Ethereum's value prop, Native rollups and more - The Daily Gwei Refuel #815 - Ethereum Updates

Transcript

hello everyone welcome to another episode of delway refuel where C the latest news in etherum ecosystem I'm your host Ando to the 20th of January 2025 all right everyone let's get into it so a dramatic last 48 I guess 72 hours in the crypto ecosystem obviously we're all well aware of uh the fact right now that Trump launched his own mem coin and then his wife launched her own mem coin uh and this happened on salana obviously it didn't happen on ethereum or the L2 so there was a lot of kind of drama around that as well but yeah it was a pure meme coin didn't no one really knew if it was real or not for the first few hours and the token price mooned to like billions of dollars and ended up peaking at like I don't know something like 70 80 billion fully

diluted value Trump and his team allocated 80% to themselves of course and yeah it was it was an interesting time in the crypto ecosystem now I'm not here today to talk about that because I think it's already been talked about to death but I will make one little comment about something that I found funny is that I remember just a few months ago the narrative was that people were buying mem coins as a revolt against the VC Insider games and then everyone goes nuts for this coin that has 80% Insider allocation it just struck me as a little interesting because I knew that was always the case I knew that people who were coming up with this narrative just to justify chasing these things and again there's nothing wrong with chasing these things people can do what they want with their with their money people

can do what they want on chain uh and that's the whole point of a permissionless network but I do find it ironic that people tried to like lie to themselves even saying that they were buying these things as some kind of revolt against the VCS when in reality they're just chasing things because they want to make money nothing wrong with that but hey at least be honest about it but anyway enough on that uh there is a lot of ethereum stuff to get through today obviously over the weekend there was also a lot of ethereum foundation drama yet again I'm not going to cover all the drama I've tweeted about it a bunch I've talked to you guys in the Discord Channel about it and honestly it's tiring at this point I want to get back to just talking about the tech like the social side of ethereum is obviously

very important but I feel like I talk too much about that these days so I want to get back to talking about the tech but I do want to just highlight this tweet from vitalik because he finally spoke up about the leadership changes that are happening within the EF uh and he basically gave a list of what they're trying to actually achieve with these leadership changes and what they are not trying to achieve and what the explicit not non- goals are so what they are trying to achieve is that they want to improve the level of technical expertise within the EF leadership this has actually been one of the I guess um core criticisms of the EF is that they not the EF as a whole but like as of the EF leadership in that they don't have enough technical expert expertise at the leadership level they don't know enough

about the chain they don't know enough about the road map they don't know enough about the apps as well especially so I think they're trying to to do more of that now the second Point here is improve two-way Communications and ties between EF leadership and the ecosystem actors old and new um that it is our role to support users individuals and institutional app devs while it's an L2 so this is again further putting point on the fact that the leadership team should be more in touch with the regular user should be more in touch with the different companies building within the ecosystem the l2s so on and so forth because the f is a big organization there are a lot of people already working on this but leadership obviously uh the leadership team is a few different people and they obviously should be aware of a lot of this as well

so I'm glad to see that point there they want to bring in fresh Talent improve execution ability and speed so that's that leadership refresh that I've been talking about at the EF it's not just the executive director guys like the EF leadership team is a bunch of different people I don't know the exact number right now but I think it's like 6 or eight people right now including vital and Aya who is the current Ed Josh Stark and a few others out there I don't know all of them off the top of my head but that's what it looks like right now so bringing in in fresh uh fresh voices fresh kind of ideas to the leadership team is an explicit goal and that's exactly what they're doing you saw the other day that shiaway Wang or maybe you didn't see on Twitter announced that

she's now part of the leadership team she's been a COR part of ethereum for a little while now worked a lot on things like the merge actually I believe she was the one who came up with the pandem me for the merge so yeah you would have seen her around I've talked about her a bunch on the refu before they also the EF also wants to become more actively supportive of app Builders and make sure important values in and inable rights such as privacy open source and sensorship resistance are a reality for users including at the app layer again reinforcing that point that they are aware that the leadership team is not as connected to the app layer as they can be and they want to improve on that and then want to continue to increase uh the ef's use of decentralized and privacy Tech and the ethereum ch chain including

for payments and treasury management so great to see that they want to be on chain more this is something that I've personally been advocating for you may have seen my tweets today uh to Tim Boo and Josh Stark just use the chain more publicly you don't have to do everything on there you don't have to dox yourself but just use it more publicly use the ethereum foundation address to do things publicly you know maybe just stake some eth don't stake all of the eth of the EF eth but stake some of it and don't stake it with just one provider obviously I wouldn't even say to stake it with with Lio right obviously you want to stake it with the smaller ones take it with cool maybe eifi you know puffer swell some of these other ones out there just like do do some of that with some percentage of

their e stack and then maybe put some eth into arve borrow some Stables against it right don't have to do totally DJ stuff don't have to be aping meme coins or anything like that but more of that and valal actually uh changed his profile picture to a Mady uh recently I think that was over the weekend um which was which was kind of cool to see as well because the Mady stuff and nfts generally that's obviously like full onchain kind of not Ian I wouldn't call it like dgen culture but definitely onchain app level culture so I'm glad to see vitalik getting more involved there as much as he can be honestly I don't want vitalik to be sitting on in the trenches all day you know doing mem coin shitcoin uh kind of slinging just just to I guess like give the appearance that he's more in touch

with the uh Deen Community because that's a waste of his time honestly like his time is much better spent doing what he's good at and that's the research side of things and and doing leadership things within the EF and and traveling traveling the world being an ethereum evangelist uh he's much better at that like I I honest honly think that people asking for I guess like people that already have a lot of work that they're doing to do more I guess uh stuff on on chain in like a dgen way and spend time there and and basically gamble I guess you could call it I don't think that's a good use of their time but in saying that they should definitely do some of it just to get a feel of how things are and that can further inform their development efforts and research efforts

as well because right now there are ux pain points and how acutely aware are the EF leadership team and EF members of those pain points I believe a lot of people within the are acutely aware of that but maybe the leadership team isn't to an extent because they're just not using enough onchain stuff because they're busy doing other stuff so it's worth them carving out time to get more in touch with those sorts of things so I'm very uh uh you know uh I'm very in favor of that then veral listed out some explicit non- goals which kind of got the community riled up especially this first one where he said that the EF doesn't want to execute some kind of ideological Vibes pivot from the quote unquote feminized we soy boy mentality to the Bronze Age mindset this is alic kind of way I think of like

tongue-in-cheek trolling people because there is this I guess common belief which I believe is wrong that the EF is just full of these kind of woke soy boy feminist type people who don't care about anything and and only care about like extreme kind of like leftist values and want to go on board Africa instead of actually appealing to the users that are on chain today so on and so forth you guys have seen all these comments I don't think that's a fair character character characterization of the EF at all as I said the EF has a lot of different people within it a lot of different beliefs a lot of different political beliefs a lot of different kind of you know religious beliefs different cultures it is a mixed bag from all over the world like there are literally EF people from many many different countries guys it's not just

like the EF only employs people from one country in Europe or from the United States there is a huge mixed bag there of people and it's actually awesome that there is that because it means we've got better um better diversity within the the talent pool there and diversity's become this I guess word that seems to have a lot of toxicity attached to it I'm not talking about diversity for the sake of diversity but at the end of the day you do want to have a diversity in the talent you do want to have people from different backgrounds different cultures you do want to have people with different ideas there that's how you push things forward you don't want to just have everyone thinking the same thing you don't want group think you don't want yes men like that does not lead to good outcomes and I'm glad that

the EF at least from what I can tell and from what I know about the EF isn't like that at all but we also shouldn't kind of I guess expect the EF to be this I guess quote unquote Bronze Age mindset which is I guess like deep masculinity kind of image that people like seeing portrayed online yeah there is room for that just like there is room for the other stuff but the the thing is with the EF is that it already is a mixed bag of of talents here they just suck at marketing themselves obviously like I've gone through this before so that point there obviously got people riled up but I do think what vitalic was trying to do was basically at the same time saying that he doesn't think the E falls into this bucket just kind of I guess half trolling and tongue and cheek the people

who think this because it is silly I believe but it is also a consequence of the fact that the EF does not Market itself well enough and he also say said that an explicit non-g gooal is to start aggressively lobbying regulators and Powerful polit political figures especially in the US but really anywhere at especially large powerful countries and risking compromising ethereum's position as a globally neutral platform I completely agree with this it is not the ef's job in my opinion to go and rub elbows with different world leaders and pick favorites between like ethereum is a global network ethereum is a decentralized network it is a credibly neutral Network the AF itself is not credibly neutral but it doesn't need to be doing this it can be funding

organizations that do this it can be supporting organizations that do this but the EF itself this should not be part of their mandate at all I I I strongly believe this I I think that they' one I don't think they'd be good at it to be honest because uh they have strength and they have weaknesses and I believe this would be one of their weaknesses and also it doesn't pay to tie yourself or hit your wagon to any kind of political party or any kind of I guess politician or any kind of organization or anything like that uh because that that is not long-term conductive to being a Global Network a global credibly neutral Network and there are other organizations out there that are fully equipped to do this much better than the EF so as long as the EF can support those organizations uh in

the right ways and as long as the EF doesn't shun them or anything like that I think that's the the right way to go about that vitalic also doesn't want the EF to become an area for vested sorry an arena for vested interests obious obviously like that is self-explanatory and the last point is that he doesn't want the EF to become a highly centralized organization or even more of a main character within ethereum again self-explanatory we don't want the EF to be a central point of failure or a central point for ethereum they do a lot of good work but they are one player among many in the ethereum ecosystem today they can use their skills to support what many other players within the ethereum ecosystem but there should not be this like main thing that we all point to and all blame for anything and

everything always no they are one organization among many so let's I guess come to an understanding on that there but anyway that's not enough on the EF stuff you can go read vitalic tweet and the replies to it if you want to I'll link that in the YouTube description below for you to do so all right moving on so sty from arv put together a really great tweet here about what I guess the biggest strengths or the greatest strengths of ethereum are today because obviously there's a lot of Doubt from people over bunch of different things about what ethereum is actually offering what's the value of ethereum can it compete with other networks is it actually offering what users want so on and so forth so I think when uh Stan's talking about ethereum here he's talking about L1 and l2s as a collective but

really there are nuances here as well because ethereum L1 is obviously the most secure part of the ethereum ecosystem the l2s a lot of them right now have multi and and stuff like that but they're going to be moving towards becoming as secure as they can be and closely tied with ethereum but I just wanted to hit on each of of of Stan's points here very quickly so the first point he says is that ethereum has the highest security it does eum layer one has the highest security of any chain out there from an economic security perspective from a node operator distribution perspective from uh the perspective of the fact that the uh the E the ethereum network itself the ethereum protocol itself has never been I believe hacked there has been bugs before but uh it's it's been rectified before any kind of damage has been done

and things like that so it has a lot of Lindy on the security side of things there defi tvl ethereum has a massive amount of defi TV out really ethereum L1 is the only chain I believe out there today as Stan mentions here where you can actually borrow a lot like hundreds of millions if not billions of dollars in stable coins uh in or in order to go I guess like Leverage long on E if you want or do something else with those stable coins like just an example of how much defi tvl exists on ethereum L1 today uh and then he goes on and mentions the developer ecosystem and tooling the evm is second to none when it comes to this the evm has the most developer tooling the biggest ecosystem the most amount of developers on there uh and in in terms of developer

experience it is still by far the best from every developer that I've spoken to that has tried different ecosystems even though the evm is not perfect even though solidity is not perfect the fact that there's so much tooling so much ecosystem support so much accumulated knowledge over so many years around it the evm is just the easiest environment to develop in for any developer whether they're a beginner or an advanced developer they love the evm developer experience in comparison to other ones like the evm experience is not perfect there's still obviously a lot of things that can be improved upon but that's a big point there st's fourth point is that evm Innovation there's a lot of innovation happening at the evm layout especially with the l2s especially with the l2s like Mega E for example that are really pushing the evm to its limits and

it's not just within the ethereum ecosystem too I mean you have monad which is a new L1 which is doing stuff with the evm the ethereum ecosystem can Port that over because it's with the evm right so there's a lot of evm innovation happening the L2 strategy plus be beefing up of ethereum L1 I've spoken about this at length I don't have to read hash this here uh the president is building on ethereum I mean world Liberty Finance is a defi uh protocol that's a fork of Ave or an instance of a as stani calls it here that is deployed on ethereum Main net and Trump is also I mean probably not Trump directly but his team are also buying a lot of eth I think they're up to like 40,000 eth or something in their on train addresses right now um and this uh platform I

don't I believe hasn't launched yet or is going to launch soon and there's a token attached to it as well so yeah that's a pretty big signal I think as well that you know even though Trump launched his memec coin on salana he's building his defi protocol or his te team is building this on ethereum which is a pretty big signal there and furthering that is the institutions are deploying on ethereum we already know these big institutions like Black Rock like Visa like PayPal they're building within the ethereum ecosystem especially on ethereum Main net which is crazy because people are like well no one's going to use ethereum mainnet because the fees are too high it's like no no no the fees are too high maybe for regular users and I totally sympathize with that and I I really um like that we have the

l2s for the regular users but in term terms of the bigger users in terms of the Wales they would much rather guarantee that they're able to get their transaction included even if they have to pay more than not be able to guarantee that because the tradeoff here and you've seen a lot of this with salana recently is that Landing your transaction even for big players who can pay a higher fee is not always guaranteed so if you're trying to do things like unwind your position your leverage position or unwind a liquidity provider position an LP position uh you may not be able to do that right and that could lead to massive losses for you depending on the your your position whereas with ethereum L1 as long as you're paying the right fee you're pretty much guaranteed to get your transaction included for Wales this

really really matters because they don't care about paying even thousands of dollars worth of fees if they have millions of dollars worth of positions open they just want to be able to get in and out of those positions they just want to be able to guarantee that their transaction is going to be included so this is a trade-off here obviously it means that people have to pay Lots in fees but at least you get your transaction included and I may be biased here but I actually like that model I prefer that model and uh I mean I've been advocating for that for a while now not to say that we shouldn't keep scaling the L1 up but the ethereum L1 is never going to be as scalable as the l2s obviously and it's never going to be as scalable as a chain that's uh you know

prioritizing high scalability or high execution scaling like salana or ruio and Aptos but then you got to discuss the trade-offs right they they're trading off home verifiability uh they're trading off um decentralization the trading off security to achieve all that uh there and Stan finally ends this by finally saying that the talent pool is the biggest in ethereum uh across everything not just developers but researchers the talent pool within ethereum is absolutely massive because it's not just within the ethereum ecosystem it's also within the evm ecosystem anyone working on the evm across anywhere whether that be monad uh whether that be BSC or Tron like anywhere the evm touches is ethereum right it's the evm is ethereum so the talent pool stretches out that far as

well then you have all the l2s of course like it's just a crazy amount of talent all built up around the ethereum ecosystem so I'm I'm very glad that stany put this out today because it's a good reminder of the ethereum value prop here um and that's not to say that there's not plenty of work left to be done of course there is but still a good reminder from stany here all right moving on So speaking of improvements to ethereum L1 and the l2s here so storm here from Paradigm put out his own I guess like timeline table around some of the upgrades coming to ethereum L1 and l2s in terms of gas limit increases and blobs per block his timelines here I believe are way too conservative cuz if you look at the Timeline he stretches

this out to 20127 I actually quote tweeted this and I said that we can be much more am missous with these timelines we can actually bring everything that he says in 2027 through into 2026 potentially even early 2026 uh and and these things include increasing the the L1 gas limit but also increasing uh blobs per block y uh and we can also increase how much we increase the gas limit and increase the BL blobs per block from what's on Storm's table because Storm's table is actually very conservative like it's actually way too conservative given the fact that I believe that these numbers are already uh outdated in terms of what we're already targeting here because you can see here that um the gas per block as um as as as as storm says here by the end of 2025 would be 30 million which

doesn't make any sense to me considering that we're pretty much already advocating for a 36 million uh gas limit um increase here and then from there on I think post Petra we're advocating for 40 million and then potentially 60 million by end of year so double his numbers here and then with blobs per block we're getting with Petra 6 but the thing is is that with with pias we may be able to increase that a lot more if we deliver pias in Q4 of this year which I'll talk about in a little bit so I just put out this tweet where I said that we can be much more ambitious with this which we are the ethereum developers and researchers are being much more ambitious about this uh and so there's no need to be conservative here on timelines and there was another tweet from someone that basically said that

ethereum developers and researchers should just stop giving timelines for things because it seems to be turned into fud all the time I think that's maybe the wrong approach because the community will always put timelines on things or at least ask for timelines and I don't I mean I'm not in favor of making the ethereum ecosystem more opaque I'd rather have timelines out there and then they can actually be used as a way to push things to happen faster rather than not having timelines at all I don't think that's the right approach and I think that this narrative that other ecosystems move faster needs to die because they don't move faster like it's actually incredible to me how many people said that you know other ecosystems move faster when you actually can look at the other L1 ecosystems and say well for example with salana fire

dancer has been in development for I think over 3 years now and it's still not live on mainnet in a production capacity and that's been like a main talking point for a very long time three years guys like that's that's that's a very long time here so that's just one example and then you have these other L1 networks that haven't even launched yet and like monad and bar chain they've been in development for a very long time now and the reason why I bring these up is because these development efforts are incred centralized like they're not even live as a network yet so they they're not decentralized and they're still moving slower in my opinion than ethereum is which is insane considering ethereum is a decentralized ecosystem it actually naturally takes us longer to do anything so this narrative that ethereum moves too slow in my opinion is not

accurate but that's a narrative that obviously exists out there uh and I'm not going to I'm not going to go on about that there anyway moving on to some more I guess context around what the ethereum developers and researchers are focusing on so Barnaby who works in research at the e Foundation uh basically was replying to a question that someone um asked where he said what are you and the EF currently focusing on most to deliver that most awesome World computer so he basically has a list here of of of many things that him himself and others are working on the first thing is obviously scaling to serve Global volumes with Das uh with and blobs and uh uh uh execution layer research and development with gas ZK VMS and Native rollups broadening access to serve the Network's core functions with

censorship resistance with with with fossil as I've talked about before and other ideas around orbit and rainbow staking improving on the feature set of the L1 consensus mechanism with positive side effects for l2s so we want good bridging ux that can come with fast finality and single slot finality looking into lower slot times and uring economic sustainability over time issuance research and meev firewalls so there is research and development happening across the entire stack here as as barab notes now there's another tweet here that I put out about scaling oh sorry about I guess like where the eum ecosystem is headed generally over the next few years where I say we will scale the L1 via gas limit increases in other ways we will aggressively scale the blobs for the l2s we will Implement native based Roll-Ups we will onboard

the masses to ethereum and make it all feel like a unified chain and I'm bullish on ethereum obviously and bullish on eth these are the things that will happen I have no doubt in my mind that these things will happen and I think that the fact that ethereum is facing both more competitive pressure than it ever has before and the fact that um it's facing pressure within the community to move faster means these things will happen a lot faster than what we were what we what we've been expecting I do believe that most of these things will happen in in the next you know even 12 months 12 to 18 months these things will happen and happen in a really big way here uh but yeah we we do need to I guess like accelerate here we do need to be more aggressive and on

that point of competition I think it's funny because for a long long time and this is actually a broader discussion but I I won't spend too long on this but for a very long time ethereum didn't actually have any good competition it didn't have other chains actually trying to compete with the ethereum ecosystem and I'm including the L1 and the l2s here but in terms of like execution scaling it obviously mostly applies to to the l2s but it didn't have good competition for a very long time I think that's what led to the I guess complacency or there somewhat not not a lot of I don't think there's been a lot of complacency to be honest I know the narrative is that there's more there's a lot of complacency but I do think it's what led to some in the community to get complacent here because of the fact that

all the competitors previously just like failed and and not really achieved much but then over the last uh you know couple of years I guess you could say last two years the competition has really heated up and it's not just salana or it's other networks as well this hyper liquid went live recently there those other ones that I spoke about Su updos etc etc uh and the ethereum ecosystem obviously needs to move faster to match that and I think competition is an incredibly good thing I'm very glad that ethereum has competition like if it didn't I think we would still be stuck moving too slow I think we would still be stuck basically uh being complacent maybe getting more complacent over time uh and more of the community getting complacent over time so I'm very very glad that we have this really good really good competition now

because of that fact there but in saying that I do as I said before think that the ethereum ecosystem has not been that complacent I think that we could have been moving maybe a little bit faster but at the same time when you're building out in the open when you're building in a decentralized way where you're trying to coordinate so many different stakeholders across the ecosystem there's only so far you know there's only so much I guess like additional speed you can add to this stuff and there's only so much stuff you can ship at any given time here so there is a balance to be had between increasing shipping time maintaining uh the the security of the network and making sure nothing breaks and I think the ethereum ecosystem has so far maintained a good balance there but accelerating from here especially doing things that don't require hard Forks is

a core I guess goal of the ethereum ecosystem right now and I'm glad to see that continue there all right so Joseph Luben who is the co-founder of the co-founders of ethereum and the founder of consensus put out a really great tweet uh about I guess like ethereum and Ethan why people should be bullish on it but one part of his tweet here I quoted where he said so even if nation states are at War they'll still be able to enter into smart contract based deals with with one another including treaties and back their word with large stake and I said this is one of ethereum's core properties to be a credibly neutral World computer for everyone and I think I explained this analogy the other day on Friday with the the US and North Korea analogy that I get but yeah this extends to basically

everything if there is ongoing conflicts or if there are nations that don't trust each other but they want to make Financial agreements with each other enforced by things like large stake then they can do that in a credibly neutral way on the ethereum blockchain because of the fact that the ethereum L1 at least does not favor any one nation state does not favor any one entity doesn't favor any one individual it is a credibly neutral decentralized sens resistant permissionless Network for anyone to use that is the reason why we keep the L1 Limited at least the the thing is we would love the L1 to be able to do more stuff but there is that trade-off of we want people to be able to verify the network at home we want people to be able to run full nodes at home we want people to be able to stake

and solo stake and home stake without requiring massive amounts of Hardware without requiring massive amounts of bandwidth and that comes at the trade-off of L1 just not being very scalable right now at least there is a lot of research going into essentially maintaining that decentralization while scaling the L1 up a lot uh things with like stateless clients for example things like uh ZK evm pre-compiled so that we can have native Roll-Ups so on and so forth right so obviously gas limit increases and I think asynchronous um execution there's a lot of research going on here but the main point is that one of ethereum's core properties is is this is what Joe Joe Luben is talking about here so I figured it was worth highlighting just to remind you guys about that

there so another thing that Joe Luben tweeted about uh or at least replied to someone with is that uh this uh Twitter account War basically said to Joe Luben that he should take consensus public issue convertible bonds buy and stake eth and 2025 is the time to do this and Joseph Luben replied with a smiley face and he didn't elaborate further than that so I think that obviously reading too much into this mayly people to disappointment but he may be teasing at the fact that consensus wants to do this but I wanted to talk a little bit broader here about the fact that the reason why you haven't seen I think consensus and other ethereum companies be as I don't know vocal or Progressive with things or aggressive with things is because of the

Hostile us admin because if you remember the went after consensus they're still going after Unis swap they're still going after coinbase they were going to go after uh a lot of the ethereum teams uh about eth before they approved the ETF so there was a lot of hesitation from these companies to put themselves in the firing line just in case the SEC uh I guess or sorry just in case the Dems were to win again and the sorry and Gary ginla was to stay in and keep doing this right and and the Dems keep doing their their kind of hostility towards crypto but now that the admin has changed now that Gary gendler is out of the way now that we have essentially like look we we we have a president launching his own meme coin that to me

signals Open Season to everyone which I have my own issues with I don't think that it's necessarily a good thing from the perspective of it's open season for scammers now but it is obviously a much more favorable environment than what we had under the Democratic Leadership in the US so I think you're going to see a lot more aggressive stuff happening from ethereum aligned companies such as consensus uh and these other companies especially if the lawsuits get withdrawn like imagine the SEC lawsuits against coinbase and Unis Swap and others get withdrawn I don't know if it's going to happen right away but imagine if they do that's that's insane guys like that is crazy because it basically signals that these law that the ACC has completely changed their enforcement strategy and their enforcement I guess policy on crypto and and he's very open to to

crypto and he's not going to go out people just willy-nilly here uh and that opens the floodgates to things like what Joe Luben could possibly do with consensus what essentially he would be doing here is the micro strategy or the saor uh strategy with micro strategy issuing the convertible bonds buying more eth with it instead of buying BTC like sailor does staking that eth uh and essentially becoming like the Michel sailor of ethereum just buying a lot of eth that would be really cool to see obviously when done in a sustainable way I don't want it to be done in like a totally way where Jo Joe Luben and consensus lever up so hard on eth and then blow themselves up but I don't think that they would do that they've been around long enough to know what to do and what not to do

here all right so and speaking of efforts that are being put together to I guess Lobby institutions and do more lobbying with politicians uh for eth as an asset and for ethereum as a network uh Eric here put out a tweet where he said that the EF should not be directly involved in lobbying this is something that I basically said uh before uh and then said there is a stealth community-led effort that will be announced soon funded by the EF that will be focused on us lobbying and institutions so this effort I'm aware of uh it's as Eric said in stealth right now I don't want to you know announce it because they'll announce themselves soon enough I think the announcement is coming very soon actually so there is an effort here and this is what I was talking about earlier where I said that

the EF should not be involved in this directly but they should be able to support it they should be able to fund it they should be able to Aid in in res or giving resources to these efforts and this effort that has actually been been started and that I've been a part of I'm quite bullish on honestly and I know I'm teasing here I don't want to get I don't want to give anything away until the official announcements been made and of course I'll cover it on the refuel but I'm really bullish about this because the people behind it understand these things understand the institutions that they're going to be talking to understand I guess like the grease work you have to do when it comes to Wall Street when it comes to DC with politicians so I'm really excited about that and I'm even more excited that it's

a new kind of effort that's happening outside of the existing power structures because it means they have a lot more autonomy to do things and they can basically have a fresh set of of people doing this sorts of stuff with ef support because I think that the EF does need to support these efforts because they add legitimacy to it and they all can also add funding to it which is a big thing for startups for thing for for new efforts but I'm glad that it's not as I said the E of doing this it's a new institution doing it but more on that uh soon so uh there was a neat video here that I just wanted to shout out about EIP 7702 which is the account abstraction EIP this comes from let's get on chain you should go check this out it's a 27

minute video so it is quite long here uh you know as long as the regular uh I guess like the usual refuel is except today's refu I just noticed has gone a bit over time uh but yeah this is basically explaining how Erp 7702 works and he goes through every line of code so you don't have to watch the whole video obviously if you're not a developer going through every Lo uh line of code is not going to be I guess much much use for you but I think just watching the first part of this video is a good way to essentially get an overview of what 7702 is and basically how it's going to change ethereum ux forever all right uh speaking of uh I guess like vitalic tweets there's another one here where he basically described the differ constructions that

you can make when it comes to rollups or layer twos withinin the ecosystem now he was talking about things like based native rollups ZK rollups optimistic Roll-Ups but he was putting I guess a plain language to this at least I mean it's not an like I'm five but if you've listened to the refu long enough you probably get a lot of this I just wanted to highlight this tweet because I'll link it in the YouTube description for you guys to check this out but I think it's a really great way of explaining the differences between based native ZK rollups St different stages of rollups are they using eth as uh the fee token is e the prim primary asset of the economy so on and so forth and this is a good taxonomy here so you should definitely go check that out but this was basically in reply to a tweet that

Umar Roy put out about Native Roll-Ups now I've talked about Native rollups before this used to be known as enshrine Roll-Ups and I think a long time ago I actually spoke about enshrine Roll-Ups and how I believe that they wouldn't be I guess like ready for quite a while and this was years ago I believe that they could be ready by the end of this year if not into early next year I believe that they're ready quote unquote today but in terms of like getting it into the network uh yeah I mean maybe not the end of this year maybe early next year but um does a really great job here of explaining what Native rollups are some background about it what the benefits are and how basically it can fix a lot of the current issues with interoperability of the different rollup ecosystems out there today so you should

definitely go check out this tweet from Umar I will say that the same thing I've always said about Native slin shrined Roll-Ups the biggest drawback is that if it's a zkm pre-compile it means that you're kind of limited to the evm from my understanding so the normal layer tws that we are used to today would obviously still have a massive reason to exist because of the fact that they can experiment with uh different constructions different virtual machines but also with using other da layers in order to essentially give even more scale because there are certain things that require like a lot of scale if you want to do everything onchain such as like an onchain game or an onchain Central limit order Book Exchange so to do that sort of stuff does require more scale than ethereum blobs are going to offer for the

foreseeable future so alt da will be used something like igen da uh but still Native rollups are really really cool and you should go give this tweet a read there but anyway on that note I think that's going to be it for today so thank you everyone for listening and watching be sure to subbe 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 on Wednesday thanks everyone