Gitcoin GR15 live, Bullish ETH chat and more - The Daily Gwei Refuel #443 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delegate refuel where you recap the latest news in the theorem ecosystem i'm your host stanton asana and today's 8th of december 2022 all right everyone let's get into it so we are less than one week away from the merge as of today so very very close i have a bunch of merge updates actually i want to get through today so starting off with the first one which i guess is more of a balatrix update but you can see here that there are currently 500 validators that are associated with this ethereum address that have been offline since the bellatrix hard fork now i did say to you that there is obviously a huge incentive for these validators to come online because they're leaking eighth well these 500 validators which is sixteen thousand eighth are leaking that eighth and through the inactivity

leak and they'll get to a point eventually where they'll be kicked out of the active validator set and they won't actually be able to restake until withdrawals are enabled so uh this will take a little while it's not going to happen anytime soon the inactivity leak is actually quite forgiving but it will happen and if they let it get to that point then they could potentially go you know 6 12 months without any rewards at all without anything there so i'm not sure if this belongs to a stacking service provider i doubt it belongs to an individual because i would assume that an individual would be more on top of this than uh or maybe you know you know what may have got it the wrong way around a staking provider should be more on top of this than an individual but it just puzzles me that these 500

validators are still offline two days after balatrix went live i mean if it was a few hours i'd get it but this is not not um not a short a period of time now and they've with 500 validators they've actually lost a lot of eth already in act in inactivity leaks so hopefully they can come back online before they get kicked out of the active validator set for being offline for too long but yeah i just wanted to highlight that even though there is a real money on the line there are still validators that gonna that are gonna be offline for one reason or another and i've said before you know people have asked me will we ever get to 100 participation rate on the beacon chain i i don't think so there will always be at least one right it only needs one validator to be

offline for any number of different reasons for us not to be at that 100 but we have gone very very high before like 99.5 plus percent which is obviously uh you know it that kind of like percentage is fine we don't need a hundred percent i mean in terms of uh in terms of like a block being missed in that point five percent it wouldn't even happen once a year sort of thing like one block a year that's 12 seconds right so we don't need it to be that high and obviously as i've mentioned before we actually the chain actually keeps finalizing with over 66 of the network online so that's that's all well and good as well but obviously we want it to be as high as possible and it should logically be 99 plus percent at all times uh and if it does go offline a bit

like we saw with baltrix if there is a bunch that goes offline they quickly come back online but it seems this whale didn't get the memo uh maybe they've lost their validator keys uh and they aren't able to i kind of like access these or aren't able to um kind of like upgrade here which actually wouldn't make sense now that i'm thinking it through uh losing their validator keys they should still be able to update uh something here i mean losing as in like i don't know forgetting the password oh no if they forgot the password then yeah i mean it would prevent them from going online but i haven't heard anything about this so we're just gonna have to see how that shakes out there all right so the final merge community call is uh is happening on friday september 9th at the 1400 utc so as

trent says here this will be the final one because obviously the merge is happening next week so there won't be a need for any more of these merged community calls so if you want to attend this this is merge community call number seven you can go check this out i'll link it in the youtube description and speaking of calls there has there is the mainnet merge call announcement from each staker that was posted today by super fears this is that call that i've been talking about over the last few weeks that i'll be doing with eatstaker and bankless is basically the merge livestream the main one that i think all the core developers and researchers are going to be on so you can go to the youtube link here and basically set a reminder to remind yourself to watch it obviously we don't know exactly when the time is going to

be for the mainnet merge but we do have those estimates so keep an eye on that i'm very much hoping that it doesn't happen at something like 5am for me i'm happy to pull an all-nighter but uh i don't think i'd be very lucid maybe i will because because of all the excitement from the merge but i'm definitely hoping it happens around i think 11 p.m 12 a.m uh because that is probably the best time zone that covers the whole globe because obviously we have australian-based core devs and researchers that would love to be online for the event and not have to ruin their sleep schedule uh but yeah whatever time it's out i'm sure everyone's going to be there anyway all right so optimism has put out a thread around their approach to the merge and addressing a few questions here so basically there they said you know

many of you have been asking whether the merge will disrupt the optimism network in short it won't the merge will not affect the optimism network at all meaning no down time no changes to the network and deposit and withdrawals continue to work as normal and obviously optimism is going to be supporting only the ethereum proof of stake chain they're not going to be supporting any proof of workforce which is natural and i think like that goes for pretty much every application in in ethereum right so when you kind of like think about that from from that perspective i mean it kind of like lends even more reason to these proof of work forks just being dead in the water like they're already dead in the water but now they're even more dead in the water but you can rate optimism's full thread here for a further breakdown and how

they're thinking about this i'll link it in the youtube description uh below all right so speaking of proof-of-stake uh anti-prosynthesis put out a reminder tweet today around common misconceptions around ethereum proof of stake so the first one is that people think you need 32 eth to run a node that is not true so post merge or at least kind of like even pre-merge running a full node uh is not something that requires 32 to run doesn't require anything except a computer and the software so it's better to kind of explain how this will work post merge since we're so close to the merge you'll just need to run an execution layer client and a consensus layer client together uh and join them up together with the jwt token and that will allow you to run an

ethereum full node without any eighth requirement or anything like that with no miners obviously nothing like that now uh what you need 32 eth for is to become a validator so if you want to validate on the network produce blocks attest to blocks earn rewards for doing so then obviously you need that 32 eighth or i guess if you want to become a staker you can just stake with a third party service now i think this is a good distinction to make here because stakers and validators aren't the same thing uh i i would say a staker is someone who is just staking their eighth whether that's through solo staking a third party such as uh such as um centralized exchange or running their own kind of like nerd through lsd such

as rocket pool or i guess delegating their stake so to speak to something like lido that is a staker but not necessarily a validator right whereas a validator is someone who's actually running the validating validation client software maybe locally on their machine or in the cloud or something like that so there is a bit of new terminology that people have to get used to but i think it makes sense because as i said like not all stakers are validators right but all validators are stakers um but that's i guess orthogonal to the point here in that you don't need 32 to run a full node pre or post merge you'll be able to do so by just by running the client software now the second point that anti-pro synthesis brings up is that non-staking nodes are the same first class citizens

as power proof of works non-mining nodes which obviously uh what i was just talking about how the full node in you know pre merge with under power or post merge on the pause is the same they're still first class citizens it doesn't matter if you're staking as a validator uh using that node or not a full node is a full node uh the third point here is stakers can't unilaterally govern the protocol beyond picking and ordering transactions so these are all truths but there obviously are the other side to them which is people people are getting the wrong idea so ethereum does not have on chain governance under proof of stake like some chains do but ethereum does not just because you have more ether someone else doesn't mean that you have more power over the protocol than someone else does in terms of governing the

rules obviously if you control a larger share of the stake you have a larger share over the blocks that you may propose and and and that and attest to but the block at the the blocks that you may propose the largest share of that means that you can maybe have bigger mev profits or you can have a bigger impact on censorship on the chain and things like that but you do not have a say over the rules of the protocol because there is no on-chain governance that is done with the off-chain governance process that ethereum has had since genesis uh and then he ends up by saying anyone who claims otherwise is misinformed and lying i think the first point he brings up is the one that most people get confused by because of that new terminology that's being entered into the lexicon with validator because

obviously uh if you want to do like a one-to-one comparison with uh proof-of-work it's a full node and a minor whereas you know post-merge that would be a full node and a and a staker right but as i said there is this other term validator which is different to staker and i explained why before so i think that people are getting a little bit tripped up by that and thinking that you need 32 to become a a kind of a full node on the network when when as i explained you don't so just always great to kind of reiterate on these points and if you see anyone uh i guess like spreading this misinformation whether willingly or unwillingly uh or sorry whether knowingly or unknowingly just be sure to correct them on this because i think this is a really bad narrative that that

definitely needs correction all right so jasper is out with a new rocker pool thread today so he starts off by saying for years people have been begging rockapool to start incentives to bring in our eighth demand and start a fortuitous flywheel in d5 to beat st friends dj's visionaries please welcome your reborn lsd heavyweight crazy apys on mainnet on optimism a thread so this is a thread all about rpl incentives and you can give it a read for a full breakdown here but i i agree with the people who have been saying you know you definitely need incentives to bootstrap things there are some exceptions to that rule it's funny because i was looking at the layer 2 landscape just before and arbitrary has done an amazing job of bootstrapping their community and bootstrapping their ecosystem without a token right but

in reality like that is the exception not the rule the rule seems to be that incentives are very very good at driving demand now whether that's long-term demand or not depends on how good your product is but they still work very well very well now obviously i think rocketpool is an amazing product and i think that people who come into rocketpool a lot of them are going to be sticky stakers just you know they're obviously earning more rewards and bringing in more raf demand but i definitely think that they'll be more sticky than your typical kind of um incentivized user so very cool to see this definitely give this thread a read i'll link it in the youtube description below for you alright so marius from the geth team announced or at least something today that he's been working on for eight months which is called sspc or stupid

simple payment channels it's a payment channel library that aims to be as easy to include into existing implementations as possible and you can check it out on github here and also read mario's thread for the rationale here so basically uh payment channels has been around for a while in ethereum actually quite a while now uh and originally there was a kind of white paper talking about this and it became kind of like plasma and that obviously became roll-ups and stay chat and obviously it was ryden or raiden as well but that's taking a back seat but it doesn't mean that payment channels are a uh i guess like um are a dead end or anything like that it's just that they haven't been worked on recently and that's why marios has come out with a repo that contains an implementation for very simple payment

channels and as he says this implementation aims to provide a building block for developers to integrate payment channels into their own applications so you can definitely go check this out i'll link both the i'll link the thread in the youtube description below for you to do so but very cool to see payment channels getting some love here especially from an ethereum core developer all right so you know how i said that the ether.link domain expired the other day because virgil griffith is in prison and is unable to uh kind of like transfer it well apparently there was uh i guess like it was auctioned off and someone scooped it up for 852 000 well now ens and virgil himself have sued to stop the sale of ethe.link and there's actually a link here to the lawsuit in pdf form if i load it up here

it's kind of funny that virgil is a is a um a kind of like is on this lawsuit you can see here true names which is parent company or their corporation that they have and virgil griffith as an individual against godaddy uh for this registration here so obviously they want to get this domain name back because it's something that is used extensively throughout the ethereum ecosystem and it is not great if we lose it to domain squadrons or you lose it to anyone maybe they don't even want to sell it and they just want to sit on it right so yeah you can read the full details of this lawsuit in the blog post um but i've seen as i said before there's been uh there's been alternatives pop up like the the ethe.limo service which uh you can go to twitter to find information

about them and i think i mentioned them the other day as well and there's been a few other ones but ethe.link as i said has a network effect right now has a a pretty big presence in the community so getting it back into the hands of the right people the right people i guess being the ian s dao would be much more beneficial than just letting it kind of sit in limbo or letting it be held hostage so you can go read this if you want it's a legal document with the lawsuit uh it's probably got a lot of legal speak in there that's boring to you but you can read it i'm not sure how this is gonna go uh it it may kind of uh it may go positive it may go negative we'll have to see but i'll keep you guys updated on that as it progresses

all right so get coin grants round 15 has begun today so this will be running until september 22nd right through the merge and this is the biggest bitcoin grants round ever so if you haven't yet you can go to get coin and check out all the projects on there that you want to potentially donate to there are thousands now and you know i've loved i do love git coin i love all the open source and public good funding that they've been doing but i think it's getting to the point now where it's so big and there's so many projects that it's becoming extremely fragmented in terms of um being able to find a project to donate to getting money to the right projects and obviously quadratic matching is amazing but i don't know the solution here there has been things that get coin have done on their end to try and

i guess fix the curation or at least make it much more friendly and ensure that people's projects are actually kind of floated to the top but at the end of the day these things are a attention game like the people with the most attention the people that have the biggest reach to do marketing for their grants are going to most likely get more donations than those that don't now i don't have a list ready of the the um projects that i think you should donate to but if you want to please feel free to share things in the discord channel with me i won't guarantee that i'm going to cover it on the refuel but if i think it is something that is important to the ecosystem that's something that needs funding i'll be sure to to shout it out on the refill and also

on twitter if i can because as i said it's become very very hard for projects to stand out especially new projects and we need to be able to get funding to the right ones because as an example at the end of the day you guys can donate to me on the daily way right on on on git coin but like i mean i i should probably just take it down at this point like is the money gonna do for me what it's gonna do for another team probably not right like i i def at the end of the day like for me it's just a way for you guys to show appreciation but it's not something that's gonna break the bank so to speak like i don't need the money right whereas there's projects out there they definitely do and it can definitely move the needle for them even if it's only

like 10 000 or 20 000 right like for a project obviously that doesn't sound like much but that could be something that gets them kick-started and allows them to raise money you know down the line because they've actually built a proof of concept or built something tangible that they can show investors and stuff like that right so i think that obviously i have a big reach i haven't promoted my grant on twitter this time and i don't i don't think i will this round and uh i i mean i mentioned that obviously on the refuel but like the thing is is that as i said like the bigger the audience the more rich you have the more people that can see your grant but i don't necessarily like that that's the case so if you do come across grants that need more love need more attention please tag me in the

discord channel and link them to me and i'll do my best to cover them on the refuel and other channels that i have because i think that at this point in time it's all about getting the spotlight on the projects that seem underfunded and are actually building amazing things for ethereum all right so an interesting tweet here from ryan b today which is calling i guess ethel to init which is basically like a little bit of a command line interface if you're used to these sorts of things uh on how to launch your own altura at least like a concept on on launching your own l2 as you can see here it starts off you know which code base would you like to use well i'll use arbitrary nitro okay using arbitrary nitro version etc etc which test net to settle on roxton okay robson launching

your l2 done and now my camera cuts off the rest of this but it says your l2 is ready here's your rpc here's your git repo and please see this link for tutorials and stuff like that now what ryan b is trying to show here is basically a world in which it's it's as easy to spin up an l2 as it is to spin up kind of like a normal piece of software that you'll see uh that has uh uh a kind of a capability to do this and what this would mean is that within two minutes anyone could spin up their own l2 on ethereum now we don't have something like this uh and i think this is enough this is a reason why there's still some projects out there that are opting for maybe something like a cosmos chain because they do have something that

makes it very easy they've got the cosmos sdk for people to spin up their own cosmos chain now will the l2s have this eventually yes but i think we're going to have to put the pressure on for them to do this there have been uh our l2 specific implementations such as arbitrary nova for reddit right but at the end of the day we want people to be able to create their own app chain l2s of their own generalized l2 using the existing infrastructure uh in a very very easy way now a lot of this infrastructure isn't totally open source maybe the l2 teams are playing protective here as well they don't really want people forking them but at the end of the day they're going to get forked whether they want it to happen or not so why not just make it easy and why not

kind of like keep it in the family of your own technology right so i think this is a great idea but i do understand from the l2 team's percep perspective why they don't want to promote something like this uh maybe they'll just do it themselves but i think for l2s to really succeed and for people to want to use l2s or to choose to use l2s instead of spinning up new l1s or app chains l1 app chains we need to make it easy for them to spin up l2's uh and or i guess like build on existing l2s of course as well so i thought this was just a very little a cool little idea from ryan b here uh and i think that you know anyone could create this if they wanted to at the end of the day like this is not something

that needs the l2 teams to create if their code is totally open source and easily forkable on github then you could set this up yourself like literally i mean there are guides out there on how to write stuff like this it's a very simple program like it's not even like it's more of like a script that you would have to write that would just launch a bunch of commands that would do this it wouldn't be very hard at all so maybe someone will create it maybe someone is creating it right now i don't know but i still thought it was a really cool idea that i just wanted to share with you guys all right so orbiter finance has added a new feature which shows uh layer 2 transactions against ethereum mainnet transactions you can visually capture the development of layer 2 by looking at

this so you can see here the trend right l2s are gaining on l1 but i've explained before why l1 ethereum transactions have basically flat lined because of the fact that there's only so much gas that can be used on ethereum l1 and we've been at capacity for years now so unless the gas limit increases the number of transactions is probably going to stay relatively the same uh that means that l2s are pretty much going to overtake l1 uh relatively soon i would suspect and then just keep going from there because at the end of the day um you know l2s are constrained by l1 capacity but post proto dank sharding they're gonna have so much space it's gonna be insane they're gonna be generating tens of millions of transactions per day uh easily i think once we get that

that kind of like demand coming back especially in a bull market once we have more apps that kind of launch on these sorts of things so yeah but i still think this is a cool that kind of chart that they've got here to show this growth but there's a massive kind of i guess like asterix there that basically says well l1 is capacity constrained for execution for executing transactions uh and it's never going to be as scalable as l2 that's the entire point so don't just look at this as oh look at the l2s you know they're beating l1 um look at it more of look the roll up centric ethereum bromapp is actually working like it's actually doing what we want it to do which is obviously a very cool outcome uh for everyone all right so a sourcex here from polygon has put out a teaser of polygon zk evm

test net in metamask here so you can see just the classic screenshot of metamask that we're all well and used to by now uh with the polygon zk evm test net uh rpc being loaded up here i think the the last few months of this year will be defined by a lot of hype and a lot of kind of i guess like talk about zika vm test nets obviously if uh maybe i think was a month ago at this stage we saw the scroll announced there as we saw polygon announced there we saw zk sync announced theirs and zk syncs is launching in less than two months i believe polygons is launching the end of the year and i think scroll wants to do that as well uh as as as kind of like test nets right i think zk sync wants to be on main net uh

it's gonna be i mean timing and dates is always up in the air like we won't exactly know but uh yeah it's still cool to see that there's some movement happening here it's all happening in the background of course i'm sure if you paid attention to the github repos you'd be able to see exactly what's happening but yeah cool to see that polygon is making moves here and they're saying soon i don't don't know how soon it's going to be but hopefully uh very very soon all right so notional today announced a new product which is a they're calling a paradigm shift in defile ending which they're calling leveraged volts so leveraged vaults give users highly leveraged exposure to the returns of select d5 yield strategies and max leverage varies by strategy but users can expect 10 times plus so here's how it works leverage vaults are whitelisted

smart contracts that execute specific yield strategies users can borrow at a fixed rate from notional to deposit into leveraged vaults users get leveraged by borrowing more than their initial deposit notional can offer these safely because the assets in leveraged vaults are held by notional as collateral against the user's loan if the value of the assets falls too low relative to the user's debt they can be liquidated so of course there's that the usual risk is leveraged here and my usual disclaimers and warnings about leverage here that you should know what you're getting into when getting into these products um but this does mean that users get highly high leverage and notional doesn't compromise on over collateralization uh and here's an example of how this would work a user borrows 700 000 usdc from notional at four percent the user deposits 100k of their own money plus the 700k they

borrowed into the balancer or a boosted stablecoin vault yielding eight percent after three months if the strategy continues to yield a percent the user will have made 9k usdc profit after repaying their debt plus interest to notional that's a 36 apy leverage vaults benefit all notional users i'm not going to read out the rest of this but i've already read too much you can read the rest of this thread here but basically it's lev it's it's leveraged yield farming just using a different kind of strategy here you guys would have seen this plenty of times before it's it's definitely uh something that's not totally new but it is new to notional and it is something very very interesting i believe uh but as i said like the usual disclaimers here around leverage like be careful

when you you're taking any type of leverage understand where your liquidation points are and and make sure you don't just like completely degen into these things and blow up yourself before especially before the merge you know we don't want ourselves blowing up before the merge that's for sure um but you can check out this and check out their blog post i'll link it in the youtube description below for you to do so all right so i missed this the other day but these are the august 22 2022 stats for ens uh 301 000 new dot eth registrations which comes in a bit lower than july but not too much lower 4.7 million dollars in protocol revenue which all went to the ens dow of course 27 uh 2744 8th in revenue which is the third highest month 34 000 new ether counts with at least one e s name and 99

of open c domain volume as usual so ans is still growing here i mean if you average this out e s is way up on their growth obviously july was a big month for them as you can see but august had it was almost as big it's kind of funny how like we went from uh may being a huge month june being like less than half of may and then july being bigger than june and now august being you know just uh just a little bit lower than june and july so there is a randomness here too i don't know if i call it randomness there is a volatility here to this but the trend is up for ens domain name registration so very very cool to see it it's very cool to see ens still kicking goals still growing because that's what we want to see from

our premier naming service on ethereum all right finally here i have a uh update from euler labs uh which is basically an update on how they've integrated chain link into euler in preparation for the merge now the reason they have done this and the reason they're disabling their t-wop oracles is because of that multi-block mev risk that i talked about the other day and just to rehash it's because post-merge stakers will know uh when they're proposing a block ahead of time and there is a risk of big staking pools or big staking uh people with a big enough share of the stake doing multi-block mev and and being able to take advantage of protocols that use team up oracle so for the time being uh euler basically said

we're going to use chain link instead of t-wop until we can fix that issue on mainnet with uh ssle or secret single leader election or single secret leader election um which uh not sure when that's coming yet but that is obviously on the road but i've talked about it before so cool to see i mean i don't think oil is going to remove chain link when they're able to enable their t-op oracles again because uh the whole point of euler is to be able to do lending uh protocols lending pools for the long tail of assets and channeling doesn't have oracles for every asset so they were using tear up oracles on uh uh leveraging unisop for it uh but they're also apparently building a new product around this as well i saw uh the michael from uh the founder of euler commenting on this they're coming up with something

called euler swap so i'm curious to see what that is and i should disclose here that i'm an investor in oil labs as well but i mean i'm an investor because i think that they're building is extremely cool of course but just wanted to disclose that there now there is one other thing that i wanted to talk about but i forgot to have it up here so i'm going to get it from my other tabs and put it here so this website moneyprinter.info was created by david meehaul the creator of the crypto fees website that we're all familiar with now what this basically shows is the issuance rate of basically a bunch of different networks and protocols and default apps and stuff like that and the dollar term of the daily issuance now this ethereum issuance rate i believe is proof-of-work only and it may

be factoring in the berm but i'm not sure but the proof-of-work issuance rate is around four percent anyway now what is this in dollar terms it is 20.6 million dollars a day of new eat being issued to proof-of-work miners who are obviously excelling most of that eat because they're forced to sell it and you can see other networks in terms of percentage are worse than ethereum celina is at 6.7 percent uh avalanche is at five percent um and then there's uh there's some that are smaller but obviously the dollar amount that they issue is much lower ethereum is issuing more in dollar terms than bitcoin is each day which is obviously not great but in saying that if the the asset is still performing incredibly well it's still gaining on bitcoin so why is this well there's a little thing coming up

called the merge i don't know if you've heard of it and with the merge comes a massive issuance reduction it's called the triple harvening right but there it's more than a triple hardening immediately post merge for six to twelve months and two withdrawals are enabled issuance goes to uh well sorry i shouldn't say issuance goes to zero new eath entering circulation goes to zero zero dollars a day of new eat will be entering circulation for six to twelve months after the merge and two withdrawals are enabled that puts ethereum basically on the bottom of this list bank call here is negative 105 000 i don't know if that's accurate but if you factor in the erp-1559 burn then eighth will be negative as well and the currently i mean the burn let me have a look at the burn over the last seven days i'm just going to ultrasound money

here should have had this up i forgot to get it up before but yeah uh the last seven days um we've burned uh actually no that's the wrong thing the last seven days we've burned eight thousand two hundred and eighty four eight if i do the math on that at sixteen hundred per eighth that is thirteen uh point two million dollars and if i do 13.2 divided by seven it's one point eight eight million so it'd be negative one 1.8 million here factoring in the burn of daily new issuance entering the market now of course stakers are still going to be earning eighth they just can't withdraw it but just for that six to 12 months post merge it's going to be negative one point whatever million it just was i've forgotten the number already but whatever that was there right not factoring in the burn it's literally

zero dollars going from 20 million dollars a day to zero dollars right now of course the supply side is only one side of things we obviously need to factor in demand and if demand goes down enough then the price is going to go down but as i've explained before if demand stays the same or even goes down a bit from where it is today where it has been over the last month logically the eth price should trend up because we have removed a 20 plus million dollars of daily sale pressure because this is not just issuance going to parties that don't sell it miners have to sell it because they have to sell most of it to cover their cost right so i don't know how many times i can tell this to people if this was happening in bitcoin you bet your ass

every single person will be talking about this right because everyone talks about the harvesting leading up to it this is way more bullish than a bitcoin harvesting at least in my mind now like i don't want to get too ahead of myself here i'm not saying that immediately post merge is gonna like gigger pump like no not at all but when you remove 20 plus million dollars of daily cell pressure for six to 12 months and then even when withdrawals are enabled the cell pressure is just so small compared to proof of work and then you factor in the burn and then you have factor in all the narratives and all the natural demand eth has from everything you know that using eighth and then obviously uh post merger staking apy is going to bump up from where it is today probably to like six percent you can

have people buying ether stake it the demand drivers are there i'm not talking about this in a vacuum demand is there supply is there there at the moment but we're still up out performing bitcoin even though bitcoin is issuing less right we're still outperforming a lot of these other networks so there is demand there to buy eth with this much issuance in the market now imagine what it's going to be like when that issuance goes to zero zero guys like i'm not even exaggerating here it goes to zero for six to twelve months right that is just the ball case there and look you know i know i'm getting really ahead of myself right now i'm getting really bullish but i needed to talk about this because once this hits you once this sets in you see very clearly right you see this very clearly i've seen this very clearly for

a long time now but i want you guys to see it i'm sure a lot of you do but for those who don't just want to reiterate that there but also it's fun to do a little bullish rant from time to time in saying that it's not investment advice i'm not saying go leverage your bloody house and buy with it no i mean i don't even i do that like i there is being safe you know managing your risk and then there is being bullish you can do both like you don't have to go all in right and obviously when it comes to leverage please use caution but it's hard for me not to be incredibly bullish on eth at this point in time and into the future for the reasons i've outlined previously on the refill i mean i've talked about this so much but that's the bullish rant for

today i'm going to end it on that 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 tomorrow thanks everyone