The Merge updates, Lido Ethereum scorecard and more - The Daily Gwei Refuel #358 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where you cap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the fifth of may 2022 all right everyone let's get into it so another all-core devs update from tim bico today this is the all-called devs update number 11. this is entirely focused on the merge as tim says here so this was uh very very merge heavy we have basically a tldr of what's kind of like left um to go for the merge to kind of like happen or for the merge to kind of like happen on main net we also have this really nice image uh that's updated uh that trent vanep's put together a while ago but it's been updated to show kind of like where we are today so you can see on the top right of the

image we are here as in as in q2 2022 where we did the kiln test net we were doing the shadow forks and then date in the future tba to fork public test nets announcer ttd the terminal total difficulty and release clients there and then date tba the actual merge which would come after that which you know as you guys know what the merge entails there now what's kind of like left to get to the merge like what's the actual path here well tim details it by saying a few maintenance shadow forks without issues i said to you guys the last main shadow fork that was done uh last saturday i believe uh not the one that just passed the one one before that went ahead with almost entirely no issues i think there's just some minor issues here and there um and i guess

like there's gonna be more main net shadow forks over the coming weeks uh second would be clients passing the various merge test suites which are ongoing uh and will be ongoing for for a while and i spoke about kind of like uh that merged test uh uh kind of like uh resource yesterday that i kind of like highlighted and then third would be smooth deployments across existing public test nets such as gurley and sapporo i think that the name is um so yeah those are kind of the three major things to go so we're really close guys like we're so close like if i had to kind of like put a month on it at this stage look i'm leaning more towards august i've said this multiple times i'm leaning more towards august than july june's out obviously but um july i it's a coin toss still like i'm not convinced

that it can happen in july at this point just because i think that you know taking more conservative approach making sure we do do kind of like all the mainnet shadow forks without issues making sure uh the clients are all tested and then obviously doing the deployments on the public test nets you know it's it's already kind of like may right so uh you know may june july august yeah it's still a coin flip for july but i would lean more towards august i'd probably put my money on august at this stage so that's not very far away guys like it's actually really really close and we the path there is is clear like we have we can see the light and the tunnel there's no kind of like major obstacles it's just going through the motions so to speak and tim says that at the end of his kind

of like post here where he says you know while everyone is excited to see ethereum transition to proof of stake this is not the time to cut corners ensuring a safe and seamless transition for ethereum users and the rich ecosystem built on the network is our number one priority we're almost there when merged soon and i think this is a really great point that tim's brought up here look will anyone care if there was like a it took two to three four months longer or whatever uh to deliver the merge uh in a year from now no i don't i i that people even care like once the merge goes live they'll just stop caring they'll be like oh the merge went live cool what's what's the next thing right the same thing happened with eip1559 but will people care and remember if we do

if we attempt the merge and it goes wrong yes that will be a stain on ethereum a lot longer than some kind of like few month delay around the merge or a few other merge coming a few months later than other people expect because i don't like the term delay as you guys know but yeah i think to tim's point here we need to ensure this is a very safe and seamless transition for ethereum it's the and he says here as well the merge is by far the most complex upgrade that they've ever planned for ethereum and it is like by far seriously there's never been something that's required so much coordination in the ethereum ecosystem to get done across so many different teams so many different people so many different kind of like uh uh stakeholders within the ecosystem so getting it right is

obviously critical here so i suggest reading this whole post it's really great it kind of like goes through as i said like everything that needs to be done kind of like the status of the ongoing things right now um a few and a few other bits of information that might be of interest to you with links to to kind of like learn more here so yeah this is it's really close uh i think and you know it's been one it's one year since the rao news and prototypes went live which were the first kind of like merge prototypes and i remember speaking about this on the refill it's only been a year guys like i know it may seem like it's been such a long time because crypto moves so quickly it feels like you age like 10 years in in a month right but it really has it at the end of

the day and we've made so much progress in the last year towards this and we're finally kind of like there guys like it's so so close in a few months i'm going to be talking about you know i'm not going to be talking about the merge coming soon anymore i'm not even going to really be talking about the merge because the merge will be done i'll be moved on to talking about everything coming in the first network upgrade which is the shanghai update after the merge is done so i'm super super pumped i'm super excited obviously this is going to be the biggest event in ethereum's history so let's not rush it let's get there safe and sound um and let's ensure that there's no issues with it once it kind of like happens so that we can do a safe merge and then move on

to everything else not having to worry about the merge anymore the developments uh teams and kind of like the research teams get freed up to kind of like work on everything else which i actually consider the stuff coming in shanghai to be much more i guess like impactful than the merge itself the merch obviously lays the groundwork for everything without it we wouldn't be able to get to some of those other upgrades such as sharding but with uh with shanghai we have a few really cool things coming such as the withdrawals for stakers being enabled which actually you know some people go oh that's bearish or whatever i don't believe it's bearish or bullish or anything like that i don't have an opinion on that part of it but what i find really cool about it is that we're going to be able to build

new things around staking that are only able to be built because there's not just a one-way bridge anymore it's it actually works both ways but you can stake and unstake and stuff like that and i'm looking forward to what i'm what i'm calling the great reshuffling of of steak on on ethereum and seeing how people kind of like move their steak around into what services and stuff like that because then we can get better insight into what the ethereum staking ecosystem will look like in a post withdrawal world and the second thing is obviously proto dank sharding which is going to basically like give layer 2 so much scalability uh for many years to come and it's going to be amazing and the costs are going to drop dramatically from there it's going to drop to pennies essentially and that the reason why i'm looking forward to

that so much is because it's finally going to kill i think um most of the rhetoric around fees being too high on ethereum because there's still people today who are like you know 50 cents or dollars for a swap is still too high and totally like i i i completely um i sympathize with that and i completely uh agree with that um but you know and then once we get that to kind of like pennies on the dollar i think at that point there's just not going to be that rhetoric anymore so we're gonna see how that plays out but those are like the two things that i'm most excited for but there are a few other eips coming with it you can just search like ethereum shanghai update and it should show you the eips that are coming in and kind of like that up there and all of

them there or the ones that are kind of like tentatively scheduled because sometimes some get pulled out sometimes some get you know a lot of times they get modified and some new ones get put in so i definitely recommend checking all that out but yeah guys like this is the most exciting time in ethereum core protocol development and it will be for maybe the next two three four years so to speak so um and it's just so much to pay attention to like it's almost kind of like for me it's like i don't want everything to be delivered at once because then it's kind of like you know what else do i have to look forward to but then i can't i go and look at vitalik's roadmap that he put out with the surge the purge all that sort of stuff and that's a ten year roadmap guys

like i i'm going to be honest with you there's some stuff on there that is truly kind of like in the very early research stages that isn't critical to ethereum's success but it's like a really nice to have um and that's coming yeah and that's kind of like why i view that as kind of like a 10-year road map in terms of kind of like getting that stuff to main net so we're we're booked out like i'm gonna i hope i'm doing the refill still in 10 years and you'll be hearing me bang on about the latest kind of like thing maybe in 10 years i'm talking about snarkifying the base layer or maybe that comes before maybe in five years i'm talking about that that'd be really cool but uh yeah definitely give this blog post a read i'll link it in the description for you

all right so bartek from l2b has put out another banger thread about uh kind of roll-ups today and this one focuses on how roll-ups uh kind of like post their transaction data data to layer one ethereum so as you guys know to be considered a roll-up uh you need to post both kind of like um your call data on chain and also the proof uh that you've kind of like run the transactions on your layer 2 network on on chain to be considered roll up and by on chain i mean layer 1 ethereum now you can see the different costs here for different networks that do this uh medicine network is claiming to be the cheapest here as as an optimistic roll-up but bartek's thread goes into this and basically explains how menace is actually no longer considered an optimistic roller

and this is because in april they had a major upgrade go live where they've just taken the call data and placed it off chain it's not on layer one ethereum so that basically makes it a validium or some people calling this kind of like an optimistic volitium or an optimium i think or something like that i saw someone call it but it is not a it's not a rollup anymore because to be considered a rollup as i said you need both data and the transaction kind of like proofs on chain if you don't have both of them then you're not a rollup anymore and some people will say oh it's semantics no this is a strict technical definition like i i think that we shouldn't compromise on this as a definition because then what what it tells us is it tells us kind of like the

the security properties of these things because medicine no longer has the security of ethereum or the full security of ethereum it still has that from what i know the transactions proof's going on ethereum but it doesn't have the data anymore and it's so and so it kind of like um has the same security proposition properties or something like a validium whereas a full rollup has the best kind of like security properties you can get uh from because they inherit ethereum security directly there and that is why optimism um and arbitrary wine and boba being true optimistic rollups cost a lot more on a kind of like percentage basis than metas does today because they're just literally different things so i think the l2 fees website where this screenshot comes from is going to change this and they split it out and kind of like basically make sure that users

understand that these things are different i mean even zk sync here is cheaper it is a zk roll up but the thing is it's again a different kind of like technology right it's not an optimistic roll-up so you when comparing these things i think you have to compare apples to apples um you can compare apples to oranges and kind of like compare them in in terms of like trade-offs and kind of like what's bet what you consider to be better but if you're comparing them like for like you really do need to compare optimistic roll-ups to optimistic roll-ups you know zk robs the zika robes validium's dividing all that sort of stuff there right um and by doing so we cannot we can kind of like further educate users around the the trade-offs around these things because it's all trade-offs at the end of the day so i

just wanted to highlight this thread definitely go give it a read it's a short thread it kind of like goes into a bit more detail here but i think it's really dangerous what some of these l2s are doing like i don't know for sure if medicine has been doing this but i'm pretty sure i think they're still calling themselves a roll-up um yes they're even doing it in their bio here they're saying l2 ethereum roll up right and they're going cheapest l2 fastest transaction blah blah look this is misleading marketing like they're not a roll up anymore you can't be a roll up if you're if your data is stored off chain if it's not stored on ethereum layer one um and i think that that is kind of like a strictly kind of like um technical argument but it is widely agreed upon by

the people building these systems um and if you're not like a roll up then yeah you shouldn't be calling yourself yourself a roll up there but i guess like there are holy wars being fought over this because obviously mattis has a token and optimism is going to have a token and and all the rest of them are going to have tokens so from there we're going to see just kind of like a bit of ugliness kind of spawn here and it already started i mean there's already been kind of like communities bickering at each other about which which is better obviously the zk communities have been picking up the optimistic ones and being like you know we're better than you we you know zk's the future blah blah blah but you guys know my view on this i think that you're gonna be pragmatic when it comes to these things zk roll

ups are amazing but there are no generalized evm compatible zika roll-ups live today there are no zk evms live on mainnet today whereas optimistic rollups have been live for many months now and they've been growing just fine their fees have been coming down and you know in in the kind of like new year when the shanghai update goes live with proto dank sharding their costs are going to collapse and then people bring up oh there's other trade-offs like you know the um withdrawal delays that's that's solved guys like how many times like i personally have not used uh uh uh the kind of like um the the seven day withdrawal uh feature from optimism or arbetrim um to withdraw from these l2s i use the bridges all the time like i use you know the all the bridges that are available uh on these kind of like

networks depending on the network some of them support others some of them don't um but i think you know in that case for the seven day withdrawal one i would use it for like high value withdrawals i probably wouldn't go through the bridge but i'm not doing anything of like super high value on these on these l2s yet um i'm definitely playing around with smaller amounts on there uh and yeah that seven-day withdrawal period has kind of like been solved and the fun funny thing is i actually learned this the other day we you can bring that seven day withdrawal period down to actually only a few hours um and i forget exactly why this is the case but i think it has more i think it has more to do with kind of like how um how quickly you could kind of like prove

that there was fraud or not in in kind of like the system and how many kind of watches you had i think so don't quote me on that because i think there's just something as i said something i learned the other day and i've kind of like lost it i haven't um gone back and and and kind of like done done deferred the research there but the seven day thing is kind of like just being an arbitrary number it's not a fixed thing that can be brought down as well so when it comes to trade-offs of these sorts of things i think there are trade-offs but i think the end of the day optimistic pollops and zk robs are going to live in harmony for for a long time um and i i speak in harmony from like a tech perspective maybe not from a community or social

perspective well that's fine i totally get that and maybe that's a good thing that like the communities are all bickering at each other and there's competition there so that we kind of like get better end products at the end of the day because as you guys know competition breeds innovation i think we've already seen that play out in small bits but yeah it's going to play out further as time goes on but i'll link this thread in the youtube description for you to check out as well so jeff from the ens team put out an interesting tweet today where he said ens is in the unique position where we have no investors to please whilst building a credibly neutral protocol we have decades of runway and an organic community that is stronger and more resilient than any i've seen since the og ethereum community things are looking

up now this is a really good point and really really kind of like cool thing to think about most projects in this ecosystem can't boast that they have no investors to please because they've all taken investment and taking investment is not a bad thing guys like it is honestly required for most projects because at the end of the day not everyone has kind of like a way to sustain themselves if they were to quit their job and start a new company right they need investment now i don't know what the situation is with the ens team with the core team there but i'm going to assume you know they've been around for a while so they bought early on and they've been able to sustain themselves off that but there might be other ways that they're sustaining themselves i know some of them worked for on both ens

and other things look i'm not going to try and kind of like comment on that but you know i think there's definitely an element of them being kind of like early 8th people and benefiting from from that um so they didn't need to kind of like ever raise money which is which is obviously really cool now as i discussed yesterday about how things can look like they're succeeding and look like they're going really well but the token doesn't necessarily have to capture this value and as we've seen with the ens token since it went live um what ended up happening was that it was really hyped up it launched at a really large market cap and its circulating supply was quite low it's that classic kind of like fully diluted value meme thing so i think it's down like 70 or something from that all-time high um and

but ens is killing it i mean i covered this on the refill the other day where i said enos is is making record revenue they're kind of like reached a million a millionth ens registered they're doing like so much cool things behind the scenes they have like an extremely awesome community they uh as as jeff says here they have decades of runway and you take all that into account but but the thing is at the end of the day the token is still worth a lot of money because it just opened up at such a large kind of like market cap and this is why i always warn you guys with these tokens like it's not me trying let's not make giving investment advice around them and there are exceptions to the rule like i actually thought that um that ape the ap coin wouldn't uh do as

well as it did i thought it would just crash but it's done remarkably well so i underestimated that but the rule generally is if something has a has a kind of like relatively small circulating supply and it opens up at a really high market cap and it's got literally no way to accrue value um then it's it's generally not going to maintain that value and it's going to pretty much crash whether it has investors or not it doesn't matter so i think um that's kind of like i guess um something that uh was unfortunate with ens it was just so hyped up and you know i i dare to say that the the similar things could play out with other tokens other hyped up tokens coming up not gonna name any names but this is kind of like how i view these sorts of things uh

uh from that perspective but i don't wanna hop on about like that that too much there well i just wanted to highlight that uh you know how cool it is that ens is in such a unique position to that they don't have they don't have to please investors right but then you can kind of like say okay well they don't have to please private investors like vcs and funds but there are obviously people who bought the ans token that will be expecting a return but then you can kind of like fall into the legality of it and think to yourself well i mean ens is not a security it doesn't promise returns to anyone it is a governance token and that's why these teams often will say it's a governance token it has no value stuff like that because as soon as you say that it is

more than that you open the door wide open for any securities regulator to come in and say hey that's a security and then your token can't trade anywhere i mean we've already seen what happened to i guess like xrp even though xrp is a security and it's pretty much a scam um they would list they listed from coinbase immediately after the um the the kind of like suit against them from the sec uh came to light so you know that would happen immediately to to any other token that that kind of like the sec or any other securities big security security regulator went after and uh even if they haven't won the case of classifying it as a security that risk is just too much for a lot of these uh exchanges to kind of like take there but good thing is is that we have

decentralized exchanges in ethereum so you'd still be able to trade it um but yeah that's all that's the kind of like reason why you see these teams always say it's a valueless governance token when and a lot of them don't even want to accrue any value to the token like look at uni for example um unisop labs is probably too scared to to to kind of like let the fee switch be turned on because then they open themselves up to hey you know this is paying a dividend essentially this must be a security sort of thing so there's all that that plays into it but uh but yeah i just thought it was cool to highlight the fact that ens is one of the only projects in ethereum that can boast not having any private investors to please uh which is which is pretty cool but doesn't

necessarily mean that the token is going to accrue value i'm not saying it will or won't obviously i love ens but i just wanted to use this as a data point for you guys around what i was talking about yesterday around kind of like token valuations and things like that so so yeah all right so alido has released their first version of their lighter on ethereum scorecard today which is very timely because as you guys know later has become a big topic of a discussion recently because most of the new eight that's being staked is going through lido they're becoming an absolutely massive player on the network in terms of on the beacon chain in terms of like uh ether at stake and we want them to be good actors on on ethereum and you know what this scorecard is actually a really good step to them kind of like proving

that they are and what they what they kind of like run through on this scorecard is kind of like looking at where they're already succeeding in what they're trying to do at lighter right for for ethereum kind of like staking here and they've got a few points here such as you know uh lido's kind of like a and and the validator set uh legally and physically unrelated apparently that's going good operators running their own nodes no white labeling that's that's great stuff like good performance um and and then other things that could be better such as kind of like lido's hostile take over by our hard fork is possible uh it's currently fully possible to hide to just hijack the governance address i think because of the multi-sig and stuff like that um and there's a few more points here but i won't go through

them all but then they're going kind of like where we're doing well but can improve uh and then where our next priorities kind of like lie so this is really cool because it's like a public score card of like how well lido is doing on a number of different fronts and they're acutely aware of what they're doing well what they're not doing well and they want to improve upon now i really love this as i've mentioned i think it was on the the monday's refuel when i talked about on the on the marathon one where i talked about lido they're not the enemy guys and i'm actually really glad lito exists because if it wasn't for lido a lot of the eighth being staked would be going through centralized exchanges right now which is much much worse than lido because of a few different factors one

lighter actually has you know put out a path to decentralization now whether they stick to that path or not is another thing but the thing is at least there's an option for them to do that there's no option for a centralized exchange to do that because they don't want to do that like it doesn't make any sense for them to do that so when you're sticking with a centralized exchange it's always going to be centralized two it's giving people a way to do really great liquid staking because you get the st eth token um three at least with lighter it goes to like i think almost 30 different providers right now are different validators rather than just one with a centralized exchange um and four they seem to be very aligned with ethereum uh and ethereum values and ethereum's mission you know they put out things

like this scorecard none of the centralized exchanges are doing this or anything like that so i think that lido is uh is is fine it's great now would i wish that they didn't have such a large market share of course i would i would wish that rockapool would be getting a larger market share and other services like um swell steak-wise and a bunch of others out there but as i said yesterday like rockapool suffers from uh the fact that it uh it's kind of like limited by how much r8 can be minted right now they're working on that all that sort of stuff there and as i mentioned before i'm looking forward to the great reshuffling of steak post withdrawals because of the fact that uh we're going to see kind of like what a actual beacon like a staking ecosystem looks like in its final form and it's

kind of like two-way form rather than the one-way bridge we have today but i'll link this scorecard in the youtube description you can check it out below i'm running out of time here so i want to get through the rest of the updates uh before i do that so zappa introduced zappa studio today which is an open platform for app integration so now anyone anywhere can now create and submit app integrations for zapper so this obviously apply applies to developers mainly but you know as developers build these things out it's it's better for users so what people can do if you're a developer right now you can go to this blog post which runs through like everything that's happening here has links to all the relevant uh kind of like resources that you need um and i just think this is really cool because zappa is more than just like a portfolio

tracker obviously it has so many things going on like there's so many different integrations so many different kind of um i guess like uh zaps and stuff like that as they call them and things you can do on the on the platform there and they kind of like uh say that their core team has so far written 250 plus uh or app integrations from scratch but despite this the demand is still very very very high and there's over 700 pending integration requests right now so studio will help to relieve this backlog and help the zappa core team kind of like obviously uh uh uh kind of like focus on on other things rather than trying to get through this massive backlog here but this is this is awesome i love this if you're a developer definitely go check it out i'll link it in the description

so sandeep from polygon put together a nice little tldr on what polygon super nets are now i mentioned that polygon super nets the other day when i kind of like uh when they announced it but uh basically sunday describes them as polygon supernets are dedicated public application specific blockchains they are avm based natively connected to ethereum and polygon pos chain convertible to zk roll ups in the future protocol level value acryl for adapt tokens and will come with multiple consensus options this is a really cool summary of what it is and i kind of like talked about it the other day as i said the other day polygon super nets are basically polygons answered to avalanche kind of like subnets um so they're essentially kind of like side chains they're not like a layer two or roll up so to speak but they can be like

as sandy mentions here they can be converted to a zk roll up in the future when once that functionality has been put in which is really cool because i guess the way you would look at this is kind of like the supernet's technology the side check technology the evm kind of like sidetrack technology is basically perfected at this point like there are certain more things that can come to it but like it's it's kind of like a solved problem whereas stuff like uh scalable zk rollups and even scalable optimistic graphs are still being worked on so in the future when those kind of like things become more mature and become like easier to work with you can possibly convert your already kind of like bustling supernet to a zk roll up and i think that's very very cool and you know you guys know i'm actually kind of

bearish long term on app specific blockchains like sovereign app specific blockchains but i'm really bullish on ones that are layer twos like like for example dydx is is a huge kind of like app specific layer two um and i'm bullish on that model rather than the ones that are sovereign and by sovereign i mean the ones that kind of like literally have to uh bootstrap their own validator set and basically a side chain and not a layer two so very cool to see that sundeep has kind of like given this summary here of what they are um and i can't wait to see how people build with them all right so peter from the geth team has put out a kind of like pull request of a new feature that he coded up which allows for in in kind of like client in death client supply calculation of

eighth and issuance tracking so it's basically opt-in mostly he made it as a request from justin drake um but he hasn't shipped it just yet so essentially i mean some of you may remember this debate that was had a while ago around it there's no easy way to calculate um kind of like issuance uh and kind of like it's current supply because it's not built directly into the clients and people built tools around this they built kind of like uh they built a bunch of scripts around this and then it became very easy to compute this and and it was fine uh but now kind of like uh peter wants to or i guess i coded up a a thing to put this directly into geth itself so you wouldn't need an external script to do it so i just he kind of like he said he's debating shipping it

and i just said you know ship ship ship ship uh but yeah he kind of like says here you know why the reason for not shipping would be maintenance overhead um and he also doesn't want to add something that's not used by most users now look i mean when i think about this sort of stuff it may not be used by most users because it's not something you're going to be using like every day or every week or something like to you're not going to query the current each supply every day like for example maybe some people will but most people aren't going to do that but i still think it's an incredibly important and useful feature to have just so that we can kind of like not have to rely on third-party scripts and obviously you know knowing the current circulating supply of eighth

is quite important um but the funny thing is is that even if you don't have a tool to kind of i guess like calculate this knowing the current circuit knowing that the current eat supply hasn't been tampered with you can do from just running a full node because all the state kind of like um diffs match up and all the kind of like state routes match up so you wouldn't actually need to run this to to kind of like make sure that uh there hasn't been some some some kind of like or for lack of a better word with uh with the chain but still it's good to have this it's it's obviously something that that um a lot of people will get a lot of value out of so i hope peter ships this uh maybe you can encourage him to ship it maybe we

can kind of like send him some some kind of like a for shipping it or something like that so love to see uh what he does here so uh speaking of i guess like eat supply david hoffman put out a tweet today asking where he can view each supply across all the various change chains because if you go to d5 pulse today it only tracks ethereum layer one and if you go to kind of like the eighth locked in uh defy chart there which i'm going to do right now uh it kind of it's trending down right but in saying that it peaked at like 11 million in april of 2021 and now a year later it's down to 7.2 million eighth right it is measured in eighth not in dollars now this is because a lot of eighth has moved to obviously the alt l1 and also l2s and

also staking now holger here has put out kind of like a a shared kind of like a table here which which kind of tracks where this ether's gone well as you can see there's been over 12 million eighth deposited into staking some of that has come from the eth locked in defy then you can see that there's 1.4 million ethon bsc which would have come from ethereum obviously it has to come from ethereum right and then there's six hundred thousand on arbitrarium with 400 000 on avalanche 4000 on polygon and then so and so on with this list so this is really good to kind of like contextualize here because if you were just to look at the d5 pulse chart you would kind of like uh conclude that our d5 is is dying or people aren't willing to lock their 18d fly anymore when the

reality is is that there's more to do with your eth now with obviously with staking but there's also other chains to send your eth to whether they be l1 chains side chains layer twos and that still counts i believe so if you take all that into account takes taking into account as well this is kind of like total to 15.2 million and then you you add on the seven million from lockdown ethereum you get to like 22.2 million uh eighth that's kind of like being actively used right now it's probably higher than that because there are things not accounted for and stuff like that as well so just a cool little thing i wanted to point out here for you guys uh and thanks to david for tweeting this out all right la second last thing to get through just these blog posts from data

always here where they talk about network effects metcalfe's law and how this all kind of like plays into crypto network valuations now this is a kind of a lengthy blog post but well worth the read something that i think has been talked about in the past but not kind of like i guess like um been i guess quantified in such a in such a great way so definitely recommend giving this blog post to read i'll link it in the youtube description below um but i'm not going to tell diario because it gets quite technical but i do suggest giving it a read it was it was a great read all right finally here i just wanted to give a quick shout out to this conference that's happening or conference or i guess meet up that's happening next month in in in hawaii called hodlikon 2022. so this

is happening uh from june 17th to june 26th uh there's kind of like been a whole kind of i guess like uh a bunch of events happening there's going to be a hotel obviously uh that people are going to be staying at and this is being organized by the eighth finance folks so if you are interested in going to hawaii uh for obviously a holiday and hanging around with each people well this is the perfect opportunity to do it to do it i would love to go to this but i don't like as i mentioned i think i mentioned on the reef the other day i don't think i can do any long-haul travel for a while um but yeah i'm gonna fire my missing out on this and actually there's nothing there's not really many direct flights from kind of like australia to um hawaii either i was looking at

flights before just out of curiosity i would have to go to like la and do a stopover i think and then it would be like a long stop over it'll be like 35 hours of travel time i am not doing that guys i'm sorry as much as i would love to go to kind of like hawaii and hang out with eight people i'm not gonna do that but you should if you're in the us then it's like a no-brainer honestly like if you're in the u.s or even potentially in um in kind of like western europe where you're much closer to to kind of like this than i am um you should definitely do this actually i don't actually know is western europe as far away from hawaii as australia is i think it might even be further away because hawaii is closer to australia than you than the

continental uh continental yeah i think that's the right word us um so maybe australia is closer on that but if you're if you're in the u.s you're definitely closer so you should you should and you don't have to deal with the massive time zone difference that i would have to deal with so you should definitely kind of like just check this out decide if you want to go to it and the cool thing about this is that it's actually coincides with eath new york as well i believe eath new york is june 24th to 26th you could go to hoglecon for a few days you know just have a relaxing holiday and then fly over to to new york city for uh 18th new york right i would as i said i would have loved to have done this but not not so close maybe if this was happening in like in

august or september i would have done it um but unfortunately it's it's kind of like too soon after i got back from from my last trip but anyway definitely check this out i'll link it in the description i've gone over time so i'm gonna end it there thank you everyone 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