ETH volatility, Layer 2 news, DeFi news and more - The Daily Gwei Refuel #32 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily great refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sasano and today is the 11th of january 2021 all right everyone a bit of volatility in the markets overnight uh i'm sure you all felt it i think it's been going on for the last 24 hours or so it's a pretty brutal drawdown you can see here on the chart this is the daily chart you know how much of a kind of drawdown it's been since you know eighth was about 1350 went down to a thousand which is about a 35 percent drop if i was to say if i'm doing my math correctly here if i look at it here uh no i was doing my math incorrectly sorry 25 so yeah pretty uh pretty brutal drop

there after going up for a period of you know quite a while you can see here we went up pretty quickly um and then you know topped out around 1350 and all-time highs around 1420 so unfortunately i won't be tweeting again anytime soon it looks like um you know i spoke about that the other day i made this how i made this promise where i wouldn't tweet again until eth was at all time high uh i of course expected eth to go to all-time high around you know around here because it was already at 1300 when i tweeted that and i was like you know 1420 isn't very far away but alas the markets are a cruel beast and they will you know punish you uh when you least expect it so yeah i didn't expect a dump this big

but i'm no trader i don't actively trade any of these markets so i mean i think that's a good thing because i not very good at calling uh you know tops or bottoms on these sorts of things but in general i mean if you're looking at this and thinking you know is the bull market over is is you know is it all going to crash again are we kind of like at the end of 2017 early 2018 in the cycle i mean i don't think so i think this was just like the flush out that we needed you can see you know how long we went up for without a proper flush out we did have some dumps here you can see on the on the candles here the wicks go down pretty badly but it wasn't anything you know too serious because it got bought back up straight

away on the daily candle whereas these this seems to be a pretty um pretty brutal dump and it doesn't seem to have ended yet uh you know as i'm recording it's still going down so we'll see how that goes but i don't want to focus too much on the price here just wanted to point that out for for those who maybe might be worrying or might be feeling a bit disheartened i think you know we you can get addicted to the gains right you can get addicted to how fast you're going up and and it kind of becomes euphoric and then when you go down it's like you know go down very fast it can become pretty depressing but you know you look here we're basically back at the price we're at on the 5th of january that's like basically not even a week ago so you

know crypto prizes can move fast in either direction and i think that's always important to remember and larry stomach from the blog put out a tweet the other day uh basically saying you know ethereum has a bunch of different all-time highs on different exchanges you can see here that kraken actually recorded its all-time high at about 1595 which is which is quite uh quite a lot higher than the rest of them the rest of them seem to be between 14 20 and 14 40. i uh for the sake of my tweet and the all-time high that i've been going off in general is 1420 uh that's from coinbase bitstamp and gemini bittrex and hobby polynext bitfinex they're all around that right 1424 here uh binance was 1440 but i think 1420 is

the the all-time high that everyone seems to have agreed upon or at least most people have from what i've seen so you know hopefully we get up to that i don't even mind if we go there and then crash off that i just want my tweeting ability back i think you know some of you might have seen on twitter today all the memes and everything i mean i'm enjoying it it's it's quite fun to see all that uh but as a as a passive kind of viewer it's quite it's quite funny you get people messaging me you know asking me how i'm going and stuff like that i mean obviously i'm fine it's not it's not a huge deal um it's just funny seeing all the memes so keep the memes coming for sure and people who say that i'm cheating by retweeting things i'm not cheating i

retweet things because they're funny or because i want to update my followers and what's going on or i'm excited about something and i also use it as reminders for what to talk about with with all of you i usually talk about what i've retweeted um on the daily grey refuel so yeah i don't think that's cheating tweeting and retweeting are a bit different i think uh so yeah we'll um we'll see how we go over the next few days with regards to price i do think that you know we might see a another kind of dump down just to basically reset the market and then continue up from there but as i said i'm not like a trade or anything like that i'm just following on kind of what i have seen how i've experienced like previous bmi uh bull market sorry and this is basically normal previous

bull markets i mean in 2017 you had 35 to 40 drawdowns i think six or seven times during that year for btc uh specifically um so this isn't out of the order ordinary this isn't something that hasn't happened before so yeah always be kind of like ready for for this sort of stuff and it can it can basically snap back as fast as it goes down like you know we could be at 1300 by tomorrow for example not saying it's going to happen it's probably unlikely that it hap that it will happen but you know that's how fast crypto moves and i'm sure a lot of you have been in the industry for quite a while will be well aware of that but for maybe for newer people this is literally normal this is nothing out of the ordinary and a 25 dumps actually not that bad compared to

you know what we've seen in the past so yeah just keep that in mind uh so into the block put out an interesting tweet just before uh about addresses that are currently in profit across different blockchains so what i actually found quite funny was that uh there are more addresses in profit on eth than in bitcoin right now and this is simply because bitcoin basically went to what forty two thousand dollars it's if i'm looking at the chart right now it's back at thirty four thousand dollars now um so you can imagine how many people bought btc between thirty four thousand and forty two thousand because it actually hung around there for a little bit um and basically are now underwater on those purchases right uh if they didn't i've caught obviously if they didn't sell whereas for eth

i i imagine you know we didn't stay at the price levels that we were at for too long and we kind of like dumped down from there um so you know you can see that basically 92 percent of all people that bought ether in the money so they're in profit uh and then you can see the other blockchains here you know most of them seem to be like highly in the money what actually struck me as a bit of an outlier was uh bitcoin cash here but then i thought about it and i'm like you know there's probably a lot of bitcoin cash that isn't actually or hasn't actually been claimed yet so all the addresses where the bitcoin cash is sitting or at least most of them people didn't even bother to claim it so it's just sitting there so it hasn't moved at all so it's sat

there since the the air drop essentially uh or basically since the fork sorry in 2017 so that makes sense and then v vette here which is ve chain also stood out to me being 90 in profit i mean i don't know much about this project at all i do know that it was a big project during 2017 so it's interesting that uh it's still ninety percent of addresses are in profit even though it was one of the bigger i think pumps and and then later dumps in 2017 not to say that the project is a pump and dump but it definitely went up and up pretty highly and down i get i guess from there so that was interesting to see but this is one metric i love to look at i believe that you know if if people if most of the addresses are in profit

then you know the selling pressure will be will be less uh simply because uh people are less inclined to sell when they're in profits right if you're losing money and it's a and it keeps going down eventually get to a point where you're like oh well i better sell i cut my losses but if you're in the money you know you kind of get you know i mean everyone does right you get a little bit greedy you think you know i'll just wait for it to go a bit higher um because i'm in profit it's all profit at this point um you know you might take off the table your original investment you might take some profits but most of it you let ride you know i have some friends doing that they take five to ten percent of profits around these prices and then they let the rest right because

uh up to a certain price point because they you know it's pure profit from that point of view so this is something that i like to watch to see you know which kind of coins are going to have you know extreme selling pressure as we move up which which which coins won't you know generally something that where people most people are out of the money i think it will sit in what's called a accumulation phase for a while uh and we saw this with i guess eth for two years right when eth it basically sat between one and three one and three hundred dollars for two years most of the time it oscillated around i think 150 and 250 dollars uh and that means it was basically in a re an accumulation slash distribution phase where people that were that thought it was the bottom and it kind of was because it was

like a massive range they were accumulating right they were buying but they weren't in profit yet right so they were still counted as addresses not in profit but at all that time you know people were capitulating we're selling you know they're getting out of the markets because they're like i'm going to cut my losses this thing's never recovering and that's why we get those long phases where you have that two year maybe even a three year accumulation phase and then from then on uh all the people that the kind of metrics says aren't in profit right or are underwater they are not people who bought at a thousand dollars anymore right um they become people who bought it like 200 so they are immediately in profit when the price um goes back up so that's this is why this is one metric that i

really love to to look at to see that and there's a bunch of others you can look at as well but this is great for spotting when something's been an accumulation for quite a while and you know eventually it will go back up uh so yeah i i i mean i i think you have to pay to access this maybe but it's on into the blocks website you can go check it out um i'll link it in the youtube description of course um but yeah i i think it is paid but um yeah you can go check it check it out and pay for it if you if you so wish interesting tweet from mark zeller here just before actually uh he was com replying to someone who said that they sold their lend after ico for a mere three times when they could have made it 600 times

and then mark was basically saying you know we will always welcome you back to the rv fam um we still have a lot to build 2020 was the tutorial the real deal starts now and i'm looking at the future with a lot of uh optimism he says so obviously he's referencing optimism as in the optimistic roll-up company so the company building this scaling technology that you've probably heard about synthetics is going to be using them unisop is going to be using them uh even chain link i think as well is going to be using them from the teasers that i've seen and everyone was wondering you know what uh layer twos are they gonna use will they use optimism will they use zk rollups will they use a side chain you know what are they using and i honestly haven't heard much about this at this

point so this is why this tweet kind of struck a i guess like my curiosity because he said optimism now mark is uh is part of the product team i think or at least the core team at arves so this is not some random saying this but he might be trolling right he might be trying to do some misdirection here but i don't think so i think it makes sense for arve to be on optimism with other protocols like synthetics um from a pure i guess like composability and liquidity standpoint uh and and i i wouldn't be surprised at all if they actually ended up being on optimism i guess we'll find out soon because of the fact that optimism soft maintenance is launching on january 15th with uh with synthetic so it's only four days away

i'm sure once that goes off without a hitch or once that's out there they're going to want to hype up the next projects that are going live and you know as i said union swap's already been announced because their logo is basically on optimism's blog posts same with chain link i think arves probably the next one so yeah great to see mark put this out there as a little bit of teaser i hope he's not trolling because i would really love to see ave on optimism uh i think it makes a lot of sense i think you know layer 2 is just going to keep getting hotter and hotter this year as i've said many times and you know i'm looking very much looking forward to january 15 to seeing how the soft main net launch with for optimism goes with uh with synthetics uh so yeah really

looking forward to that so dydx crossed a huge milestone over the weekend so they did a three b they've done sorry a cumulative three billion dollars in transaction volume on dydx since launch uh and they're saying they're just getting started with layer two coming soon now for those who don't know diy dx is launching a layer 2 using star wars zk roll up technology um so not optimism so yeah as i've noted before there are two leading kind of technologies right now and kind of companies leading it here with zk roll ups and optimistic roll ups and there's a few key differences between those and we don't know who the quote-unquote winner is going to be yet we just know that those are leading technologies and

they are getting a lot of traction there's a big d5 project looking at them so yeah we're going to see that come to fruition here and you know starkware quote tweeted this and and said that basically uh dydx's perpetual contracts will be live on the stockx zk roll up engine on ethereum maina in a few short weeks so this is all coming very very quickly i i feel you know we're going to get synthetics on january 15th with optimism we will probably we will get i mean within i should say within the next two to three months we're going to get i think synthetics on on mainnet optimism we're going to get uh dydx on on zk rollups we're going to see the continued growth of loop rings

zk roll up technology as well as long along with diversify uh the curve is on zk sync which is uh from the mata labs we're going to see a unisop layer 2 go live which i think is going to completely change the game and basically give a lot of people their first taste of layer two um so there's just within the next two to three months it's just gonna be layer two every pretty much every week i think uh new projects going there we're gonna see incredible adoption across the board here because the gas fees have gotten to the point where you know a lot of people are just so sick of it right every time the price moves uh the gas fees spike up i mean today uh or we're all during this kind of dump the gas fee spiked up to 600 grey again

and for those wondering why this actually happens there's a few reasons so the number one reason is because the bots working on chain uh to arbitrage between different uh liquidity pools on chains so say unispot liquidity pools uh sushi swaps uh curves all these sorts of things the bots don't care how much they pay in fees as long as they're making a profit so what they'll do is they'll do an arbitrage between you know multiple kind of areas maybe they'll even use rv for flash loans whatever but all they care about is that they they make profit net of fees so they'll pay a 99.99 of the transaction in fees as long as they make 0.01

profit so they don't give a you know give a damn how high the gas fees are they'll pay that as long as they know that they're going to make a profit at the other end which they do in terms of high vol in times of high volatility because the arbitrage opportunities are so great uh because the prices get so um far away from from one another and the second reason is that people who have on-chain leverage positions open are scrambling to close those you know you can imagine that you're seeing the price fall from 1 300 on 8th to 1100 and you have a position that's going to get liquidated at a thousand and fifty dollars right uh you're scrambling to cover that position so you either you're paying down your your loan with freshly purchased capital uh such as like stable coins

or you're you know closing out your position by selling off your other assets as fast as you can and getting the money into you know rv or whatever or compound and paying down your debt so that's the second reason that it happens and third reason and that's a bit more technical is that uh and i'm not sure how much of an impact this has but i think it does have actually quite a large impact is front running uh front running bots and mev in general so basically uh bots that try to front run other bots or people's transactions to basically do their transaction before they can do it to make the profit so that's another thing there and they obviously will bid higher than the the person they're trying to front run in terms of gas fees to get their transaction included first

mev minor extractable value falls into that uh basically trying to out uh outrun the other transactions and for those who maybe don't know how this works basically when you submit a transaction to the ethereum mempool it depending on the gas fee that you paid you can get the transaction confirmed within one block or multiple blocks so if you're doing it within one block it's 15 seconds so all the transactions that have paid the right fee that are included um that in that 15 seconds will get included in a block but during those 15 seconds uh pretty much everyone can see those transactions and if someone wants to they can front run it now what that means is that say you have a transaction and arbitrage

from uni swap to sushi swap where you're gonna make a hundred dollars in profit as an example right a front running bot can see that and say okay well this is gonna make a hundred dollars in profit for this person i want that profit okay well this person paid this much in of a fee i'm gonna pay more than them to guarantee that my transaction actually gets included uh before theirs so i actually you know they're not stealing anything but they're basically you know copying that uh that transaction and and taking away the opportunity for that original person to profit from it or bot or whatever a lot of this activity is actually automated um so that person has actually personal bot has actually um taken that opportunity

away from the original owner and that's called minor extractable value um and that is actually something that happens a lot you don't see it this is what people talk about when they talk about the dark forest of the mempool you've probably seen the blog post written about this at this point there's been a few of them um and this is like an active research topic for some very smart people right now they're they're researching on how to basically stop this from happening or at least have it happen where it's fair for everyone um but yeah i'm not going gonna dive too deep into that but that's another reason why or at least one of the big reasons why the gas fees can spike so high uh because you know as i said as long as you come out with profit at the other end

people don't care how much in fees they have to pay uh and that's why you've seen it come down as well um so quickly like a few hours ago it was 600 now it's 117 right they don't stay up persistently for that long because volatility doesn't last that long right the dumps will happen very very quickly they're not going to just persist like we're not just going to have um e4 from 1300 to 1000 to 700 to 400 right within a day that's just that's not how it works um so that means volatility goes down and gas fees go down with that so yeah just a bit of an explanation for you guys so also over the weekend i think it's less than this now but uh alexander fisher here posted that the e2 deposit contract surpassed three

billion dollars worth of value locked or 2.35 million ether now this is obviously worth less than three billion dollars now i think it is 2.7 billion dollars at current prices so i mean it's still close enough right i mean it's still a huge milestone 2.35 million each is about two percent of the total lead supply so yeah it's it's it's really great to see that each is still flooding in um you know as the ether price goes up the more value is locked the more value is being secured i mean i wrote a bit about this in the delegate newsletter today but basically you can think of the eth2 network since it's a separate network to e1 right now as just another blockchain right and if you look at all the other

layer 1 smart contract blockchains and measure them by market cap pretty much all of them are have a have a lower market cap than eth2 does uh except for polkadot and cardano so you could just say that eth2 is just like killing all these other kind of chains off and it's just it's just hilarious because even if you subtract the three billion uh usd market cap that e2 has um from the eth1 market cap ethanol is the way ahead of everything else uh so yeah it's funny to look at when you when you when you look at that and think about that and i think it really shows the incredible strength of the ethereum community here that we've rallied around this and we've actually put in so much eth into this it's really great i mean i love looking at my validators and seeing them humming

along it's always really really nice to see that uh and i'm sure a lot of people get a lot of you have got validated as well and you probably know one of the feeling i'm talking about it just it just feels good right um but yeah i wrote a bit more about this in the daily grain newsletter for today so definitely go check that out uh it's in the description so raphael from uh glass node uh tweeted out this picture today and i've spoken about this before uh not today sorry yesterday or yeah yesterday uh so i've spoken about this before but basically ethereum has flipped bitcoin in total network fees paid uh in 2020. so basically it i think ethereum doubled the amount of network fees paid

uh in 2020 as opposed to uh bitcoin um no 83 more than bitcoin so so almost double um so it was about 600 million dollars in fees on ethereum um and you know i spoken about how ethereum settled more value than bitcoin in 2020 as well settled about a trillion dollars of value or something like that so to see that it's also beating it in total fees paid is quite is quite uh it's quite a nice site because you can see on the chart here that in 2017 or actually my camera is covering it but basically you can see on the small chart in 2016 ethereum basically didn't even register right bitcoin was quite small still in terms of fees paid but big uh ethereum didn't even register

then you look at 2017 bitcoin has a huge lead it was at like 550 million fees paid in 2017 whereas ethereum was about what 30 40 million here move on to 2018 uh obviously bear market so you know the prices were down which means that the usd value of the fees were down but bitcoin was still ahead but now it wasn't ahead by that massive lead it had in 2017 it was only ahead by about double i think so if ether had 150 million bitcoin had almost 300 million fees paid then 2019 obviously prices were lower again it was at the depths of the bear market but bitcoin and bitcoin actually got ahead at this point because i think during 2019 it was actually quite a

quite a bad year for ethereum and eighth in terms of sentiment and usage and all these sorts of stuff um but you can see here that bitcoin was at 150 million fees pay ether was back to the 2017 levels actually lower than the 2017 levels but then you had 2020 which was obviously the explosion of d5 and everything you can do with d5 and obviously the high gas fees on ethereum and you can see that bitcoin basically uh you know increased as well but basically only did a bit more than the fees it did in 2018 whereas ethereum basically went from only doing 30 or 40 million fees in 2019 to you know 600 million dollars in fees in 2020. so a massive gain there an obvious gain like anyone who's used

the ethereum network knows how painful fees are the high fees are you know we've all paid them i just spoke about the reasons why they're high uh but yeah this this is insane and the number one reason why this is insane to me is that bitcoin security long term relies on network fees because of the fact that the block rewards halves every four years so as that block reward halves uh the miners get less bitcoin and um you know the the unless the bitcoin price is going up they're actually making less money so obviously every four years now the bitcoin price has gone up right uh or at least like after the harvening the bitcoin price has trended up but that's only happened a few times

like there isn't enough data to say this is going to happen into the future and eventually bitcoin is not going to go up enough to basically make up for the fact that the block subsidy is is very small and it's not going to take like you know 100 years for to this point i think it can happen within the next 10 20 years so what that means is that bitcoin needs to rely on network fees to secure itself and i don't think long term it's going to be able to because i don't think that there's enough demand just to move bitcoin around on the bitcoin network to pay all these fees uh whereas on ethereum right you're not just moving eath around you're you're doing d5 you're moving stable coins you know you're moving other tokens you're doing nfts doubts whatever you're doing so many different things

and people are willing to pay those things because those are high value transactions especially defy so ethereum is actually beating bitcoin at its own security game and the funniest thing is is that in eth2 ethereum doesn't need to rely on network fees for security because eth2 has perpetual issuance to stakers um which is less than one percent so very low perpetual issuance and we will also have fee burning so in turn we may get to a point where each issuance goes negative because more fees is being burned than eath generated a year um per year which creates this what i like to call symbiotic relationship and this is actually i guess my bull case for ethereum and eth is that i believe this model for network

security is better than this model of capped supply halving every four years uh rel and hoping that that uh the fees paid on the network can actually make up for that dwindling uh block reward so yeah i mean this is and this is proving to be true right this isn't like a fantasy this isn't a narrative this isn't like fiction this isn't like a a prediction this is actually happening right now um you know and i and i think that you know bitcoin's hash rate and everything is at all time high fair enough right um but that's because the price is going up i'm curious to see you know when the price stops going up and or when it dampens at least um what's going to happen right is the bitcoin network going to become insecure is hash rate going to go down

and perpetually go down because it just becomes unprofitable for miners to to just live off transaction fees uh and you know the block reward isn't sustainable because the the price has stopped going up and it doesn't make up for the fact that block reward halves every four years so you know that's not let's not fight on bitcoin or anything but it is definitely something that not enough people talk about and actually consider to be a fundamental flaw in the bitcoin protocol now long term i actually and this might be an unpopular opinion i actually think that the bitcoin community will either vote to add uh perpetual issuance which i know right now is is very hard to believe because everyone it rallies around the 21 million cap and that's what gives it value and all

this sort of stuff but i think eth has proved that at this point at least that you don't need a capped supply for something to have value right eth has no cap supply and never will it will have infinite supply but there's nuance to that as i just explained um but at the same time eth is only what one-sixth of bitcoin's market cap right that's huge it's it's i think it's 120 billion dollars bitcoins like 700 billion or 650 billion or something like that um and you know it's living and bitcoins obviously all that's living off this kind of meme whereas has managed to to attain this massive market cap and it did it basically like you know uh almost before e3 staking went live as well so we only had ethers i guess people call it just gas right or

is this and then people using it as a story of value obviously people using it as gas because the fees being paid so i think you don't need a capped supply right you you just need demand and that's what ethereum has and what eth has it has so much demand um so yeah i won't harp too much more on about this but it's just another thing that ethereum has flipped bitcoin in right we flipped it insert in total settlement volume flipped it in usage uh and you know in total usage across the board uh def whether that being d5 or anything like that you know i just think that the market cap flipping i know it seems a little far away at this point but i think it's just a matter of time um you know i i get why people like bitcoin and why people are bullish on it

but i just when you look at it and look at all the nuance behind ethereum what ethereum's trying to do and ether as an asset you just quickly realize or at least i do and a lot of my fellow perma eth balls do that eth is just such a magical asset and uh and it's just so different to bitcoin and can stand on its own that that's what makes me the most bullish on it basically all right last stop here we had an interesting tweet from santiago from a couple days ago so santiago is a partner at parify capital uh which is a very active d5 investor uh and user so what he tweeted out was quote was just on the phone with one of the largest global hedge funds they've been interested in crypto for

years but haven't allocated the biggest surprise was hearing about d5 protocols cranking out cash flow with record low rates d5 productive assets become too hard to ignore end quote i thought this was awesome because this is exactly what i've been seeing as well with anyone that's in the traditional finance space like my accountant people that my my parents know that i've spoken to and stuff like that they all kind of think about the same thing they're like how are you getting 10 plus yield on your dollars basically and i'm like well there's this thing called defy it's on ethereum it's outside of the banking system and it's completely um open to anyone to use there's no kyc you don't have to do any of that and their minds are absolutely blown

like seriously we take this stuff for granted because we're so uh in the in the weeds of this but they are blown away by this and not just because of the the the rates uh and and the fact that you can buy tokens that give you um cash flows as well uh and and do this all on d5 outside of the traditional banking system um they're also surprised that they haven't heard about it they're like how have i not heard about this when it's it's just so amazing like well because we're so early we're so so so early you think about the i mean if you even look at the cumulative um addresses not people addresses that have interacted with various different protocols it's like at 1.2 million or something like that 1.2 million addresses so i will tell you right now

there are pretty much so many people using multiple addresses that that 1.2 million can easily be taken down to 500 000 and i would take that down even further to maybe two to three hundred thousand in terms of actual d5 users people that have used a d5 app at least once unique people not multiple addresses or whatever so when you think about that two to three hundred thousand people right now the population of the planet is seven billion or over seven billion i think it's approaching eight billion at this point um and we have two to three hundred thousand using defy when the total addressable market of finance is the entire world right like this is this is why people get so bullish on defy on ethereum on all this sort of stuff is because we have just not even begun to

see the inflows of people that are going to be coming once they figure out how much better this system is and you know obviously there's lots of growing pains now and i like to call us that are in the ecosystem today pioneers because that's what we are we are pioneering this technology we are so early we are the ones who will deal with the high gas fees and so and develop the technology and keep building and investing so that the people that come after us don't have to deal with that and your reward for dealing with that is the fact that you get to buy stuff early you get to buy tokens early before they go up you had the opportunity to buy eth you know if it was 2016 at 10 if it was 2018 and 19 between 100 and 200 those people coming in later aren't

going to be given these opportunities because they are the late majority or the late stage adopters we need them obviously to to to realize the goals that we have for this technology but you know that's why i always kind of when i see people complaining about gas fees i'm like guys like you are at the forefront of this stuff enjoy it you know make the most of it while it lasts because it's not going to last forever you know these higher rates aren't going to last forever things are going to get more efficient things are going to come down the gains are going to come down you're not going to be able to buy tokens of projects that are going to change the world at you know less than 100 million dollar market cap these things are going to 100 billion plus market cap if they're successful

that's what fintech companies are at in the traditional world so the crypto space loves to compare the market caps of crypto to itself which is fair enough i like about that's relative evaluations within its own asset class but when you look outside and look at you know the possibilities i mean to me owning eth is like owning a share of the internet right you are you can't own a share of the internet so you buy the companies on top add all those companies together right in a kind of crude kind of way and you maybe get the potential market cap for eighth right uh and that would be in the many trillions of dollars and then you look at the apps themselves and compare them to their traditional finance counterparts we're replacing banks banks have market

caps of hundreds of billions of dollars we're replacing fintech we're replacing payment apps we're replacing all this sort of stuff or at least trying to and and the upside there is just is just massive uh absolutely massive especially because this is global so i can't stress it enough about how early we are even though it doesn't feel early to some of us because we've been here so long we are so so early you'll know when we're no longer early when people aren't just talking to you about uh you know buying tokens on centralized exchanges and speculating all that but when they're actually using these apps in their everyday lives during bear markets that's when you know that we are no longer early so yeah uh really exciting stuff happening across the board i will

digress there because this has been a long daily grade refuel uh but yeah so thank you everyone for listening and watching i hope you enjoyed it subscribe to the youtube channel if you did give the video a thumbs up subscribe to the delight newsletter join the discord and i will see you all tomorrow thanks everyone