ETHDenver recap, USDC drama and much more - The Daily Gwei Refuel #547 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily gray refuel where we cup the latest news in ethereum ecosystem I'm your host Anthony and since the 12th of March 2023. all right everyone let's get back into it after two weeks of absence here apologies for not doing a Refuel on Wednesday or Thursday last week as I said that I would before I went to Denver unfortunately I got very sick got covered uh about a few days into being in Denver not surprising considering how many people that I kind of interacted with and shook hands with I mean yeah not surprised at all that I got sick I'm still sick right now still have covered uh my voice you can probably hear it in my voice right now he's not the greatest and I'm having coughing fits every now and again but I figured I need to do

this uh it's going to be a long long episode uh I'm budgeting for two hours right now but I can easily see it going longer than that the tabs you see on my screen is one of four different Chrome windows with similar amounts of tabs so there is a lot to get through of course and I'm going to be going through them basically from when the news happen usually I and when I do the refuel each day I'll Bunch up the news into their own categories like there'll be a layer 2 category DFI category everything is basically uncategorized it's just going to be happening as it happened over the last two weeks so I will repeat myself a few times because there'll be news that came out and there'll be follow-ups to that news that came out a few days later and all that stuff there but anyway

first of all what I'm going to start with is my eath Denver recap gonna spend a bit of time on this because there's a lot to talk through gonna try and keep it uh keep it kind of um a short-ish because I don't want to kind of bore you guys for too long about it but I think that there is a lot to talk about when it comes to what I experienced at East Denver and how I think it affects the industry going forward all right so first off let's start with the daily grade Meetup so obviously as a lot of you know there was a daily gray Meetup that happened in Denver organized by a uh a Community member um in the Discord Channel Outsider analytics so that big thanks to him for organizing it and it was a huge success we had I think over

100 people are there people coming and going during the night it was hosted from 6 p.m to 10 p.m on the the 2nd of March the Thursday night there it was amazing to meet all of you honestly it was the highlight of my trip by far to meet and to put kind of like uh faces to the Discord names and to meet a lot of you that I had no idea were even out there and you said that you've been watching my show from day one which is just crazy to me so it was really humbling it was really awesome to meet everyone so thank you to everyone who came out uh to that there we all had lots of fun we've had lots of great discussions I also met a lot of you at the conferences at the conference as well so many people I mean I would had

to have at least kind of met and shook like over 500 people's hands like at least and the crazy thing is the numbers that eat Denver were so much more than that so there were just so many people but you know I was walking through the main venue and every you know five meters I got stopped and so on said hey and talked to me and I loved it honestly absolutely loved it uh some people ask me doesn't it get annoying that I get stopped all the time it's like no I mean honestly I I don't care to be be like a celebrity but I love when people come up to me and say hey and basically thank me for my work and and say that they follow me and watch my stuff every day it just warms my heart honestly it's what I why

I do what I do the daily way is a public good right it's free it's just out there for people to get enjoyment out of get value out of and when people give me the direct feedback saying that they um get a lot of value out of it they love the show that means the world to me of course so yeah that was the meet up there now moving on to I guess the general conference it was massive this was the biggest eth conference by far like in history so to give you some context here last year at East Denver so 8th Denver 2022 in February at the old sportscastle venue um I uh confirmed that the numbers were around 10 to 15 000 right and obviously that that was way too many people for the little venue which is called the Sports Castle uh that that the um 8th

number had been hosted on hosted in historically uh but that's how many people were there uh and that was I guess like just coming out of the bull market it so there was still obviously a lot of tourists around but yeah that was a lot of people back then and then my last ethember was 2020 before covert happened so that was also at the Sports Castle but I would have to say there was maybe 2 000 people in total there so obviously the community has grown uh very big since then uh and obviously grew through the bull market and everything like that and Eve Denver has basically become uh the ethereum communities Burning Man so to speak it's where everyone goes to obviously being based in the US it draws a lot more people than other conferences based elsewhere because the us obviously is a

very um a very big hub for crypto people uh but now we come to eat Denver 2023 how many people uh you know you probably heard numbers being thrown around I was able to confirm with relative I guess like uh accuracy on the the numbers that were that were there at 8th Denver at the main venue it was around 25 000 people all up which is insane it's so insane guys for a few different reasons one as I said biggest eighth conference ever by far bigger than last year's eath Denver which was as I said 10 to 15 000 people there wasn't able to get exact numbers on that but for you know I kind of like uh collaborated those uh numbers with uh corroborated I

should say those numbers with a few different people so 10 to 15 000 there uh and 25 000 this year now obviously this year there was a completely different venue it was no longer the Sports Castle it was something called the National Western Complex which is basically a stadium uh they do a lot of other events they're not obviously just crypto events but it was an absolutely massive uh kind of venue it easily housed those 25 000 people the line I think that the biggest line that I was in was really just a registration line on the first day and that only took about an hour and I'm pretty sure I went and peak time so that was the longest line that you would have seen there it was much better run this at this time around there wasn't lines to get in you could just walk in everything was fine

uh there was no Wi-fi I think that was the biggest issue people had and getting any kind of salary perception in the actual venue was impossible because there were so many people in there it was the cell tower obviously got overloaded uh but yeah 25 000 people there now obviously given how many people were there people how many people are at the the venue everyone was making comments like look how many people were here in a bear market and I kept hearing that over and over again and I'm like you know what I have a kind of running thesis here and hopefully this running thesis doesn't crush the price of each to zero because it's going to be a kind of a little bit of a bull bullish case right now for ethereum so I get that people will obviously comment and say you know this is a bit it's a bear

market look how many people here imagine how many people are going to be around in a bull market but honestly I think at this point ethereum as an ecosystem has transcended bull or bear markets now I'm gonna back this up with it with a few kind of like facts and anecdotes here of course but I think the biggest kind of supportive uh I guess evidence for this argument is just the sheer amount of people that were there and honestly if there were if it was a bull market I think that we'll probably get similar numbers of people because as I said I think we've transcended the Bull and Bear markets because ethereum as an ecosystem is much more than the price of eth or much more than the price of assets yes a lot of speculative activity drives a lot of the um the stuff that

goes on in the ethereum ecosystem and yes the more money there is the more stuff gets funded and teams get funded and stuff gets built and all that good stuff there but I think that given that a lot of the conversations that I had at 8th Denver I mean I would say 95 plus percent of them did not talk about the price even once I think that ethereum as a community as an ecosystem has transcended those Bull and Bear markets and that to me is the most bullish thing that can happen I've long wanted the ethereum community to transcend these these stupid little cycles that we have these Market cycles that we have because we shouldn't be defined by these arbitrary Market Cycles where obviously we have a lot of new people come in during a bull market that a lot of new people a lot of people go out during a

bear market and we're just stuck sitting here waiting until the next bull market comes around in order to get some adoption I don't think that's the case for ethereum anymore and there's a bunch of other supporting evidence here obviously a lot of the stuff in the ethereum ecosystem is still growing really nicely layer twos are growing amazingly um uh gas fees are still quite High I mean we've been above the ultrasound barrier for a while now and obviously we're in deflationary territory right now that's the the best way to measure on-chain activity and I've said this for a while because it's it's hard to to fake if not impossible to fake because it's so expensive to fake you would have to have a lot of money uh in order to fake that activity uh but yeah as I said layer twos are growing defy stuff still

growing uh the the amount of developers building on top of ethereum is still growing so I don't look at it as a it's a bear Market looking people are here or it's a bull market look how many people are here I look at it as ethereum exists uh in bull or bear Market doesn't matter what the market is doing and it keeps growing no matter what and it grow and it's growing at such a rapid Pace right now I think that it's it's basically reached escape velocity I actually thought this a while ago that the ethereum community had reached escape velocity but I think that now it truly has and it's undeniable at this point so that's that's my little Theory there um I think it holds true I think it will continue to hold true for years to come I really do think ethereum is in the

best place it's ever been in right now and continues to just get stronger and stronger and stronger for a bunch of you know reasons that I've outlined on the refuel over the over the previous months and obviously as I'll outline going forward uh but that's that's the kind of like meta take for me from East Denver uh next take there were a lot of sponsorship boots and I guess that was what paid for ethanva because it definitely cost a lot of money to throw this um throw this kind of uh event uh and it was a huge venue right just hiring at the venue alone would have cost a lot but yeah there were a lot of booths there are a lot of uh booths from I guess like alternative l1s and it did make the conference feel I guess corporate at times where it lost that

kind of I guess you could say cyberpunk uh kind of hacker vibe to it there was that at kind of the the site events and also if you went to The Hacker House itself and you were hacking along and building things you would still get that but as for the main venue it definitely felt very corporatized uh well maybe not very corporatized but it's getting there and I can imagine uh that next year's one will probably feel even more corporate that's just a natural consequence of an ecosystem growing I think obviously there's a lot of money to be or potential money to be made in crypto in the ethereum ecosystem and that's going to attract a lot of different types of uh groups and people but the booths paid for the conference if it wasn't for the boots it wasn't for all the sponsors and all the

sponsorships it would have cost a lot to attend at this conference given just how expensive it is to throw something like this uh from you know every different kind of angle here so that was my uh you know other takeaway there is if you were at the conference you'll know what I'm talking about they were just booths absolutely everywhere it was crazy I mean there had to be hundreds of booths and there were booths of different varying site varying sizes what I found hilarious was that I believe the biggest Booth uh was hedera hashgraph so their Booth was not just a little you know not just a booth it was a whole kind of display and it was front and center so I guess that was like Prime real estate at the at the um the venue there and they paid a lot to be there which I just

found hilarious because they're at Ulta one uh that I actually read yesterday that they kind of paused their chain because of some exploit so obviously not decentralized obviously just another L1 and I see if l1's there but hey they paid for the conference so kudos to them for that but it wasn't just them there was polka dot there was Nia there was B and B chain uh there was a bunch of others out there there were so many booths right and so many of these kind of competitors coming there because they know that's where the community is that's where the developer developers are but for me it's funny because it just reinforces ethereum as the Hub right as the the kind of center of this entire ecosystem so I don't mind them being there I've learned to love it at this point right especially because

they're paying to be there they're not there for you know for free they're actually paying a lot of money and I'm I'm sure hedera paid hundreds of thousands of dollars for that display that they had so thank you for that thank you for I guess reinforcing ethereum's Network effects and the ethereum community there so that's that's the other thing there now my I guess like my main takeaway from the conference itself from I'm talking to so many different people after meeting so many different people after seeing what people are excited about the main takeaway I have is that ethereum still at its core has a really really strong Builder culture there are so many people that as I said they don't care about the price of ether they don't care about the price of the tokens what they want to do is build better systems and I think that

there's a few different examples about this one of the most popular booths at the at the at East Denver was The Rocker pool booth now I walked past multiple times it was actually rather difficult to find the rocker pool Booth maybe that was just me but it definitely wasn't front and center you had to actually go out of your way to find it uh and the navigation I guess was a bit all over the place uh because of the fact that it was such a big venue but every single time I walked past the rocker pool Booth every single time I went there there it was packed guys it was absolutely packed there were so many people there so many people talking about ethereum staking showing people talking about uh uh kind of uh the you know the um the atlas upgrade coming to make it easier for

people to stake with just eight instead of 16 eighth for mini pools they had a really cool display where you could basically get on a bike and power a kind of um a little Proteus device and I've talked about these protest devices before they're made up of rock 5B boards you could power that and they you could stake there uh so you could watch it uh kind of a test of blocks and all that really cool stuff happening there so that is a huge takeaway for me because what that signals to me is that the people that at Denver a lot of people that eat Denver were very interested in learning about the things that were actually adding value to the ethereum ecosystem as a whole and adding value to ethereum's decentralization to ethereum's community and all that that stuff there so that was was definitely a

huge thing for me and there were also other staking booths there as well like stakewise was there which is which is really great and I talked to those guys they're doing a lot of great work there but uh and there's so many other booths I talked to so many people like I can't name all of them but uh that was that was a huge takeaway for me just how busy this booth was and just how I guess uh jam-packed with Alpha a lot of the conversations I had with people were and how excited people were like the energy was just absolutely insane guys like I couldn't believe it myself like walking in there and this is why I got so sick and so run down uh because the energy of everyone was just off the charts like no one was there that I talked to that I

met who was just like oh yeah cool whatever it's a it's a bear Mark you know when you when do you think it's gonna go back up again oh this is so depressing now there was none of that not not one of that there was just people doing and talking about cool things being so energized by the the community so energized by the the conference itself and getting so much value and excitement out of it so that was I guess probably my main takeaway from from the whole thing there now of course I could talk about this forever but I'm I'm at 15 minutes here and I didn't want to spend two too long recapping here but I had honestly the best time of my life at East Denver it's probably up there with with the most fun I've ever had in in my entire life

honestly uh and I know that's a big call to make considering that there's a lot of other things that happen in life but honestly ethereum and and the ethereum community is my life this is basically I guess the majority of what I do in life and what I and what I get enjoyment out of and just being amongst the community being amongst everything happening and talking to so many people I I just had the time in my life even though I got sick I actually got really sick on on the Saturday I I got a fever I was at the venue and I was talking to people and I was just shaking I'm like oh this is bad but like I love talking to people I love being there so bad that I just wanted to stay there even though I was so sick and just needed to get back to

the hotel room and I made it to like four I guess 4 30 p.m I went to the um ethereum attestation service happy hour and I was talking to them there and I'm like look guys I'm so sorry I'd love to stick around I'm having so much fun but I really need to get back to the hotel room and I I trekked back to the hotel room took me about an hour to get back and I just slept for for a long time and I stayed in my hotel on Sunday and then on Monday I kind of flew back I didn't actually know I had covered until I got back because getting a covert test was basically impossible and done but I couldn't find any anywhere for some reason um but yeah I honestly I I was just having so much fun that I kind of got

annoyed that I got sick but not surprised at all and it wasn't just me obviously a lot of people got sick but yeah I just had a really really bad fever and it was it was not fun Ah that's for sure but uh anyway gonna leave that one that I have so much more to get through uh as I said this is probably going to go over the two hours that I budgeted for originally but let's get into the news of the last two weeks starting from Monday uh I guess I can't remember the the exact date on Monday I think it was maybe the 27th yeah it was the 27th of Feb uh till today let's get into it so first up we have a thread from Jordy baleena here talking about how the scalability of a ZK Roll Up is not limited by the prover uh now this

thread's a great read I'll link in YouTube description below for you guys to to read it but this actually was spurred on by a few days prior Anatoly from the Solana ecosystem of course was fighting L2 specifically zkl2s and he really didn't have any idea what he was talking about and the grand irony of this as well was that while Anatoly was saying this Solana went offline again or it had like I guess a 95 plus percent degradation in performance or something I I don't know I wasn't following it too closely so I thought that was hilarious at the time but Jordy balena as you guys know works at polygon on the ZK VM team he's been the leader polygon Hermes for quite a while he is basically one of the four runners of ZK VMS and ZK Tech in

general so when he put a tweet thread out you listen you know you read it so as I said I'll link it in the YouTube description below for you to read it but I would say that don't actually listen to any of these kind of people like Anatoly talking about ZK l2s because for them so so it's it's all a game of I guess kind of um incentives here so Anatoli does not have an incentive to make zk's look good because zkl2's obsolete Solana so for him it's like oh crap where can I poke holes in this thing like even if he knows what he's saying isn't exactly totally accurate for him it's like an existential thing Solana is in a really bad place right now as you guys know uh and I don't think it's going to be able to get it get themselves out of it and ZK uh ZK

stuff and l2s in general are in a really really great place so obviously he doesn't have a motivation to talk about zkl2s as if there's something revolutionary or if there's something uh positive whereas obviously uh you know Geordie does because he's working on them but uh there it wasn't just him that was talking about this sorts of stuff a lot of the other ZK VM and ZK researchers basically said you know Anatoly doesn't know what he's talking about uh and yeah so I I listen to these people rather than than people from competing ecosystems that's for sure but anyway I wanted to just highlight that you can go give this a read I'll link it in the YouTube description below moving on now I did say that a lot of this news is going to be out of order there isn't going to it's not going to be

categorized so I'm going to be jumping between different different categories here but I guess that keeps it fresh but anyway we have an all-new frame V 0.6 is out so if you're a frame user as your kind of uh main main desktop wallet user here well this update is for you you can download it today at frame.sh so this has all the functionality you know and love from frame Canary uh it's now available to everyone in this version and includes Omni chain routing which removes the concept of being on chain which is something I guess uh pretty cool and you can read about it on the blog here as well if you want to so I'm not sure how many of you guys use frame as your day-to-day wallet uh but yeah if you do this is an update for you so go check that out there

all right so this is old news now I guess but this is something that I I think that I want to talk about because there were some kind of like head butting going on in the delegated Discord Channel when I spoke about this so this as I said this happened a couple of weeks ago now but basically that was a reverse exploit that happened on the Oasis platform where essentially the Wormhole team so if okay I should give some extra context here so the Wormhole Bridge was hacked quite a while ago for a massive amount of money I think it was 250 million or 300 million dollars uh quite a while ago uh and then recently why this has come up again was that there was a court order issued to the team behind the Oasis app which is an app that sits on top of maker Dow they

have their own smart contracts that allow you to take out cdps while there was a court order issued to them they basically said to them they needed to use an exploit in order to get the funds back from the Wormhole hacker who had used Oasis to I believe open a CDP or something like that or or do something with it I can't remember exactly what they did with it but essentially this exploit was was used the funds were taken uh and everyone was just like holy crap like make a dial isn't decentralized like what is this are you just basically stealing the funds here and I basically clarified this on on Discord and on Twitter I basically said well technically and this is where I guess people butt heads with me technically Mecca is still decentralized it was

Oasis that was built on top of maker that had this centralization Vector in or had this exploit Vector in it that was used by The Oasis team in order to I guess get this money back for from the Wormhole exploit now this is no longer possible I should clarify that they actually are kind of patch this and fix this so this can't be done again but obviously it kind of opens up a lot of questions about what is actually decentralizing this ecosystem and what is centralized so I should kind of state that well I believe that being technically correct and technically accurate is always very very important and what I always argue for I do think that the Oasis team is is obviously very close to maker whenever you go to open a

CDP maker actually directs you to Oasis to open one and to use their smart contracts to do this so while they were technically separate they could be argued to be functionally the same thing now I I personally don't believe that they should be argued to be the you know functionally the same thing but there is an argument to be made there so in saying that um I I believe that while I guess like the smart tracks were were separate maker Dallas decentralization wasn't compromised here it was the Oasis contracts themselves I think a lot of users weren't actually aware of the fact that they were separate and they just assumed that Oasis was maker you know they assumed they were the same thing and honestly they can't be blamed for

that considering how close the relationship is I mean Oasis actually spun out of maker that the team members on our ways a lot of them worked at makeup a lot of makeup um uh people kind of invested in Oasis as well so it's not like they were totally separate entities with a firewall you know a massive kind of like wall between them there was a lot of co-mingling here but I think from from being a kind of technically accurate perspective I think people need to understand that the mega contracts themselves weren't exploited they're still decentralized it was the Oasis smart contracts built on top of it that were were kind of exploited here that the export isn't possible anymore they they fixed it but that's what happened so yeah where you fall on the how close these things are is is a different debate but I think just being

technically accurate here that's exactly what happened so as I said I know this is old news but I still think it's important to kind of cover it and for you guys to understand exactly uh what happened here all right so next up we have a new newsletter from armagan.ethia who works in comms at uh at gnosis so basically this is called the Rhino review which is an ethereum staking Journal that you can subscribe to on sub stack and there are two editions so far I believe they basically cover everything happening in the ethereum staking ecosystem now this is quickly become one of my favorite newsletters in the ecosystem right now simply because uh there's so much happening in ethereum staking and it's obviously very hard for me to to keep

track of it and to keep uh keep track of what's exactly what's going on well this rhino review is a perfect tool for doing that so I just wanted to shout give a shout out here if you want to subscribe you can it is a bi-weekly ethereum staking newsletter so you'll be getting it every two weeks I believe so you can subscribe to it I'll link it in the YouTube description below uh for you to do so but yeah there's just so much happening in ethereum staking land guys I mean we have Shanghai coming very very soon I mean what probably like a month or so out now and it's gonna just explain load I mean I spoke to this is something I should have uh said before when I was talking about ethanvant so I spoke to a lot of people about ethereum staking and I can confirm that there are

hundreds of thousands if not millions of eth sitting on the sidelines waiting for Shanghai to go live for them to stake so if you think that there's going to be a net outflow of steak once Shanghai goes live I think that you should reevaluate that thesis if you think that the East price is going to crash after it I think you should re-evaluate that thesis there is going to be so much new e-state there is going to be such a de-risking of ethereum staking there's going to be such a change in narrative and such a I guess like disruption of that Narrative of oh everything's going to dump uh you know post uh Shanghai because it's just not the case and I've talked about this plenty of times on the review before but that's a bit of alpha for you guys I got Alpha that there is a lot of e sitting

on the sidelines that is going to be staked post Shanghai uh simply because obviously it's de-risked withdrawals are there you can kind of sell your if you want to earn passive income off of that uh so yeah what keep you know watch out for that watch this space uh for that that's for sure all right so some connects Network growth statistics here from Arjun who said since going live on February 2nd connects network has grown close to nine times on every core metric tvl is up from two million to 18 million dollars weekly volume from 500 000 to 5.5 million weekly transactions from 650 to almost 5 000 and they're only just getting started so this was the metrics from February 2nd to February 28th and this is only natural that they're

growing here I think because layer twos are growing and obviously people want to move between layer twos it's becoming a bit of a kind of a thing that I've had to do every time using an L2 these days which is totally fine now that there's bridging I basically would just Bridge from L2 to L2 I'll use various bridging protocols to to do this in various bridging protocol aggregators to do to do this but no surprise that connects is growing here given how fast the l2s are going how many people are using them and how much growth uh I guess the uh the liquidity on these uh on these Bridges is having as well so you can Bridge more a lot of the whales can Bridge as well well so there's no kind of issue with liquidity there so congrats to connect on the growth I'd love to see some fresh

stats at the end of the March month here all right next up here we have the ethereum attestation service which is now live across multiple EVMS so they are live on arbitrim uh and optimism and other EVMS which uh I guess like they said would follow soon after but this was a couple of weeks ago so they are live on a bunch of these other chains and they're also live on ethereum mainnet now I did mention ethereum attestation service before I met the the founders and uh and and some of the team and I also uh kind of talked to them at that happy hour there this is one project that I'm happy to put so much of my weight behind because they're a public good and I've spoken about it before how they're trying to be a public good they're not trying to to essentially kind of monetize uh the

actual protocol itself I don't think they're going to have a token or anything like that uh so they're trying to be an actual a public good and you guys know I'm a public goods maximalist and I love all these sorts of stuff but exactly what they are if you don't know it's basically a way to kind of attest to different things now you may have seen that optimism had their own version of this and you may have seen a bunch of other things around the centralized identity and and voting and all that good stuff there but what if your manifestation service is trying to be he's trying to be a standard for a testing on evm chains and we don't have something like this yet as I said optimism was trying to work on it but I believe they're actually going to be using EAS now instead of their own

solution which is good because we want a standard for this stuff especially if it's a public good I'm I'm all for there being kind of a monopoly um in in a standard if it's a public order now for example the erc20 standard I would consider a public good because there's no erc20 token right there's no governance token I guess tied to the erc20 standard right it's just a standard it's just a public anyone can use uh and and it's a monopoly basically there are other token standards and I'm not talking about nft tokens then I'm talking about just normal token standards but they aren't used because it's not they're not needed right there is no one profiting off of the erc20 token standard unless they make their own token right using that standard so the the terminology may be a little bit confusing here but I'm fine with there

being monopolies um if within standards as long as they're public goods as long as there's not one party kind of unilaterally profiting from it and that's why I think the Eis should be the standard for attestation because it's a public good because it's been built uh from the ground up it's actually a really really cool service you can go to easscan.org to actually see what's happening here and see how it's all working and they've put a lot of love into this thing and then they know exactly what what they're doing here and they're going to be working with as I said like optimism and a bunch of other teams that want that have been trying to do this so yeah very very cool to see them live across various evm chains here and this is one project that I think is worth paying attention to

all right so uh scroll announced that uh if they said here on a tweet for nearly two years we've built our ZK VM in the open alongside uh the privacy and scaling Explorations group at the ethereum foundation and other contributors and today we're taking the next step to girly the final stage perform main Nets uh so they're basically live on the girly test net here and it's 100 permissionless for people to develop on so a lot of movement happening in the Ezekiel VM space as you guys know all of them are going live uh polygons EK VM going live this month on the 27th of March I would say that scroll zkvm not far behind zk6 zkvm is very very close now I believe maybe three weeks out or something like that uh consensus zkvm is going live soon uh Taiko uh as

well um I'm gonna talk about their roadmap a bit later in the episode I've got that loaded up for you guys so yeah it really is an arms race now in on the ZK VM front here uh and honestly like I forgot to mention this before I went to ZK day which was a side event it was the first event that I went to on the Tuesday when I uh at Denver there were so many people there guys the ZK stuff has become this massive hype kind of narrative that uh I don't know I kind of get a little bit bearish when I see that on a lot of the newer projects because if you look at the newer projects a lot of them are I guess like opportunistic so I'm sticking to the older projects here that have been around for a while and skull is

definitely one of them but there's not just scroll there's obviously polygon and all the ZK stuff that they're doing CK sync uh Taiko as well been around for a while DK um sorry uh loop ring veterans working on that as well so so yeah but anyway Scrolls uh girly testnet is now live pure developer or a user you want to go test it out you can I'll link this in the YouTube description below for you to check out all right so there was some new research around ethereum's core consensus protocol a couple weeks ago so this came from Luca zanoli who is a consensus research Zen noelini who is a consensus researcher at the ethereum foundation so he starts off the thread by saying the

implemented consensus protocol of ethereum Gaspar has a hybrid design it combines a protocol that allows Dynamic participation among validators called lmd ghost and a finality gadget called kaspar so the reason why we want to improve this or at least the the main bulk of this work here is so that we can have a single slot finality now I've talked about this before about how the ethereum protocol right now has a finality of two app epochs which is around 13 minutes if we were able to change this and have a single slot finality it means we would have finality in 12 seconds that is an absolutely insane Improvement right it brings a lot of benefits with it uh and it's something that a lot of people are working towards right now it's obviously something that uh is going to take a

little while to come to Maine that it requires a lot of testing it is definitely you know anytime you're kind of changing the core consensus mechanism of a chain it requires a lot of testing a lot of a lot of research a lot of um a kind of uh I guess a battle testing to make sure that nothing breaks under certain conditions but this is the latest research out out of here so this isn't just the Luca publishing this there are a few other people are working on this as well uh but there are obviously two authors of this um of this paper called a simple single slot finality protocol for ethereum so you should definitely check this out it is definitely quite technical it's getting into the the weeds and there's a lot of kind of stuff here that you may not know what looks like but yeah the gist of it

is that single slot finality which would be a massive improvement over the what we currently have Within ethereum all right so a new project called node sets uh has been announced and the revealed they've revealed their technical details of what they're calling well temporarily calling project hyperdrive so basically what this is It's a they're calling it an L2 for Rocket pool designed to massively boost the most decentralized liquid staking protocol so it's basically a uh I guess interface that sits on top of rotocol uh since sits on top of Rocket pool in order to make it so that more rockable mini cool mini pools can be spun up and obviously increase the the adoption of Rocket pool here so you can see the nice

little graphic here of how this actually works how there's a bunch of uh how project overdrive project hyperdrive sits amongst uh the rockapool community or rockable ecosystem here and how this will work so it is fully detailed in the blog post here I'm not going to to go through it now but you should definitely check this out I'm all for getting as many people as or as I guess like as many projects as possible building on top of other core protocols and kind of funneling in uses to them and making sure that the adoption of these protocols happens especially post Shanghai because as you guys may have seen Lido is back above 30 percent I believe of um of total kind of staked eth that's due to a large uh deposit of 300 000 eighth from Justin's son so I don't know how sticky that deposit is

um but yeah making it more attractive to stake with alternative Solutions is definitely the main focus I think of the ethereum staking Community post especially post Shanghai and I've talked about that great reshuffling before and as as I've said in the past it's not something that's going to happen by itself we need to kind of will it into existence and projects like node set are definitely what uh uh notes that slash slash project hyperdrive are definitely the things that we need to get us there so yeah you can go check this out I'll link it in the YouTube description below all right so the EF ecosystem support program has a new grants round live which is for account obstruction so this is something that I actually should have talked about when I was talking about

um eat Denver but account obstruction has become this big thing that finally has a lot of people or I guess like a lot of teams working on it uh together and trying to create a standard for account obstruction uh together and I'm great and it's great to see that the um ethereum Foundation Support Program here is opening up a grants round for this uh so this round has started on February 27th and we'll be running until March 31st here so if this is something you're interested in you can definitely go check this out but as I said it finally feels like we're getting a lot of activity around account obstruction it finally feels like a lot of the Wilds are coming together to agree on our standard here and to build towards account abstraction there has been two main blockers to getting Mass adoption of account obstruction while it's

instead of just normal wallets one of them was cost it obviously costs a lot more to spin up these wallets because they're smart contract while it's essentially and obvious nicely on layer 1 that is primitively expensive so that's why we're going to be building them out on Layer Two and building up these Wallets on layer two and two there wasn't really a standard that everyone agreed upon until recently uh there was a a wallet con at East Denver on I believe the Wednesday where a lot of teams got together a lot of people got together and uh are really excited about the future of wallets and making it so that we can actually have account abstraction wallets instead of relying on the wallets that we use today which are very very basic honestly account abstraction wallets uh really do open up and really are a zero to one Innovation

for kind of wallet Innovation so for example with account account obstruction wallets you can have things like true twelfth a you can have social recovery uh which which falls into that you can have spending limits you can have whitelisted addresses all built into your wallet so no need to rely on third-party services all built into your wallet which is obviously extremely exciting extremely bullish and as I said I think account abstraction is finally having its time in the sun in 2023 here but you can go check out the grants around for yourself if that's something that you're interested in I'll link it in the YouTube description below all right so uh shapala or the I guess Shanghai capella update went live on sepolio on Feb 28th and it was successfully activated here and there was also an announcement that girly is

happening I believe on the 15th of March uh and then the main net will obviously follow shortly after that so we're just running through the motions now guys with this update or upgrade I guess I should say four withdrawals on Main Nets uh which should happen I guess within the month yeah so not much more to talk about there just that sepolia went live without a hitch I believe girly going live soon uh and then yeah and then mainnet all right so there's some new research out of our labyrus here so they're calling this the comprehensive guide to scaling ethereum and roll ups this is the ultimate resource to understand why l2s are needed and how they work so this is quite a lengthy research article but if you're interested in layer 2's

Roll-Ups how they work how they're going to be the next big thing or are the next big thing for ethereum uh and and why this is definitely a research post that you should go check out this is great uh kind of reading here it's it's it's not too long but it's definitely going to give you a great overview of how this all works so big shout out to laborious for putting this together and you can go check this out I'll link it in the YouTube description below all right so our new I guess uh product out of the uh D5 llama ecosystem here so they've released something called a llama zip which is a unisop V3 router specifically optimized for optimism achieving huge gas reductions versus every other aggregator in the screenshot seven times eight seven point eight times cheaper than one inch so to use a

just swap on optimism at swap.d5lama.com and this is a threat on how they achieved it here this is really cool this is what I've talked about before about how there can be a lot of optimizations had at Layer Two that you couldn't necessarily get at layer one in order to bring gas fees down on Layer Two uh uh uh a lot more a lot I guess like more than you could on on layer one yeah so kudos to the Lama team for getting this out there uh as I said like that's it's at swap.d5lama.com to use llama zip so this should be the aggregator that you're using on layer twos in order to or I guess like on optimism for now in order to save the most that you can on on gas fees because obviously the gas fees even though they're much cheaper at layer 2 they can

still add up depending on how many swaps you do and obviously post Erp 4844 this is just going to get even more cheaper as these things inherit those gas savings that we'll be giving to the layer two so I'll link this in the YouTube description you can go check it out for yourself all right so we have some news about Devcon seven so the biggest news I think is that it's being moved to 2024 there is not going to be a Devcon in 2023 uh and that is going to be hosted in South East Asia now reading the blog post and reading between the lines they really want to have it in a place that brings the most impact to the most amount of people which means that I doubt that it's going to be in Singapore since Singapore is very expensive it's not

going to bring the most impact to the most amount of people so that only I think leaves a few different countries or a few different places in Southeast Asia um I think the Front Runners would be a Vietnam and uh Kuala Lumpur in in Malaysia there uh those would be my bets honestly I know there already is an East Vietnam uh so maybe Vietnam is is more of a chance than Malaysia uh but I'm super excited about this because southeast Asia is much closer to me than most other places in the world so I definitely would love to to get out there I didn't go to Devcon in Bogota uh last year in part due to the the travel distance honestly it would have taken me over 30 hours to get there um and also the altitude that's another reason why I got sick in Denver I didn't

have a good night's sleep in Denver at all uh the altitude the High Altitude living just wrecked me in Melbourne the altitude is basically zero so I've lived in Melbourne my entire life I'm used to zero altitude then I went to Denver and just kind of all hit me at once and Bogota I believe is almost two times the altitude of of Denver so yeah that would that would probably wreck me but yeah I'm excited for Southeast Asia here uh for Devcon seven there is no confirmed location yet of course but but yeah it's happening in 2024 and they also teased in the blog post that there's going to be a another Dev connect by the end of this year I believe it'll probably happen in October or November not sure on the location uh at all but reading between the I guess lines I saw some

update about uh the heath Global events happening in uh you know happening this year and there's one happening in November in Istanbul so I guess if there's an 8th Global event in in Istanbul in November um maybe devconnect will be hosted there if if they want to I mean devconnect has only been one that's been hosted in Amsterdam uh some people said that they might host it they might keep the European kind of theme so I don't know I don't know but uh yeah I don't really have any good insight there but definitely for Devcon 7 I would say that it's going to be Vietnam or Malaysia definitely not Singapore but I don't know if I'll make it out to devconnect just depends where it is of course but definitely gonna try and make it out to Devcon uh in Southeast Asia here you can

read the blog post for full details on this I'll link it in the YouTube description below all right so uh coinbase announced that they have a new uh kind of initiative called crypto 435 which is their campaign to grow the crypto advocacy community and share tools and resources to make your voice heard so I guess if you're in the US you can become an advocate for this by going to the blog post and and signing up here so you can put in your details and kind of join this initiative I think this is a great initiative I think that crypto needs to be more visible in the political Arena we need to make sure that the politicians and the policy makers understand our side of the story so to speak in our arguments rather than

living in a vacuum because we see what's what's been happening with all the regulatory stuff the SEC has just basically gone Rogue there's a bunch of other uh uh kind of regulatory bodies that are just doing stuff that is not healthy to crypto so I'm glad I'm glad that coinbase you know obviously the biggest Exchange in the US is uh leading this initiative here so if this is something that you're interested in you can become an advocate I'll link this in the YouTube description below for you to do so all right so our rocket rescue node is now available for rocker pull node operators on mainnet so I've talked about what the rocketpool rescue node is before about how you can basically use this as a backup node in case you're no go offline here you can request access

uh but yeah this is finally live on maynet so if you're a rockable mini pool operator this will probably be something that's interesting to you it's at rescuenode.com or and I'll link this in the YouTube description below as well for you to check out uh but yeah this is really cool I I think this is great I think this is a great little tool for mini pool operators and definitely something that you should check out all right so uh announcement out of the immutable ecosystem so they announced the immutable Unity SDK which is going to enable game developers to build web 3 games directly in the unity engine which is one of the biggest if not the biggest game creation engines in the I guess a gaming ecosystem here uh and as Robbie Ferguson says yeah this is an enormous step for immutable but also for the

entire industry more than 50 of all games are built with unity so yeah Unity is the the biggest I guess right now biggest game engine in the gaming ecosystem here so great to see immutable uh the the immutable Unity SDK being spun up it means that game developers will be able to uh integrate immutable into their games here and build really cool experiences and this is another thing that was actually very prevalent at a themba that I hadn't seen in any other 8th conference there was a huge gaming section A lot of crypto blockchain games there a lot of arcade games just get amongst it but yeah that was something that I hadn't seen at previous if conferences that I believe is going to be a thing going forward because crypto gaming nfts obviously is a huge thing within the ecosystem and I think it's only going to get bigger over

time so it was pretty cool to see that and pretty cool to see that immutable obviously is at the Forefront here with this Unity SDK all right last stop we have an announcement from slingshot that the slingshot wallet has officially launched you can download the Mobile Wallet app today and say goodbye to C5 forever it is now available publicly on both IOS and Android and you can just type in slingshot wallet on the various app stores there for you to go download that which is very very cool to see so yeah go do that if you haven't yet uh go check that out and I'll link I'll link this in the YouTube description below for you to do so as well all right next up we have a new product called jumper which is a crypto's

everything exchange or at least that's what they're calling it so this is built on top of the li-fi protocol or the leafy protocol which is a aggregator for Bridges uh so it's basically interface on top of that uh and yeah this is really cool honestly I use this uh yesterday I believe um to go from arbitrary mainnet uh to ethereum maina and it worked really well so you can swap any token on it it currently is supported by or maintains over 15 plus Bridges routes through over 30 digitrons exchanges and supports over 20 chains uh so yeah I definitely recommend going and checking this out for yourself and using it if this is something that uh you you'll get use out of and I remember I mentioned before how because the l2s are growing so much and because there's so many l2s now and

there's so much activity happening on all of them bridging between them is definitely becoming more popular and it's definitely something that I I can see a lot of people using so I'm glad that we have something like jumper where it doesn't just rely on that one Bridge it actually just Aggregates all the bridges so you can get the best kind of price the best liquidity uh and be able to bridge between whatever chain you want to bridge through now it's not just L2 chains I believe this also supports different l1s it's probably all evm at this point uh because it you know most of the l2s and l1s and side chains are even compatible but uh yeah I thought this was really cool that this went live and it's built on top of li-fi which is the protocol powering uh jumper here all right so speaking of decentralized

exchange infrastructure Xerox has announced something called the Xerox uh transaction relay API which is uh powering crypto trades on robinhood's Wallet app so Robinhood users can now trade crypto with no network fees on the polygon POS chain and you can learn more and join the waitlist for early access to the transaction relay API on xerox's blog here this is pretty cool I mean Robin Hood is obviously the Normie trading platform for not just crypto but for for stocks as well and as few other products on there so it's great to see that Xerox integrating with them and allowing people to trade uh trade assets on the polygon POS train so be able to trade on chain in a scalable way and these people may not have used anything

on chain before because as I said they're Robin Hood users which uh which cater to more I guess the the noobs rather than the advanced users here uh but great to see Xerox has put the put this kind of API out there and he's powering this here under the hood and also great to see polygon getting more adoption here so definitely go check this that if you haven't yet I'll link it in the YouTube description below all right so I should have mentioned this before when I was talking about the immutable uh Unity SDK but look metamask has actually launched their own SDK in the unity asset store which will allow devs to connect their games to the metamask while enabling users to interact with web3 enabled features within the game itself and they said here get ready for a whole new level of gameplay this is really cool because as

I said before there was a big gaming Presence at East Denver gaming is going to be a huge thing I think within the crypto space there are actually a bunch of cool games that I saw at East Denver not sure exactly how crypto and blockchain fits into them but the games themselves are definitely getting better the games themselves definitely looking a lot more fun looking a lot more polished and especially if they're going to be built in the unity engine they're going to look like AAA level game they're gonna look like professional games now as I said depending on how crypto is integrated with them we'll we'll I guess like um is another discussion for another time but the games themselves are looking better which I'm very positive on and the fact that the games themselves can actually integrate with immutable and integrate with metamask is very positive because

it allows them to build these crypto things natively into their games and maybe we're going to get a better outcome than what we've had in the past which is basically crypto being attached to these games and turning these games into ponzis essentially I want to see more than that I want to see true ownership of assets I want to see in-game economies built around these assets that don't look like ponzis that are actually built to uh in for you know to basically benefit the game rather than take away from the game itself but we'll have to see how that that shakes out there as I said a discussion for a different time but cool to see more of these things being supported uh more of these things being supported in the unity store all right so Mega Labs has an announcement uh where they said after a

few months of intense work we are pleased to present our latest project to support the ethereum ecosystem ethsia a live visualization tool with latest with the latest on-chain statistics so you can check this out at eth cr.com so basically what this does is it gives you a nice overview of what's happening on the ethereum network here so you can see that uh the different epochs and the different kind of uh uh slots in them and you can kind of see a visualization of what's happening on the network itself so basically this is the uh the the each Epoch being calculated right now the two most previous ones then you can see here uh the the old ones so the target uh so missing Target attestations The Source the head uh and the total

active validators for that Epoch there which is very very cool so there's just another way to visualize these things and you can kind of hover over the different things and it gives you an explanation of what's Happening you can click into the different slots to see what's what's happening uh in you know in them I see all the data and all the uh I guess um uh what should I say the the um the details around it of course and you can link to Beacon chain here to see the proposed index all that good stuff there so just another site to keep track of everything that's happening on the ethereum network uh protocol layer here I'll link this in the YouTube description for you to check out for yourselves all right so the protocol Guild has completed their latest quarterly update with three or four planned for the pilot

so seven new uh members with seven departing equals 128 members still protocol Guild actively self-curates its beneficiary set to ensure its high signal reflection of the reality on of the on the ground so the membership is is basically here so what they do is they they review the membership every quarter to make sure that they're paying out to the right people and organizations and they aren't paying out to people who are no longer doing work on the core protocol themselves so you can see here that this list was updated on the 27th of Feb and you can see all the members and who they're associated with so obviously the members from the ethereum foundation there's there's members from the different teams at the ethereum foundation from Lighthouse loads so all the core clients all the um

the different researchers and all their addresses and how they're weighted here as well so uh you can read about the waiting and how this has worked out on this page as well but great to see that uh the uh different members are still kind of being compensated here and members are being rotated out when they're no longer uh in need of the compensation for the work that they're doing because at the end of the day the worst that could happen is if the protocol Guild got stale and they had members on there that weren't they were no longer doing work but still getting paid uh that that wouldn't really make much sense it would make the whole thing less fair for everyone it would lead to people being kind of maybe I guess upset about it and lead to some unintended uh negative consequences from that so great

to see that they've updated the member list yeah it Remains the Same at 128 but there were seven new members and seven existing that were taken off here so so yeah you can just check this out for yourself I'll link it in the YouTube description below for you to do so all right so a announcement of the polygon ecosystem so David Schwartz here announced the release of the open source polygon ID identity infrastructure so this is the first decentralized identity platform using xero knowledge to issue credentials on chain making it secure and privacy preserving to power identity in web 3. this is another big kind of business unit for polygon the polygon ID effort here they're basically bringing in all their ZK efforts and all their ZK uh products into this and making sure that we can build or they can build a

proper decentralized identity solution that can play nicely across not just their own ZK VM but other kind of evm or ZK VM chains out there and I've talked about a lot about decentralized identity uh in the past and especially over the last few months on the refuel it's definitely becoming more and more of a thing because I mean as the ecosystem grows we need a way to identify people and we need a way to identify them and that they're real people in a privacy preserving way uh and one way of doing that is with attestations I spoke about the ethereum attestation service before and other ways doing it with ZK technology polygon ID sismo I've talked about it before how you can get those ZK badges that basically prove that you own something without revealing the address

that you own it on uh and yeah I mean there are so many cool things happening in the ZK privacy space obviously ZK talk gets talked about a lot for this scalability that it brings but the Privacy space is is Making Waves Aztec protocol uh polygon ID at sismo there's a lot more kind of stuff being worked on a lot more stuff to come uh but yeah really cool to see this out of the polygon ecosystem you can check out David Schwartz's thread on this with links to different various resources which I'll link in the YouTube description below for you to do so all right so uh polyp has introduced pull-up checkout which is a new tool for communities to create culture and support causes they care about by minting pull-ups pull-up checkout gives

creators tools to engage Their audience through moments and shape culture so this is another I guess kind of tool for people to use in order to uh use pull up or integrate pop with their different events and different things that they do so it's basically an infrastructure thing for them and you can read the debtful details about this in the YouTube description below but I thought this is really cool I love using pop honestly um I I got a lot of pops when I was in eat Denver we had a I had my own pull-up for the daily Meetup which I put onto one of those uh you may have seen them before they're called the iyk little devices they're circular and you tap them and they've got NFC in them and then you can get the pull-up it was actually really seamless and smooth

experience loading my pop onto that once I had it designed so the the pulp was actually designed by the propathon community which is great I actually love the designs that people submitted and I picked one of them and it came out really really cool and then I I basically loaded it up on that little device and people could tap the tap it at the event and get the pop-up so yeah more of these tools that make it easier for people to to use power up themselves and to grade it with their existing uh kind of events or existing stuff that they're building is a welcome thing for sure and that's exactly what pop checkout is doing here so if you're interested in learning more about that you can check it out I'll link it in the YouTube description below all right so this got a lot of I guess

attention when it was announced uh at East Denver so ERC 4337 has been deployed on mainnet so this is basically a token standard or maybe I shouldn't say token standard standard that has been deployed on mainnet that had a security audit done by open Zeppelin um Builders and sorry bundlers and pay masters by a lot of these different entities here and 300 000 in Grants by the ethereum foundation so as I said when I was talking about the East Denver recap account obstruction um and things like ERC 4337 are getting a lot of attention right now they're getting a lot of uh different teams putting their weight behind them it's a standard that people want to use uh to build smart contract or account abstraction wallets yeah so it's great

to see this live on on mainnet and there was a bit of misreporting about this where people said that it was activated on the ethereum network and they were framing it as if it was an EIP that went live in some sort of hard Fork that isn't the case at all this is an ERC which is something that anyone can deploy onto mainnet it is a standard it is a set of smart contracts it does not require a hard Fork it is not an EIP there they are two different things but still very cool to see this live on on mainnet here so if you haven't checked this out for yourself I'll link it in the YouTube description below for you to do so all right so stakewise has announced the launch of Atlantic which is a closed test net for stakewise V3 the goal of

the Atlantic test net is to stretch the core stakewise V3 architecture to its capacity and identify the most serious issues and bugs before public testing so you guys will know that I've talked about stakewise V3 a lot recently it is a major upgrade to the stakewise protocol it is going to enable a lot of people to do a lot of really cool things with uh staking so for for example I'll be able to set up a stakewise V3 volt under the daily gray Brands where people could basically stake with me I'll run the the nodes and the validators on my own Hardware here but you could send your eth to the Vault that I have and do it in a non-custodial way you get an LSD token out of it but instead of right you know you won't have to run the uh the pools yourself oh sorry I should say the

noise and the validators yourself you're basically Outsourcing that task to me I never have any custody or claim on your funds but I run the infrastructure in order for you to get exposure to staked in a non-custodial decentralized way which is something that I'm really really excited about I'm honestly going to do this once I uh have once this goes live and once I'm I'm comfortable with it I'm going to set up my own daily gray pool that you guys can can contribute to and what I'm going to do as well is instead of taking rewards for myself like an operator reward whether that be like 10 15 or whatever it is I'm going to take that and donate it to the protocol Guild you guys know I love doing stuff like that but that's what I'm going to do so you could stake with

with the daily way stakewise V3 volts and any rewards that I get from that uh or any kind of like fear that I take from that will be going towards uh the protocol Guild so we'll be donated to the protocol gilde so you'll be able to support public goods while not while staking with uh with me and whilst taking with other people obviously it pulls it all together and I'll run the nodes and validators for you I have a lot of experience doing doing this I have all the necessary infrastructure I have the backup power supplies I have the backup internet connections and I obviously have a lot of experience because of my solo staking that I'm doing and I'm obviously an odd member now with my rocker pool node and rockable mini pools as well so you could trust that I know what I'm doing when

i'm running this sorts of stuff but there's no obligation there I'll have more details about that when the time comes but this is just the close test net that's live right now for stakewise V3 which is codenamed Atlantic and you can learn more about it I'll link in the YouTube description below but as I said it is a closed test net it is not open to everyone I'm sure they'll do an open one uh later on uh when when the time comes all right so as I mentioned before the girly test net is getting upgrade to chappella this is actually happening on the 14th of March at 10 pm UTC I've mentioned that 15 before so it's happening very very soon uh at at Epoch 162 304 so as I said before we're just running through the motions now guys with this sort of stuff this will happen

on the goalie test net and then mainnet will happen early to mid-april I believe I do I remember I did say it would happen probably most likely in late March but I think uh given that people a lot of people were at Eve Denver and given that we want to be sure that obviously this goes uh it goes through or well and good uh yeah I'm it's going to be happening early April early to mid April here on on mainnet so yeah just running through the motions happening quite soon here all right so I think one of the biggest announcements out of East Denver was that uni swap has introduced their own wallet here so they're calling this a completely soft custodial open sourced mobile app from the most trusted naming defy now available as a limited early release through Apple test flight I

actually got access to this because there was a QR code that you could scan at the unisoft booth at East Denver it is pretty slick it reminds me a lot of rainbow wallet honestly it's not in a smart contract wallet it's not like Argent or anything like that it's just a basic wallet so far um and a lot of people are asking the question right why is unisop doing a wallet and this is the first question I had as well like we have so many wallets right now why is uni stopped making their own wallet well from what I could gather and for people that I've spoken to the reason was because a lot of people use uni Swap and a lot of people contact uni swap with issues and a lot of those issues usually have to do with wallets especially metamask so unisot

basically said well if we can just create a better wallet that we can guide that we can kind of tell users to use when they have issue issues with other wallets that we can troll end to end then that's a positive for uni swaps users and also obviously unisot will be able to take a cut off the top if they if they have a swap feature inside the uni swap wallet so they could take a little bit of a fee and that's a revenue driver for them so yeah it became a no-brainer for them to develop something like this now whether this is going to be successful or not is up to the market I think it's going to be successful because unisop has such a strong brand and they can just you know anyone who has issues with other wallets they can basically say hey come use your new swap

wallet you know here you go you can import your your seed phrase into it and then you can just use it and everything's the same and a lot of people who I obviously are using newer people as well so they aren't married to the wallet that they have there's no network effect around that it's just the first one that they saw and the first one that they used so yeah I I definitely um I definitely resonate with the I guess reasoning behind this I do wish that it was a smart contract wallet but I think that the smart contract while it's in account abstraction wallets still aren't there yet and maybe uni swap will convert that wallet or at least give you users the option to convert birthday wallet to that eventually but we'll see we'll see how that shakes out but uh but yeah as I

said this is a limited release right now I believe that it's very hard to get um access to this because test flight is limited to 10 000 people and I think that everyone already sorry I think that there's already 10 000 people that are using it uh it is uh kind of uh being held up to be released on the IOS app store as well because apple is not has not approved the app to be released just yet not sure if this is going to come to Android uh maybe it will uh but I guess like it's up to them to release it on Android when the when the time is right but yeah right now you probably can't get access to it but as I said I have gotten access to it I used it um I use it just to watch myself.heath wallet I didn't import any other wallets

into it but as I said it seems very similar to rainbow wall in how it displays things it's got an nft section and it displays nfts very similar to Rainbow wallet but uh but yeah I think this is going to be something that's successful for unisop given that their brand and the user base is so big already and they can funnel users into it so so yeah but anyway you can check this out for yourself I'll link it in the YouTube description below for you to do so all right next up we have a thread here from swag to miss who says our Alpha test net just launched and yet Scrolls amazing developer Community has already managed to build five fun apps for you to try out right now here's what you can do on the Scrolls Alpha test net so I did mention Scrolls uh girly testnet

launched before uh before just just before in the episode so yeah if you're looking for things to do well here's a thread from swag them is to show you what to do on there um and the apps that are on there and and the things that people have already built this was put out on March 4th so I'm sure there's a lot more stuff on there as well so activist is a great follow for all things scroll and all things is 3M generally so I should I definitely suggest giving him a follow to here uh but yeah this is just stuff for you to do I've yet to play around with the test now because I obviously I was traveling and I haven't gotten around to it yet I'm definitely going to do it probably after I finish recording here uh scroll is just kicking goals with what they're

doing with their ZK VM stuff and and yeah so everything go check out this thread I'll link it in the YouTube description below for you to do so all right so the atlas release so rockapool Atlas released that I spoke about uh just before so they put out an update around this uh basically a Long blog post one of those great rocker pool blog posts explaining everything that's happening in the atlas upgrade here uh and the Alpha from that blog post is that they're targeting a mainnet atlas released for the end of March early April so this will be going live in time for the staked 8th withdrawals on Main Nets and with the atlas release obviously comes withdrawals for Rocket pool node operators at least I'm pretty sure it does uh from from what I read if I remember correctly here as well as the

ability to migrate 16th mini pools to 8th mini pools as a current node operator but also just spin up your own mini pool only using eight uh plus 10 of that as RPL tokens as well so this is uh one of brockapool's biggest upgrades in history it is coming very soon as I said end of March early April so I'm super excited about this I'm super excited to convert my mini pools into eight eighth mini pools and issue and get some more our eth out there and get some more scalability of the rocketball protocol because as I said before guys like we need to I guess uh diversify each staking out more uh Lido is over 30 again we need to get that down we have a perfect opportunity with a staked withdrawals going live to final people into uh decentralized Solutions like

rockapool like solo staking like stakewise V3 instead of going to these centralized Solutions I really don't have like as you guys know like I don't hate Lido like a lot of other people do I think that that lighter is just the consequence of us not building good enough uh tools for us to to make it easier for people to uh to stake in a decentralized way instead of a centralized way so they are basically just a final boss for us maybe not a final boss but like a big boss for us to to beat for us to get there market share down to at least under 20 I know it seems like a tall order but we can get there guys with all the stuff coming online uh within the ethereum staking ecosystem not just the rocker Port Atlas upgrade but things being built on Rock

on top of Rocket pool like notes set Solace they can getting easier stakewise V3 other like swell Network other staking ecosystems coming online and and more I guess solos diggers coming online as well because I'm sure there's there's a there's a decent chunk of people who have since uh staking their eighth they've stacked uh or maybe maybe they staked it with um with one of these uh one of these uh centralized providers whether they be centralized exchangers or Lido and they don't want to cash out of the LSD because they they feel like okay well there's no point taking even a slight discount because I'll just wait and then I'll redeem it from the beacon chain and then with the extra eight that I've stacked I'll become a solo Staker or I'll stick with rocker pool or I'll stick with this and stick with that

because rocketpool hasn't actually been on mainnet very long guys like it's it actually came much later in the ethereum staking life cycle than a lot of the other Solutions did but now they're live now they're improving all the time with the atlas upgrade going live I'm sure we're gonna see rocket pool uh rocket up in uh in in adoption uh post Shanghai and I'm definitely going to be one of the the people that keep encouraging people to stick with rocker pool or steak you know as a solid state are don't go with Lido they've already got enough market share as I said I don't hate lighter I don't think they're they're evil actors or anything like that but they're over 30 percent they definitely have enough market share let's encourage people to stake with other services here which is exactly what I'm going to be doing but anyway if

you want to read the full breakdown of Atlas for yourself I'll link this in the YouTube description below for you to do so all right so there was a book that was available at uh I guess uh East Denver if you were able to find one called stuff that crypto OG is known this book was put together by Kevin owaki and some of the get coin team uh and I had a passage in there that I uh basically put together for uh for Kevin he asked me to write something about you know what what does a crypto OG know obviously I am a crypto OG these days I guess by definition um but the book itself was really great so if you were able to get your hands on it uh it was great I don't know if there's an ebook maybe there is an

e-book out there but the book itself talks a lot about not just it doesn't just have uh uh kind of like passages from different people but it talks a lot about uh that what a crypto OG knows from a variety of different different angles here but I guess uh just to read out what I put in there it's not too long but something that I think a lot of you can resonate with this is what I wrote uh in in the in the stuff that crypto OG's no book I said and and I quote I first got into the crypto industry in 2013 when it was very nascent and Bitcoin was the only real game in town I was young a relatively strapped for cash at the time around 21 years of age with not more than a couple thousand dollars to my name but I

decided to put around half of my money into BTC of course I then proceeded to make the mistake that most first cyclists make I tried to trade my way to more BTC and in the process lost around 90 of what I originally put in due to this and due to the crash of BTC after Mt gox collapsed I decided to cut my losses and exit the crypto industry altogether in early to mid 2014. it wasn't until early 2017 that I discovered ethereum and became absolutely obsessed with it for two reasons proof of stake was incredibly fascinating to me and the ability to actually build novel decentralized applications broke to the technologists within me but those three years that I wasn't around forecast me dearly since I missed out on things like the ethereum Ico and missed out on being part of the earliest days of the ethereum

experiments something that I still regret to this day even in the face of all the success that I've had the biggest takeaway from my journey in crypto so far has been that sticking around in a bear Market is the single best thing that you can do all the opportunities lie in the bear Market because all the quote-unquote tourists of the bull market had just disappeared and what's left are the real Builders producing real value with this comes the opportunity to invest both time and capital into things being built which can pay off greatly once the tourists return my own experience here is a testament to this since sticking around in the 2018-2019 bear Market was the single best decision of my entire life though in saying that the only reason I was able to make the decision to stick around was because I learned from my

mistakes in 2014 and was determined to not repeat them so yeah I guess the gist of this guys is that learn from the ogs right learn from my mistakes stick around in the the bear markets stick around in ethereum build build build things if you're a builder if you're an educator educate if you are an investor invest it doesn't matter just do things guys like don't leave that's my that's what I beg of a lot of people that they're into crypto I'm like don't leave you're gonna regret it I know you're going to regret it especially if you're interested in the technology side of things you're not just interested in the money side of things you're definitely going to regret it from a number of different factors there but yeah I hope that speaks to to you guys I'll link it issue description for you if you want to

rate it as well but yeah I'm not sure if the the actual book is available as an ebook I'll have to to find out about that uh but yeah it was available physically at 8th Denver all right next up we have an update from git coin so they've put out a tweet here where they said Bitcoin is evolving we are proud to launch our new micro site a hub for all things related to public goods funding explore the future of git coin so yeah the new site is live at gitcoin dot Co it is quite smooth uh it's a lot better than the old sign remember the old site was a bit clunky it didn't really get the message across of what Bitcoin is trying to do whereas this one is definitely totally different so yeah you can go check this out for yourself as I said at gitcoin dot Co

there are different sections here so that obviously scroll down throughout the page you can check out the grant stack you know how it all works you can join uh you can sign up down the bottom I think it is yeah sign up for info here and everything in between and there's also a bunch of links down the bottom as well so really cool to see that get coin got an overhaul here and there's also a little thread talking about uh what their new micro site has made it simple so it's made it simple to run a grants program apply to be a grantee donate to your favorite projects and build on bitcoin's new protocols so what Bitcoin is actually going for here is basically basically being rebuilt and reimagined as a protocol first rather than some kind of like centralized org that was controlling everything so being out you

know spinning up as a protocol first I think makes a lot of sense because it means that other people can build on top of it it becomes more of an incredibly neutral kind of public good itself right because git coin is a platform itself enables a lot of public goods funding but it needs to be a public good itself if it wants to scale that out so very very cool to see this as I said you can check it out for yourself at gitcoin.co and I'll link the thread as well in the YouTube description below all right so a pretty big announcement that happened during eighth Denver was that a mean here who I mean solomani who's been around for quite a while in the ethereum ecosystem has announced the launch of something called privacy pools which he's building as a fixed to tornado cache so basically a privacy

pools uh is essentially a fork I believe of tornado cash or at least uh very similar designs to tornado cash here that basically allows you to prove to Regulators that you aren't enabling kind of I guess like terrorism financing and things like that and the way it achieves this is by being able to exclude those uh people from I guess like your own immunity set or those groups from your anonymity set and so the demo ECR in this tweet uh at privacypools.com uh is where where the um the service lives so basically users have the option to help Regulators isolate illicit funds without revealing their entire transaction history and I mean in the demo explains how this works and how you can actually isolate the funds uh and so you're not using them when you're mixing and you

also got a way to kind of prove that cryptographically to Regulators as well so this is very very cool um I think I mean I like the the feature of being able to exclude certain uh deposits from your anonymity set so that you're not enabling any kind of like terrorism financing and things like that though I do think it might be a bit of a slippery slope and the reason why I say this and what I mean by this is that basically by excluding I guess for example let's say it's North Korea or something right the addresses have been identified as North Korea and they're part of the anonymity set here but by excluding them your essential I mean and it doesn't have to be North Korea it could be anyone but by excluding a party that has been designated as I guess like something

that's been sanctioned or an illegal entity or whatever it is by the US government what you're essentially doing is outsourcing your I guess who who you're willing to do business with to the US government I guess and as a U.S citizen you have to abide by that legally there is no way around that but the slippery slope that I'm talking about here is it is is where does it stop right like so for example if you're in some kind of jurisdiction where they have for some reason um deemed a group that is I don't know I said Progressive group that wouldn't be deemed as a legal group or as a terrorist group in any other jurisdiction but they are because maybe you have an oppressive government and you have to basically abide by those rules essentially you're you're cutting off a group that needs access to this

sorts of stuff to fight back against oppressive regimes and things like that so it does become a slippery slope I think as as you kind of go down that reasoning there but in saying that I still think this tool is obviously very cool and I still think this is an evolution of tornado cache because it gives users a choice it doesn't Force users to be in the same pool as these uh these actors that they don't want to be in the pool with so they can exclude them themselves so if you go to privacypools.com you can actually check this out uh check this out for yourself and play around with it on your own as far as I know and this isn't legal advice or anything like that but as far as I know because this is a new set of contracts and these contracts haven't

been sanctioned by ofak as a US person or a U.S citizen you wouldn't be in violation of any existing kind of sanctions or laws here but as I said that is not legal advice I would recommend checking with your own lawyer with your own kind of um legal advice before interacting with this yourself but that's my understanding of how these things work and I believe I mean it lives in the US he does he has he has a uh he has property in the U.S so he's definitely considered a U.S citizen and he was comfortable using this so and I'm sure he has lawyers that he's spoken to about this but again if you're you know concerned and and you should you know if you're worried about things and you want to get your own Clarity uh it's it's more than prudent to do that uh yourself

but yeah cool to see another similar privacy tool live on optimism it's not actually live on ethereum mainit it's live on optimism here and as far as I know optimism hasn't blacklisted this or anything like that hasn't censored this which they could obviously because optimism runs the only sequencer on the optimistic ethereum Network so uh they could easily Blacklist this themselves and this wouldn't you know it definitely wouldn't be able to be used and I'm sure they would if it was actually sanctioned like if erfat came out and said that they were sanctioning the set of contracts that power privacy pools here uh well optimism would instantly like animal like this is 100 certainty I'd put money on this that would instantly censor these sets of contracts because they have to like there is no way around it for them running a centralized signature sequencer uh runs this risk

here and that's why obviously we want to decentralize sequences because it's better for censorship resistance and things like that but right now as far as I know this is still live and working so you can go check it out for yourself at privacyappools.com as I said like from my understanding there is nothing illegal about interacting with this because ofac has not sanctioned these contracts and there is no law against it but uh that's my understanding of it I would suggest uh getting your own kind of legal advice on this especially if you're a US person all right uh so moving on here we have a tweet from Matt finestone which I thought was a really really great tweet so he said people often say stuff like I'm a decentralization maxi I'd leave ethereum if it no longer offers the strongest uh X guarantees uh and then

Matt says I mostly disagree with this I love ethereum it's people history projects and projects if there was another game in town I'd fight for ethereum to improve sure if every person entity involved lost their soul capitulate capitulated and left ethereum would cease to be ethereum but if if it's just some work that needs to be done we'd be able to course correct that is the culture and I strongly agree with this uh and you know people will call me an eth maxi all the time and I'm used to it by now I don't I don't care people call me yet but uh yeah I'm I'm in this camp that Maddie's in like just because there is something that happened within the ethereum I guess like ecosystem and ethereum no longer offers something that it offered before doesn't mean that I'm going to abandon ethereum and go

somewhere else I'm going to work on ethereum I'm going to work to rectify this issue on ethereum and I think the the um the clearest example of this is what happened with the ofak sanctions on tonota Cache which led to uh censorship on the ethereum network via the Mev boost relays now if I had looked at that when it first happened and saw that you know 90 or 80 I think it peaked out of all blocks were being uh you know of all blocks were censoring tornado cache transactions if I looked at that and said oh well ethereum failed you know we we failed at Synergy resistance I'm going to move on now well that would have been stupid because as you guys know we've actually gotten that number down to under 40 now and we have a much more diverse relay infrastructure now and we have a much stronger and more

sensitive resistant resistant ethereum now because of those sanctions so that's what Maddie's talking about here that does just because something happens in ethereum that compromises on the guarantees that the ethereum network offers or maybe some kind of like ideals or values that the ethereum community has doesn't mean that it's going to always be like that the the ethereum superpower is being adapted to this sorts of stuff ethereum superpower is having a community that comes together and works on and fixes these issues and I've always said this about ethereum for as long as I can remember and that's what keeps me in ethereum rather than other ecosystems I'm not just going to jump ship because something bad happens there has been plenty of things that that have happened in the ethereum ecosystem that I thought were bad or I thought that could be potentially

existential for ethereum but then I I take a step back and I think about it I'm like you know what the ethereum community is strong enough to get past this and I think that the ofax sanctions was the biggest tested at the ethereum ecosystem has ever had and we passed that test in my opinion with flying colors we did so so well and we continue to improve here and there's so much happening behind the scenes and so much research and development happening that um you know I I think is amazing and and all the people that kind of were talking about how how all the blocks were going to get since said it was going to be 100 censorship on ethereum they're all dead silent now none of them talk about the fact that it's under 40 of all blocks that have uh censored that are being

censored right now for tonight cash transactions obviously and the fact that that's been coming down steadily over time I remember I called the top on this a little while ago I said you know I believe 80 is the top I believe it's going to be down only from here and it has been and we really hasn't even scratched the surface of of the improvements that we can bring here there's still plenty of opportunity for more of these non-censoring relays to come online there's still plenty of research to be done in development to be done uh with things like similar to what happened with flashbots coming out with minbid right there's still lots of research and development happening on PBS even though that's a little while away I spoke to people at Edinburgh about this and there's a lot of research and development happening with PBS right

now it's it's a wide open design space and there's a lot of interesting and hard problems being worked on right now uh and and that alone will help a lot and I think that the Mev space itself and and uh and the Mev boost ecosystem with the relays and everything people really want to figure out the best way to do this because it doesn't just affect L1 ethereum it affects all our ones generally but it affects l2s as well like Mev at l2s is the next Frontier for Mev and I think a lot of the research and development being done there is going to inform a lot about L1 and obviously the goal is to remove as much toxic toxic Mev as possible and to decentralize and democratize the extraction of Mev they can't be removed and I think that uh we have so many

smart people working on it so many uh people that considering it consider it to be such a tough problem that if they can solve it that's going to be a huge win for them personally right imagine being the the person or the group that solved Mev once and for all basically right solved all the negative externalities that could that happen with Mev that is a huge claim to fame and that is something that I think a lot of people will be very proud of uh if they were able to do it so yeah that's all happening in the background there but uh but yeah that's just the perfect example of what Matt is talking about here where ethereum the ethereum ecosystem in the ethereum community is so resilient that we can get past anything I I truly do believe that I I I truly believe that there is nothing that

can kill ethereum at this point in time I think that the ethereum network itself is extremely resilient I think that the ethereum community is extremely resilient and just because I I think that nothing can kill ethereum doesn't mean that I'm going to rest on my Laurels and say oh well you know ethereum is is bulletproof it's fine no I mean as I I think that nothing can kill ethereum because any time that something attempts a kill shot on ethereum it may damage ethereum it may severely damage it in some way or another but the ethereum community's ability to take that and run with it and fix it and not just rest in our Laurels and not just lie down and let them kill us so to speak I think is ethereum superpower so yeah great tweet from Matt here that got my brain uh thinking

spinning a lot um and Matt really deeply cares about ethereum I mean I I spoke to him a bunch at East Denver hung around with him he's such a great guy he's working on Tycho now you guys will know him from uh loop ring and GameStop he used to work out he definitely is the one of the quintessential ethereans in the ecosystem and uh and yeah so again thanks Dean for putting this tweet out got my brain spinning all right so another thread that got my brain absolutely spinning was this from razu and this is a thread that's about I guess like 10 days old now and you may have uh kind of read it already but this thread talks about how razu believes that coinbase is going is going to make usdc transfers free on their base L2 now think about the implications of that for

a sec technically I mean it's kind of hard to do this in such a way that uh Works without gas subsidies so for example the way this would be done from my understanding is that there would just be subsidies so transferring usdc on chain wouldn't actually be free because if you made it free then it would just Spam the chain and it would and and there is a potential for DDOS attacks and things like that but it would be free from the end user's perspective where they basically got a rebate and the rebate would work uh technically I'm not exactly sure how it would work but essentially what it would mean is that you would pay a fee and then you'd get that back because at the end of the day the the only organization running a sequence size coinbase so you're paying the fee to coinbase

themselves right and then coinbase will just reimburse that and they'll just eat the cost and the reason why they would do this well there's lots of reasons right the fact that um they could instantly make base a uh free payments layer for usdc for everyone would be an absolutely massive uh kind of adoption driver because people would go there they'd flock there and they'd and they'd use it as a as payments infrastructure you would you wouldn't use any of the other chains because it would be more expensive because it's it's not free even if it's only a you know one cent two cents whatever it is to send it around it would still be more expensive and I know uh usdc has been a bit of drama around a bit of drama around it over the last 48 hours I'm going to talk about that at the end because as I said

I'm going through these updates as they came out and this is from March 3rd um but yeah I'm not ignoring the elephant in the room here about usdc I'm just going to talk about that a bit later but anyway this I think would be just a huge adoption driver for bass um and and obviously uh stable coins especially usdc is so deeply integrated within defy that it would be a huge jobson Drive either not just for payments on base as a as a L2 but uh the D5 ecosystem that that's on there I truly do believe that one space goes live on mainnet is going to quickly become the biggest L2 uh and it's going to bring in a lot of new users on chain that weren't brought in before so this is definitely something that I can see happening it hasn't been confirmed or anything this is just razoo

kind of speculating but I think it would be a massive Miss opportunity for coinbase not to do this even if it's only temporary because obviously the costs uh can add up because even though I guess like it's it's quote unquote free for coinbase to do this it's not because they're still processing the transactions themselves and they're still using some compute power on their sequencer to do so but it you know they're already doing that for all the whole network anyway so it wouldn't be it wouldn't cost them that much to do this and they would actually get back the value in base getting I guess adoption from this bit from usdc transfers being free uh then the money that they'll pay out in kind of subsidies here so I can see this happening as I said just speculation right now but definitely an opportunity that I believe coinbase would seize in a

heartbeat because it would allow them to as I said get adoption on base very very quickly and allow them to basically dominate the payments and be very good for usdc adoption as well so yeah remains to be seen if if they'll do this or not but I my money's on yes I think they will do this I think this is a genius idea and uh yeah kudos to raise you for putting out this thread all right so speaking of uh payments infrastructure Ryan berkman's here had a great Thread about cbdc so he said saying all cbdcs are created equally is as stupid as saying all stable coins are created equally Australia's new cbdc pilot isn't on an eth L2 not a private government run L1 this is great it recognizes the value of our L1 and enables future permissionless bridging Slash use like usdc so cbdcs obviously

get a pretty bad rap and I think for good reasons a lot of cbdc's definitely look very dystopian look very very controlling it looks like something that you would see in a movie about how the government controls all of your finances but as Ryan says young not all of them are created equally there are going to be cbdc's that look very dystopian maybe the ones are kind of like in China as Ryan says here you know it's a private system run totally by the governments um and then there are going to be many different shades of gray of us of cbdc's and then there are going to be totally you kind of like a usdc style cbdcs which basically act like USD DC in that it's open to everyone there's no kyc required to use them and it's

interoperable with with defy and there's no kind of like whitelist or Blacklist or anything like oh well I mean there is a blacklist uh definitely because usdc has a blacklisting function but there's no kind of uh whitelisting function where you have to be approved to use it sort of thing so I I definitely think that that Ryan's hitting the nail on the head here with this uh and if you think that all cbdc's are going to be the same yeah I don't think you're paying attention that's for sure but anyway I'll link this thread in the YouTube description below for you to check out for yourself all right moving on so a kraken is apparently launching a bank so they've said here that Kraken bank is not yet open but on its way the offering will initially be available to existing cracking clients in the USA with

potential potential International expansion in the future and you can subscribe for updates at kraken.com bank so you can see this is the landing page they've got here about this uh and they're calling it one of um a siphon sounds are kind of a bank a design for crypto so it's going to be based in Wyoming and they say yeah the Wyoming spdi framework allows Kraken Bank to prioritize asset custody and safe keeping data Protection security standards and stringent regulatory oversight spdi banks are required to maintain full reserves which means your money won't be lent out without your permission and then they continue by saying a better Bridge kraken's mission is to promote the adoption of digital assets for Financial Freedom Kraken bank will further that mission by providing a more seamless

integration between crypto and the traditional Finance system this means a better client experience so this is this is pretty cool um it's pretty cool because it allows as they mentioned here Kraken to be more introppable between the traditional Finance system and the crypto system allows them to own basically the end-to-end experience there which which means that the um the Fiat deposits and withdrawals can be a lot faster they can have full visibility over this and allow people to to kind of like get in and out um in a much more effective and efficient way here uh they're not going to have to rely on a third party for their banking infrastructure they're going to be able to control it all all themselves and be able to control uh the inflows and outflows themselves which is very cool uh and just generally I think

this is a good idea for all exchangers to do honestly I mean uh Kraken obviously being one of the biggest in the US is promising but I'm sure coinbase is looking at the stuff like this as well because imagine coinbase being able to essentially have their own bank and then have usdc or at least the assets back in usdc are custody in in there and allow them to do things that they're already doing like buying treasuries and and being able to diversify them across not just their own bank but like other other Banks as well and as I said I'm going to talk about usdc in a bit because that's been a Talk of the Town over the last 48 hours but yeah just wanted to put this on your radar as I said you could sign up for updates here at kraken.com bank at the

top you can see here and I'll link this in the YouTube description as well for you to check out all right so a fresh massive raise uh from scroll so scroll announced that they have uh raised 50 million dollars in a new funding round at a 1.8 billion dollar valuation now I should disclose here that I am an investor in scroll not this round their previous round here but this is a pretty big raise in I guess like a bear market right and as I mentioned at the beginning of the um of the refuel of this episode I think ethereum as an ecosystem has transcended ball and bear markets because you don't see these valuations in you know those quote unquote normal bear markets but it makes sense I think as I've said before

the winning l2s are going to easily be worth north of 10 billion dollars I believe optimism is already there even though the op token uh its distribution right now is quite um quite bad I guess because it's only like five or six percent circulating and most of the tokens aren't circulating but uh polygon uh that you know Matic is worth around 10 billion dollars um I believe arbitrim's last funding around what is it billion dollar evaluation Squall at one point 8 billion there's a bunch of others out there as well um you know stockway I believe was over a billion too so the l2s themselves yeah anywhere from 5 10 15 billion um I think is is going to be what they're all kind of maybe going to settle around uh and yeah it just depends where they go from there depends on their token

distribution looks like it depends how much adoption they get obviously as you guys know I don't believe that all of the l2s their generalized l2s are going to succeed and have like massive market share long term there will be some very big Winners but uh but yeah anyway uh so so this round had participation from a bunch of different investors here as I said 50 million dollars raised uh the investors include polychain Capital Sequoia China bang Capital crypto more Capital Management variate fun variant fund Newman Capital iosg Ventures crimming Venture Partners uh and a bunch of others here as well so they're like the last funding round that squirrel did was their 33 million dollar series a round I believe because I believe this is a series B round here and that's the one that I was in I just disclosure

there and they've raised 83 million dollars to date so congrats to them on this big raise I think it's going to obviously give them a lot of Runway to keep executing on their goals and I mentioned on this episode that Scrolls uh girly testing that he's live main that hopefully sooner rather than later here all right so there was a bit of just uh chatter a few days ago about this new kind of uh thing called roll kit which was a I guess like a framework for Sovereign Roll-Ups on Bitcoin now I've talked about Sovereign Roll-Ups before and about how uh there's a bunch of projects working on this such as Sovereign and Celestia and I believe fuel Labs is doing a bunch of stuff here but I think there's a lot of confusion

So This Thread from sriram who who's one of the founders of eigenlayer does a really great job of breaking this down so I'll link this thread in the YouTube description below but the trdr here is that a sovereign roll-up is very different to a I guess like normal roll-up so I'll explain the reason why so and in the context of Bitcoin so what can this do well basically uh with Taproot Bitcoin uh allows for data to be stored now on chain for a certain a certain amount of time so it's basically like rough equivalent of erp4844 on ethereum uh uh with Taproot on on Bitcoin now this has led to things like ordinals or nfts on bitcoin uh and now because it's just an

arbitrary data field you can also do do a do solvent Roll-Ups on on Bitcoin now is this going to be any anything of a big deal in its current form I don't actually think so because you're very much limited by bitcoin's throughput so you have like 10 minute block times and four megabyte block size which doesn't give you much throughput at all but essentially how it would work is that it would work similar to a uh reverse validium type construction where you would store the data on change so you would store the data on bitcoin and then you would have a proof kind of off chain but you don't really have a proof of chain because uh it's kind of it doesn't really make much sense to do that because of the fact uh is that having the proof of chain basically just means

that you're creating a new I guess you're not creating a new L1 but you're creating a new kind of um a security set outside of Bitcoin so without confusing the issue too much here what you're doing with this is that basically you're putting the data on bitcoin which does which doesn't give you any of Bitcoin security or decentralization guarantees over anything except the data now if you wanted to create and if you create the um the roll up off chain itself which which it is off chain you're only installing the data on chain essentially what happens is that the security uh because you can't put a uh you can't use validity proofs or or fraud proofs on on bitcoin and layer one the security assumption is the weakest link which is the new kind of like uh off chain

security that you have which is a essentially going to be a multi-seek so basically when it comes to Roll-Ups if you if a roll-up wants to inherit the security of a base layer the bridge has to be so the Bridget where the assets are stored has to be on layer 1 ethereum and it has to have a validity proof or a fraud proof mechanism so for example optimism and arbitrim they have their bridge on layer 1 ethereum they store both their data and their proof on there and that way they inherit ethereum's uh decentralization and security because you are able to use the fraud proofs on on layer 1 ethereum and you don't have to rely on anything uh anything else it's all on chain right the data and the proof is on chain we don't have to rely

on any kind of like off-chain stuff don't have to run out on Oracle or a multi-seek uh an off-chain multi-sig I mean obviously right now arbitrary on optimisms fraud proofs are behind a multi-sig but that's a different kind of thing going on there so uh so yeah that's basically what this is so the tldr is that this is uh technically correct calling it a sovereign roll-up because a roll-up just refers to rolling up the data and putting it on chain but it is not equivalent to a roll-up that we know whether it be an optimistic or ZK roll-up because it doesn't it only stores its data on chain it cannot have Bitcoin cannot prove the validity of the bridge it cannot have fraud proofs or validity proofs and that means that the bridge has to be or the funds have to essentially be stored off Bitcoin so it

doesn't inherit Bitcoin security here hopefully that is a good explanation um it can be confusing so as I said like this thread from Sri Ram was the best that I read on the topics so you can go check it out but that's basically what it is is this going to be anything important or or cool I don't think so I think the throughput limitations alone is going to basically make this something that's not attractive for people to develop on and the costs will actually go up um pretty quickly uh because there's not that much space as I said four megabytes every 10 minutes this isn't four megabytes every 12 seconds like in ethereum this is for uh well okay ethereum block times at 12 seconds but it's not four megabytes per block but this is four megabytes every 10 minutes and I think sure I'm actually

did the math here on what that throughput would actually look like and I believe that it's uh something like uh something uh 30 kilobytes or something or something very very small so definitely not anything that's going to be a big deal I think it's I guess it's kind of cool that you can do this but yeah um I I just I don't think that it's going to be that much of a deal for Bitcoin because it Bitcoin has a data availability layout is not very good and here's the Tweet here so the only way to bet to get full Bitcoin security requires writing all data to bitcoin and the block limit is four megabytes slash 10 minutes so the data rate is 53 kilobytes per second or kilobits per second which is not great it is very very uh Limited in in throughput here and it is no way

competing with ethereum it really is just competing with itself and I honestly don't think that it's uh that big of a deal but it's I guess fun that people can do this uh right now and it's just uh I know the data availability later that people could take advantage of if they wanted to all right so uh something that was announced here by venkatesh Rao and Tim baiko uh put out a thread about this as well so uh venkatesh today announced or I guess they're not today a few days ago announced that something called the summer of protocols program uh along with the draft of the pilot study that led to it uh which is called the unreasonable reasonable sufficiency of protocols which uh I've been working on with a bunch of collaborators for the last three months and then Tim has a

thread where he says after sitting on this for months I'm thrilled we're finally announcing summer of protocols.com an 18-week program led by the one and only uh venkateshia with the goal of improving protocol literacy or how to to even think about protocols and their thorny questions so if this is something that you may be interested in or sounds interesting to you you can definitely go apply here um it is quite Deep In The Weeds it's basically all about protocols generally and how protocols uh work how they can be improved what value they they bring to the world and all that good stuff there so if you're interested in that you can go check this out and read more about it I will link it in the YouTube description below for you to do so all right so we have a new roadmap page on the ethereum.org website here which

basically covers everything that vitalik has put out in his uh flowcharts or roadmap flowcharts that I've covered before so this is great this is at ethereum.org en roadmap and you can actually see all you know different sections on the roadmap here so if you want to learn about how we can reduce fees within ethereum on the roadmap and just scaling ethereum in general while this page is for you and it's done in kind of like a plain English summary way where you can click through and obviously learn more learn more about ethereum security better user experiences future proofing how how the roadmap is defined and all the good stuff there so just another Banger page here from the ethereum.org team to learn about all things ethereum and of course uh the ethereum road map is probably if not the most important thing

to learn about because it is not set in stone but a lot of these things are definitely being worked on right now in parallel I've talked about all of them before like the mergers surge The Scourge The Verge The Purge and the Splurge um there's a lot of work being done on the surge right now with the ip4844 and related upgrades The Scourge you know a lot of the things around Mev and PBS and stuff like that The Verge with vertical trees definitely being worked on uh The Purge and the Splurge uh there are some things happening there but they are probably I mean as I've said before this isn't a sequential thing everything's being worked on in parallel but this purge and the Splurge is definitely further out than any of the other stuff on this list right now uh but yeah it's all being worked on in parallel as you

can see but if you want to learn more about each of these things you can go to the new ethereum.org roadmap section which I will link in the YouTube description below for you to do so all right so another update out of the defy llama ecosystem they have launched a new defy llama browser extension that enhances etherscan with wallet tags improves token pricing when browsing addresses and protects you from scam then you can get this on the Chrome web store here I do have this installed it's pretty cool to see uh the different tags on etherscan and stuff like that and seeing all of the the cool little features here like fishing link warnings um and uh and what else do they they say here improvements in token pricing

and things like that actually you can see in the thread what this actually what this looks like so on ether scan you can see that there's a lot of different tags here that D5 llama has just basically injected there for you to check out uh you can see that thousands of tokens are not priced on the standard etherscan but now with defy llama you can see so you can see here on the left without uh defile armor the extension on the right with default armor extension another feature is a a small llama icon to show you if the URL you are visiting is trustworthy or is a scam site I think that's probably going to be one of the biggest things for people is that little that you can see here llama here that shows that uh which which sites are scams which sites uh are real I think

that's going to be a very big deal for a lot of people especially the noobs the noobs in this ecosystem that can rather easily get unfortunately uh caught up in these scams so yeah you can go check out this extension for yourself it's uh here I'll link it in the YouTube description below of course for you to do so but uh yeah as I said I installed this it's very cool I like uh everything that it's done that it's doing I like to eat the scan features for sure and just another great product out of the D5 llama ecosystem here all right so uh another announcement out of coinbase so they've introduced something called wallet as a service which they're saying it makes it easier for any company or brand to seamlessly onboard their users to web3 even if they have never used cryptocurrency before

while as a service is a scalable and secure set of wallet infrastructure apis enabling companies to create and deploy fully customizable on-chain wallets users can create access and restore their wallets with authentication as simpler as a username and password without needing to worry about a seed phrase the wallets are deployed using uh wallet as a service use Advanced multi-party computation for added security helping keep user assets safe by securely dividing encrypting and distributing Keys among multiple parties there's a bunch of companies already building with wallet as a service to onboard users to web3 experiences across gaming token gated events and digital marketplaces so just another big uh kind of like w or win here from coinbase another product that I think a lot of people are going to get a lot of value

out of obviously developers are going to be able to integrate this into their own products and services in order for users to get value out of it and then I think the cool part is MPC because what NPC allows for is essentially self-custody where you have one of the keys and then maybe the service has one of the keys and then coinbase has one of the keys and uh you could have this kind of recovery or uh this I guess social recovery being done here without any one party having full custody over your funds which I think is very very cool now of course if you lose your keys uh it could still be restored if it's a if it's a two of three here but if you lose your keys and say for example uh coinbase lost your keys which would be very unlikely but if they did then the

funds would be frozen uh rather than uh I guess like um I guess stolen so I think it's a happy middle ground where essentially you have this kind of fallback with these other entities that could basically uh uh you know uh uh sign things for you and be and not take custody of your funds and you know it could even just require your signature as well uh which I think would be very very cool so so yeah great great job here from coinbase releasing this for developers I don't think they're going to get a lot of value out of it all right so we tweet here from uh Terence sharing the latest research drop from arbitrim so a proposal to reduce the challenge window for the optimistic wall up protocol so I've said before how the challenge window right now on uh on

arbitrary and optimism is seven days but there's no reason that this can't be reduced by a significant amount So In This research post I put together by Ed Felton and a bunch of comments from people here which you can check out for yourself they've been able to get this seven day window down to I believe yeah so uh two hours and 18 minutes which is absolutely awesome and honestly uh the fact that they can get this down so much uh speaks to the the fact that the seven days I think was Ultra conservative to begin with it definitely was something that uh was was kind of thought of a let's just do seven days because it's super conservative it gives us enough time to spot fraud if we need it but we can bring it down uh in the you know we can bring it down uh in the future to uh

some kind of like much uh much less of uh I guess like uh not seven days right much less less time required to to kind of have the the the the the challenge window here now this isn't live on arbitrim or anything just yet but if it does go live you know two hours and 18 minutes it means that if you're happy waiting 2018 minutes to get your funds out you don't have to go through a bridge uh or a third party Bridge you can go through the official Arboretum Bridge wait two hours and 18 minutes or whatever the the time ends up being and get your funds out without paying an additional fee and by going through the true canonical Bridge itself which obviously I think is very very cool especially in in times of where you want to do like a emergency exit from from

the L2 for whatever reason instead of having to wait seven days you could potentially only have to wait around two and a half hours which is obviously very very impressive so you can go check out this research uh uh piece for yourself I'll link it in the YouTube description below for you to do so all right so index Co-op launched a great new product which actually speaks uh very uh uh speaks to me very very nicely here so they've called they've introduced something called the get coin staked eth index which allows you to diversify your portfolio decentralize the network and fund what matters so what is this well GTC 8th which is the token ticket here creates a sustainable source of funding for public goods via Ace taking rewards assuming a constant ease price of 1700 a tvl of 1 million

dollars will generate 17 500 of annual funding for Bitcoin grants earning gtce the top 10 spot in Bitcoin fun and get coins funders leaderboard uh so essentially what uh what's happening under the hood is that GTC youth is made up of three different liquid staking tokens uh R8 stf and SE 2 uh it uses the same methodology as DS which I've spoken about before uh but the I think the Rewards or portion of the rewards goes towards funding public goods and that's why it speaks to me on such a deep level is because I was thinking about doing something like this when I mentioned before with stakewise V3 volts essentially uh redirecting a portion of the Rewards or the fee that I would take from the um the daily wave pool that I

would do and don't get it donating it to public goods so very cool to see this new product from index card which of course you can go check out for yourself and bye I'll link it in the YouTube description below for you to do so all right so a tweet here from Mario have all who I actually met in Denver and he showed me this in person so this is a device that he built and you can see on my screen the picture here that generates Randomness from cats uh and you can use it to contribute to the kzg ceremony so uh you could grab one of these devices uh from Mario at 8th Denver but I'm sure most of you didn't grab one but I wanted to highlight this anyway so he's calling this proof of cat so essentially what it allows you to do

is it gives you it gives it allows you to give like a cat this little ball for them to play with and then it's got a little uh board attached to it that generates Randomness based on the cat's movements and then you can actually submit this Randomness to the kzg ceremony so you can see here that Mario describes this by saying catrapy implements proof of car and enables secure cut random number generator it comes in a soft ball of various colors gray blue or pink your own which enables generating uh Randomness using movement you can just you can just play with it and secure ethereum and the kcg ceremony I believe is still ongoing Let's uh let's bring this up here on my other tab if I bring it up yeah so yeah it is still ongoing for another 36 hours it seems like and there have been 73 000

total contributions this is insane this is crazy um I did say that I expected up to a hundred thousand um we're almost there I don't know if we're gonna get there maybe we get to 80 000 but that's a very very good turnout but uh yeah if you were lucky enough to get one of these devices from Mario uh you were able to get to do kind of a proof of cat here for Randomness which I thought was very interesting so that's why I wanted to highlight it they're there for you guys uh but you can check this out for yourself I'll link it in the YouTube description below and if you haven't been able to submit to the kcg ceremony you have another 36 hours to do so or actually just under 36 hours to do so here I'll link it in the YouTube

description below for you to check out of course all right last up here we have an update from ingonyama they've introduced something called icicle which is an open source GPU library for accelerating zero knowledge proofs now there's a blog post and a repo here and they've actually introduced uh or have shown an example rust application called Fast dank sharding so uh you can check that out as well and obviously it's in the blog post as well and exactly what this is but there's also a thread here um with a funny little GIF um and you know explaining exactly what it is but the blog post does a better job here she just wanted to highlight this for you guys as Hardware I accelerated um a zero knowledge proof proving is definitely going to be a huge thing

going forward uh especially a zks and get more and more sophisticated and ZK has become more and more of a thing within the ethereum ecosystem so just something for you to check out I'll link it in the YouTube description below all right moving on to an announcement out of the eth global ecosystem so they've introduced something called pragma so basically what pragma is is a one day or a yeah one day single track in-person Summit hosted by eth global with a focus on intimacy pragma serves as a hub for high quality talks and a forum and as a forum of discussion for Builders and leaders from the ethereum ecosystem and Beyond ethereum Builders May recognize the name as all blockchain programs start with a pragma and

starting with Tokyo all eight Global hackathons will as well pragma is not just the start of a builder's Journey but also a call towards pragmatism our hope is that pragma will serve as the backbone of our pragmatic effort to bring ethereum and web3 to wider audiences and move the needle for the ecosystem so essentially what it is is as I said like a one day event just before each of the each Global hackathons in order to I guess set the tone and set the stage for what the hackathons is about and have deeper conversations before the builders get going so I think this is really cool uh eath Global obviously one of the leaders if not the leaders of hackathons in the crypto ecosystem here are kind of creating another initiative that I think is going to bring a lot of value to a lot of people within the ethereum

ecosystem so yeah you can go check out the blog post for yourself I'll link it in the YouTube description below for you to do so all right so there is a new testnet now live called uh which is a vertical test net so this time with proofs in blocks that conform to the new consensus spec and you can find the tooling and links here at this uh this link which I'll link in the YouTube description below if you want to be part of this and I did mention before about how there's a lot of effort still going into vertical trees and being built out which we expect to be live on mainnet hopefully sometime next year it's definitely the next big thing after Erp 4844 I believe uh and it's coming along nicely and as you can see parathos is behind this testnet he's one of the

people that are that are running and leading it here so yeah in Paradise for those of you who don't remember was the the guy that was doing all the shadow Forks uh and still does he does a lot of the the testing for ethereum infrastructure here sorry you can go check this out for yourself I'll link it in the YouTube description below for you to do so all right so I've spoken a lot about Mev boost stop picks in the past and and highlighted Tony's work a lot on the refuel so he announced that the data behind the Mev booths.pics website is now open source and available almost in real time the first published table contains info on every slot since the merge Mev boost and the mapped block Builders validators and relays more tables to come this is a pretty big deal I mean you can get the raw data now like

if you go to Mev booth stoppix and you see the data that's on the website here you can actually view the raw data for yourself and view The Source on GitHub and download it all so you can see that the data is available right now you can download it for yourself and then you and then coming soon is a bunch of other data that that Tony has been tracking and then you can go on the GitHub as well and check check out everything for yourself so great to see that this has been open sourced and it's available for everyone to kind of verify themselves and do their own kind of uh I guess you could say uh deep dive on it uh and as you guys know the Mev Boo stoppix website is probably no no it is the best website for keeping up with all things

Mev uh whether it's keeping up with relays Builders validators anything in between this is definitely the site that you should you should be bookmarking and visiting if you're at all interested in Mev and now you can do your own um Deep dive using the raw data and viewing The Source on GitHub which I'll of course Link in the YouTube description below for you to check out so I mentioned earlier how Taiko had shared their roadmap so this roadmap is the core Milestones on their way to Taiko mainnet and they say here ethereum's commitment to roll ups is strong and credible roll Up's commitment to ethereum ought to be the same and then they've put some highlights in this thread as well as a blog post but the meat of the roadmap is in this image here as you can see on my screen so essentially the roadmap is is divided

up into five different sections uh with different dates so the alpha one test net has been live since December uh so then you can see what was included in that uh in March uh the Alpha 2 test net is going live I don't know if this is live just yet uh but yeah it's going live this month and Q2 Q3 of this year there's going to be more Alpha test Nets and you can see all the things that included underneath there in q3q4 there's going to be several beta test Nets and then in early 2024 they're expecting mainnet to go live with all of the features listed underneath such as permissionless proposes permissionless proofers permissionless regular L2 nodes full evm circuits complete fees and rewards design the infinite Garden of daps and being live on the ethereum

mainnet so yeah they're basically only live on a private L1 right now and then the rest of their test Nets will be going live on sepolia uh with their mainnet uh so with their mainnet obviously being live on ethereum mainnet early next year but yeah I'll link this blog post in this thread in the YouTube description below for you to check out but great to see Taiko put their public roadmap out there so that we can all follow along with their progress and development of getting to a fully decentralized and permissionless uh main net in early 2024. all right so uh God I hate that I'm always having to like have this discussion here but there was uh I guess like a few days ago the New York attorney general's office filed a lawsuit against uh the crypto exchange

KU coin and they alleged that it they sold Securities such as eth Luna and UST so basically the New York uh Attorney General's office is calling ether security yeah now obviously this set people off into like a spin and like oh my God it's labeled a security blah blah no that's not how it works and Jake shivinsky actually had a great uh tweet here where he said no he is in a security just because someone makes an unfounded allegation even if that someone is an enforcement agency in court agencies are like any other plaintiff they can write whatever they want in a complaint it may gets impressed but it doesn't change a thing so just because they say it's a Security even if Gary Gensler was to say that ether's a security or that he believes ethers a security the American uh

government is not a dictatorship but there Gary gensley is not the the the god king of America he can't just declare whatever he wants he has to go through the the process right the due process so if he wanted to label ether security if anyone wanted to label ether security as a security they would have to prove it in court like honestly and to prove it in quite it would be extremely hard right and even if they were able to get a settlement and say uh not just for Eva for anything where the party says okay well yeah this wasn't security at the time that we sold it in Ico but it's not a security anymore there's not going to be many kind of like teams especially the the big teams that have issued uh tokens that are going to be uh willfully admitting that

their thing is currently a security right especially when it comes to eat where you can't actually go after anyone there's no one you can't go after the ethereum foundation the ethereum foundation is not going to be a defender in Acacia um there's no other entity to go off there's no centralized into see to go after uh if you were trying to get eighth label to security so as I said like and as Jake says here just because someone says or alleges that ether security doesn't make it so and honestly uh I I don't know if my tweets here but I basically tweeted out as well by saying that the dumbest stuff that I see on crypto Twitter is all the people saying that ether's security whenever some agency kind of files a report where they say or they alleged that either is a security that's not how it works at

all and I strongly believe that eth is never going to be labeled as security it is a commodity money um and it's going to remain that way and I I obviously believe that the SEC right now is a rogue agency and I don't like Gary ganza's approach to things but I he you know not even he has the power to unilaterally decide that any crypto assets is a security especially not one like eth so yeah I wouldn't worry about this sort of stuff guys I would ignore it honestly a lot of the eighth haters especially the Bitcoin maximalists always use this to say look Eaters of security no it's not until I I mean until and it's probably as I said I don't believe this is gonna happen but the only way as I said it is going to be labeled security is if it is actually uh

uh proven in court that it is it is a security which it is not it definitely isn't I don't believe it is there's a lot of people out there who don't believe it is and make an argument for it and the only people that are saying that it's a security are the ones that don't like ethereum and that's just silly right that's not the way to do things it's not not the people to listen to um but yeah it just pops up every now and again and it gets me really frustrated because it's not a security um and uh just because some agency says that it is or the ledgers that it is doesn't make it so as as Jake has said here all right so element Finance has brought out something that they're calling the council kit so this is version 0.0.1 of the council kit which is an SDK for

launching building and maintaining Dows and their governance systems on demand it is fully documented with video encode tutorials and a customizable themeable UI so you can go to council.element.fi to check this out for yourself and get started with it there's uh there's a whole section here for getting started with it now um Dows is one thing that I think is still going to take a while to kind of get to the point where we want them to get to but there are a lot of things happening on this front not just with the Dell I guess infrastructure itself but also the things that fit into it such as decentralized identity uh different token distributions different experiments around token holder governance and stuff like that it's all fitting into each other and it's all being worked on I think in parallel but

uh yeah you guys know my general opinion on governance uh within crypto I do believe that uh decentralized governance at scale is very very hard to do if not impossible to do especially when it comes to on-chain governance I personally prefer the model of having like a council where you have like a bunch of um of people and organizations working together uh you know the founding team can be in there but then there's other organizations working together to basically govern the protocol so to speak I think maybe the closest example of this is the rockapool odal where you know the core team the core rockable team has a few Odell nodes there's the rocket scientist there's another team that building uh builds with rocker pool there are various community members there are people that build on the ethereum core protocol like

Lighthouse For example or Sigma Prime I should say for example um and then you have yeah cool community members like myself and super fears and a bunch of other people there um that that are kind of like governing the protocol as much as it can be governed so to speak uh with the Odell stuff I think that's the better model than basically having it so that everyone has a voice so to speak because at the end of the day not everyone's voice is equal when it comes to protocols like for example if I went into a community where I have absolutely no idea what's going on I don't even know how the protocol works why should my voice uh be worth the same as someone who spends every day in that ecosystem right like that doesn't make any sense at all um so yeah I think that the the most

successful probably governance um or I guess a governance architectures and the most successful protocols that integrate governance are the ones that use a council model I believe that that's that's truly going to be the way it is uh especially for the foreseeable future uh and tools like what element Finance is brought out here will help a lot with that uh I believe as well all right so coinbase has introduced a web 3 Discovery uh I guess like website called coinbase.com web3 I believe I talk about this I think maybe a couple months ago where they first brought this out or first talked about this but basically it's a way to explore the best apps that web3 has to offer as they say here uh they're all ranked and everything and you can sort by different

categories this is definitely a really nice tool for noobs that don't really know where to start you know if you don't know where to start with kind of collecting and swapping and earning and all that sorts of stuff you can you can just click here and get started straight away it also lists what networks these things are on yeah I mean I I believe I did highlight this a couple months ago but I believe that this is now live Freddie wants to kind of play around with and it's much more fleshed out as well and you've also got uh the different kind of um our rankings here as well I don't know what these rankings are based on and it's probably based on raiding and the amount of people that use the actual service here but yeah this is really cool another Banger products from coinbase that they've

brought out here which you can check out of course I'll link it in the YouTube description below or you can go to coinbase.com web3 all right so a new research post from Justin Drake here called based Roll-Ups uh so basically the gist and the tldr of bass Roll-Ups is that uh Justin says here we highlight a special subset of Roll-Ups we call based or L1 sequenced the sequencing of such Roll-Ups based sequencing is maximally simple and inherents l1's liveness and decentralization moreover based Roll-Ups are particularly economically aligned with their base L1 so this is very similar to I think enshrined Roll-Ups which is a roll-up concept that's been around for a while tazos is actually

experimenting a lot with this um but the definition the strict definition of what this is is that a roll-up is said to be based or L1 sequenced when its sequencing is driven by the base L1 more concretely a bass roll-up is one where the next L1 proposer May in collaboration with L1 searches and Builders permissionlessly include the next rollout block as part of the next L1 block so it's basically having a tight coupling between the roll-up itself and L1 itself and and then Justin lists out the advantages and disadvantages of this model so the biggest disadvantage of this model is that there's no Mev uh income for the roll up itself it foregoes the Mev to the L1 uh validators so to speak and then there's constrained sequencing here as well but those are basically the only

two disadvantages that Justin has come up with but there's a bunch of other advantages here which is the same advantages you get from being on L1 such as live nurse decentralization uh and simplicity so I recommend giving this post to read there's a bunch of replies here as well talking about this um it's it's very interesting I think and I think that the more experimentation we do with roll Ops the better we're going to get uh the better roles we're gonna get because I think sequencing is is definitely a big deal like how do you decentralize a sequencer what do you do with Mev uh with the sequences how do you get the same guarantees you get as L1 well based Roll-Ups or based um uh or L1 sequence Roll-Ups uh probably one of the pods that we can use to get there but as I said this is just the research

post right now hasn't been developed or integrated or anything like that but when Justin Drake puts out something I listen that's for sure so I'll link this in the YouTube description below for you to check out all right so uh this is a really cool update from bankless so they're calling this bankless 2.0 which is now live so this is a brand new bankless website which is actually a really really awesome website this is not just your run-of-the-mill kind of like shitty website that's just been put together or thrown together this is uh really really awesome it's very smooth it's very responsive you can actually log in with your kind of ethereum address here I've logged in with sasso.eth and you can see it says here GM Sasol zero X it's got uh and you can actually subscribe and

become like what's called a citizen or a paid member and then you get access to all those exclusive things you've got all the content down here all the bankless content they just put their eth Denver experience up so maybe that's something you want to go check out after this refill episode uh different tools uh yeah I mean I really love this website it's great I highly recommend giving it a go going to check it out as I said it's at bankless.com and it really captures I guess the community feel and the community aspect of what banklist is building here because Bankers is not just a podcast uh it's an ecosystem they're doing so many really cool things I'm sure you guys saw that they're doing adventure fun now as well so they're doing a lot that's for sure and uh you yeah this is just a way for

them to highlight everything that they're doing so you can go check out bankless's new website at bankless.com all right so uh Terence from the prilabs team or the I guess like the arbitrim team now uh put together a tweet thread where he said this is Loki the most interesting and important PR for the ethereum protocol white right now which is called allow the execution layer to suggest local execution so this is supposed to help with censorship resistance on ethereum uh and as Teran says here we want minimal censorship censorship as possible from the builders and relayers um we have obviously solutions for that but there's also this solution here in this PR which uh as I said Terence details a little bit in this thread but also in the pr there's a bit of a

description about what this does so as I said earlier we're still working on ways to mitigate and censorship on ethereum that is a result of things like Mev and Mev boost uh and this is just another one of those things that I figured I would highlight for you guys and yeah as I said we'll Link in the YouTube description below for you to learn more about um but yeah I've got a few more updates to get through before I end today's Mega episode I'm I'm getting pretty tired now so I'm going to try and get through the last two things here so um just another update from Tony from the mebboost.picks website just saying that we already set a new record in Mev Boost payments per day even larger than during the FTX Fiasco proposes earnings skyrocketed and this was due to all the volatility

around usdc over the last 48 hours which is going to be the last thing I talk about in just a sec um but unfortunately my validators didn't propose a block during this which kind of annoyed me because I was like oh my God there's so much kind of Mev being extracted right now there are so many high proposal payments being paid out right now I really really hope that I've approach a block and of course I didn't uh so maybe I'll propose a block today when gas is a lot lower gas is actually above 300 and above 200 gray for a little while there because there was so much Mev stuff happening due to the usdc d-peg which I guess is the perfect segue into the usdc d-peg which is the biggest news story I think over the last pull off for a while now actually so to give

you a big a bit of a tldr of what's happened here usdc depeged from its usual dollar to under 90 cents because of a bunch of silly reasons and I think that to give some context here I have to go back to Friday which is when the you've probably heard of it by now the Silicon Valley Bank one of the largest banks in the US was shut down and taken over by FDIC which is an organization in the US that ensures Bank deposits but also handles unwinding Banks uh deposits and getting them back to getting them in their hand getting them in into the hands of depositors in a timely fashion here so essentially the reason why usdc got

caught up in all of this is because the USD or at least the assets not just the cash assets but also the treasury bonds and things like that are custody with various U.S banks and one of those Banks was Silicon Valley Bank so there was 3.3 billion dollars worth of assets that are currently stuck on Silicon Valley Bank that are backing up usdc now people took this to mean that those 3.3 billion dollars worth of assets are gone that is not what it is at all the the the the amount of assets that will be returned to to Circle here and of that 3.3 billion dollars is probably almost 100 of that um now even if you take like the one of the worst case scenarios where it's only 90 that means that 10 of the assets will not be returned which means that 10 of

3.3 billion dollars is 330 million dollars so at worst 330 million dollars uh there'll be a 330 million dollar hole in the assets backing up usdc which represents less than one percent of the assets back in usdc which means that logically USC C should be trading at 99 Cents not under 90 cents and even that 330 million million dollar hole would be easily filled by Circle themselves who earned much more money than that off interest payments alone off of their their treasury Holdings uh or the yield payments I should say of their treasury Holdings so the real hole is zero dollars so the reason and why usdc deped so much was because of fear and panic and Traders making taking advantage of

it Ryan people not knowing what was going on there's a lot of people comparing usdc to um to UST and to Terra which is just a stupid comparison but people do this stuff during times of fear and uncertainty right and also uh coinbase disabled direct redemptions of U.S DC for for USD because banks are closed and they uh on the weekend and they wouldn't be able to process all the withdrawals so they basically just paused it which means that the only way that usdc could actually go back up is if people buy usdc on the open market they can't Arbitrage the uh I guess like they can't buy usdc for 90 cents and then redeem it for real USD and Arbitrage that 10 cent price movement because the Redemption

function is closed so that's why usdc is not trading at a dollar right now come Monday morning I strongly believe that usdc is going straight back to a dollar the redemptions will be open the championship redemptions will be fine uh Circle will get most to the money back and from the Silicon Valley bank and then they're going to plug whatever holder is with their own money and everything's going to be fine I don't believe that for a second that there is any risk that usdc is going to be uh the asset backing usdc are going to be completely gone or insolvent and that uscc is going to zero um I don't believe that at all I understand people's fear and uncertainty but I also think that if you use your brain a little bit and you actually look at everything that that goes into this and and all the facts

around it you would realize that this is a very temporary thing and it's going to get resolved very quickly and if you're a Savvy investor or I guess like someone who likes taking a bit of risk uh you can take advantage of this which is what I did I started buying usdc Under 95 cents I bought a bit under 90 cents I haven't sold it yet I'm going to wait until Monday I'm gonna wait until it goes back to one dollar and then I'm gonna sell it and I'm gonna make an instant five to ten percent profit I'm going to roll that into eighth and happy days for me so yeah if you if you have an appetite for that I believe usdc is still trading at about 95 cents but as I said like just understand and that it's not like 100 risk-free there is always a

risk with everything that you do when it comes to speculative activities but to me I looked at it and I'm just like people are crazy right now uh there's no way that usdc is is insolvent there's no way that it's going under it's totally fine uh and I I still believe that so that's the trdr what happened there but really uh the real story had nothing to do with crypto it had everything to do with Silicon Valley Bank and how it's a big bank for Tech codes and crypto uh codes and how uh they had a bank run essentially and they weren't able to meet um their their obligations because of the fact that if you know how fractional Reserve banking Works uh no Bank in the US holds most of their customer assets in cash they actually uh buy treasuries or buy uh treasury uh bonds and things

like that all lend out the assets um and I think they're only legally required to hold 10 as cash and post pandemic I believe it got changed to zero percent I don't know if that's been changed back yet uh but yeah you're you may be naive to think that Banks hold it and every single Bank in the U.S every single one is subject to a bank crime they do not have the liquidity and that's the thing I think a lot of people missed is that this is not a solvency issue for Silicon Valley Bank this is a liquidity issue where they just do not have the liquidity on hand straight away to process all withdrawals but they can if they sell off their assets and get the the cash equivalents for it now of course there is going to be a bit of a loss here because these treasuries that

they've bought when uh when yields were lower uh there's kind of I guess a mismatch here because obviously the rates went up the the the interest rates went up and there is a mismatch here where they're holding these kind of underwater assets and they may take a five to ten percent hit but that is from what I've seen the biggest hit that they will take from these from these things so as I said if you say that Circle will get back uh 90 of their assets from Silicon Valley Bank there is a 10 whole of 330 million dollars they can easily cover that themselves so in reality there is not a whole at all in usdc in the backing of usdc uh and USAC should logically be trading at one dollar uh which I believe it will on Monday or early next week uh when this all gets

when this all gets kind of like ironed out and Silicon Valley bank is probably just going to get absorbed by another bank anyway that's how these things work hopefully that explains it for you guys um but on that note I think I'm going to end it there on this Mega episode so thank you all for sticking with me and listening and watching hopefully I can be back to our regularly scheduled programming tomorrow on Monday um I think I'm all good now I've still got covert but as I said like uh the coughing fit seem to have stopped and manager levels are returning um but yeah I hope you enjoyed that episode and I'll catch you all uh tomorrow but yeah subscribe to the channel if you haven't yet give the video a thumbs up subscribe to newsletter join the Discord Channel as I said I'll catch you all tomorrow thanks

everyone