guess like a bit of a bad name as well because people just see bitcoin they're like okay well what can you do with it and you know obviously there's there's you

know use cases there and everything like that but but those use cases like digital gold or inflation hedge don't appeal to to most people whereas eth um as an asset and ethereum as a network appeals to a much broader set of people so from that perspective to me i mean ethereum flipping bitcoin has always been inevitable but it's great to see you know more of this kind of happening here and i'm not going to give a timeline of kind of when it's going to happen i don't know exactly when it's going to happen i do i do strongly believe with everything that it will happen that's why i've held zero bitcoin for a very long time because why would i hold bitcoin when i expect eth to to overtake it and keep you know going beyond that and i've also spoken about in the past how i think that

feeling bitcoin is just like one kind of small i guess victory uh the the kind of big battles are with centralization and kind of like centralized finance in general and defy and ethereum becoming the new kind of global financial system that is you know fair decentralized uh neutral and not be able to be controlled by a central party that is the real kind of target bitcoin is literally just like a small kind of stepping stone or flipping bitcoin is a small stepping stone on the way to that but i do think once eath does so it'll make the industry a lot healthier and it'll make the industry kind of like viewed at least a bit more a bit more legitimately by the outside kind of world here so vance spencer had an interesting tweet today about uh

different l2 solutions and what kind of like heterogeneous l2 kind of world looks like and he said that he thinks it's going to be bullish where because it creates modular distinct subcultures that can be bootstrapped by protocol incentives and form fitted to use cases across consumer defy and enterprise preferences diversity is the spice of life and trade-offs are meant to be explored on 8th and ethereum here i totally agree with this and this is exactly what i've been saying about l2s and different scalability solutions for ethereum over the last i guess few months is that we're going to have a bunch of these different ones that all come with their own kind of trade-offs there's going to be different things built on them and that's going to be totally okay it's going to be very very healthy this is the ethereum ecosystem at its core it's

it's rapid experimentation it's it's it's doing this on a bunch of different um with a bunch of different tools and kind of eventually getting to a point where you know we settle on like a handful that we think are very valuable and work very well but during kind of like i guess the early phases of this technology it takes a lot of experimentation i mean if you look at early d5 there was a lot of stuff there that didn't really work out there's a lot of stuff during d5 summit that didn't work out and you know i would say that early d5 is funny because i think we're still early d5 but if we were talking about like you know the day zero of d5 like the very very beginning of it it took a very long time for things to kind of grow and happen in terms of like um adoption

here i mean from maker dow to to d5 summer was what two and a half years and that's from make it out going live on mainnet uh whereas you know now obviously things are happening a lot faster but it's still a lot of experimentation going on there's still a lot of apps that will fail over the long term um i think we do have some of our googles and amazons around already i do believe that maker dao is is um definitely looking like an like an amazon or a google for instance like something like ave as well uh unisop obviously but uh you know i think from for most projects out there there it's still like um you know not not a sure thing i i believe so we're still seeing a lot of experimentation there but l2 is just gonna like

blow this wide open we're gonna be able to have literally anyone in the world be able to deploy contracts extremely cheaply to these solutions um and and be able to build whatever they want on them and tap into kind of like the amazing kind of stuff that you can tap into on layer one just without the costs but on top of that is also the speed because on layer one you're limited by a few different things right you're limited by the 13 second block time on ethereum which is faster on these l2 solutions and because of that you're limited to what you can actually do like you can't do high frequency trading on layer 1 ethereum you can't do auto book exchanges on layer 1 ethereum um i mean you can't technically do it but it's not feasible it's very slow that's why you've seen things like dydx and

diversify and loop ring and that on l2 because it just doesn't work on on layer one at scale so from that perspective we're just going to see like an explosion a cambrian explosion of stuff happening at layer 2 and it's really really good that all of these solutions are heterogeneous where they've got their own trade-offs they've got their own differences idiosyncrasies they've got their own you know some of them have their own ways of doing things like on optimism you have the ovm the optimistic virtual machine on albertum you have the avm uh the arbitrary virtual machine which aim to be evm compatible but still have their own kind of like quirks to it you know you still have to do certain things and and kind of like um you know when you're kind of like building on these layer two solutions it's slightly different than building on

on layer one there's different kind of stuff happening on there uh both you know i guess like i wouldn't say it's necessarily good or bad i mean there's a lot of good right and there might be some bad but it just it is what it is right that's how you kind of like build on these solutions and we've seen this play out with things like uh polygon as well right um even though that's i guess what people wouldn't consider a true layer two solution the pos chain it's still um something that has allowed for rapid experimentation with a lot of things i mean i read somewhere today that to deploy contracts to polygon is like extremely cheap i think it costs like under a dollar to deploy a bunch of smart contracts on ethereum that would cost thousands of dollars to do um and you know obviously there are there

are trade-offs there right there's security and decentralization trade-offs and stuff like that um but still when you're doing like rapid experimentation and innovation uh a lot of this stuff already has like centralization vectors especially a lot of dfi still has admin keys and things like that so yeah i i really agree with this tweet from vance i think that people are missing the forest for the trees if they kind of like think to themselves oh you know why having so many l2 solutions is actually bearish it's just going to fragment everything the most hilarious thing about that is that for the longest time people said that ethereum's layer 2 ecosystem would uh amount to nothing we would get nowhere with it there was you know there was too much kind of like uh i guess like um you know alpha kind of um test nets and not enough main net

stuff and now we're getting to the point where we're gonna have uh arbor trim and optimism zk sync stockwear and people's kind of like individual um sorry companies individual instant instances of things like loopering all of these kind of things happening at layer 2 that we're going to the people are now saying well there's too much right it's just funny how these narratives work and you know this reminds me of another narrative where people are saying oh high fees on ethereum are bearish and now they're saying that low fees on ethereum are bearish like make up your mind like i know it's not the same people saying these things but it's really funny how you see like the the kind of like the narrative wars and i spoke about this the other day how the narrative wars are basically unwinnable because you you're fighting up you're fighting against people who

have not used kind of like reason to get to their point it's a there's a there's a famous quote i think from neil degrasse tyson i don't know if he came up with it himself but or if he took it from somewhere else but it basically says like trying to reason with someone um uh about something uh you know that that they haven't reasoned themselves to get to you know the point that they're making is a fool's errand because you're never going to be able to um you know reason them out of that that point so from that point of view like for me when i see people saying oh low fairies are bearish for a theoretic theory here i'm high fees and bearish for ethereum i just think to myself well in actuality uh you know according to the data and according to the actual

hard facts here high fees are you know bullish for ethereum if they're in aggregate you know high individual fees obviously not not great because it prices out end users but high aggregate fees as in the total amount of fees being paid on network especially post eip1559 is extremely bullish for the network so you can hold both points but you have to back it up with kind of some reasoning you can't just say you know say these sound bites for some kind of like twitter engagement and that's it which i think is what a lot of people try to do but anyway i'll leave it at that for now i i just thought what vance the way vance put this in his tweet here was very uh effective and it really kind of spoke to the way i've i've been thinking about these things as well

so you may remember a couple of weeks ago i kind of gave a shout out on the refuel that trent van epps was uh kind of looking for people for this new core dev apprenticeship program that the ethereum foundation seems to be heading up here and he put out an update today that they had received over 400 applications which the when the applications are of course now closed this is amazing over 400 applications for a core dev position or like for multiple core dev positions which is crazy because you know for those who don't know being an ethereum called dev is no easy task it is definitely one of the more complex things to do in this ecosystem because you're doing a lot of low-level programming you have to have a lot of experience doing this sort of stuff because you're

you're basically developing software to manage a network with a 300 billion dollars and a network that settles trillions of dollars of value a year here so uh yeah it's just really great to see this now of course you know of those 400 applications maybe only you know a very small handful maybe like five or ten and even that's pushing it we'll become core developers or at least become people who work within the core developer sphere but that shouldn't discourage people i mean you know if you apply to this and you don't get chosen um i don't think that should discourage you from trying again or keep trying to level up or joining another team or whatever generally if you think and you're confident enough in your ability to be able to uh you know become a core developer then really you should be confident enough in

your ability to become like a developer for a defy app or a dow or any kind of app building on ethereum because uh you know the these developers are in short supply uh generally i think everyone in this ecosystem is in short supply right now whether you're a developer you know marketer business developer whatever you want to call it uh but especially like solidity developers and things like that i have people contacting me all the time about this definitely um you know if you if you don't make it into this if you've applied to it definitely go check out another project there um if you if you want to but yeah i'm curious to see who makes it as part of these applications i'm not sure exactly how um this is kind of being run like the nitty gritty details but i'm sure we'll find out more as time goes on

but it's really really cool to see that 400 applications or 400 people applied for this position here so speaking of core dev uh related stuff eric connor put out a really great tweet today that basically summarizes my entire view on what i'm excited about kind of like with ethereum but he said the three things i've been most excited for in ethereum's history are happening within the next year these obviously include eip1559 layer 2 launch and adoption and ethereum running on proof of stake ethereum 22 is going to be such an enjoyable experience now the one thing i would add to this as well would be sharding maybe as part of like the proof-of-stake kind of thing here so you could call that like the e2 roll out

but generally this this these are the three biggest things that people are excited about in this industry erp 1559 has been a thing since april of 2019 uh since that erp was first proposed layer twos have been a thing you know since very early on like since i mean before even ethereum was a thing because bitcoin had uh layer twos of um you know ideas for layer two is kind of swinging around there but layer two and ethereum has like a rich history you know we had plasman state channels which are still used today but obviously we didn't have roll-ups for you know most of ethereum's life that's relative roll-ups are relatively new compared to those two things there um but it's all coming together obviously we have a lot of things going live on that front and ethereum running on proof of stake has been the dream since the white paper

was essentially published uh you know in late 2013 uh and that finally went live december 1st of last year but in saying that that was only half the way there halfway there we want to go the whole way there which of course is doing the merge getting eth1 to e2 getting off proof of work completely and having a full proof of stake ethereum and as i said i would add sharding onto this because i think that sharding gets us to where we want to be in terms of scalability because it will enable layer twos to achieve uh scalability of of a hundred thousand plus transactions per second by using these shards as data availability layers there so um yeah i mean the funny thing is eric has been uh eric's my co-founder at ether for those who don't know so i'm pretty close

friends with him but he's been involved in the ethereum ecosystem for much longer than i have pretty much since day one i'm pretty sure he invested in the ico uh or at least close to it um for me i've been in since early 2017. so for him like two of these things l2 kind of launch and and proof of stake have been he's been waiting for since i would say like 2014 since since the ico here which is seven years like mid-2014 was the ethereum ico we're coming up on mid-2021 uh that's seven years there that he's that he's been waiting for this it's very long time and you know i sometimes see people kind of i guess like um having a goal with eric that he sometimes he's being a little bit contrarian on twitter or being a little bit kind of like bearish or whatever and i kind of think

to myself guys he's been around for like seven years now he's not being buried she's just like at this point where he's like he's been around for quite a while and he's like you know um taking a little bit of a break he recently had a kid and things like that so i think when you've been in one industry for so long especially crypto because it moves so so quickly and if seven years would feel like you know decades i mean i've been in for for four years at this point and it really does feel like decades have passed so yeah i totally understand kind of like where he's coming from because it would feel like an eternity since you know he got into ethereum because of things like uh proof of stake and and and and kind of like um i guess like programmable money and layer two

adoption and all that sort of stuff and he's one of the co-authors of one five five nine as well and he's been waiting for that for two years at this point too so i i think when you take all that you can kind of see you know uh kind of like how the how how he would feel on these sorts of things but it's just funny when i see people kind of saying this stuff on twitter but anyway i guess the main point here is that all of this stuff is happening within the next year as eric mentioned here so by this time next year if all goes to according to plan one five five nine will be live l2s will be in full swing and being adopted in a really big way and the merge will be done can you believe it in the next 12 months in the

next year this is what ethereum is going to kind of look like and sharding will hopefully come in 20 to 22 sometime to really enhance that l2 scalability as well we are so close after so long uh you know i don't know how long you know you guys have been an ecosystem for me it's been four years obviously that i just said that um but you know even if you've only been in for a few months i'm sure you hear about these things all the time every day i mean i talk about them on the refuel a lot and you know it might feel like an eternity to you but just imagine what it feels like for eric having waited seven years and even for you know someone like vitalik having waited from uh i think december 2013 was when the white paper was published so uh seven and a half years

it'll be probably eight and a half years by the time ethereum finally does the merge so yeah it's pretty cool to see this coming all coming together and it really shows that a lot of this stuff is a marathon and not a sprint a lot of the development core developments for ethereum and even the application layer stuff is definitely not going to happen overnight even though you know the markets can get ahead of themselves and and hype can get ahead of itself i mean 2017 was a pure example of this with eth where the expectations and the hype and everything got totally ahead of where the fundamentals were and that's why we had such a massive run-up and then obviously once once uh people discovered that the emperor kind of had no clothes uh yet you know the emperor was getting close but maybe in another two to three

years um then the kind of the market cooled down but i think we're at the point now where you know eth as i was saying before ethan looks a lot stronger than bitcoin and i think that's in large part due to its fundamentals just being so incredibly strong at this point in time and so many major catalysts coming i mean one five five nine and the merge are two of the biggest ones but i think you know the l2 uh continued adoption uh sorry the continued adoption of d5 and l2 launching and adoption and actually being real uh is going to propel ethereum even further there so yeah now i'll leave it at that but still very very cool to see what's going to be going live within the next 12 months on ethereum speaking of layer 2 uh dydx has got has crossed the 2 billion

total volume mark on their layer 2 perpetuals exchange here you can see this nice chart that shows that essentially they've been growing really really quickly here i mean i've talked about diy decks a bunch in the past i remember saying to you guys that i expected them to be doing billions in total volume sooner rather than later and this is about what i think six weeks since they kind of like launched onto mainnet here or at least opened up to to kind of like a public mainnet here um which was which is really really cool uh and then on may 19th they did a an all-time high volume of 159 million i think may 19th may have been the the crash um that happened and dydx seemed to have handled it really well as as well there so yeah i guess congrats here to dydx for showing the way with

layer 2 um they are obviously one of the first apps to be live on layer 2 to be doing really great volumes with a really great product so i am uh you know really uh really happy to see this and i just can't wait to see the continued growth yeah there's going to be so much more of this coming the stats are going to be insane i think everyone's going to be blown away by just how quickly this stuff can grow especially something like you know a uni swap as i've been going on about which you know will be on average before optimism by the looks of things but maybe optimism has uh has a trick up their sleeve maybe we'll see units up on optimism before that but we'll see who cares for me it's like you know just get onto a scaling solution

like for these apps like please like look look at the success of rv on polygon billions of of kind of like dollars on there as well so you know these apps kind of like i guess sitting around waiting for things to happen make them happen you deploy your app get that growth because it's there if you if you want it so eric stone who works in in data science at flipside crypto announced that his uni swap calculator is now up so this new calculator is basically built on on v3 or at least uh you know built around v3 sorry i should say and allows you to kind of like uh do a bunch of calculations if you're a liquidity provider so you can kind of like see do you do um price assumptions like where you think uh the price would go

within a within a kind of like range and things like that uh set your liquidity bounce like how much what you want to provide liquidity between if you want to provide liquidity between two thousand dollars and you know two thousand five hundred dollars you can do that and it'll show you exactly what the distribution kind of looks like and and and stuff like that as well and you can kind of like uh select you know when uh a date range for swaps and things like that so basically uh it lets you play around with all this stuff before providing liquidity on on unisop v3 and you know i think this is a really really valuable tool because um you know i have a few friends right now playing around with uni top v3 and it's actually incredibly powerful if you know what you're doing like

if you know how to manage your position correctly make sure that you stay within the the ranges and do it like a a very tight range you can capture a lot of the volume in that range and essentially be making like really high uh returns on it but the risk is obviously that the price goes in and out of your range um or you know before you can actually adjust it which kills your kind of like gains there because then you're stuck in one particular asset so from kind of like from that perspective i think that um you know if you've got these kind of tools available at your disposal you can make a bunch of assumptions and try to see like what your kind of you know returns would be at what kind of range and you know assuming that the price goes up

this much like how much time do you have to kind of exit these positions and re you know re-weight or whatever you want to do here so yeah i really really think this is this is a cool tool here from flipside crypto um so if you haven't checked it out yet it'll be in the youtube description for you to do so so pods finance yeah which is a options protocol has released their demo on xerox polygon now i think pods is definitely building on on ethereum as well but it's cool to see them launch their their demo on pods first yeah so uh they had their beta test running on uh the covan ethereum testnet and the mumbai polygon testnet here but their demo essentially has gone live on on kind of polygon first yet so for you guys to experience this now

um as i said this is an options protocol if you don't know what options are i don't know how to play around with them yet uh and once you get more involved with it uh you can there are definitely a lot of guides out there i'm pretty sure the pods team has guides here as well and like a step-by-step step guide on how to kind of interact with with pods on polygon too so if this is something that you're interested in definitely go check it out i mean there's a lot of options protocols out there these days um off the top of my head i can think of a few of them like opm and um open um obviously pods um there's a few others like hedgic i mean there's there's lots of them now actually and i don't know if any of them have really taken off in a big way yet

and sustained that growth uh but i think that might be because they needed like a layer two solution or a scalability solution here so i'm excited to see kind of like how this options protocol goes on something like polygon and maybe excited to see them kind of deploy to other i guess like um scalability solutions like roll ups in the future so definitely go check them out i'll link this in the youtube description so last up here we have a tweet from whale alert which basically uh said that a dormant address containing 310 bitcoin worth 11.3 million dollars today had just been activated after 9.7 years so this bitcoin was only worth 1 894 in 2011 so this is the first time it has moved in 9.7 years

which is really insane when you think about it because you can kind of think about okay you know how did someone um you know come about this like why did they move just now was it because they remembered their password to their wallet as people saying in here was it someone who was just like finally uh you know maybe i'll just move this on chain to cause some waves in the ecosystem and get some publicity i don't think anyone is publicly kind of sure that this is them but it'd still be fun if you were the person controlling this to see like crypto twitter going nuts over this um you know was it was it stolen you know by someone did someone's you know seed phrase get kind of like uh for their wallet or whatever the original well internet 2011 gets stolen or something

was has this got to do with law enforcement because law enforcement in the early days definitely sees a lot of bitcoin especially from the the dark net markets um but you know there's a bunch of theories um people putting in in the comments here you know work up from a coma or maybe someone went to jail right you could imagine that you went to jail and there was actually someone uh a fiscantist on twitter he posted that uh a a kind of like um a joke where he said that oh this person got out of jail and they and they stuff that they stored their private key in a bible that was given um to the prison once they went to prison and they got their bible back once they once they left prison and now they're kind of reviving their account here could you imagine if that was real

that this person had been in jail for almost 10 years and then they get out and have this 11.3 million dollar windfall um you know from this bitcoin they may have mined early on or just like bought early on in 2011 here so quite insane to think about like exactly where this kind of came from and it's always fun to see like these really old coins moving around that you know i'm sure we're going to see a lot of this in the future over on ethereum ethereum you know launched on may net mid-2015 so it's only six years almost six years old at this point uh but there are coins that are that i've seen that are on chain that i have been dormant for over five years now so you know those coins would probably belong to people who lost their uh kind of seed phrase for their

original ico wallet or people who just don't want to move their coins because they don't need to they have multiple wallets and they don't need to move their deep cold storage because they just like want to hold their eighth forever um or it belongs to kind of like um original exchange cold storage addresses like kraken was i think the first exchange to list eighth so they may have some reserves that they've never moved from the deep cold storage there you know there's a bunch of reasons why coins don't move but it's always cool to speculate on it and kind of like come up with with stories and try to like guess why and you know you know for most of these movements you never really know the real reason but still it's fun to speculate but anyway that's kind of like what i wanted to talk about with this tweet here

i think i'm gonna leave it at that for today so yeah thank you everyone for listening and watching be sure to subscribe to the youtube channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone