ETH staking withdrawals, Podarchy Explorer live - The Daily Gwei Refuel #565 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily gray refuel where he kept the latest news in ethereum ecosystem I'm your host and this assignment has the 12th of April 2023. all right everyone let's get into it so 12th of April that means it is shapella day it is finally here uh it may have already happened by the time you've watched or listened to today's refuel but basically it's happening in about uh just under 12 hours from now from when I'm recording this so an exciting day obviously for all of ethereum now you can track it on the beacon chain website he's the chappella hard Fork visualizer this is actually 10 hours and 47 minutes left to go at time of recording here and this will show you as we get closer um the visualization or as the sorry the fork happens and it'll run through and

do all the justification and finalization uh visualizations here like we always do every fork and I'll link this in the YouTube description for you to check out as well uh but yeah I mean what a momentous day for for ethereum I think that as I've said previously this is the kind of final piece of the puzzle to get us to the 1.0 over version of ethereum proof of stake obviously there are other things being added to proof of stake over the coming years but this is really just a huge um Milestone and basically completes the merge so to speak because the merge was obviously done in September but uh the move to proof of stake was part of that um and the merge was kind of like uh a term given to uh to the move to proof of stakes so to me I consider Pro ripstick

to be complete once shapella is uh you know the Chappelle upgrade is live on the network so yeah big day there uh and there's a few live streams going on there's going to be one hosted by uh some of the core developers and researchers uh they're going to be doing a watching party in the bordell hacker space you'll remember the bordell hacker space from the merge live streams that were done and you can watch the stream and metrics from the different nodes join at around eight to nine PM uh uh yeah and there's a link here as well uh to the development blog post um and also uh relevant to staking withdrawals generally I put out a tweet just before where I noticed on raider.network that Kraken has started withdrawing all of their staked eat that

is associated with their us retail customers and they are doing this because of the SEC action brought against kraken's ethereum staking product back in February and it's going to be interesting to see where this eighth ends up and and I also added for clarity that obviously uh you can't withdraw yet because your palette isn't live but validators are currently able to exit uh but the associated 32e stake and consensus slave rewards are not able to be withdrawn until Chapala goes live in around 12 hours what Kraken is doing right now is exiting their validators obviously to get ahead of the queue but also because they're legally obligated to do this now this is something that I haven't mentioned uh since it happened basically but Kraken currently has 7.1 percent of all staked eat Market chat

now it's going to be interesting to see how much of that actually belongs to us-based retail customers because I do not believe that they have to withdraw or people that are considered a credit to investors or institutional uh at stake as I should say accredited stakers uh but I I have to double check on that but regardless it's going to be interesting to see how many people are staking with Kraken that this applies to because let's say crack and share of the network goes from 7.1 percent to four percent well that means only 3.1 percent of their total stake was us-based because as I said they are forced to do this withdrawal they can't I mean they're legally required to do this uh and so and so they've started doing that and I also said uh it's going to be interesting to see where this eighth

ends up I think a lot of it pretty much most of it is not going to be sold or anything like that I think people are just going to go stake somewhere else now where that somewhere else is is anyone's guess I think that these people will probably uh they'll be a probably a healthy chunk of them that will go to other centralized exchanges because if you're already staking with a centralized exchange it's probably more likely than not that you're not interested in Solo staking right or maybe you don't have the the required ether solo stake uh maybe uh maybe rocker pool is um is a solution for you maybe you just want to buy Ari if you want to spin up mini pools it's a lot easier now to spin up mini pools or post Atlas I should say it's going to be a

lot easier to spin up mini pools because you it's not a huge eighth requirement it's eight eighth and 2.48 worth of RPL so maybe you want to do that but there are a lot more solutions now than there has previously been there are some customers I imagine that have staked with Kraken for a very long time now since maybe even Genesis right maybe even Genesis of the beacon chain back in December of 2020 so I it's going to be interesting to see where that state gets reshuffled to and it is a forced reshuffling here because as I said like the customers have no say in this Kraken has to shut down this product so they have to withdraw this and basically credit to the Kraken customers accounts and then the customers can take that e to wherever whichever staking service they want to so as I said it's it's hard

to tell the exact percentage because this only applies to us-based retail uh stakers not institutional grade ones and not non-us based retail investors so it's not going to be all 7.1 percent of that of Kraken steak that's going to be on on steak TR uh but there will be a probably a healthy chunk of it and as I said I don't expect most of it to be sold I expect most of it to be restaked as part of other Solutions and we can actually track that because we can track the eth being uh kind of withdrawn from Kraken I mean it's not going to be an exact science but we can we can track each being withdrawn from Kraken and then going into different staking Services uh and and see you know and roughly get like a rough estimate of the percentage of ether that went from

Kraken staking to somewhere else but I figured that was worth bringing it up because you're going to be seeing uh Kraken withdrawal and that's because as I said they are forced to do so here um and also just a reminder for the solo stickers out there if you haven't updated your Mev boost software yet you need to do so you need to update Mev boost to version 1.5 by the time the Chappelle Fork goes live or else if you are running Mev boost uh to produce your blocks uh at sorry to Outsource your block production I should say then you will Miss blocks uh you will miss uh proposing blocks if you're not updated to 1.5 so just a reminder out there for the solo stakers if you are running rocker pool at this already I believe gets updated with the rockable smart

note stack uh and if you're staking with other services they it's on them to update their software but as I said if you are a solo Staker be sure to update your Mev boost software to version 1.5 before the hard Fork goes live all right so moving on from the ethereum staking uh or Chapala stuff uh Terence from the offchan labs team has put together a a little document here all around single slot PBS using a tester committees so he said here motivated by recent Mev unbundling attacks I have been researching more into variations of in protocol PBS or proposal Builder separation I think this is the next big boss to tackle post eip4844 I took some notes on us on a single slot plus a

tester committee approach feedback welcome now this document of course I'll link in the YouTube description below but I want to say something about PBS ER to clarify something for people so PBS stands for proposer Builder separation we already have PBS on ethereum we just don't have what's called in protocol PBS now the PBS that we have is Mev boost where essentially proposers and Builders are already separated right if 90 of the of the um the people the validators I should say are running Mev boost are talking to Mev boost relays that means that they are Outsourcing their block production to the Mev Boost network right so that is proposer Builder

separation already happening now when we say in protocol PBS we mean that it's literally done by the ethereum protocol itself and it's not being outsourced to this sidecast software known as Mev boost right so and the reason why PBS is desirable is because it eliminates the need for a lot of these kind of I guess Band-Aid Solutions such as having relays um and and such as uh like uh concerns around censorship and things like that that's why it is a better solution I mean there's a lot of other reasons which you can look up you can just Google for them but those are some of the major ones there uh so you you can read this document here from Terence who was basically taken vitalik's post on single slot PBS using a testers as distributed availability Oracle uh and

he's expanded on this now it is a quite technical you're probably not going to understand most of it if you don't understand how how the beacon chain works but I think it's really great to see that core devs are already focusing on this sort of stuff because and already saying that they want it to be I guess like the next big thing that gets integrated into the network after 4844 and I actually said this on um about I believe it was a bankless podcast recently I believe it might have been the roll-up where I think David asked me what's the most exciting thing happening after you know after chappella or after maybe 48 44 and what's happening next year and I mentioned uh PBS and vertical trees I think PBS is more important than vocal trees but I think they're both

pretty important but the the the vertical tree stuff can probably wait and it's probably look it's hard to tell what's more far Further Along on at this point because PBS is still an open research thing there are still a lot of considerations to to work through and vertical trees is kind of the same thing but they're both being actively developed and they're both an active kind of Target for core developers and researchers to get done hopefully in next year obviously we already know most of what's going to be included in the upgrades for this year we have chappella going live uh very very soon and then we have Cancun going live hopefully by the end of this year which includes 48 44 but after that there is still you know it's an open kind of uh question of what's going to get included what erps

are going to get included next year so I'm glad to see that the core devs and researchers are already tackling this and that's why I put out this tweet where I said ethereum core devs are shipping so fast these days uh we're we're blessed uh because of this now for those of you who've been around for a while you'll know how traditionally how long it has taken to ship things in the ethereum core development environment and how we want them to stick to a six-month Cadence of shipping hard Forks but it was very difficult to do that especially in you know in in the past and a lot some of these hard folks didn't even include major upgrades in them some of them were just uh literally I think I believe one of them was literally just a difficulty bomb uh delay right where we essentially really

just delay the difficulty bomb because we uh we needed the extra time in order to develop the um the next upgrades in order to to delay it as part of a bigger upgrade uh but now we're shipping so fast that people actually didn't even realize that shapella was today I saw people are tweeting out saying wait Chapel is today what the hell since when the core Dev shipped this fast I'm like well since the merge basically because as I said when the merge happened um it's really uh a kind of um uh uh what's what's the term I'm looking for I remember the term that I used and I wanna I wanna use the same term here but it's really I guess like motivated the core developers and and really given them a huge uh morale boost that's what that's what I was looking for uh to

continue developing to continue shipping uh and continue executing on ethereum's long-term roadmap and I really do think that that momentum is going to continue for many years to come especially because a lot of these Court developers and researchers now have a very nice steady stream of income as part of the teams that they work for but also from initiatives like the protocol Guild and from things like the uh op retroactive public goods funding they're getting paid for their work so not only are they appreciated socially which is which is always very important but they appreciated financially as well the community is giving them uh their financial reward and the financial upside that they deserve uh uh for building out the ethereum protocol which is traditionally something that we

haven't seen for for the longest time we did see it in small part due to bitcoin grants which did give you know a healthy chunk of money to core developers but nothing like what we're seeing with the protocol Guild and um and things like the op retroactive public goods funding and of course they're still getting funding through Bitcoin as well so it's basically this whole kind of uh uh uh Public Funding um I guess what what's the word I'm looking for here I'm I'm struggling on Words tonight it's this whole kind of Public Funding cohort on ethereum that's coming together to give core devs the uh monetary incentives that they deserve and the monetary awards that they deserve as well as the social awards that they've been getting for for a few years now for executing on the ethereum roadmap so just wanted to put that

sentiment out there that it's really great to see that core devs are shipping so very fast these days all right so our Keck here on Twitter has introduced the ultimate layer 2 tracker on doing analytics so you can now track all bridging volume at once and stay at top on top of the hottest layer 2 Chains using this student analytics dashboard so I believe this dashboard is linked TR and there's a thread here from our Keck that you can read I'll link it in the YouTube description below but this is just another dashboard to track l2s now I've highlighted a bunch of them before I believe I've highlighted a few from from Hill Dobby before uh but this is just another one to kind of bookmark and uh to kind of get used to and to kind of read through and keep track of if you

want to track the growth of layer twos on ethereum here now you can see here there are things like weekly amount of eighth bridge to l2's uh weekly amount uh weekly a USD bridge to l2's weekly unique users bridging into l2s and it's split between the different l2s as you can see here um and there's a bunch of other metrics as well but I just want to focus on the weekly amount of each bridge to different L2 so this goes all the way back to June 2020. now for for a long time we only had ZK sync light that was live and that was used in Bitcoin then Loop Ring went live uh then we had um optimism going live in the purple here uh the trim that went live in the blue and to today we can see that basically

the weekly amount of eighth bridge to l2s is definitely dependent on when things go live you can see here that ZK sync error dominated the last couple the last three weeks because uh they went live uh but you can uh they went live around that time but you can see what it's like in the normal state so you can see here that let's just pick a random wig this was 6th of February 2023 uh you can see the distribution here so arbitrum dominated here and then it was optimism uh loop ring sorry polygon dkvm Loop ring stock net and all that that good stuff there so these kind of Trends need to be looked at maybe at a longer time frame just to get a better picture here but yeah that's the weekly amount of eighth bridged into l2s and there are other Trends as well such as uh the

weekly unique users bridging into the l2s uh there is uh uh L2 common users in using two Bridges so basically it shows that a lot of users of these l2s are using other l2s as well so they're not just using one and then a bunch of other metrics but anyway I'll link this in the YouTube description for you to check out just I just felt it was worth highlighting that uh there are more than just uh a few L2 dashboards now there are plenty of them and keeping up to date with l2s is definitely something that I think is interesting to a lot of you so yeah go check out this dashboard I'll link it in the YouTube description below all right so scroll has put out a tweet thread that they started off by saying our Partnerships team has been busy working alongside projects for the main

net launch and we're excited to share two new updates they've launched a new Twitter account called build with scroll which you can go follow that will be the home for all of the project and ecosystem activity and they've also launched a new ecosystem page on their website now we've seen a bunch of these ecosystem Pages before pretty much all the l2s have uh have them at this point and so it's great to see that um that uh scroll has got one as well and to see which apps are actually going to be live on the scroll Network once it goes live on Main Nets uh sometime this year I I believe so all the popular ones that you're used to like are there nurses safe you know Sushi all these all these apps are on there for you to to go check out along with different wallets like

Soul wallet and stuff like that uh but yeah you can go check out the ecosystem page for yourself I'll link that in the YouTube description and you can also follow the build with scroll Twitter account for all updates on project and ecosystem system activity within the scroll ecosystem all right so fire has launched the Fire card on optimism so they say yeah we're excited to move over to an amazing L2 and save our community money on costs if you already have a card on ethereum you'll be able to participate in the new mint on optimism so you can head to mint.joinfire.xyz to Mint the new Fire card on optimism it's just a cheaper way of minting this nft instead of having to Mint it on mainnet you can now mint it on optimism and of course fire is live

on the optimism Network they're also live I believe on uh polygon and arbitrim as well as ethereum magnet so great to see that and I'm sure they're going to be deploying to every other network they can especially all the evm networks as uh as as time goes on so yeah I just wanted to highlight this for you guys you can go check that out on optimism now all you have to do is head to this URL and make sure that you're on the optimism Network all right so a big update out of the Metropolis ecosystem today so for those of you who don't know uh Metropolis is basically uh trying to build Dow infrastructure tooling essentially uh and and that's what they've launched today they've launched something called the podaki Explorer so you can check this out at uh pod.xyz and click through

to podaki here and I've already gone ahead and done that and selected my own sasol.eth account to show you exactly what this is basically it shows your relationships with different contracts on ethereum so specifically multi-sig contracts and how those contracts interact with other contracts on the ethereum network so you can see here that I'm on a bunch of different multi-cigs that interact with a bunch of different projects so you can see that I'm on the diversify multi-sig that interacts with the diversify contracts here and also interacts with other multi-sigs and these are nurses safe multisigs of course and there's a bunch of others here as well such as uh this one here which I if I can if and you can move these around of course then you can see their relationships and their

permissions and the contracts and the different members uh finances and and all that good stuff here look you can see the assets here these are the finances of of sasol.ed you can see my assets uh the breakdown of the different assets my total token balances and a bunch of other metrics there which is very cool to see now jules's thread here does a great example a great job of explaining uh exactly what this is and what the um the goals are of this uh of this tool and what they hope people to use it for so you can go check out this thread for yourself um but I really like that this tool exists because there are obviously a lot of multi-cigs that exist on ethereum right now a lot of them control uh some a lot of the top apps that you and I use

every day whether they be defy apps whether they be the layer twos themselves and you want to you you do want a way to visualize the relationships between individual signers and what multisigs that they're on and how it all interacts with each other and what powers those multi-seks have over what they're actually securing here so you can see here the Joule says the paraki Explorer indexes relationships between entities on chain including smart contract permissions multi-sig signership and financial data by indexing the most important on-chain data parakeet Explorer uncovers the real on-chain power structures so basically breaking down the I guess monarchy of the uh of a lot of these projects uh which I think that's where the name came from uh basically here but uh yeah you

should definitely go check out the uh the Listia um sorry that's the thread here from Jules and I should disclose that I'm an angel investor in in Metropolis which is formerly known as awka protocol you may have heard me talking about them in the past uh but yeah you can go explore this yourself as well you can just punch in your own uh sorry you can just connect your own ethereum wallet up here it'll it'll ask you to connect it once you once you check this out and you can see your relationship with different contracts and multi-cigs on uh on on ethereum here now I believe that they're going to uh be supporting other networks in the future as well and you can see here actually I just clicked into one of the multi-6 actually I want to click into one that I know so this one here uh

diversify you can see that the proposal threshold is five of nine so you can immediately see that uh five of nine signers are required to enact an any changes here you have a link to etherscan you have a link to the safe itself you can see the um I believe the finances yeah you can see the finances here the permissions so basically what they control you can see the contract that the controls here uh and the general information about that and the contracts that have interacted with that and the saves that are interacting with that so I mean there's a there's a lot of things going on here there's a lot of information available to you and as I said you can actually uh move all this around and and make it and pretty get up for yourself and move things out of the way if you need to to focus in on other

things uh but but yeah it's very very cool now if I was to search up here maybe I could search vitalik.eath and let's actually see if that comes up maybe vitalik's address is more interesting than mine let's see if uh no that doesn't oh no it is it's just it's just taking a little bit to load here metallic.eath uh I think it's gone through to vitalik 30th if I I pressed enter there and I hope hopefully it's going to load it up uh yeah there we go so you can see vitalik's uh kind of podaki here is a lot there's a lot more going on and uh I don't know if it's lagging right now because isn't there's so much going on ah there we go yeah okay so it's loaded it up yeah Vitale's got a lot more going on he's got a much

cooler profile picture associated with his ens than I do uh but you can basically see all his interactions as well and what he is uh a multi-sig sign up for as well but yeah you can check out anyone it's not just your own that you can connect your wallet to check out you can basically check out any uh ethereum based user and contract which I think is a very cool uh set of features here but anyway I'll link George's thread in the YouTube description below and you can go check that out for yourself all right last up here before I talk about one other thing that I've left a bit of time for here is that I'm doing a live stream which has already happened by the time the refill goes out but I'm doing this with uh Justin Drake here and I believe Tim baiko is going to

be on it uh with obviously bankless David and Ryan from bankless yeah and we're going to be talking all about e-staking withdrawals and chappella highly recommend you guys go watch this uh obviously you probably won't be watching it live because as I said the refill will be out by the time this is over but you can go watch it and watch the replay I have have seen the agenda there's a lot of really great questions that are going to be asked and who better to have on than Tim biker and Justin Drake I I feel inadequate in in the presence of those two I feel like I'm just going to be sitting back and being like yeah yeah and just absorbing all the knowledge from these Giga brains because they are two of the smartest uh and most active people in the ethereum core development and research ecosystem

so we are definitely very lucky to have them on this on this stream here uh but yeah you can check out uh this I'll link it in the YouTube description below uh but as I said I have a few minutes left here that I and I wanted to to talk about uh one main thing that may Branch into a few other things but I do have around seven minutes um seven minutes left so first thing about I guess like taking withdrawals and and chappella I talk a lot about how it's the 1.0 delivery of ethereum proof of stake it basically means that ethereum improved mistake is is pretty much complete uh I I do believe that but at the same time there are a lot of debates and arguments happening within well I guess I close in Open Circles right now about it but

Theory Improvement stake is actually should it be considered complete uh with withdrawals because as a three improve of stake exist today there are still certain aspects of it that can be improved and that need to be improved for certain edge cases that can happen now what do I mean by this well there are the research uh reports on this and I highlighted this quite a while ago on the refuel but basically there are better ways to do the fork Choice rule on proof of stake ethereum for example and there is research out there proving that there are better ways to do this now are those ways something that is going to that that is critical that is needed right now no it's not what they do and what these new ways of of um of doing the folk Choice rule uh uh

does for ethereum is it basically hardens proof of stake even even further than what it is uh right now and and that's why I said that it affects the edge cases it affects like basically the worst case scenario where something happens on the network that is really hard to for it to happen but if it were to happen could compromise the security of the network now what those things are are detailed in the research reports I don't have them handy but this is just an example of why people are saying that even though you know we're delivering withdrawals it looks like ethereum proof of stake is at the 1.0 version uh it doesn't mean that it is I guess complete we're like 99 there but there are certain upgrades that that people want to do in order to get us to 100 of the way there and it's not just the upgrade

to the fork Choice rule it's also things like single slot finality and making it so that the network doesn't know who's going to propose blocks ahead of time to prevent dos attacks and to to give more privacy to validators those those things would be in the nice to have bucket I think um single slot finality I think is becoming critical and it's not nice to have I think it's a must-have but yeah I would like to see those things in place and I think that if we set the tone of ethereum mistake is complete we we risk maybe resting on our Laurels a little bit around this so yeah for me personally I consider them we're completing I guess like the the first phase of ethereum improve of stakes so to speak where there's multiple other

phases to come but as I said it's not like something that's absolutely critical or absolutely something that's that's needed right now it's needed to harden the protocol but we've got time to to add those things to the protocol and as I said there aren't active research phase right now and I believe some of them will definitely come to the network I believe single slot finality is is something that will definitely come to the network I'm not sure about the change in the fork Choice rule that might happen but we'll have to see right we'll have to see if um if if if people want to do that if it's accepted if if the majority of the people come to consensus on it if it gets built out if the research is done on you know in in a way that allows us to do it without

compromising another factors of the ethereum network but yeah I think it's worth mentioning all of that there now falling off of of that I think is the rest of the upgrades that we have coming to ethereum the ethereum roadmap is really long there is still at least until the end of the decade worth of upgrades to go if not longer than that in terms of critical upgrades or in terms of things that uh developers and race core developers and researchers want to see put into the network uh those are still going to take another few years because we've only got the first version of dank shining which which is which is 4844 going live this year a lot of people ideally want to see Full dank shining on the network which is probably still two to three years away we want to see things like PBS we want to see vertical

trees we want to see a single slot finality so all of these upgrades uh a lot of them are not nice to have they are and and I don't know if that you can consider the must-haves but they are things that are considerable upgrades to the ethereum network that a lot of people consider to be must-haves and as long as people can as long as that is the consensus and that is the social contract around these upgrades they're going to happen and there are certain ones that are on the roadmap today that probably won't happen and there are certain ones that are on there that aren't in the nice to have bucket they are in the must-have bucket that probably won't happen because there just won't be broad consensus on it being a must-have and that's okay that's how the ethereum ecosystem develops that's how

the ethereum network develop jobs and I think that's all totally fine but that definitely falls off of what I was talking about how there is a difference and and difference in consensus around nice to haves and must-haves and critical haves and if we don't do this the ethereum network is going to break kind of thing right so there are different levels here so the ethereum roadmap that you guys have seen vitalik's flowchart which I've showcased a bunch of times and I'm sure you guys have seen it a bunch of times on on Twitter that there don't take that as like Bible don't look at that and be like every single item on this list is going to get delivered that's not going to be the case it's just not the way things are going to pan out and things are going to change as well there's

going to be things that that change in scope that their names are going to change that what they do is going to change and that's totally okay um but yeah I just figured that was worth having a bit of a discussion about on the Eve I guess for me of of chappella um but yeah anyway I think that's going to be it for today's episode so good luck with japala everyone I mean I think it's gonna go fine I'm not going to be awake for the live stream uh but there is going to be a live stream as I mentioned yesterday you can find links to that in the future description from yesterday but my next refuel will be in a post-eath staking withdrawals world so yeah looking forward to that but anyway give that video a thumbs up if you haven't yet subscribe to the channel uh

subscribe to the newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone