Lots of drama, ETH institutional adoption & more - The Daily Gwei Refuel #185 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where we cap the latest news and ethereum ecosystem i'm your host anthony sosano and today's the 12th of august 2021 all right everyone let's get right into it so a bit of drama on crypto twitter over the last 24 hours are two bits of drama actually one involving jack the co-founder and ceo of twitter and the other involving optimism sushi swap uni swap you know you name it there's a lot of drama going on right now but i wanted to start with kind of like this tweet that jack put out so he originally put out a tweet saying that he used this tool to create and sync a list of accounts on twitter or whatever but in his screenshot of uh that's attached to his tweet here he's got a tweet from uh grubbles who is

someone who works at blockstream and is notorious for trolling not just trolling ethereum but spreading misinformation about ethereum uh you know for many years now i mean i have actually looked up his twitter profile stats before and he talks about ethereum more than he talks about bitcoin which is just hilarious but anyway in this in the screenshot and grabbles has a tweet where it where he says the ethereum foundation is bankrolled by their premium them paying a researcher who's going on podcast proclaiming proclaiming ethereum is bitcoin is exactly why we consider it a scam and he's been calling you know obviously um ethereum a scam for quite a while now and you know jack having this tweet in his screenshot is not a coincidence like i as soon as i saw this i was like yeah this is in no way a coincidence like he's doing this

on purpose because it's no secret that jack does not like ethereum now you can see here in my screenshot i i screenshot uh udi basically saying alamera the tweet in the screenshot like pointing out the fact that this tweet's there then someone else says uh total coincidence i'm sure lmao and then jack goes on to say there are no coincidences so i mean he's being pretty brazen about the fact that he thinks ethereum is a scam and he thinks and he doesn't like it which i mean i could go on for a while but i won't about why i think he's so misguided here and why i'm just like incredibly disappointed in this incredibly sad to see this um but at the same time jack represents everything that we're trying to disrupt within ethereum he's not only not only the founder of a centralized social media

website that obviously we all know and love and all use of that being twitter but he's also uh the founder or co-founder of square which is a payments app like a centralized payments rail like fintech whatever you want to call it and ethereum is working to disrupt that too so from that point of view it makes sense that he doesn't like ethereum because ethereum is disrupting uh his business model uh business you know or he's poised to disrupt his businesses because if we do kind of like crack the web 3 decentralized social media nut and have something like a twitter competitor out of that that basically gets usage and actually scales well you know that's a threat to twitter and then d5 is definitely a threat to something like square a big threat whereas bitcoin isn't a threat like jack is obviously a

very big fan of bitcoin um he's been promoting the lightning network and things like that but those things i i wouldn't consider like a threat to square to be honest i would consider them more complementary so that's probably why he's focused on it um but yeah i mean he's just being so brazen about it now he's not shy to say that he thinks ethereum is a scam um in so many words i mean he's not saying it directly but he is implying it from these screenshots and it's just incredibly sad to see and in my follow-up tweet here i said you know the amount of ethereum has had to contend with over the years is absolutely staggering and any of you have been around for a few years will know what i mean uh you know people with massive followings calling it a scam or

implying that it is a scam is just to carry on cherry on top of all the other stuff that we've had to deal with and yet ethereum is still here it's still thriving and it's still going to flip bitcoin like i have no doubt in my mind about that um but yeah i mean just as someone who is like so deeply involved in this ecosystem it is so sad to see this it is so disappointing to see this and at the end of the day if jack wants to play this game then i'm you know i'm gonna hit back like i'm gonna keep working towards making making sure ethereum you know puts bitcoin is in their place because i think at this point uh or the flipping i i only want it to happen because i believe ethereum should be on top i also want it to

happen because i believe it will finally put bitcoin in their place and get them to to kind of like uh you know they'll lose their narrative essentially they'll lose the narrative that they're the biggest thing ever that nothing can ever flip it whatever um and they'll lose a lot of their kind of like narrative power and you know another reason why i really don't like the fact that jack is so against ethereum is because he could be doing any number of things to limit the reach of ethereum on twitter right like for example this could be subtle things where he essentially you know when you follow a new account on twitter instead of him suggesting ethereum people he suggests bitcoin maximalist right and he's not doing this directly it's obviously twitter and you know being the i'm pretty sure he's the majority owner of twitter still he would

have like direct power over over what happens there and i'm sure there's other bitcoin maximus working at twitter so i don't think it's a conspiracy to to kind of have these thoughts and that that is just like even more dangerous and you know at times i feel like i can't even talk against jack because my account will just get banned or something like that and that really is just coming back to what the perils of centralization is the fact that i'm i'm scared to post things because you've got this guy who's openly hostile to ethereum and i am like obviously someone who's big in the ethereum community and i don't want to get my account banned you'll see i didn't i didn't tag jack in this or anything like that i didn't want to get his attention but i still wanted to call this crap out um you know i once

actually got a reply from jack a while ago when i called out um uh something on twitter it was a long time ago and i think it was 2019 and and since then i just haven't tagged him in anything i just don't want to draw the attention of him because you know he could shadowband my account there's like then there's nothing i could do about it like i could put him support requests to twitter whatever but they could easily ignore that like i could be put on some blacklist or whatever i mean this doesn't just this isn't just a threat against me this happened to other people on twitter before and this is just like the perils of centralization so i'm really hoping that rve comes through with their decentralized twitter that they're trying to build and it actually kind of gets a network effect but it's

very hard i mean you know getting people to change from like twitter to something else would be i think a very hard thing to do you could maybe bootstrap it with some kind of monetary incentives or whatever but still it'll take a while to get there i mean i'd be one of the first people on there for sure like i would love to to even be there during like the alpha stages of it and trying it out and and building an audience on there and making sure that uh you know i i feel safe i guess like on there but uh and and i could call out whoever i wanted for spreading crap and not you know have fear of repercussions but yeah i guess like that's that's kind of like how i'm viewing those things but yeah generally uh not not a very fun um that that jack

is kind of doing this so openly now and i do you know i do think he just really hasn't sat down with anyone in the ethereum community and talked to them about ethereum i think he sat down with bitcoin maximalists they have given him their version of ethereum and he's just you know eaten it up which just puzzles me but at the same time i guess if you look at his incentives he's you know obviously ethereum is disrupting or it can disrupt both of both of his companies so we'll have to see how that plays out but i think i i want to move on to the next stuff here but i guess like generally just like sad to see this not unexpected sad to see but there was drama around actually i'm gonna move this tweet over here um there was drama around like optimism sushi swap uni swap

yesterday uh you might have seen it i quote tweeted joseph's tweet here and then i woke up to a flurry of messages and i was like oh god i shouldn't have tweeted at 1am but anyway what joseph said here is and he touches a screenshot he's tweet joseph delong um he works at sushi he said why sushi isn't coming to optimism or at bare minimum is taking a wait-and-see approach that prefers credible uh credibly neutral platforms like arbitram and then he puts together a thread but in the screenshot he has a message that he sent in i assume the optimism discord where he says no offense but we aren't super eager to deploy yet we were really disappointed in the non-preferential treatment we got feel free to whitelist us but i think we might wait and see what happens so what joseph was implying here that there was a bit of favoritism

going on where sushi swap was kind of like not being prioritized for deployment and it was you know it wasn't a first come first serve base basis with with apps on optimism and that optimism was like favoring unisop and other platforms or whatever now the funny thing is is that if you're newer to this ecosystem you won't be aware of the relationship optimism the optimism team and the new sub team has and this right this relationship goes back very far it goes back to i mean i would say like the people involved in both teams they have been working together and friends since like the earliest days of ethereum that's how far it goes back uh in in uni swap and and and optimism um and then you know optimism have uh been working with uni swap for a while i mean they did the uni

pig uh demo exchange back in 2019 so that was a while ago now and obviously unisof v3 is now live on optimism they were one of the the first apps to kind of like want to get on there now i guess what joseph was implying is that because of that connection um they're getting preferential treatment and you know i'm not going to say that i know if they are or aren't uh like it feels like a bit of a he said she said after going through all the different kind of like replies and everything here um but yeah joseph goes on to say like after deploying on optimism's co-van test net and preparing uh sushi for for uh deployments uh we were ready they were ready to deploy and we're waiting for the first opportunity so we scheduled a call with optimism um but after a long discussion

with lots of dancing around uh we finally asked point blank are we going to be treated equally on deployment that is when they told us that unisop had to go first meaning we were boxed out of deployment until uni swap now the optimism team kind of like hit back on this and said that it was a first-come first-served basis it and and i think this is where maybe the wording got mixed up in uh or maybe that communications were like poor or where kind of like crypto twitter got their their pitchforks out because you can see here uh that is when the team told us point blank that unit swap had to go first now the the screenshot that he's uh kind of like referencing here is is not like what you know the message that he was sent but if uniswap came first which

they did i mean i'm pretty sure unisop was i mean synthetics was was really early but i'm pretty sure unisop was the first ever team to basically say to optimism hey we want to deploy unison pl when it's ready so if you if optimism was doing like a first come first serve basis for white listing then unisop definitely was first like i don't think there's any doubt about that but if they did say that unisop had to go first because of preferential treatment well that's another thing but i mean it's kind of hard to tell what the truth is here right but then essentially i mean there's a bit more in the thread here and i'll link this stuff you can go through all the comments there's so many comments here but i'm trying to summarize it summarize it as best i can i put out maybe an ill thought out tweet

and you can see here i mean it was 12 16 a.m when i put this out where i quote tweeted josef's tweet and i said uh disappointed to see this i'm only long-term bullish on credibly neutral and permissionless platforms whether that be on layer one or layer two there's no place in this ecosystem for wild gardening world gardens i hope the optimism team rectifies this now my mistake was just taking joseph eddie's word now i'm not saying joseph was lying or anything like that but i shouldn't just like take one person's side of the story and then form an opinion on that that was my bad and i'll freely admit to that and i put out a thread which i'll go over in a sec uh basically expanding on my thoughts here but this is still true what i said here i'm only long-term bullish on credibly neutral and

permission permissionless platforms because generally i think that if you create walled gardens you lose all of the magic of this ecosystem you lose obviously the permissionlessness you lose the open nature you lose the community support and everything kind of like that so that statement that i made there is definitely still true and what i meant by i hope the optimism team rectifies this is that i was hoping that they would have an open whitelist process like what arbitram had because i think that is the best and fairest way to do it and you can do a first-come first-served basis like that there's no reason you can't as long as you explicitly state okay hey we have like an open white list it's first come first serve uh and that's it as simple as that and i think that's what arbitrary did and it seems to have succeeded i'm going

to talk about um them in a little bit but essentially uh this was ill-advised here and and you know i'll go through my follow-up tweet but i i got like a bunch of comments from people i really respect in the industry obviously kane here um hayden uh you know joseph replied saying it means the backup means a lot and you know i'm friends with joseph like he's a great guy i'm nothing against him or anything like that um but you know you've got to look at the incentives at play here of course like joseph's part of sushi swap hayden's part of uni swap optimism is close to uni swap uh how when you stop don't get along because sushi was originally a fork of uni swap and there's all kinds of like banter and politics going on here so there's so much like background stuff you have to

know about this to really dig in and see what's happening here and that's another reason why my tweet here was ill-advised is because i know all of this background stuff and i shouldn't have said anything but you know just to clear it up there um but then i basically put together kind of my tweet thread here which is a follow-up today after i woke up to a flurry of messages honestly and it was um i found a flurry of notifications and uh uh kind of like i felt really bad so i basically said you know i was i replied to jing first who is uh the pretty much one of the founders or co-founders of optimism uh saying that i've been a massive fan of the the work that their team has been doing as part of plasma group and optimism i have covered it all obviously i talk about it

all the time on the refuel uh and everything like that and i even remembered where i was when i first tried out the unipig exchange demo i was literally like i remember exactly in my head i can picture it i was on like the side of the street waiting for a cab in osaka in japan because it was devcon and i had it up on my phone i was like oh my god this is so awesome like this feels like a turning point for ethereum layer 2. and was the first like real up thing that uh end users could actually you know play around with so i was like super excited about it um and then you know i i basically apologize to kane as well who's been building with with synthetics and optimism for quite a while and i wasn't trying to concern troll as he said in his reply to me i

was legitimately concerned because i don't want to see optimism fail i want to see them succeed as much as i want to see all the other layers who succeed i know how much work they've put into it i know how much pioneering kind of stuff that that they've done and the technology is real and it works so i don't want to see them fail um and then i mean hayden uh basically uh he didn't he didn't annoy him or anything like that he kind of made me sad because he basically said uh you know uh uh crypto twitter not sure crypto twitter influence influences realize how harmful it is to the builders in this space to put out tweets like this and the thing is is that i do i do realize it that's why this tweet was ill-advised but you know i said that it saddened me and then

i went on to apologize and me and and hayden being the awesome guy that he is basically uh uh i guess like apologized hearing and cain basically you know thank me for my work and stuff like that which i thought was really cool but anyway and then uh calvin fitner who who works um at optimism uh asking how to rectify the situation and all i said was that having an open whitelist process like arbitram would be i guess the best way because it's credibly neutral and fair as as possible during kind of like a whitelist phase um so yeah that's i guess like the tldr of the the drama that's gone on and then optimism also put out like a tweet thread on their end saying uh they are whitelisting projects as quickly as possible and still maintain uh the safety of an alpha system uni

swap ahead of uh deployed ahead of sushi swap because they engaged with us 1.5 years ago see as i explained unicef was the very first team to engage with optimism long before sushi swap first in first out is not playing favorites and i agree with this i agree with this but again he said she said um you know but at the same time like the evidence is there like you can see that uni swap first deployed uh you know the guinea pig demo back in in 2019 and all that sort of stuff so i i think you can basically get past the he said she said for this and essentially say okay well that's true like unisop was first in so they got to be first out here um and then you know there was a bit more drama in the comments with sushi swap and

i mean honestly as i said you have to understand that the background here is is is that the sushi shop and uniform communities seem to not really get along and for obvious reasons and and things like that but also there's there's this kind of like um thing that bleeds into all of these kind of like events or kind of the drama that surrounds this sort of stuff and that's what i do with vcs so i saw like a bunch of comments around people saying well it's only natural that unisop will be given preferential treatment on optimism because they share the same vcs uh them being paradigm and a16z two of the i mean paradigms one of if not the biggest crypto vc uh an ao16z is one of if not um the biggest vcs in the world right but

when you really think about it like i don't think that's the cause here i really don't because of the fact that the uh the unisop and optimism tends to be working working together for so long i think the cause was really that there's a lot of drama in these in between sorry a lot of dramas a lot of blood bad blood between these two communities because of uh the original fork that happened and stuff like that like sushi fork uni and all that sort of stuff and and really uh you know they obviously wanted to deploy an optimism and get on there but they thought that people were playing favorites uh so yeah i mean amidst all the drama i don't think there was like a definitive answer on who's right and who's wrong but i can say and i'm very very confident to say

this i'm pretty much 100 confident uh to say this that union swap was the first project to ever approach optimism like all the evidence is there there is no i mean you can't change what happened in the past right and and you see all the evidence from the past and i can say with with 100 certainty that unisop um you know deserve to go first on optimism because they're worth first in uh but you know if if there are other projects that come later than sushi swap and then sushi swap has to basically you know take go to the back of the line because these other projects are being prioritized well that's a different situation and again it becomes like a bit dramatic then we we i don't know if we'll ever get like a a strong kind of like answer uh or kind of like the the truth quote

unquote like it's it's too hard to follow along and at the end of the day the truth is what's deployed if if optimism really is a closed platform which i don't think it is but if they choose to go down that road i don't think they're going to go down that road i you know i truly believe that they'll lose out to their competition but uh i don't think the optimism team is like that uh from everything that i've seen from that team they love i mean they adore ethereum seriously like they're all i mean i don't i don't think they would consider themselves ethmaxis but i consider them to be like you know hardcore ethereans been in this space for quite a while working on these problems for quite a while and i really don't think that they would throw that away just to keep uh the optimism closed

and just to get unisop on there first so yeah i guess i i i'll probably stop it there because i'm rambling a little bit but yeah generally it's just something that i've thought about a lot today and from everything that i saw i just don't think there was any kind of like fishy business going on i do think that people you know have these conspiracies about optimism being closed off because of a16z and paradigm being investors and like being sharing investors with unisop and just being vc dominated all this sort of stuff and people look at sushi swap as like a community-led project and all these sorts of stuff but again you know there's some truth to that uh i uh but there's like there's lots of nuance there i'm not going to get into the new ones now but essentially that should tldr the drama

for you regardless uh i think optimism is going public with their white list very soon so anyone will be able to kind of like i guess like uh so open whitelist and everyone will be able to kind of apply and then get deployed on optimism and i think the pressure's mounting on them uh especially because they have competition right and that competition comes in the form of arbitram who funny enough today announced this portal.arbitram.1 website which lets you scroll through all of the apps that are going to be live on arbitrary on day one when they go public this month with their with their public um a mainnet so you can see lots of familiar names here right are there you got cream finance you got uh bi-conomy connects coinbase wallet chain link curve i'm not going to go through all of them but you can see on my screen like

all familiar names a few newer names that i haven't seen before uh future swap there gnosis safe i mean handle fi look at all them i mean make a dow like i mean obviously metamask and things like that but i mean basically the who's who is going to be live here our sushi swap of course and uni swap you know so i think that this competition is really healthy for the ecosystem because this is going to force optimism to move faster as well even though i think that they were going to deploy sooner rather than later anyway it's just fun to see that both of these solutions optimism and albatroom are probably going to go live in a public fashion around the same same time and it's just really going to be a matter of where the developers spend the most time like are they can they develop on optimism easier

than they can on arbor trim or can they develop an arbitrary easier than optimism because at the end of the day users follow the devs because that the devs are the ones maintaining and deploying uh applications that the users want to want to kind of interact with so uh it's all up to like the developers it's kind of like how easy the developers have it on each of these systems uh i think optimism has done like a very very good job of bringing all their developer documentation and and all the infrastructure stuff up to speed over the last few months arbitrary is definitely up there as well so it's going to be really really cool to see uh that sort of stuff kind of play out here um but yeah i mean i i think any day now optimism is going to go live with that public white list

and then they'll kind of like whitelist projects and then they might launch a few weeks after arbitram or something like that but it won't be uh too long of a public launch i believe but yeah really really cool to see that um and yeah i i think that's it for that drama hopefully that explains it all for you of course i'll link these threads in the youtube description you can go check it out read through the comments see what everyone else is saying see the the the back and forth but really at the end of the day it's hard to kind of get to the the truth because we don't have all the context we just have like what's on twitter and all that sort of stuff um but i'm i'm rooting for you know for optimism like i still am and i've i've loved seeing their growth and

everything lately and i truly believe that their hearts are in the right place and they're not trying to play favorites especially not based on vcs i really don't think that especially because i mean if you really think about it uh i think uni swap and uh and optimism are just like one small part of ao16z's total portfolio they invest in a lot of different things um and i really don't think that that would be putting pressure on the teams to kind of like play favorites like that i think yeah i just don't see it right maybe i'm wrong but i just don't see it but anyway i'm gonna leave it at that for now move on to some other news from uh from the day here so frank chaparra from the block uh i love you always he always damns me with this

stuff he's like hey man i've got another ace story out and he knows i love it like this one he says institutional demand for eth has surged and it's pushing fidelity and ny dig to expand the nydig and my d i don't know how to say that uh to expand their btc-focused offerings uh nydig which builds itself as btc first has quietly been offering eth custody to an increasing number of clients plus fdis could offer eth services which is fidelity digital asset services could offer eight services by q4 q1 2022 now i put a tweet here where i basically said doesn't pay to be a btc maxi shop i guess and it doesn't because any of these kind of like institutions that basically are btc first or btc friendly or

run by btc maximalist it's not the way to go because they're going to lose market share to other platforms that don't take that approach of btc only uh they definitely you know obviously the demand for eighth is really high especially in a post one five five nine world leading up to the merge all the nft layer two stuff going on i mean ether is in such demand right now seriously like i'm i have not seen this much demand for eighth ever like if you even if you just look at the price eighth was seventeen hundred dollars what twenty days ago or something like that and we went up to almost what thirty two hundred i think we hit thirty two hundred or something thirty almost thirty three hundred um in a matter of like 20 days which was which is an enormous kind of like move for ether

this market cap so eth is yeah it is in incredible demand right now uh and all these institutions need to take advantage of that which i think you know it's just really cool to see that they're going to be supporting these sorts of things and they're going to be offering these to their kind of uh clients as well so yeah i think thanks frank for passing this on to me uh you know you can read the full story here i think this is maybe behind a pay wall uh unfortunately the full story but if you're subscribed to the blocks kind of like research desk you'll be able to read it uh yeah yeah if you uh yeah yeah oh this is the block news plus it's not part of their research desk so yeah you'll be able to rate it if you're a subscriber uh to that

so anti-pro synthesis uh put out a tweet saying the e2 deposit contract has casually overtaken uh weth or wrapped eat's number one spot in the ethereum top account by eth balance ranking uh just supply shock things um so i mean this was expected right i think the eighth staking is what 6.8 million and then uh the weth contract has a 6.6 million in it uh this is funny because like the launchpad site actually says um the deposit contract has 6.8 million in it but the deposit contract only has 6.6 on either scan there must be a bit of a discrepancy there um but anyway we you know six point six six million six point six three million and wrapped eth and i think wrapped either has actually been going down if you look at this tweet through at this tweet here

you can see that it's been going down a bit um while uh obviously the deposit contract is gonna be going up so are people taking 8 from d5 putting it into easter staking i actually think they are that's what i did i took a lot of my eighth that i was using to borrow stable coins against the yield farm and i just put it in staking because i'm like i want to stack eth all these stable coins that i'm um you know i'm farming most of them are going into eth anyway and i have to pay tax on it so uh why not just like cut out that tax portion of it and go straight to um the east denominated stuff and and you know do it in an environment where i'm not at risk of getting liquidated or whatever because i'm staking so i mean

there's lots of people like me that have done that um and then yeah i mean you can check the other top balances here of eth obviously a lot of centralized exchanges but they've been losing their dominance too to things like d5 and wrapped either is pretty much like mostly d5 pretty much i mean i would say almost all of it is d5 there's a few bridges in here there's 674 000 ethan the polygon uh bridge uh obviously to get to the polygon pos chain scrolling down scrolling down you can see um ethe dev which is the ethereum foundation's account and vitalik's address here are both around both you know between 300 and 400 000 and then i mean a bunch of unknown addresses and more centralized exchanges there but really i mean it's really really amazing to see the fact that uh d5 and and i guess staking

are like the top two uh by quite a large margin as well i mean binance only has 2.3 million in this cold storage account they probably have other ones as well yeah binance eight but they're smaller this is like their biggest one so uh but yeah as i said centralized exchanges have been losing their dominance there but anyway just thought i'd point that out on the refuel so m stable has introduced their grand style today so another i guess it's just another um i guess uh uh project that's uh developing grants programs so i've gone over like you know uni grants other grants compound grounds like every kind of like d5 app seems to have a grants program now um but essentially m stable is launching theirs now which is really cool so this is a community-led grants program to fund

ideas uh submitted by the m stables protocol community with a focus on building a wider community of developers creators and innovators the m stable grants there will receive 100 000 mta every quarter for funding grants which at current prices i think mta if i just check my chart is about uh it's over a dollar but let's just say it's a dollar so they get 100 000 uh dollars worth of mta every quarter uh to to kind of like fund these things and it and the allocation will come from the treasury and and stuff like that so yeah just really cool to see another d5 project get involved in kind of like the grant space here and i'm really liking uh the the fact that just uh we have more and more money going and around the ecosystem right now right and being played around with and

and going to to people to build more stuff within with especially within d5 so really really cool to see that so zappa put out their latest product update today uh and there's there was a little bit of drama around this that i saw on the tweet but in this update i think the thing i wanted to focus on was uh the fees here so a lot of you will be using zapa so essentially zapper is adding fees to their zaps portion of their app now there's no fees for like using the dashboard or anything like that but for zapping in and out of different opportunities there are now going to be fees and those fees are going to be a flat 0.4 percent fee now the reason why there was a drama about this is because whenever you've been getting something for free and then someone adds a feed to

it or at least a product you're using that's a feed to it i mean some people complain about that and i get that but at the same time pro you know these products can't remain free forever the only reason why they remain free for uh you know initially is because they have outside funding you know it's bankrolled by vcs and things like that um so whenever you actually think to yourself oh damn vcs you know i hate those guys well you know a lot of the free apps that you use in life are funded by vcs and bankrolled by them if you look at something like uber um the only reason why they were able to run at a loss for so long is because they had vc money and that you know the cheap rise that you enjoyed were because of that uh but

anyway uh i guess like another issue i think people were maybe uh kind of like concerned with was the fact that these fees are on top of the protocol fees so say you're zapping into a unisop liquidity provider position or you're doing like a unisop trade through zappa well you're paying 0.4 percent and then zero point three percent for the uni swap uh kind of trade but again i don't think this is like not again but like personally i don't think this is like a huge issue and i should disclose here that i'm an investor in zappa but i'm not saying this because i'm an investor because i actually see the logic that they've done here i didn't talk to them about this before they put it live um but essentially i see their logic here if you look at metamask they take a 0.8 fee for all of their swaps

now they're printing cash doing this by the way and no one seems to really care that's using it and i think that their product is geared towards not us d5 power users but the more kind of like normal or noob friendly users who want just like a really simple interface to do this through they don't want to have to kind of go through all the complicated stuff or whatever like that they just want something dead simple and i think that's what zappa gives a lot of people uh they're just dead simple interface to crack their portfolio interact with defy all that sorts of stuff but you know using the uniswap example as a um as a flat example here zero point four percent plus zero point three percent is zero point seven percent so they seem to have gone like the similar route the metamask has gone just coming in a

little bit lower like point one percent lower here uh but i kind of like get the logic for sure and i think that uh i mean i think that they're right to take fees because at the end of the day the vc money isn't going to last forever they need to monetize in order to kind of like keep the app afloat keep it live keep servicing customers and really when a product that you've been using for free monetizes it's actually really long-term healthy for for the product so that's how how i kind of view it um you know i get other people's frustrations with it but i guess like this is this is what the team has decided on and i think you'll be so you'll be kind of like um uh it's going to be very hard to find any apps long term to let you do things

for free um and and and any apps paying your liquidity mining for free uh sorry it could be money incentives forever either at the end of the day the money has to come from somewhere and you know the easiest way to kind of generate that revenue is just like you know pushing it on to to the users actually getting value out of the app because if you're getting lots of value out of it then you might not uh you might not mind paying a point four percent kind of like fee on a on a swap uh for example i mean obviously maybe it's 0.7 because of the extra fee there but really i mean when you think about it 0.7 in the grand scheme of things not too much right because if you're buying into something you're expecting it to go up or whatever and you know it could go up like double

and then just completely wipes out the the hit that you took from the fee so yeah that's just my like humble opinion on on the zapper fees here so token terminal uh i love this dashboard that they keep putting out where they split out the eighth burned um versus like the eighth paper miners and you can see here that the eighth burn is what 75 80 still of uh of the minor revenue so it's great to see that this is actually steady uh so it's not like coming down or going up it's actually pretty steady and 70 75 was basically the um the assumptions or i guess like the uh not the assumptions but the simulations that were ran by people like justin drake and and kind of like uh he was pretty dead on with this which i thought was pretty cool so yeah i just wanted to

kind of show that chart there i just i just love this chart but i know i'm going over time here so i'm going to speed through the rest of these things i wanted to talk about uh mariano conti put out a great tweet today where he said um it was a bit of like a tongue-in-cheek tweet but i liked it he said i am a uh illiquid jpeg enthusiast looking for a tiny bit more innovation at the smart contract level please i'm the same like i love nfts but there are so many uninspired clones going on right now that just bring nothing to the table and i've i spoke about this i think on one of the previous refuels where i said it feels like ico mania it feels like food fork mania where everyone's just trying for the cash grab and there's no innovation going on and it really just

feels uninspired so i'm with mariano here please nft creators do something innovative do something different if you do ping me about it on twitter or discord or whatever and i'm happy to look at it because i just i'm sick of seeing these profile picture clone nft projects it's just not innovative at all it's just not something that i consider to be interesting and it really does feel like a money grab at this point and opportunistic at that as well so tiny rant just one i would love to see more innovation there if you are working on something or if you know um a project that you want me to kind of look at definitely uh ping me about i'm always interested in learning about those sorts of things uh and speaking of kind of like nfts i put out this tweet today where i said

i'm an absolute sucker for ethereum uh this one comes from redline.news um or redline news an awesome resource for keeping up with the nft space which they are i mean i discovered this the other day someone i messaged me and basically said hey man like um uh you know can you you should check out this piece that we wrote and i wrote a really great piece in one five five nine but essentially i mean i love this art this is this is representing the london hard fork right like the london train station you have eighth in the background you get a bunch of easter eggs everywhere like fork gate and the block number on top of the train here and like a little little fork in the in the train i'm sure there's a bunch of others that i'm missing um oh crypto punk here and things like that

but if you actually go to um you know red lion news here uh actually no they redline gazette here and you can see like they've nft this as well but the piece is essentially here and you can read these for free and you can buy the nft of the piece but essentially this is their their kind of like issue that they that they've done issue number 47 and they're talking about like the london hard fork and and stuff like that and i did say this was a publication that covers nfts um but i mean you can see the prior issues they cover uh you know uh proof of beauties like london gifts here um if you go to the issues i'm just gonna quickly go through this uh you can see the different issues that they've done they cover like one big thing like per issue

and they have nfts attached to them hopefully this loads up here i don't know if my ad block is blocking this i doubt it but the art of a lot of these issues is actually really cool um it doesn't seem to be loading there unfortunately but yeah punk punk apocalypse where they wrote about crypto punks and honestly it's a really great resource for keeping up with nfts because there's so much stuff that i miss and so many tweets that i miss and you can just scroll through here and see all the tweets and see what's been going on and get like a really great lowdown of the nft ecosystem which i mean if you're interested in that you can definitely go check this out and subscribe to it i'll of course link it in the youtube description but yeah i thought it was really cool and i thought

that was really cool that you can buy these kind of like art pieces or buy these editions um and essentially uh i guess like um well sorry what was going to say essentially kind of like own the uh the magazine at the end of the day which like a digital magazine which i thought was really really cool all right so the final thing i want to talk about was something that i wrote about in the newsletter today so i'm not going to talk about it too much on the refuel but justin drake put out a tweet here today where he said satoshi's first commit uh commit being like commit to the code which is the bitcoin repository here where satoshi committed something that was uh basically code for a decentralized p2p marketplace and then i quote tweeted saying ethereum will finish what satoshi started now i i

wrote about this in the newsletter so go read that but essentially what i meant by this was that uh so back in kind of like the bitcoin talk forums early days pretty much like most things that you see in ethereum today were discussed back then but they couldn't be built on bitcoin because bitcoin was inherently limited on the technology side and on the on the social side as well it off it also fired didn't want to change didn't want to do things like add smart contracts or whatever so ethereum was born and i truly believe ethereum's going to finish what satoshi started and what those early bitcoin talk forum uh kind of posts envisioned and that's like everything like the layer 2 ecosystem all the smart contract stuff d5 all that sort of stuff so yeah anyway read the newsletter for a deeper dive

there but i'm going to end it here because we've gone over time so thank you everyone for listening and watching subscribe to the channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone