Lens Protocol v2, Celo to become an L2 and more - The Daily Gwei Refuel #624 - Ethereum Updates

Transcript

hello everyone welcome to another episode of The Daily refuel we wake up the latest news in lithium ecosystem I'm your host and this is 17th of July 2023 right everyone let's get into it so actually before we get into it today just wanted to quickly thank everyone who wished me a happy birthday yesterday uh I did post on Twitter that it was uh my birthday yesterday had uh some great American barbecue to celebrate and uh had some great time with the fiance there but yeah thank you to everyone for wishing me a happy birthday I am 31 not 50. a lot of people in the comments thought I was like 50 or much older than what I am and I can kind of get that because I have like the beard and I guess I look older than what I am but it's always funny when people comment

that it's like no I'm not 50 guys I'm 31 but yeah no just wanted to say thank you to everyone uh for the well wishes there but anyway moving into the news so there's actually a lot to talk about uh that happened over the last few days and I'll get into all the biggest stuff but to start us off with uh today we have an update on the SEC versus a coinbase case so this comes from meta law man you can read this little thread I'll link it in the YouTube description below but basically uh it seems the judge is favoring coinbase at the moment so it seems the judge is going against the SEC we obviously saw last week with xrp or Ripple winning their case against the SEC or at least partially winning their case against the SEC it seems like the sec's regular regulation via enforcement

uh kind of approach has not been very successful and is getting a lot of pushback now from the Court's system and and that that the same thing is true with the SEC versus coinbase case here now uh basically uh meta Lawman points out here that the judge assigned to the coinbase uh SEC case judge failar I think that's how you say it'll faila I think until you say your name uh she says it's not crazy in the Fowler parlance for coinbase to think that what they were doing was okay because it was exactly what you let them do when they uh filed their IPO registration so basically it's pretty wild that people were making this point saying you know why did the SEC approve coinbase going public if they thought coinbase was

doing illegal things such as trading unregistered Securities uh and the judge is basically saying that as well like why did you approve coinbase's uh IPO if this was the case because coinbase had some of these assets listed uh that you that you have said that I'm registered Securities at the time of their IPO and they also had to eat staking I believe as well there so it's great to see that and that's basically those comments basically signal that the judge is favoring coinbase over SEC and but it's still very early right but I think that with the loss last week for the SEC from Ripple uh with the fact that it was a pretty big loss because the judge basically said that xrp wasn't a security and now this judge saying that hey you know the SEC doesn't seem to be

doing its job if you're now saying that coinbase is doing illegal things that they were doing at the time that you approved their IPO yeah it feels good to get some wins under our belt right against the SEC and against Gary Gensler who definitely has been encroaching and and uh on on crypto for quite a while now and has been extending the powers of the SEC which uh definitely uh need to be put in check of course but yeah I just wanted to give that little update there on that one you can check out the full thread it's not that long but I'll link it in the description below for you to do so all right so there was another eighth call dev's consensus call over the weekend uh I believe on Friday but there was this recap put together by um Christine Kim here which I'll link in

the YouTube description below but there was one thing in particular from the call that I wanted to talk about and that was the core developers discussing addressing the validator set size um so right now we know that there's a lot of validators coming online on the ethereum network and the more validators that come online the more load is put on the network uh because or obviously the more validate is there are the more signatures there are the more um every valid more work every valid it has to do the more um a bandwidth each validator uh basically has to also each um stacking setup would use and that's an issue right because if the validator set size gets too large and I think estimates say if we get to like 2 million validators we're going to lose the ability to validate on um

low-powered Hardware such as rock 5bs and Raspberry Pi's because the load would be too much for that that hard Hardware right and obviously bandwidth um bandwidth requirements are going to go up so much that we end up kicking off people who don't have unlimited bandwidth right and to give you a sense of numbers here I think you can potentially use up to like two terabytes a month I think right now um and that's fine for people who have probably unlimited data caps like like me I mean I'm using almost 20 terabytes a month because I'm running multiple elcl combos but for a lot of people that don't have that so how do we address this problem how do we address the validator um growth rate well there are a few different solutions that were tabled one of them included a potential

monetary policy change which would basically change the issuance curve of ethereum staking I don't think that that's going to happen anytime soon I don't think it should happen unless it's more than just capping the validator set reasoning and I understand that the reasoning is that we're currently overpaying for security but I would like to see actual numbers on that I would like to see deep research done on that I would like to see Community discussions around that before that is even considered for inclusion in any kind of upgrade and I think that the developers they wanted to get something into dencoon the next ethereum Network upgrade uh but that's definitely not going to happen in my mind I don't think there's going to be a monetary policy change in that upgrade uh the second

thing that could be done is as I discussed I think a few weeks ago where you would basically lift the max effective validator balance to something like 2048 eighth instead of 32 8th so that people could consolidate their stake into you know a handful of validators instead of potentially hundreds of validators if they have a lot of eth right and this would obviously bring down the amount of validators on the network and would bring down Network load overall now I think that I said last time that that something like this would be like neutral to positive for the network if you weigh up all the pros and cons I'm actually yeah going even further towards the positive side now simply because I would rather that solution than a monetary policy change just to address the validator size I think a monetary

policy change to address other things um would be would be welcomed but as I said I'd like to see more research there but if it was just for this sole purpose then I would prefer the the max effective balance being increased now the easiest solution that was tabled was something that could be included with dencoon and that would basically be to cap the churn limit at 12 validators per Epoch so basically it would cap how many validators could enter the beacon chain per uh per Epoch so that we could slow the rate of growth of um ethereum of the amount of validators coming online so it gives us more time to uh to basically uh come up with the better Solutions and get them included in network upgrades this is something that could be done

very easily I I think it would be like maybe even just a line of code changed and it could be included in dencoon and it shouldn't be controversial it does kind of change the calculus a little bit I guess and basically it basically um changes the expected future rate of growth for validators and I guess that's the whole point right but I don't think anyone would really care I don't think people would be like oh you know I expected at this point to be able to enter the um the validator queue sorry to be able to enter ethereum staking faster because the churn limit went up because more validators came online um I don't even think most people know about the churn limit so yeah I think this is like by far the least

controversial option and the one that should be I don't think it's controversial at all to be honest but it's the easiest option and the one that should be pursued if the core developers and researchers agree that we need to do something to slow the size uh sorry slow the validator uh uh set growth now some people ask you know why wasn't this done before earlier why was this not um uh kind of like uh taking into consideration earlier well it was but at the same time I don't think even the core developers and researchers uh realize just how fast ethereum staking would grow because you need to remember a lot of this was designed back when we were in a pretty deep bear Market um a lot of this was designed in 2018 2019 right uh the beacon chain went live in December of 2020 and then pretty much

all the focus was put on basically getting the merge done which was a huge undertaking obviously but then after that we we you know the focus was done on putting through validated withdrawals and now there's a lot of other things on the ethereum roadmap to consider that it just was something that was talked about and considered and there were Solutions tabled uh but essentially what happened is I think that the validator set size grew a lot faster than people thought it would and honestly I'm I was pretty blown away as well I didn't think that we would get to you know a persistent validator queue of over 88 000 still I mean it was over 90 000 it's still over 80 000. I didn't think we would get to that but I think I really underestimated how popular each staking would be I really underestimated the

demand for things like uh lsts for example and how people could use them within defy I mean I knew it was going to happen right and I've discussed this for a while but I don't think I I kind of like estimated the growth rate of those things uh properly which is it's a nice problem to have I think it's a nice surprise but at the same time it brings with it other issues so yeah those are the three kind of options being looked at as I said I don't think in ethereum monetary policy change um no insurance curve change would happen anytime soon and I don't think it would happen if it was only to address this issue in particular it would have to happen if it would address multiple different things and it was convincing enough for the community to say Hey you know we should

do this because it shouldn't be easy to change the monetary policy traditionally it hasn't been it's been quite difficult to do so and it was only done when the community felt it was necessary because ethereum is monetary policy basically boils down to what's called minimum viable issuance which basically means we issue as much new that is minimally viable to secure the ethereum network and no more and right now a lot of the researchers believe that we are currently overpaying for security which means we are issuing too much eth to secure the ethereum network and I would like to see obviously more research done on that I would like to see more arguments around that and more discussion happen around that but there's not going to be a monetary policy change anytime soon as for increasing the max effective validator

balance that is a more complex change it's definitely not going into dencoon even if it was approved today so that could happen sometime next year uh if it was approved and if the community wanted it and obviously there's the trade-offs there that I've discussed before and then there is this churn limit um thing just setting it to 12 instead of letting it keep increasing as develop more validators come online that is the most palatable solution that is something that could go live with dencoon and we'll have to see if it will but yeah I'll keep an eye on that and keep you guys updated on that one there all right so we have a long tweet here from Orion berkman's today talking about eth's positive black swans and he basically talks about all these things that were that are going to happen for ethereum as a network and eth as an

asset to continue I guess a growing ethereum's Network effect growing ethereum's um uh moats and making ethereum the best settlement layer it can be and eat the best asset it can be now I'm not going to read out the whole tweet for you you can go check this out for yourself but one thing I did want to mention is that ethereum generally has two things that it's scaling right I mean okay you could say it's three but let's stick to two there are two technical things that ethereum is is scaling it's scaling ethereum the network right we're scaling that via layer twos Roll-Ups all that good stuff there and and I've talked about those a lot and I will talk more about that in a sec because there's an exciting announcement I got to do with that that happened over the weekend but a lot of people forget that ethereum

also scales eth the asset and it does this in a few different ways so ethias asset is kind of the main export of the ethereum network you can think of this like the US and the US dollar so the U.S exports US dollars to the rest of the world it is the world Reserve currency it is the currency for preferred uh the preferred currency for international trade it is the preferred currency in a lot of countries around the world that have pretty high inflation right like places like Argentina and Zimbabwe and things like that they prefer the US dollar same is true for eth right if the eighth gets exported to all kinds of networks within the crypto ecosystem it gets exported to other layer ones via Bridges uh it gets exported to Via layer twos you know via the same Bridges it

gets exported to side chains it is this asset that everyone wants right and a lot of people do not dominate their wealth in they use it as money they use it as collateral it has a huge market cap right it is basically the reserve asset of the crypto ecosystem I know that a BTC exists but BTC is a lot less portable than eth it's a lot less interoperable than than eighth you have a lot more trust assumptions as well because not only do you have bridging trust assumptions but any kind of tokenized BTC is completely centralized right so you have multiple failure modes there uh and BTC is just not a very financialized asset when it comes to unchain things maybe outside of of that it is it's obviously a store of value people use it as that um you know in certain places around the

world uh people do use BTC as money in very limited Fashions it's not really used that much but whereas with eth is the money of the on-chan ecosystem everyone wants to use it it is the gas fees for ethereum layer one it's used as gas on these layer twos and then it is used and is the biggest uh kind of like source of collateral for a lot of these money markets for uh different uh liquidity positions stuff like that so not only as an as the ethereum ecosystem are we scaling ethereum the network but we're also scaling eth the asset in various different ways and now I did mention there were three ways that ethereum kind of scales the third way is more social so ethereum X its values right and has these kind of values and

principles of decentralization censorship resistance all that good stuff and it exports those things to the layer twos because the layer twos if and when they're constructed correctly get to inherit those properties they get to inherit censorship resistance they get to inherit um security and and potentially liveness benefits and things like that from from ethereum but with that comes the social inheritance they become aligned with ethereum right they become part of the ethereum network and part of the ethereum family and they are welcomed with open arms rather than something like an alternative layer one for example that is a perfect segue into a very exciting thing that I wanted to talk about that happened over the weekend was this proposal on the cello governance Forum from Cello labs to

transition or to basically um change cello from an L1 into an ethereum based L2 now for those of you who don't know cello has been around for quite a while it is an L1 it has its own validator set and it's been around I think as early as 2019. I remember seeing a presentation given actually on uh Salo in 2019 at um in Berlin I believe I think it was dapcon in 2019 uh and even back then I was singing to myself I don't think this verb this could succeed as a layer one I don't think this is is meant to be a layer one and I haven't paid too much attention to cello since then but that started off as wanting to basically create a payments Network or or a kind of like payment rails for

developing countries I don't know what kind of success they've had with that or or with their layer one model but you guys know my opinion on layer ones generally they're in my opinion most of the time pretty much all the time far inferior to layer twos but in saying that for a long time now the ability to transition from a layer 1 to a layer 2 has been difficult at best right because the infrastructure just wasn't there it's only recently that we had a lot of the infrastructure come online and the infrastructure I'm talking about are the tools to make the transition easy such as the op stack such as the ZK sync stack right such as the polygon ZK stack so basically these sdks or software development kits uh that allow you to

create an L2 very easily but and allow you to pick and choose what you want so pick your data availability layout Pick Your settlement layer uh pick what infrastructure you use you know all that sorts of stuff and that's exactly what cello is doing here they're going going to be leveraging the uh I believe the op stack uh from from what I can can read here and they're going to be storing their data on eigenlayers data availability layout or eigen da so what's cool about this is that it I mean it still is a layer two because I Define a layer 2 as something that posts its uh proofs to ethereum but it can store its data elsewhere so it's optional data on ethereum but it can store its data on eigen data availability layer or

somewhere else right um whereas a roll up is something that posts both of those things to ethereum now people will disagree with my definition on these things but I'm not here to debate that today what I'm here to discuss is this actual proposal so what uh what they're going to be doing is they're going to be transitioning the L1 to an L2 using the op stack storing their data on eigen da and what they're also going to be doing is decentralized sequencing by using their existing a validator set now this is really cool because they do have an existing validator set so instead of having to boost up a new one they're basically going going to be using their existing validator set to decentralize out the sequencing of the cello layer 2 here which I thought was was really cool and

really novel um and then on top of that you've got here that they'll be using eigen da as their data availability they are because they want to maintain those low fees on on cello I get that it's going to be interesting to see where these l2s choose to store their data once or erp4844 goes live like will it be cheap enough to justify the lower security of an off-chain data availability solution rather than putting it on ethereum layer one we'll have to see but at the same time eigen da is validated by the same validators that ethereum is using not to say it's going to have the same decentralization security liveness guarantees as ethereum layer one but if you had to choose

between uh the uh you know a data availability layout that was secured by ethereum validators and one that was secured by I don't know some random validators you have you know that that that that just got stood up for the purpose of securing that that availability layout I know what I would choose first and foremost it would be obviously the ethereum validators so that would that that's very cool and then the third Point here is that a design that retains Cello's one block finality now I haven't read into this too much yet um but that would that that sounds pretty cool as well obviously ethereum wants to get to one block finality eventually but if cello can somehow do it as an L2 that would be that would be pretty cool as well but yeah I think the the broader discussion here around l1's becoming l2s uh outside of the fact that

I'm gonna do a little bit of gloating here I called this a long time ago if you've been watching the refuel for a while you know that I I have said for a long time now that when the infrastructure is there we're going to see our ones become l2s because it makes a lot of sense from not just an economic standpoint because it's much more expensive to be an L1 than it is in L2 but also from a network effect Community you know product Market fit standpoint and on that note another thing that I want to talk about is that typically if the ethereum communities I guess approach to these l1s is to be hostile towards them right and I get that because I've been hostile towards them I think my reasoning for being hostile towards them is a bit different to other people's for me it's more that I just

don't see the point in them technically and economically I know that there are some of them that have communities that have attacked ethereum in the past and that really annoyed me um obviously over the high gas space and stuff like that but for me I always looked at these l1s and I and especially the ones that were like evm compatible and I thought to myself this is so pointless because I saw the l2s coming I saw them improving all the time I was I was keeping up with it very closely and now they're basically at the point where these l1s can transition I think ethereum as a community needs to embrace these l1s now there is not every L1 is obviously created equal should be treated equal for example if there was an L1 that came across that was extremely hostile to ethereum for much

of its history and became an L2 I personally am not going to just welcome them with open arms because they're bringing their Community with them right if their Community is still going to be hostile towards ethereum even as an L2 well that just kind of defeats the whole whole purpose right but whereas with something like cello I don't believe that they've ever been hostile to ethereum I haven't seen it um maybe they maybe maybe originally they were maybe they weren't I don't know I haven't seen it personally um so I don't think that we should deride them animal we should kind of like make fun of them I don't think we should say well you know there's a the ghost l1s are coming over and there's going to be ghost l2s maybe they will maybe they won't I expect there to be plenty of ghost l2s there's going to be

ghost l2s and what I mean by ghost L2 is basically um l2s that don't have any activity on them um but I expect that there'll be plenty of these ghost l2s that started off as l2s just because as I've said many times before I don't believe there's going to be that many generalized l2s that are going to be super successful um I believe there's probably going to be less than five that are like 80 of the activity happening there but in terms of their specialized app chains or app l2s there's gonna be plenty of those but at the same time not all of them are going to succeed there's gonna be plenty of dead end ones because they're going to be projects or products that people just didn't want to use just because it's an L2 doesn't mean that it's going to succeed uh so I don't think that so I

guess like my main points here is that I don't think we should be necessarily hostile to these projects I don't think we should be on them I don't think we should be wishing them ill or anything like that if they transition to being in ethereum L2 it's on them obviously to grow their own uh project grow their own product and if they've made the decision to become an L2 I think that's the first step in mending their relationship with the ethereum community if they were hostile in the past um uh but yeah I don't think we should go around on Twitter and parade around and kind of like uh deride them or anything like that now as I said it is a case-by-case basis as well there are certain l1s that have been much more hostile than others uh but yeah we'll have to see how that evolves

there but I'm curious to see what the next L1 is that becomes an ethereum L2 um if I had to guess I actually couldn't to be honest I guess right now because there are a bunch out there that I think would make a lot of sense to be in L2 rather than L1 but at the same time they're kind of like dying our ones to begin with and don't really offer anything different to the existing set that we have at least at least with cello the whole thing is is going after and creating payments networks and and these and these tools for uh Community impact for developing nations things like that so at least they have something that they're focusing on that does fit with ethereum Community Values like the like Bitcoin stuff like that like the public goods Network and things

like that but it's not like one of these other evml ones which are literally the same thing as like optimism and arbitrum right they're just offering evm compatibility um and uh and developers can just deploy their same apps on them I don't even see the point in them transitioning to an L2 because they are just going to be in the same position as as an L1 so there are going to be projects out there that maybe make the transition that in my mind uh are probably going to fail straight away but that's going to happen anyway uh but yeah this was a very exciting uh announcement and news out of the sallow ecosystem here you can go check out the full post for yourself I'll link it in the YouTube description below um and yeah the summary here from Vishal just Recaps what I said about uh cello

that it's going to be an optimistic roll up using the op stack using eigen da and decentralized sequencing via Cello's existing a validator set all right staking sticking on the layer 2 topic so ZK Sync has announced something really exciting here uh today so they've announced something called bujam I think that's how you say it it's probably not I don't know how to pronounce this but it's spelled b-o-o-j-u-m so bujjam is ZK sync era's new high performance proof system for radical decentralization it's an upgrade that will transition ZK sync error to a stark powered proof system providing world-class performance on consumer grade Hardware so I've talked about ZK approvers before and about how getting

the hardware requirements down for proving is something that pretty much every ZK team is focusing on right now and competing against right now uh my cryptography knowledge is definitely not to the point where I could say what systems better than than another but it does seem like there seems to be a convergence on a stock based approach at this point uh versus other approaches now as I said I'm not up to up to speed on it I'm just kind of observing here but what I found really interesting about um about the the proving kind of uh sorry this new thing from ZK sync was that they've been able to bring down the proving costs to Consumer grade gpus requiring only 16 gig of GPU Rams so

that's basically the uh the the the biggest breakthrough I believe uh in this announcement here because it means that myself with my uh Nvidia 4080 in my machine could use that it could use that to prove um ZK proofs on the ZK SIM network uh which I can't do right now with other ZK approvers as far as I know I think that I remember saying Scrolls prover I can't remember the ram requirements that they had I think it was like 128 gig or something like that and that was down from a lot higher and it's going to keep coming down from there there and also at the same time proving as much as I think it's important to bring the hardware requirements down it's not like absolutely critical because proving uh

you know you only need one proof so any like it doesn't matter if it's like it's like a one of n kind of of trust assumption right or one of n uh kind of um uh design yeah where basically you can have one prover and just proving everything and as long as they get the proof out there you're good to go but obviously you want to have more than one for redundancy and liveness and things like that so that's why it's good to bring these requirements down as much as possible so the consumers and everyday people can participate in this and also potentially earn fees for doing this as well so yeah you can go check out bujam for yourself I'll link the full announcement in the YouTube description below uh for you to do so all right sticking on the layer 2 topic again uh mantle has announced their

official mainnet uh which is live now so mainnet a mantle network is now open to all blockchain users from developers to users so another L2 joins The Fray here uh which is really awesome to see you can go check out mantle uh network uh sorry check out the announcement about this for yourself I'll link it in the YouTube description below but yeah the test now has been live since January of this year so they had about I guess six or seven months worth of testnet and now they've launched their their mainnet here I saw something about them storing their data off chain as well so not on ethereum uh L1 I'm just trying to to find it here uh because I I remember seeing it but I've forgotten exactly where they're storing their their data I think it might have been eigen da which

is kind of funny because eigen DA's is um is uh is landing a lot of projects uh so far and it's not I don't believe it's live yet it's I believe it's going to go live a relatively uh soon here but yeah I think this is where they're settling their data to but yeah as I said another L2 live here on mainnet for you to go check out I believe that there was maybe an airdrop as well or something like that uh four mantle so you may be eligible for that that's something to check out there but you can read the full post here for details on all of this I will link it in the YouTube description below for you to do so all right lens protocol V2 has been introduced then the reason why there's a lot of major announcements lately guys is because EPCC uh the conference in

parents Paris is currently on and you're going to see more major announcements coming out over the next few days because of that so it is going to be an exciting week this week hopefully uh but yeah anyway jumping into lens protocol V2 uh it's obviously the next chapter of uh Lancia V2 brings even greater control to builders integrators as well as people exploring web3 powered experiences so uh basically there are a bunch of new features CR one of them is called open actions which sets a new milestone for composable social networking by bridging external web 3 experiences directly into the lens app with open actions users and developers can bring their own smart contracts to enable any external smart contract action on a lens publication this capability can even be extended to

cross-train actions with an oracle support such as actions on ethereum and l2s you can see here what this uh currently looks like you can see all the different use cases such as buying nft ticket it minting something on sound or XYZ meeting on openc on polygon so it's basically bring interoperability to the lens uh stack here and they've given more examples um of what this is is here so um there's a bunch of other features that you can give uh give a read I'll link this in the YouTube description uh for you below to to check out uh but I just noticed I'm at 30 minutes already so I'm going to go into power through the rest of these updates because there's a there's a few other things to talk about here so yeah check this out lens protocol V2 we'll link it in the

YouTube description below um so the avedao has launched go the go stable coin which I discussed last week in depth so I'm not going to rehash all of my discussion from last week about this but go is live on mainnet I believe that they have over 100 million dollars worth of tvl already which is very cool I'm going to be keeping a close eye on go because I think as I mentioned last week Fiat pegged stable coins are all going to hit ceilings and they're all going to hit ceilings um because you can't have something that's truly decentralized uh and use truly decentralized collateral and not hit a ceiling just for all the reasons I mentioned last week you can go watch last week's episodes for this I believe it was either Thursday or

Friday's episode uh but I I still think it's interesting to see all these different stable coin designs be played out in the market and be played out on chain for people to to play around we can see which one sticks see which ones don't uh so that's why I'm excited to see go uh go live uh today or yesterday yesterday July 16th so you can go check that out I'll link it in the YouTube description below for you to do so uh speaking of V2s liquidy is coming out with a V2 so you can see here that at the stable Summit which I believe was a Side Event HC CC um they apparently or they being liquidy apparently I believe they have announced the uh I guess like solution or they have cracked the solution to the stable

coin trilemma and that's their Bitcoin trailer is the thing that I've discussed before scalability stability and decentralization so they they say yeah we're not stopping at just creating a stable coin the next iteration will offer attractive products for leverage and borrowing for staked etholders we're working towards a public launch in 2024 invite you to be part of this exciting Journey liquidy V2 will extend the existing offering and deliver a new Reserve backstable coin model harnessing staked eth and you can go check this out I'll link it in the YouTube description below but I'm most curious to see how they've actually solved or the stable coin Trail Emma because as I've discussed before I don't actually think there's a solution to it because there's just not enough collateral back title

available decentralized collateral available to back a stable coin to keep it truly decentralized and to make it scalable right forget about stability just think about scalability and decentralization and if you do have a collateral asset such as eth that is big enough then each becomes the stable coin as I discussed last week if each market cap is like a hundred trillion dollars right for example I mean it could be one day right I mean if ethereum succeeds why not um but if it is a hundred trillion dollars then eth is literally the stable coin each would be used as money not just within the on-chain ecosystem and the online ecosystem but everywhere and in that world we wouldn't need a Fiat Peg stable coin we would just use eighth right and Eve has already used this money in a lot of ways

which is pretty crazy considering that it's only it's my cap is very small compared to other currencies around the world it's 250 billion dollars right that's that's tiny really relative to other things around the world but if it's a 100 trillion then the calculus is different here so we wouldn't need Fiat pick stable coins in that world but yeah I'm gonna keep an eye on on this maybe I've missed that I don't know if they've ever if they've announced how they've how they've solved it yet uh maybe I missed it but I haven't I haven't haven't looked too deeply into it just yet but you can go check that out for yourself I'll link it in the YouTube description below all right just to round out and finish up today's episode as the synthetics ecosystem is undergoing a pretty cool pretty radical shift here so Kane posted

a blog post over the weekend titled synthetics what comes next part four so they are going to be launching something called infinix which is a new products uh product that uh that the synthetics ecosystem is launching here and you can read all about it in this blog post but essentially what infinix is trying to be or trying to do is that they're trying to kill a centralized exchanges so they want to be a fully decentralized exchange that can rival the experience that you get on centralized exchanges from speed to cost to everything else and of course uh the synthetics ecosystem will be at the heart of this and the snx token will also be at the heart of this and you can read all the

details about this in in the blog post ER and there is a waiting list now live at infinix.io for you to sign up to if you would like now this is is a pretty big undertaking I believe and has been a long time coming I think uh yeah there's uh there's discussions all the way back in 2021 that discusses things like uh discusses the name infinix itself and there is also a uh a kind of like a a post here from 2020 from Garth at synthetics asking which do you prefer as the new name for synthetics exchange Quinta or infinix and then uh Quinta uh ended up coming out and I believe it's been live for quite a while now uh but now infinix is the next step in the uh

synthetics Journey here so you can go give uh this a read I'll link it in the YouTube description below but I think that's going to be it for today's longer episode didn't expect it to go this long but thank you everyone for bearing with me and thank you 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 tomorrow thanks everyone