The Merge updates, GitPOAP now live and more - The Daily Gwei Refuel #351 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray review where you cap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 11th of april 2022 all right everyone let's get into it so i know i missed last friday's refuel sorry about that everyone i was just so exhausted i hadn't been that tired in a long time and it's because i had a big day and i got home and i'm like wow i don't think i can record the refuel so if i was to attempt to record it it would have just been me slurring my words so i wanted to save you guys from that so apologies uh but that means there's a lot to cover today so you guys get a really exciting and possibly longer episode today uh two other things to go over as well first one is i know

that for a lot of you the refuel is coming out like two hours later than usual over the past like uh i think couple weeks and that's because of daylight savings so what happens is in april or i guess like before april i think in march um you know daylight savings changes in the us and then april changes in australia and then europe as well i'm not sure on the exact dates there but it basically means that uh for six months of the year the refill comes out uh you know two hours later than normal than than it did for the previous six months until about october so i'm not sure on the exact dates but i think october is when it kind of goes back to normal so for me it's still the same time i uploaded it every night uh at 12 30 a.m my time uh

and i'm just going to keep that schedule but yeah that means there'll be a kind of like a two-hour difference depending on what six months of the year that we're in so that's that there and the last thing is that uh amsterdam is happening uh it's very very soon i'm flying out friday so there will be a refuel on friday that i'll i'll try and record earlier in the day and then kind of like just have a have a go live um uh while i'm probably on the planes or schedule it out there uh but it does mean that i look i've discussed this with you guys before i'm gonna try and not have it go by like have two weeks go by without a single kind of like update for me about without a single refuel i'm gonna try and record as much as i can

but there definitely won't be one every day and the newsletter is probably gonna be even harder to keep up with so there probably won't be one every day there either but i'm definitely going to going to try as hard as i can but the thing is my amsterdam my dev connect is already packed i have so many things i'm speaking uh with so many kind of like people to meet up with so much stuff happening already uh and it's kind of like half a holiday for me as well since i'm going to be bringing my fiance with me so yeah i just don't feel like i'm going to have much free time to do the refuel which we've already discussed before so i won't rehash there so so yeah anyway other than that i think uh that that's basically it for now we can jump into

the news so just wanted to give a quick shout out here to altcoin daily i joined them and recorded two separate videos with them one of them that is live now so in case you haven't seen this this one was all about the merge now altcoin daily has a lot more subscribers than um than the delegate has they have over a million subscribers and i noticed that since this video went live there's been a lot of new subscribers to the delegate so welcome to all of you uh but this video basically went over the merge you know pretty much i mean if you'd listening to the refill for a while it would be nothing new to you um but i was still very excited to record with them record the guys there and basically reach a wider audience than i otherwise would have and there's a second video

going out soon that's all about layer twos as well on on ethereum so on their channel too so very excited that they gave me the opportunity to record uh videos about two of the things that i think are the most important ethereum right now which is the merchant layer twos uh but yeah if you wanna watch this will be linked in the youtube description but as i said it's probably going to be nothing new to all of you uh but it will make you bullish so if you're feeling a little bit bearish lately because the price has gone down i know that at time of recording we're hovering around 3k and everyone's like oh my god are we going back down you know again back into the 2000s i don't know right like obviously i don't know where it's going to go in the short term

but if you do want to get back on the bullish train these videos uh for you there but anyway lots of other stuff to talk about uh first up here is the merge there's been plenty of merge updates over the last like four days it's been crazy so basically what we've had happen today and just a few hours ago was this mainnet shadow fork now i've spoken about shadow forks before and how they were kind of like test nets being shadow forked for the merge and basically what that was is copying over the existing kind of like test net all the state and everything and merging it uh you know shadow forking and emerging it on a fork as it would be merged on on main net so this is basically the closest that we will be able to get to testing a kind of like real life

scenario of how a merge would look on one of these real networks that have been live for a while and today we did the big one we did a mainnet shadow fork which as i said just got activated there's a tweet thread here from parathos you can check out in order to see all the details here and see what happened it seems to have gone really well actually seems to be only minor kind of like issues with it and minor bugs which will obviously be squashed but yeah it doesn't seem to be anything majorly wrong with this at this point which is very very cool to see um but yeah i think uh talking about the merge the number one question i've been getting lately is around timing of the merge now i've been warning you guys for months that june was always a target window it was

not something that was concrete i remember i probably said that i was pretty confident in june as long as uh these test nets came back all green now we know with the kiln test net there was actually a major bug with um that happened on prism side i believe that if it happened on main net would have actually been pretty bad and there's been other bugs found and things like that that's why we do these test nets but i mean i and i've seen people say oh the merger's gonna get delayed because of this blah blah blah look guys i hate using the word delay because i don't think that you know anyone ever gave like an actual date for this as i've said plenty of times before it's always just been a window of time um but you know i i mean i'll just break the news

here and from what i'm seeing june is definitely not happening anymore like that's basically a zero percent chance now uh which means that i think at this point we're gonna have to have two separate forks we're gonna have to have the um one that pushes back the difficulty bomb which goes live in july and one for the merge now when is the merge gonna come well it's so hard to tell guys like i could say to you guys oh i think it's gonna come in like august and then maybe it comes in october i don't know i still think uh you know it's it's near certain that's hap that it's happening this year i don't think it's going to be pushed out the next year or anything like that but it's just very very hard to give any accurate kind of like timing and the window before the dream windows

was based on the difficulty bomb you know that was just a target that the core developers gave themselves in order to push them towards it uh and you know that obviously they've been working very very hard but you know the the test nets found those bugs right and and there's not much more that can be done uh other than fix the bugs right it's not like they can kind of like rush through this so there's that happening there but there's also a thread here from christine kim who basically summarized the last consensus layer call that happened on the 7th of april uh and this basically went through a lot of this sort of stuff like the shadow forking uh the the timelines and stuff and sort of stuff like that um and then you know christine said here that today they're all doing the main shadow fork which happened in

terms of timing i think there's a meeting happening on friday to determine uh some more some kind of like timing around uh a a kind of around what's happening with regards to the merge again timing is always going to be extremely difficult take it with a grain of salt the way i look at the merge is the same way i looked at something like eip1559 it's ready when it's ready i mean think about eip1559 all right think all the way back to that if you were around since when it first got proposed which was in early 2019 it took two and a half years to get to mainnet does anyone talk about the fact that it was quote unquote delayed plenty of times although it took forever does anyone even talk about eip1559 anymore no they don't right like hardly anyone does yet we're still burning eighth every

single block it's still doing its job of smoothing out the gas fees it's still doing its job of providing that base fee oracle for for different use cases and no one even remembers that it was you know delayed for a certain period of time it came later than they expected same thing is going to happen with the merge same thing's going to happen with every single other ethereum upgrade this is as i've said before the the curse part of working out in the open is that everyone expects everything to go fine when in reality it doesn't a lot of the time like when teams work in a closed environment they are doing this sort of stuff all the time they're missing their own internal kind of like target windows they're missing their own internal uh uh kind of um timelines they they're kind of like

having to fix bugs all this sort of stuff this happens in every single industry that involves uh software especially uh the video game industry it happens a lot there there's plenty of delays in the video game industry from what they set themselves uh to try and complete there but there's a there's a famous quote from shigeru mayamoto uh from nintendo who basically said you know a a rushed game is bad forever but a delayed game isn't or something like that remember the exact quote but basically the gist of it is if we were to rush out the merge and something was to go catastrophically wrong that would be a permanent mark on ethereum it would be pretty bad short term would be catastrophic it'd be very very bad long term i don't think it would be that bad like but it would still be a mark

against that it would have a lot of negative first and second order effects but if the the delays don't i feel like the market doesn't even i feel like the market doesn't even care about this sorts of stuff the market is not that efficient so i think that if the even if the merge was to happen in december of this year like as a as kind of like one of the worst case scenarios i really do not think the market would care because as i said before guys the merge isn't actually anything for end users at the end of the day it's it's laying the groundwork for the stuff that's going for the end users and obviously we need to get it done so we can work on the other upgrades but i don't know i just feel like the market is not going to

price any of this sort of stuff in because i don't believe it's pricing in the bull case either like the emoji is going to happen and there is obviously a massive bull case behind the merge but i don't believe the market is pricing that in and i i i don't actually believe in the efficient market hypothesis i believe markets are incredibly inefficient and that's the way you get alpha out of them uh and and yeah i mean when thinking about kind of like timelines and stuff like that the market is not going to not going to price that in but yeah that's i think covers most of the stuff that happened with the merge i'll let you guys know like if i say anything more around timelines but as i said like june zero percent chance july it's a coin toss august you know chance is a lot higher

but it could push out even later than that it just depends what happened to these tests as i've said time and time again it always it depends on what happens with the test nets the developers the researchers do not want to attempt the merge if there are still bugs right if there are still especially major bugs it's just not worth it at the end of the day so do keep that in mind uh and on that note uh uh marios uh linked to a few resources to monitor this shadow fork of ethereum on that i'll link in the youtube description for you to uh for you to check out and uh there was another thread from parathos here you know uh talking about the state of testing the merge which is obviously the effort that's undergoing right now and you can kind of like check out this

thread uh for a description of that uh speaking of uh i guess actually i should talk about this first speaking of things to do with the beacon chain superfiz shared a collection of uh dashboards showing interesting data about the ethereum beacon chain now there's a few things in here that i saw that i really want to share with you guys first thing and what i shared last week was the fact that prism usage is is below that 66 threshold that we wanted to be below according to pools.invest.cloud but according to a different website here which i believe is on one of these websites i remember exactly which one it was this one here clientdiversity.org says that prism is only at 56 percent right so it's lower than 62 percent there and this other dashboard i think

also shows a kind of like similar number there so it's come down considerably now rated.network shows the distribution of pools here you can see that according to radar dot network coinbase is down to only 77 prism usage you recall that that was 95 i believe at peak it has come down so quickly guys this to me is is just such an exciting thing because of the fact that we we did it right we did it as a community we were able to move the needle in a really big way on client diversity and this is really one of the most beautiful things about the ethereum community do you see any other community caring about stuff like this this is directly impacting decentralization and security of the chain do you see any of the other chains that that tend to

espouse that they care about decentralization working towards any of this none of their communities ever talk about that do you see for example the solana community ever bringing up the fact that 20 or 21 of the nodes on solana could uh have 33 of the network which means that they could take the network offline i see no one's talking about this right if you do tell me but i don't see anyone talking about that same with a lot of the other ecosystems out there i'm not trying to pick on solana but a lot of the other ones that have these centralization vectors i do not see anyone talking about this whereas in ethereum we're always talking about this there was a massive effort behind this to get people to kind of like switch off the super majority client in order to further decentralize out the beacon chain and it worked that's

the most amazing thing it worked it wasn't just in vain we actually made it work so you can probably hear the excitement in my voice but this is what gets me the most excited about ethereum this is what keeps me in ethereum this is what a lot of people do not get about ethereum and what's so special about it we don't just talk the talk we walk the walk we actually do what we say we actually keep the network decentralized or at least try to as much as possible we don't just look at things and be like oh yeah that's whatever who cares oh yeah we're decentralized we don't just just say things we do things and i find that to be incredibly uh special and something that we need to really work hard on preserving in the ethereum community and i think as i said that's

what a lot of people miss they just think that oh you're an ethmaxy because you have eath bags and all you care about is ethereum because of it no and i've said time and time again is that the number one reason i care about ethereum has nothing to do with my eighth bags and it has everything to do with the fact that i most resonate with the ethereum vision mission its values everything in it i feel like we're just doing it the best out of any other ecosystem you know not even the bitcoin community talks about decentralization as much as ethereum does i i i i i mean maybe they talk about it a lot but they don't do they don't really do much about it in my mind so i think that uh you know ethereum you know improving the big enchanting client diversity here is one of the most

bullish things that i've seen happen in the ethereum ecosystem and i'm just so incredibly excited and on top of that i'm just super excited about watching the um the validator queue as well it's hung around like 14 000. it goes down and then goes back up there's just an insatiable hunger to stake heath right now which is just crazy so i love seeing that as well uh and speaking of super fizz he had another tweet out here today we he basically said you know ways you might help to decentralize ethereum run an execution client preferably a minority one such as geth basu in eragon or never another mind uh configure metamask to use your local node to change your rpc to use your local node run your own consensus client if you have the ability to do so so if you have the um the necessary eth to do so and

get away from centralized taking providers a solo stake if you can again so all really great things but again this goes back to me saying that plenty of people in this ecosystem that give a about uh ethereum actually being decentralized so very very cool uh i guess like thanks to superficial putting this tweet out and reminding us all about that all right uh and i guess like a related note here sam richards from the ethereum dot org uh team has shared a fresh uh preview of an upcoming staking resource on the ethereum.org website so you can check this out here link in the youtube description but this basically runs through you know how to stake your eighth what are the differences between the different staking solutions what are the pros and cons all that sort of information there in one easy to replace this is obviously a great resource it's

going to improve over time i definitely and highly recommend checking it out uh and i'll link this in youtube description for you to do so uh but yeah the more information we have the better and especially on on highly visible websites like ethereum.org i think it's very very important to have that there but yeah super exciting stuff from the ethereum dot org website here uh okay dom domothy here shared a really interesting tweet where he was basically able to work out uh the exact amount maybe not the exact amount but basically the the amount of way that would be needed at each validator kind of like count in order for it to be deflationary post merge now i've spoken about this before where i've said that uh the the kind of like uh the issuance is coming down so much uh based on kind of like the

current staked eighth by eighty ninety percent or something like that and then we have one five five nine burning eighth that eighth will always be 100 deflationary post merge every single block now for that to be true going forward with 350 000 validators which we're almost there we would need a 14.1 way average kind of like uh uh sorry minimum gas price here which is very easily doable we're pretty much at or above that all the time at 500 000 validators it's only 16.9 way that we would need and then in a million validators it's only 23.9 way so it's not like from 500 000 to a million it doubles it's not like we would need 34 um way to to do this we only need uh you know 23.9 and a million validators and a

million validators is 32 million each staked which is a crazy amount of eat steaks right imagine all that eats being locked up there but i thought this is a really great way to visualize it because i do expect gray to always be like above at least 10 from now on uh above 20 seems pretty pretty standard as well like most of the time um so even if we get up to a million validators where 32 million each is staked uh and if our if our minimum gas price is above 24 grey here around about that we would be still net deflationary with all that eth locked up not to mention all the eighth locked up in d5 and not to mention the kind of strong narrative that follows that and all that sort of stuff like it's just crazy when you think about it so very very cool

that uh dom dom shared this yeah and he's also shared kind of like how that how he actually worked it out the math behind it if you care about that oh yeah just something i wanted to highlight for you guys i thought it was quite interesting all right so paulie now has been talking a lot about this kind of i guess i don't know if it's completely new construction but something that has just been getting more attention lately called enshrined roll-ups so basically what enshrined roll-ups are is i mean as the name implies they're basically well upset don't technically sit at layer two they sit at layer one and they're basically uh directly integrated with the beacon chain in ethereum's case and some of the advantages of that would be no smart contract bug risk as there are no smart contracts the roll-ups and bridges are built into the protocol

itself no governance compromise risk same over same as above no risk of malicious upgrades by an external governance or token uh accumulative security or maven fees accrue to one asset that asset being eighth maximizing the security of the protocol minimum fragmentation because all enshrined for all-ups are identical though they may or may not be different execution environments can still be permissionless so obviously anyone can deploy them here and then you know there's a bunch of kind of like other other benefits here and i guess polynomials tldr is that enshrined rollups have exactly the same assumptions that the base protocol with no external risks that polynomial can think of this is also why polynomial likes uh dislikes the l2 tag as clearly enshrined rollups are just part of the l1 rollups transcend l2 in the various forms and

there's a bunch more information here about enshrined roll-ups now in shrine roll-ups in terms of like who's experimenting with them i think the tasers ecosystem is and i actually think the cardinal ecosystem is even i'm thinking about toying with this but in terms of getting this onto ethereum uh ethereum itself it would have to go through the ethereum layer one governance process which is obviously a very short process so don't expect this to come to ethereum for maybe two or three years i guess it's something like that um if it ever does i i think there are advantages here and it's really cool but at the same time there are disadvantage and disadvantages and those disadvantages would be the fact that as paulina says here um the permissionless innovation would be very slow as upgrades would go

through the governance process eg the eip process and the forks um and then but the good news is that regular independent rollups built with smart contracts would will continue to harmoniously co-exist within australian roll-ups so insurance roll-ups wouldn't supersede or replace the normal roll-ups that we're used to there would just be another option for people to use now as i said like they're probably not going to come for a while by that point people probably won't even care to have instrument roll-ups it'll just be having the roll-ups that we know and love and it'll all be well and good by that point but still i think it's still cool to pay attention to the ecosystems that are experimenting this with this as i said tazos is and possibly cardano as well which is funny after all the that i've given cardano gotta give them props there if

they're experimenting with something novel like this uh but yeah that's something you'll be hearing about a lot lately uh sorry a lot um going forward like in shrine roll-ups and things like that as they're kind of a pretty cool idea but as i said i don't expect them to come into the ethereum protocol for quite a while because we have much more other much other up sorry much more important other upgrades to come such as sharding statelessness state expiry vocal trees all that sort of stuff uh and maybe we getting shrine roll-ups eventually one day in in some other kind of like upgrade but we'll have to see how that plays out there but don't expect them anytime soon still cool to learn about them and know that they exist all right so i put out a tweet uh when was this april 9th where i said figuring

out how to sustainably fund public goods in the crypto ecosystem with large amounts of money could one day lead us to abolishing nation states and the taxes that come with them with them always be thinking bigger now the reason i put this out is because i kind of like thought a lot about public goods in general and kind of like how they play into the real world not just in crypto but just in the real world and when you think about it taxes are a way to fund public goods i mean they are the main way to part of to fund a nation-states public goods but taxes are a funny business because taxes is not a voluntary thing like a lot of the time unless you choose to live in a certain country which a lot of people don't have the choice of moving where they where

they're born in you basically have to pay the taxes the taxes are a debt that you will never be able to get out of uh you'll be thrown in jail if you don't pay your taxes so from that point of view they are kind of like forced on the individual right i'm not someone who thinks that taxes are theft so to speak uh i think that they're necessary obviously for a functioning nation state there are obviously different uh countries and nation states that have different tax laws and different ways of doing tax some have no capital gains tax some have really high capital gains tax a lot of countries seem uh have a very high income tax uh obviously on the you know the richer you are the more tax you will pay stuff like that um but in terms of like alternative funding sources

we think crypto we don't have a tax right there is no we at least within ethereum there is no block reward that goes towards funding public goods right most of our funding of public goods is done through get coin and done through other similar initiatives and obviously we have trent van impe setting up his uh protocol guild and stuff like that and we have donations and stuff going on but we don't have any we don't force people to do it we don't we don't for example we don't kind of like take people's eth from them and and direct it towards public goods uh that would actually be theft right and there's no social contract that exists that if you enter the ethereum ecosystem you will pay a tax people some people say oh the fees are attacks no the fees are not tax right the fee is the service fee that

you're paying it's the it's the cost of using the ethereum network it's not a tax right i mean you could argue that the taxes are a cost of living in a modern society but um that's kind of like a different different kind of uh thing there it's different to a fee so in saying that uh hey you know how do we do this how do we scale this up well i don't have the answer here i know there's a lot of smarter smart people working on this sort of stuff a lot of people that spend you know their full time in this ecosystem working on how to sustainably do this and i think that if we do find a way to scale up public goods funding from crypto into the real world in a sustainable matter we could one day abolish nation states literally and we could one day abolish the taxes

that come with them and we could create a very harmonious i guess public goods funding system that doesn't force anyone into giving up you know their money doesn't doesn't make anyone feel like they don't want to contribute it makes them want to contribute it makes them want to be involved with it people see the benefit and the net benefit of funding public goods as a collective and we can just lead to a i guess better world and better kind of like positioned society now you know getting rid of nation states obviously not something that's going to happen anytime soon uh but i do think that if we take the like 100 year kind of uh view here i do think that we're at a tipping point in society right now where the nation state is declining and it's going to take a while for it to decline to a

point where we have barely any probably going to take 100 years or something like that but i do think the nation state peaked recently i think it peaked pre-covert and then once covert happened once all that stuff that came with it happened once you know globalization is such like a strong force now and the ease of kind of like moving around uh especially from people kind of like they can work from home it's just never been easier to do that i think donation state is is going to be in decline for a long time now especially as gov you know certain governments are abusing their powers and stuff like that especially as i said during covert you know it's just all to me looking like we need alternative systems and we have them in crypto we just need to scale them for the outside of crypto world we need to

be able to fund things and bitcoin does this right they fund non-crypto public goods but we need to scale this up ten thousand a hundred thousand million x from where it is today before we can think about obviously supplanting nation states and the taxes that that come with the nation states but i do truly believe that one day we could get there this is probably going to only happen maybe maybe i won't be alive to see this happen but i do think this technology can empower that and can enable that so i'm very very excited to see how that evolves over time but at the same time it's not going to happen anytime soon nation states governments people they move very very slow in large groups decades if not centuries but as i said i do believe that the nation state peaked over the last few years and i don't see

nation states getting much bigger than or any bigger from where they are today i think we're going to see declines we're going to see changing world orders which is not you know i'm not the only one saying this and i've learned this from a lot of other people as well i didn't come up with this but i i do buy into that i do buy into the fact that the world is going to change dramatically in the coming decades and i think that crypto's going to be at the forefront of that especially around public goods funding all right so speaking of protocol guild and public goods funding uh trent vanepts has put out a proposal to lido as one of the first projects that he's put our proposal to to fund the protocol guild out of its treasury now there's been a bit of back and forth here

and uh and kind of like some people are against it some people are for it you can see hazu in here who's a big lighter backer obviously um you know big name in the community uh they're supportive of this proposal uh victor boone in here as well who um who used to work at bison trails networks at coinbase uh is in favor of it uh and i think there's a bit of a pushback here from from people uh i don't i don't know if people deleted their pushback uh or maybe there was another post but i did see pushback from people saying um hey you know maybe we shouldn't do this you know i don't know anything about this you know why are you asking for for money actually i think it wasn't from the later i'm sorry it was from the curve proposal so trent van amps also posted

this to curves forum and there was push back from them as well so it's just funny how different communities have different views here but the point is to kind of like reach out to every single community that has like a treasury with their project and approach them and say hey you know let's direct some of this to the protocol um uh the protocol guild and get public goods funded so you can read this proposal i'll link it in the youtube description below but very very cool to see trent uh starting to do this with different treasuries out there all right so get pope is fine get pull up he's finally live here so they're memorializing software contributions as pops to help usher in a new era of web 3. uh bringing these records of achievement on chain enables an ecosystem of applications powered by decentralized reputation and identity

now this is basically what i'm most excited about when it comes to the git power up is work working towards decentralizing reputation and identity this right here is one of if not the most important things in crypto and it doesn't get enough attention it definitely doesn't get enough attention reason do we have good ways to do on-chain governance today no all the on-chain governance systems that exist today are absolutely horrible i am extremely bearish on layer 1 onshane governance systems i don't think they can ever work but i do think that uh governance systems around like d5 protocols and stuff like that can work but they need good civil resistance mechanisms that's where decentralized reputation and identity come into things because right now it's very easy for anyone to kind of

just like spin up ethereum addresses they've got no idea or reputation attached to them and they can act uh in any which way they want whereas if you had a proper idea and reputation system that was actually decentralized you could be able to filter out individuals based on that you wouldn't have to kind of like worry about um being civil resistant because that would be your simple resistance and this also plays a big part in decentralized social media how do you scale that out how do you prevent that from being gamed like especially if there's rewards to be had steemit which is very popular decentralized social media platform for a while had a very big issue here where essentially the website was just overrun by bots and whales gaming the entire reward system and that's because there was no civil resistant mechanism but if

we kind of like have tools like gitpo up we can work towards decentralized reputation and identity systems to enable that so very very very cool but essentially what gitpower allows you to do is basically mimpo apps uh to your kind of contributors to your projects so say you have like a github project an open source project and you have contributors you commit pops send that to them uh uh you know on chain and basically allow them to to have proof that they contributed to this project and that they're like you know they're kind of like a real human uh and there's a bunch of launch partners here such as truffle suite git coin pop itself uh the uh ethereum dot org all that sort of stuff and if you were a contributor to them you could actually go on and mention your mint or git pop here which

is very very cool uh there's a bit more information about the um the platform as well here in this thread so just wanted to kind of like highlight why i think decentralized reputation and identity systems are so important and so critical to i guess like the health of this ecosystem going forward and i think just not enough people talk about it so just wanted to highlight at that there but i'll link this in the youtube description for you to check out all right so alcomix has a new announcement today they have announced something called elixir which is the alchemix algorithmic market operator or amo for short so there's a block blog post here basically describing what uh elixir is so uh the trd is that the alchemix elixir is a contract inspired by frax's algorithmic market operator uh their amo allows them to expand and

contract the supplier fracks in lp pools with frax 3 crv lp being the most predominant they mint and deposit fracks when the token prices above their peg withdraw and burn fractions when they're taking prices below their peg they also farm with the lp and convex earning the protocol income in the process so basically alcomix is taking this design and applying it to their own protocol here which should um which should be really really cool for for the protocol uh in general should generate more revenue should get it more for more growth there is the alchemix amo kind of like flow chart here so you can basically see how this all works under the hood it gets quite technical it's very defy right if uh if you want to kind of like use that term but i'm excited for this i'm excited for more innovation and experimentation within d5

uh especially out you know i mean after the kind of like failed d5 2.0 thing we had which is really just like ponzi's and and and and algo stable coins galore so i'm just excited to see actual innovation happening here so go read this blog post i'll link it in the description for you below all right finally here we had polygon announced at the launch of something called polygon village which is which is a full stack ecosystem for devs to build and grow this is where dapps get all the help required in building on polygon and getting access to all the resources that they need so this website here you can see has a bunch of resources on it um what they offer grants accelerators job boards bounty boards all that good stuff there so if you're looking to build on polygon or within web3

definitely give this website a a peruse it's got a lot of information here very excited to see this and this is just another thing that polygon is doing man they're doing a lot like crazy i can't even keep up with all of them that they're doing anymore it's just an absolutely amazing um kind of like initiative here you get into their discord up the top here if you want to kind of like talk to a bunch of like-minded individuals uh but yeah i'll link that in the youtube description as usual but i think on that note that's gonna be it for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone