Obol roadmap, $100 billion ETH staked and more - The Daily Gwei Refuel #738 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the refuel where cup the latest news in eum ecosystem I'm your host and this and 28th of February 2024 all right everyone let's get into it so before we kick off today's episode just a couple of housekeeping items first one is apologies for the rug fuel yesterday uh back today though of course hopefully with a longer episode uh there shouldn't be any other rug fuels this week uh but we'll see I'm going to a Meetup tomorrow as you guys know tomorrow night in uh at upside uh which is a co-working space so I think I'm going to record the refu earlier so that uh you know I it's not rugged tomorrow so if there is a rug that's why but there hopefully won't be so yeah let let's uh let's see how we go there the second thing is that you may

notice if you're watching the YouTube video that I have a different kind of setup going on like the camera angle is different I'm not sitting down I'm standing up and the reason is because I recently converted my desk into a standing desk and I've done this because I've had a lot of neck and back issues for like 8 months now like pretty constant pain and it was it was really bad like I went to multiple Osteo osteopaths to see what the actual issue was and done a lot of great great work there but the issue just kept coming back and I kept wondering what it was I was trying a lot of different things uh and my desk how it set up uh was actually quite hard to turn into a standing desk cuz I didn't want to get rid of the desk that I have I I love the

desk that I have but I bought a bunch of other things to kind of convert it into a standing desk and now it is a standing desk and I've just basically been standing all the time instead of sitting and within like two days of doing that all of my issues seem to have gone away with my back and neck so what would happen is I get like a really bad tension headaches and it was just excruciating uh especially what happened like earlier in the day and then dissipate over time but I got my most energy early in the day so I want to be able to like do stuff but it was just debilitating and as I said it's been going on for quite a while but it seems like it was because I was just sitting down too much I mean I've been sitting

at a computer for a long long long time I mean I've my whole life's revolved around computers for a very very long time now I'm going to have to say the better part of 17 years since I started playing World of Warcraft all those years ago into basically making it my career uh not just with crypto but before I was into crypto but anyway enough rambling about my personal issues there but this will be the view that you see going forward on the video just me standing up I mean it's really kind of a similar view you've got like my figurines behind me of course I'm just like standing up instead of sitting down it's not that different but I figured I'd address it because people probably going to ask you know why is the view different uh and the reason uh it I'm you know it's kind of standing as well

I'm going to be standing all the time is because I actually have like a walking pad underneath me too so like a walking treadmill underneath the desk and I'm not going to pull that out every time I want to like sit at my desk and then pull everything back you know push all the monitors and keyboard and mouse down I'm not going to bother with that so I'm just going to stand up all the time which is fine I mean it's better for my for my back obviously and and walking on the trim will get my steps in while I'm at my desk but anyway enough about that let's move on to the news that I've missed covering over the last couple of days so first off as you guys know Denon is around the corner well the official kind of main net announcement from the

ethereum foundation blog came out yesterday you can check it out here really all this is is just a blog post that kind of lists what denune is uh what brings with it you know what the features are what the eips are and links to the client releases so that you can update your node so if you are running uh a full node or you're running full node with validators attached to it keep in mind you do have to update by March 13th and you also if you're running meev boost remember that you need to update that as well uh or else you will stand to kind of Miss blocks if you're running an old meev boost version and I'm pretty sure they've released a new version of that too but I don't know if it's linked in in this blog post here I didn't see

it here but yeah I mean 95% or something of the network uses meev boost so you definitely want to make sure to to upgrade that there but yeah guys like it's so close now denune I mean March 13th is is is around the corner uh and I think that it's going to be a smooth upgrade it seems like there hasn't really been any bugs on the test Nets I think Nimbus had a small kind of client side uh bug uh on um the holky test net I believe that they fixed so yeah other than that I haven't really seen anything else so seems like blobs have been going well and I can't wait to see this finally on mainnet but you can go check check out the blog post for yourself I'll link it in the YouTube description below for you to do so all right uh and just actually before

I move on from the Denon uh stuff there is going to be a live stream on March 13th uh at 1300 UTC or starting at 1300 UTC which is 1 pm. uh UTC uh I think that's like midnight my time so midnight Australian Eastern Standard Time which is like early morning us and afternoon Europe time if I'm doing my calculations right in my head there uh so this live stream is going to be Co posted by yours truly and eth Staker along with eth cat herters as well so it's going to be a fun stream we're going to see denune go live on the network um you know in in real time and then we're going to see what happens with the blobs you I'm curious to see if like the blobs are used straight away like are we going to see like an inscription mint straight

away or we going to see some of these rollups using blobs straight away to to store their data like I'm very curious to see what's going to happen there and I'm glad we all get to kind of watch this live as it happens so as I said this live stream will be happening March 13th at 1 p.m. UTC you can do the time conversion to your own time zone uh on your own or you can go to the YouTube channel here and just like it'll tell you in your local time when this will be going live so you can go check that out I'll link it in the YouTube description below for you to do so all right so Mike neua has a new Fresh eth research post out this time he teamed up with tun chitra here who you guys may know he's a researcher within

the kind of ethereum crypto ecosystem has been around for quite a while now but Mike's on fire I mean he keeps publishing these eth research Pro and I think he might have a couple more left in him I've heard on the grap Vine there but I don't know how he has the time to put these put these up I don't even have the time to read these like a couple of them are still in my in my backlog in my Chrome tabs uh but this one's all about the risks of lrts or as they known as liquid reaking tokens so this is a relatively new thing obviously that has come with the Advent of reaking on ethereum and obviously the most popular liquid reaking tokens today are ethery puffer and swell I believe are the are the top three there are a few others out

there uh that are up and coming like I think there's KPD and Renzo and uh there's a few other ones there's so many of these things now and I think that all of the lsts are pretty much going to convert to lrts I think that eventually Lio is probably going to do it as well obviously being the biggest there the one that probably won't is like CB eth or coinbase eth I feel like for them they like it's a regulatory thing but we'll have to see maybe they will do that but obviously these LS carry a lot of risk with them because staking carries a lot of risk with it that is underexplored or unexplored because reaking is a new primitive has not been around for very long and also none of the kind of uh I guess like Igan L products are live yet like reaking as a

primitive I mean it's technically not even live because really what you're doing when you put the token into igen layer or into like igen layer's contracts is you're just basically uh putting ether as a placeholder that eth is not being used to secure any of the IG lay abss because none of them alive yet IG L as a product is not live so really all you're doing is putting your eth in there obviously farming points and air drops and all that sorts of stuff I mean there's obviously nothing wrong with that but it's not actually really at risk besides there being smart contract risks obviously that you know there can be bugs in smart contracts there's no risk right now because Igan L is not live no ABS is alive but obviously when they do go live that's when a lot of these things start to come

to the Forefront a all of these risks start to come to the Forefront and that's exactly what Mike and tun have done uh in this post is basically highlight those risks as they see them and try to address them uh in in various different ways and try to address how you know the risk could play out how can be mitigated so on and so forth and there's a lot here it's quite a dense post I'll link it in the YouTube description for you guys to check out but I think that Igan layer Still Remains one of the most least understood things or Primitives or reaking generally Primitives on ethereum because I've seen like a lot of people talk about even like the basic things um and get it wrong so for example I've seen a few people say that they think that validators ethereum validators are going

to be modified in some way to be an igen layer kind of like ABS operator that's not how it works at all so really when it comes to what you're actually giving Igan layer you're giving them the economic security of eth you're not giving Igan layer your validator security so an ethereum validator so like a lighthouse validator or a prison validator those things are not going to be the things that are securing the abss the the ethereum in instance of those validators now yes those things could be forked those uh that software can be forked like the lighthouse client can be forked and be modified to run an IG lay ABS but if you're running an ethereum validator you have a very specific instance of that of that software and that software is just being an ethereum

validator it is not being repurposed as an igen layer ABS node operator whatever you want to call it now this confusion is because of the fact that if you're an a node operator on ethereum like I am obviously I run full nodes I run validators and I want to become an operator on the IG layer uh you know on IG layer ABS I can do that but at the same time I don't actually have to restake any of my own eth what I can do is I can spin up the software and then people can delegate essentially their restake eth to me and then I can be a note operator of an ABS while that exists separately to being a note operator of the ethereum network the ethereum validator is not being used within the igen layer and because of that confusion and people seem to come

