Ethereum Q4 earnings, Binance Arbitrum withdrawals - The Daily Gwei Refuel #293 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 14th of january 2022 all right everyone let's get into it so first thing i wanted to get into today was a kind of report that out of bankless called the state of ethereum q4 report so basically what this report does is it goes through i guess like you could call it the quarterly earnings of ethereum during q4 of 2021 now this was put together by ben jove an analyst at bank list here and you can kind of go read the full uh the full post or the full report or link to the youtube description but the highlights were basically that ethereum ethereum's kind of like q4 was huge like explosive growth across the board so you can see

here revenue was up uh 17 77 percent to 4.3 billion dollars now revenue here means essentially kind of like fear revenue paid to the ethereum layer one blockchain inflation was down from 1.13 to 0.46 percent state 8th is up 471 percent to 8.8 billion eighth d5 tvl up 770 to 154.2 billion and layer 2 tbl up 11 000 from 50 million to 5.5 billion now i'm sure i think they're comparing the q4 2020 to q4 2021 so that's why the growth is kind of uh yeah they are there that's why the growth has been kind of explosive there but that's amazing i mean in one year kind of like the l2s went from basically

nothing to 5.5 billion dollars locked here and there's not even native token incentives yet that's that really kind of like um i guess like uh sprung out to me especially because like uh the generalized l2s only went live in like the second half of 2021 and arbitrary optimism haven't as i said haven't done native token incentives or anything like that so that was cool to see obviously revenue is up massively because fees are up massively right like that's kind of like correlated there and inflation being down obviously from the fee burn and things like that so i mean i highly recommend going and giving this report a read it's got links to all the resources that you need and a bunch more kind of like highlights in here kind of looking back and the rise of dfi 2.0 what the future is going to look like

kind of like trying to look uh i guess like um predict out what the what the network's gonna look like going forward now the thing is i was i was looking at this report today i was kind of reading through it and i was thinking to myself you obviously have ethereum layer one which most of these kind of like metrics belong to and then you have a theorem layer too so it's going to be a kind of thing where you have like ethereum uh earning quarterly earnings report for layer one and then you're gonna have it for layer two as well but are we gonna break up each kind of like layer two network into their own thing i think it makes sense to do so right so arbitram would have their own earnings report or their own kind of like report optimism would you know stark network the polygon

pos chain would all these kind of things rather than just putting it all under kind of like a quote-unquote l2 banner or a quote-unquote scalability solution banner and i think once we do that it's gonna be really interesting because as i've said before to you guys the long-term terminal state of ethereum layer one is going to be just mostly for layer two related transactions whether that's kind of like bridge transactions uh through the official bridge in and out or br or kind of like bridges like hop and connects or whether it's uh kind of layered to cool data and proofs or kind of like uh uh uh i guess like um cross l1 l2 communication stuff like that that's what it's going to be in the terminal case so i guess like there one's quarterly earnings is probably going to be quite boring i guess like it's going to be

kind of like more of the same every time whereas layer 2 is where the kind of like user numbers are going to grow so you can start looking at things like active addresses on layer 2s volumes tvl of course is obviously a popular metric all those kind of things and you're going to get a very different picture between l1 and l2 and then you know i mean i know there's higher layers now i know i've said i wouldn't use the layer 3 terminology but i feel like if starkware is using it it's just going to become a thing because like was obviously a reputable household name within the scaling space um i'm not convinced on it yet i don't i know they're trying to kind of like use uh i guess like the layered model kind of like the osi model so if you google the osi model it's

basically the model the internet it has like seven layers to it um i don't know if that makes sense in the kind of blockchain context but maybe we go there because it's just more intuitive for people that coming from the web 2 world to kind of like understand but regardless of the terminology they're going a bit off track there i think that we're going to have to split out these things and i do expect ethereum's kind of like quarter you know earnings reports to be just very very boring but boring in a good way where you know ethereum layer 1 obviously is going to be that settlement layer and it's it's you know eighth is going to be kind of like well staked is going to be this internet bond and i think a lot of i guess like the world not so not so

much kind of like crypto native people but a lot of like traditional world are going to look at eth as just like this awesome exposure to the entire gambit of of ethereum not just layer one but layer two and they also get to stake it to earn a kind of yield on it so it becomes a de facto kind of like internet bond there and then these kind of like quarterly earnings reports will be interesting to them because they'll be like okay well revenue's up that means uh uh you know that means kind of like fee burns up that means more kind of like i guess pseudo dividends are flowing to ethan kind of like my eats worth more because uh sorry my eighth rewards are worth more from staking all that sort of stuff and i'm sure these these products will be packaged by tradfi kind of like

institutions and money managers to sell to people who don't really follow this stuff closely and they'll send out these nice little updates to their clients saying like hey you know this growth you know quarter-on-quarter growth or kind of like year-on-year growth here this is how it translates for you and just like i guess normies speak right because like if you kind of like quoted this to someone not in crypto they wouldn't understand half of it right d5tbl like just those two were i mean they're not words kind of like two uh oh god what's the word i'm using the word right now for it but just those two things defy tvl i mean who outside of crypto knows what defy is like no one tvl no one because they're both kind of like uh uh things that are very very crypto native layer two as well like

saying layer two tvl staked either i mean it probably means uh something to more people than the other two uh then yeah than the other two things but generally it doesn't mean much so i'm sure kind of like the tradify kind of institutions that package this up for their clients are going to translate that into i guess a traditional finance speak right at the end of the day using terms like bonds and dividends and stock and kind of like you know equity and stuff like that they're going to do that uh it's going to be funny how the regulators treat that because they're going to look at that and be like you know you shouldn't be using this language because this if this thing isn't isn't actually classified as a security and you're going to be confusing your your clients i don't know we'll see how that bans out

there but i highly recommend going and giving this report a read it as i said it's got all the relevant information in there and uh you know links to kind of like read more about it as well so uh coindesk put out an article today uh basically covering that tether the issue behind usdt has frozen 160 million dollars worth of usdt at the request of law enforcement without providing further details to coindesk now there's a broad discussion that can be had here about stable coins in general but i want to keep the focus on essentially centralized versus decentralized stable coins this is why we're building decentralized stable coins this is why i've said before that the holy grail of this industry is creating a truly scalable st and stable

decentralized stable kind of truly decentralized them not not something that's kind of like half decentralized or pseudo decentralized something that can actually not be shut down law enforcement can't go after central issuer and say hey freeze this person's kind of money because that's exactly what happens with the centralized ones it's happened with teva before and you know today from this report that's happened with usdc um it's i think it's probably happened with other ones we just probably haven't heard about it and regardless of what it happens for regardless if this is actually legitimate kind of like thing where money laundering was involved or terrorist financing or some or something else the point is is that if we're trying to actually build decentralized finance you need a truly decentralized stablecoin because let me put a two this way everything

every single usdt or usdc issued i'm not sure about the other centralized stabilcons but i'm sure they have similar mechanisms in them but every single one of these things that are issued can be frozen at any time doesn't matter where it is if it's in a uni swap pool doesn't matter if it's just in a wallet doesn't matter if it's in a money market doesn't matter it can be frozen at any time now this presents a lot of risk for these apps because imagine um all the usd t in the unisop pool was frozen uh and they can't be moved uh logically it'd be arbitraged away and then kind of like um that market would would be adversely affected by that that usdt logically should be worth zero right if it's frozen and and you don't know you know and tether doesn't have any plans to kind of like unfreeze it or

anything like that it should be worth zero which means the pool becomes completely imbalanced and there's a lot of arbitrage that goes on and the lps get get wrecked in the day because the lps end up holding a worthless usdt because everything just gets swapped out um and you know same goes for for stable pools just any kind of pools there money market it means the collateral you know if you use kind of these centralized table coins as collateral it means that part of it is actually um is actually kind of like insolvent it can't be used anymore it's worthless and then what ends up happening is that uh people may get liquidated because of that uh or or basically the protocol kind of like takes on that risk and takes on the loss and then has to cover it out of some treasury funds or

something like that so obviously huge risks here not just for the fact that you know it might be legitimate or not just kind of like huge cascading risks across the ecosystem so that's why there's so many attempts at building a truly decentralized stable coin now obviously we have fan favorites like die but dyers come under criticism for having usdc backing it up and then we have other things like um mim and ust which have their own kind of like trade-offs and stuff like that i'll be honest with you guys i don't think there's ever going to be a perfect decentralized stable coin i think that we're going to get one that's good enough to evade most i guess like law inform enforcement requests and things like that but i don't think we're gonna get to a point where a stablecoin can be so decentralized or

unstable and scalable because you have to have those three things there's no good having like a truly decentralized stablecoin that can't scale so what i mean by can't scale it can't actually kind of grow its supply over time to service the world and to service the world you probably need this uh a supply of of the trillions of of these stable coins right so if you can't grow to that and still remain truly decentralized then it's kind of like a moot point there and then also uh stable as well is incredibly important right if you're not stable to the um the thing that you're pegged to as a stable coin then the whole thing falls apart as well and that brings up another thing where you know i think these stable coins that are kind of like pegged to the us dollar still present a risk as well

and i think that there should be more experiments around pegging these things to other kind of like uh other uh stable points of value or baskets of things i mean there's things like uh like rye from from reflex are that pegs that pegs that's pegged to itself basically and it's just backed by eighth and it's kind of like governance minimized i like those sorts of things so there's obviously a lot of experiments running in this space right now but i think it's going to be a very long time before we get to a point a point where we have like i i don't even i even struggle to say like near perfect but i would i would say like a satisfactory decentralized stable coin that can both scale and remain stable and it's hard right like you you know the funny thing is you don't actually know how a lot of

these stable coins fare especially in the stability department until there's like a massive adverse market shock and typically what i mean by this is like a massive dump in the in the market prices you know there is uh there are mechanisms where if the collateral dumps really quickly like with um with luna and ust there could be kind of like a negative feedback loop where it basically you have like constant redemptions and then ust loses its peg this happened back in may i'm not trying to fight the ust here or anything like that i'm just kind of giving an example here and also the example of what happened to maker in march of 2020 where essentially uh the price dropped so quickly that some people kind of got liquidated and only got zero for their kind of collateral and then maker had to kind of

make up the shortfall by issuing mkr tokens and then kind of covering the debt like that so these things may look like they work for a while and then a massive dump happens in the markets and they fall apart so you have to be able to resist that as well so uh but yeah i mean this this kind of like uh i guess um uh uh this phrase of the usdt by by law enforcement here uh as i said it's not the first time it's happened for tether it's happened for usdc i expect it to keep happening these are the risks you take you know and you could even be caught in the crosshairs as well like you could be using tainted ust us dt or usdc for example right like and lauren foster probably isn't going to care they're probably going to like freeze this and

and these centralized companies have to abide by that if it is a lawful request they have to abide by it if not they face the consequences of um of rejecting that i'm sure they they fight it but at the end of the day like especially if law enforcement comes and says this is related to terrorist financing good luck fighting that like i i mean i'm not sure how close attention you guys paid to terror financing laws or just like terror laws in general you don't want to be you know you don't want to be caught in the crossfire of that you really just want to say yes okay we'll do that because there's just too much kind of like power involved there you put you as a centralized issuer it's just not worth it in terms of like fighting it uh you it's very very um very bad to fight it

and that's just the reality of this situation but anyway i'm gonna leave it at that for now just a little bit of a discussion on centralized versus decentralized stable coins and why we should all be kind of like pushing ahead to using decentralized ones rather than these centralized ones so uh david mihal put out a tweet today that binance has finally turned on arbitrarium withdrawals uh so you can see here that you can now select a various networks uh when you are kind of like withdrawing compatible assets so you have arbitrary one here with an arrival time of around five minutes and the fee is about ten dollars now you may think that fee is quite high i mean relative to kind of like maybe some other networks it is but it's much lower than what it would be if you were doing it on layer one i believe i think

bridging in directly from layer one ethereum to arbitram cost more than ten dollars and i haven't verified um the withdrawals on finance here i haven't logged into my i don't remember if i even have a binance account that's active anymore i haven't used it in so long but um you know i'm sure you guys can log in if you've got one and kind of verify it as well but i felt like more people should be talking about this that's why i quote tweeted this and i was just like that's uh that's something that i think like uh especially binance being a major centralized exchange it's something that we've all been kind of like begging these centralized exchanges for right and it should be something that that more people talk about and up trim lately has actually been having a really great kind of like growth spurt i don't

know if you guys have noticed i think i've mentioned it before um they've been having a lot of really cool native projects kind of like deploy on there get a lot of traction things like dopex and magic nft and a few others out there and there's more coming uh as kind of like time progresses uh like there's premiere and stuff like that as well so they've been having a really great time and i'm sure finance having withdrawals for albertum arbitram1 here is going to uh going to kind of like supercharge that as well now this is this is great like i mean aj warner from from off chain labs here you know let's give binance credit for being a relatively early adopter it's a big deal for onboarding to ethereum and yeah i mean kudos to them like i actually didn't think there would be an early

adopter here because of the fact that they have bsc right finance smart chain but um i think binance is just so big that yeah binance smart chain is probably a big part of kind of like the i guess it drives a lot of value to bnb right like their native token i mean no one talks about bnb but it's the number third cryptocurrency by market cap it's got like 100 billion dollar market cap but no one talks about it it's always like the other kind of tokens in the top 10 and things like that but bnb has a massive market gap and i attribute a lot of that growth to bsc right um so for them to to kind of like do albatroom with withdrawals and and deposits i guess as well so early i guess i have to give them kudos to i've been very hard

on finance in the past especially on cz who just seems to want a virtue signal about caring about decentralization but um i guess like there's such a large organization that there's probably you know a fair few people in there that really do care about decentralization really do care about supporting these networks and it just makes business sense at the end of the day right especially beating players like coinbase to the punch too so really really like like to see this and can't wait to see more of these centralized exchanges enable these sorts of things as well so tornado cache is now live on optimism so this got deployed i think yesterday to the optimism networks you can go uh you know i guess obviously use tornado cache on here uh for those who don't know tornado cache is a mixer protocol allows you to kind of like mix each and

some other tokens in order to i guess like hide your on-chain footprint here it works really well uh it's obviously been on layer one for quite a while but it works really well uh you know regardless of what kind of like layer it's on and the fact that it's on optimism just makes it much more accessible for people as well in terms of obviously having lower fees and faster transactions and things like that so really great to see tornado cache deploy themselves to another network i don't know how many networks they're on yeah okay they're on a lot of networks now they're on ethereum bsc polygon xdy avalanche arbitram and now optimism so that's really awesome to see i am curious to see how long it takes them to go to something like stock net because obviously stock net isn't evm compatible they have like a transpiler and things

like that so i'm curious to see how long it takes them to deploy to there because all these networks are evm networks right like you know ethereum bsc polyglot xd avalanche albuquerque and optimism or evm equivalent or evm compatible networks so it's obviously much easier to deploy um an app that was built on ethereum to these networks uh rather than something completely new and that's why you don't see you know that's why you don't see a lot of ethereum apps on something like solana because they don't have evm compatibility i mean i think they're doing it in the future sometime but natively they don't have it right they have their own language have their own os they have their own kind of like whole ecosystem there and that's why you don't see the and the ethereum native apps kind of like porting over there at

least quickly i mean some of them might port over um maybe rewrite their app or kind of like transpile it or something like that but that is the major reason so yeah anyway cool to see tornado cash deployed to optimism here and i got two other optimism updates for you guys today as well they announced a bug bounty program so they're paying up to two million dollars for critical bug discoveries as part of their um bug bug bounty program with immune fi so as usual if you are a developer or if you are a bug hunter or if you like just enjoy doing these sorts of things and you want to make a ton of money then definitely go check this out obviously catching a bug in optimism not only is great for the money but also great for your reputation because i mean optimism is obviously one

of the premier scaling solutions out there and if you're able to catch a bug in something as high profile as this then you're going to you know very quickly make a name for yourself so definitely go check this out if that is you know if that is is you definitely not me unfortunately um i i mean you know i used to try to learn to code and things like that i mean i i did it for a little bit i wouldn't say i was terrible at it but it wasn't just it wasn't my jam so there was definitely no chance i'd be able to kind of like be a bug hunter i'll be able to kind of um you know peruse through code and find issues in it and things like that to actually get to that point where you're you're a really great kind

of like um bug hunter exploit hunter or kind of like white hack uh hacker you have to have like a ton of experience i think i i think you have to like know the languages back to front and things like that so definitely not for the faint of heart but if that is you and or if that's someone you know there is a lot of money to be made in that kind of um in that kind of like industry there so definitely go check out this from from optimism and immune phy uh and last up we have uh platocrat from the optimism uh kind of like i think he's from the optimism team uh uh i believe or maybe from the from from a few other kind of like different teams here but definitely tweets a lot about optimism but it shared today a list of the most used

protocols by transaction account on optimism from the community main made dude analytics dashboard so you can see here the most used protocols are unisop v3 perpetual protocol synthetics hot protocol lyra v1 connext and rubicon now unisop no surprise there perpetual protocol actually very interesting i um they had been on like xdi and ethereum main now on optimism and they're coming in second here which is which is pretty cool uh and then and close second and they're not really very far behind unisoft in terms of transaction counts and then you have synthetics and hot protocol hot protocol being you know the bridge obviously a lot of people are kind of like bridging in and out using hop number four and then lyra connects and rubicon here as well so just a little cool kind of thing to view i guess what the most used

things are on optimism here so arjun is teasing a new d5 integration on l2 that is coming monday now for any of you who follow arjun's twitter account you know you'll know that they kind of like um have a lot of integrations going right now i've talked about them before i mean you can see here that you know staking your eighth right now is so cheap with with uh with argent using zk sync and lighter on l1 it would cost you 50 bucks on l2 it costs 1.50 like that is so so much cheaper and get you know you can get started staking e straight away using uh with lido there which i think is really cool now this obviously isn't kind of like native staking where you kind of put your own 32 ethernet and everything like that it's basically just uh swapping your eighth for um uh st

which is staked eth part of lido but still i mean you're still staking right you're still earning that kind of like reward there but i'm curious to see what default integration is coming on monday you might be able to dig around the github and find this i'm not sure like i haven't checked it myself but um we only have to wait a few days to see here so i just wanted to kind of like bring that up just to kind of like get it on your radar guys that if you're using rj look forward to a new l2 d4 integration on monday so elenara who is a frequent well i mean not so much these days but it was a pretty frequent daily gray a discord member uh for for a while there has finally released their project that they've been working on this is the

reason why they haven't been as kind of like frequently posting in the channel recently is because they've been working on a project called the union so basically what the union is is you know if you join kind of like the union uh you can forward your bribe rewards from i guess like cvx or from convex and curve to the union here they collectively claim them swap all of them for cvx crv put it into an auto compounder and finally airdrop you know uses the the pounder shares here so essentially this works to help people pull funds together to essentially kind of like get around ethereum gas costs and as you can see eleanor described in the first tweet if you're a cvx locker but unhappy due to the theorem it's high gas cost voting manually and or not

knowing what to vote for then you can join the union and and sit back and relax i think these kind of projects are amazing and awesome because i've mentioned this before right i think that these kind of like um these uh i guess like automated uh uh tools and especially things that kind of like batch kind of um stuff together to lower the gas cost for end users are very much in high demand because there are a lot of i guess people as i've said before that they come with a few thousand dollars they want to earn a yield on it and they want to kind of like get involved with kind of like these these kind of like um rewards that you can get from from putting stables into these protocols but they can't do it because it's so so gas intensive because you not only have the

deposit cost you have the claim costs and then you have like the swap costs and all that sorts of stuff those add up to like hundreds of dollars of gas fees so with this tool the union um you are or i guess kind of like llama air force it's called here essentially what you get to do is kind of like pull it all together and save on the gas costs uh and kind of like still get the same rewards which is absolutely awesome so definitely go check out the thread here from from eleanor for more info about this um and also kind of like the website here lama air force and there's you know contracts and github and all that sort of stuff there but i you know i i i'm really happy to see this finally live i know how hard eleanor has worked on this um you know

and for quite a while as well they've been super passionate about these sorts of things i remember kind of like debating them in the in the discord channel about um about curve and crv the token and things like that but yeah i mean i i love the passion i love the fact that they've you know built something that uh that people are definitely going to be using and definitely going to to get a lot of value out of and i mean that's kind of like the that's kind of like the ethereum spirit right like you get super passionate about something you notice a problem that you're you know with the thing that you're passionate about and then you know if you're motivated enough you go and kind of like build the solution and you can get that solution in front of like so many people very very quickly

and have a community rally around you because essentially anytime you kind of like build one of these things for uh i guess like a product say something like curve or convex you basically inherit that entire the entire community that entire community um and they kind of like put their their um their uh their energy behind you because they've got like a vested interest in these things succeeding even if you don't have a token for your application these people probably hold you know things like crv and cvx and they're like okay well this tool is going to allow kind of like more people to get involved with curve and convex and and all these sorts of things which means it's going to be good for my bags i'm going to support this and that's not a bad thing like crypto is all about incentives so the

fact that you can kind of like play off those incentives inherit communities instantly and get your project that you work so hard on in front of people without having to basically pay them off with issuing a new token is amazing and that's what i you know it's one of the things i love about the crypto and web 3 ecosystems is that that can happen really quickly whereas in kind of like the web 2 ecosystem there's not really that dynamic because you know a lot of web 2 companies don't go public until they're worth tens of billions of dollars and at that point they don't don't do any hair drop or anything like that and really there's there aren't many people that kind of like follow along with the project in the early days and become like uh very feverish supporters of it uh it's more of a kind of i guess like

very top-down approach whereas with these crypto protocols and these these um these apps that get built on top it's a bottoms up approach so so yeah anyway congrats again to alinara on on the launch here and their team of course uh really really awesome to finally see this live so another project that got announced today is called tokenflow insight so um basically what this is is and what they're releasing or i guess what they're announcing is something called an ethereum data warehouse which is a fully queriable queryable history of the ethereum blockchain with everything you can get from a full node and much more so this is based on the highly performance snowflake database cloud here um and it has the full history since genesis and is constantly updated

with the head of the chain um 15 there's a 15 block lag enforced to minimize the impact of reorgs and what it contains is basically all the data everything the other providers have that we're used to out of uh like ethereum data providers full blocks data transactions events in in internal calls um and what others don't have is the relation between an event and the call that it emitted it so you can actually see where it resides in the processing tree a lot of this stuff is going to be very valuable for developers and people kind of building analytics tools and all that sort of stuff so this is really really cool like maybe for for you know i mean even for me and for you guys that aren't kind of like in the ways of this stuff and don't kind of kind of spend much time with this stuff

it may not mean much to you but having really easy access to all of the data that lives on ethereum um on the ethereum blockchain is is critical and getting that kind of like and extracting that is actually quite difficult because unless you're running your own infrastructure you have to go through all these providers and some of them give you some features some of them give you others some of them charge you a lot some of them don't so there's all these kind of like things going on um with with these sorts of stuff but this is just another project tackling that and they're making some big claims here so uh pretty cool to see this if it's you know if their claims are actually all or reality then this is a big achievement so kudos to them on this so final thing here i just wanted to

quickly mention alex vanovik from nansen uh kind of like shared this screenshot today that he basically said almost no one uses btc to pay for nancy which is a blockchain analytics platform uh 50 of um of kind of like the payments are processed on ethereum eth plus stables and you can see in the kind of like uh revenue breakdown here ethe is in blue uh usd is in green so that's obviously fiat usdc is in is in purple and dye in yellow and then btc in orange which is basically nothing um you know the reason why i wanted to talk about this was not so much kind of like this um chart in particular but it was more around the fact that look i try not to kind of like hate on

btc too much but everyone that kind of like is a fan of bitcoin they they are kind of like rather around two main narratives it's a story of value and it's money well no one's really using btc as money right like even even the even in the countries that it's become kind of like legal tendering there's not that much going on in terms of like using btc as money and in terms of story value i mean can you really say it's a great story of value it hasn't really done much right like it's the same price it was kind of like a year ago i mean you could say okay well it's um it stored your value well because it stayed kind of like stable but that's a mental gymnastics because it hasn't stayed stable um the usd has inflated heavily in the last year so by holding

bitcoin you're actually you know even if you're you know you'll break even in the usd price you're actually down because your purchasing power has gone down um but regardless of that i think you know when you kind of like look at what's actually being used as money it's stable coins of course but also eth eth is an incredible money within the ethereum ecosystem i mean look at the nft ecosystem it's still priced all in eat everyone uses eth as money everyone uses eth2 pay kind of like gas fees because you kind of like have to write it's being used as money there so you know we always used to call ethan's money we being the kind of like um hardcore ethereum community through 2019 and even as early 2018 and we've got pushback for this so people said no ethic isn't money i'm like what do you

mean isn't money even back then it was being used as money and then um those this is before kind of like nft mania was even a thing like the the biggest nft thing that had happened uh back in that era was crypto kitties which happened end of 2017. but um and even eighth back then was being used as money too but i i think just kind of like looking at this it's just amazing to me that ethereum the network has done everything that people wanted bitcoin to do originally or a lot of people wanted bitcoin to do in the early days and ether is an asset he's basically doing what btc hope to do as well so i don't know when i look at these sorts of things i just find it insane that people kind of like still rally around bitcoin and still kind of

like latch themselves onto bitcoin and btc i kind of like get it from uh okay well bitcoin is very different to ethereum in terms of like um i guess like it's culture and it's blockchain and what it's trying to do but i just think ethereum does it all better and you know i know there's like holy wars about this and i know uh people fight about this people and you know a lot of the bitcoin is think ethereum is just like useless or a scam but i just look at these things from like an objective point of view and ethies you being used so much more as money than than btc by a large margin and the ethereum network is doing you know obviously way more than what the bitcoin network is doing but these days the bitcoin network isn't really trying to do anything i mean

early on people a lot of people wanted the bitcoin network to do a lot more than it does but that kind of got kind of those people kind of like left and went to other networks that would allow them to do that because i guess like that's just how it kind of shook out over the over the years um but yeah i think on 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 the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all next week thanks everyone