Ethereum turns 8, MEV-burn dashboard and more - The Daily Gwei Refuel #631 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of dailyway refuel where we kept the latest news in ethereum ecosystem I'm your host and this is the 31st of July 2023 alright everyone let's get into it so yesterday the 30th of July was ethereum's eighth birthday so uh eight years since the ethereum chain had its Genesis on July 30th 2015. of course the ethereum had been around for a little while uh before that they had the Ico in mid-2014 and then it was uh talked about as late as early as late 2013 by vitalik and obviously publishing the white paper around then for ethereum but eight years wow that's gone by uh pretty quick I haven't been around for the whole eight years I actually thought about this yesterday I thought when I

got into ethereum in early 2017 um it wasn't even two years old yet and I felt like at the time that I had missed so much right because the Dow had happened the Ico had already happened um and the the price had already gone pretty Bonkers by then I guess from uh what it was to when I first discovered it I think you know if you look at what it opened at it was about 30 well what was sold at the Ico was around 30 cents then it stated that and it stayed at like a dollar to ten dollars for a little while there it spiked obviously because of the Dow but generally when I got into it and bought my my first bit of eighth I was like wow okay I've missed the boat here and then of course eth went up a lot in 2017 and I also

felt like I missed the boat because I didn't have enough money to buy as much eight as I wanted and that bear Market the 2018-2019 bear Market really uh helped me with that which I'm thankful thankful for for of course and that's why I always said you should be thankful for Bear markets for for various different reasons there um but yeah I mean I've been around in ethereum for over six years now which is quite kind of wild when I think about it right like I started off just being into the technology uh because I figured it was I thought it was much cooler than Bitcoin because I had been around in Bitcoin in 2013 2014 kind of got over it because uh you know bitcoin's cool and all and and the story value use case digital gold use case is cool and all uh

and at the time payments were still being told talked about and things like that but uh obviously I like ethereum for a lot of other reasons I'm a technologist at heart I like ethereum mainly because you can build whatever you want on it but also because of things like proof of stake right distinctly different from Bitcoin and stuff like that but yeah happy birthday to ethereum for yesterday you can see this picture here from taken's theorem this graphic that basically shows uh the Ico on the left so somewhere or mid uh 2014 you can see that's the Bitcoin address that people sent to BTC to and they were promised uh you know some ether at a later date and then Genesis happened a year later and you can see that little Bridge there so all the eth going into the BTC contract that was controlled by the ethereum foundation

and then the eth being uh so all the BTC going into that address that was controlled by ethereum foundation and then all the eth coming out of that at Genesis and now it's gone crazy since then it's kind of like a big bang right where essentially we had the big bang of ethereum when Genesis happened and uh it's just a really cool way to visualize that so thank you to Tegan's theorem for that um yeah again happy birthday to ethereum I'm gonna move on from that to something that happened on ethereum's birthday that uh is not positive unfortunately so there was an exploit on a number of curve Finance stable pools that was due to a compiler bug with the Viper uh language compiler here now I've got a lot of takes on this few technical

ones few non-technical technical ones we're gonna go in a bunch of different directions here but tldr uh the summary as I said was that the stable pools like or Al Eat MSE p p eath were vulnerable they were kind of drained by a mixture of people so there was the black hats the actual kind of um uh hackers so to speak or the bad guys so to speak that drain these pools then there were the white hats who basically uh uh exploited protocols that they knew were vulnerable before the black hats could do it before the the bad guys could do it and white hats are usually the good guys who will exploit something but then they'll return the funds um you know they're not just going to keep the funds for themselves then they were the Mev Bots that were set up to front run certain

transactions as they normally are on you know on chain um and they basically accidentally front ran some of these exploits and then some of them I believe returned the funds uh to their rightful owners now there was a big discussion around this actually about kind of like these Mev Bots and Eric uh Eric Connor my good friend here had a had a tweet about this where he said today has produced some of the largest Mev reward blocks in ethereum's history and he highlighted a bunch of blocks here there was a 584 eighth block reward uh um Mev payment made uh there was a 345 each payment made 247 e payment which I believe went to The Rocker pool smoothing pool and a 51 each payment now the reason why uh people in you know in the Mev Boost network were

willing to pay this to get um to win the block basically is because they were exploiting uh things so if you're exploiting thousands if not tens of thousands of each and you want to guarantee that you're exploit or you you know your um your transaction doing the export is the one to get in the first one to get in in then you're going to pay a lot for that privilege right and that's exactly what we've seen here and then they started a discussion around kind of the morality of this you know should the people who got these block rewards return them because technically These funds are actually the proceeds of a crime right proceeds of the um the hackers uh basically using these funds in order to to exploit and it is like a moral kind of gray area right where it's

like yeah some people on one side who say no it shouldn't be returned I know this is just the way the protocol is is the way the ethereum network is because it's credibly neutral decentralized you know all that that stuff that I've spoken about in the past and then you have other people who say well it's the morally right thing to do you know forget about the legality of it because as as I said it is a legal gray area did I say that I think it's a moral gray area but it is also a legal gray area because there is definitely no legislation when it comes to Mev as far as I know in any country around the world so really I mean you could kind of wait around and find out and see if a nation state would pursue you for this right will pursue you as a validator

that proposed this block and that didn't give the funds back it's highly unlikely but you know it could happen right I'm not sure what they would go after you with uh but as far as I know there are no laws that exist that that specify that if you receive money from proceeds of I guess like an exploit on chain you have to return that money or else you can be charged with something I know there are existing laws for other things like receiving money from that that is earned via proceeds of a crime uh and even if you didn't know that that came from process of a crime it can still be kind of taken from you and clawed back from you but in this instance you probably do know right like if you look on chain you can actually kind of trace this stuff back so that's a it's a gray

area there but morally at least because morals are so subjective it's very hard to know where people stand on these things unless they tell you right uh I can tell you where I would stand on it if I got a block like this and I could objectively trace the funds back to the fact that it was exported and it was stolen money and and it should be returned I would return it because at the end of the day right returning even say returning 584 eighth and the block reward here it cost me nothing to do that like I included the block right I I proposed the block um because uh it was just my turn to propose a block right I I I got lucky basically uh so it cost me nothing to return that money but uh it in my mind it is a morally good thing to do but at

the end of the day when we're designing networks like crypto networks for example we shouldn't rely on morals because um you know people have different models to each other uh we're not trying to rely on altruism or we're trying or rely on Goodwill or anything for the security of the chain for the working of the chain and that's why so many people are working on uh eliminating a lot of this toxic Mev a lot of this stuff that happens but it is really hard problem because some people as I said because it's a moral thing some people will say no it's totally fine for the validator to keep these rewards because it's not their fault that the uh the money came from the proceeds of an exploit all they were doing was their job right the validator was literally just doing its job it's hands off as well it's not like I would

go out there and and be able to manipulate this I mean there are some ways to manipulate it so that you can propose a block but it's very very difficult to do and you have to have a lot of validators and it's not even worth it for you to do it in that sense if you have a lot of validators then there's no point because you're you're earning a lot of money anyway right um but uh generally yeah I mean there's nothing I could do if I propose this block it was random it was literally um just my turn to propose a block and I propose then I got lucky here so you couldn't uh you could make the argument that it is not the proposal's fault that this happened and they shouldn't be under any moral or legal obligation to return these funds now a legal is a

different thing moral obligation I I said is subjective legally it's it's very different because if there is a law one day that states that you have to if you win one of these blocks and it can be it can be traced back objectively that this reward came from the proceeds of an on-chain exploit that legally you are required depending on the jurisdiction of course but you are required to return these funds um to the affected parties uh and that's again up to the law to to decide on that and up to courts and things like that but morally it depends on the person of course and as I said for me personally I would return it um but again I don't expect everyone to feel the same way as me and I don't think it's right or wrong either I don't think I'm automatically right for

returning it and I don't think people are automatically wrong for not returning it it is a gray area it is very subjective and it is a discussion I think that will be ongoing for many years uh to come here but yeah just an unfortunate new I guess like unfortunate day overall in uh in D5 with these exploits happening on curb because curve is considered one of those I guess like Blue Chip D5 protocols one of those old D5 protocols but it does speak to what I've talked about a lot about on the refill before where I've said that even the older protocols out there can still have bugs in them and exploits in them for things that are very esoteric like I mentioned uh and Senior doggo here one of the contributors to the Viper language said that uh a compiler a bug or an exploit in a compiler or zero day

in a compiler is very hard to kind of like pick for because usually the audits are not done on the compiler they're done on the code so the way it works is essentially the compiler compiles the code and you would audit the code and you wouldn't and there are audits done on the compilers and but the compilers are looked at a lot less than the code that's built on top or the code that's that's built and then compiled um and that's why this wasn't caught and that's why essentially this was uh this uh this happened at the compiler level and that's why it affected multiple different um different things here uh because of that now as far as I know this has been patched and everything but imagine if you have like a a contract that is decentralized right and that has no way to upgrade the contract and there's no

admin keys or anything like that well then that's exploitable forever basically there's no way to change that people would have to just withdraw their funds and the contract will have to be redeployed with the fix you couldn't fix the existing contract and that's why there's a fine line between kind of immutable decentralized contracts and upgradable ones and that's why a lot of projects opt to have a centralized control over this um in case of these bugs especially early on in a Project's life cycle but if you want to learn more about this about the specifics of the compiler stuff and uh you can read this tweet thread from uh senior Dogo here uh who goes into a bit more detail and also gives a general overview of of that kind of area there but it's beyond my my depth of knowledge of course because I'm

not a developer here uh and uh the Viper language Twitter account also put out an update here about which versions are vulnerable to these attacks as well which you can uh check out there now of course these attacks had some contagion within the uh within the default ecosystem here and I woke up this morning and I said you know I slept through the entire D5 red wedding as I was calling if anyone who's watched Game of Thrones you know what the word red red wedding is uh and then someone commented and and kind of came at me and say you didn't thank chain link for saving D5 and I'm like dude what are you on about like I I literally at the time I had woken up it'd been two hours I just made breakfast and had my coffee I was just catching up on everything like

I had no idea that you know what what had happened so how was I supposed to thank chain link and then Mike here from uh from Silph daps who's pretty active even the daily Discord Channel as well I basically gave me the summary is that tldr the on chain prices dropped low enough to liquidate large positions but prices on centralized exchanges stayed above chain link uses both sources so the reported values kept them alive so yeah I mean when it comes to oracle's chain link is the gold standard I mean I think that should be obvious to anyone at this point they uh I've been around for a very long time they are the backbone of D5 and they don't just kind of like use one centralized price feed right they use a multitude of different price feeds and kind of aggregate them together in order to spit out a very

accurate and very resilient price feed for different assets because at the end of the day if you literally have an oracle that's only looking at one or even two markets someone could potentially manipulate those markets in order to manipulate the Oracle price and it has happened before in order to affect or have some effect on on some Market outcome also some defy outcome or some liquidation whatever whatever else it is right um and then on top of that when it comes to these exploits we we can see asset price movements happen very quickly even if it's not um it's not the the fault of a manipulation or anything like that we can still see these price movements happen very quickly because of the exploit itself so yeah once again chain link comes to the rescue which is which is very awesome to see of course but

yeah I didn't know that at the time so I just I was a bit annoyed when someone came at me with that and uh on that note as well I do want to just quickly say something about this too I put out a tweet over the over the weekend I think it was where I said that I'm kind of sick of people doing this guilt by association thing where essentially you have the ethereum community as this monolith basically you have everyone in the ethereum community and uh people look at it as a model they look at it as a hive mind when it isn't there you have some people who say say one thing and focus on uh some other things you have some people that focus on other things they have people that have different opinions but what people tend to do is that they take an opinion of someone for

example I get this a lot actually people will take an opinion that bankless has that David and Ryan have and then they'll kind of think that I have the same opinion as them and that and if it's an opinion that they don't disagree that they disagree with or they don't agree with from David and Ryan's perspective they'll kind of imprint that on me and say oh well Anthony must think of the same thing it's like no that's not how it works and it's not obviously exclusive to crypto people do this all the time with different various things but I don't think we should be judging people as a collective as a hive mind you should uh judge people based on their own opinions and when it comes to something like chain link I have always been very favorable towards Channel I talked about them all the time right I

talk about I talk about ccip last week a couple of times on there and I was very favorable about it and I'm very excited about I think it's a really cool uh Innovative um uh kind of uh piece of uh piece of technology that chain link has brought to the crypto ecosystem uh and and I've always been favorable towards them but I think that a lot of the times you know if you aren't paying attention to what I'm saying or or kind of like the the show and what I'm what I'm doing you'll do that guilt by association which I just I I honestly I'm sick of it point it really annoys me and it's kind of like uh begun to to get to me to a point where I just have been thinking about not posting anything on Twitter anymore and just not being involved on there

because if all that's going to happen is people are going to uh say that I have an opinion uh just because some someone else has an opinion and they've just imprinted that on me it's not something that I want to be something that I want to be around but thankfully the conversation I had here with with Brian the person that brought this up originally kind of simmered out and people kind of uh came to my defense and said yes he has talked about it um but yeah I think just generally doing guilt by association is is not healthy it's not something that we should be uh rooting for in this space supporting in this space we should be calling it out where we see it and as I said I'm a huge fan of chain link always have been I think they're doing amazing stuff in the

Oracle space and you know I've gone on in the past about things like how I said that I think that Oracle s Protocols are really cool and I do but I can think that Oracle s protocols Oracle less Protocols are really cool and I can still think Chan link is cool because at the end of the day there are plenty of things that are going to require uh articles that you can't get around just as a random example real world assets right assets that exist extra protocols so real estate for example Commodities these things cannot be issued natively on chain you have to have a tether uh uh to you know from the off chain world to the on-chain world and they're just some of the examples here and chain link goes beyond price Oracles of course there I know cc ccip is a cross-chain messaging

protocol it's trying to do more than just kind of like uh like oracles and bridging it's trying to do cost chain messaging which I've talked about a lot in the past as well so when it comes to these sorts of things you've got to look at the Nuance you've got to break it down you've got to look at everything and I know that some people have like a bias against chain link because of the link Marines at the end of the day guys every Community has their rapid members and I think that depending on what the price action is doing they're going to be more rapid than than other times right obviously if the price of an asset is going up a lot you're going to get these people on on Twitter especially they're going to be like in your comments chilling things and I get that

they can be annoying and I totally understand that but there are a lot of genuine people in each of these communities even if the token is going up or down uh and of course you know if the token's going down communities uh uh are mood can sour and I totally get that I mean I feel that I mean I felt that in 2018 and 2019 with with eth you know eighth was going down relentlessly in the the mood salad right but that's just what happens with a lot with a lot of tokens a lot a lot of projects out there and you know just as a recent example I saw it happen a little bit with uh with rocketpool you know the RPL token went up a lot and then it went down a lot it's basically down I guess from what what it go to like 60 bucks or something

recently and then it went down to about 30. I felt a bit of a shift in the community there where I got a little bit more toxic uh thankfully the rockapole community is generally pretty good so I didn't notice it too much but I did notice a shift there and I don't blame people for that I totally understand that it's it's a human nature thing but uh at the end of the day I think you know we need to separate that kind of behavior from the actual technology and that's how we get get to the truth and how we get to actually focus on the right things anyway I done on that little thing there I think that was the last thing yeah about that kind of exploit there and what happens um but yeah as I always say don't literally put all of your money into

anything really um honestly I didn't uh at the end of the day even like things like e-staking even though I believe solo staking has basically a zero percent risk and I say that in the sense of unless you're actively trying to screw up like attack the chain for example trying to to to double sign it's very it's very hard for you to lose a substantial amount of money even if you are offline for a while you're not going to get slashed right you're going to inactivity league and there is a limit to how much that can happen there and even if you get slashed on your own like even if you double sign I think the penalty is like 1 8 of your 32 8th so relative to 32 that's that's not much right so uh but like a lot of other things out there

have different risk profiles different um staking protocols have different risk profiles different D5 protocols have different ones and if you're putting like 100 of your net worth into these things and it gets exploited and there's no way for you to get your funds back well yeah that's obviously not very fun so so yeah anyway moving on from that uh there's a tweet thread here from like client so I spoke about the new EIP 7377 uh last week and like client said there's been lots of feedback since he proposed uh the EIP and he's got some takeaways here in this uh thread so if you want to learn more about that I see some of the takeaways see some of the feedback that was given you can read this I'll link it in the YouTube description below I'm going to try and get through these other things uh pretty

fast here because I realize I'm already at the 20 minute Mark uh so we've got a new dashboard here from ericsson.eat so this dashboard basically is a hypothetical dashboard that tracks how much Mev or how much eth would be burned if we implemented the Mev burn upgrade to the ethereum network now I've talked about Mev burn before it is a proposal to basically burn the Mev instead of paying it out to validators well we would burn a lot more eth if this was happening here you can see on this chart that the blue represents without Mev burn so how much atheist has been burned since July 1st without Mev burn and then the red uh or I guess like the orange um uh shows what it would be like with Mev burn and what the supply would look

like I guess so the total Supply without Mev burn would have gone uh down uh I don't know if there's any kind of like numbers here because I'm just eyeing the chart but basically it would have gone down uh the total Supply would have gone down by let me just either chart I think it's around 50 000 or something um just uh without Mev burn or even less than that actually uh the chart's kind of confusing yeah it's about it's about 20 25 000 I guess or something like that just eyeing it but with Mev burn it would have gone down by like 50 000. so obviously double let's just say double so you'd have double the amount of heat being burned with Mev burn and as you can see there was this massive Spike here because of the recent explanation the on-chain activity that happened

because of that but generally that's what it would kind of look like so you can go check out this dashboard for yourself I'll link it in the YouTube description below we don't know if Mev burn is going to go into the network or not as I've said before there is still a bunch of controversy around that there is still a bunch of people that on both sides of the aisle you know people Some People Want it some people don't some people like that um like that we get those kind of Lottery blocks that go to validators instead of it just being burned but really Mev burn all it does is it redirects that it redirects the nav from the validators to all etholders just like um erp1559 or the fee burn in general redirects fees from at the time miners but now stakers and validators to all

etholders and yeah I mean I think that it's a positive thing that that that that that happens um but but I understand from the point of view of like validators it's like a pay cut to them right um uh I guess like a maybe a short-term pay cut for long-term benefit but yeah there is definitely a bunch of controversy around that but you can go check out this dashboard I'll link it in the YouTube description below all right I've spoken about octin to a recently uh and this is the group that we're staking a bunch of the gollum foundations uh ethia so they've got a little thread here going to a bit more detail about how they're doing this so they said well Solo's taking 100 000 eth using a Geth Nimbus client pairing on hardened QB's OS boxes which ensure enhanced security through Linux Network

stack isolation they're considering replacing Geth with nevermind for improved client diversity and possibly operating different client pairs simultaneously we monitor our operation using tools such as Prometheus grafana and Beacon chain to increase reliability we plan to distribute our validators across multiple machines we've explored Advanced thinking methods like this DVT technology but for now uh uh we're sticking with our current approach due to its Simplicity and lower risk profile so it seems like they're really going all in on the solo Stakeout like trying to be a real solo sticker with a large amount of ether 100 000 ethr which is great to see and I'm great I'm grateful that they're thinking about stopping from Geth to nevermind because obviously gathy is still the majority client so we would love these bigger stake is to

switch as well but they're already using a minority consensus layer client here in Nimbus so that's very cool as well to see but yeah I've discussed octane before so I'm not going to rehash that there just wanted to point out this little thread um exciting news out of the ethereum attestation service ecosystem so EAS is now natively integrated into the op stack so this means that all future op stack chains deployed will automatically include the EAS Contra EAS contracts at Genesis this is what's really cool about these kind of modular kind of sdko development stacks for these l2s basically what they get is out of the box plugins essentially so you can think of EAS as a plug-in on within the op stack and they're not the only one

there's a bunch of other ones as well that any chain that gets kind of like spun up using the op stack can automatically deploy and inherit these things on their own um on their own op stack chain so bass for example would inherit all of this uh Avo Zora there's a few others out there now that are using op stack that automatically inherit all of this infrastructure and this just further makes the case for these things uh you know spinning up as l2s rather than an L1 because when you spin up a new L1 you have to deploy all this infrastructure yourself right there's no out of the box kind of tooling for this and then you also have to get the infrastructure support uh the infrastructure companies to support this sort of stuff whereas if

the infrastructure companies only have to support uh one development stack such as op stack or a few different ones that go p-stack and obviously uh some of the other L2 teams are also doing Stacks like this it becomes a lot easier it becomes a lot more scalable becomes a lot less overhead for these teams so it's great to see that playing out there so just great to see AAS integrated here natively with OP stack all right so van Spencer put out an interesting tweet Thread about defy over the weekend he said important to intern internalize Blue Chip D5 or anything was a meme last cycle nobody was generating sustainable cash flow and to be honest the industry was a show launching a successful protocol and 15 VC funded Forks would come in with a success with tokens and vampire attack you this cycle

is different real sustainable cash flows with past the scale large markets all competitors now dead or thoroughly discouraged no VC money to fund second third fourth or fifth place consolidation blue chippery we figured out where aggregation points are and who the long-term incumbents will be in defy we figured out some protocols um and features are likely to be featured to be rolled into larger incumbents if you squint a little bit you can see the Fang of defy assembling Fang being like the stock market like uh um Facebook and apple and Netflix and Google and Amazon right um what is dead may never die it's over we're back we're never never even left maybe it never even happened so I guess like there are different opinions on what the Fang of Defy is I think it's

safe to say you like uni and comp and mkr and Ave and snx and like all these older D5 protocols that are still around and gaining kind of market share would be considered the Fang of of D5 here but uh it's taken a while for us to get there right it's taking a while for us to work through the forks work through the competitors consolidate around the mature and long-lasting protocols that essentially are making up the real blue chip D5 because Blue Chip as van said here was a meme right all these tokens indiscriminately went down because no one really knew who the winners were going to be there were memes uh being perpetuated about everything good and bad memes but now we do know you know maker is a cash flow machine unisop is a cash flow machine yes they don't have

um the fee uh take enabled but they are not completely dominant in the amm space right are there very dominant compounds as well still very dominant and these things continue to growing and they've been around for a while and they're hardened their resilient brilliant and they're more secure I guess than the um than the other ones uh in saying that I mean I guess people thought curve was Secure and some of the curved pools were exploited here but as I said that can happen doesn't matter how long it's been uh there now I also had a tweet um over the weekend in the I guess like similar vein around D5 where I said I know the purest Among Us especially the ethereum ogs a sad that die hasn't lived up to its original vision of being a truly decentralized stablecoin this might be an unpopular opinion but I believe that

maker has taken the right path in targeting slash onboarding real world assets I still maintain the belief that a truly decentralized stable and scalable Fiat Peg stablecoin is impossible to create and is generally a Fool's errand if ethereum succeeds in becoming the backbone of the New World Financial system then it is likely that each market cap would be in the tens if not hundreds of trillions of dollars and we probably stop measuring the market cap in dollars at this point anyway Ergo eat becomes the stable coin now I've talked about this on the reefer before so I'm not going to go over it again but I really do think that maker took right path if you're interested in still supporting a path of a truly decentralized stablecoin like die you have liquidy right and you have rye and you have high which is like an upgrade

or a fork of of Rye here there are other attempts out there but as I've explained before I don't think that is going to ever happen I don't think we're going to get a stable coin a truly decentralized stable coin that is ever going to be as scalable as a centralized uh Fiat Peg stable coin I should say for a lot of the reasons I've outlined before I mean the number one reason is the fact that you're always limited by the collateral you're always going to be limited by its market cap and realistically that's the max limit that's the ceiling but in in in reality it's much lower than that because most eth is not going to be used to emit these stable coins right so when you look at it like that it is basically impossible to to create that and as I

said like if each market cap gets to a point where you know you can have a trillion dollars where the collateral backing the stablecoin well that means eighth is incredibly valuable and we just stop basically measuring 8 against fair currencies and eat can maybe become the reserve currency of the internet and of the world and eighth becomes the stable coin because as I said before stability is relative 180 equals one eighth one USD equals one USD USD is is uh is strong against other Fiat currencies eth is strong against other assets within crypto right whether they be currencies or otherwise if you're strong against them over a long enough time frame it eighth has absolutely smashed video currencies right um so has BTC to be fair

um and and if we get to a point where it is worth that tens if not hundreds of trillions of dollars eth will become the de facto money of the internet the de facto money of the world and we will not use Fiat Peg stable coins as a means of kind of like money or tracking things we would be or measuring things against we would be using IF as that I already do that internally I mean you guys know that any Investments that I make I always I kind of um Benchmark them against eth uh as my unit of account here but also I I do check the you know US dollar price and I checked the AUD price one day we will probably get to a point where you don't do that anymore just like I don't check the price of eth against most Fiat currencies I only

check it against AUD because I'm in Australia and I have to know for taxes but um USD is what everyone looks at no one looks at eats price against you know the peso for example or against um against Yen or against uh and South Korean one or um even the euro is not really mentioned much right um when you think about it like that then you can really start to see the picture come interview of of how these things work all right so something that came out last week that I forgot to cover was this new wallet uh it's not an app it's a web wallet called beam that was launched by the Eco uh project TR so basically they're calling this an on-chain venmo and honestly they are hitting all the right notes with this

I'm thoroughly impressed with this so this video basically goes over what exactly they're doing here and how it just works so as I said it's a browser wallet you do not need to download a new wallet it just has a QR code um people can automatically send you funds by scanning it you can send funds natively through chat apps um you there are there are no limits no censorship it's self-custody it's built on I believe uh it deployed on optimism and I don't remember the other chain that it's that it's deployed on right now it's on optimism and maybe bass I think um but yeah I mean if you keep scrolling you can watch the video I'll link it in the YouTube description below um but yeah it just hits all the ride notes it hits the notes for Mass adoption there are different things here

that make it really easy you can send it via emails yeah it's on ethereum and bass I'm assuming it's going to be on every op stack supporter chain and beyond that um but I was thoroughly impressed by this honestly I mean I used it on my phone tested it out a bit it just works honestly and it works really really well it's uh it's very straightforward it really is closer to that vision of digital cash that we've had in crypto for quite a while now and I highly recommend you guys checking it out that's why I wanted to highlight it so I'll link this in the YouTube description below for you to do so all right I know I'm over time here but I did want to wrap it up with a wrap this episode up with a tweet that I put out over the weekend just expanding on

this I said I've believed for a while that the real crypto Market top was May 2021. the November 21 21 top was fueled by the degenerate leverage of players like three arrows capital and and by SPF yeating customer funds into the void it's the if the usual crypto cycle repeats then we can expect the bull market to begin in q1 2024. I've explained how I come how I've come to these conclusions before on the review I showed you guys the chart with the lines that I've drawn on there and the ranges that we're in um but more and more I think about this the more and more I look at this the more clear the picture becomes to me because if you look at all the metrics outside of price for 2021 may definitely looks like the top every other metric

topped in May except price and then November just looks like the dead cat bouts you usually see except we went to New highs because of that extra push push from um from leverage from this kind of like uh customer funds being exploited and put into these sorts of things especially when it came to some of the trades like the L1 trade we obviously now know that SPF was putting a lot of customer funds Ethan BTC and others into things like Seoul for example right um so when you when you kind of look at it like that I do think that um the top was May 2021 which means that we have already been in this bare crab market for over two years and if you look at the chart and you you assume that the

Cycles are going to play out similarly we can expect a new bull market to start early next year with all-time highs potentially being hit in the second half of next year as I've explained before that but I think on that note on that bullish note that's going to be it for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone [Music]