up with all these esoteric risks that aren't actually risks really at the end of the day I think the biggest risk of um not an LRT because an LRT carries additional risks with it because obviously it's like a it's like a receipt token essentially and there's a whole bunch of things that go into that but like with reaking itself the biggest risk to ethereum the network I I foresee is something uh massively blowing up and then a lot of stake having to be withdrawn from the ethereum network uh at once basically which means means that that you're going to see a lot of uh you're not going to see a death Spar but what you're going to see is you're going to see a lot of I guess like dep pegging of these lsts and lrts which would result in more eth being taken out of

the beacon chain in order to Arbitrage that and people panicking and so on and so forth I think that's going to happen regardless of reaking or not I think that's just going to happen because of a Del leveraging event at some point in the future obviously the markets are getting really really hot right now uh and I mean we all know how that ends honestly like I I feel like people have already forgotten how that ends it always ends the same way things blow up basically and that's that's a cleansing that we have to go through uh anytime you go up really really fast there's lots of Leverage that gets built up and then you have Del leveraging events that has all kinds of I guess uh uh uh you know things happening here and there that you may not anticipate I guess this post is trying to address those things

and or at least some of those things and trying to build off of that uh but but yeah there's no kind of like Risk to an ethereum validator itself because an ethereum validator is not a Ian layer validator so to speak right I mean I know that's not the exact right terminology but that's just not how it works um and again like you can't get slashed on ethereum either if you get slashed on igen layer because to get slashed on ethereum you have to actually break the rules of the ethereum protocol using your validator such as double signing right uh such as doing a surround vote things like that you do not get slashed because some igen layer um ABS that you're uh I guess like running a node for which is separate to your etherum validator right which is could be an IG layer validator uh get

slashed no that's that's just not how it works and I think that people need to understand how Aon actually works before trying to assess the risk of it because if you think that it works one way when it works a completely different way you just going to run around in circles with yourself and then you're going to come up with all these kind of risks that aren't actually risks but enough of that little rant there you can go check out Mike and tun's post I'll link it in the YouTube description below they do a much better job of explaining this stuff than I do specifically around the actual like a reaking tokens themselves uh and yeah I'll um I'll post this in the YouTube description below for you to check out all right staying on the topic of staking for now uh there is an obal road

map that has been published in the flavor of vitalic ethereum road map so you can see here that asheen from the obal network team has posted this diagram on Twitter with a bunch of different names such as for each kind of like road map item here so obviously with ethereum we have like The Verge The Surge the The Verge and all so on and so forth well Obel has the keys the crown the blocks the blame the base the lab okay obviously none of that rhymes like it does with the ethereum road map but under each of these little headings here you've got a bunch of different kind of uh uh Milestones that the uh oal Team obviously wants to meet when it comes to distributed validated technology now of course if you want to check out more details about this and see a better high

resolution image you can go to the blog post which I'll link in the YouTube description below but there is a lot here guys like you may think that DVT is relatively simple in that like it allows you to basically stake using multiple uh instances of the same validator and that adds redundancy and and potentially extra security and things like that and obviously enables things like Squad staking as I've discussed before but it goes way beyond that and you can actually find out why and how it goes way beyond that by checking out these blog post which of course as I said I'll link in the YouTube description below but it's great to see this because I think when it comes to designing obal and DVT generally it's going to follow pretty closely with kind of the ethereum staking kind of design road map like any

changes that happened to ethereum staking uh such as EP BS right that's the stuff that um that OB is going to be following along with and inclusion lists and things like that but they're also going to be doing their own things and their own improvements to their own network because oal is uh not just kind of like a you know a feature that gets added onto staking it is a whole protocol in of itself uh and they have a lot of road map items here that they want to kind of like execute on so yeah you can go check out this they they've code named at Obel 2.0 actually as well so you can go check this out I'll link this in the YouTube description below uh for you to do so all right so arog here has tweeted out that it is the first anniversary of the

Rhino review ethereum staking Journal now I remember I highlighted this newsletter back a year ago now probably like from the day that it was uh first published and I remember saying that it is still the number one resource for keeping up with everything happening within the ethereum staking ecosystem so congrats to arog and uh and team and anyone working on on this with him or helping him him with this on one year it's great to see that uh you've stuck with I know that it can be kind of challenging at times to stick with things like this especially when you're kind of aggregating things together and it becomes a bit tedious because you have to go find all the relevant information the links and stuff I mean I've done it before I did it as the block byblock newsletter in 2018 which then became the ethhub newsletter uh

which then became I guess like Into The Ether podcast which has become like the daily gay now so I understand kind of how mentally exhausted it can be and how many things there are to keep on top of uh but kudos to to you you guys for keeping on top of this and for for you guys to putting putting this together I think this is a great resource for the community and if you aren't subscribed to this guys definitely go subscribe to it I'll link it in the YouTube description below but really you could spend like a whole week on each of these newsletters just reading through everything linked here there is so much happening in the ethereum staking ecosystem I really only scratch the surface of it on the refill there's just so much I mean look at look at this look at this guys I'm just scrolling through

the newsletter look at all these links that that are in here and each of these links are are post in of themselves I mean you even got things like uh UPS recommendations so a UPS is an uninterruptible power supply uh which I got a few of them on my setup where basically it's a battery backup essentially so if your power goes out you can connect your validators or connect your Hardware that runs your validators to it and then you'll have uh it can stay Al you know for a little while it's not going to it depends on the size of the battery uh mine can stay live for up to I think half an hour or something but it's good for things like brown outs obviously and it's good for like short blackouts and stuff like that uh but yeah they've even got links to

stuff like that so stuff that you just won't see anywhere else is in this news letter so once again congrats to amog and anyone else who works on on this with him uh it's been great to watch this evolve over the last year and here's to another year of uh the ethereum uh the Rhino review newsletter all right an update from C swap today so they say here cow swaps top priority is to protect users from bad bad outcomes that's why we just made the swap confirmation model easier to understand with upd data designs for sell and receive amounts quote refresh time fee breakdown transaction expiry time and Happy swapping now you may be wondering why I'm highlighting such a I don't know if you'd call it like little update or boring update but the reason

I'm highlighting it is because I think it isn't actually a little update or a boring update I think that things like this can have a really really large impact because obviously it's really easy to get scammed in crypto people get scammed all the time there's so many different ways to get scammed even if you're super experienced you can get scammed or fished I am the best example of that someone who's been in secet system for ages dodged everything until I got fished in the dumbest way by losing my op tokens a few months ago uh which have since gone up in value a lot which hurts even more of course uh but hey you know it was a expensive lesson and I learned that lesson but regardless of that why I think this is a big deal or something that that's worth highlighting is that you want to

basically tell the user in plain English what they're doing with their transaction and this has been something that we've been trying to improve upon for a while now obviously metamask is making their own improvements in a slow and steady way I would say uh but for the longest time it would just be random gibberish that you would read when you're signing a transaction you wouldn't even know anything about what you're signing you just be basically saying okay well hope for the best really and a lot of people get fished this way but when you have models like this that pop up and tell you exactly what you're doing and what you're going to do what you you know things like what the fees are what you're expected to receive so on and so forth you feel a lot more comfortable doing the action that you're doing on chain and you have

a lot more guarant you have you know you have better guarantees around it now of course this isn't 100% guarantee fishing websites can just spoof this obviously right and they can just tell you whatever they want uh that that you know what whatever's going to happen whatever they um whatever they're trying to kind of like send here but at the same time that's where it comes in at the wallet level as well so for example rabie I've mentioned rabby before the the wallet uh which doesn't have an IOS app by the way there were people that got scammed because someone got a rabby a fake rabby iOS W uh Wallet app into the app store which is just insane and they were downloading it and they got drained rabby only has a desk top extension and a um Android app right now so please don't download it an iOS anything

claiming to be rabby they do not have an official app out yet as far as I know I mean obviously always check their official socials for updated information on that but please don't get scammed that way it's just horrible horrible way to get scammed but regardless of that Rabbi as a wallet is is kickass it will warn you straight away if you're doing something that it thinks is dodgy and it uses a bunch of heris STS to tell you if it's dodgey or not such an example being like hey you're interacting with this smart contract that no one one else has interacted with and if you say if for example you're doing like a Unis swap trade and then you're thinking to yourself okay well there's no way I'm the first person interact with this contract like that's just not not going to happen because of the fact that even

if it's a brand new Unis swop Market um the the first interaction of that contract will be an me bot because they obviously want to try and extract value from it so you will never be the first interaction on one of those things so that's an obvious red flag so rabie throws that up and like hey do you really want to do this this is not this doesn't look good and there's a bunch of other stuff as well it's like how you haven't interacted with this contract before so on and so forth and then even for simple things like sending funds they've got like a white list so if you for example fall for one of those um address poisoning attacks where essentially what happens is that if you go to like ether scan and you see you sometimes see that someone has sent a

small amount of eth to your address using an address that looks like one of your addresses now it's not your address it just looks like yours and it's it's actually e relatively easy to generate these things and and people have done this and this has happened to me as well but the scam is basically that they're trying to trick you into copy pasting that address thinking that it's your own instead of your own address now if you did this if you copy pasted their address and put it into rabie rabbie's going to straight away tell you hey this isn't on your white list because your other one is on your white list I mean obviously you have to add it to it but your real one is on your white list but rabie straight up straight up going to tell you hey this isn't an address on

your white list uh and then you obviously see and be like oh wait you know this is my address this should be on the white list and then you obviously do a double take there and save yourself so I mean I've had plenty of people DM me tell me in the daily grade Discord channel that they've saved their own ass a million times by using rabby uh for sorry A lot of times by using rabie uh you know without rabby they probably would have gotten fished so it's great to see that it's having real impact there but that brings me back to what I was saying about kind of cow swaps feature here is that anything that can just illuminate things better for the user is something that uh we should be encouraging it's something that we should be telling people about and something that we should be getting

encouraging other projects to do as well because uh at the end of the day the only way we're going to protect people or most people from scams and being fished is by giving them uh you know the most information as as we can without overloading them of course you know displaying it to them in a really simple way uh but by doing that we essentially get to uh make sure that they they're having a safe onchain experience all right speaking of wallet extensions and wallets generally uh unisoft has released their Unis swop extension so they say here this is the first wallet to live in your browser browser sidebar no more pop-ups no more transaction Windows the weit list opens today so as as you guys know unop has a Mobile Wallet app now they have an extension that basically sits on the

side of what you of your kind of like web browser here as you can see in the video and you can do all the same things that you can do in pretty much every other wallet but I guess for them the logic is that they want you to kick click this big swap button here which they collect a fee from uh they have a fee that's on top of it like metamask has a fee with their swap feature there um but yeah I mean I've I watched the video the extension looks quite cool looks quite nice quite clean here but it's not available to the public yet I think there just a wait list so you can go check out the thread for more information about this and and a link to it please only click the link in this thread that I'll link in the YouTube

description below do not go Googling for it or searching for it yourself that's another quick way to get fished obviously uh and as far as I know the extension is not out yet it is uh it is um coming soon and users with a uni. e username will get Priority Access so if you've got a unit. username be sure to sign up using that when you're joining the wait list here but kudos to unop for getting this out there just another way for people to get onchain and start using onchain products all right so Dan Romero shared something on uh Twitter today about farcaster kind of funny whenever Dan shares something about uh about farasa on Twitter uh it's just kind of like um going into the I guess like a trojan horse basically of hey you know we're

trying to build like I I don't know if I'd call faster a Twitter killer but we're trying to build a competitor here and we're advertising it on on Twitter I always thought that was kind of kind of funny but what he shared today is that you can now build an entire storefront in a farcaster frame with coinbase Commerce and Shopify integration is actually coming soon so you can see here in the screenshot that you can set up your frame shop in less than 5 minutes all you have to do is add the name of your store add your products input your coinbase Commerce API key with Shopify coming soon and start selling it's 100% free no charges and no fees so what this basically means is that these frames will pop up in your farter feed uh and in people's foraster feeds and then your

products will be there and this could be physical or digital products of course and then immediately they can just buy it they can just click buy or they can just kind of browse through it in in frame without them having to click off into a separate website without without them having to click off a foraster at all they've just got that in their news feed here uh which is awesome I mean that's another thing that's uniquely enabled by having uh crypto um uh integration here or crypto native integration here because you get to basically pay with crypto via coinbase Commerce pay with eth pay with a stable coin right pay with usdc or whatever stable coin you want to pay with which is obviously the kind of end game of what we're building here we're trying to build a circular economy within crypto if we always rely on just having like a

Fiat on an off-ramp and not having a circular economy then crypto is never going to replace the financial system but we are getting to that point we're getting closer and closer every day to that point of having a totally circular Financial system where essentially you can get paid in crypto and then you can do everything like on chain basically you can do your shopping you know your physical uh Goods shopping on chain you can do uh you you know pay your bills on chain uh and maybe eventually do all that from just like farcaster right how how amazing would that be and then eventually it's not going to happen for a while but eventually you'd be able to pay your taxes in crypto I know some countries are already doing this I don't know which ones at the top of my head but I guess like for a lot of the people

listening in you probably live in one of the countries that don't do this uh like the US and Western Europe and me in Australia of course but imagine one day you're just able to pay for your taxes via a farcaster frame like how hilarious is that like just thinking about it is funny but like that would be really cool I don't know I I know that paying taxes isn't exactly cool and I'm not saying it is but we all have to do it I mean not all of us some of us are lucky enough to live in uh countries that don't um don't have tax on crypto but uh you know I I I I've always wanted to kind of like be able to pay my taxes in crypto because it's just an easier accounting thing like imagine just going and being like okay I'm just going to pay my tax in eth

this year like that would be really cool but obviously a lot of work to be done there to get that enabled at the nation state level uh and they probably not maybe they don't even want to do it because it weakens it kind of weakens their dollar right I mean even if it gets converted to dollars for well wians they're kind of fat I should say or their Sovereign currency so even if it gets converted to that currency in the background like if you replace your currency like uh in your economy with another currency as the like mou the medium of exchange right the unit of account uh then you're weakening your own kind of currency and some countries do this on purpose like for example um you know some countries just want to have USD as their as their currency right so they basically either

devalue their own currency or they do like a swap or they kind of just um you know that they they kill it so I mean this happens in Europe Europe a lot like obviously the um I mean the most recent one I can think of is there's probably more recent than this but I I think of this because I'm my background is Italian is the Italian leader that got Sunset essentially for euros right and so so did a lot of European kind of currencies there but and this happens all the time but those are all kind of that are those are all Sovereign or I guess at least kind of like nation state backed kind of currencies whereas eth isn't BTC isn't right uh you know a lot of other ones aren't within crypto not that they're to be money or anything like that but like we're just talking

about BTC and e that's how I I kind of think about it there but that's a discussion I guess for another time I don't want to ramble on about tax related things there but just great to see that this integration um is live on farcaster and coming soon with Shopify integration obviously you guys know Shopify is a huge uh I guess like digital kind of storefront um uh storefront as a service uh kind of uh service I guess you could say so yeah anyway uh you can go check that out I'll link it in the YouTube description below for you to do so all right finally here just a little bit of another mini bullish rant um and I put this cast out on farter yesterday where I said there is now $100 billion worth of eth staked on the beacon chain and this represents 26% of the current

total eth Supply so how crazy is that guys like I think I spoke about this maybe last week or the week before but the fact that only 26% of the current total e Supply is staked and that is $100 billion worth is just utterly insane because that means I mean obviously the total eth market cap at time of recording right now is 400 billion right it's a yeah it's 400 billion eth price is let me check 3320 is right now um which it just feels crazy saying that I mean two weeks ago I think eth was at $2,500 but such is the nature of bull markets right um but the the whole point of me kind of bringing this up is that one if eth goes like another 5x from here and no more eth goes in I shouldn't say if I should say

when eth goes another 5x from here if no new eth gets staked which is obviously like not going to happen there's going to be more eth that gets staked but if no new eth gets staked this just quickly becomes half a billion dollars no half a trillion dollars right I I was half a billion no half a trillion dollars worth of eth staked on the beacon chain securing ethereum of the network right half a trillion like just think about that for a sec right now let's just say that e goes 5x and then the total e Stak goes to 50% that's a trillion dollars of of e Stak that's trillion dollar guys of just eat steak that's that's just crazy like when you actually think about it that's just absolutely insane like when you really break it down like how much

value that actually is there securing the ethereum network now I know in the past I've said that there is kind of like a diminishing returns to the economic security aspect of things and it's obviously about more about node operators and unique node operators than Economic Security but still like that is a an absolutely massive amount of value kind of securing that that existing kind of pool of validators there and that existing uh I guess like ethereum Network that we have and we love and that we use every day um which is just crazy now of course like people when people talk about like okay well there's a there's all that Economic Security there like how is anyone ever going to be able to like attack the network through that well they're not that's the whole point the whole point of making it so costly to attack is that it's too

costly to attack and that not even nation states will try because it would cost them too much money to do so then you kind of go down the the curve of okay well where would they target next I still believe that the easiest way to I wouldn't say kill these networks but to basically alter them to your will sort of bend them to your will so like say you're a nation state say you're you're the US and you want to bend ethereum to your will the easiest way for you to do that is to infiltrate the social layer and what you would do what is is you'd have like a plant or a couple of plants enter the ecosystem now they may seem harmless or value ad at the beginning and they may seem like uh people that are doing a lot for the for for the

ecosystem and they may seem like completely friendly people that you don't suspect at all but then slowly over time they don't do it obviously but slowly over time they'll start seaing different ideas based on what what the US government wants to say or based on what the US intelligence apparatus wants to see um and then that slowly becomes kind of consensus if they play it right and then it ends up going into the network or something ends up happening with the network or maybe there's indecision maybe you kind of make it so that governance can't actually move forward because there's just so much infighting going on and this is not like me putting tinf fall hat on the CIA actually has a legit Playbook about this like how to infiltrate groups and I think the Playbook is centered around political groups or I guess like

different kind of um factions that kind of form around different movements but the same I mean applies to ethereum etherum is a movement right etherum isn't just like a technology it's a movement it's a movement for uh creating a decentralized world essentially right creating a decentralized financial system a new social coordination mechanism so the easiest way and I say easy I mean this wouldn't be easy it's obviously very difficult but the easiest way to attack ethereum the network is not to go the economic security route because obviously that's super expensive and you wouldn't even succeed at doing it anyway because we could just gra we could just recover from any attack and you would see the attack happening just the way the ethereum proof of stake mechanism um actually works right because there's the entry queue and all that stuff but yeah the easiest way

would go would be to go for the social a it would take a while it's not easy but it's easy are than than the other kind of ways here um and then yeah you just basically grind it to a ho and there are some people out there saying this is what happened to bitcoin uh which I don't really buy into but people say oh well you know Bitcoin was infected and that's why we have like these uh Bitcoin Maxes who think that Bitcoin shouldn't change and evolve and by doing that it kind of like hampered bitcoin's adoption which I mean you could argue it did as a I guess money like no one uses BTC as as a currency right like okay it has money money property monetary properties it has a lot of Mone to it but no one is using their BTC to to buy coffee I mean

not at any scale maybe they're doing it you know sometimes at at at a small scale here um and then they and then people say oh well they hampered Bitcoin because the lightning Network sucks but they managed to convince everyone that it doesn't suck like I don't buy into to these conspiracy theories personally but like some people do right and the thing the crazy thing about these is that they could actually be true right and you may think it's insane and that's maybe exactly what the people that did this want you to think and now I'm getting into like full-blown tinf hat territory but as I said guys this is not something that is uh that is unfathomable to happen there is a Playbook that that the CIA wrote we know that the US intelligence apparatus is vast we know that they have access to an unlimited

budget I mean the US military budget is a trillion on the books who knows what else it is like uh you know potentially off the books right or or or who knows like what project they've been working on for years now to and who knows what they've been able to unlock you know they might they may be sitting on a zero day that could uh drain the ethereum deposit contract for example right like for for staking who knows right so I I think when it comes to nation states and what comes comes to what ethereum is being built to resist you should never underestimate them obviously the bigger ones you you don't want to underestimate at all uh and you should never underestimate the lengths that they'll go to to infiltrate a movement and to infiltrate something that they um regard to be a a threat to their power and I

think that with ethereum we're we're really well positioned to defend against this but at the same time the weakest link is always people infiltrating the social layer is always an option for these groups uh and it could happen without us even realizing that's the scary thing so always good to keep on your toes about that sort of stuff but regardless of that it's good to know that there's a lot of Economic Security backing eth but uh yeah the social layer unfortunately or fortunately is always social there is no kind of like I mean there's economics and monetary incentives at play but at the heart of it it's uh it's just humans guys just humans and humans emotions and humans do silly things all the time uh as we all know but anyway I think on that note that's going to be it for today thank

you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone