Gnosis Safe raises $100mil, GameStop NFT in beta - The Daily Gwei Refuel #405 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where you cap the latest news in the ethereum ecosystem i'm your host anthony cesano today's the 13th of july 2022 right everyone let's get into it so some massive news out of nurses safe today they announced that they have raised a 100 million dollar strategic round led by 1kx and you can see here a bunch of other contributors so there's 60 plus contributors some familiar names here such as tiger global blockchain capital parify capital lightspeed a lot of people here and a bunch of different kind of like angels that you can see here as well such as hazu and a bunch of like other uh familiar names here uh eva from the graph anton from one inch you know i'm sure you're recognizing some people on this list now uh this is a

huge raise hundred million dollars i mean the valuation would have to be what a billion dollars on this kind of like raise here which is which is quite crazy i mean it was less crazy back when i i believe this race was done this race was done a few months ago obviously probably at the tail end of the bull market um so probably less crazy back then given the relative valuations but today this seems like a very big raise given the fact that the valuations have come down a lot not just the public markets but also the private markets and the private markets do tend to lag the public markets in terms of valuations but they have been coming down but this is a kind of like massive raise guys 100 million dollars for nurses safe and for those of you who don't know what nurse

is safe is it's basically a um kind of like entire suite uh built of kind of like products or i guess like applications built around the core product which is a smart contract or a multi-sig wallet uh i've used it a bunch with kind of like a bunch of different things that i do uh the eth actual kind of like um treasury wallet is a gnosis safe multisig back from the the early early days actually from the old interface but the new interface is awesome like you let you do things like batch transactions the multisig lets you kind of like just um assign instead of having to submit a transaction so it's cheaper on gas and things like that so it's an awesome product they have tens of billions in in assets under management it's it's a really really great product there now i was discussing

with some friends about this raise and thinking you know where like this is a huge raise always huge evaluation are they gonna do a token i mean of course they're gonna do a token right like i feel like it's it's a given at this point like you guys know my rule every protocol is gonna do a token eventually i think or every project is gonna do a token eventually and i think that uh you know notice safe is no exception here but like what would the token do like where's the value capture here obviously it would be a governance token okay that's fine like everything's a governance token if you if you think about it but outside of that what else would it do would it be a staking token would it be a kind of a fee token would it accrue value from a fees generated on

a platform would it be a um a curation token you know there's many different roads it could go down but let's just say for example it was a it was a kind of like staking token and then stakers could earn some fees generated by a platform okay where are those fees coming from and my friends and i kind of like uh and i saw some people talking about this on twitter well they could charge fees on aum and i was like well i mean they could right like say they got 10 billion dollars in aum and they they charge like a 10 bips fee or something like that but the thing is is that like there is a certain point where it gets to where people are like well i'm getting charged too much in fees so just have my funds sitting here i'm gonna remove my front

from here and go put them somewhere else there isn't that much competition in the smart contract wallet slash multisig wallet space but that doesn't mean that there isn't going to be more competition it doesn't mean that nurses safe has a monopoly but obviously it's the biggest today and it's the most trusted but it's not like they can just charge five percent fees on the aum and people be like oh it's fine you know i'm with a trusted platform i'm happy to pay five percent not that they probably ever would go to that or i don't even know if they would charge an aum fee but i don't think that is something that will drive a lot of value to to the token right for example and a governance i mean governance is a bit of a meme i think these days like i've told you guys

before that i think the only way dowers are really going to work is if they have like a core leadership team um at the helm of it usually that's the core team but they can transition over to a community role and then you have a bunch of kind of like pods that sit around it or sit within the dao that kind of like all work on on various things and and maybe the token accrues value like that because people want to hold it they won't have a say in what goes on and things like that but i don't know i'm not convinced that much value flows to tokens because of the governance rights uh like at least that hasn't traditionally maybe i'm wrong maybe it will in the future but i'm just not feeling it on that front and the staking for fear revenue you know as i said even

if they're not going to be able to charge ridiculous fees or if they do an aum fee they're going to have to charge very very minimal fees because if they don't they're going to end up losing people people are just going to basically uh leave the platform so let's say they were to charge uh you know 0.1 fees on their 10 billion dollars of of kind of like aum now if i'm doing my head math correctly that would be 10 million dollars a year because one percent is 100 million of kind of like 10 billion so you know if they if they did 0.1 it would be 10 million now 10 million dollars going to kind of like i guess no safe token stakers each year like i said on a yearly basis it's really not that much of course though you would expect notice have to

grow over time so let's say it grows to 100 billion or a trillion dollars in in aum well then if it goes to 100 billion it's a 10x so it's 100 million a year and if it goes to a trillion it's another 10x so it becomes a billion dollars a year and i can see at that point it starts getting really really juicy right i think if the protocol is is making one billion dollars a year i just from that that those aum fees and it's kind of like sending those fees directly to to uh nurse's safe token stakers then yeah i can see the value accrual there but this is like a long kind of like um a kind of a long time away and something that's in the in way into the future i mean for foreign trillion dollars in in aum uh it's going to take a while like

pro maybe it happens faster than i think maybe it can happen in in five to ten years or something like that uh but it's still a long ways away i'm not sure on the exact figure they have today but you also have to count liquidity of these things too because a lot of the like if you just count like the most liquid aum in nurses safe uh nice to save such as kind of like wrapped bitcoin eth and stable coins and you don't count a lot of the other things that are in there like just random tokens and stuff like that then the aum kind of comes down from there as well so there is kind of tricky parts around there but they there are other ways that value could be driven to the token as well such as uh curation token which is similar to a governance kind of like

token where people could could kind of like stake tokens on apps that they want to see in nurses safe or kind of like change the rankings of apps within the notice safe ecosystem i'm not sure how much value would be flowed to the token because of that but it is a small value driver maybe you know uh and then there are kind of like some other things like there could be other premium services that are charged by the nurse's safe protocol and to get access to those premium services you would have to either stake the the token or maybe you kind of like pay in eighth or stable coins and then that goes to buy tokens off the market and and burn them or put them into a treasury or something whatever it is right so there are different ways that this can this stuff

can kind of like go down and different paths that we can go down here but like just thinking through it i mean it's kind of like hard to reason about like how anything really directly drives value to tokens other than direct fee capture because it's something people can tangibly see it's something that you can measure you can do all your fancy pe kind of like analysis on it uh whereas governance rights curation rights other kind of things like that it's a lot harder to model around so i i just kind of like i've been thinking a lot about this and that's not just exclusive to the nurse's safe token of course it's got to do with pretty much every token out there um you know no other token is like eighth and we shouldn't expect it to be because i don't think it can be eight has its own

base and its own unique asset but if we're talking about like the optimal or a token design that we would like to kind of like see that would uh drive a lot of value to it i just can't look past anything except just having direct value accrual to it and the thing is is that even if it doesn't have direct failure accrual to the token if the project or the protocol was doing really well in terms of product market fit and revenue and stuff like that it could still drive second or hand volume to the token in the hopes that they'll turn on that fee take one day so something like a uni right uni token has come down a lot but it's still worth uh you know it's still worth a lot in terms of market cap still has a has a relatively high valuation so there are

different things to kind of consider here and when you talk about tokens it can get pretty deep into into the weeds and everyone has their own view on these sorts of things you know there are people that think that tokens should all be worthless or should be worth very little because they're just not um kind of like something that's investable for a lot of people but i disagree with that i think most tokens obviously will go to you know zero go like down 99 like 99 of tokens will go down 99 but the big winners the the tokens attached to protocols that have product market fit that are in the for the long term that are sustainable that actually serve a need i can imagine these things being worth a lot one day when the market gets smarter when uh kind of like this obviously direct value

accrual and uh the kind of like change there's a change of tune around these sorts of things because right now the crypto markets are still very inefficient very immature so we can't really expect them to reflect uh something like the stock market which you know the stock market itself is not exactly you know super efficient or mature but it is a lot or like fully mature but it is a lot more mature than crypto by like like i mean it has a huge head start on crypto so it's not even worth comparing the two at this point in time but i think as the crypto market matures more there will definitely be a re-rating of tokens that are attached to good protocols but at the end of the day like there needs to be value capture for these things as well they can't just be useless governance tokens forever

they need to be some kind of value capture and the project that they're part of has to have at least have product market fit or at least have sustainable usage which most projects don't that's what i think a lot of people get stuck up on they buy these tokens they don't realize that the only reason they're going up is because it's a bull market and the only reason the protocol is getting any use is because of the bull market and then like six months later or six months into a bear like we are right now or i guess like seven months in if you're counting kind of like november as it's kind of like a top there a lot of people realize wow all these projects that everyone was really bullish on you know end of last year are total they don't make any sense they don't

work they're not sustainable and they're just not going to recover because the team's going to run out of money to build it that you know the team's probably going to try and pivot and it's not going to really do anything so like and then the tokens obviously go no nothing ever really goes to zero uh i mean the funny thing is not even luna went to zero like there was lunar classic and now that's not even at zero but i think that i mean it originally went to zero but outside of that like it's kind of hard for something to actually go to zero it just fades for relevancy it goes down nine nine percent no one talks about it again it just kind of like zombifies right so there's all that kind of like that feeds into it but maybe i've got a little bit off tangent there but i just

wanted to have a deeper discussion about tokens a little bit because i think that is very topical for a lot of people and i also think it's something that we need to think deep more deeply about and there is a change that can be affected from you as a community member you can go to these protocols or your favorite projects and be like hey guys like i made a new token model for the token or i think we could do we could be doing this better or just discussing it with friends like we need more experimentation around total models we need more discussion around it because at the end of the day like i don't think that tokens are going to be anything more than uh the same thing as kind of like equity or stocks just with d5 protocols instead of uh of kind of like um i guess

real world real world companies uh so from that kind of like lens they need to be viewed as that they need to be valued as that and to be rated as that at the end of the day so yeah anyway i'm going to leave it at that for now i've got a bunch of other things to get through here today so ashin from uh obel network here has started a discussion on the eth research firm around an extension to the beacon api that would allow validated clients to produce aggregations as part of a distributed validator cluster so if you don't know what i just said because there's a lot of words in there a lot of things in there got to do with the core protocol never fear it's fine you can go read this research post here that has a much bunch more details but

look i read this i'm not going to say that i understand it fully and and that kind of like uh i'm fully across it this is getting into the technical weeds of protocol stuff but i think from from what i can see and and from a high level here this is obviously something that would be needed to be kind of like implemented in order for distributed validators like oval network to to work and and will add kind of like more decentralization more uh overall security and a better user experience for just everyday uh kind of like people and and from it from everyday people to institutions to steak on the beacon chain so this is definitely something that we want to see uh and i think you should go give this uh this kind of like poster read if you're interested in that just wanted to highlight it for you guys

i'll link it in the youtube description below alright so another thing i wanted to highlight was this interesting blog post from knox here and they uh kind of like share the blog post on twitter by saying how flashbots altered the shape and structure of the mempool to change the mev game forever a deep dive into the mempool the flash flash boss flash bots auction the history of mev geth and a peak into the future with mev boost you do not want to miss this one anon this is a good raid it's dense uh it's very dense actually uh it's very technical but if you are very if you are interested in mev if you want to get like really into the weeds of mev how it kind of like works how things like kind of like flashbots have changed the game on uh ethereum with regards to mav and

all the stuff surrounding that especially as i said the more technical side of things you should definitely check out this post as i said about the distributed validated thing i'll say the same thing here if you don't understand things because they're too technical for you don't worry guys like like this sort of stuff is really low level i mean there's code in this blog post here like you can see it right here like you know i can't read this code myself right so don't don't fret about that i think you know i've had some people message me sometimes and be like oh my god like how you know how do you understand this stuff like i feel so dumb it just goes over my head it's like guys like i don't understand everything like i have a high level uh kind of like knowledge of a lot of

things um if you if you ask me to kind of like dive deeper into certain things there is no way i'd be able to i mean i try to keep up to date with core protocol developments and things like that but it's not like i'm in the core dev teams coding up a client like i couldn't do that i'm not a coder i mean i used to try and do programming back in the day but it's just not something that i was ever good at i have trouble focusing i think as a programmer you need to be able to focus and i have a lot of trouble focusing my mind just doesn't work like that so i'm just not that kind of person but it doesn't mean anything just because you don't know how to read code or you don't know the nitty-gritty technical details of it

doesn't mean you can't learn it and it doesn't mean that you need to know it to begin with like you can have a high level understanding of things um in order to kind of like get the i don't know alpha that you need to get the understanding that you need without having to dive deep into everything and i think there's a lot of people in ethereum like that i mean a lot of educators are like that educators like me who do this full-time we don't actually have the time to sit down and learn every little nitty-gritty thing like there's no way i mean there's there's very few people on the planet that would be able to do that so what we try to do is we try to get the high level understanding of it try to dig deeper when we feel like it's warranted especially when it's

interesting i guess as well but make sure that we're kind of like putting this information out there and highlighting the information for people to kind of read themselves and learn about themselves rather than me kind of like just explaining it all to you especially when i don't fully understand things myself so just a little i guess tangent there but just something very relevant i think because as i said i get people messaging me all the time about it and i really don't want people feeling like they're they're you know they're stupid or they're dumb or anything like that guys like it's got nothing to do with that at the end of the day and i've had people in my real life actually uh talk to me about just general crypto stuff um and you know when i talk to them about crypto and what i do in ethereum and stuff like

that and and all the success success that i've had with it they're like oh i could never do that i'm nowhere near smart enough i'm like i say to them like i'm not that smart i'm not that smart i don't have like a high iq i'm not like some giga genius or anything like that like the way i kind of like do things is that i'm just passionate about it i just spend time kind of like looking at things getting the high level overview of it and making sure that i understand it from from that view but it's all about just putting in the work to understand things like you don't have to be a genius to be across these sorts of things so hopefully that encourages you guys a little bit then and makes you feel uh kind of like more confident in your own abilities as i said there's no

reason to get worked up about not understanding things especially on the first read through the very technical things like even the people that work on this don't understand everything there's a reason why there are teams like no one person can do everything um you know one of the most impressive things that i've seen uh was kind of like uh some some indie game developers are able to develop an indie game on their own but you can tell the difference between a game that's developed on someone you know someone's own and a game that's developed as part of a team like the original for example the original version of minecraft um that notch created he created basically on his own and it was extremely limited they didn't have all the fancy features that minecraft has today and then obviously they built a company and then more and more features came

online and then microsoft bought it and put like a massive team on it and there's all this stuff going on with minecraft now so like an individual can only do so much so you just have to kind of like contextualize that and realize the limits to your own kind of like abilities as i exist today and if you want to get better at if you want to be a better program or if you want to learn programming and coding if you want to dive deeper into things well you just got to put in the effort to learn it at the end of the day it doesn't matter if you feel like you're too dumb or you don't you're not smart enough to do it don't tell yourself that and to tell yourself yeah i'm going to learn this thing like if you actually want to learn it then go

and learn it don't let anyone tell you otherwise uh but i'm going to leave it at that got a bunch more things to get through here today um so arbitram uh is now on dune analytics so you'll be able to create your own doom dashboards using data on chain uh for for arbitrary one now i'm sure we'll be seeing our favorite dune analytics uh kind of analysts that i highlight a lot on the refuel hill dobby putting out arbitrary dashboards for us soon so i'm looking forward to that but if you are an aspiring arbitra oh do analytics wizard i should say and you want to play around with arbitrary data you can using the analytics platform so definitely go check that out if that is you and they're also running a little contest for this as well which you can find details in the thread for

all right so i mentioned the other day that aztec network aztec protocol released their aztec connect feature which is that privacy feature where you could do private transactions at layer two using layer one liquidity and bring it back to layer two of course and you know it'd be fully private well aztec shared uh kind of like they're thinking around their new look so they have like a new art style and new kind of like brand uh look which i think is really really cool it reminds me of the ethereum.org branding and look here in that it's kind of like very uh i guess like um futuristic and it looks it looks kind of like hand drawn here and it speaks to obviously kind of like the values and the mission uh and kind of like the ethos of aztec which is very similar to the ethos of ethereum and defy and and

things like that so i just wanted to highlight this little thread if you haven't seen it yet you can go visit the site yourself anyway to see the whole thing i mean if you go to a zk money here um uh oh sorry zk money is going to have its own look this is for aztec.network um you can kind of like see their new new thing here yeah you can see new branding everything yeah this is just so cool i love this guys like i love like crypto art and i love ethereum art especially and especially in this style because this is kind of i guess like what we're going for in terms of ethereum like we're all about building a better future building a more regenerative regenerative future building a more sustainable future that's really at the core of what ethereum is about and

everything built around ethereum is trying to to kind of do that as well especially the layer two is because they're basically an extension of ethereum when you really think about it so i just really love this branding uh you can go check out the website if you want to to check out all the cool designs here all right so status have published an update uh that they have made one of the fastest bls signature implementations in the world now if those of you don't know bls signatures are used within the beacon chain they're the reason that we're able to have so many validators active on the beacon chain at once uh because of the fact that we have black signature aggregation which means that the network can handle 400 000 plus validators without breaking a sweat here so status have created a new implementation of of a very fast bls

signature uh uh sorry billy signature implementation here so you can check out the blog post for full details on this again it is technical when you start getting into technical math here like elliptic curves and stuff like that definitely stuff that i do not understand um but i do understand that this is a very big deal and this is something that could be brought to the beacon chain i believe to improve it even further which would be very very cool to see but yeah you can definitely give this a read if you want to learn more details about it very math heavy very technical but still for those of you out there who are into that sort of stuff you should definitely check this out all right so zappa v2 beta testing has now started you are eligible to participate if you hold any zapper nft

from seasons one or two and you hold a pipe from the zapper community call number 36 and this thread basically says hey you can join and join the fun and start exploring it's a little kind of like mini thread here but this is really cool zappa v2 uh has been a long time coming i actually got a sneak peek of this the other day it looks very very cool um obviously you can try it out for yourself if and kind of like enter the beta here if you are eligible there i like how they're doing this with this kind of like nft gating here i think that's a really cool because the pull-up obviously on this upper community call it would be they're called community members and if you hold the any zappa nft from seasons one and two i mean there'd be a lot of

speculators in there but definitely probably the people that are still holding it uh are kind of like uh regular users of zappa which is very cool so obviously trying to target those people who are heavy users of zappa or at least kind of like active on the on the kind of like zapper platform here so if if this applies to you you can go try out zappa v2 beta uh and and kind of like let the zapper team know what you think about it let me know what you think about it as well i i thought it was really cool when i looked at it i thought it was uh they're kind of like focusing on this exploration aspect where they're trying to aggregate different kind of like things such as uh finding kind of like asks for you to play around with obviously there's so

many apps these days you want to have like a curation service for it and i think that's what zapper v2 is trying to go with and they also have a new enft implement implementation too which looks really really cool so yeah if you're a regular zappy user like i am definitely go check this out uh i mean you guys know i'm a zapper investor i'm just going to disclose that again there but it's cool to see v2 beta has testing has started all right so a pretty massive kind of like announcement from gamestop today or from matt feinstein who works as head of blockchain at gamestop so gamestop nft is now live in beta it is a non-custodial ethereum l2 marketplace where the community can truly own the digital assets that they love you can go to nft.gamestop.com to participate now i

believe this first iteration is live on loop ring with the immutable x iteration coming later so if you go to nft.gamestop.com you can go check out everything that is available there uh for for you can connect your wallet of course and you can kind of like scroll through see all the kind of collections here and everything that's that's um that's going on and then you can kind of see immutable x is coming soon and all the collections they have there this is this is really cool the gamestop crowd is very big uh they're very uh i guess excited about this sort of stuff and very active within the community and obviously they kind of like bled into the loopering community and and they're very excited about um about things got to do with with loot bring as well and so am i i mean loop ring is an

incredible l2 ecosystem uh and i think that the fact that they're having such a big partner in gamestop kind of on board here with their nfts uh marketplace is uh very very cool very very forward-looking um and i think that uh it's funny because like nft's got a lot of hate from like quote-unquote normies but honestly guys i feel like they're just like there's a lot of hate out there there's a lot of people who don't like it but i feel like a lot of those people have like very weakly held beliefs towards nfts they're basically influenced by some twitter posts that they see or some youtube videos that they see or maybe some reddit comments but they're not really going to i don't know boycott nfts or not participate in them until like they maybe they won't participate in them until there's

something for them to participate in but they're not like i just feel like the comments aren't reflective of the reality because the comments are really easy to upvote and like and retweet but if there is something that you want to purchase if there's anything if you want to purchase or if there's a game that you want this really cool skin for or this really cool gun for or or a gun skid or this you require the cosmetic item for uh then you're probably going to buy it like there's a reason why companies have gone down this road of in-app purchases pay to win like as much as i like as a as a gamer i'm not a huge fan of it it makes a ton of money guys it's a multi-billion dollar industries and this isn't going to slow down any time soon so this stuff's going to be huge and i

think that loopering nft gamestop nft uh immutable x as well and all that those ecosystems they're going to be very big in the future and i think that they're going to add a lot of value here as well so definitely uh kind of like go check this out if you haven't yet i think it's really cool to see that this is now alive all right so there's a new uh i guess like d5 primitive out today from liquidy or at least they announced it today called chicken bonds which is self-bootstrapping liquidity so they've said here after half a year of intense research and development we're excited to unveil an unprecedented and d5 mechanism enabling projects dowels to bootstrap protocol owned liquidity for their token at no cost now protocol owned liquidity was a very big theme of the quote unquote defy 2.0 trend it was

one of the only things that came out of the deep d5 2.0 trend that i actually thought had merits um and now liquidy has taken this a step further with something called chicken bonds which i'm not going to bother explaining on the refill you can go read their thread to kind of like get an understanding of this it is not something that you'll get an understanding of with your first read i don't believe um it took me a couple of reads to kind of like get a an okay understanding of it i don't understand it well enough yet to explain it like i'm like i'm fiable to give a high level overview um but it seems like a pretty cool cool primitive from what i've seen so far so you could definitely go check this out um it's not deployed yet it's just in research phase still and i think

there's kind of like a white paper coming and all that sort of stuff so you can definitely check this out uh and check out kind of like what it means for for d5 and see if you can wrap your head around it as well like as i said i'm still wrapping my head around it and the implications of it um the naming is is funny it reminds me of when um cow swap came out where uh kind of like um the chicken bond naming is actually in line with what these kind of like bond or this this uh this kind of like thing is or this mechanism is just like cow swap was in line with what it was it was cow stood for coincidence coincidence of once which was the kind of like whole game theory behind doing a mev resistance uh decentralized exchange so

that's why it was called calistop and they really leaned into the cow branding which i thought was funny it worked because people still kind of like i guess talked about it and remembered it and kind of like thought it was was funny and cutesy uh but yeah i just ignore the branding if that's turning you off and just kind of like focus on the mechanism itself because i think it's pretty interesting all right last up here we have an update out of argent so uh the your arjun x account just got easier to fund with a layer stop integration so you can instantly transfer funds from your favorite exchange like coinbase or binance to your arjun x wallets um quick easy and secure the way it should be i've talked about layer swap before it is a centralized bridge service that it basically allows you or relay service i

should say that basically allows you to go from centralized exchange to various l2s and now you can basically go directly to your arjun x account uh and the full list of supported exchanges are pretty much all the popular ones coinbase ftx ftx us binance hobby okay excuse bit for kucoin bitfinex and kraken so yeah i'm sure you pretty much i mean most of you would probably use one of these exchanges so if you're looking to on board cheaply or cheaper than layer one onboarding to something like argent x or any of the other layer swap integrated l2s you can uh using their uh products here but i think on that 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 the newsletter join the

discord channel and i'll catch you all tomorrow thanks everyone