Index Coop raise, EIP-1559 date and much more - The Daily Gwei Refuel #159 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily way refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 7th of july 2021 all right everyone let's get into it so i've been talking about the beacon book a lot lately on the refuel and yesterday i think just before i published the refuel video so i had already recorded it uh statefulworks uh put out the entire beacon book on mirai here so you can actually read the entire book here it's quite long um you know i i did mention that the book is going to be released in a limited edition 100 printed genesis editions are going to be coming out soon uh they will be sold via an auction soon but if you want to kind of um get involved already you can mint a bunch of nft so there's seven

different nfts here that you can mint all you have to do is obviously sign in with your ethereum wallet click collect nft and you can mint them now they range in price and uh unfortunately for you guys i did show this on twitter but unfortunately if you wanted to get any of the limited ones they are sold out i sniped these immediately like i got so excited i'm just like yep i'm going to have this one and then the other ones and i i got all i ended up buying all of them of course but i think the the super limited edition ones that was a the the 10 of 10 this is 20 of 20 40 or 40 and then there's a bunch around here these are still available so 64 of 100 and then there's a bunch here i like the way they did this because i think it

gives everyone a kind of opportunity to own one of these nfts right where you have obviously the super limited edition ones and then you have the ones like that have a thousand um a thousand editions uh or a thousand nfts available to be sold so i think you know most people can get one if they want it here so if that's something you're interested in definitely go check out um these nfts but also you can read the whole beacon book which for those of you who don't know is basically a book that interview uh the um creators uh one of them has a good friend of mine trent van impe uh interviewed a bunch of different people that were i think was 46 people that uh 46 researchers and implementers that worked on the beacon chain the 82 beacon chain that we all know and love

and kind of gave their side of the story here and yeah that's why such a long rate there's a lot to read through so definitely go check that out and mince some nfts if you haven't already uh there's still some available so arthur xerox put out this tweet today that i inspired a newsletter that i wrote you can go check out the daily grain newsletter but he basically said fundamentals do matter and this is a screenshot of axi infinity's fully diluted market cap versus its total revenue over the last 30 days now i'm sure a lot of you have seen axiomfinity on twitter recently there's been a lot of chatter about it of course because the price of the axx token has been going up but also because uh just generally people realized wow actually infinity actually makes a lot of revenue and it does because of the

fact that it takes fees from marketplace fees and breeding fees now for those of you who don't know what axe infinity is it's basically a pet a pet battle are basically like you could you could say it's like something like pokemon right where you have these things called axes and you go and battle them and there's like a whole world to this there's not just that aspect there's like um you know people can buy land uh and things like that as well and you can breed axes of course and create new ones and things and and that sort of stuff so uh the axiomfinity platform takes uh fees from this now axiom infinity used to be on ethereum now it's on a side chain called ronin which has actually been very good for them because a lot of axia infinity players are actually definitely uh from i guess like

developing countries and they definitely cannot afford ethereum's gas fees i'm pretty sure the minimum wage in some of these countries is less than the fees would be to basically play this game on ethereum and not even play it heavily like play it lightly whereas you know to trade some uh kind of like items or to trade some axes so obviously they need to go to a side chain to do that and since then the the game popularity has obviously exploded a lot more people can access it and the revenue has exploded with it so you can see here the revenue in june actually i saw a stat revenue in june was 11 million dollars and the revenue in the first seven days or six days of july was 12 million dollars so that's just absolutely insane growth and really does explain the price rise of

axx recently and i wanted to kind of talk a little bit about arthur's comment here about fundamentals do matter now this is a really kind of like deep rabbit hole so i won't go too much into it and i've spoken about fundamentals plenty of times on the refill before but i think that in the long run i always truly believe that fundamentals do matter and on top in saying that i actually think memes are part of fundamentals you might be saying oh you know dogecoin's been around for so long and dogecoin has no fundamentals it and it's number seven and whether you like it or not memes are fundamental so that means dogecoin has fundamentals in my view anyway because if you look at some of the most successful projects or at least the ones that are most well-known they all have memes right like think

about bit connect an actual scam like i'm not going to say that that big connect wasn't a scam it was right but think about it everyone knows it because of the meme because of carlos mados you know um basically singing or like kind of hyping it up at that conference in new york uh i think it was in new york no maybe he was from new york and it was just somewhere else but anyway it doesn't matter so when you think about it the the way to kind of disseminate information the fastest way to disseminate information and i guess like the most most well-known projects in this space are the ones that have the best memes and you know that's why you see like different projects trying to push different memes that's why for bitcoin digital gold was memes i think that was like a huge thing

and there's a bunch of different you know memes within bitcoin like everyone knows the huddle meme i mean there's plenty there's plenty out there and ethereum has its own memes as well maybe not as big but definitely has a lot of its own um our own memes and same goes for basically everything in crypto and if you don't have good memes it means in my view it means your marketing is pretty pretty crappy at the end of the day it means that you haven't really incorporated uh meme culture into your marketing strategy and your project is just really not going to be on anyone's radar uh for better or worse right like you can say you can argue that oh well you know memes are a joke everything's a joke uh you know that that's not a fundamental that's just um a piss take if you want to if you want

to kind of call it that and i'm like i kind of i can agree with you to an extent but at the same time i think memes are just like a marketing vehicle at the end of the day it's a way for people to kind of i guess like come together as well as a community and kind of like have like the shared uh i guess uh meme culture or amusement from these sorts of things um so though that's what i consider fundamentals as well but i also think that fundamentals include everything else right like the revenue being generated by the protocol uh the growth prospects of the protocol like how long it's been around four counts for a lot like has it been growing steadily what are the competitors i mean there's tons of things to think about right you know does the token actually capture

the value of the protocol in any given uh given way you know and even that sometimes doesn't matter because it's funny if you look at uni swap obviously like the uni token doesn't actually capture any value right now but uni the uni token i think is the most valuable defy token still and uniswap is the most used decks by volume uh by far as measured by volume uh by far so with uni swap it's it's like okay well you know the token's not going to give you any kind of like i guess revenue um you know you can't stake and earn a percentage of the fees or whatever uh but you do know that uni swaps growth prospects are massive you do know uniform dominates in the decentralized exchange space and unisop has amazing memes and an amazing awareness

across the entire ecosystem so you know you you have to kind of look at fundamentals as a broad strokes thing you can't just look at them in a vacuum and say oh this project has uh good tokenomics uh because they let you kind of stake your tokens and earn a yield this project doesn't let you do that so i think this project is better that is not the way that things should be measured in my mind i think you should look at the kind of broad strokes fundamentals of all these projects and take it together and same applies to something like actually infinity you know i'm here saying that this revenue is is impressive but like you have to dig into it you have to be like okay what what is this revenue used for where is it going uh what is it going to

actually be spent on things that improve the fundamentals of axiomfinity or is it just going to sit in the treasury and and the dow is going to hold on to it like a dragon essentially so there's a lot of those different things to consider but i do agree with arthur that fundamentals definitely matter over the long term uh just short term during you know bull markets bull manias you're going to get lots of noise you're going to get a lot of projects that pump and dump like i mean if you look at some of the projects out there they are down like ninety percent plus uh from their highs like these quote-unquote d5 projects not all of them are actually d5 they're pretty much like centralized either scams or rug pools or whatever but they pumped up a lot during their during the mania so when you are

a fundamentals based investor you have to take the long view always you can't take the short view if you're taking the short view then you are in my mind a trader i don't believe that you're an investor if you're taking the short view but you know that your strategy might be different to mine obviously i'm a long-term guy but if you're gonna play the markets through short term i just don't think you can play that based on fundamentals because fundamentals do take a longer period of time to play out uh for a number of reasons and i think the the biggest reason is that the market needs to mature and understand the value of uh these kind of tokens and and specific things and just generally the awareness as well i mean i think axe infinity was slept on for quite a while by many participants in the ecosystem and

now that they've gotten kind of like traction uh you know and the price has gone up a little bit you know it's kind of like a flywheel effect where the price goes up more people get interested in axi more people play it more revenue is generated so the token goes up because of those stats and then you know you have this kind of a nice little loop going on um so that also counts a lot as well but yeah great to see kind of growth in something that's not d5 for once as well uh obviously d5 is dominated but axe infinity is definitely not d5 it is a purely nft kind of a category there uh with blockchain gaming kind of mixed in as well so i'm excited to see how they go here i i hope i remember them saying that they were transitioning to the ronin side

chain as like a stop gap until the layer 2s were more kind of mature and available for them so i'm hoping to see them migrate to a proper layer 2 secured by ethereum eventually uh obviously because uh that's in my mind i believe that is the better path forward but at the same time i actually don't think a side chain is a bad thing for something like a um a blockchain game i actually think that uh if anything was going to use a sidechain it would it should be a blockchain game at the end of the day uh and depending on what you put on chain and stuff it would differ uh but at the end of the day i do think that the side chains and these sorts of things are just like short to medium term long term of course is going to be layer

twos like roll ups and things like that so yeah just wanted to give a quick overview of that and you know if any of you are playing this uh definitely jump into the discord channel and let us know what you think about what you're doing i haven't had a chance to play too much of it i checked the axis infinity out ages ago actually unfortunately i didn't buy any axes or land and whatever i didn't buy any xx tokens i was one of those people who were just like yeah i don't know about this and just never did my research on it like um i figured it would just stay like a small niche thing but it's actually grown so much and uh for those who don't know there are actually people in the philippines that uh that are making a living wage off of

actually infinity by playing the game uh grinding out um kind of farming these things called uh smooth love potions which are used for breeding i believe and then selling them on the open market the market cap of those things is like 100 million dollars or something right now and then you know they they also kind of uh i guess like breed axes and stuff like that too so pretty crazy stuff going on this new play to earn arena within i guess blockchain gaming i think it's really cool i'll be keeping an eye on it keeping you guys updated so the index co-op announced today that they have completed a 7.7 million dollar treasury diversification so you can see here that a bunch of different investment firms have bought into uh uh what is it into the index co-op tokens or the index

tokens these investors include galaxy digital 1kx one confirmation wintermute defiance capital laconia uh i can't read those two i think it's uh ld capital and assembly capital okay yeah yeah so 7.7 million has gone directly into the index carp treasury uh which i think is really really awesome it's i mean when you kind of think about this sort of stuff and think about these treasuries that the projects have um you know i think it's better to sell to these uh like if you start off as a dow it's better to sell to these firms from the treasury uh than it is to sell from say like you know before the tokens live or anything like that because then you have like i think a better alignment of incentives and obviously you want to put like

lock-ups on and stuff on this and and you know sometimes these these kind of people will get a discount on the price or whatever but what actually on in saying that i've actually got the details here of this let me let me bring it up i um i have it on another another kind of tab here so you can see the details here actually of the sale so i was looking for this because i was like i'm i'm an advisor to set who is very heavily involved in the index call but i still wanted to know uh kind of what the deal was so the sale price was actually uh 24.26 per index token now i don't know how close to you guys pay attention to the price of index i do because i have a bag of index tokens i should disclose that of course

um but that was basically the market price until this announcement was made now now this you know the announcement was made the price went up of course because people were like oh wow what's index carb right i'm going to buy some of these tokens but you know this was amazing like i figured that maybe they got a discount on on kind of like their token price or whatever uh because they were uh obviously buying a bulk amount of it and things like that but no they got 24. uh 26 cents as the price and the terms are also pretty good i believe and there's an 18-month total lock-up with 12-month lock and six-month linear vest which i think is is pretty cool uh so that means that no tokens they get no tokens for 12 months and then they invest in linearly over

six months uh so on a block by block kind of basis there so i think that's really really cool i i hope to see more kind of dow's doing this because i've seen dows in the past doing these kind of treasury diversifications but actually giving steep discounts with no lockups to these firms especially something like otc and stuff like that i'm sure you've seen a bunch of that going on and what ends up happening is that the firm or like the investment firm the vc the fund or whatever will typically dump some or all of it after they've gotten it because it's free money at the end of the day for them uh and there are some out there that are more uh kind of like a bigger offenders than others but i generally steer clear of that sort of those sort of projects that do that

because you know if you have these big kind of like investors that got in a discount don't have any lock-ups well you know what's to stop them from from dumping or you know dumping on our heads right whereas with something like this index cop uh diversification um as i said the terms are much much better and it's basically like a i guess you could say a traditional kind of raise which is awesome so the index co-op now has 7.7 million dollars in their treasury that is not index tokens because a lot of it is index tokens and that and that funds them you know for the foreseeable future which i thought was uh was really really cool to see so zk sync announced uh yesterday i think that on july 14th they are upgrading their smart contracts and servers to support zksync

1.x which comes with a bunch of features including swaps nfts a new event system and permissionless token listing so zk sync mainnet will be down for 2-3 hours during this upgrade and if you don't want to be part of this upgrade you can actually uh withdraw your funds to opt out which i thought was a really cool thing that they kind of noted there i think that's important because as i've said to you guys before there's a lot of uh layer twos coming that are pretty much all going to be centralized from the get go they're gonna have admin keys uh they're gonna be upgradable so that the those admins can upgrade the smart contracts for various different reasons whether that's adding new features or whatever or anything like that um but you know you just have to be aware of that and you know i'm really excited for this

upgrade actually like what they're promising is swaps like that's one thing that uh kind of frustrated me about zk sync with git coin is that i'd have to withdraw my funds out of zk sync to my ethereum wall and then go trade on layer one uh to my layer one wallet and then go train on layer one in order to kind of buy either of those assets like with those stable coins so with this swaps feature i'll be able to just do that on zk sync without incurring those uh you know higher gas fees of layer one and having to wait for the withdrawal to go through as well which is quite frustrating so that's really awesome nft support i mean you know i was just talking about how i think axiomfinity will wait for the uh nf layer to ecosystem to mature around nfts before they kind of

go there so that's really cool a new event system i'm that's got to do with i guess like for for smart contract devs uh i believe and a permissionless token listing a system which means that obviously anyone can list a token to be part of the zk sync kind of ecosystem there so really really awesome and you know you all know i've spoken about it many times on the refuel zk sync 2.0 is coming soon that's going to include a fully evm compatible uh roll up zk roll up which i guess uh is just very very hype at the end of the day right like i've spoken about it too many times i'm not going to go over it now but this is one step on that journey which i think is really really cool so awesome to see this as i said you can withdraw your fun

funds if you don't want to be part of this upgrade uh but you know i guess the only reason why you wouldn't want to be part of this upgrade maybe is because you think there might be a security issue or you um you know you don't trust the team or something like that i guess you know whatever you shouldn't have to trust anyone in this space i'm glad they've given people their heads up here so big big news i saw this posted on the github last night on the ethereum github where basically tim baiko posted that the london network upgrade eip1559 has been proposed to go live on the ethereum mainland on the 4th of august 2021 at block number blah blah blah 12 million 965 000.

uh i've been saying this on the refill for weeks now right where i basically said that we could expect the 1559 to go live or london to go live on the 4th of august on main net um or if not it would be the 11th of august now tim is pretty confident about it being the 4th of august we're going to get a final decision made at the core dev meeting on friday that hasn't changed just yet but this is awesome i mean how close are we like we're gonna get a main net date and then it's locked in and barring any kind of critical issues happening with one five five nine on the test nets it will go in on that date and then we will unlock ethereum's scarcity engine and we will start burning that eighth but we will also improve massively improve the user

experience on layer one um for with gas fees and things like that and and work to like level out those fees and a bunch of other features that i've spoken about before so i'm super pumped for this like absolutely i think this is going to be a monumental event uh and also you know uh today i believe or maybe today or tomorrow the rinkeby uh test net is forking to london so that's the final one i mean if that goes all well and like uh basically um you know we hit that we test that out everything goes super well then the 4th of august in my mind is 100 and you know i just don't foresee it having to be delayed there but still you know we don't we i'm not going to say 100 just yet we'll wait till friday till the core dev

meeting and we'll see uh what they say but uh tim mentioned that he already uh has kind of like signed off for from a few of the client team saying yep they're confident that they'll hit the fourth of august kind of date and that's a fine date there so just for context that is about uh let's a little bit less than a month away from now so very very close uh i can't believe how long i've spoken about one five five nine four and the fact that it's just almost here i mean i'm i'm really giddy about it and we're probably gonna do a live stream by we i mean like eric connor my co-founder of ether with me uh we were discussing with david hoffman today we might do something with bank list so like a one five five nine uh live stream uh for

the you know the hard fork that goes through um so definitely there'll be more details about that coming out in the near future and would love for you all to join us on that one but yeah i'm uh i'm so happy about this right now it's it's coming it's coming guys i know i've said it for so long but it's almost here so diversify had put out a tweet before that they have launched their brand new platform so you can check this out at app.diversified.com recap just for for everyone listening and watching um the diversifier is a layer 2 decentralized exchange or and it's going to evolve into a bigger d5 ecosystem here so they've updated their swap interface which i think looks pretty cool you've got the you know familiar swap interface on the left and then you have a nice little price chart on the right

uh and then you know you've got your usual kind of like start underneath it there so looking good there uh and there's a bunch of other kind of features as well there's a portfolio summary so portfolio overview uh there is uh uh kind of like um that i guess like they got rid of tabs here they're saying and that you can basically hit deposit send swap and withdraw in the same uh kind of i guess our portfolio view a bunch of other features here as i said a swap interface on uh more information and wallets and things like that so yeah if you're a diverse diversifier user you've probably seen this already if not you should jump on to diversify check it out i think it's one of the better layer 2 kind of ecosystems out there definitely really bullish on on them and i'm glad

to see them kind of like improving the user interface here so uh the ethernet on on twitter here has actually been doing a bit of uh i guess recruitment for developers and kind of like i guess uh helping developers get started within the ethereum ecosystem and now i believe that he's turning this into a dow so e the ethernaught dow so if you're interested in being part of i guess like a developer focused dow um that you know either you want to learn how to be a developer or you want to teach other developers definitely go check this out all you have to do is join this discord channel here and you can basically be part of this new dow and i you know i've spoken about diaz a lot lately on the refuel i think if you're a developer this is the perfect dow

for you to get involved with because um you know the ethernet is actually a core contributor at synthetics he's been around for quite a while he knows what he's doing and i think that there isn't anything like this just yet i spoke about austin griffith's build guild that he kind of like has been doing um and he wanted to kind of turn into a dow i think that's the closest that you could uh you could kind of say to this but the more the merrier like we don't want just one we want as many dowels as we can get we want people coordinating what we want you know more and more devs in this ecosystem so yeah if you're one of those definitely go join the ethernet dow you can probably become a founding member uh that'd be really cool right uh so yeah the this link will be in the youtube

description for you all to check out so loopering has introduced a dap browser so in their smart wallet so essentially you can go into the smart wallet and you'll see all the your favorite apps here uh which i think is really cool you know it's funny um with i don't know how they're doing it they're they must be doing it to get around the rules but with the app store rules uh you can't actually a lot of the um mobile wallets had to get rid of um the dap browser now i believe that was because apple couldn't take a cut of the kind of funds going through like if you're in a dap apple obviously couldn't sit in the middle and take a cut from that because it's not going through the apple kind of like payment system um so i think these might just be kind of like

i guess bookmarks that go to the dap which i think is really cool i haven't checked it out myself yet but still this is awesome i mean you know we obviously when people download this kind of wallets we can't just throw them up a dab browser and say hey go go you know find whatever because there's no google for daps yet right there's no kind of like central place i don't think nothing not from what i've seen i think there was some early attempts at that but there's nothing kind of like concrete um on that yet so definitely need something like this uh where people can kind of say okay well these are the daps i can use and a short description about what it is and then they can go find these kind of things and play with them using their loopering smart wallet so yeah

definitely go check this out obviously i have something about spoken about loopering a lot in the past on the refuel you guys know all about loop rings layer two ecosystem and how bullish i am on them so yeah definitely go check this out so synthetics uh put out a brief update yesterday so fees are now being enforced on the optimistic ethereum main net so uh that i've spoken about this before where i've said that layer twos aren't going to be free there is no it's not going to be zero fees uh it actually can't be zero fees for two reasons one uh it needs uh some kind of civil resistance so that or a ddos attack resistance i should say sorry where you know if you had zero fees then someone could just keep spamming the network as many transactions as they

wanted and will cost them nothing to do that um and you know that obviously would uh kind of like not be good for anyone and two these uh layer two still need to pay for layer one security now a lot of them will subsidize it for quite a while but eventually they're gonna have to start collecting fees uh to kind of pay those layer one uh fees as well so kind of like i guess um get the aggregate fees from everyone on layer two and like post their proofs to ethereum layer 1 and all that good stuff there so that's what's been happening now with with optimistic ethereum and i think this is just like another step on the on the way to optimism launching quite soon i mean you know i've spoken about arbitrary and i said i felt like arbitrary will launch end of june early

july i think we're getting into mid-july now and we're definitely uh you know with optimism saying they're going to go live in july as well uh i just want to see them deliver like come on guys like i know arbitrary didn't give a a date for their public main net they have like a i think they at most gave like a window um but optimism did say july uh so i'm just hoping that they both go live in july i just it i mean it's not obviously you know with with gas fees being lower it's not like super super urgent but at the same time i think the longer we wait the less people like the less interested people get and you know the more i sound like a broken record so help me out guys please definitely uh you know launch these things in july

let's get let's get layer two summer going let's let's do it before summer runs out in the northern hemisphere because you know maybe they're siopsing us and it will actually be layer two summer in the southern hemisphere the start of november so you know i'll get to enjoy layer two in my summer but yeah yeah let's let's get this done i i i hold out um hold out faith here i think all the pieces are in place for arbitrary and optimism i mean i don't see them doing any kind of major delays here i feel like they're just dot in the eyes crossing the t's at this point in time especially arbitrarily i mean they like i showed the token listing yesterday all the major apps that you need to launch are on there i said that there was some critical infrastructure that needed to go live i mean

we i've been showing that for weeks now or months now like uh you know uh infuria alchemy uh ether scan implementations all that sort of stuff that's all done uh chain link of course as well uh as far as i know that's all ready to go so i i mean i'd be surprised if arbitrary at least doesn't launch within the next couple weeks let's put it that way uh so i'm hoping to see that and i'm hoping optimism launches as well because i don't want uh i just arbitrary i'm launching i want both of them launching because competition is better for everyone and i want people to be able to kind of experience both of them yes they're both optimistic roll-ups but there are differences between the two and there are going to be different apps like synthetics isn't going to be on arbitrary it's going to be on optimistic

ethereum right uh unisop's going to be on both which is going to be very interesting to see how that plays out like which one's going to get the most liquidity which one's going to get the most volume uh tbr all that good stuff so we're gonna definitely learn about that in the next few weeks hopefully but anyway i think that's it for today's episode so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone