Intmax raises $5mil, Ultra Sound ETH and more - The Daily Gwei Refuel #567 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily way refuel wake up latest news in ethereum ecosystem I'm your host the internet is the 14th of April 2023 alright everyone let's get into it so the first all-core devs call Post chappella has uh has happened here and you can see the agenda and link to the stream that Tim biker linked here as well as a summary of what was discussed on the call now of course on the agenda you can see that there are a bunch of uh things discussed discussed such as a recap of chappella Cancun updates uh and a bunch of other technical things uh which as I said there's a screenshot of the rig of um of a recap that Tim gave in Discord here so basically I guess like I can read through some of the things here there was a debrief on

Chapala tldr things went relatively smoothly we saw a huge number of withdrawal credential changes which caused some initial networking issues now I experienced this myself across some of my validators where my Effectiveness went down but it's back up today uh and it's back up to normal today which is really great to see uh prism also has that bug obviously Lighthouse had their bug as well uh where the high CPU issues that I talked about yesterday and there's a bunch of other things here that you can read uh that that are obviously outside of chappella now that that's behind us so I'll link this in the YouTube description below for you to check out uh as I said you can check out both the agenda and the Stream all right so just a few more things about ethereum proof of stake and I

guess like chappella related things that I came across today that I felt was worth sharing so data always has a good thread here with a bit of their thoughts on withdrawals so far uh with data to back up their thoughts here now I'm pretty sure they've put out a couple of posts on their sub stack about withdrawals before they went live and they had a bunch of uh analysis that they did so this is basically a postmortem of of that using the relevant data uh to that to what they're talking to here so you can go check out this thread for yourself of course um I'll link it in the YouTube description below but it's really cool to see I guess like all the data surrounding this as I said posture power we would need to wait like a few weeks to see the data of things

happening in a few months to see data around the great reshuffling that I've been talking about and also not everyone has enabled withdrawals yet I believe binance is still a few days out from enabling withdrawals obviously Lido isn't going to be doing it until uh next month and this is full withdrawals uh the the partial withdrawals as long as the credentials have been changed from 0x00 to 0x01 they're being automatically processed uh but for full withdrawals binance doesn't activated it later still hasn't activated it I'm not sure about uh some of the smaller ones I know coinbase has obviously Kraken has because we've seen a lot of State a lot of um unstaking from Kraken due to that regulatory action that was taken against them uh but generally yeah those are the two biggest players left later and

binance which account for I think over 40 percent of of uh of validators on the network so they are pretty big players but at the same time I don't know just given the rest of the network pretty much as we've seen most of the exited validators came from Kraken I don't think there's going to be anything to really talk about once those withdrawals are enabled there and you can actually exit both St both Lido staking and binance taking right now via their LSD which isn't really trading at a discount I mean I think there's a very very small discount which doesn't actually impact too much obviously it depending on your size you know if your size is size and you sell a bunch on the open market it can lead to a steeper discount because of liquidity issues but generally I think it should be okay

for a lot of people um but yeah anyway you can go check out data always as thread uh recap yeah I'll just link it in the YouTube description below it's not long uh and then you can also check out their sub stack which has a bunch of great analysis around these sorts of stuff and I'm sure they're going to be doing a post-shapella post uh pretty soon all right so I put out a tweet uh and I was just talking about the Kraken on staking I put out a tweet where I said it's absolutely hilarious that the most staked eath being withdrawn by far is coming from Kraken who is literally being forced by the SEC to unstake this eath everyone else is just chilling and we have a net inflow of Ethan to staking right now Bears must be on life support so the reason why I put this this tweet

out because I was like looking at the withdrawal queue and I was I was on raider.network and I was looking at the at the entities withdrawing and it was like 90 Kraken I'm like okay this is quite funny because if the only uh I guess like big steak are or I guess like um big entity that is unstaking is the one that's literally being forced to do it by the US government then I thought that was was pretty hilarious and as I just said obviously binance and Lido have an enabled full staking withdrawals yet but you can exit those positions uh via um via selling their lsds so it's not even I mean I don't think it's gonna make much a difference right so just thinking about this and really putting it into perspective that for months and

months and months people were saying oh you know withdrawals is going to be extremely bearish for Heath everyone's going to unstake it's going to be a massive unstaking event and then I look at the data and when I put this tweet out we actually had a net inflow of each stake um and if you discount the fact that Kraken is unstaking right if you just remove them from the unstaking pool then we have way more eth going into staking than exiting staking because and I think kraken's just an outlier and to outlier that you're that you should include in your analysis but at the same time I don't think that it's it's providing much signal because I think a lot of those Kraken stakers are just going to restake their Eve anyway now the new Steve State going in could be exactly that so it's kind of balancing

itself out there but it's still funny to see that after the months and months of fud and just the absolute stupidity of a lot of the the fun that I saw we basically did the complete opposite we played the Uno reverse card on the Bears and as I said they must be on life support at this point like I don't know I know that you know obviously the price has gone up and of course the price can go back down um from here uh but the funny thing is is that I think we proved the Bears uh wrong that we proved all the people that were fighting wrong and I don't know I I just thought it was was quite funny so that's why I put that tweet out there and there was also another tweet that I put out uh with regards to ethereum

staking uh which was a coin a term that was actually coined uh I believe on the bankless episode by Ryan Sean Adams uh and I put I put a tweet out with this term by saying a squad staking will be a big theme for Eve staking going forward of course the term the term that was coined was was Squad staking um so individuals with with less than 32 each each can pull their assets together and run distributed validated technology on their own Hardware in order to become a full validator decentralized staking takes many forms now you guys know that I've been teasing a bunch of stuff around opal which is obviously a decentralized validated technology uh offering I've been playing around with that uh and I've been teasing about what I've been doing with them I believe

there's an announcement going out on Monday about that and I'll be tweeting exactly what I've been teasing about which you've probably already worked it out anyway but it'll be out by then um but generally what this kind of stuff enables is so it's not it's not just I mean Squad staking can take many forms as well it's not just DVT but I think that if you want to be a solo Staker but you don't have the necessary eth to do that obviously 32 eighth is is a is a large requirement and say you you know you have like three other friends and you all want to be solo stickers but you've only got eight eight each or a bit more than 80th each and you want to stake it you can pull it together and then each of you run the the the software on your own hardware and then

all of that software will talk to uh talk to each other and become one full ethereum value later now this does not only allow you to Squad stake with with less than 30 teeth each year um obviously yeah it still has to be 32 to collateralize the validator but it's it's the combination of all of your eth you also get resiliency and redundancy here um because if say there's four of you doing it and one of the the nodes goes offline the other three are still going to be online which means that you're still going to be a testing and proposing blocks and that's why DVT is such an exciting technology because it allows for that extra resiliency and security and if enough people adopted on the network and enough Services adopted on the network we're going to have a

really really resilient Network and it's going to uh hopefully lead to more solo staking I I would consider four friends running uh you know DVT uh with AES pulled together as solo staking like I I mean it's called Squad like I'm saying it's it's Squad staking here but I would say it falls into the solo staking bucket now of course there are other ways of doing this as well uh for example with stakewise V3 agree with their vaults product I could set up a vault called The Daily Gray community Vault or something like that right and I could say hey guys you can stake your eat with me I'll run the validators I'll run all the necessary software I'll make sure you know it's all up and running and all you have to do is deposit your eighth non-custodally I don't have

control over that eighth under the the stakewise V3 model and then you can begin earning rewards like that and you don't have to have 30 tweets for that either you can do basically any amount of eighth I don't know if there's a minimum with the V3 volts but I'm sure if there is it's not very large and you could do that as well now would I consider this solo staking no I don't think so could it be considered Squad staking yeah yeah to an extent right but I think that when I think about like true Squad staking it's each of the members of the the squad running the validator software right that that's what DVT does whereas with the stakewise V3 volts you're not running the validated software only I am if you if you stake with me if you pull with me only I'm running it now of course you

can run it as a DVT cluster as well right you can you can do the same thing here uh we where essentially you have like I don't know five people running it and then people can pull together or you make it a private Vault and you say to everyone that wants the steak with steak their wreath say Hey you know I'm creating this this uh this V3 volts let's all run the software and let's pull our Eve together and we can run x amount of validators so as as I said in my tweet decentralized staking is it takes many forms and obviously solo staking is the gold standard but even solo staking is being uh kind of um uh kind of changed up a bit here with with Squad staking so that's what I'm very excited about going for I know I've talked about DVT a bunch on the refuel

already for for a long time now I've talked about opal Network a lot I I mean disclosure you guys know I'm an investor in opal network uh SSV the secret shared validators network there's a couple of others the names are a kind of like um escaping me right now but this technology as I've said before is not theoretical it's real it's on mainnet right now uh and on test Nets so it's not like something that's going to calm me in a year's time it's here and now that withdrawals are enabled it's going to make it a lot easier for people to get started doing this uh and to begin their squad staking Journey so I just thought this was really cool and it really helps the health of the beacon chain and the decentralization of the ethereum network

all right so superfuse shared a new website today that I hadn't seen before all about uh the execution layer client diversity so you can see here at execution.diversity.info that they're tracking a bunch of different staking services and what execution clients that they are running so this is quite fresh I believe they're still indexing data here but you can see the different um different Services listed uh with the clients that they're running so at the top here we have Eve pool who apparently is 100 never mind then we have rocker pool which is about 54 Geth uh 13 never mind 6.4 base suit and 26 unknown as I said some of the data is still being indexed here drop down to Lido you've

got like 88 Geth and then uh then a bunch of others as the minority and then the rest of them you can see pretty much all 100 Geth now of course as we all know Geth is still the dominant execution client on the network it's not as dominant as it once was it's come down from 90 dominance to around 6 50 which is is good because we're below that critical threshold of 66 which is what we want to see but obviously we want to get that down even more we want to get it down to basically the same uh that we see on the consensus layer side where none of the consensus layer clients have more than 40 right now if we can get to that that'd be really cool but to do that we need to push these client uh these um saving services to

change now with the execution layer side of things because a lot of them uh like the execution clients such as never mind basso and Aragon haven't been as stable and resilient as Geth in the past people are I guess like not in a rush to change so to speak but in saying that I have been talking about how I run never mind and it works works fine for me I've tried beso and Aragon they work fine too but I know people have had issues with them so I think we're going to see more of a slow change here but it is going to happen and I would like to see even just these Services yeah that the ones that are all 100 Geth you know just go to 50 Geth and 50 another mind or something like that or or go to like 80 death and

20 never mind right uh so when I see this I kind of I I think to myself look it's okay because I understand why people do this and I understand why it's taking services are doing this but we need to do better here honestly we need to do better for the resiliency and the security of the network so I'm very glad that this website exists as I said I hadn't seen it also I'm not sure if it's if it's new or not um but I believe it is uh but yeah you can check this out for yourself I'll link it in the YouTuber description below all right so I haven't spoken about the ultrasound money website in a little while and I actually realized this yesterday when I put this tweet out I was like wow I haven't actually talked about the eth burn in a while and the

thing is is that I mean there's two reasons for that one reason is because I think there's a lot of people already talking about it and I kind of felt it was redundant for me to bring it up again and two Ethan's been deflationary uh and the Eid supply has been down only since January 16th so almost almost three months now and because of that I kind of figured that it wasn't really news to talk about how eth was net deflationary now I'm going to bring up the ultrasound money website here to get some real stat uh real uh real-time data for you so my screenshot shows that since January 16th Eve has been down only the Eid supply has been down only obviously not not the eighth price but the heat Supply um and then like it's just straight down right like and then if you sort by since

the merge even like since the merger hasn't really inflated very much we briefly went under and then came back up but this is because we're basically above the ultrasound barrier at all times which is quite incredible considering that it is still technically a bear market right there's not really much uh or any new people coming in so the fact that we and we haven't uh reduced the scalability of layer 1 ethereum it's not like we've reduced the gas limit which makes fees uh kind of go up because there's the same amount of demand it really is just demand continuing to go up naturally for layer one even though we have these Layer Two Solutions online right now which are growing really quickly as well I mean I was looking at

um cryptofees.info uh just before and both arbitrary and optimism are doing a crap ton of daily fees uh arbitrim is is pretty high up there I mean if I get the actually I should get the crypto fees dot info website up as well so I can show you what I mean so look here arbitrim1 and optimism uh so arbitrim1 is doing 225 000 of daily fees uh the average over the last seven days is about 180k and optimism is 158k over the last day and 120 8K over the last seven days now of course this is also influenced by layer 1 ethereum fees because of that core data cost um and that proof cost obviously but people are still paying to use these networks even though the fees aren't like super ultra cheap right so that there's a testament to the fact that

there is a lot of Demand right now from uh existing people in the ecosystem which is obviously very very awesome to see and you can actually go here and see what uh what it's like over a longer time frame so if I go from the 1st of January to today on arbitrim actually it seems to have uh have bugged out here but if we go back to uh it's the first of January uh what was it Arbor stream one fees were about 12K right now we're what three and a half months into the year and arbitrim wins daily fees are over 200k that is a huge uh Improvement that is that is almost a 20x right so these things are growing and that means ethereum layer one is growing I mean as you can see here the ultrasound barrier has just been so uh sorry the ultrasound

barrier chart where was it I I think I I'm sure that's the ultrasound barrier chart there um no they must have changed it oh I think they're doing upgrades or something to the yeah yeah they're doing upgrades for the um Fisher Palace still but anyway I I we've been mostly over the ultrasound barrier for for most of the time here and you can see the gas burners over the last seven days there's nothing new in here these are all the same gas burners that we've been seeing for a while now there's uni swap heat transfers Open Sea stable coins right last 30 days and you can see arbitrim is actually in the top top 10 over the last 30 days um it's sequencer inbox which is pretty bloody awesome to see and optimism's not far behind there either and then if you

do since the merge you can see it it still looks the same right the last day still the same so it's not like we have uh introduced a new Ponzi onto the onto the chain or there's some demand coming for for some particular app all of a sudden no this is real sustainable lasting demand that has lasted through the brutalities of the bear Market still lasting to this day and if and even and he still lasted on layer one even though layer twos are absorbing a lot of the users now because they're like the the layer one fees obviously even at 20 gray is very unaffordable for a lot of people at a unisop trade at 20 gray is not cheap right I don't know the exact numbers on the top of my head right now but it's even if even if it's

five dollars right even if it's ten dollars that's not cheap like that's that's expensive people are still paying it of course but if you go to L2 actually I can actually go to l2fees dot info here which is a website that shows this sorts of stuff you can actually see that a swap on uh ethereum is six dollars right now right on ethereum L1 on optimism and arbitrim it's less than 30 cents so that's it's a pretty big reduction in in fees obviously it's not as cheap as it can be and we'll get 48 44 and further improvements to um these layer 2 networks uh obviously as time goes on but uh people are still paying these layer one fees and then the people who can't afford these fees or don't want to pay these fees because it's quite quite ridiculous to pay them if you're just regular user you're at

Layer Two so ethereum as a whole ecosystem has just been growing so much especially over the last I don't know six months which is just insane to me so that's why I brought up this e-supply has been down only for three months now because it just really signals all that natural demand for ethereum because you can't fake this you can't uh this is real money being burnt as you guys know eighty percent or 70 to 80 percent of all fear revenue is burnt it's gone it's never coming back so to fake this you would have to be a really really really deep pocketed person who for some reason wanted to spend upwards of many millions of dollars a day to fake this activity for what exactly maybe you think it's

going to be bullish for Ethan it'll pump your eat bags but you're burning eth to pump your teeth back so it doesn't make sense right I'm just trying to walk through the logic here because it doesn't make any sense at all so from that perspective that's why I always say that fear of a new um especially Fair Avenue that's burnt is the best metric to look at for natural demand and I say when burnt because obviously if the fair Revenue isn't being burnt it can be manipulated because let's say that you are an honor dpos Network and you're colluding with a bunch of other validators to say hey let's fake some activity I'll pay the fee and then once you collect the fee you just kick it back to me you just send it back to me right um and I'm sure this has happened on

some of the some networks in the past but that that is a possibility to to happen all the time um but from that perspective just looking at uh the fact that on ethereum layer one eighty percent is burnt there's there's no faking going on here because it's just stupidly expensive to fake this like you would run out of money extremely quickly even if you were a billionaire you would run out of money very quickly trying to fake this uh this and all you would be doing I guess is a public service to eat holders basically um and you'd be like pushing like um public goods to etholders I guess if you could call it that but yeah that's why I I brought brought all I bought this up and tweeted this out but anyway good to see the sustainable growth here sustainable provable growth not

growth like TPS and uh the amount of transactions on a network I always thought they were crappy metrics active addresses not great metrics the as I said the best metric is fair revenue and nothing even comes close to ethereum you can see here on cryptofees.info the next closest uh thing that's generating fear of a new is uni swap but the next closest blockchain is Bitcoin and Bitcoin is at 767 000 uh over the last seven over the last day uh whereas ethereum is at seven million over the last day so almost 10x more than Bitcoin and then the next is BNB which is slightly below Bitcoin here so ethereum is leading by 10x and the next after that is arbitrimin optimism and then after that is Avalanche with only 55k of

daily peer Revenue right it's and and these are all evm chains still polygon POS chain then you get to Solana at 43k over the last 24 hours and and that's it like after it's just hilarious how ahead of the pack ethereum is from this metric and the fact that the l2s are also very ahead of the pack as well is is great but anyway gonna leave that one at that I got a bunch of other updates to get through here so uh rocker pool announced today that the atlas smart contracts have been successfully verified and merged ahead of next week's launch this means that they are now eligible for the immunify bug Bounty program with rewards of up to 250 000 available so if you are someone who wants to get into the code and wants to have a look at the new code

as part of the atlas upgrade and think you can find a bug well if you find a critical bug and you can produce a proof of um of concept TR you can stand to make up to 250 000 US dollars so I'll link this in the YouTube description below for you to go check out if this is up your up your alley but if you don't manage to find a critical bargain you still find a medium or a high level bug you can get between five and twenty five thousand dollars here so yeah go check that out Atlas is going live in the next few days so I guess I think this bug Bounty lasts even after Atlas goes live I'm not 100 sure on that but I believe it does so yeah it's it's not like a a rush or anything like that but if you do

get it if you do catch it before it goes live I'm sure you'll get even more props for doing that all right so into max a project that I mentioned I think a few weeks ago on the refill they partnered with scroll when I mentioned them have announced that they have raised a five million dollar seed funding round to build their stateless ZK roll-up now of course I participated in this round and I say of course because I love funding layer 2 things I love being involved with everything layer twos and it Max is actually building something that's novel and I haven't seen before so what they're trying to build is a uh kind of a roll-up plasma hybrid now for those of you who don't know what plasma is this was a construction that basically came

before roll ups and was mostly abandoned in favor of Roll-Ups but the exploration of uh taking the what was good about plasma and applying it to ZK Roll-Ups hasn't been done before and that's exactly what itmax is trying to do here which obviously I see you know Innovative things happening in the layer 2 space I have to get all uh I have to get all the monster I have to get all about it um so yeah I guess congrats on the raise uh uh uh to them here it's really great they have a bunch of great people on board uh such as Justin Drake here and Scott Moore uh from from git coin and a bunch of really great investors as well there uh and you can see all all of them listed here but if you want to learn more about intmax you can go to their

their website but also they've got an E3 search Forum uh post that they've linked to on their Twitter page for back in October that explains exactly what they're trying to build here and what they're trying to do so you can go check that out as well it is quite technical but as I said this is kind of bleeding edge stuff this is very Innovative stuff here and it's reusing old ideas that just didn't work at the time but but do work when you apply them to to ZK Roll-Ups here so super super exciting uh to see this I'm very happy uh investor in in maxia because I would really I really um would love to see uh this kind of in the wild and see people building on top of it and seeing what uh how the builders and developers take advantage of this new technology that's being

deployed here but as I said you can go check check out intmax for yourself there is a medium post announcing the raise of course with relevant links to other things that you can go check out such as the website here which is at intmax.io as you can see here they've got information about what they are what they're trying to do with a bunch of graphics and tables and things like that so yeah and a roadmap of course so you can go check that out I'll link that in the YouTube description below all right so uni swap's Mobile wallet is actually out of applejail so you remember when unisop launched this a couple of months ago they said that Apple wouldn't approve the uni swap wallet for the App Store and you could only access it via um test flight so it was only there was a 10 000 person limit

on test flight I got access to it because I was in ethanbo and they announced their wallet and they had access they were giving out access there but now anyone can access it from the App Store so if you have an iOS device you can go to the App Store and download this wallet for yourself and this can become possibly your new wallet now I have discussed their wallet before and right now it is very similar to Rainbow wallet and very similar to coinbase wallet but I think that they want to make this kind of the premiere wallet that people uh use especially for swapping on unisop and for it's not it's not necessarily targeted at crypto natives it's definitely more targeted at crypto newbies the ones who literally you know are very new to on-chain stuff and their first foray is probably

something like uni Swap and when they see something like unisop wallet they probably think to themselves okay you need some trusted brand I know that I'm going to download the wallet and then they're greeted with like a a pretty nice interface where they can see their nfts and stuff like that uh and and it's a trusted brand obviously in uni swap I think this is going to be very popular with them so yeah as I said it is now live on the IOS app store and you can go check it out for yourself I'll link it in the YouTube description below all right by economy has a big announcement today they have released their account obstruction uh uh kind of SDK here or by con sorry they have released the account abstraction part of their by economy SDK so now developers can deploy gas efficient uh 4337

compliant smart contract accounts set up verifying pay masters on mainnet and start sending user Ops to uh by economies bundlers via the SDK so this is a full account obstruction stack that developers can plug into now this isn't just for ethereum mainnet this is for pretty much like so many different evm chains whether they be layer ones or Layer Two and you can see the list of them here in the Tweet uh there's obviously optimism and arbitrum and there's polygon ZK AVM uh there's even like other l1's as I said like Avalanche and BNB chain and the ZK sync I mean the full list is here you can go check that out for yourself but if you're a developer and you're interested in account abstraction well this is where I would be looking that's for sure but economy is a very trusted name in the

ecosystem and they're really great at what they do so definitely go check this out for yourself I'll link it in the YouTube description below alright last up is just a video that I saw from eth Global of the 8th Tokyo Hacker House so look at all these people look at all these hackers this is crazy right there's no bear Market what's a bear Market to ethereum we've transcended bear markets remember me saying that after I came back from East Denver we've definitely transcended them in my view but yeah look at all these people I'm just going through the video uh this is crazy and it's giving me crazy fomo because I absolutely loved Japan last time I was there in 2019 for Devcon Osaka I actually traveled around Japan I went to Osaka Kyoto and Tokyo and as you guys know I'm really into my

like anime and figurines and like retro gaming consoles and things like that uh as you can see behind me uh and that that that hobby actually started in 2019 when I went to Tokyo and started buying my first figurines there and then from there it's just become an obsession so I'm getting extreme fomo over the fact that there is an eath conference in Tokyo and that I know that I could be in Tokyo and after the conference go and buy more figure eights right so anyway I'm not gonna go on about that too much there but if you're there in in Eddie Tokyo right now uh do enjoy yourself I mean Japan is amazing honestly I love Japan it's probably I think Japan as a whole was my favorite place that I've ever visited to be honest and I I've said this to people before but uh out of

all the places I've visited Japan is probably the only place I would consider ever living in uh are there places that I've gone to I didn't get the kind of vibe and I was like yeah I couldn't really live here it's even if it's a nice place I couldn't feel myself living there but with Japan especially Tokyo I definitely did and it's funny because Tokyo is very very different to to Melbourne uh it is much more fast-paced than Melbourne much more densely packed um it's it's extremely different not just obviously the cultural and language barriers but just a bunch of different things are very different to to where I am right now but I can still see myself living there but anyway as I said I'm not going to go on about that for two months for too much there um I think I'm gonna end it on that note

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 newsletter join the Discord Channel and I'll catch you all next week thanks everyone