ETH staking chat, New ENS app and more - The Daily Gwei Refuel #569 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the little gray refuel where you cap the latest news in ethereum ecosystem I'm your host and listen 18th of April 2023 alright everyone let's get into it so I think this episode is going to be another staking heavy episode because there's actually a lot happening uh there has been a lot happening since chappella went live but a few things I want to get through especially uh with regards to rockapool but starting off the each staking flow for the past 24 hours is back into the green here and this was as of I believe uh I was a little while ago now over 12 hours ago where there was more stake yeah staked eth going in than going out here and yeah no wow it's actually gone up much more you can see on this dashboard here

from Hill Dobby then the net flow for the past 24 hours is 83 174 Ethan really most of the eight that was withdrawn were the rewards and I remember I told you guys about the rewards quite a while ago that there were over a million eth I believe worth of rewards and needed to be withdrawn there are still rewards that are obviously going to be withdrawn like just on an ongoing basis every time people accrue consensus layer Rewards or validators I should say a crew consensus layer rewards they're going to be automatically withdrawn but there's also I think maybe 15-ish percent of the network that still hasn't converted their credentials to 0x01 credentials so they're automatic withdrawals aren't

happening yet they don't happen until it's been converted so there is still a you know I would say 15 of that eat that was earned before withdrawals were enabled that hasn't been withdrawn now of course if the people if those people haven't converted their uh their um credentials yet it means they're in no rush to get their ether Awards which means that they're not really going to sell them when they get their rewards right so I think uh it that that's kind of it doesn't really mean much thinking about that percentage there uh but yeah you can see here as I said on Hill Dobby's dashboard the net flow has been 83 000 eth in the last 24 hours now of course I should actually talk about these two tweets first one from Elias simos who is at the raided network works

on on raided Network which is a website that I show you guys constantly he tweeted out uh centralized exchange stake reshuffling underway on ethereum at least 15 000 validators in the execute shared between binance coinbase and Kraken meanwhile on-chain pools are adding I really love that he used the reshuffling term here because I'm pretty sure I coined this uh I'm gonna take credit for it because I don't think anyone I haven't seen anyone else coined this but you know you guys know I've been going on about this great reshuffling for a long time now it's not a recent thing uh and I saw people start using their reshuffling term after I started using it so I feel like I coined it but regardless of that I I think it's um I think it's worth talking a bit about it uh now that we're what five

days um uh five days into chappella being live or five or six days now uh what I wanted to say about it was I think I've said a few times on the refuel already that it's not going to happen overnight right it's going to be like a month-long potentially year-long process for a few different reasons and the major reason I think that a lot of people maybe are unaware of is that because of the entry in execute logically it's going to take a while for each to be reshuffled even if for example 10 of I'm just pulling a percentage out of uh out of the out of the ether here but it's let's say 10 of all Lido stakers wanted or all Lido validators wanted to to be withdrawn and wanted to go somewhere else well that

will take a long time because that's a lot of validators to withdraw and then to redeposit because we're only counting the validators uh as being part of a pool when they're actually active right obviously when they're being deposited you can say okay well in the future at such and such date this is going to be active but I think most of the dashboards only only start showing it when it's actually been activated once it's gone through the queue or when it's actually exited once it's gone through the execute right so from that perspective it's going to take a while just because just because it's technically limited but on top of that as well uh as I said there are more more and more products going online those products need to no staking products need to uh get more Lindy they need to people need to feel more comfortable

with them people need to to learn how to change pools and things like that and there are staking services that haven't even enabled withdrawals yet I believe binance is enabling withdrawals or has already pretty much um either yesterday or something like that um and Lido as you guys know I are not doing it until probably mid-may so there are still obviously these withdrawals that need to be enabled and Lido is 30 or 31 of all staked ease so it's a it's a big thing there but of course people can always exit via steth and get Ethan then go stake somewhere else but that doesn't take the eth from the beacon chain now uh someone uh from the rated web team here uh Rob uh quote tweeted Elias with a little graphic here that shows the data of withdrawing um or the

data of which uh staking it is a part of the execute right now so it's no longer dominated by Kraken uh Kraken is still number one with 7 300 validators in the queue at time of screenshot here binance at 6000 and coinbase at almost 2 000. I think a lot of coinbases withdrawals here is coming from the Arbitrage between cbeath uh and the beacon chain um binance I would imagine is probably similar here Kraken obviously doesn't have an LSD and we know why Kraken is withdrawing all their validators because they're legally forced to do it so I think that uh really the binance and coinbase um withdrawals here are coming from that Arbitrage and then there's others and the others uh you know it's kind of you don't know exactly know who they are I

mean I'm sure you can look on chain and get and get an idea about it but there's another category here so I just wanted to focus on crack and finance and coinbase yeah now on top of that Elias said that uh we're seeing that on chain pools are adding stake and that's exactly what's happening with rockapool so since Atlas went live uh today or I guess within the last 24 hours uh Jasper says here the game is on tens of thousands of eth is being staked with rocketpool today so um this has led to a massive increase in many pools that have gotten spun up on rockapool and you can see here whack from the daily um rocker pool show called rocker fuel has tweeted out and it replied to Jasper saying right now we're on track for over 20

2500 new validators in a 24-hour period for rocketpool this is seven times greater than the previous best ever day and this is just the beginning and this was tweeted at 4pm and I'm recording this at 11 PM my time so this was about seven hours ago now there's a dashboard where you can keep track of these things uh and I'll link this dashboard in the YouTube description below here but if you scroll down to the bottom you can actually see stats around the atlas upgrade as you can see here how many new lab 8 mini pools have been spun up uh Bond reductions for uh for lab eights and how many solo stakers have uh started migration so there's about 49 solar stakers that have started migration so far which is uh actually very very cool to see and as I just mentioned there is

over 2 500 new validators are waiting to spin up with with rockapool here and tens of thousands of eth going into to rocketball so it seems that rockable has been one of the biggest if not the biggest on-chain beneficiary of this great reshuffling so far and that's really amazing to see because obviously rockapool is a decentralized uh staking service and they're quite small right now compared to other staking services so we want to see them grow as much as possible uh from here obviously and of course you guys know I'm pretty big into the rocker pool community and ecosystem I'm an Odell member so there's probably some bias there but but you guys already know that but I think that it's not a bad project to be biased towards

considering the mission and goals and an aim of what rockapole is trying to do which is just really really great to see so yeah the great shuffling is underway it is happening as I said it's going to take a while for it to play out it's not going to happen overnight or you know it's not going to happen within a few months it's going to be years worth and that's why I said I would love to revisit uh what the staking ecosystem looks like in terms of uh what what services have what percentage share a year after chappella so April 12 2024 I think we can look back and we can see uh where you know where where steak was shuffled to what staking service had what percentage on April 12th what they have now and see how the ecosystem has changed there I think it's going to look

quite different honestly I think there's going to be some surprise new entrance that people don't expect that's going to come onto the scene uh and get uh get market share I think that the existing players like rockapool are going to grow a lot I think that uh Lido is going to lose a bit of dominance there because they've had such a strangle hold and such a huge dominance for while and once they enable withdrawals it's going to be interesting to see how many how much eighth leaves Lido operators and go somewhere else and I think that the centralized exchanges will also lose some eth to to solo staking to rockable staking and other such things especially because uh lsds within D5 or native on channel SDS can be supercharged and especially with things like restaking

it's going to get crazy like that the tldr of everything I just said is that the ethereum stacking ecosystem is going to get crazy and I can't wait to revisit this in about a year now speaking of rocketpool last thing here gravatar protocol put out a tweet Thread about rockapool's Atlas upgrade uh just just a quick thread here about what it um what it brings to the table and and why it's good and why why uh why you should be excited about it so I just figured I'd hide that for you guys to read I'll link that thread in the YouTube description below all right last thing about staking so I've been teasing for a couple of weeks now that I had been uh playing around with the opal uh network software now just a disclaimer here before I move on

uh before I continue I am an investor in Opel Network here and they as an as an investor and as a a a long time at Eve Staker I was approached by the oval team to be part of this Alpha cluster on mainnet so I basically put out a quote tweet here quote tweeting opal Labs announcement where they announced that um they've launched their Alpha of the product on mainnet and I quote tweeted saying I've been participating in the oval Alpha launch for a few weeks now running one of the first distributed validators on mainnet with three others from around the world I believe that DVT or distributed validated technology is the future of staking and can't wait to see people form squads to stake their eath together so that's that's what I've

been teasing I am running uh this uh uh this software the oboe software on my solo sticking bar so it's the same box that I've been solos taking on for quite a while now with all my solar staking validators on there I'm running the oval software alongside that and I am uh one quarter of a validator and as you can see here um Colin Myers from one of the founders of opal network uh says that the cluster is running out of India Australia South Korea and New Zealand so basically uh spanning the globe here I guess like uh India is probably the the furthest away from from where I am here and there's obviously no us uh or I guess like um a Europe representation here but it's uh it's cool to see that

this is still distributed it's not like that everyone's in Australia or everyone's in the US except me or something this is actually distributed around the globe and we are all actively part of this validator which uh is um is staking on mainnet doing it attestations block proposals all that good stuff there and my experience with setting up the software was really straightforward obviously given that it's Alpha there is going to be be hiccups here and there and I was run through how to set it all up by the the oval team themselves but honestly the biggest thing the biggest hiccup I ran into was my own setup I had nothing to do with the opal software there were a few tweaks that I needed to do for my own setup to make it work which which wasn't too hard in the end we we figured it out in the end but I

tweaked a bit of that and everything has been running fine ever since uh ever since then so yeah kudos to the oval team for building out such an easy to use software that allows people to stake in a distributed fashion here now the reason why I say that DVT is the future of staking there's a few reasons here one of them is that DBT leads to more resilience and and security for a staking operation so for example there's four of us in this uh this staking cluster right now if one of us goes offline uh uh when the software works correctly obviously it's Alpha right now so it may sometimes not work correctly but uh the way it's supposed to work is that if one person goes offline line the other three can still attest that so it

means the validator doesn't actually go offline now you can extrapolate this out and not just talk about multiple people running um multiple clusters across the globe but one person or one entity running their validator um about running a validated cluster in multiple places so say they're running uh a part of their validator as part of a cluster in uh in AWS or or some some kind of VPS say they're running another part at home say they have somewhere else that they're running at um maybe uh maybe another another place that they uh that they own or another VPS that's not in the US maybe it's in in Asia or something like that that adds redundancy and that and that is still one operator but it means that there it adds safe redundancy without without having to

worry about double signing and things like that and allows you to stay online even if one of your connections goes offline for a power outage reason or for uh internet being you know internet going off reason or anything like that so this technology is super exciting from that front another reason why it's exciting is because of that Squad staking that I've spoken about where essentially people with less than 32 8 can pull their eighth together and then still all be able to run these validators as part of a cluster like I am with these people from around the world here uh and get that resiliency and security as well so those two things alone are going to be major level ups for ethereum staking when opal and other such DVD Technologies like SSV Network reach a more mature State here and I

believe this stuff is going to be used by some of the big staking operators it makes a lot of sense for it for it to be used there so I'm just very excited about this very proud of what the team has built of course uh I I mentioned earlier that I'm an investor in Opel I've been an investor for quite a while now actually I can't remember exactly when I invested maybe I can quickly bring it up here just to give you an idea of how uh you know how long these guys have been building this out for um uh alongside the obviously ethereum staking roadmap PR uh but I'm just looking it up oval here we go I invested in October is that October uh yeah October of 2021 so it's it's quite a while now right it's a 18 months uh since I invested in them and they had

been building that before I invested here so a lot of their hard work is is paying off it works the technology um it's not Theory it's practical it's on mainnet it is still in an alpha fashion but we hopefully will move towards a beta and a proper uh you know uh full public mainnet release sooner rather the rather than later so yeah that's what I as I said that is what I've been teasing over the past few weeks uh and very proud to be part of one of the first mainnet clusters as part of the opal Network all right Terence from the off chain Labs here has written up a quick write-up here on two slots PBS with unconditional payment and what it takes to implement it on the networking side two slots PBS looks more feasible than

last week's write-up on one slot so this is a follow-up to what I highlighted last week from Terence about the one slot PBS uh and you can go give this a read I'll link it in the YouTube description below uh but it's not too long it basically is just a few ideas here of how to do this and there's also reply here from Dorothy who is a researcher at the ethereum foundation saying something feels off to me about having Builders first put their eth on the consensus layout when Mev is really all just a bunch of eight that lives on the execution layer so there's obviously a lot of r d and back and forth happening between researchers around this but it's great to see this making making movement here because as I've said in the past I think one of the most critical upgrades for ethereum over the

next maybe two to three years is is PBS we definitely need in protocol PBS and we need it as soon as as soon as we can get it and there are a lot of smart people working on it so I think we're going to get there but this is how this kind of forms out people write up things I write up research people read the research they maybe they tear it apart maybe they like it and then once it gets to a point where the research is basically all agree that this is something that could be turned into a spec then the engineers start building it out and clients and then obviously we go through all the devnets test Nets and and then eventually onto mainnet so it is a long process but we we do get there in the end so just great to see the

continued research here on the PBS side all right so there is a new ens app that is now live in Alpha on mainnet so if you go to alpha.ans.domains you can actually see this so if I search for a name here let's search assassil.eth of course and bring up what this looks like this is what they had been teasing for for a little while here basically a new interface to see your profile so you can see here my profile with my picture that I've got attached to it my address Avatar uh my managers you know when it expires and you can see all of the menu items here you know profile records Sub sub names and more and then you can upgrade so upgrading your name unlocks the latest functionality of ens and it will walk you through how to upgrade

this so obviously I haven't upgraded or migrated my my profile yet or wrapped my name or anything like that but that prompts you to do that right right at the Top If you are the owner of that ens there so just really cool to see a much more simplified and streamlined ens profile page here obviously if we want ens to go mainstream we want more people to use it we need to make it so that it's not scary for them to use we need to make it look like a social media profile essentially and that's exactly what this looks like to me you know when you go edit your Twitter profile or something like that you have similar fields that you need to fill in and things like that but you know sometimes the fields can be scary if you don't know what they're doing you don't know

if you should change them or not uh but I think that's what ANS is is addressing here with this but do keep in mind this is an alpha release it is not a beta or it is not like production it's Alpha it is live on mainnet though so you can do things with it but if you experience bugs feel free to jump into the ens social channels let them know I'm sure they would love to hear about it all right cow swap has launched something called a partially fillable limit orders on the exchange here so it's now enabled by default partial fills bring faster trade settlement to limit orders even in moments of low liquidity now partially fillable uh limit orders are nothing new they've been around for as long as pretty much trading has been around whether it's crypto or otherwise but they haven't

been on Cal swap until now so it's great to see that Cal swap has integrated this uh you guys know that calsop is one of my favorite exchanges especially to make big trades on because it protects you from Mev and it gives you some of the best um uh a kind of like execution price for your trades well now with partially uh fillable orders it's going to give you even better execution price and even and an even better feel even if it's not able to fill your entire order here so yeah you can go check out this blog post to read the full breakdown of what this is and what this means for Cal swap I'll link it in the YouTube description below along with the little Twitter thread here as well all right so espresso systems has put out a another document uh or this time

all about shared sequencing so they tweeted out by saying L2 is a scaling ethereum but the vast number of Roll-Ups threatens to break composability within the ethereum ecosystem fragmenting liquidity and creating friction enter the shared sequencer so this document you can go give a read for yourself I'll I'll link it in the YouTube description below but they have a Twitter thread here explaining this as well and they start off the thread by saying cross roll up bridging is similar to cross L1 bridging but with an added challenge the two Roll-Ups may not share the same consensus protocol for sequencing or method of supporting execution like clients so how would a shared sequencer help with the cost of infra for cost roll-up interoperability robs would no longer need to implement sequencing like clients for each roll-up and to operate with with each roll up reads from the

sequencer which provides a global ordering over all transactions uh and then they continue on here so basically a special systems is claiming that they're going to be able to build a shared sequencer that will fix a lot of the issues around the fragmented liquidity and fragmented L2 ecosystem which is great I mean I've said to you guys before there's many solutions when it comes to fragmented liquidity from bridging Solutions uh from from some of the solutions like uh stockware Damm and uh rari's fuse which are old implementations now that haven't really gone anywhere but the research from that can be picked up there's also Herodotus that is doing State um uh proofs for for uh for interoperability and other such Solutions like that so there are a lot of solutions here for this and it's not

something that you know it's funny it's not something that I say a lot of people complaining about I think the bridges that we have today are actually okay for a lot of people obviously it's not the most ideal solution but I don't see people really complaining about the the fragmentation of of liquidity across l2s or users across l2s what really ends up happening is that people just gravitate towards you know a handful of these things and and basically do all of their activity there and then that just Network effect begets Network effect but what if we could do that interoperability where it doesn't matter which layer you were on and you didn't have to pick like a winner or you didn't have to you know make sure that you're you're going to the right layer of the right Layer Two you would be able to

just have a shared sequencing among them all and be able to have interoperability among them all and that's exactly what espresso systems uh believes they can do with their shared sequencer design so yeah definitely go check this out I'll link it in the YouTube description below something but I think it's worth reading worth getting your head around because as I said yesterday I do believe that l2s are the main thing going forward I do believe we're going to get a big L2 season eventually I do believe and still strongly believe and I said this a while ago but I still strongly believe that l2s are where pretty much all the opportunity uh lies in the ethereum ecosystem these days at least on the user-facing side of things in the app app level player side of things so definitely do not for do not fall behind

on the layer 2 front it is the next Frontier for ethereum all right last up here is just a tweet that I saw from Matt finestone where he said you only need to go to one legitimate ethereum in-person event hackathon or conference to know why it's winning and to become an ethereum for life if you can't make an event no worries just recreate the knowledge sharing in energy by reading and participating online did I'm a big advocate for this and you guys know every time I go to a conference and I come back uh I mean I think it's only happened twice now because uh the refuel actually started during covert and I only have been to two conferences since then I went to Amsterdam Ethan eighth Amsterdam and um and ate Denver but every time I come

back I just feel like a massive boost of energy and a massive kind of like I guess boost in morale uh even though I'm obviously pretty positive on the ethereum ecosystem already but a lot of that comes from the fact that going to these in-person events just keeps reiterating and reinforcing my strongly held belief that that ethereum is going it has one already and is going to keep winning and its ecosystem is the best in crypto by far now obviously I can tell you all about this as much as I want but unless you experience it for yourself I don't think the point is going to get through so if you can it is highly recommended that you get out to at least one ethereum event uh preferably a a kind of like a conference that is an

ethereum conference and that is not uh you know a a small one small ones are still fine but if you want to get the full experience I do recommend going to the bigger ones they definitely are overwhelming it depends on what kind of person you are if you're introverted normally or if you don't do well with large crowds maybe it's not for you you know it all depends on personal preference here um but but personally for me I I mean I don't consider myself an extrovert I actually am pretty introverted a lot of the time but honestly going to these events being surrounded by so many like-minded people so many people who just care about growing the ethereum mission so many aligned people that I just get along with so much it is the best time of my life like I said to you guys when I got back from East Denver I

really did feel like I had the best time of my life there um and it was just so amazing being amongst everyone and that's exactly what Matt is is saying here so yeah if you can make it out to to these things definitely do so and as I've stated before if even if you don't have the funds and you you can't afford the flights or accommodation there uh a lot of the times the events themselves will have a limited number of spots that they can sponsor so they can sponsor people to come especially if you're a hacker or a developer you can get sponsored to go to these events and it's done on an event by event basis so you definitely need to just look and see if the event supports that but that option is available to you as well there um but but you know a lot of these things take

place in the US a lot of them take place in Europe and I know a lot of people out there in crypto I mean the majority I would say are from the US and Europe and the thing is there are conferences all over the world there are even conferences in in Australia like there's not that many but there are some here that I've enjoyed I enjoyed the recent nft Fest even though it was a an nft branded conference there are a lot of people there that were into way more than nfts right so I really really enjoyed that um I I hope there's like going to be an eighth Global in in Australia at one point I went to edcon in 2019 when you know this was April 2019 edcon in Sydney it was Tiny but still amazing it was my first ethereum conference I had I had

the time my life back then as well so so yeah hopefully I'm just hitting the point home for you that you should definitely attend these things um and get amongst it because it really just energizes you it gives you a sense of kind of belonging which is I think you know innately human to want to to belong somewhere uh and I think for a lot of us who spend a lot of our time online it's good to just get amongst people and put faces to Discord names and Twitter names and and things like that now in saying all of that I don't know what the next conference I'll be going to is if East Tokyo wasn't held like so soon after I got back from Denver I would have probably gone to that I won't be at HCC because getting to Europe is like a 30 hour trip and I'm

not going to go just to go to a two-day conference right so I'm not sure at this point maybe devconnect depending where it is we'll have to see right uh um but yeah definitely get out there if you can and I'll of course let you guys know which ones I'm at and we'll hopefully do another daily Meetup in the future for those who weren't able to attend the one at 8th Denver there but I think on that very positive note I'm going to end today's episode there so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give that a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone