Loopring AMM, Aave V2 launched, BadgerDAO live & more - The Daily Gwei Refuel #8 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the last 24 hours in the ethereum ecosystem i'm your host anthony sosano and today is the 4th of december 2020. so let's get into the news everyone so i had a little bit of feedback about the market updates at the start of these videos saying they're a bit too long and you know i agree i mean the market's not doing very interesting things every day so probably not worth recapping how it's going so i guess from now on i'm just going to give a brief overview of it um and where we're at unless it's been like a bloody day or or a really good day in the markets or something like that yeah so basically as you can see here we're just kind of still kind of range bound we went up a little bit on eth

you know up to like 625 and came back down sort of thing um you know over the last couple days nothing just nothing too you know interesting or wild happening same with bitcoin and d5 pulse index seems to be kind of following the same pattern there so let's just jump into the news now so uh git coin grants is in full swing so the the matching round eight is is uh you know is is begun um you know i spoke about it briefly yesterday uh but i did say that i was going to update my sassel's cut of love with a bunch of new grants which i've done so there's now 49 grants in there so if you go to this collection you can add the whole collection to to the cart and you can donate to all 49

grants at once now you don't have to do this of course you can just go to each individual grant and kind of like for me it says remove from cart but for you it'll say add to cart and you can just add in like whatever grants you want to donate to here so you don't have to donate to all 49 for example um but like i've just gone ahead and created the ones that i think are other you know the ones that i would donate to and we'll be donating to um so yeah it's just a little bit of help for you for you all there of course i have the daily way uh as a grant on here uh there's no ads or sponsored spots across any of the daily grazing materials and they're probably you know won't be for a very long time if ever

i don't really care to bring on sponsors and things like that i want to keep the content clean and free so really the only way i mean i've had a few people you know message me about it and really the only way to support me is through this bitcoin grant if you want to support me there's no obligation to do so uh but like you you know feel free to donate if you'd like at the moment you can donate one die and it'll be matched by up to 44 die so you know even every kind of small contribution counts uh and i would really really appreciate it uh if you did make a donation it helps me to to keep the keep the delegate going of course um and and and to make like i guess the content feel valuable to to all of you

so i'll link that in the youtube description you can go check that one out uh yesterday i was on a meet the nation with david hoffman uh from bankless so their meet the nation series is where the blanklist guys interview a bunch of people from within the ecosystem uh to kind of like meet the bankless nation so you know there's a there's there's a bunch of these episodes out there i've been on one uh before where i discussed like set protocol and then token sets and and things like that uh and on this one i discussed the daily gray so if you want to know kind of like what my goals are for the daily grade going forward why i started it you know how i see like the ethereum community and ecosystem these days um i highly suggest going to watch this

video it was really fun and i thank david for bringing me on to do this uh so i'll link that in the description as well and you can go check that one out all right so i think the biggest news over the last 24 hours was that the s p dao uh dow jones indices um are going to launch a cryptocurrency index products in 2021. uh this is this is huge um like the s p as people will know there's the s p 500 which is the main index in the us to track the 500 largest companies um and and they they seem to want to get into crypto so they said that they're going to basically uh give access or kind of like make products

um based on the top 550 traded coins now this is a bit weird because i mean everyone knows that there's not really 550 kind of like worthwhile coins uh or tokens within crypto uh you know i probably wouldn't even say there's a hundred of them uh you know once you get past like the major the major coins you go into like i guess defy tokens and other things like that there really is nowhere near 550. most of them are useless you know most of them don't do anything most of them are old forks of bitcoin and things like that so definitely not uh i'm not sure what they're getting at here um you know that kind of shows me that they're probably going to be going with like

these easy and simple indexes like having you know btc xrp ltc and whatever else is in the top 10 right which is just such an uninteresting product uh like i as someone like involved with making index products as part of the index co-op uh it's just it's just boring right the d5 pulse index to me is exciting because it's got d5 tokens in there that people actually want to own you know you can do things with them right you can do like governance uh because there's a there's a meta governance module in it uh eventually you'll be able to kind of earn a yield on these tokens as well if that goes through but with these other index products i'm not sure how they're going to do it right if they do one that's btc ethex or pltc and all that like you

can't do anything with your ltc or xrp so it's just going to sit there um you know same with with bitcoin right like you can't do anything with your bitcoin in a decentralized way i guess um you i guess you can put it on block fi and things like that but it's a lot harder um whereas with e if you can obviously do a bunch of different things but are they going to do that or are they just going to have like an index product that has these tokens in them these coins in them that gives people exposure to cryptocurrency quote-unquote uh and and you know none of the productivity that comes from these assets i don't know right there wasn't that many you know there wasn't too many more details here it's basically just an announcement uh saying that they're going to be pursuing

this thing you know it was it's pretty big news i mean i it's not unexpected considering how many traditional finance players we're seeing getting into this now but at the same time i don't expect it to be anything special right i expect it to be like just your run-of-the-mill kind of like index products that aren't really innovating still stuck in the trad five traditional finance sense um whereas i really do think the index products that are being built on ethereum within d5 are much more interesting as i mentioned default pulse index there's power pool there's pydao uh there's you know balancers doing index products too so there's a bunch of different ways to do it and you can do different things with the assets as well as i mentioned like meta governance and stuff like that so gonna keep an eye on this see what

happens with it see if they try to differentiate themselves or is it just gonna be like a stock standard index product uh that people are used to i think from a regulatory perspective that's probably going to be what it is um because obviously uh you know they need to make sure that they're not breaking any regulatory rules i don't think they're going to have any problems with like things being securities right because obviously they trade securities all the time but uh in saying that i i don't think they're going to be doing some fancy stuff like in d5 with these indexes right with the with the tokens or coins in these index products so we'll see we'll see what happens uh it'll be early 2021 i think so we don't have to wait much longer maybe three or so months

and we'll see what they've got planned here so loop rings uh zk roll up amm is now live this is this is really big news i think it's actually flew under the radar today for some reason i mean i only sorry about it towards the end i only kind of saw it towards the end of the day but basically it's a layer 2 uh amm so automated market maker on loop ring zk roll up technology so i mean for those of you who are in the weeds you'll be familiar with amms but for those of you who aren't an amm is something like uni swap where it basically as the name suggests it automates the market making so you can provide liquidity as an individual and then the uni swap

system for example will market make for you so it will buy and sell assets depending on market conditions depending on the liquidity that you're providing and things like that so it automates the whole process uh so what loop brings down is they've put this on their their zk roll up technology and you can go try it out right now with a very familiar interface obviously as you can see here if you're watching the video it looks pretty much like uni swap right or like one inch or one of those other interfaces um so this is really really cool to see uh i they bait unisoft to the punch right there's there's rumors that unisop is going to have v3 on a layer 2 solution but loopring's already done it so i i definitely recommend going to check this out uh the link will be in the in

the youtube show notes of course but uh yeah kudos to lupering for beating unis up to the punch ya you know where is unisop v3 right people were expecting it to come out in november that kind of didn't happen you know it's december now uh we haven't really heard much about it uh you know sushi swap is back in the news as well so competition's heating up again so i'm curious if if unisop's just gonna like drop v3 this month or wait till the new year are they even going to be on layer 2 right are they even going to have a layer 2 implement implementation or are they just going to focus on layer 1 you know maybe a layer 2 implementation was more urgent during default summer when gas prices were so high but gas prices these days are pretty cheap right they vary between 20 and 50

gray which is nothing compared to what it was during d5 summer so maybe the urgency just isn't there but yeah i'm curious to see how unisoft reacts to this because this is this is definitely competition for them and as i said sushi swap as well uh it's not just like a unisop world anymore uh they're gonna have to compete so there's this uh i guess you could call it tool called any sender from any dot uh it's a non-custodial relayer api um that was acquired by infuria today so this is a bit of infrastructure you probably haven't used it before because as i said it's an infrastructure thing it's just like how most people don't know what infuriate is for example right like you use it every day if you're

using metamask you if you're using the default settings on metamask you use infuria every time you um you know you do an ethereum transaction or anything like that on metamask so this is another one of those and you know it's great that they got in in uh acquired by consensus and joined in fury here i think it's a it's a match made in heaven uh they brought on these really really talented engineers i know uh patrick macquarie here he's great uh he's very talented he's been doing a lot of stuff around uh bitcoin and ethereum over the years so great win there uh and say and and and they got chris buckland on board as well there as well so yeah really really really cool to see congrats on

a congrats to the team i guess uh and congrats to infuria for the acquisition all right so i mentioned yesterday i think i mentioned it yesterday that uh we were trying to get coin center on git coin grants uh if i didn't mention it yesterday that's what i was trying to do i kind of put a tweet out saying hey you know why isn't coin center on bitcoin grants right uh it's a public good uh they do a lot of things in the us to defend against bad regulations against crypto they've primarily been focused on bitcoin but now they're branching out into ethereum stable coins and d5 so yeah they set up a grant today and honestly within 24 hours they got way more money than i was expecting so you can see here that david hoffman

donated 500 die to them which is a pretty big donation but um you know if it loads i don't know if it's going to load now but the last time i saw i think they had raised like something like 50 000 yeah okay it's loading now maybe no no okay i think that's just his cart uh let me see if i can load it up here no that's just his car okay anyway uh yeah so they got funded 50 something like 50 000 and i think like 30 000 of that came from uh uh uh a git coin kind of like uh patron called x uh so he's been doing a lot of uh donations on git coin over the years i think he's done over a hundred thousand dollars at

least probably way more than that actually at this point of donations on git coin and yeah he did a large donation to queen cena where you can see here as i as i said yeah over 50 000 die has been contributed so far which is just insane right uh you know maybe i can find x's uh donation here because it was quite a large one um but very very awesome to see this this is bringing in a typically they're not like queen center isn't involved with you in the ethereum community and what a welcome right we've welcomed them with all this love and saying you know we value the work that you're doing we want to do you know we want to donate to you we want to make sure that you you get money to keep going uh so here it is yeah x donated 34.74

eth which at current prices if i'm doing my math correctly yes i think it's about like 30 000 maybe i'm doing my math wrong but yeah so there's that there uh but yeah if you want to support coin center and all the good work that they're doing obviously you can go donate on git coin it's in my sassel's card of love as well if you just want to do a bulk donate you can do it through that or you can just go find it there basically so yeah really cool to see and you know kudos to to david hoffman for for donating 500 as well that's that's a pretty big deal and you know this kind of signals to people where they want their money to go if if people remember back to erp 1559's grant they had a grant um and it basically raised like a

a lot of money it was like a hundred thousand dollars or something something crazy right and a lot of ethereum community members actually donated to this and donated a large amount i don't remember exactly how much everyone gave but i personally gave a thousand dollars i know that other people gave more than that and it was just to show that we want this so badly that we will give you whatever you need whatever funding you need you will have right the community is there to help you get this and that's the same with coin center i think and all these other projects on git coin uh through the grants matching i think that's what basically the whole point is to kind of like get like a feel for what people actually value what they care about and what they actually want to see continue on and get funded and things

like that so if you want to see coin center keep going doing more work definitely go down donate on git coin to them speaking of eip1559 there was the seventh uh one five five nine implementers call that happened today tim biker summarizes it in this thread uh i won't go through the whole thing but they actually had uh tim rufgarden the the person who did the report on aip1559 so the the full economic analysis from outside of crypto that i went through the other day so that he had him on board to give his summary you know his findings and to talk that through with the team which is really really cool uh they had a bunch of other things going on i mean most of it i think was centered around this report

if i'm scrolling through the thread here that's basically what i'm seeing um and then there was also discussions around the community outreach report you know for actually this report for people who haven't seen it this is this is great this was published in october but basically what this report did was survey all different types of the community to see you know who wants one five five nine why do they want it who doesn't want it why don't they want it sort of thing now as you can imagine the group that was most against or is most against this are miners right and this is obviously because with eip1559 minor revenue technically goes down because they're earning less fees from transactions and fees have actually been very

lucrative for miners lately as as we're i'm sure you're all aware right because of the the higher transaction costs they were earning more fees than block rewards the miners in d5 summer on some days so yeah i mean it's expected that they were against this um i i don't think anyone else was against it i think people brought up concerns around you know the implementation do we do like a hybrid implementation where we have the classic transactions and the ip1559 transactions in place you know if we do that how long do we do it for i think we are going to do that and it's probably going to be like a 12 month thing because you want to give people time especially wallet providers infrastructure providers exchanges all this sort of stuff you want to give them time to get used to

this and to build in the uh the you know the the features and the technology that they need to in order to support this as well so yeah i'm all for that but i will kind of i'll link this report as well in the show notes because i think it's a very good thing to read if you want to get more context around this eip uh no i i don't think any eip has gone under as much scrutiny as as this one has uh you know i don't there's no community outreach reports for for most eips there's no you know economic analysis from you know uh uh you know uh people like tim roughgarden and things like that so it's yeah i mean for better or worse like i think maybe at this point we're getting to the point where we're just

like okay you know we know it's it's good it does what it needs to do like uh let's let's just build this thing right let's get it deployed um i think we're at that point and tim biker is basically running the show there he is what i like to call eip1559's danny ryan uh for those who don't know danny ryan is the the coordinator of uh the ev2 effort he is a big reason why the e2 effort has worked so well and we've had so many test nets and we went to mainnet with without a hitch basically so yeah that's you know that is high price for tim tim biker for sure so yeah i'll i'll link all this in the show notes of course so ave went live with their v2 today so the v2

comes with a ton of awesome features one of the things that you'll probably feel the most and immediately is the lower gas costs so i think across the board it's average 50 cheaper to interact with rv now uh due to this v2 uh which is which is huge right uh ave is actually one of the most well v1 was one of the more expensive uh protocols to use right uh because they had old code that was written a long time ago and then there's their system blew up and they had a billion dollars in total value locked and like wow okay you know we need to build a v2 right we need to to make sure that it's built properly we need to make sure that it's audited which they did they've actually got

they've they've had four audits done with a fifth one on on its way all from very reputable uh auditors right like mix bytes certi consensus diligence peck shield and sigma prime uh for those who don't know sigma prime actually built the lighthouse client for eth2 so they're they're stars um but so are the rest of these teams here and that's not something you typically see that those are those wouldn't be cheap audits as well if you maybe take i think the market rate for auditing a protocol like this say it was a hundred thousand dollars per audit that's half a million dollars that they that they used to to do this right and i've obviously raised a lot of money lately for those who have seen it they raise money from by selling other tokens because the

other token is worth a lot now so that but that's what this money goes towards right these really expensive audits that are critical because ave is one of the most popular default apps right you need it to be audited to this to this standard so yeah kudos to them to getting this out uh there's there's you know as i said there's a lot of new features here they've got yield and collateral swap which is i think they're they're headline features so uh the the assets that were being used as collateral are now free to be traded so basically trading debt positions essentially i think that's how it works uh there's a flash loans got upgraded um repayment with collateral uh flash liquidations as well um batch flash loans so flash loans are

getting even more powerful uh debt tokenization and v2 debt positions tokenized so borrowers will receive tokens that represent their debt you know this is just crazy right there's so many really awesome features here credit delegation uh and as i said gas optimum optimizations and a bunch of other stuff there i'll link the full kind of uh blog post in the show notes so you can go read it for yourself but yeah it's on mainnet now you can go check it out here if i open it up here uh i think the market size is actually quite small still last time i checked it was about yeah 15 million dollars as opposed to rv v1 which is uh how do i get back to it i don't know how to get back to it oh well i think

rvv one was like a billion dollars or something in in the protocol um actually i can just do this and go back to it here once it loads the classic v1 interface right uh oh you gotta go gotta get your wallet in sorry i'm just trying to check here what the the total value wow it's way more than i thought it was okay it's almost two billion dollars glad i loaded it up uh so yeah v2 obviously is uh is out there but it's going to take a little bit of time before people migrate because to migrate obviously people have to close off their positions and things like that right and and you know um it's going to be a slow migration migration process in general because you you kind of want it to be slow right you

don't want everyone just to flood into this new protocol it's obviously like rvv one's been battle tested v2 hasn't things like that so yeah but that's still part of rv right like the v1 collateral amounts uh the the total value locked of almost 2 billion but you know 15 million within 24 hours is pretty good in v2 as well so happy to see that happening all right i wanted to give a quick shout out here to victor buenan from bison trails for his eth2 updates so this latest one is to update 007 i didn't even mean to to to create that reference there but but there it is um is is quite lengthy it covers the launch of the beacon chain uh the first slashings that happened in the

beacon chain some observations in insights and kind of what's coming next i really enjoy these updates you know i mean obviously i'm someone that's already in the weeds of eth2 and follow a lot of these a lot of these different things but victor does a really great job of breaking this down for the layman right he doesn't use super technical kind of words or anything he tries to make sure that even people that have a cursory knowledge of this stuff can understand what's going on so yeah i highly recommend going to check out this update which i'll link in the show notes but also keeping up to date with uh you know the further updates that come out obviously this is number seven there's going to be more in the future uh and kudos to viktor for writing all these another kind of project that

got a lot of attention today was badger dao now the reason why this got a lot of attention was because they basically airdropped uh a bunch of badger tokens to people who had interacted with defy in general so you know if you if you've done a bunch of different things in d5 things like participating in yam governance uh you know uh taking out loans or or or kind of like um you know borrowing assets against uh against your your collateral in like i think there's a bunch of different protocols supported or like doing trades on uni swap and things like that you were given some badger tokens which actually ended up being worth like you know five dollars each or something at one point uh more than that but like around five dollars for most of the day and people were given

up to you know it depends on how many interactions you did but people i spoke to most of them got like 100 tokens so you know 500 dollars for basically nothing right it's funny i sometimes say to my friends it's just like if you stick around crypto long enough money just casually happens right it just falls into your lap and that's what what happened here um and you know they also gave tokens to people who donated on git coin as well so if you had donated you got tokens for that which was really cool to see um but anyway other than the token the project is actually really interesting as well because the project uh cadence is catered towards bitcoiners and bitcoin within d5 so if we actually go to the website here badger dot finance

there's a lot of things here geared towards bitcoiners so if we go to the app and then once it loads you'll see that um their pool 2 or their kind of like liquidity pool where you kind of like stake into is a wbtc pool so there's no like east pool that they're that they're um that they're encouraging there's no uh you know that there's no eth pairs that they're encouraging it's all btc based you can see on curve here they've got a rend btc lp sbtc right tbtc things like that um so they're really just trying to get bitcoiners to to use d5 more and you know i respect that right i'm happy if if more bitcoin is coming and use and use all the stuff that we have in d5

i mean i showed the other day how btc on ethereum has just been exploding up and the more the merrier there right but btc is just another asset on ethereum but it has a diverse and different user and holder base than what kind of eth has and what a bunch of other tokens have so interested to see where badger goes uh from here it came out of kind of nowhere people were like badger dow what's that right i'm sure a lot of you didn't even hear about it today but if you did want to claim your free tokens all you have to do is go to this hunt tab so app dot badger dot finance slash hunt and then here it'll come up with uh sorry it'll come up with um uh how much you can claim you just claim

it like you would like you're used to right you press claim and then you get some get some uh get some money there uh we'll get some tokens and you can either choose to sell them or or keep them and if you keep them you can stake them and earn more badger tokens right i mean i'm sure a lot of you are used to this rodeo by now uh but yeah they've got 50 million dollars locked in 24 hours which is pretty impressive and the badger price is actually higher than five dollars now apparently it's 7.30 at time of recording um yeah so definitely go check your wallets right check your wallets for some free tokens and do it do what uh do with them what you what you will basically but do check out the project as well i think it's an interesting project especially if you're

a bitcoiner maybe not many bitcoin has listened to my ramblings about ethereum on the on the daily gray refuel but if you are something that that should interest you for sure all right so the deposit contract has over 1 million eth locked in it now so that's over 600 million dollars at time of recording uh or if we assume a six hundred dollar eth price uh this is this is huge right i remember and i wrote about this in the daily grain newsletter which uh you should go read but basically to summarize what i what i wrote i said that people were like debating just a few weeks ago are we gonna reach the minimum eighth required which was 524 288 eighth and we did right we reached it we went

over and then we've gone almost double what we needed uh and i think it's not even going to slow down right it's just going to keep going we have exchanges spinning up uh you know infrastructure to support staking we have all these other staking companies these people these other kind of projects trying to do this decentralized staking so i mean i wouldn't be surprised to see this this shoot up to two or three million within the next you know maybe maybe month month two months or so maybe even more than that right i think it's been significantly de-risked as well the fact that it was such a smooth launch and the fact that the beacon chain is is running as it should uh you know has de-risked it for a lot of people but at the same time these people have now paid the price where

they're gonna have to wait almost nine days i think it is now to become a validator because of that validator queue um because as i've mentioned before only 900 validators can be accepted into the beacon chain per day which isn't very many i think it's about 28 000 eighth worth um so you know there's a bunch of eighth waiting to get in i think there's maybe three hundred thousand eighth or two hundred and fifty thousand eighth waiting to get in which brings it to that nine days uh waiting period and that's just going to keep getting longer the more eat that gets deposited so if you want a steak do it do it now right don't wait because then you'll have a delay and then what will end up happening is you'll send your eighth and then you'll have to wait like 10 days or something

or even more than that where there's an opportunity cost where you're not earning rewards which can be obviously very annoying so yeah uh obviously the best time to do it was you know today sorry yesterday the next best time is today so definitely go do that if you're interested in it all right so a rabbit hole uh was announced today i mean this project has been in around for a little while but it was announced today that they've closed a funding round led by collab currency slow ventures and castle island ventures now and freako sorry castle island ventures is a is a funny one because uh that's actually nick carter's fund and he is a bitcoiner

right uh and rabbit hole is built on ethereum so it's really great to see them branching out and funding more ethereum projects and things like that uh so yeah uh kudos to them for that there's a bunch of angels here like your i guess it's like your typical names like kane from synthetics stani from avere um you have uh layton from from pool together here and a bunch of other kind of investors as well uh it's it's curious that ethereum joseph so joseph lubin invested too which is really cool to see um but yeah so anyway you know i've been rambling on about this project what is it so basically they describe themselves as rabbit hole aims to be the best way to launch a new crypto network and find the right contributors one where users are empowered to

participate rather than just speculate so it's i mean i've played around with this before uh it i i think rabbit holes kind of changed over time and what it wanted to do it was trying to like find its place in i guess like the ethereum ecosystem uh but basically what it's trying to do is it's trying to increase participation across various uh economies or on-chain economies and protocols right instead of speculation so uh what they want to do is they want to encourage people to do things like uh staking in synthetics minting synthetics in uma voting on proposals in aragon things like that right things that aren't inherently speculative but help the networks and and and and

help them grow and things like that so the way that they i guess want to do this is i mean in in the first versions that i that i saw they want to kind of gamify this behavior so they want to make it like fun to do these things and you earn points and you earn rewards for doing them uh you know maybe not not crypto token rewards but like nfts and badges and things like that so yeah this is this is very different to what i think we've typically seen uh within i guess like uh you know ethereum in general and it plays into what is called the ownership economy which is this kind of concept around you know crypto networks are inherited are inherently community owned right you have a bunch of token holders that are

community people and they want to be involved they want to do governance they want to you know create content all this sort of stuff so how do we supercharge this how do we you know uh make it so that more people can get involved with this uh there's a blog post here from variant fund which is linked in the rabbit hole manifesto which was i was just showing on the screen uh that goes through this uh obviously it's a long blog post so i won't read to it now but it goes through how the ownership economy is just getting started and how this is gonna be like the next wave and the next big thing especially for crypto outside of like d5 right i mean it plays into d5 but it's not you know strictly d5 for example so definitely go check that out go follow rabbit hole on

twitter i'm sure they're going to be doing a lot of exciting stuff going forward and i look forward to what they do so yeah congrats on the on the raise to the rabbit hole team and we will be keeping an eye on that all right the last thing to talk about was a bit of news that came out just about maybe two hours ago now i i thought it was a bit weird uh but basically omg network the ethereum layer 2 solution has been acquired by a venture firm called genesis block ventures so this isn't to say like the omg network the decentralized network is acquired it's the company building the the network right the core team have been acquired by uh these genesis block ventures uh they're based out of hong kong uh the

omg network team is based out of asia anyway so it seems like a good fit there uh and yeah the this ventures firm has acquired uh the omg a parent company from another company called cinca uh which was his former parent com uh parent company uh and yeah i mean i guess this is just like a proper acquisition right it's funny because i was debating on the on the refill the other day about how these wired mergers and acquisitions that we're seeing aren't really mergers and acquisitions right they're more like partnerships whereas this is a proper acquisition where the you know the team gets acquired you know the obviously the token's still there and everything um but it's it's you know that they paid money for it obviously

it's not disclosed here how much they paid basically they paid money to to to acquire this company so not many details here actually curious to see where this goes in our omg network uh i mean it's been around for a long time right like for those who don't know omg network is basically a me say go for those who remember they just rebranded to omg network uh which i think was actually a pretty cool rebranding because everyone used to just call them omg anyway because that was their token name as well um but they've had like a a colored history right they went live this year with their tether implementation uh where they had tether on the on unit omg network on layer two but i think it's kind of failed to see kind of um

adoption because uh for that to work there needs to be other exchanges kind of on board with with the layer 2 solution for people to be able to send tether to each other you know you need it integrated natively in tools like metamask and other wallets and things like that before it can actually be adopted so that's been slow i mean it's not no surprise all the layer 2 solutions are kind of get having slow adoption because they're just not as widely distributed from a network network effect perspective but yeah i i i'll keep an eye on this we'll see if there's any more details about this in the next couple days but just seems random i guess that this happened but at the same time you know if it helps omg network be a

better team and a better company and making better products then kudos to them and i guess i congrats on the acquisition to to genesis block ventures as well all right that's it for this one everyone thank you for watching listening whatever you uh however you're consuming the daily great refuel be sure to subscribe to the youtube channel if you haven't already subscribe to the daily gray newsletter and everything like that and join the discord channel uh and that's it for today thank you and i'll see you everyone next week