Etherealize exits stealth, Ink at stage 1 and more - The Daily Gwei Refuel #817 - Ethereum Updates

Transcript

hello everyone welcome to another episode of theway refu wake up latest news ecosystem I'm your host and and to 24th of January 2025 all right everyone let's get into it so a very bullish day today in the US with regards to crypto regulations and I guess like how the new admin is treating crypto and honestly so far Trump has actually stuck to his word on being you know Pro crypto and doing things that benefit the crypto ecosystem I'm sure a lot of you saw that he gave Ross alri I think that's say say his name or alri a full pardon which means Ross is now free he's no longer in prison serving I believe it was two life sentences or something like that so he's now free and that was also one of Trump's campaign promises there so you

know obviously credit where credit is due on that one but on top of that uh not just with Ross obviously you guys know Ross ran Silk Road back in the day and that's why he was in prison that's why he's I guess like a crypto folk Legend essentially um but there was a slew of different executive orders that were signed today by Trump and Elanor has the details here in her tweet so there was an executive order signed to establish a working group for digital asset markets uh the working group will be tasked with developing a federal regulatory framework governing digital assets including stable coins and evaluating the creation of a strategic National digital asset stockpile so that goes to a lot of the people um talking about a a national Bitcoin Reserve or a strategic Bitcoin Reserve or a strategic ethereum Reserve so on and so forth so

far it seems like that they're not going to be buying any crypto assets they're just going to be holding holding on to the ones that they already have and pretty much like most of those were if not all of those were seized from criminals and I believe that or seized in criminal cases I believe that they have about $20 billion worth of BTC that belonged mostly to Silk Road uh I think MTG as well there was a few others kind of out there that they've seized and I believe they have a couple hundred million do worth of eth and a slew of other assets but like not in very much um dollar terms there so yeah that's what they're doing right now but hopefully this obviously PS the way to a digital asset reserve of BTC eth and really I don't know if any if I put

anything else into that basket I maybe bi but I don't think anything else really belongs in that basket in terms of its strategic importance for the us at least not yet in my opinion stable coins wouldn't make any sense going in there because they're basically just US dollars or treasuries or um you know uh cash equivalents that already back up those stable coins so it wouldn't really make sense to do that but eth staked eth maybe I don't know I feel like that would be maybe too risky because staked eth is tied to different different protocols here you know St R Etc uh but you know it's a Brave New World so we'll see what happens there uh the working group is going to be chaired by the uh White House Ai and cryptar David suak you guys already know who he is uh and include the Secretary of the

Treasury the chairman of the the SEC and the heads of other relevant department and agencies the White House and Ai and cryptar will engage leading experts in digital assets and digital markets to ensure that the actions of the working group are informed by experts uh the executive order directs departments and agencies uh with identifying and making recommendations to the working group it prohibits agencies from undertaking any action to establish issue or promote Central Bank digital currencies this is pretty huge to be honest it means that the US will not be pursuing a cbdc for the foreseeable future until I don't know maybe this gets overturned or uh until the Democrats are back in power I don't I don't know right like I don't know how long this would kind of last for but it is a pretty big uh statement to say that um or I guess like executive

order to say that it's now prohibit prohibited for the US to pursue issuing AC cbdc which is obviously good news for Native crypto assets here and also the executive order revokes the previous admin's digital assets executive order and the treasury Department's framework for international engagement on digital asset which suppressed Innovation and undermined US economic Liberty and Global Leadership in digital Finance so a complete and total 180 here guys from what we saw under Democratic Leadership and I'll be honest like you guys know that I've been quite I guess like harsh on um on politicians in the past especially ones that make a lot of promises because a lot of them do make a lot of promises and don't tend to follow through but I'll be honest here guys I did not expect Trump to follow through this

quickly on all of his promises this is like day three or day four of his presidency uh and he's already followed through on his crypto promises or at least made some movements to start following through on them but we've already gotten uh you know the first 3 days is better than anything we saw under the Democrats in the last four years which is just amazing to see and I'm hope hoping that that can continue and on top of all of this uh Trump also uh uh oh sorry not Trump but the SEC repealed the Sab 121 uh regulation which means that Banks can now custody crypto assets so that is huge in of itself because it means that Banks can now offer direct crypto uh products essentially and custody them for their customers there which opens up the

crypto industry to a whole new set of participants the ETFs opened it up to you know a bunch of people but now the banks can do it directly not just through the ETFs but through other products so that's a big win there as well so it seems like things uh looking bullish in the US are very bullish honestly in the US a total 180 as I said and it seems like at least probably the next 2 years until the midterms we're going to have a very nice crypto-friendly us admin and hey if the Republicans win the midterms then we're going to have four years of it and if they win the next presidency then we're going to have you know potentially six or eight years of it so we'll see and and there's no guarantee that the Republicans are always going to be Pro crypto mind you I'm not trying to I

guess like talk politics here but there's no guarantees in politics ever but in saying that what I've seen so far I like I like it a lot you can't really judge the long term based on the shortterm here so we'll see what happens going forward uh but yeah I'm I'm very hopeful I'm very hopeful that we're going to see actual proper regulations put in place for crypto not just uh uh you know not just kind of like promises not just words proper guidance regulations so that the crypto industry can come home to the us a lot of PE a lot of I guess like people and companies fled the us because they knew knew that it was a hostile environment for them but now that they they can come home to the US and make the US a really great place to uh you know run a crypto

company basically so yeah a lot of bullish news there to digest I'm sure you guys have seen a bunch of threads on that and a bunch of people talking about that already so I'm not going to go on about that too much there uh but yeah very positive news for all of crypto today all right another really big piece of positive and bullish news this time pertaining to specifically ethereum was that ethereal eyes has uh come out of stealth now this was the project that I was teasing on the last few refills that I had been made aware of a little while ago that I was following along with and I was helping in any way that I can I'm not directly involved with this project at all I'm not you know part of their team I'm not an adviser or anything like that I am just helping as an ethereum I

guess like Community member you could call me but what this is is basically a institutional marketing and product arm for the ethereum ecosystem ether realizer goal is to accelerate adoption by bringing institutions to ethereum the digital economy of tomorrow all Road flow through eth and will show the world why and uh just a bit more details about what they are currently doing uh there are eight full-time employees led by someone who has deep ties to tradire they are based in New York uh City I believe or New York State there uh and they are going to go out to the tradire world to all the the bankers to all of the the people running uh uh you know any kind of businesses or any kind of selling any kind of products within the trafa ecosystem and basically giving them the ethereum pitch essentially

right giving them the the pitch for ethereum the network giving them the pitch for E the asset which is obviously what I think we've been lacking within the ethereum ecosystem but ethereal Li is really stepping up here and I do want to note as well is that this effort is funded by the ethereum foundation and balic directly as well as others uh out there that haven't been named for obviously uh privacy related reasons here maybe they'll reveal themselves at some point in the future but I talked about this the other day when I was talking about the stuff with the ethereum foundation about how the ethereum foundation is not going to do this stuff directly but they are more than happy to fund new companies and new efforts doing this stuff and they put their money where their mouth is so yeah they're they're directly involved with

this in terms of like funding they'll probably be able to help this effort as well with with connections because etherum Foundation does have a lot of connections to you know the two ecosystems outside of crypto of course but I'm super excited for ethereal Li generally now if you want to go check out what etheral Li is already built they have a really really cool dashboard here that basically gives you an overview of eth and ethereum the network so you can see here they're calling eth a store of value with cash flow this really kind of resonates with the tradire folk maybe it's boring for us maybe it's boring for us to say that ether is a store of value with cash flow because you know you have meme coins here you have dgen stuff there you have nft stuff there and that may be boring

to crypto natives but it is not boring to the tradire world they love this stuff they love yield they love cash flow and they love things uh uh framed in such a way that that you know they can buy it it can act as a story of value goes up against USD over time and they can also get cash flow with that and obviously as you guys know its version of cash flow here is the staking yield both from the consensus layer rewards but as well as the execution layer rewards which includes uh layer one transactions transaction fees uh all the the unburned fees I should say as well as the uh The Blob fees there now of course on the burn they have a nice little graphic here showing the supply and issuance of ethereum so generally uh the eth you know the new eth issued then

the eth burned then what the net issuance looks like over different time time frames then if you scroll down they're covering the ethereum economy so they're covering tokenized assets stable coins and Assets in apps stable coins should be a huge Focus I think of this effort because stable coins are going to be huge I mean they're already big but they're going to be so much bigger guys like we haven't even scratched a service of how big stable coins are going to be they're going to be absolutely massive and almost all of them live on ethereum right and and if you actually see here it's kind of funny because you can see of the stable coins $126 Billion Lives on ethereum Tron has about $60 billion and that's honestly Trum was ahead of ethereum for a little while there but they've just completely fallen behind here ethereum is dominating stable coins

and even salana only has $10 billion of stable coins uh uh on their Network here as opposed to the 126 billion on ethereum which obviously and this includes ethereum L1 plus 5 l2s as they say here so they are actually including ethereum l2s which I mean to be expected from from an effort like ethereal Li but a lot of different data analytics platforms out there love to separate ethereum and the l2s which in my mind is not the right way to do it the ethereum economy is the aggregate of ethereum L1 and the l2s out there obviously you know you don't you're not going to be including every L2 because a lot of l2s are just kind of dead and they just they they don't really have any traction but the top five l2s just kind of sets a limit there and says okay we're just

going to look at the top five or maybe even the top 10 l2s and will include them here so yeah when it comes to stable coins ethereum absolutely dominates right and then tokenized assets as well ethereum is still small it's at $4 billion but the other networks have basically nothing there is 135 Million Dollar on salana which is basically nothing there's nothing on Tron Avalanche SOI have very very small amounts of tokenized assets and stable coins and then Assets in apps AKA tvl we know ethereum dominates that as well so this again is a perfect way to sell ethereum the ethereum economy the ethereum network to the traditional Finance ecosystem because you're basically showing them that there is demand for real sustainable assets like stable coins like real world assets and

that continues to grow there they also give an overview here of the different ethereum l2s so the the the ones that they're kind of tracking here so there's bass op mainnet arbitrum ZK sync scroll and lanaa and you can see that here and you see the little graphs it's value acral so they've got uh the l2s how the l2s drive value to eth uh ethereum fee Revenue um and as measured in Ethan USD and L2 fees here so this dashboard will get better over time but I believe the whole point of this dashboard is to make it appealing to the trafi world to Wall Street not to crypto Deion not to you know not not to all the meme coiners not to any of that sort of stuff we've already got plenty of stuff that we can look out we don't need this this sort of

sort of stuff for us but we need this stuff for the U tradire ecosystem for the people outside of crypto and the etherealized homepage is also really awesome I love the way that they've just kind of framed this it's a very professional looking website going over you know what ethereum is what eth is not filling them with Jon or anything like that just really speaking their language here and basically this is their mission mission statement here connecting institutions to the ethereum ecosystem which is really great to see so yeah obviously I'm super bullish on ethereal lies not directly involved as I said just wanted to make sure that everyone is aware of that cuz I had a lot of people actually thinking that I'm directly involved with this I'm not and that's what to say I wouldn't love to be but I don't have the time to be directly

involved in anything but I am helping them as best I can with anything that they need help with basically I'm always there uh to help them with that but you should get involved as well if you want to you can follow them on Twitter maybe shoot them a DM if you want I don't know if their DMS are actually open I'm going to check here yeah they're open for me cuz they're following me I don't know if they're open for everyone but regardless there will be opportunities to be involved with this effort as time goes on all right vitalic has a fresh and timely blog post today titled scaling ethereum L1 and l2s in 2025 and Beyond this is essentially a summary of all of the not all of the the but like the high level efforts going on to scale ethereum at L1 and at L2 as well as some kind of

like ideas around how to accelerate that and what should be prioritized versus what shouldn't be prioritized now I'm not going to go over the whole post you can read it for yourself I'll link it in the YouTube description below but one thing I did want to cover is that vitalic actually made a mention of eth the asset in this PO post which I really like and I basically tweeted tweeted at him with the paragraph that he used in the post where he said we should think explicitly about the economics of eth we need to make sure that e continues to acove Value even in an L2 heavy World ideally solving for a variety of models of how value cruel happens and then I replied by saying thanks for including this in the post while obviously L1 and L2 scalability is critically important for users and developers eth recuring

value is important for the entire network after all the entire network is secured by eth and eth is the economic bandwidth that fuels defi I I really hope that more and more people kind of start banging the drum on this especially people like vitalic especially people at the ethereum foundation uh people with legitimacy people with Merit because it shouldn't be taboo to basically pump e honestly like I'm just going to be straight it shouldn't be taboo to pump eth eth is the heart of the entire ecosystem as I as I showcased I think like a few maybe a couple months ago now um Josh Stark who's on the EF leadership team he created this ying and yangang image of ethereum as the world computer and eth as money right they are ying and yang they they're directly linked you can't unbundle the two they are one and the

same they are in a symbiotic relationship and they deserve to be promoted together and I don't as I said think that it's dirty to pump Ethan any way I think that e if anything is the fairest kind of token that you could actually promote given the fact that it was sold to a completely public Ico and it has been um publicly available for a very long time now there were no insiders there were no VCS yes there was a quote unquote pre-mine but that went to um the developers right uh the the so technically the premine went to the uh Ico participants as well but in terms of what the developers gave themselves it was a very small amount of eth in dollar terms at the time absolutely tiny and then in terms of what the team members gave themselves were also tiny as well

like the founders for example falic owns a very small percentage of eth the ethereum foundation has a very small percentage of eth left and they didn't really start with that much um and they've been diluted over time with the mining rewards with the staking rewards as well there especially because they haven't stake their eth actually as you guys know that's something that the community has been an uproar about but that's why I'm saying that like we should be pumping eth shouldn't feel dirty pumping eth and yes okay pumping eth and eth going up in value means that people make more money but what's wrong with that there's nothing wrong with that that this whole ecosystem runs on that and defi is you know you guys know this is a very strong opinion of mine defi is the value prop of blockchains to me yes there are other things that uh

that def sorry that blockchains enable but defi is the biggest thing ever it's got the biggest product Market fit for crypto for blockchains it has a total addressable Market of everyone on Earth everyone on earth needs a financial system everyone on earth needs a money right everyone on earth needs to transact with each other ethereum directly enables that in an open permissionless decentralized secure reli iable Global permissionless Way right with the ethereum defi economy with eth as the decentralized programmable money of that economy so we should not be scared to do that but enough ranting about that as I said you should go give this post a read it covers a bunch of different things I really enjoyed it so kudos toal for putting this out there I'll link in the YouTube description below for you to check out all right so we have a unofficial

official Petra timeline out of the core Dev call today so there's going to be one more Dev devet I believe launched next week devet 6 just to squash some more bugs uh they have proposed some timing on the latest all call devs call to Fork over the two test Nets so sapoia will be forked on February 12th h heski on February 19th and there is a tentative main net date of March 11th as I said to you guys mid-march was I think or mid to late March was my estimate all the way back when and we're basically on uh track to to reach that now so March 11th as I said is the tentative date it is not final just an ambitious goal but I mean if the test Nets go well there is no reason why the main net fork for pectra can't happen on uh you know on

March 11th or in March uh just generally there so very very cool to see that there is a timeline now and that we are very very close to Petra being live on mainnet now in terms of what's included in Petra I went over that the other day but I'm going to put a tweet thread out about that soon which I'll cover on Monday's refuel but you guys pretty much already know all the major things that are coming in Petra so I don't have to go into too much detail about them you know the max EB uh increase there The Blob increase the um account abstraction EIP there's a lot this is ethereum's biggest upgrade in terms of how many eips are included how many new features are coming and I can't wait to see it go live on the network there so thanks nixo for tting this out today uh she uh she

she makes my life easy by tweeting out these uh kind of summaries of the all call devs call as well as Christine Kim by the way she tweets out these things too and does really detailed writeups of it so kudos to them for keeping me updated so I can keep you guys updated all right moving on so there's been a lot of discussion around blobs recently for good reason obviously blobs are the way ethereum is scaling rollups and we need more blobs whether that be through blob increases whe or direct blob increases or whether that be through things like pias and and later on scaling that up from there we just need more blob there's been a lot of discussion lately about changing how we scale blobs right so there's one suggestion here from Proto Lambda the original one of the original people

behind blobs behind Proto dank sharding Proto is is his name there so he's proposed a framework to safely and continuously scale blobs via something called a blob parameter only fork or a BPO fork and he describes these as Forks that are simple ethereum Forks that only change two parameters The Blob targets and blob limits BPO Forks give ethereum flexibility to safely scale blobs in smaller more regular increments and they give Builders confidence that ethereum will continuously grow its capacity ethereum hard Forks carry a high operational cost and burden one goal of BP Forks is to share that burden across L1 and L2 teams if we can agree on a BP Fork outline we and other members of the optimism Collective will lean in as much as possible to help shepher these Forks

forward and scale ethereum so this is one of the things being proposed the other thing is that we should make it so that validators can control blobs like they can control the gas limit I'm not in favor of that honestly because like I generally don't think that even validator should be in charge of increasing the gas limit I think that's something that it's been left over from basically day one of ethereum I don't think it makes sense because as you see it's an uphill battle to get the validators to increase their gas limit we're at like 42% now I expect that to be at 50% relatively soon but it's an uphill battle CU you have to do this whole coordination game every time whereas if we had it as part of like these uh quick Forks could you can imagine like a blob and gas limit

increased Fork bundled into one where we increase the the blobs by some amount and we increase the gas limit by some amount and it's just a fork it doesn't require any coordination uh Beyond getting people to update their clients doesn't require us contacting everyone to increase their gas limit and getting them to do it and not be lazy about it I I think that's a better way of doing things I I I don't think we should be giving the power of of blob increases to valid directly uh for for for that reason but also for another big reason where it can be a little bit plutocratic and what I mean by that is that you could imagine a world where coinbase has a lot of validators right on the ethereum network coinbase runs an L2 base they want to scale blobs so coinbase scales blob The Blob limit on

their validators and they scale it up a lot right to maybe somewhere where a lot of the network can't even handle that but coinbase doesn't care because they're like well we can handle it and it's good for base so we're going to do it so you see how that becomes like a misalignment of incentives there and it becomes plutocratic because of the fact that coinbase has the money to do this they they have the validators to do this it's not their validators technically it's their customers but they own the validator their customers have no uh control over and this would be in the terms of service agreement they have no control over what happens with those validators they just know they get to stake their e and earn a yield on it they get some rewards minus the cut that coinbase takes and then away you go

right so I think that going forward yes Blob should only be controlled via a fork uh blob increases and maybe potentially we can do the same with gas limits stuff once we I guess like deliver some of the other stuff like history expiry which is coming first phase is coming May 1st and a bunch of other things there um rather than leing it up to the validators it just it really is like Tech dead at this point I don't think it's something that we should keep in in the network there it's just too much of a a coordination headache um and it requires like publicly shaming different companies and entities and people requires a lot of uh a lot of kind of marketing I guess and a lot of noise just to achieve something that should be relatively easy to achieve and is in a fork right so yeah

I'm I'm in favor of something like this but you can go get give this a read if you want it's it's a very short thing here I mean it it's what I said basically just they want to be able to scale blobs faster in smaller Forks I'm totally in favor of that we can't wait a year for a fork for blobs like we're going to go to 69 uh Target and Max in Petra there's no way that we're going to be able to wait a year to increase that to like 912 or to uh to integrate pias right like no we have to be able to increase blobs faster than that and this is one of the ideas uh to do that here and by the way from what I know most of the core developers are very on board with this like no one's necessarily

against this they just want to make sure they're doing it in a safe way so that the network doesn't obviously fall offline which is always the case with pretty much anything uh but yeah it seems like we're all coalescing around the fact that we need to scale blobs a lot more than what they already are we need to do it yesterday so let's push uh forward on that all right so uh one other thing that I wanted to cover here that I missed the other day is that there's been a lot of discussion around minimum bandwidth requirements for validators or for node operators recently and as you guys know this has been something of a tension in the ethereum community because there are people or some solo stakers on the network that have very little bandwidth maybe they have like 5 megabits per second or 10 megabits per

second upload which is the main U bandwidth constraint here um and then there's been this whole discussion and debate around should we be letting these validators hold the network back and they're not obviously holding Network back on purpose but it becomes this thing of well if 95% or n you know even 99% of the network is able to increase the gas limit or increase the blobs and be fine with it and not and not have their validators go offline but 1% would be kicked offline then it becomes a tyranny of the minority where it's like well we shouldn't not make a change just because it's going to affect 1% of the network now I've talked about this before in terms of like solo stakers and solo and and home node operators obviously um well maybe not obviously but to me they are worth a lot more than

like a single node operator that controls a lot a single B note operator that controls a lot of validators uh but at the end of the day there has to be a line drawn somewhere so there has been a lot of discussion around this with ethereum researchers and developers uh there is uh uh there is uh something here that uh that was set on the call uh uh I think this was um was I don't know who said this uh the quote isn't attributed to anyone but someone said given we have inclusion lists we recommend 25 megabits per second download and upload if you using me boost if you want to build blocks locally then we recommend 50 megabits per second download and upload so the usage of me boost is actually something uh of of a of a huge consideration here given that if you're not locally

building blocks then you don't have to have as much bandwith as someone that is locally building blocks because you uh basically U your validator has less load on it um from not locally building the blocks here but the reason why we want to still keep locally built blocks alive is because of the fact that uh the we have very high centralization with block Builders there like five block builders that essentially control all the blocks that are built uh and that's obviously not good for censorship resistance but with fossil going live hopefully soon not imp pectra but soon after that's the inclusion list um design inclusion list EIP it becomes less of an issue because it basically means that we don't have to worry too much about censorship uh resistance generally and uh we can still have locally built blocks from maybe the

the the bigger operators and even solo and home stakers that have this this bandwidth here um in the worst case scenario now the reason why we want to be able to get these bandwidth requirements up from what they are today is so that we can increase the gas limit and so that we can increase blobs but also this is not a huge thing to ask for as I've said before about bandwidth it is not equally distributed across the world I don't have 50 megabits uh upload speed I have like 35 or 40 on a good day basically upload I have like a gigabit download but I'm on coaxial which is the uh which limits you to I believe like 50 megabits per second maximum on upload uh but there are people who have you know asymmetric gigabit down gigabit up right

so essentially what you have is uh I guess like a fragmentation of bandwidth across the globe we want to keep ethereum a Global Network here but there has to be some kind of line and it seems like lines are being drawn in the sand here and it seems like we may lose some home stakers due to this but you know it seems like something that the community is just saying well we can't hold the network back for the 1% out there and as as as shitty as it is and as much as I wish that wasn't the case I agree with that we can't hold the network back because there's no use holding the network back if the users can't even get any use out of it because we're not scaling it for them uh and then eventually you know if ethereum doesn't scale ethereum dies like I I I believe

that as well but anyway enough on that one just wanted to hide that for you guys there all right so something else that popped up uh I think it was yesterday or the day before was this new Twitter account called the second Foundation now this is a reference to the foundation books or Foundation series I haven't read the books or or watched the series but everyone keeps telling me that it's a it's a reference to that but it's also something that people have been asking for they want to see like the you know a second ethereum Foundation essentially now there's no info on this just yet as far as I know the only info there is is that it is something that the co one of the co-founders of Lio wants to do and he's been talking about this for a couple of months now and I remember I replied to

him asking him you know what would this second Foundation do and he gave me a bunch of things that it that it would do uh but yeah this goes back to what I was saying the other day where like anyone can do this stuff guys like this is something that literally anyone in the community can do right now second Foundation does nothing it's got a Twitter account it's got a bunch of followers it posted some some kind of things you know some some ethereum things here uh which is which is cool to see like don't get me wrong it's AI generated obviously um but we don't know what they're going to do yet and I did message the the the the guy behind this um and I messaged him on Telegram and I said hey man like if you you know need any help with this I'm happy to help

with it that but I don't know what this is yet I don't even think he knows what it is fully yet but it's something of of a tase of something to come maybe there does become a second ethereum Foundation that does things that the EF doesn't want to do but that's good the more the merrier in the ethereum ecosystem the more of these entities doing things in the ethereum ecosystem the better so I'm really happy with with uh you know the the community doing more not just with the second Foundation but also with efforts like ethereal lie I know of a bunch of other efforts happening as well that are still in stealth that will be I guess like released publicly later on uh but yeah I'm excited about uh stuff like this all right so in terms of stuff that I'm working on to I guess like further

the ethereum ecosystem not me directly but like this was kind of my idea uh I wanted to create some branding so this started a few months ago I wanted to create some branding for ethereum apps and for the ethereum ecosystem not just the apps but the infrastructure to basically put on their website to say that they are part of the ethereum ecosystem now there was actually something like this similar to this called built on ethereum back in I think it was like 2019 2020 The eth Hub days like Eric and I did this put it together and apps would actually put like the built on ethereum badge uh or branding on their website it was really cool to see that it let people know that my app you know my whatever is built on ethereum so I can't I I I I I floated this idea with the the guys at Kraken

the ones building uh Inc right I floated it with them uh and this was I believe at Devcon I think uh one of their at their event uh and then they just started this group where they're like yeah let's do it and they got their designers on it and they started spitting out stuff and I'm like this is awesome originally we started with secured by ethereum as the tagline but then as time went on and as more people join the group from the ecosystem especially the L2 beat guys cuz originally I started with the idea of you uh getting this uh branding on the L2 websites because uh I think like uh I think it was because like Inc didn't have a mention of ethereum on their website they had like powered by optimism or built on optimism or something and I was like okay I see

where this is going we need to make sure ethereum stays of front of Mind here for people we need to make sure the ethereum branding stays front of mind so we started with secured by ethereum but the problem with that was that technically a lot of things aren't secured by ethereum right if we think about the l2s for example if you're a stage zero L2 you're not secured by ethereum you're secured by a multis right you're secured by other centralization vectors so essentially you can't be claim to be secured by ethereum at least that's my view on here so we wanted to create something more General and that's why we landed on powered by ethereum because we didn't want to say like ethereum inside because as we were inspired by the Intel Inside branding that was something that actually was was an impedence for doing

this but we obviously don't want to don't want to copy that and we don't want to use secured by ethereum for the reasons I outlined built on ethereum yeah it works but like it also limits us I think to to to to a certain extent and it has been done in the past so we wanted something fresh and new and and and people seem to really resonate with powered by ethereum I don't know what the rest of you think about this feel free to um let me know in the YouTube comments or on the Discord Channel but I had a bunch of people reply to my tweet here where I basically asked for thoughts uh uh which which was great to see and I got so much feedback here we basically passed it on to the team and they've been working through it uh but I

I think Power by ethereum is probably going to stick just because of the fact that it's very general it sounds web to which is another goal of this branding is that I wanted it to sound some sound relatable because when when you hear this as like a regular person powered by ethereum of course you know what that means like this is not something that's hard to understand it's not like ultrasound money right it's like what the is ultrasound money no it's powered by ethereum and then The Branding itself needed to be very simple and people seem to really resonate with the top left branding uh as you can see on on the screen here uh and you'll see it on if you go to the Tweet I'll link it in the YouTube description below where it's just basically got the ethereum logo on the left it's got

powered by ethereum and we're going to probably change the the e to a capital e in ethereum rather than the lowercase e here and it's just simple on a black background or on a white background and you can stick that on your website to let the world know that you're powered uh by ethereum that there is ethereum inside so so to speak right and it's generalized as I said it sounds web to but that's what I was going for with this so I think we're going to stick with that branding for now in terms of like the wording here uh I think we're we're we're we're getting to a point where we may even be finalizing a design because people really seem to love that that top left design there and it is definitely um very simple it it hits on what I wanted to hit on at least it's

got the ethereum logo there it's very you know very very in yourf face with it very you know powered by ethereum with it so I uh I'm going to share I guess like updated kind of Graphics as time goes on here but once it's finalized I would love the community's help in getting this on websites we need to get this on all the different kind of al2 websites all the different app websites we need people to know that what they're using is powered by ethereum because I do believe that as time goes on ethereum is going to be abstracted away in terms of what the user sees in terms of like using uh stable coins for gas right not using eth for gas directly because you'll have like gas sponsorships in terms of the apps wanting to to you know promote their branding to the user like

for example unisoft wallet wants to promote unisoft to the user and say you're using Unis swop not you're using ethereum for example so I I I saw this coming like a while ago but I wanted to do something about it and I think we can get them just to put this powered by ethereum on their website and I think it counts for a lot because you know most people had no idea what what what Intel Inside meant when they saw it on their computers back in the day but once you kind of like kept seeing it it was like the subliminal messaging where you're like okay well this computer is like a HP but it's got Intel Inside right it's got Intel in here and that became a marker for a premium product where it's like okay Intel inside I want that right um even if it wasn't the premium product

or even if it wasn't the best thing you would associate premium products with the Intel branding so branding is incredibly important here so that's why I want that's what I want out of this I want people to associate the products that they using with ethereum and and with that kind of Premium feel and premium looks like yes I'm on ethereum I'm my the thing that I'm using is powered by ethereum I'm in the ethereum ecosystem I'm not on not in some other ecosystem uh here so yeah anyway I'll keep you guys updated on that one there uh but you can check out the current iterations of the logo if you want I'll link it in the yoube description below for you to do so all right speaking of Inc they're already at stage one decentralization they went live like what a few weeks ago on mainnet I think

it was around Christmas time and they're already at stage one decentralization which is absolutely massive and as fiz says here this is the power of the op stack plus op governance essentially you can just go to stage one because you're just inheriting what the op stack already has and I hope Bas go stage one soon they're not stage one yet they need to get there honestly the fact that Inc beat them to the punch should you know is is quite funny considering that Inc is very new much smaller right now um and just a reminder Inc is Kraken layer too for those of you who don't know but yeah they're already at stage one decentralization which is which is obviously awesome to see they're still quite small as an ecosystem but they're growing they're growing fast this is obviously going to be Kraken onchain uh

kind of effort here and I I've spoken about Inc a bunch of times before and about the fact that uh this was a no-brainer for for Kraken to do to follow coinbase but I did say that the difference is that I I think like with Inc they definitely started more kind of dgen but they also started from like the the the um the place of we want to get to you know stage one stage two very very quickly and they they're walking the walk as well I know bass has been uh like Jesse from bass and stuff have been saying the same same thing they want to get there very quickly uh but it is a competitive advantage to decentralize guys like it very much is because if Inc got to stage two for example and became like a fully decentralized layer 2 I would move a lot of money there and I

would make Inc my like home basically and I know a lot a lot of other people would the reason why I haven't moved a lot of money into layer 2os just yet especially you know bass um and even Arbitron one is because they're not fully decentralized yet arbitr one is stage one and they've been that for a while so kudos to them but I can't like not that I don't trust the teams or anything like that but like I'm not going to bridge in all of my eth that my not all the eth I don't have stakes and all my other tokens and all my other money that I've got on mainnet when I don't have guarantees around those funds on ethereum mainnet I have like the strongest guarantees that I can get around those funds right but on l2s I don't right now so once they reach stage

two I'm more than happy to bridge in a lot of money and this is true for a lot of the uh friends that I have that have a lot of money as well they're like I want to play more on l2s but I just don't trust it right now I can't because it's St stage zero is the worst basically it's the most centralized but even at stage one it's better not right not there just yet so once they get to stage two I do believe that it's a competitive Advantage I do believe it's a way to get their tvl up and their activity up so hopefully they get to stage two sooner rather than later but we'll see uh how it goes there all right last up here uh liity V2 is now live on ethereum mainnet you can borrow on your own terms with user set interest

interest rates which is something that I I believe other protocols have tried in the past but I don't know how much success they've had and this was explained to me at Devcon how this actually works I've totally forgotten how it works under the hood I I remember bits and pieces of it but I I don't want to uh kind of give the wrong information here but obviously you can go to liquid's website and check this out for yourself uh but essentially you'll be able to also um stake the liquidy token to direct protocol incentivise liquidity so you'll be able to get rewards here or or basically direct where rewards go participate in the wider V2 friendly Fork ecosystem and the cool thing about this is that liquidity is is truly decentralized in that they encourage other people to build front ends for liquidy they encourage other protocols

to uh Fork liquidy onto their own networks and then just send the percentage of their revenue back to the liquidy ecosystem here and they've had a lot of success with that but with V2 the the main feature is those that user set interest rate so if you wanted to set your own borrow weight rate to like 1% for example you can do that or if you want to have it like 10% you know you can do that as well uh there's a mechanism in place as I said I don't remember exactly how it works I don't want to butcher it here but there is a mechanism in place and a very cool mechanism I remember it being explained to me and thinking how cool it was that explains how this actually works under the hood and how you know the protocol can actually remain solvent and how and

you know things don't break etc etc um but I I just thought it was a really cool idea and something newer in defi that hasn't really I mean it has been tried before but not in this way and and definitely not at scale so kudos to for getting V2 out there I know this has been in the works for quite a while now obviously a lot of hard work has gone into this so you guys should go check this out if you haven't yet um one of the liquidy uh uh uh uh uh team members samore L is very active in the daily grade Discord Channel actually he's there if you tag him so if you want to ask questions about liquidy V2 I'm sure he wouldn't mind you tagging him in the daily grade Discord channel so you can just go saml and he has liquidy next to his name

and you can tag him and ask him whatever questions you want and he'll be happy to answer them there but I think on that note that's going to be it for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subat newsletter join the Discord Channel and I'll catch you all on Monday thanks everyone