Lyra live on Optimism, Loopring NFT support and more - The Daily Gwei Refuel #194 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where we cap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 25th of august 2021 all right everyone let's get into it so just a quick shout out here to david hoffman from bankless uh he is or they are launching a new podcast called layer zero which is a show focusing on the people and not the tech that make up the ethereum community so it's coming to a podcast feed every tuesday at a bank list here the first episode was already aired with uh dimitri bruderin uh vitalik's dad i'll be on one of the upcoming episodes i'm really excited to record that there but i think this is a really great idea right like we i talk a lot about how the ethereum community um you know is and i

mean i guess like crypto in general and blockchains in general just like much more than the underlying tech the community is really what makes up uh essentially what makes this stuff important and and kind of like uh long-lasting and sustainable so i'm really interested in listening to these like i listened to a bit of the dimitri 1 i haven't been able to finish it just yet but it's just great to get like i guess the background story on a lot of these people that we follow every day like i follow demetrion on twitter you know i see a lot of his stuff that he talks about he definitely talks about vitalik a lot in postings and nuggets and little nuggets of kind of like philosophy and stuff like that which i always like to read um but you know you know it's not just not just him coming to this podcast

there's a bunch of other guests i'm sure david has lined up so i'm just really looking forward to hearing all the different stories from all these different kinds of people um and kind of like putting uh you know i guess like um more of a kind of i guess face to the name because we you know we all sit on twitter we all see these kind of like our names pop up we have you know people with different avatars obviously david's got his little crypto punk avatar here but generally we just don't have a kind of enough context i think around the people that make up this ecosystem and you know the the awesome thing is is that yes there's like people that have their real names and everything up there but there's also a lot of anonymous and pseudonymous people and you can even

interview them they could either use voice changes if they want or they don't have to have their camera on or anything and we can still learn about these kinds of people with information that they'd be happy giving out without doxing themselves um but yeah so i'm really looking forward to kind of like reading this and you can kind of uh sorry listening to this and you can kind of read david's thread here for a bit more background on this and why he's doing it i'll link this in the youtube description for you so the nick the next get going grants matching round has been announced so this is around 11 it will begin at september 8th 2021 at 3 p.m utc so during this round you'll be able to donate to all of your favorite projects and get your donations matched which you think is gonna be really cool

i think this will be the uh biggest round yet uh you know i i mentioned the git coin bots uh kind of like profile picture nft thing i think a couple days ago on the refuel and so far i uh they've raised almost a million dollars from that for public goods funding so it's kind of like harnessing that dj and activity of nfts for public goods and i'm really really happy to see that so yeah if you were wondering when the next grand surround was well now we have a date september 8th 2021 uh i i'm looking forward to donating to all my favorite projects and i hope you are as well so a really really interesting thread from osiris-unissi here on twitter today and he starts off the thread by saying you know quick investment thread uh probably one of the best investing abilities is to recognize trends ahead

of time find talent et cetera et cetera like if you knew btc or eth or punks were gonna blow up awesome you made dollars but that's really really hard i also think there's a second equally valuable and maybe not often talked about facet of investing and that's the notion of feeling like you've missed the boat when you really really haven't and then he goes on to describe kind of like in more detail about what he means by this but essentially there's two parts here invest i mean i i talk a lot about investing on on the on the refuel even though none of what i say is investment advice i still think it's good to give context around this the two biggest kind of parts of investing is one spotting trend of successful investors sorry is one spotting trends early on um and and kind of actioning them and also uh uh

secondly not kind of like dissuading from an investment or kind of like being turned off an investment because you think you've missed the boat right how many times have all of us kind of looked at something and being like well it's already gone up 10x you know um i can't buy any now it's already up too much i've already missed the boat i'm just going to look for another opportunity well let's put that in context if you had did that with eth when eighth was ten dollars because it was a dollar you know a year prior um or about about maybe more less than a year prior oh no no it was about a year prior because it went to ten dollars in mid-2016 um and you didn't buy in then you were already like oh it's already gone like 10x like i i've missed the

boat well no you didn't miss the boat because the next year ethan went to 1400 and then obviously it's at like over 3 000 now so that's just like an obvious example of how missing the boat syndrome is is really like damaging to you as an investor because it makes you kind of like make these kind of decisions where you're not willing to put money into something just because it's already increased a lot which is you know it's counter-intuitive because at the end of the day um just because it's increased a lot already and and actually actually let me take a step back here the reason why it's counterintuitive is because if you're looking at an asset and you think wow this is a good investment but then you think it's already gone up 10x well i mean that's just a bit silly right because if you think it's a good

investment then you think it's going to keep increasing in value and the fact that it's already gone 10x is actually positive because it means more people have seen that the value is there and they're kind of like investing in it and there's interest in it and this isn't just like true for 8 this is true especially for nfts and a lot of stuff going on there like i know a lot of people who missed out on buying a crypto punk you know even just late last year earlier this year because they thought of themselves like how how much higher can these things go well you know i i i think they can go even higher from here like there's just like a bunch of reasons why i'm not going to get into that now but those are kind of like the things that as a as an investor or what makes a

good investor is that they think about these things and they try really hard not to let them kind of like affect themselves affect their investment decisions too much here and you know i replied to cyrus here and i said you know amazing thread and i agree with everything you said but i also said that i personally struggle with sizing my bets correctly even though i can spot these trends well in advance due to spending every waking second in this ecosystem and if you watch the refuel all the time you'll be spotting these trends alongside me because i cover everything that i basically kind of like um come across but essentially that's the this is the third part of being a good investor is sizing correctly and what i mean by this is you know instead of putting like a small amount into an investment that

you're really bullish on you put a big amount into uh for example if you put like ten thousand dollars into something and you make a 10x right you you've made like a hundred thousand dollars and uh sorry you've made 90 000 profit which is all well and good you know no one's going to be complaining over that but if you're like really bullish on it and you think it's actually like a pretty high chance it's going to go up in value and you have the money available well then you should size appropriately so if you put in a hundred thousand dollars instead of ten thousand dollars into this investment you will make and it goes to a million dollars goes 10x you will make a profit of 900 000 instead of just 90 000 now you know this is obvious you know it's just easy math and things

like that but generally this is what i struggle with like a lot of the big wins that i've had they've been you know awesome like i've you know i've made like a big percentage kind of return on it but i never sized it correctly like the only thing that i consider myself to have sized correctly is probably eighth a lot of the other things even the d5 tokens that i bought early on and stuff like that i have just been too conservative of an investor there and i just haven't kind of like put in uh kind of like the right size and you know the most recent example of this is actually with an nft a uni socks so i ended up buying one pair of uni socks late last year like september last year after the uni airdrop because my thesis was well you know uni swap is absolutely massive

the uni airdrop is like game changing so many people love uni swap and you have this kind of like nft that's tied to the unisop ecosystem that a lot of people aren't aware of um and since then unisox is worth 130 000 today but i only bought one so i i think i bought it for a thousand five hundred dollars so i only put in a thousand five hundred dollars into something that i actually can i was actually really bullish on and i thought was going to go really far so i should have put much more than that into it right i should have even put like just 10 000 or something into it and and and you know i've made a considerable amount of return there but in reality i could have made a lot more money and i'm sure a lot of you can

relate to this and and and kind of like um you've made this probably mistake in the past and and these days you know i still kind of like make this mistake from time to time and uh and and you know just learning from me is obviously the thing that you want to do here but at the end of the day those are the three kind of things that that can kind of like trip you up into like being a good investor um you know spotting early trends on uh uh spotting trends early on but not making the move um you know not making move because you think that it's already gone up a lot like how much more can it go up and also not sizing your bets correctly so yeah i just thought this was a really great thread from cyrus highlighting all of that and

at the end of the day you you know even if you feel bad about this sort of sort of stuff you shouldn't the right and the correct thing to do is okay maybe you can feel bad about it for a little bit and be like oh that was such a silly decision but as long as you're learning from those mistakes uh i think it's fine you know i learned from from from the mistakes and i'm sizing things uh you know maybe not as as big as i should be but like you know i'm increasing kind of the amount of money i put at risk there but it's also all relative right if you ever only got ten thousand dollars to invest well then you're not just going to put it all on one thing you're gonna like diversify a little bit probably have like a cash

position for any opportunities and stuff like that but generally you know it should be a percentage thing so if you find an investment that you're like super bullish on and you think it's going to be as you know this absolutely massive thing well then maybe instead of putting five percent of your net worth into it you put like 20 or something like that i'm just saying random numbers here but it should always be a percentage based thing not a dollar based thing because everyone has a different amount of money to invest and you know there's there's riskier ways to do it too you can take on leverage by essentially borrowing funds against your uh kind of like for example that's definitely riskier and i wouldn't kind of like um you know recommend doing that unless you knew what you were doing of course but i mean

this is why investing is so hard at the end of the day because there's so many different things to consider there's so many different like human biases that we have that stop us from from being able to make good investment decisions and one one of them that i talk about a lot on the refuel and in my newsletter is what's called recency bias where is that is this kind of notion of putting more weight on recent events and kind of losing sight of the long-term picture and within crypto this is really easy to do because we think you know if you're in crypto and you're kind of like on twitter and like watching day to day you may feel like that you know weeks or months are passing when really it's just been days that have passed and you may think that the narrative has changed

underneath you or you've missed something you know the perfect example of this is is each week now we seem to have a new flavor of um of of farming opportunities on one of these other chains and and really i mean you you might look at that and be like oh my god you know these ethereum killers are actually getting traction they're actually gonna you know maybe they they present a threat to ethereum but like your recency bias is you know one week worth of data right where you've got like years and years worth of data on ethereum and like projecting this out long term and kind of um you know sitting down and thinking through it properly you kind of have a different view there as well so yeah the human biases that's to prevent us from being better investors are absolutely insane and i

recommend reading about them you can just google um you know human cognitive biases and you'll be able to find like all the conscious and unconscious ones unconscious ones are even more annoying because you don't even know that you're being affected by it but we're all affected by it equally and i think the best investors are the ones that can spot their biases and work around them and navigate around them to in order to kind of like maximize their return but yeah as i said none of that is investment advice it's just general kind of like uh i mean i wouldn't say advice but like general kind of like chatter about how to approach uh investments within crypto especially and how to not let things cloud your judgment at the end of the day but yeah i'll leave it at that you can rate this whole thread

it'll be linked in the youtube description below so patrick mccory put out an interesting thread about side chains and roll-ups where he says a few comments about side chains and roll-ups they are all independent blockchain networks with their own validators execution environment they may use an l1 to help leader election that is just the protocol transcript choice eg is it is it ex internal external to the network uh and then he goes on to say what matters is the bridge content on the l1 and how it secures the funds does it trust an external entity or can it independently check itself but it is all about bridges the actual network itself doesn't matter they're all new blockchain networks i think i've talked about this on one of the amas before but essentially layer two's like uh and and and kind of like side chains

i mean they have different security assumptions different bridges stuff like that but they are both still new blockchains like a layer two is a new blockchain it just inherits its security from ethereum because it doesn't have its own kind of like validated set it has its own um things called sequences which kind of like put the transactions together and produce the blocks and things like that but its actual security is inherited from ethereum now that security comes from the bridge contract now the bridge is like we're all you know we're all probably used to these bridge contracts by now where you know you send funds to a bridge and and like say going to polygon you send it to this bridge and you get your funds on polygon but really those are just ious the funds are actually stored on the contract on ethereum so even with these

l2's we sent it to like the optimism or arbitrary bridge contract and if anything it goes wrong with that bridge or if there's a bug there then those funds can be taken out of there and it doesn't matter what security guarantees you have on the layer 2 or whatever the bridge is always kind of like that last line of defense so that means that ethereum is the last line of defense and if you is securing it because that's where the funds are are technically stored that's why we say that layer 2 is inherit their security from layer 1 ethereum there's a bunch of other things that go into this but this is like a basic overview here so this is why people kind of point out things like you know the polygon bridge having a five of eight multisig and if five of them colluded they could withdraw all

the funds technically true right um but like obviously a low chance of that happening but still technically true there's a bunch of other bridges out there that have centralization vectors around them um you know i'm not sure of it but optimism uh optimism's bridge may have an admin key or something function around it all that sort of stuff there and then you know patrick goes on to say it it also matters like how the bridge kind of like uh can check itself is it external or internal and kind of like is it independent so with a bridge on ethereum that is fully trustless then ethereum is kind of like your your checkpoint for that for that bridge and for things going back and forth there uh and then you know depending on how that l2 talks to it as well is it or like the side

chain is is a whole another kind of thing i guess like kettle of fish around security and stuff like that because really the main difference between side chains and and l2s is that a properly constructed l2 you know as i mentioned before will inherit its security from ethereum as long as the bridge is also um secured by ethereum and doesn't have any backdoors and stuff like that uh where a central operator could stop the bridge and then essentially your assets are frozen or could be stolen or whatever um and then the site in the sidechain context there's a major difference here where when you put your funds into a bridge and it goes to l2 the bridge is your last line of defense like if the l2 does something malicious or whatever it doesn't matter in this case roll ups because you can go

to the bridge and say okay well i want my funds because you're because because your funds are stored in the bridge you can kind of like get them out um if the l2 is constructed correctly like uh like optimistic or zk roll up whereas with the side chain when you bridge across yes your funds are in the bridge but you're bridging across into um the the kind of like a new side sidechain network which is basically another layer one that has its own validators that are responsible for the security of the network and if the bridge doesn't have any kind of like uh you know the bridge going to the side chain doesn't have any way to kind of like pull out your funds or validate that you actually had funds on this on the kind of like side chain um then you essentially lose those if the side chain

operator goes vote uh goes rogue or you know they try to like um there's a 51 attack or stuff like that happening there so your security guarantees on a side chain other side chains validators your security guarantees in l2 is the ethereum network and that's why we say that the l2s are much more secure because ethereum is providing that security so yeah um there's a bunch a little bit more uh tweets in here from patrick about this uh so just going giving it a read but it's always good to remember that the bridge is really what is what you should be looking at in these sorts of things more than anything because an l2 can be obviously um you know secured by ethereum but if the bridge has like an admin key on it or it has like a way to be compromised on it um

and it's not validated correctly or whatever then it doesn't matter how good your l2 construction is the bridge is like that kind of final defense there so yeah always good to keep that in mind so a little bit of a tweet video uh here from piers kicks who basically says augmented reality meets art gallery the wearable future is going to be incredibly cool and you can see here a bunch of kind of like art on the floor and on the walls and things like that where there's an augmented reality uh kind of like playing around with it so obviously this has been recorded with a phone but you could imagine things like wearing a google glass and being able to go into this augmented reality art gallery and kind of like uh the art just comes to life so to speak and obviously this plays into the whole metaverse thing and

nfts and kind of virtual reality but i really do think that augmented reality is going to play an absolutely absolutely massive uh kind of like piece in the metaverse in the kind of like nft ecosystem because you can imagine just going into the real world and having like you know your nft kind of like i guess follow you along like you have a little nft pet follow you along with something or maybe imagine like your pudgy penguin following you along with something like that and then other people that have the wearable glasses on can see that i mean there's a whole kind of like thing to unpack here with this sort of stuff i'm not going to go into too much detail about it now but we've really only scratched the surface of this sort of stuff and this is going to get really really crazy but

i i just thought this was really cool and if you're listening to the podcast the video will be linked in the youtube description and you'll be able to kind of like watch it there so uh jimmy.ed put out a great tweet about nfts today where he said nfts are not like anything that has ever happened stop trying to make it all a bull or a bear there are thousands of micro economies and the money can shift from one to another in an instant there are bear and bull markets at the same time something will always be in profit so this got me thinking when you kind of look at nfts and kind of look past the speculation and the money and everything like that at the heart of all of them are these communities and feeling a part of this community is a big part of the value proposition of

nfts and i've talked about before how you know as nfts get more expensive people get priced out so for example people got priced out of punks they started making other profile picture nfts like board ape yup club uh pudgy penguins there's a bunch of others out there and there's obviously diminishing returns as you go along and each are worth less than the other but it gave people an opportunity to be part of a newer community and a community that they can actually buy into because you know the punk floor is what 250 000 that is a very exclusive elite community that not many people are going to ever be able to kind of buy into 250 000 is like what five times the average wage in or maybe maybe even more than that in the us i don't know what it is in the u.s but that's a you

know yearly wage sort of thing so most people aren't going to be able to do that uh but the board apes are also quite expensive these these days the pudgy penguins too so you always have kind of like these i guess like newer communities that spin up and that's kind of what jimmy's getting at here there's like these thousands of different communities and micro economies all kind of like coming together you know minting nfts or just doing really cool things together creating new communities and it's not really about bull or bear markets it's just about the community and sometimes obviously some nfts will be pumping sometimes other ones won't be but really i think that because of the fact that nfts have like a much stronger community pool they have like uh you know i guess an image attached to them it's very different to like i guess like a defy

token for example where if the token goes down in price there's no kind of like image that that's attached to or whatever there's obviously a community but the communities are quite price sensitive so if the token's gone down a lot in price and a lot of the community will just disappear because they don't really care to stick around or whatever um but with like the nft community you can still have like even if you know if punks were to like go down by 90 yes probably people will be less interested in them but there's still going to be a lot of people who are part of the punx community that are going to be super active and sticking around and still be kind of like really excited to be part of it and still keep kind of doing really cool things if you've ever been in the crypto punks discord you

know what i mean that's a very active discord bull or bear market doesn't matter they're super active in there so i just thought this was an interesting tweet from from jimmy here and how to frame that there speaking of crypto puns visa i spoke about you know the other day how they bought this their punk they said it as their profile picture as well now so the visa news account on twitter has their crypto punk as their profile picture which i guess is like next level because it's basically showing that hey you know um uh this kind of like nft you know we're not just buying it as kind of like uh i mean we're not just buying it and kind of like stuffing it away in our treasury never looking at it again we're actually embracing it fully and putting it as our profile picture which is just wild right

when you really think about it a publicly traded company as big as visa making a crypto punk their profile picture on twitter like this is their public facing kind of brand right uh it's quite wild and i thought that was just interesting to point out there uh so a couple more things on nfts and i'll stop boring you about nfts um so banteg announced the 315 million nft airdrops so they've partnered with uh project galaxy and the best vendors out there to create a definitive hacker survival toolkit for aspiring shadowy supercoders so if you ever deployed a contract you can now claim um one of these kind of like nfts here so you can kind of see um shadowy supercoder nft shadow we coded nft um and you're not just nfts you could also claim a bunch

of perks from different tools or developer tools like tenderly uh alchemy um you know there's that you can claim 50 gtc from git coin dow so that's worth actually that's worth a quite a lot the um quite a lot right now that's about 400 i think so you can claim a free 400 if you um are eligible to do this and there's a bunch of other things happening here unfortunately i of course all of my addresses apparently never deployed a contract at all which is weird because sometimes when doing transactions even if you're not a dev you would deploy a contract for example when you um interact with maker governance and vote on something in maker governance i think it deploys a proxy contract for you but i've never actually participated in mega governance because i've never actually held the mkr token so yeah a bit of a

shooting myself on the foot there but yeah if you have kind of like deployed contracts and and there's a bunch of other kind of like criteria here to get this you can do this but i think that beyond the nft it's just really cool that they're basically giving developers all of this kind of stuff here i mean this has been happening in the web 2 world for quite a while where you get access to like developer credits and and kind of like free transactions and all that sort of stuff on here but but i just think it's really cool to bring this to crypto and and you know this is huge for a lot of developers so definitely go check this out if you haven't yet so an interesting tweet from taken's theorem here where they said open c is about to break into the top 1 000 list

of websites in the known universe and then they go through a list here of website rankings finance at number 155 actually surprised me a bit but then you can see like the top 100 ebay is at number 39 etsy it's number 70 but what i wanted to kind of point out here is that openc is 1069 as the rank here etsy's number 70 but opencv is already doing more volume than etsy now i think i've just i've kind of mentioned on a refuel before that i think it's not really an apples to apples comparison between open c and etsy but still it's amazing that open seas is like ranked you know so much lower than etsy is but it's doing kind of like similar volumes or like more volume there which i thought was pretty cool uh but i wrote a bit more about this in the delegate

newsletter today about how crypto is just like silently climbing through the ranks right there's not really much noise in the real world about this maybe more so there is lately but generally outside of crypto there's not too much noise about this sort of stuff but i think slowly but surely crypto's just going to keep climbing these ranks creeping up getting into the top 100 and all these websites are just going to basically replace the existing kind of like top 100 or at least most of them will and and eventually we're going to get to a point where crypto crypto like tools are so ubiquitous across the entire internet that we won't be referring to uh things as crypto or non-crypto anymore we'll just be referring to them as one category like we refer to the internet today so yeah i thought that was cool but i wrote more

about this in the in the delegates newsletter today if you want to go check that out so uh another e s uh sorry another kind of like nft and ens bought by another company so budweiser bought or paid 38 for beer.e the ans name um and they also uh kind of like mints and nft from uh rocket factory tom sacks rocket factory here you can see in the picture they've got like an nft a budweiser nft on on the left-hand side here but yeah i wanted to focus on the fact that they bought an ens so this is another big company uh getting involved and ens names are actually nfts as well right like some of you will have already known that um but they paid a lot of money for bs.e they paid a hundred thousand dollars to purchase that obviously

because someone was sitting on it already that wasn't just gonna be freely available of course um but you know this is just more and more of i guess the web three world meeting kind of like not even the web two world this is like outside of that completely this is like the physical world stuff going on here so i just thought that was really cool and you know as i mentioned in the in my tweet here buying the e s is such a chad move because i mean it really is right this is going above and beyond just buying minting an nft or whatever it's buying e s and and making that kind of like your brand and at the end of the day as ens becomes more kind of like ubiquitous and involved within the i guess wider internet and and we have like things like signing with ethereum

uh i guess like kind of more adopted here i mean the the this is like a really really um rare domain name imagine owning beer.com like this is the the kind of like beer.com of ethereum like being beer dot ethio so yeah pretty good pickup from budweiser i would say uh uh so yeah congrats to them on the on the buyer here all right so lyra finance i've talked about them on the refill before but they're officially now live on optimism's mainnet so this is the third app to go fully live on optimism's mainnet and this is a native deployment as well so this has never been deployed to layer one before it's going straight to layer two and i've mentioned to you guys before that i think this is gonna be a trend going forward there's no more really you know deploying on layer one

for most of these apps it's just straight layer two deployments so this is really really cool to see just a refresher lyra is an options protocol um they definitely tap into synthetics which is on optimism as well because they spun out of synthetics um and you know you can basically go play around with it now on the optimism network by going to app.lyra.finance you can sign in bridge your assets across all that good stuff there they've got a light and dark mode here and everything which is really cool and you know it's it's it's kind of like pretty basic right now because they just launched but you can buy eighth calls right now which essentially means you think the eighth price is going to go up so you're buying a call on that or you can buy a port you think the eighth price is going

to go down so you can sell a put on that uh sorry buy it put on that so yeah definitely go check this out playing with it if you're into options i know options is one of those more exotic default products that a lot of people probably don't understand i don't fully understand how they work and all the different kind of things that go into it but still i think this is just awesome that we've got something live on optimism other than synthetics and uni swap and as i said you know optimism's whitelist is actually live for the public now for every developer to kind of whitelist and get spun up within two weeks for their apps so expect to see more and more apps go live on optimism over the coming weeks so loopering announced that they're bringing nfts to ethereum's later to their ethereum layer 2. so i i think i

mentioned this in yesterday's refuel how they were teasing this but essentially the trdr is that a loop brings zk roll up now supports nft minting trading and transfers uh any nft mints on l2 can also be withdrawn to l1 uh both the erc1155 and erc721 nft token standards are supported l1 and fts can be subdeposited to l2 as well which is really really cool no restrictions all l2 accounts can mean nfts and nft support will be part of the next loop ring release which is due for the end of august 2021 and loopering is also exploring use cases and partnerships to help bring nfts to the next level on ethereum l2 i love this because you know we already have zk sync and immutable x as layer 2 is kind of like signaling like heavy

support for nfts but now we have loop ring and i think all of the l2s are going to obviously support nfts here but this is just great to see that uh they kind of like recognize the value here and then they realize hey you know we need to support nfts like asap because this sort of stuff is obviously very expensive on l1 it's funny because like open c since one five five nine went live has actually burned two times as much as unisop has burned in in kind of like eighth i think last time i checked or at least almost 2x as much so obviously a lot of demand there but there's a lot of people still being priced out and i would love to see those people stay within the ethereum ecosystem rather than bleeding some of these other kind of like ecosystems that offer the

cheaper fees or whatever um i would love to see people kind of like go to l2 and experience ethereum's l2 ecosystem and how the fees are cheap there for their nfts and open c i believe is on polygon already are they put their pos chain um and i think they're going to be deploying to immutable immutable x as well so i'm i'm looking forward to seeing those marketplaces live on l2 as well so a final kind of announcement here uh eula a new uh money market protocol has announced that they have raised eight million dollars in a series a led by paradigm now i have to disclose that i am a seed investor in uh yola here or oil i think it's oil yeah it's i think it's oil as i always say yola because that's kind of like how i rate it here

right i think it's euler um but yeah this is kind of like a new as i mentioned a new money market protocol and they basically detail kind of like exactly what they are here and i'll just read it out uh euler is a capital efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third party now what sets oiler apart is that it features a number of innovations not seen before indeed phi including permissionless lending markets now i think there are a couple of other smaller protocols right now you know money market protocols that are doing permissionless lending markets um i can't remember the names on top of my head but there are a couple other ones out there doing that um but you know then then um euler goes on to say

reactive interest rates protected collateral mav resistant liquidations multi-collateral stability pools sub accounts risk adjusted loans and much more you can visit the oil website to check it out as well if you if you'd like here i really like their branding and everything um on their website here it's it's it's really cool uh it's really really nicely done and i'm just i'm not just saying that because i'm an investor i'm an investor because i liked what they were building um and their team is really really cool um but yeah the round i mean as i said was led by paradigm and there's a bunch of other investors that participated but besides the the angels here obviously um uh i'm i i'm an angel investor ryan and david from bankless as well and some familiar names like kane from synthetics and hazu and things like that um but also there was limnuscap um

uh uh joined the round um and they were their lead seed investor for oil and then a bunch of other kind of like investors here as well so yeah i mean this isn't live yet they're planning to go live end of the year i'm i'm they're going to have a token you can see how native governance token um eul begin uh being distributed to lenders and borrowers on the protocol from day one of launch so they're gonna be a day one kind of launch token here um and as i said like they're doing uh they're bringing a lot of unique features to the money markets kind of i guess uh space especially around for me what caught me the most was the permissionless lending markets now the reason why i like this is because it's really hard to do right firstly because when you think about kind of

like money markets and the assets that are supported on something like avail compound the reason why they don't support everything is because of liquidity that's a big reason like if you don't have liquidity to process a liquidation then um or if like they're very very very low um very low kind of liquidity coins where the price can move around really quickly it's kind of hard to kind of i get people uh be able to borrow against that and use it as collateral but with like uh with what euler's approach is doing and they haven't really detailed it here but i've kind of seen it they're taking like a unique approach here um which i'm sure they'll detail uh you know leading up to their launch um to kind of like enable this and that's what really caught my eye about them but as i said

they've also got a number another a number of other features including reactive interest rates so uh basically uh dynamic you know reactive interest rates that kind of like need to be in existence for these um permissionless lending markets to work because you need to be able to kind of i guess um make sure that uh it's very manipulation resistant too because as i said a lot of these low liquidity coins if they get listed on um on euler and they become like a collateral type you need to kind of be able to to make sure that um the interest rates can react to very very quick movements in their price and you also need to have things like protected collateral in place to make sure that um people kind of like don't just keep don't just get like absolutely wrecked right and things like that and

then you know mev resistant liquidations that's obviously a big uh talking point in mev and resisting mev and stuff like that especially within uh you know the liquidation space something that i guess doesn't get much attention the mav that gets attention is in the deck space but liquidations is definitely a big part there as well um multi-collateral stability pools sub-accounts and risk-adjusted loans and much more as those final features there but anyway i'm going to stop uh stop shilling here um i just thought that was really cool to see that they finally announced their series a and kind of like came out of south a little bit here as i said they'll be launching uh their kind of um product towards the end of the year i believe um and then the token will go live with the product as well so definitely um you know keep your eyes

peeled for that but i think that is it for today everyone so thank you again for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone