London Hardfork LIVESTREAM 🔥🔥🔥 EIP1559 GOES LIVE

Transcript

yeah which is more accurate though so this one says 28 minutes and we got 34 over here either yeah that one keeps being pushed back constantly there's another one watch the burn says and ethernets 37 minutes yeah i think it's going to be that one right there yeah you think it's going to be watch the burn i mean they either scan and watch the burn agree i don't know what algorithm they're going to consider welcome justin hey justin yeah hey

um [Laughter] we'll see we'll see the feedback is greater than uh than the issuance if it is then yeah i think you know the analogy is kind of you know ethereum is uh you know standing on its own feet it's financially independent kind of the the income that it has is greater than the expenses um that kind of analogy but we will see um i mean it's looking very hard right everyone has to pay their taxes [Laughter] so yeah my expectation is that the the

base fee is going to match roughly the the slow price on gas gas now the org so maybe something like 35 grey in which case you know we'd be at mach 3 so we'd be burning three times more than the proof of uh issuance of work okay not on not on proof-of-stake on proof-of-stake transaction spam just lined up so we can get that that basically over 110. at least we could just start burning each just for a little bit the eighth pump is on as well oh is it yeah but i don't trust these price movements uh right now

i mean keep in mind anthony looks at the one minute chart so yeah 26 30. i'm selling the news right now literally staring at the one-minute chat oh my god it's pumping permanent damage to those receptors this is it guys next stop 10k hey we're always going to 10k it's always in the in ethereum's always going to 10k it's just a matter of the detours between now and then mm-hmm yeah and hey hey dave i was gonna make a public service announcement i assume we've like formally kicked off are we doing it yeah am i online yeah we are currently live streaming we are live we're live david hey everyone yeah david you wanna kick us out yeah

kick us off david do something formal we're live i think it's funny but not london london's not live london is not live 25 minutes yeah say what you want dc yeah i was gonna say um because i just uh tweeted at metamask and i was just asking if they've already updated their wallet to reflect the base fee functionality and so it sounds like uh my crypto actually responded and said that um the the functionality is is is available if you want to build it yourself if you wanna do a custom build locally but otherwise once once there's a little bit of run time with one five five nine they'll roll it out more broadly so just stay

tuned for that in the meantime it's important to remember that eip1559 is backwards compatible with all all existing wallet software so users don't necessarily have to worry about that kind of compatibility there may just be some situations where in the interim you're paying a little bit more for gas until you get a wallet that supports the base fee how about metamask dc are so is metamask going to roll this out pretty quickly that's right that's what i was talking about it was metamask uh yeah my crypto just responded to my tweet and i assumed that they know so that's that's the situation on metamask have you guys seen any uh early looks of what the metamask interface is going to look like post eip1559 yeah i saw it

yeah i saw two it's pretty similar there's like just three boxes still but it's a little different i forget where mask has a has a website for it but uh i'll get it one sec um i can put it in the chat if ryan wants to bring it off yeah i'll bring it up [Music] and it shows like a few screenshots there i think or there was a video of it there we go wow [Laughter] the video is really good um it show it shows like exactly what it looks like oh nice

wow that's coming on this mask uh-huh sorry it's good that they've got dedicated section to it for users yeah this is great you can probably skip ahead to the um the device if you just yeah it's definitely gonna pop up now that's yeah there you go kind of like looks like that oh man so much better hi ads i feel like this is actually s main gas intuitive now total yeah if you keep going it will show like the advanced settings okay so this is just the basic setting right there oh god that's so nice look at that yeah and then it's been

dropped down here i've been dreaming of that literally i'm gonna miss having gas now open on one tab then entering it in the transaction doesn't confirm so i speed it up again i'm gonna miss that this whole entire like two year process of waiting for eip one five five nine just allows me to uninstall one browser extension finally it always jumps up right after you send too because metamask is defaulting to that price and then everybody goes one above it so you send it and you're like oh man then you gotta resend guaranteed every time and that's like the bidding dynamic that you know like hasn't been adequately

modeled and made we may see some nice improvements just in the turn in way in terms of how gas prices move because you don't have that human psychology kicking in where it's like oh i need to bid higher than is being suggested so i can get my transaction so i think it'll be pretty interesting to watch oh metamask is telling all the plebs to use 35 i'll use 36.2 yep exactly yeah i think this is i think it's really good that they put together a video like this and a whole section on it as well yeah good job nice yeah but i mean the whole point is that mostly users won't have to touch the advanced options anymore like they have they currently do like yeah so

i'm not if i'm not mistaken watchtheburn.com plus ultrasound.money plus etherscan block countdown are all pointing to the exact same minute okay cool now finally have consensus it's going to be at 20 20 minutes 20ish 21 minutes yeah brian try um refreshing ultra sound up menu hey hey oh yeah there you go 120 bucks yep we have consensus question do you know who's behind ultrasound.money does anyone i don't know i don't know well i i i was on the banker's podcast at the very end saying that i bought the domain ultrasound.money

and i was looking for people to to go help build the website so what happened is that about 10 people from the community came forward you know many of which were just volunteering their time and now we have kind of this decentralized team of people just working on this on this website uh which is super super super cool only in crypto can get full time attention for free yes and yeah the team is also helping with the twitter accounts so the ultrasound money twitter account there's a there's a team of of people behind that as well i love the website it's clean as hell

the website is super clean every few days i get like dms by the ultrasound money uh twitter like which is like bat signal [Laughter] or just like who's in my dms oh it's ultrasound money account cool that's all they said [Laughter] oh man it's a good me like i love it and it triggers people just the right amount too which makes it a very good meme i love how just non-ethereum people think it's the stupidest meme ever because they will let you know how stupid they think it is and i'm just like ooty ooty tweeted out yesterday the ultrasound money meme is the cringiest meme out of the eath head camp i've ever seen and i commented right below it yet here we are

he keeps on talking about it you guys might are we all there the ones that are live on the call the ultrasound on the bottom ryan oh down the bottom oh yes so i i think anybody missing italics missing i'm definitely missing [Laughter] so what does it take to get on this list you have to wear the bad signal right you have to wear the bat signal and have a lot of fun your profile yeah it's ranked by follow account [Music] so the way it's ranked i believe is that the the first few are ranked by follow account and then the last few are kind

of chosen at random from the community so every once in a while if you're just a community member you should see your proof out there uh but that's a cool way to do it oh hey vitalik you're here for one second okay so eric eric you said is it too early to drink mariano i think you concurred it's not what do you got i got a beer you actually actually have a beer i'm with my i'm with my mata right now it's 7 15 a.m but uh i'll i'll join with a beer

all right yeah it's 7 15 and i have a beer but i would have a beer but i've been roped into doing a live stream podcast with bank list later this afternoon i want to keep a clear head well i'm going to have a beer though you know while while we're hanging out i would be interested to get the perspective of the eip1559 authors and how they how they feel on this day one first metallic [Music] how do i how do i feel on this day um let's see yeah again definitely happy that this thing that's been worked on

for like literally almost four years now as uh finally turning into reality yeah yeah hmm okay sure let's see when when did that or if original eip 1559 paper cut man let me to check resource i have a long time ago i think it was like 2019 2018 wow let me check draft position paper on resource pricing um this was august 18 okay yeah so it's uh and okay so it was not something we've been working hard on for four years it's something that we've been working on for three years 2018 was that e3 search post on first

price auctions yeah yeah it was and then i was trying to remember when that um economics and computation conference that carl and i went to that ended up inspiring the whole thing um it was at that event i think it was like you know as you see i guess 2018 that uh we were talking with some of the local economists and they mentioned how uh first price auctions are evil and yeah um and then some of them um suggested second price auction as an alternative or was that good if maybe it was both um but then second price auctions of course has to have the problem that they're not collusion resistance and in uh we shang wu's econ language he could use the word

credible auction but like in that case credible credible mechanisms they're there there's low income but credible in this case just means that like immune is a collusion between mechanism participants and the mechanism operator which of course we want um second price auction simply means like a normal auction except not the top price gets selected but the second highest price gets selected correct so the the one who bid the top price wins but but they only pay the price of the second so vitalik what was the ethereum community's reaction to this research post well as you can see it's 18 hearts but i think that the problem is that there's a big difference between um

being fascinated by something theoretically and being willing to throw in the energy to actually get it out there in reality yeah we kind of then we we brought it to the community like i think it was like march of 2019 so it's even been two and a half years since i mean as in like try to put it in a medium post and explain the benefits a little more and then it seemed like from there it started to pick up some steam yeah there's a lot of the usual suspects there uh commenting i saw philippe yeah mika dan robinson well it sat for a while before um you

know eric wrote up the eip right eric yeah honestly it was just i was frustrated with the user experience of every day and like realizing that there's no way we're going to hit mass adoption really with the way that fees were being handled and i i don't know i would always just browse youth research and somehow i ran into i mean it wasn't even this discussion it was the paper that you were referencing vitalik and i kind of reached out to you and said you know hey why isn't this picking up some steam and then yeah we just kind of i mean i believe at the time just vitalik and i co-wrote the original eip and then after that it really picked up steam that's when a lot of different

people jumped in and i can't really take much credit at all when you ask yourself why isn't this picking up steam that's a sign for action yeah totally yeah totally i was like this seems so obvious let's do something about it and then yeah all the other everyone else that got involved jumped in and kind of took it from there which was awesome so it's funny it's oh sorry go ahead this is the original eip right here that we're looking at that's the final but yeah the original draft was way more than that it's funny though right like there's all these great ideas out there and they start off very technical and usually like on each research and it really needs to go through this like interesting process of translating that

to the community and like why it's beneficial um like the whole i mean it makes sense why this took three years or three and a half years or whatever it did if you really think about it yeah i mean there's work sorry i was just gonna say the bulk of the work got done like the last year as well like since that bitcoin um funding that happened in like june of 2020 that was like a strong signal to like everyone hey we want this we want this now and it still took a year from there so yeah this is a really big and complex change i mean the amount of work that's gone into it is just incredible yeah that's what the multi-sig that kind of got behind it in the community pushing for it was pretty badass yep and everyone i'm making a whole

bunch of get going donations and like directing half the matching [ __ ] at one time yeah i mean i was just reflecting on how much effort has gone into this all the way from you know um when it was proposed to when it was first being analyzed by rick dudley and his team through to kind of you know even the analysis done by third parties like tim rufgarden was also important in the advancement of this and i think more recently the work that tim baco and you know james hancock and others did to kind of advance this was was significant and even when hudson was involved with that process as well so i think it's been an incredible effort and and a long time coming so i'm excited

there was a while there where i was worried this wasn't going to happen i was worried that no one was really going to pick it up and coordinate it and run with it but this is an example of you know sort of the chaotic decentralized nature of the ethereum community actually like um you're pulling this out and making it work making it happen so it uh you know pretty exciting ryan you got to remember we were focused on our like most favorite eip prog pal so we had other priorities oh god let's shut down the stream after that got brought up spend yeah surprise everyone we're talking prague we're actually overdue for a frog pound debate guys sorry do you always start talking about prague

after one beer [Laughter] so when we switch to starks and it turns out that for a stark you actually need to do a little bit of proof of work to grind some merkle root if you want to like reduce the number of challenges to cut the the data size of us dark down just to troll everyone can we use proc power as the proof of work algorithm no i'm done vitalik can you give us the intuition on traditionally why a second price auction is better than a first price auction um sure maybe so the economic arguments for why second price auctions are optimal is uh basically that like

imagine that you have some person and what are we optimizing um we're optimizing for basically a naive algorithm uh being the op being the optimal algorithm for each participant um and so i'll go i'll explain the property that second price auctions have that's really nice um essentially yeah the [Music] let's say you value like something that's being auctioned like let's say we're auctioning and i know um yeah um which you pay for with metamask um so you uh

you value this at ft at ten dollars and uh the question is like what value do you wants to bid right um so if you bid less than ten dollars then there exists the possibility that let's say you bid x for x is less than 10 then someone else um who values who values it somewhere some somewhere between x and 10 there's the possibility that they would bid some amount in between x and 10 and so like in that particular case or basically there's uh the possibility that you and uh you end up not actually getting the item uh basically because of this other person ended up getting in with a lower bid now in the case where there is someone who or if you bid greater than

10 then there is the possibility that you win and you end up having to pay more than you um or a larger amount than what you actually want right and if you bid 10 um then like basically all right so here's the thing that happens the thing that happens is that your bid and like the exact value of your bid um it does not influence how much you pay it only influences whether or not you win right that that's actually that's a really important criterion and when do you wants to win well he wants to win when the amounts that you're going to pay is actually yeah is less than the amount at which you value this nft of the nft of a doge um so

if you bid 10 which is equal to your valuation then if the the highest bid among everyone else is less than 10 then you win which and you have to pay an amount less than ten uh but then if uh someone else is uh willing to pay an email greater than ten then you don't win and in that particular case he wants to not win because had he won you would have had to pay an amount greater than 10. right so basically yeah like the fact that your the amount that you pay does not depend on your bid the only thing that your bid determines is like basically whether you get the item or you don't get the item and you only get the item in those worlds where you have to pay an amount less than you value anyway um like

basically it means that the simple algorithm of like just bid the amount at which you value the item is just going to give you the best results right so it's a very simple mechanism in order to choose your correct bids you don't have to um know anything about anyone else's preferences you don't have to go second-guessing other people there isn't like some risk that you get that you guessed wrong and there's some inefficient outcome um so and it doesn't help if you have if you have other participants like if you are 10 people and you're trying like you can't actually yeah you can a little bit i'm so this is the the problem like basically if

you control the top two uh the participants with the top two evaluations um and then your optimal strategy is not to bid honestly your optimal strategy is to bid what the third valuation plus one cents this is assuming you have like assuming information oh yeah yeah like but if you have like i think even the slightest amount of information about the probability distribution of the third then like i think that ends up like distorting and giving you at least a little bit of extra profit so if i'm sell but if i'm selling the nft i prefer first-person auction correct no you'd i'm actually no so there's these theorems that are called revenue equivalence theorems that basically show how um for a wide class of possible auctions your expected revenue is uh going to be

exactly the same i know this is really weird and spooky and i actually haven't really yet examined the proofs of this but it's uh true um so yeah now if you want to survive uh collusion then like well basically well one thing you could do is instead of a second price election you know you have a case price auction and case price auctions are resistant up to k minus one colluding participants um but in general like yeah that you hit you hit upon something really important which is that auctions are not uh like infinitely collusion resistance and that's actually why eip1559 is not a second price auction it's a totally different kind of mechanism where that's

just a fixed fee people compare it to a second place auction though right um they i guess they do though compare those comparisons are slightly misleading like i think the the correct statements to make would be that it avoids the inefficiencies of first price auctions the same way that second price auctions avoid the inefficiency of first price auctions so like the key property right in the second price election is like the amount that you bid does not determine what you pay it just determines if you pay and in eip 1559 that's true as well right the max fee only determines whether you get in

it doesn't determine what you pay um dc when vitalik was talking about if you want to buy this nft for ten dollars he was talking about your crypto punk hoodie yeah no one's going to be buying that one anytime soon so good luck although i do want to you know i think there's a common misconception around some of the nft stuff and people are like oh ethereum's too expensive so that's why these mfts cost a lot but realistically what has happened with some of these nft mechanisms is they're using a gas auction as the primary distribution method which is sub-optimal in a lot of ways and i think you're going to see more and more

projects move away from that but basically rather than selecting the buyers through other some other mechanism like say a dutch auction or something else they were basically letting people kind of bid up gas and whoever gets the transaction in first wins um so i you know i i've never liked that distribution model because it favors people who who know how to use the network a little bit better or might be able to set up bots to get transactions in faster and things like that so i think that's going to that model will slowly kind of phase out as we move forward because you don't have so let's look at time windows that are only kind of there's a frenzy going on does this change did the mechanisms change at all really or does it revert to the public first price

um it reverts to a public first price when there is a frenzy going on well um it reverts to a public first price for the subset of users that really care about being included quickly right if you're if you're okay with waiting two minutes in the extreme cases then you can just continue to kind of live in the normal world and you just have to wait a bit more does it reduce the chance of frenzies because there's going to be less of like the the psychological model of i need to click the button regardless like just for end users yeah that that's definitely one reason why it reduces frenzies another important reason why it reduces frenzies is that transactions that get included quickly are less likely to fail and so you're less likely to need to resend um a third

reason why it reduces frenzies is just the fact that if there exists a burst of uh many transactions like like end times block size transactions instead of it needing and blocks to clear at the inside and over two blocks to clear so if it is frenzy resistant some in some cases would that actually lead to slightly less gas uh less fees for the end users interesting i i guess i mean unless of course like induced demands takes over and like we just get even more users we are we are uh less than five minutes out i think depending on which clock you are monitoring so on etherscan we are close to four minutes just under four minutes

on ultrasound.money we are at about five minutes and 20 seconds so this is fast approaching um hudson since you've lived through many of these hard forks sir how do we know if this is successful like what like what happens when the hard work happens that's a funny question first um first hi trent let's all say hi to trent hi trent hey hey i'm i'm good to just sit back and listen to all you guys talk about nonsense so keep going look at those flowing locks over there wow so basically right now at least so i used to run the core developer meetings every other week and during hard forks

we would um before there was like the proliferation of all these live streams some of the time there would be just a private zoom call with some of the core devs um or if something went wrong there would be a zoom call with the core devs that still happens um so we'll know if something went wrong because there'll be like a few people who know where to go for the information like me trent danny and tim and just be leaking stuff to twitter slowly over time that's generally how it goes down so if some of you guys suddenly disappear from this call then that's probably bad news is that what you're saying hudson yes pretty much so yeah so but for real though like it's pretty organic and usually during times of emergencies that we just

kind of the cordov just kind of come together and then just troubleshoot and fix it and it's pretty straightforward there's no one usually panicking or anything like that it's really professional how do the core devs typically like feel before a fork is is it just what a question like look man i i'm just looking at this clock uh this countdown and i'm you know get a little nervous to be honest you know things could you never know uh but i'm not a core dev how do they feel about these things danny vitalic what do you all think or trent or anyone else i don't know because i'm not a coordinative but i think they're pretty nervous medium they usually go well everyone's definitely watching because that might require action uh but

you know i don't think anyone's well all right guys we have a six blocks left so i'm going to go ahead and cut to sponsors real quick uh here we go i think ultrasound is a bit slow there's like four blocks or something now yeah we're almost there oh man this is geez geez it's happening it's happening guys four blocks remaining anthony how does the 30 second chart look is are we pumping we have since anthony last commented the eath pump is on we have dumped yes actually as as for a convention three points bitcoin it's ruining our party that bloody penalty two blocks two

blocks remaining i wonder who's going to get the first burn transaction all right all right here we go one block remaining guys it's happening eip 1559 history 1559 excuse me one five five nine five nine one fifty five nine what is one thousand five hundred and fifty nine there we go it's done as expected so i'm expecting it to be 100 gas use for the next roughly five minutes and the base feed what's that the base gas price well but we might see

the gas go down if miners didn't set uh reset their target so that'll be interesting to watch so we started a one way base uh gas price and we should be increasing to i don't know yeah the next block is one point one two if you guys okay i feel like the gas limits are going down yeah call your mind skip forward to the next few blocks there's a little arrows there oh okay it's always fun watching ryan navigate things go ahead and monitor all the core dev channels and websites uh to see what's

going wrong if anything burnt fees .04 eth that's nice to see i'm seeing red on node monitor but i forgot how to look at this so we have some eth yeah do you remember how to read fork uh let me see hey good question guys how much bigger is the elastic max size versus what the previous gas limit i actually don't know it's double double it's double what the what the normal is okay so currently the the gas target is 15 million and the gas limit so the total max size of a block is 30 million of course that depends

who's voting what you know it might take a little bit of time to stabilize uh some if some pools are pointing at a lower ryan go to watch the birds limit there that's real nice oh it's dead for me freaky man we all know how i feel about ether it's not secret yeah all right let's burn it guys oh man do blocks get new data or is it the transactions themselves because some of

both oh yeah yeah there's a new transaction type which i'm on set block latest i see base fee per gas this is new so i'm trying to fi etherscan had a label i'm trying to find what the first actual new transaction type is what the first transaction is but uh there's a little label on the on the far right i think they had it but i haven't found any yet oh so nobody there might be one i just haven't found it in a block yet um but basically everything is burning eat as expected um that'll happen for all legacy transactions going forward and by the way completely full right

yes um is uh is watchtheburn.com still like live somewhere else or because the site's been not working for us it's downtown yeah either either scan shows the gas burn per block but right right yeah well it's that sounds seems like the sort of thing that ultrasound.money should have in there somewhere it should be coming i think it's getting ddosed as well the burnt fees every single block keep on going up so the most recent block has 0.15 ether burned and it's been going up every single block since the hard fork already up to 6.5

i think i don't think miners have the gas limit signaled properly right i don't that's what i'm starting to see from other channels yeah uh we've been working on that monday is live for me we've burned 0.87 if oh my god look at this wow wow okay someone prepared yeah etherchain has uh burn metric as well we've done one eighth now according to ultrasound money just updated on my my end [Music] and if you zoom out a little bit and um you'll be able to see the leaderboard wow with my new favorite belt wow this is a supply shark

hyper gigantic if i name and shame on stream pools that are like pushing the limit down i wonder if they'll react let's try maybe oh man we think f2 pool and nanopool two miners hybon and spark pool are all pushing it down the gas on it as in they kept the they kept their default they can't keep their dudes they kept the number likely the same as i actually have a of them on chat i'm gonna go quiet do you have any estimations as to how long it's gonna take them to get that updated you can do it live with a an rpc call so you don't have to actually recycle your

node which is good uh but it just depends on if they if and when they do it so so negative 100 someone's there's someone out there has um i forget i thought it was ether chain has a site that tells you what they're signaling by pool but i can't find it right now wow almost three eighth burnt yeah thing is this shouldn't be happening with like a regular uh we're like in normal situation like no blocks continue to be full right well there's issuance as well right well if the situation normalizes then blocks will go down to being half

full but on the other hand the fee will uh go even higher oh interesting eve stats.net let's see what's up there um has overtaken the um the non-burnt rewards oh sorry non-burnt fees tip the tip that's the technical wait wait where is the does ether scan show the tip or oh yes it does yeah yes 0.44 oh and then so my expectation which is very different from hasu's is that we're going to burn about 80 percent

uh how super leaves we're only going to burn 30 but we're already above 50 percent at this point you hear that hazardous reasoning [Laughter] what was hauser's reasoning for the 30 i think what he did is that he tried to analyze what is mev um and use that as a as a minimum for kind of the the tip as a lower bound but one of the things that we've had yeah okay why why that makes sense i guess that the mev is part of the tip right but it also splits oh no flashbacks why does it make sense that it wait for

me to be part of the tip what's their reasoning well the reasoning is that the you know when you pay for ordering you know you're you're not going to pay extra to the base fee so that you're at the top position if you want to do an arbitrage you you want to be at the very top right but that's a small board that's only a small portion of transactions uh right oh oh i see but uh yes but a very high portion of the fees i see it um i see i see you um so yeah i guess the question is like does

flashbots just beat that up yeah i don't know well another question i guess is are they paying for the war against each other or are they paying to get 100 chance of being included in the block instead of 90 i guess there's some of both where's the tip field in um the block on ether scan i don't see it well if you see it's in the block reward yeah see how it says two plus and blah blah blah blah blah blah the second number ah that's the tip okay yeah those are healthy tips nice we gotta we should stabilize you know over time well it's just okay so uh cumulative fee burn 8.28 last one

is 0.828 that's the that's kind so so far there aren't many wallets that have enabled that people are using that have this functionality enabled so that might be throwing things awful but i think we're under target for the first time or close to the first time uh block 41 is out uh it's when it is only 23 full what happens when we are uh not full when a block is not full how do things adjust the base gas price goes down

yeah when you're below the 50 percent target the base fee per gas i call it the base gas price it's just a only three words as opposed to four words and it reuses the the gas price concept that we're already familiar with okay so for this one plus 40 46 gas target 73 full so the block is 73 full it's which means it's over 50 which means the next block is going to get bigger and basic is going to go up oh that's right right david if you check out that that link in the chat it shows how quickly the base feed per gas can rise and fall over time um is the train dot burn

no no it's uh it's a tweet thread your tweet okay or or go to the um google sheet and it it really helps to show how quickly things can spike and um youtube probably i can even change it live how about that at east pump uh anthony uh it did exactly what i thought it would um this is the same thing that happened after staking went live the price just like dumped yeah man markets are just like stupid so explain this for us trent what are we looking at here sure so i just increased the the the variable so um

basically over let's say five minutes the gas price goes from or we can even even drop it down even lower so this is probably the time scale we're looking at now this close um but over just a few minutes it increases 30 times and then this is when there's successively full blocks so that's the blue line going up and then the red line going down it drops a little bit quicker if uh there are blocks which are less than 50 full and then if you have you know um 15 minutes of full blocks you know or over 50 full blocks successively for 15 minutes uh it was

like up to almost 7 000 way so you can see how this would really quickly um smooth out any of these crazy demand spikes that you we've seen recently with um nft drops and back in the day icos so probably will never actually get that high um congestion will be transferred to later blocks so metamask just tweeted that they're pushing um updates to the extension and mobile right now so nice metamash support should be coming so what do you guys think a couple hours for everyone to get up to speed it sounds like some wallets seem to do some tweaking some miners you need to do some tweaking the base feed i'm sorry oh good go ahead

i'll say the base fee for gas did get to approximately where we were for just the price of a transaction before the fork right so it's like 30. right yeah which is expected and good well well it's expected i think that all right oh right right yeah you're right yes and i guess we're at around the target now so yeah someone just sent me like a private message that i've never on like a dm on discord with the pope bot and like the other streams pope uh code stream yeah the east stake or stream code so i have it now

you're gonna break pope if you uh if you share it here here we go for all the people in santiago go ahead sorry santiago palladino from uh open zeppelin asks if we know the percentage of 1559 transactions entering the network we do not write not just that's a great question can we figure that out i um while we're doing that this is the ultrasound mic oh interesting the first transaction i typed your transaction let me just check it and then yeah i just put that in the chat i think that's the very first one i was scanning through blocks

but yeah you'll see it says transaction type 2 efp1559 and then if you if you're looking in blocks there's a little uh indicator on the far right that'll show so somebody i don't know how many wallets are supporting this directly so somebody may have crafted this themselves nice who's nick dottie or ninnick whoever he is he's famous he's on the stream johnson nick i don't know who that is yeah i don't know so how long do you think um because we do expect to see some effect on hash rate most likely right um how long do you think it will take for us to realize

that [Music] hudson any intuition based on previous hard forks no it's gonna be hard to tell because like there's mev to consider as well right these miners are still getting there they're moving and stuff well actually are they because it did meb geth update uh i have no idea but i mean meb guests had to update otherwise they would not know that yeah anything else right but um yeah i'm actually surprised i thought there would have been you know

more uh 1559 type transactions since most of the transactions happening are you know bots arbors things like that they they want to use 1559 right they don't want to pay the full amount with the old type transactions if they don't have to uh i think greg from chain safe was crafting some transactions to test i don't know what the status of that is though let me check it's interesting to see the leaderboard we've got um venus swap burning the most east so far actually i don't know what's

this top address they're number two this is chain link maybe probably uh and then we've got some nft we have our first block with one full ether being burned that's pretty cool what that first one is uh the london token london gift oh yeah it's something like nft drop or something all the people that are in the youtube talking about the east dump we have to remember now that when eath dumps more ether gets burnt so it's literally bullish selling that was one of my best tweets i'm proud of that one

and just to put these numbers in context here for for people who are tuning in so we're looking at these burns and we're getting into the 1eth and it obviously fluctuates quite a bit from block to block but this is this is offsetting or partially offsetting issuance which i think is still at two ether per block so just to give people an idea of how that's working i would like to like to fast forward and see some equilibrium show up well i think it's an interesting dynamic and it's hard to say how it would have played out otherwise but effectively the ether that is being burned is ether that would have gone to miners otherwise more

or less and what miners typically do is they sell that ether that they collect and so now it's being burned so that that alone is an interesting kind of supply offset um even in periods where it isn't deflationary and i know we've talked about all of us have talked a lot about how you know we don't expect this to be fully deflationary at this point although under periods of heavier usage we expect that it would be or could be but it's really when you pair this with proof of stake with reduced issuance dramatically lower issuance that it becomes more interesting in that regard all of the on ultrasound money all the eath burn is just either that's not being sold so right now i guess we're in a period

of monetary foreplay and the reason is because we know that ethereum that eve will become ultrasound money almost certainly because right now we're at mach 4 or a bit less than mach 4 meaning that the huawei burning is roughly four times um the proof of stake insurance so we can 4c it's very easy to project that once we remove the proof of work issuance we will be ultrasound um so right now is a foreplay um period or footing period four six months [Laughter] [Music]

[Laughter] yeah dc and trent tell us would merge [Laughter] i can always spat out a random date august 6th 2021 [Music] let's just do it right now can we just merge right now let's just go for it let's just do it yeah yeah like i talked to this influencer on twitter and he's saying that ethereum could be great if we just dubbed all our research and adopted the tango how about we just adopt the tank [Music] somebody on youtube says as if any of

you guys have ever had foreplay just fyi that's why you don't read the youtube comments oh i'm addicted to them man i've had so much foreplay i do five play now so it's been living in the future guys the stream is going to get censored by youtube is this made for kids one of the things that i'm now most uh interested is seeing what projects do with base fee up code there is seriously so much to do um

i remember 2017 um i had to hard code so the the maker oracles for a single collateral die i had to hard code um a maximum way price um there was redundant uh you know checking each gas station uh checking other things to be able to uh you know have the relayers send transactions to the blockchain to update the oracles that is mostly obsolete now it you know you can pretty much rely on the base fee to make sure that you know any automated transactions that you want to do

that they get mined properly and swiftly and as well they don't they shouldn't uh you know mess up with the rest of the like if you're a normal user even if i have to send you know a very high priority transaction and even if a lot of people do that shouldn't mess up with you know normal person it's like you can still use a normal gas price and be sure that you'll be included fairly quickly it's uh plus you know we're going to have gas synthetics uh and other things i know really excited about that oh and we don't have refunds anymore

pretty much oh yeah token go to zero oh that's a good one look at the price of uh cheat token and the others ryan ryan click that link that trend just put in the chat it's really cool colors yeah this is the first legs dashboard i'm i'm sure we're gonna see like dozens of these over the next few days just people putting out um richer and richer content but yeah these are really nice to start with what are we looking at here trent i i actually don't know i just clicked it but i can tell i can tell you that the the graph on the right is um showing the change in space fee over time and you can see it's

rising pretty smoothly nice um as demand changes uh yeah i don't know what this one on the left is but i'm sure it's full of useful information so trent not to put you on the spot but i'm curious um what your thought is with respect to um so i know we talked a lot about a lot of the discussion has been about getting to this point with london going live and there's been discussion around kind of prioritizing a lot of the heath one dev now focusing primarily on the merge where do you think the consensus is among the core dev teams at this stage around that are you asking for timing no i'm just

asking what's your opinion do you feel like there's agreement that yeah we should focus on it primarily right now or are we looking at probably another hard fork with some additional features and then doing that what's your take yeah i mean danny is probably the expert to ask so you can follow up with him after this after my response but um definitely in the last few weeks uh once london was mostly we had the initial releases and we were in the midst of getting you know libraries updated and you know just the the ecosystem generally ready i think everybody came to the rough agreement that we wouldn't be pushing for another feature for at the end of the year the difficulty bomb was only pushed to december so

there will be some sort of um there will be a backwards incompatible upgrade just to push that until the merge if the merge doesn't happen before then um but i don't think it's in anyone's roadmap to do something similarly large as london or even um you know a percentage of that it'll probably just be a maintenance fork um i don't anticipate anybody trying to get significant changes specifically so we can focus on eth1 teams preparing for interrupt with the consensus clients and looking forward towards the merge

i agree with ford i agree with all that except for the fact that uh no one will push for things to if we do just delay the bomb in december if the merge isn't ready but then someone's gonna try to push something in there um and i i would estimate maybe something small gets in there or something that was already already planned but uh yeah i don't i don't know yeah this is the perennial issue of um even if it's a maintenance fork there's always something in waiting in the wings some neat little upgrade or some optimization that can always come in but uh it's going to require a lot of trigger discipline not to um not to add anything in there but i guess

there's something like there's even optimizations to 1559 i know would be really interesting to see um but yeah yeah i mean sentiment definitely is strong uh from many of the core devs and most of the client teams that like they really want to get the merge done and this is the big unit of work next um obviously all the e2 teams are pretty on board uh but even talking to all of the execution layer clients aka eth1 clients um people are people are pretty game yeah excited to push it yeah also the whole uh reorg med drama i think is also putting even more wind into the sales of uh doing doing more merge work soon

right a question from the youtube why is it called london because the hard forks are being are now being named in order of uh defcon cities so the previous one was berlin which is defcon zero this is one thing which is defcon one so the next one will be shanghai which is defcon too if if devcons keep getting delayed or if we do more than one fork a year we're gonna outpace ourselves do we just start making weird names again yeah we can always go back to weird [ __ ] like tangerine whistle as the dragon

yeah the actually the names you know how names used to get decided before ethereum got bigger was just the all core devs chat like we would just be like what do we want to name it and everyone's like i don't know and then martin swindeg just came up with just [ __ ] and we said okay speaking of [ __ ] eric how has uh mainstream's coverage been of this yeah i was actually yeah yesterday cnbc put out a pretty good um pretty good piece on it i thought which you know it's kind of shocking to see mainstream have decent coverage of this stuff it'll be interesting to see what comes out today

if it gets any coverage on tv as well um but i guess i've been decently surprised so far um i mean it's it's a pretty hard concept i think for mainstream recovery and like translate to like their readers right um because most readers probably don't even understand the fee mechanism we had before um so i think most of them have been approaching it like you know why is this good for investors and focusing on the burn and less of some of the other benefits but at least yesterday we had a good start i appreciate that they the um the cnbc author actually reached out to people in the community which was nice

instead of like asking bitcoin maximalist what they think of eip one five five nine which is the typical path of one five five nine i think they're really happy about it i saw they were celebrating um you know giving us words of encouragement saying hey congratulations to ethereum community really happy for you guys yeah it was it was weird to see them so nice right it looks like we actually just got another article on cnbc's main page so it'll be interesting to see how this is covered throughout the day it's trending number one above bitcoin right that's what bitcoin maxis were so impressed about right yeah yeah yeah

i'm just waiting for them to have pom-pom during lunch to talk about pomp comments on eip1559 i've been polish this entire time says anthony pompliano apparently um reuters follows anthony's one minute chart because it says ethereum major upgrade activated ether stays lower hey it did drop a little bit on the one minute john right those poor dopamine receptors [Laughter] man my whole life is dopamine i have six monitors in front of me if i step away from my computer i start

collapsing [Laughter] i don't even know yeah this is a good article that's great yeah it was it was just last week we were seeing like a lot of conflation and mainstream media with like um it's hard to separate eth2 and staking and eip-1559 we wanted to kind of smush it all together in the same upgrade so um i guess it's just the ethereum narrative and you know deployment schedule around this stuff is more complicated than the happening you know like bitcoiners have it very easy and in that respect like every four years there's one big thing that's happening and like everyone knows what it is entirely predictable uh it's a bit harder to parse apart the the ethereum

story if you've been only semi following it that's easy to plan a big party that article is by uh mackenzie seagals she's the one during i retreated during bitcoin bitcoin miami that uh she really succinctly described what was going to happen with the ethereum she's like really well informed that's awesome wait wha wha what is the change that says setting the stage for the other major transformation that'll make miners irrelevant i i don't i didn't think there was any proof of stake preparation stuff in london that's a narrative that the media has been going with uh because it sounds good but it's not true it's it's okay

well the the way you can skew it that way is i and others have been saying we have to get london done and then the next thing is the merge and so like it it was requisite to complete before we can move on okay no no i i have i have seen i think it was on actually i don't remember the location but yeah a lot of people have been uh misunderstanding that this actually has proof of stake components or that the this is the proof of stake uh going live on mainnet upgrade yeah that's false i saw someone tweet that 82 was coming today so there's that oh god look i'm not i'm not gonna like david hoffman [Laughter] i would i'm never gonna like criticize

someone for getting like stuff about ethereum wrong because it's complicated and i remember when i was learning ethereum i made the same mistakes but they're on a public tv show dude like you kind of gotta dot your eyes and cross your tees um do they they don't normally one five five nine is actually trending in technology on twitter which is interesting wow people just like what is this number what does it mean 1559 what man we we must look really silly to people who have no idea what's going on like imagine visiting our

studio profiles what is it in eip1559 it's a shadowy super coda um just communicating with each other secret language i i i am surprised that uh we were neighbor the ethereum community was never able to come up with a different name for this it just went with the generic yeah it caught on that's the thing though like it caught on and then you couldn't change it it's the burn you know the next forks the merge yeah but what's really funny what's really funny is when i i wrote and um submitted the eip on github you're supposed to like follow a process and like i didn't follow it i just

picked a random number and it happened to be one five five nine for some reason oh is that how one five got selected yeah it wasn't like actually in the order of what it should have been i forget what the number you didn't use 69 what it's because i thought that's where the eips had left off but it wasn't i was just confused so funny story fun well i mean now it's forever embedded into ethereum law guys what's next is metamask updated yet i want to send a transaction here they say they're rolling it out i've been trying to force update mine but i'm not seeing it yet they they still don't have

a release on github yet it's still on 984 oh okay right if you go to ultrasound up money and scroll down to project the supply the base gas price is currently 51 gray so go ahead and do that and see i think we can clearly see that the supply is going down uh well the the supply is still going oh oh i see assuming they're like post-merge yeah yeah yeah and i think at the 51 level that might even exceed the theoretical maximum pos issuance hmm

so here's one one fun philosophical question so if we have the burn and the burn goes all this so far that the eave supply goes all the way down to uh 11.9 million does that make ethereum 100 pre-mined and when it goes even lower do we become 105 percent free mind metallic have you have you heard about all the block stream people trying to lobby lobby the regulators to remind them that ethereums are ethers of security notice this is going on oh yeah yeah yeah i did i said i saw that on twitter um i mean were no no in is there actually evidence ethereum

ethereum is a security oriented blockchain love it and danny to answer your question no there's no um i mean cftc has already ruled that ether is a commodity so that's no i i i meant evidence of of the lobby um also vitalik you're going to be quoted out of context ethereum is a security vitality yeah oh man david now you are as well ethereum is a security metallic butter and david hoffman coindesk is writing an article right now

oh man i'm talking about it's just funny how long go ahead i was just gonna say whenever this like these major upgrades happen like it was the same thing when proof of stake was going live they just come out of the woodwork and start just flooding ethereum it's like thanks for the free marketing guys like seriously what are you saying i'm just going to say that talking about security we almost have an all-time high in terms of economic security so basically the amount of eve that's that's taking that's about 17 billion dollars and from what i can tell it's by far the most secure blockchain in terms of economic security uh even

greater than than our friends at uh at bitcoin 17 billion yeah john adler oh sorry is that 17 billion in each state you're talking about yes that's correct yes so that's two that's two things like first of all it means that if you want to pull off a 51 attack from a budget standpoint you kind of have to kind of the naive attack is just to match the 17 billion dollars and so that's the the budget that you need but then there's this other concept which is the cost which is if you do make an attack then you will get slashed and you're going to lose billions of dollars and and here it's it's very very high for ethereum 2.0 in the beacon chain and this is one of the places where it

distinguishes itself from bitcoin where bitcoin has no concept of slashing so the cost is for the attack is zero uh but the the budget is extremely high you just got to get the capital in your god mode justin we should do a podcast on this it's very interesting yeah like that's a subtle difference uh if you can just accumulate capital that you're good you now own the network i mean you know all this to say these projections even under kind of like i guess these are somewhat conservative projections or maybe uh like middle-of-the-road projections definitely does not look like we will exceed 120 million each supply ever

so the biggest variable for the supply peak is going to be the match date um i mean if you play with the merge date we will go beyond 120 million if we are past q1 so that's another i guess another incentive for trying to to merge in q1 uh we can reach this meme number yeah it's also 2020 gua maybe is like uh more conservative just to see what the numbers look like i i liked 50. that's just me are you a user or a speculator both

oh that depends on these variables yeah go ahead um so vitalik and danny looking back at the dow hack let's let's go back in time had we not um done the and that like the state transition to give the coins back to the dow holders would that have affected how we do proof of stake stuff today because of how much coin they had how much coin did they have it was like fifteen percent of fourteen no no i actually they ended up only taking four million it was weird like i think they yeah they could have taken more but then they just like let it eight million go i think i don't know that might have been the attacker just like realizing that if

they took the entire amount then we would definitely fork um but no no even what's the third we forked anyway um i would personally say no like i think well for me personally a key part of how i approach proof of stake security and i think this was true for vlad as well is that like we should not be viewing a single 51 attack as the end of the world if a 51 attack happens then like you just uh um you know if slash if necessary do a community soft fork and we kind of reorg past it and burn a bunch of eat and move on yeah burn a bunch of burn a bunch of e then the attacker does this five times and then after that they don't have their three million each anymore

hey ryan yeah um watchtheburn.com it's back up i think that it could have definitely shaken confidence like obviously i think it's good to have these recovery mechanisms but it would have been this like looming thing where people would be talking about it and yeah whereas now no one talks about it i mean most people don't even know about it yeah that's there hmm yeah i actually wonder what what the counterfactual universe where the endow fork never happens would look like um i did hear through the grapevine that there actually was a significant number of bitcoin people that moved from ethereum curious to um thinking ethereum is the devil

precisely because of that event um so i don't know on the like i guess it's very possible that like the flipping would have happened but on the flip side ethereum would be more bitcoiny and me potentially yeah like one way one practical language way in which that might manifest is that there might have been more opposition to proof of stake and proof of stake might have like been the the the pivotal split into two i think we would have had like so i feel like ethereum classic rooted out the super ideologues of ethereum like like very passionate like people who like really go by

ideology of a peer blockchain and stuff and like i i like that they're that they you know were kind of rooted out not that they're bad people but they're i don't know if i'd use the term rooted out i would say it gave them their own space to pursue uh what what ideologies they they value the most yeah very amicable so so it's just i feel like it's for at least for the ethereum i envision it's it's a little bit better did uh did the difficulty stay relatively stable signaling that all um pools came there's no contentious board um i just realized that my nether mind node is on an old version wow

oh my god you're one of those last like people who don't realize until the fork happens there's always a few of you guys you know you know coin telegraph is gonna write that up as hudson jamison forks ethereum [Laughter] he's running the contentious fork alone oh oh no no there's a few others yeah there's usually a few i'm the only nether mind note on each stats that's on the old fork that's funny eric you put the uh is this the new metamask version uh that's just where it was good oh we just hit 100 eastburn so that's cool

the um the the etherchain.org burn website is really cool it's got like a burn rate um stats there's 1.658 per minute being burned right now what's the punk floor is that like one punk a minute i don't know that's like 10. the floor's yeah the punk floor is 35 right now 35.99 uh trent do you know what the rpc call there's a new one right like fee history hit fee history yeah underscore i just want to try it out yeah i can grab you there's tim has a link uh one thing i want to mention really quick is that over time the eth burn per block might drop as a ratio as more people

start using 1559 style transactions because currently it seems like almost every sorry is that true like that that should that would reduce the priority fees why would that reduce the burn uh isn't it going to basically users aren't getting refunded now um [Music] right but the point like right now like basically if you use like whatever fee you pay like some gets burned and the rest goes to the miner whereas like in the future whatever fee you pay like some go like that some gets burned and then the rest that you just most of it

you don't pay what's going to happen is that the the ratio of burnt to tip is going to improve so we're going to be burning more and having less tip and one of the things that we'll be able to do is retroactively look at the stats and calculate how much we've been overpaying the miners in tips um you know kind of comparing today where it's mostly um legacy transactions versus when it's mostly eip159 transactions but the base fee should not be impacted by eip1559 oh so now what

now what i'll be interesting so when it looks like we do have a rough uh a a 200 block um estimate of how much we've burned which is liquid about 105 or so which is uh looks like we're burning over a little a quarter a little over a quarter of the block reward which is an interesting fact peter from geth just tweeted okay all three burn sites show different totals at least the chain is still in consensus i was actually joking somebody brought this up last night and i said this is going to be the next uh supply gate where all the sites have a different amount of burns supply gates it's it's a more complex calculation now

no one knows yeah so we have yeah it's like but there's no floor right right the supply gate is being replaced with a reinforced steel door so this is on etherchain burn it's showing 109 ultrasound money have we gotten any insight as to um uh percentage of fiber yet i'm just like talking about a quarter of it no no that's a quarter of the block reward i think just looking at random blocks i'm seeing about a three to one ratio between burn and uh to the minor

um let me just look up a couple of random blocks and see if that's a true oh there's one with a six to one ratio there's one with a four to one [Music] um and there's also one with the four to one that's pretty high um there's one with morpheus than burn um there's one with the three to one block 174 has 1.16 tip paid with 1.25 uh burnt fees so almost one to one the highest i've seen i'm a blocker 193 has a 2.33 uh burn or i'm sorry a tip oh wow look at that i mean one thing to

consider is that the the median amount and the average i've marked is going to be very different and the reason is that mev is extremely spiky and so the tips are going to be very spiky and concentrated in some blocks is she gas choking at zero yet i think nothing nothing ever goes to zero in this industry yeah oh good question oh no now it's a relic speculation i am uh now it's [Laughter] on gas token or on uniswap and see what uh chi gas token is at yeah i can see it it's on it's still worth it says a markup of 830 000 and it still has a

little bit of liquidity on one inch probably them backstopping it though no liquidity click to trade with v2 um and then with an infinite amount of chi you can get forty six thousand dollars out of the hear that anybody anyone who's got cheer um yeah yeah you got uh now's the time yeah that was the time you got forty six thousand dollars if you watch it i don't know if this is like a data error or something but you can see somebody burnt 100 million of chi which completely

you can't even see the other parts of the chart so either somebody was farming this over time and then eventually just called it quits and burnt it burnt it all to get their their refunds um that might be a graph error just because of how significant that is but uh something probably happened there gas tokens were one of the greatest to me like economic subversions and you know just harnessing something that that was available for everybody and you know wrapping it into something interesting yeah i know so so apparently the cool new thing is that people are trying to shill um mev extraction tokens

um but which hopefully none of that is going to get anywhere um i mean we're also going to go to zero and yeah right protection mechanisms are put into the protocol right right whenever we add a vlog proposer builder separation yeah so not a good idea to buy just like gas token it's going to zero yup yup yup hey gas token had a good run though sorry eden no garden for you wait is that out yet no i don't think so no oh man yes the block gas limit's still going

down so what's the reasoning what's the reasoning behind why there are empty blocks at times and this was true before the fork right there's just energy blocks everything i guess some miners just like experience higher levels of actually even before the fork yo it can't be like about uncle rate issues because before the fork fees were enough to compensate i guess that oh that's actually okay that's a good question i had well shouldn't meaning a miner potentially is willing to just not take in the transactions because their latency's high to miss out on the block and get uncle isn't that probably most likely the reason just take the block

reward yeah yeah it's uncle there it seems like a very poor calculation of their assessment of the uncle rate given right given the value you can get from mdb so i don't know the exact reasoning other than like [ __ ] it there's a comment in the youtube saying that they mine empty blocks just to push the gas prices up that doesn't make any sense though right no no if anything they're going to they're going to allow somebody else to make more money than them sorry i found that i i thought it was peter's select your

responding to timber on twitter but actually it was one of those scam theaters [Laughter] what did he say and did you almost believe him um well i didn't die yeah i think i only believed him when i was just looking at the uh a discord message and my eyes weren't yet pointed at you you sent him tennis though right no yeah deposit up to ian and we'll shoot you oh back with doubled about um hmm so um if i can ask uh vitalik

anything interesting you expect people to build with the base fiat code oh good question um i think well one natural thing that makes sense is that like if you're building a smart contract system that has any kind of bounty mechanism for people to send transactions then it's just much more efficient for that bouncy to be like the base fee plus uh some amount um have you seen the the keeper network um this was like this is like a concept maker that has been trying to push for a long time right or is that someone else uh this one is by uh you know andre kranjie and yarn oh i see okay no it's like maker i think yeah

yeah we have another concept of keepers and you can do on chain betting about on chain usage hmm [Music] yeah um another nice one is uh the optimistic roll-ups and plasmas in channels um increasing the yeah or adjusting withdrawal periods based on how high they get the base b is but i think are realistically like uh plasma is probably not gonna see enough of uh a light of day for that to become an issue it just uh uh the roll-ups are too too far and too fast at this point is there any room for plasma

constructions given channels roll-ups and other potentially better things i think realistically like in the medium term and there's going to be things that are on validiums if they don't yeah like if you don't care about like if you do if you just want this kind of weaker like guarantee of authenticity and you're fine with the operator breaking aliveness so like accountable centralization basically then that yeah it makes sense to be a whole idiom so what about isn't polygon plasma kinda what a current network they're a side chain though oh that's right and

though i understand that they maybe have possibly some kind of plan star add a roll up or become a roll-up eventually but yes they have the plasma chain live but the chain that sees the most activity is the pos chain which is that's right yeah yeah yeah but they do plan to bring out layer 2 kind of tech as well on their roadmap so it'll be cool to see what they come up with man these burn sites are gonna like be some of the most high traffic sites in this ecosystem like so i have access to the stats for auto sound up money and there's 2 500 people

currently watching the website jeez that's usually the signal at the end of the call for me taiko issues joe eisenhower just tweeted out uh hazu's article on eip1559 saying it's a good read so that's cool thanks joe who tweeted that out joe weisenthal [Music] alex from nansen just tweeted autograph i don't know where it came from but because i don't think it's on nansen yet but he tweeted out the percentage of eip one five five nine transactions and it looks like we're up to 16 it just spiked

huge in the last few minutes so some wallet must have updated maybe it's wrong would that release come out i don't see it yet on github but i think if we see any spike it's going to be from you know bots or automatic right yeah true it's like it reminds me of um when bitcoin upgraded to segwit and now watching the percentage of transactions that were segwit transactions but it happened a lot slower i didn't get the 16 for a long time yeah that took like what a year to get to 40 or something uh-huh yeah it took a while i was impressed by how fast uh

how fast taproot got consensus took like not much time at all oh hold on what's this in the chat oh is it oh that's not the same as alex svetsky okay now i think i got him oh god let's not talk about it okay uh looking okay look looking for a group eip1559 wait what does that mean again um it's it's i read it as looking for group two that's why i laugh it actually it's let's [ __ ] go um instead of looking for yeah but i always read it that's out that's how you know world of warcraft maxi coming out okay

what is gm [Laughter] yeah everyone's pumping gm stuck hey guys i heard there's this hard fork of a gm called gme [Laughter] oh no front page bloomberg vitalik pumps gma [Music]

ultrasound money that money still has uh that bug right are we burning like quadrillions worth of beef no i think the bug no the bug got fixed yeah they needed to divide by 18 rate i've done that you know when we released the multi-collateral die i had dystats.com on the first block but numbers in maker are 45 decimals long and i forgot to divide by 45 so at least you forgot on the ui and not in the uh contract it was on the ui thankfully yeah oh well we got a 1.7 burn um that's uh that's the highest one

yeah i wonder when the first uh net negative issuance block is going to come that'll be fun next time so one thing which is again one thing which is a little scary you see here there's a flip-flopping there's 0.1 eve and then 1.6 0.011 and then 1.3 this might suggest i'm not saying it is but it might suggest that the adjustment of 12.5 is a bit too high so you know we go up two percent oh it's too ex too expensive the the flip flop thing it could happen with uh even uh smaller adjustments as well um i think uh like the the way that i think i remember it being explained in

one of the papers that talked about the flip-flop issue was that if a lot if there is one user that sets a fiat like one large user that sets their fee at some amount or if there is like some psychological threshold that lots of people set their feet to then like if it's under then it's super full and then if it's over it's empty and so it flip-flops uh but this was actually one of the reasons why i had i proposed um there was that alternative version and ether research where i get talked about like the y equals e to the power of x curve uh and um i think it's like old maybe alternative vip 1559 design or something let me look this up most recent block has 1.75 ethburn

[Music] improve eip1559 ux by um no that's that's not mine that's a different one gur where is this thing um there it is make eip1559 more like an amm curve research and 9082 that was the thing that i suggested as a fix both to the uh current uh imbalance where technically instead of a 50 or 50 of miners to bring it down to zero you only

need about like 47 and also the uh the flip-flopping yeah barnaby i remember he released a couple notebooks and then reports that kind of talked about this oscillation and i think actually tom tim ruffguard may have talked about it in his report last year um but yeah it's uh i'm sure so in two weeks actually we're having another call we've been hosting a series of calls um associated with the core dev uh oh [ __ ] we just had our connection sorry to kick you off we just had our first block that burnt more ethan issued oh well which one uh 263 all right trent whoa well hold on let me check if that

includes uncles we are net deflationary guys okay it's a fish oh wow yeah it sorry sorry about that go ahead uh i was just gonna say one of the things we've been doing is hosting ecosystem infrastructure calls so this is like libraries um tooling infrastructure providers like like node runners who then provide data to applications uh we've been hosting a bunch of calls over the past few months to get people ready and we're gonna have another one in two weeks and i'm really looking forward to see

what barnabas presents because he's gonna do some analysis around this exact behavior that we're looking at now but it'll probably be much more informed and have some interesting takeaways for how the mechanism is working properly and maybe how it can be improved for future versions those recorded and streamed they are recorded i don't think we live stream them but uh all of the recordings are either on the ethereum foundation youtube or the calendar versus youtube cool justin

castellano [Music] oh that was that was awesome thank you i know there's there's a lot of people listening from latin america

okay now vitalik do your five languages ultrasound money in every single language you know vitalik go there i don't even know how to say okay i gotta sign off guys i feel like mission mission accomplished is successful yeah is deployed we're all set guys ethereum not dead yet not dead yet 1559 setting the stage for the for proof of stake absolutely that's what's next is that

the next live stream we're doing the merch live when what are we doing that guys when should we schedule that justin loves giving dates just [Laughter] q1 what's happening q1 like every time you speak about the merge with one minute charges dumps like save me please yeah well all right everyone we want to thank everyone who joined this uh epub guys been a pleasure to host with you of course everyone who's been on the live stream thank you so much for attending we've watched history i think eip1559 deployed we're at 174 burnt successful

fork a really exciting time to be in this ecosystem and uh thanks thanks everyone for watching take care and subscribe to the youtube bye everyone you guys bye bye everyone all right bye bye bye bye hey we hope you enjoyed the video if you did head over to bankless hq right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence we recommend joining our daily newsletter podcast and community as a bankless premium subscriber to get the most out of your bankless experience you'll get access to our market analysis our alpha leaks and exclusive content and even the bankless token for airdrops

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