Immutable zkEVM gas free, Eclipse testnet live - The Daily Gwei Refuel #705 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delway refuel where up latest newsum ecosystem I'm your host Anthony s today the 14th of December 2023 H everyone let's get into it so kicking off today I have an exciting little campaign that I'm doing with the ethery uh Team here until December 24th so basically you can participate in this little Christmas contest uh with ethery all you have to do is get your submissions in by midnight GMT on December 24th now you can see here what the criteria is is you basically submit a short video or tweet thread explaining why you love ethereum why decentralization is important for the health of the network and what you've personally done to support it now uh submissions uh will be rated by people

from the ethery community solo stakers from operation solo Staker and of course yours truly and there's a bunch of evaluation criteria here as well as more details in the thread now the reason why you would want to do this is because there are some great uh prizes up for grabs including some adap nodes some steak eth and Hardware wallets and and more so you can read the full details of this I'll link it in the YouTube description below and all the prizes are actually listed here as well but I'm really looking forward to seeing all of the uh the submissions to this and you can see here there's like an AI generated uh sassle Santa here doesn't look anything like me in the face but hey it's got the hat and the beard going and uh the muscles definitely the same right um but yeah you as I said you can

go check out the full details here um and yeah get your submissions in by December 24th and I think that yeah the prizes will be announced on December 26 so definitely a fullon uh kind of Christmas special campaign here and I'm just really looking forward to seeing what kind of responses we get to this uh because obviously I can articulate why I love ethereum and why decentralization is important and what I'm personally doing to support it but uh I would love to see what everyone else is doing because I think that there are a lot of unsung kind of people within the ethereum ecosystem that really do understand ethereum they understand why decentralization is important but there may not be someone that that have been highlighted before people may not be aware of their work and I will be covering the winners on the refu once

once they're announced because I want to make sure that those people are are highlighted and spotlighted there so yeah anyway I'll link this in the YouTube description below you can go check check out the full details here all right so I saw this tweet circulating the other day from Fred Krueger here he took a picture of the Wall Street Journal newspaper which is hilarious because I mean yeah it's a newspaper in 2023 um but basically it's titled a spot ether ETF wouldn't NE necessarily follow Bitcoin and Fred said don't count on E ETF agree completely with this but then Scott Johnson who has been uh basically talking a lot about ETFs for a while now quote tweeted this and said out of all the reasons an eth spot ETF may not be approved and there

are a few you can rest assured that this won't be one of them since none are currently being set up to offer staking yield this article is addressing an issue that does not exist right now and that's the t d for the article it's basically talking about how ethereum is pro of stake and a Stak ETF is is very different to a normal spot ETF and like I totally agree with that but as Scott said this is not an issue like the the ETF applications for an eth ETF are not for a Stak e ATF is for a normal spot e ATF the exact same one that BTC is getting right so it's kind of weird that someone would write this article and not make note of that uh as well which is just bizarre to me uh but then Scott actually goes on goes on uh to say what

his reasons are what what he thinks the reasons are that the spot e ETF may not be approved he says yeah there's no precedent 19 b-4 approval for a futur eth product less developed newer CME market and probably a couple of others look I don't know I feel like obviously I'm going to be biased here by saying this but I feel like there's not really going to be much push back on approving a spot eth ETF I I've said this before on the refill but basically all you have to do as an issuea is copy paste you know basically almost one for one what you have for the BTC spot ETF and then just submit that uh and then the secd should be fine with that because eth has had a CME Futures market for quite a while yes it hasn't been as long as BTC

but it's had it for quite a while the ACC just approved the Futures ETFs for for eth and they just lost the court case a few months ago um against grayscale where basically the judge said that you you know the fact is you approved the BTC Futures ETS but you're denying a spot BTC ETF doesn't really make any sense um and and obviously Black Rock has also filed for a spot e ETF and they're not known for filing things unless they think that they can get them through so I would still put the chances of an eth spot ETF being approved by next year pretty high and I did mention the other day that there are a couple of the issuers that have a deadline in May so we may see it as early as May in 2024 uh but it might you know it might get pushed out later than

that but that is the the the kind of current final deadline for a few of them out there and it would actually be quite insane if we got a spot e e ETF in May because that would mean that within the span of a year we went from Gary G basically saying that e is a security to him approving uh a spot eth ETF right like that that just just a crazy turn of events um but also goes back to what I've been saying about how the SEC is just in a very weakened position these days because of their court case losses and you know I I really do believe they're going to lose their suit against Queen base which would basically make them lose their suit against binance and Kraken because they're basically the same uh the same lawsuits and you know if that would have happened I mean

that's just like game over really and you know it's kind of funny because there are a lot of people who say well the SEC is going to be hostile towards crypto as long as Democrats are at the helm in the US and I'm like yes yes and no because as we've seen the SEC can be can be basically uh neutered or a lot of the their rhetoric can be neutered if taken to court because the courts obviously have to um have to side with the law and the SEC is not following the law the courts have basically told them that it's like you're not following the law you're basically acting as uh as kind of like your own little agency thinking that you can do what you uh whatever you want uh and also call them arbitrary and capricious which from what I've read from my lawyer friends on on

Twitter uh is is definitely a very harsh thing to say to a to a regulator uh but that's all I guess like for next year because I think next year is going to be crazy for for for so many different reasons guys you know you have the BTC ETF being approved you have the Bitcoin harving you have the eth spot ETF probably being approved right um You have the election year in the US which is always a crazy uh time you have the FED saying today that they're done pretty much done raising rates and they're going to start cutting next year you have the General market heating up like I don't know the stars are aligning for 2024 guys like I don't know if you guys feel that like I do but I definitely feel it and I felt it for quite a while I I've been talking about

this for months now but really it just keeps getting better and better and I I do think that we could see all-time highs on bitcoin and eth by Q2 next year I think I originally said the second half of next year but this ATF stuff has really just brought it all forward and so I I do think it's a possibility to see all-time highs by Q2 but hey if it happens in Q3 who cares right and I'm not even talking about all of the I guess crypto native or crypto specific catalysts uh that we're all excited about like denune next year obviously potentially um Petra next year as well is Network upgrades continued layer 2 upgrades you know Ian layer going live a bunch of other layer tws dropping their tokens and stuff like that so there's so much happening guys so much crazy stuff

happening and you know I'll be here to cover it all for you uh but yeah just just wanted to kind of highight this and and kind of squash some some concerns around this this article was just talking about the possibility of a staked eth ETF which isn't even in uh has hasn't been filed for and I don't expect it to be filed for for a little while and there are definitely unique concerns that don't apply to normal spot ETFs uh so yeah I'll keep you guys updated on that one there all right so uh something I came across with relation to to ethery was a screenshot that they posted on Twitter here where you can see over the past week where the eth has gone uh across all the different staking service providers here so you can see The Ether fire is number three only behind Kiln

and ether capital and you can actually funny enough see that Lio has actually lost eth this past week so they lost 16,000 eth this past week whereas ethery has gained 6,000 now ethery is uh you know one of the newer players one of the smaller players but I did want to add some context here is that I think the way ethery has done their I wouldn't call it a vampire attack but has done their kind of like incentives and and growth growth incentives is really ingenious because what eifi is doing is that you put your e in you get your your LS you eat eth but then you're also farming uh any potential kind of like um ether Five Points and and IG layer kind of points which maybe eventually could result in like an air drop of a token or

something and igen layer currently has a cap on the lsts that can be put into them and they're raising that cap I think what uh over the next week yeah they're raising that cap next week but that's that cap only applies to the lsts the uh Beacon chain eth so the normal kind of like solo staked eth there is no cap on that right so what eifi is doing is that they're taking this eth in and then they they're um reaking it with IG layer using the beacon chain e part which is not capped and and spitting up IG pods so they're not going through the LST part so they're able to get around that cap and people are depositing in with ethery because they obviously want to farm ion layer and this is a way to do it so I I really do think it's an

ingenious little way of of basically doing a I it's not really a direct vampire attack but basically uh growing really quickly and taking eth away from other services because of that and I did say the Cap's going to be uh lifted next week but it's going to get filled up again guys like there is so much demand for reaking out out there it's crazy and then th as I said those caps only apply to the lsts beacon chain eth is not capped so ether fight can keep taking in eth and keep doing this which I uh which I think is just really really cool and I think it's a really great way of of growing now I honestly understand I I obviously understand that there's concerns around this and there's risks associated with it and I'm not trying to say that you should go aing or your eth

because you could potentially get some some nice rewards here uh just be aware of the risks of course but uh yeah I just wanted to highlight that because I just thought it was a really great way uh to to do these things here but yeah anyway you can go check out the screenshot if you want it's got a list of all the lsts it's actually from a do analytics dashboard by Hobby that I've highlighted before which is also linked to here but yeah I'll link it in the YouTube description below for you to check out all right so there's been a lot of talk about liquidity fragmentation and I guess like ux fragmentation and ecosystem fragmentation within the L2 space lately and those of you who have been listening to the refill for quite a while now and those of you who pay attention to what's happening in the L2

space you guys know that this is a temporary issue and it's something that's going to get solved one way or another and there are already lots of Solutions in place um and it's also really just like a popular fud narrative for detractors to say it doesn't really match with reality but what I wanted to highlight is how polygon is actually doing this so Tim Robinson here on Twitter shared a little snippet from how polygon is actually doing their interoperability across all of their chains that are going to be part of polygon super chain right all the ZK VMS or ZK chains that are going to be part of polygon super chain so basically what they're doing and you can read in this in this screenshot here that Tim shed uh they've got something called the interrupt layer and what this does is it facilitates secure and seamless

cross-chain messaging within the polygon ecosystem it abstracts the complexity of cross chain communication and makes the whole polygon Network feel like a single chain to users by enabling shared access to Native ethereum assets cross chain Bridges typically require users to Mint synthetic versions of ethereum tokens which is obviously a ux nightmare the interrup layer offers a shared bridge to ethereum and allows seamless cross-chain transfers of native ethereum assets uh and the interrupt layer can support near instant and atomic cross chain transactions a core part of the vision of unified liquidity of polygon 2 2.0 so essentially as you know as I as I just said and as I just read off here any polygon cdk chain that's been built and and is plugged into the polygon

ecosystem he's using the same proving um architecture uh so basically polygon super chain all of those can interoperate with each other and tap into the same liquidity Port it's basically a liquidity layer that just sits there and then it just interoperates with every single chain that's part of that so you could have 1,000 let's just say polygon chains you know polygon ZK VM or ZK whatever chains all interoperating with each other seamlessly in a unified fashion like that just completely solves the issue right and and and this is this is only one solution there are multiple Solutions here and then you know people will bring up oh what about going uh be you know uh doing interoperability between the different super Chains It's like yes okay that will be possible too I mean it's already possible via VIA

bridging infrastructure but we can do better than that and we will uh there there are things like shared sequences there's also um a way for each of these projects to actually integrate it into their tax Tech stack themselves so essentially for example if op stack or optimism chains wanted to interact with polygon chains op uh optimism could integrate the polygon Prov into the op stack and then they could sh having a shared Prov like that would mean that uh from my understanding it would be able to enable that interoperability between the two ecosystems now uh obviously we don't know exactly how this is all going to play out in the end game and what standards are going to be adopted and what it's all going to look like but really if you have the thesis like I do that there's going to be a few big super

chain winners um and within those super chains they're all going to be uh as inoperable as ethereum as everything built on ethereum L1 is then this completely I guess nullifies the the uh all of the concerns which I think a lot of these concerns are not real concerns but you know some of them are but it basically alleviates these concerns around interoperability and fragmenting liquidity and fragmenting ux which I love and last point I'll say on this as well which is something that's been annoying me lately is that people on Twitter love to say that oh no one's going to bridge to arbitrum or no one's going to bridge to optimism or no one's going to bridge to to you know polygons zvm uh and then it's like what do you mean no one's going to bridge that how do you think people get to these chains

to begin with they go from a centralized exchange right so if you want to go from eth on a centralized exchange to eth on arbitrum or eth on optimism or eth on polygon you just select that when you withdraw your assets from a centralized exchange and obviously not all centralized exchanges support all l2s yet but they will like if that's just a a time thing it's going to happen over time and that's the same flow as them withdrawing to ethereum main net or them withdrawing to another L1 so that fight is just that makes no sense to me because technically going from centralized exchange to one of these um these chains uh are is bridging and I know people will say oh well what about bridging from eth L1 it's like the future is not us as being on eth L1 like all of the people that have used eth L1

in the past if they've got fun stuck there because the fees are too high obviously that's an issue but I'm talking about like the next hundreds of millions billions of users that are coming into the this ecosystem and that's also what the all the the um the uh the ult L1 fans are talking about as well the new users coming in they're not going to ethereum M it they're not going to ethereum L1 not only because of the gas fees but also because ethereum L1 is not going to have all of the apps that these people are going to want to use because they're going to be deployed on l2s so really the flow is going to be put money into a centralized exchange buy eth or buy some other token or buy stable coins withdraw that for a very you know very low fee if not free

because I I think it's all going to be free one day and withdraw that to your fa to whatever chain you want to use wherever the opportunity is um and then you can Bridge from that chain to another chain if you want if if that's something you want to do or you can just go deposit back into the centralized exchange and Bridge out from there right there are multiple ways to do this so these quote unquote concerns that people have and just to me it's not a concern it is it is simply something that will be solved and and is being solved in real time it is not something that you look at and be like oh okay well this is a this is a showstopper this means the whole modular ethereum brow map is crap let's abandon it and go back to the monolithic architecture that that that's

not the case at all the modular architecture I have never been more confident in as being the proper way to scale a blockchain and I bet you I bet you like I'm not going to bet you guys real money obviously but like I bet I I I I I I stake my reputation on this I stake everything that I am on this that monolithic chains will all pivot to being modular chains every single one of them there is no way in the long term that a monolithic chain will be able to compete with modular chains and also they they um they not just on the competition front but also on the fact that uh the sustainability front the efficiency front and the fee front guys like I'm going to talk about this in a sec because I've got something to talk about from from a mutable here but any

monolithic chain that says that they can have cheap fees forever is lying to you like that's that's a narrative that's not reality we've already seen fees go up on These Chains when they get demand all right so if we take all of that together uh that's why I'm putting my kind of reputation on this and staking it here someone can remind me of this video and like let's give it some time obviously it's going to take uh take take the long term here but let's give it like 5 years I'm happy to revisit this in 5 years if someone remembers to to remind me in 5 years on on the like 1,000 and something three Fuel and and and we'll see if I was right or not I am very confident that I'm going to be right here I'm very confident that pretty much all the

activity is going to be happening on the modular chains and I'm very confident that ethereum is going to be at the center of that nothing has changed that for me over over the past year especially I I don't think that um uh that the modular road map is is is dead or anything like that I think it's stronger than ever now as I said I did want to talk about the fee thing so immutable zkm today announced that it's zero fees now on the immutable zkm that's right not one cent fees not a fraction of a cent fees literally zero so they say here we are proud to announce that immutable zkm and a mutable passport will be capable of eliminating gas fees for all players all games and Market places on a mutable ZK evm will be able to seemlessly sponsor gas fees for mutable passport users with

no disruption I told you guys this was going to happen right I told you guys this months ago that this is the end game here the users are never going to see these fees they're not going to know what gas fees are it's all going to be covered by the actual chains themselves bu the products themselves bu the apps themselves they're going to sponsor or basically abstract these gas fees and it's going to be zero for the end user and of course these l2s are still going to be paying fees to ethereum L1 in order to to secure themselves and in order to to to you know post their data there if they want to they can post it offchain too but obviously if you want to be as secure as possible you post it onchain here but this is the future and ler ones cannot offer this I mean they

can for a short while if they want but they cannot offer this in a sustainable manner in a perpetually sustainable manner ler 2os can and they will and you bet your ass that all of the gas fees are going to zero for the end user over time so that's again why I'm saying that the low fee narrative that the monolithic chains love to spout is not a sustainable thing and will be changed over time uh and it will and the narrative around that will change over time uh but yeah you can go check out this this announcement from immutable uh yourself uh if you would like to and just a reminder that immutable zkm is built using polygon technology which means immutable zkm will be interoperable with all of the other polygon chains as well because polygon has their awesome interop layer for uh unified liquidity there it's all coming

together guys like as I said the modular road map has never been stronger for ethereum the the l2s have never been stronger and we just keep kicking goals every day on this front all right speaking of l2s Liam here put uh a tweet out where he said this is why scaling ethereum with l2s works so well with an OP chain coinbase and their users get the best of all worlds leverage their world-class BD team and brand benefit from optimism governance and shared upgrades inherit security and Bridge assets from ethereum and this was quote tweeting Brian talking about the project Diamond that I spoke about on yesterday's refill about tokenizing real world assets and putting them on the base chain obviously Bas is built on the op stack uh and Lim Just Hits it out of the park by Queen base

having their own chain they can bring things onto their own chain uh by using their their BD efforts right their BD team they benefiting from the entire optimism kind of governance stack and they're also benefiting from inheriting security Bridge assets from ethereum which brings uh brings liquidity there and also brings mind share and and and and and kind of like social legitimacy and stuff like that which is which is very important so just another kind of really important Point around l2s from Liam here all right so I spoken about fluent a few times on the refi before they're basically building a ZK WM L2 for ethereum so something different to the normal ZK avms that we've seen out there trying to uh basically open up blockchain development to more

developers at layer 2 here well today they announced that the private testnet release of fluence ZK wasm L2 has now launched and you can check out the details in this blog post which I'll link in the YouTube description below they actually have a bunch of launch Partners as well so it's not just them launching without anything on there they've got a bunch of launch Partners here and I had hadn't heard of any of these projects so very very cool to see that there's new projects uh new teams working on building things in a new environment here so you can go check this out as I said I'll link it in the YouTube description below and you can also Jo join the early Builders program by reaching out as well so you can go check that out too there but yeah I'm very excited about fluent guys I think

that anything that is trying to do more than just what the evm does is super exciting and I think that the AVM is fine it's great it's going to be dominant for the foreseeable future but we really do need to uh make sure that we aren't just evm right ethereum is more than the evm ethereum can be WM ethereum can be like the svm which I'll talk about in a sec ethereum can really host anything because of the L2 road map and that was always the to me the most elant thing about the ethereum L2 road map is that we get to open ethereum up to so many different ways of of doing things and so many uh more Builders than we would by just having ethereum L1 uh because you just get access to the evm right you wouldn't get access to anything else uh and it would be quite a

limited development environment uh uh in in that sense but anyway you can go check out this blog post we'll link it in the YouTube description below for you to do so all right speaking of nonm l2s eclipse is one that's been getting a lot of attention over the last few months because they are building a sbm or salana virtual machine based L2 on ethereum now I talked about this when it was originally uh kind of announced I think a few months ago or basically it had been around for a little while but they kind of like uh uh announced themselves properly but uh the eclipse test net is also live today which you can obviously check out the blog post for and check out the documents for um and they've got a thread here explaining what this is and everything uh so yeah this is all really exciting guys like

it's all coming to market now now right all of these nonm l2s you have Stark net that's been live for a while now you have fluent live and and or on test net I should say you have eclipse live on tesna and a bunch of others I mean I think there's a couple more that I might be might be forgetting now I'm just going to look on um on on L2 beat here most of them are obviously still evm but we're just getting more and more of these non evm chains coming up obviously arbitrum has their stylus thing which people are going to start building arbitrum chains using that and as I just said we're going to open up ethereum development to Millions tens of Millions ions more developers than we've had in the past because obviously most developers don't know solidity but they know other languages um and also eclipse

is opening up ethereum development to salana developers so people who have salana apps or bu build salana apps on salana L1 what they can do is they can easily Port their app to Eclipse L2 uh and obviously tap into the ethereum ecosystem doing that and this is goes back to what I've been saying for a while now guys that um for the end user this stuff's going to be abstracted away compl completely they're not going to really know what chain they're on but the chains that win are going to be the ones that offer the best development environments they're going to be the ones that have the best apps on there that they're going to be the ones that have the best ux and the most liquidity and ethereum has that already and it continues to grow I mean just the L2 tvl like collectively is 16 billion that is

more than all of the other L1 chains uh pretty much combined I think in tvl and I know like I a TBL is an imperfect metric but you you're just looking at the the the um the orders of magnitude difference and how many users we still have to on board and I think a lot of them are going to come into the L2 space uh and and I do think they're going to be using not just evm stuff but also non evm stuff as well anyway I'm ranting again you can go check out the eclipse test net announcement I'll link it in the YouTube description below for you to do so all right espresso systems has announced today that they are sunsetting the cardo test net because they're fully focused on releasing the espresso sequence's next test net which is jalar in January so there is there's an update

here about this which you can read I'll link it in the YouTube description below but just a refresher espresso are building a bunch of different things in the ecosystem but right now they're focused on building a shared sequencer for for the l2s out there so definitely one project to to keep an eye on but just wanted to give you guys an update that that cortor test net is now being sunset in favor of jalta a new test net called jalta which will be launching in January so yeah I'll link this thread in the YouTube description below and you can go check that out for yourself all right I did mention yesterday that coinbase has a new kind of feature where you can basically send usdc for free but now you can buy usdc without coinbase fees anywhere coinbase pay is available

and send it globally with no fees on base arbitrum Avalanche optimism and polygon again going back to what I was saying earlier guys about the end game the end state for these um uh the for gas fees is basically they're either abstracted away or built into the order or they're just like not there at all right and they they're sponsored in some way they're paid for by some other party like there is no way that we can scale to end users by require them requiring them to pay any fees you know what's better than a fraction of a scent free because that is just a huge ux Boon but at the same time I would also say that I think that there's not that much of a difference uh for for the marginal everyday user just for the regular user of between like one cent and a fraction

of a cent I really don't think there's much of a difference there right but the thing is is that because of not much of a difference there let's just make them free anyway if we can and then uh we don't have to worry about this anymore yes ethereum L1 gas fees are probably always going to be high they're never going to be free that's for sure but most users except you know the Wales and and and the people who can afford it are not going to be on L1 that is the design of ethereum I'm preaching to the choir but that's how it's going to be uh going forward there but yeah you can go check out this from coinbase if you have a coinbase account if you're using coinbase wallets uh yeah go check that out on uh your your your phone or on on

your desktop all right just the last tweet I wanted to talk about today was from DC investor where he said haven't heard anyone say uh but eth has no Supply cap in a long time this was a common complaint pre 2021 more people now starting to understand how the burn Works goal is not to shrink e Supply dramatically but to keep it from growing unchecked and it's working and then I replied saying the elgance of ethereum's monetary policy design is something that you only truly understand once you let go of Bitcoin Maxi Dogma around Supply caps ethereum is the only economically sustainable blockchain and second place isn't even close second place really isn't close guys like at all there is nothing that comes even remotely close to ethereum in terms of economic sustainability as a network but I do

want to focus on what DC said here about that line about how people were going on oh eth has no Supply cap you know there's infinite eth out there uh blah blah blah this was a really really popular narrative pre 2021 but you know why it stopped in 2021 um and especially in 2022 after the merge because we had 559 get implemented and now we've been net deflationary since the merge and it's really down only so as I described the other day not only do we get to pay stakers with a Perpetual issuance um as part of the consensus layer rewards but we also pay them out of the fees and um and the tips from the fees and the me but at the same time we're burning more e than we're issuing because ethereum is such a ethereum block space ethereum L1

block space is so coveted that people are willing to pay those fees on the network we are burning more eth we're issuing to the point where we're so deflationary now that uh the eat supply has effectively not just a cap on it but a reduction in in E Supply and that is something that no other network can claim to have um to the extent that that that ethereum has it and the funny thing is even Bitcoin with their supply cap is going to be more inflationary than eth forever basically if if this deflation um stays on on ethereum uh technically ethereum will be more deflationary than Bitcoin even when Bitcoin gets to 2140 which is like where it becomes basically negligible in terms of how much BTC is being issued it never actually goes to

zero there is always some amount of BTC that's being issued right um this is if Bitcoin lasts that long I mean I have a whole other thing about that but if if if ethereum is still deflationary at that point right I mean obviously there's big ifs here and things like that but just just for the sake of argument here um it would technically be more deflationary than Bitcoin forever here but it has been for a very long time and if you go to the Ultras sound money website you can actually compare this uh and and it's kind of fun to compare it because a lot of the the ether's no Supply cap stuff came from Bitcoin maximalist so to see to see this like if you go since the merge here and then you click BTC on the on the ultrasound money website you can

actually see what the chart looks like BTC since the merge has been issuing its normal 1.7% issuance right which will obviously be halfed in April of next year but eth is negative 0.21% issuance and if we do eth proof of work we can actually see that if we didn't merge we would have still been issuing 3.16% as proof of work here so obviously not deflationary at all and much higher than Bitcoin but because we went to Pro proof of stake and it's a much more economically efficient system and because we're burning more e than we're issuing we are now net deflationary and the chart just looks amazing we're still at the you know the lowest supply of eat since the merge here guys like and you know if the burn keeps up like this eventually it gets to the point where we get to to like under 100 million eth or

something like that it's 120 million right now go under 100 million and the the the craziest thing is is that if we do get to that future where essentially layer one is is still very expensive but end users aren't on there it's just the layer 2's basically paying to use layer one and there's whales on there and it's basically that Global Cent layer and let's just say we're burning hundreds of millions of dollars of um of of fees per day there is a reality where the E Supply basically goes back to what it was before uh proof of work mining started and I think the supply was 70 million or something like like that uh there was obviously the the pre-sale um and what was allocated to the foundation so there is a reality where that happens yes it's probably not going to happen for a long time but could you imagine

that how fun it would be in like I don't know how many years it would take maybe 50 years or something like that maybe less who knows right but it'd be funny to see that and be like wow we basically erased the entire proof of work error in terms of of Supply that was issued but I think marginally it doesn't really matter on on on on on on kind of like that scale I think just generally by burning eth by is by having deflationary thing it's good for narrative it's good for price as well I know that people kind of get frustrated because eth's price isn't going up as fast as other things but I explained the other day why that's the case but also at the same time I explained how eth burn and E's issu introduction from the merge and E move to proof of stake plays out more on

the downside than it does on the upside and makes eth a much stronger asset on the downside which is what you should want guys because if you are if you are someone that's that's that's planning to be in this for a long time or planning to be in crypto for a long time and you're a long-term investor and you want to potentially hold eth for decades to come as part of just your well-rounded uh portfolio allocation then you should want eth to be an asset that performs well in downturns because an asset that performs well in upturns may only perform well in that upturn and then once the downturn comes along it goes down 95 plus% and it doesn't really come back up maybe it comes back up a little bit but then continues down and that's just against USD I'm not talking about against ethia so when you look at it

like that yeah that's the way I look at it just boy eth's uh value uh because we have the strong fundamentals that are backing it up there but anyway enough ranting about eth there enough bullish ranting E I should say I think that's going to be it for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newslet join the Discord Channel and I'll catch you all tomorrow thanks everyone