Optimism donates $1mil, Coinbase & EIP-1559 & more - The Daily Gwei Refuel #224 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily way refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 6th of october 2021 all right everyone let's get into it so danny ryan posted the or i guess like shared the official altair mainnet announcement blog post here posted on the ethereum foundation blog now for those who may remember altair is the upcoming eth2 kind of beacon chain network upgrade that's happening on october 27th all the clients all five of them have releases out now that have um you know that are the correct version that are compatible with this network uh with these network upgrades so if you're running any of these clients in your staking setup definitely go upgrade i updated mine today uh and you know it

was very smooth just have to kind of restart the client automatically get that kind of downloaded there all the release links are in this blog blog post there's also a bug bounty going on as well and a little bit of an faq here but yeah don't forget to update because i think i mentioned this yesterday if you don't update and you're stuck on the old kind of versions it's going to be the same result as if you were stuck on the old versions within kind of like when we do forks on eth1 you're just going to be left on the old chain but it's actually worse with kind of like with with eth2 with staking because you start losing rewards if you do that with i guess with proof of work in mind if you're mining the wrong chain then it's just the opportunity cost you kind of

like waste a bit of money um on electricity and and stuff like that but uh with with staking you see like the real upfront cost straight away if you if you don't upgrade now of course it's not going to be a major cost um or anything like that but you definitely want to upgrade not a major cost like over a short period of time but you definitely want to upgrade uh just to be safe on the safe side and for the health of the network too and the funny thing is this is as i've mentioned before this is the first network upgrade for for eth2 um so it's going to be really interesting to see how many people uh what is are actually going to upgrade and be ready on october 27th because uh it's been what i think the last time sorry when it launched was

december 1st when the beacon chain launched so since then people haven't really had to pay attention to their validators if they were just running on their kind of like hardware at home then they didn't have to pay attention to anything it was all well and good but now that they have to pay attention i'm gonna say like what percentage of the network is kind of very passive where people are just running their clients without without worrying about anything um and and i think there's gonna be maybe a small percentage of people like that so so if you kind of like see if you're on one of these big enchant block explorers and you see that some of the nodes drop offline or whatever some of the validators drop offline that would be totally normal but i expect them to come back up really quickly because as i said because uh you

are staking ethan if you are not on the correct chain you are you are you know you're poised to lose eight uh through kind of an inactivity leak you definitely don't want to be on the wrong chain in that scenario so yeah if you're staking at home definitely go upgrade if you're staying with a service provider they i mean if they unless they're a really bad staking service provider they should have already upgraded already or already in the kind of process of doing so um but uh you know you may just want to make sure with them i'm sure that at this point or closer to the i guess launch on october 27th they'll probably send out an update an email or something kind of um kind of going through how uh they're going to basically update and everything's all well and good on that

front there but anyway another topic on staking today was an unfortunate announcement from rocketpool that uh they have delayed their launch essentially uh because yesterday or i guess two days ago the bug bounty team or bug bounty program helped discover an exploit that also affected other staking providers and as a result they are postponing the launch to implement the fix now this is this was a critical exploit as far as i know and it wasn't it didn't just exist within the kind of rocketpool implementation it also existed in uh in lido finance as well um and the the cool thing is i guess maybe maybe cool is the wrong word but the nice thing to see was that this um this exploit was actually all this bug was discovered by dimitri who is uh what

i think the co-founder i think it says here uh yeah co-founder of stakewise which is actually a competitor to both lighter and rocket pool so you know this person saw that and was like okay well we're going to notify these teams right um and they go on in this thread to say that at stakewise we believe that even when dealing with our competitors the more secure we are collectively the stronger the entire e2 staking ecosystem becomes to achieve this we must communicate and watch each other's backs i love this ethos this is just the ethereum way right now not taking advantage of this even though their competitors and everything like that and making sure that uh everything runs smoothly here now i think with lido the the vulnerability would have only affected less than 100 eighth as they said the impact if it was exploited so it wasn't

that huge for lido itself i'm not sure kind of like what it would have resulted in for rockpool as rocketpool isn't live on mainnet just yet but i'm really happy to say that this was caught before they went live um but the thing is is that people kind of like i saw some people talking about this they're like oh my god like rocketpool's taking forever to get to mainnet and um there's a critical bug like two days before they were gonna launch or like one day before they were gonna launch uh you know this is amateur hour that's not the right uh frame of thinking here like i'm pretty sure rocketpool from memory had three audits before uh kind of like setting their mainnet date they had the whole system audited and this kind of still uh slipped through the cracks at the end of

the day so and it was exist and it existed in lido as well uh of service that has been live for quite a while now on main net so from that perspective i don't know i didn't get why i was even seeing people do that i understand that people may be speculating on the token and maybe this isn't good for their kind of like uh speculation because a lot of people would have bought the token and led up to mainnet to kind of play that hype trade but i mean i'm sorry but like if you're doing that then you take on the risk of something like this happening and the project isn't going to cater to you and be like oh sorry about that we kind of like you know we we kind of ruined your trade um you know not purposely but like i don't know i just i whenever i see

those comments i'm just like this is super weird but anyway um uh really i'm just really happy that they caught this before it all went live because obviously once it's on main net it's a lot worse if it gets uh if it gets exploited and things like that so i'm looking forward to seeing when they you know what what launch date they give i'm not sure when they're going to go live maybe they're going to want to have do another pass of the code and and kind of make sure that everything is is all well and good again before they announce another main net date but yeah a bit bit sad to see but good that it was caught before they went to mainnet otherwise we would have been in a world of hurt that's for sure all right so optimism has announced their first retroactive public goods

funding experiment now for those who don't know just give a bit of context here a while ago optimism announced that uh all of the profits that they were going that they were generating from their uh optimistic ethereum sequencer so the thing that processes transactions or validate or whatever on um on their layer 2 network all the profits so that's after costs of kind of like gas fees and infrastructure and probably kind of like um personnel costs as well but pure profit would be donated to public goods on ethereum and kind of like uh some something similar to what kit coin does and in this blog post that they detail kind of like the process of that they're going through for this experiment now this is the first experiment they do say that they're going to be learning from

this and then taking those learnings and doing more experiments as time goes on uh using those learnings now there's one million dollars up for grabs here and you can nominate a project that you think is deserving of a portion of this of this money um and if you want to follow along with uh allocation discussions it's happening on discord and there's links here to both of that of course there's a building in the youtube description but i mean this is like quintessential ethereum right here i think there's only i mean at this point there's only like a handful of projects that are kind of i guess like quintessential ethereum like they are following ethereum's mission to a tea like they do like in my eyes they do like everything they can to uphold ethereum's values ethos and mission like and i'm talking like all of them like

the you know the values and ethos of of true being truly decentralized um you know building sustainable ecosystems funding public goods there's very few projects out there that actually um hit hit on all on all marks and i think you know obviously what comes to mind is something like git coin of course uh optimism you know there's a few other projects out there as well uh you know all the core core devs working on the clients and things like that these people are definitely mission driven rather than kind of like profit driven at the end of the day and you can see this from you know what optimism is doing here uh and they've been working on this for ages i mean it's not just kind of like an overnight thing for a lot of these teams they've been working on this for many many years i mean get coins been around

for a long time optimism has been around for a long time and they you know they existed as plasma group before optimism and of course like the core devs have been around for quite a while as well so from that perspective i love supporting this sort of stuff like a million dollars to public goods and it's not just they're not just saying oh we're gonna give a million dollars to get coin and be done with it they actually want the community to get more involved and to nominate projects that they actually that they want the funds to go to so if you if you click here there's a google form that pops up and uh you'll be able to kind of like nominate uh people until i think november 5th as part of the experiment and there's also going to be a bunch of people i guess they call them badge

holders which are eight optimists and 16 to 3m community members which will quadratically vote on the allocation of these one million dollars operating off of this badge holder manual which you can check out the link to here as well so really really excited to see this i was actually wondering what happened with this the other day i was like okay i remember optimism announcing this but i wonder when they're going to put an update out and i was pleasantly surprised it's the first thing i saw when i woke up today when i checked twitter i saw it i'm like yes this is awesome a million dollars because if i mean if you've been paying attention to crypto fees.info recently you'll have seen that the optimism network uh has been generating a lot of fees for like every day it's anywhere from like i think 80 000 to 150 plus thousand

dollars uh of of kind of like fear revenue as i said that's not pure profit because they have to pay gas fees with some of it uh sorry ethereum layer one fees with some of it and they have to cover other costs that they have as well but i pretty sure they have millions of dollars at this point in their kind of i guess like treasury to go towards public goods and this is just the the first experiment so very much looking forward to seeing more experiments play out here and very much looking forward to other layer two operators following this model because obviously it's not just optimism we have a lot of different l2s out there a lot of different projects that can be doing this and it's funny because over the past couple years with git coin especially with grants we've seen different kind of like

sponsors go through and each round uh you know you might have like your regular sponsors but then you have like new sponsors and and sponsors from people that i wouldn't even think would sponsor this sort of thing uh from even outside the ethereum ecosystem which is just really really awesome to see i remember i don't know if it was last round i don't think it was last round i think it was around before kraken sponsored bitcoin which was huge right the kraken being a a kind of like centralized exchange there um but there's like plenty of examples of other projects that have done this and i think it's just setting a really great uh kind of like i guess theme for the for the ethereum ecosystem that hey you know we're all about embracing public goods funding we should make sure that the people building the tools that we all

know and love and use are getting funded appropriately for it so that we can create sustainable open source software and you know a waki from git coin talks about this a lot where a lot of open source software traditionally hasn't been sustainable because there's been no business model for it and getting donations to uh to kind of people to maintain this open source software has notoriously been very difficult because uh just i mean generally getting donations for anything is quite difficult but what we're doing with crypto is we're basically turning that on its head and saying well we have this really cool thing called cryptoeconomics let's use that to fund public goods at the end of the day and and the thing is is that a lot of open source software is is really good it just stops being maintained after a

while because the developers like well you know i mean for a few different reasons but like one of them would be well the developer's like well i'm not getting paid for any of this there's millions of people using this stuff and i'm not getting anything out of it and and you know maintaining this is stressful because there's so many projects that rely on it so i'm just going to kind of like leave it as it is and and that's it and people expect you to maintain it and fix it and fix issues with it for free like no one puts up the money for it they're just like you know i'm using this and you need to fix it for free so i think with this kind of stuff within the ethereum ecosystem we can basically fund sustainable open source software and make sure that we don't have instances

of uh of the of these kind of projects uh or of i guess like the the people building these projects burning out because that's not what not we want for this ecosystem of course all right another great tweet from pauline today i wonder if i can go back on every refill from like the last couple weeks two to three weeks and see if i've mentioned polynomial on every single one of them i think i have at this point but they said in this tweet today and i quote for the first 12 years in the monolithic blockchain era we had the blockchain trilemma with zkp's or zero knowledge proofs and data sharding we have economies of scale that invert the trilemma the more decentralized you are the more scale there is the cheaper the transactions get it's a whole new paradigm now for those of you who don't

know what the blockchain trilemma is it's basically something that i believe vitalik came up with quite a while ago where he said modern blockchain and this was years and years ago but modern blockchains could only do two of three things so it's basically the trilemma is like a triangle and on each point of the triangle um sorry on each edge of the triangle you have scalability um decentralization and security you can only have two of three if you have decentralization and security you can't have scalability if you have scalability and decentralize and decentralization uh you can't have security if you have scalability and security you kind of you know you don't have decentralization not that you can't have it's just you don't have because that's just the way the trilemma works um but in a kind of like sharded paradigm where we scale uh horizontally via sharding and and by

doing so we give kind of like the vertical scaling which is layer two more juice as well we kind of invert that on its head and and you're allowed to have all three of them because with ethereum and with the roll-up centric road map we have a decentralized and secure base layer and then we have a scalable layer at kind of like uh at layer one with sharding but also at layer two with uh with zkp's as as as polynomial says here so the fact that we can do this now like this wasn't see i i think maybe providing a bit more context here will get you to understand like how how much of a breakthrough this is and why this is why i probably not saying this is a new paradigm up until i think the last six to twelve months um probably a little maybe a little bit

longer than that depending on kind of like what you were reading and stuff like that it was not at all clear how blockchains were going to scale long term it was still a very open question it was like okay are we going to scale everything on layer 1 or are we going to do it with a kind of like layer two-centric approach like okay well we have shouting but do we do data shouting uh only or do we do execution charting as well oh but that breaks composability really badly and it just like it was just a mess of ideas right but then over the last six to twelve months it's coming to view that okay this is the best way to do it we do it in a modular design as pauline has been talking about a lot lately where you have a data availability layer or

you have a data availability and security layer and then you build on top of that with zero knowledge tech and zk proofs and zero knowledge roll ups and all that good stuff there and other layer two constructions that live on top and that way uh you get like the best of all worlds but also uh you introduce sharding into the mix and you can basically become i guess more decentralized over time with ethereum sharding because for those of you who don't know the more validators there are in the ethereum network on uh in the um kind of like a theorem 2.0 network or or kind of like a beacon on the beacon chain the more shards you can have which means the more scalability you get so we've literally we've quite literally inverted this trilemma and basically made it so that you know as i said like

you the more decentralized you get the more scale you get out of it and by definition the cheaper the transactions get as well which really i mean this is a massive breakthrough and this is why i keep telling you guys and i keep going on about it the next five years of crypto is going to be so so different from the last five years we're gonna see much much less focus on different layer ones and we're gonna see a lot of focus on layer twos and a lot of focus on this modular design where layer one starts specializing and say okay well i'm only a data availability layer for layer two or i'm a data availability and security layer i just don't think we're gonna see any more of these monolithic l1's launch it's not going to be worth it both kind of financially it's not going to be worth

it socially you're not going to get any attention you're going to be losing out market share to these layer 2s and i think the last few months has been the last hurrah of these layer ones in terms of of these kind of like layer ones that just fork the evm and get adoption like that i think that there are always going to be some of them that do it and add token incentives and kind of get get some liquidity there but really i expect to see the next five years being totally different and as pauline says being a new paradigm uh that we haven't seen before and this stuff just gets me so excited like i haven't been i mean i've been going on about this on the refill a lot lately but i haven't been this excited about ethereum ever like literally ever and that's a big thing

for me to say because i've been in a theorem since early 2017 i've been through most of kind of like what ethereum's had to deal with except obviously the early years but you know i've kind of like followed along with all these discussions i followed along all the scaling stuff and and layer twos versus layer ones i've had to deal with all the ethereum killers over the years i mean not just me but like a lot of us in the ethereum community and i can safely say that i'm the only one who feels like this a lot of people that i talk to that have been around for a while feel exactly the same as me they feel like we're finally at the point where we we can actually see a clear path forward for ethereum dominating the world we always believed ethereum would but the path kind of like

forked off into a bunch of different um a bunch of different kind of like uh areas where we had like people working on each different area but then over time the four came together and we've kind of just come back to one path now where the entire ethereum ecosystem is aligned on this path and we know exactly what we need to do to get to the end goal which is a fully scalable and while fully scalable and uh decentralized and secure uh kind of system that uh onboards the world that is the goal that has always been the goal and we can get there now with this with kind of um system that we're building here which is why i'm so excited uh nothing else has excited me as much as this has in all my years in the ethereum ecosystem so uh yeah and i mean as i said i've been

bringing up pauline a lot but i think they are the clearest thinker when it comes to this i i just i can't believe like how well they explain all these concepts in such a way that like i'm not you know obviously i'm i kind of like more into the weeds than than maybe other people are but a lot of people that i know that have read uh pauliner's work are like wow this is you know this actually clicks for me now and that's why i'm kind of disseminating it out to you guys because i really want you to kind of i guess realize the the fact that this is just like a game changer here this isn't me being you know excited because uh because i'm excited about everything this is me being excited to the point where i'm literally telling you this is a new paradigm i

know that's kind of a curse term um given that it's used whenever the prices are going up but this is regardless of price this is pure tech and in a pure tech world when you have a new paradigm like this things get crazy and wild really really quickly it's exponential from here so you know really do start paying attention i mean a lot of you are i mean you're listening to the refill watching the refuel you're paying attention but you're going to see a lot more of this stuff shake out and i just can't wait for it but anyway i'm going to stop stop there because i went on about this yesterday and i mean i'm gonna about this a lot and i know you guys enjoy it i know you enjoy my enthusiasm but i don't want to bore you going on about it

all the time so moving on to a tweet that from uh from seb at zappa today he said some of zappa's uh recent hires include uh five people that were previously shopify engineers one lightspeed engineer one facebook engineer and one times google chief of staff and then he goes on to say the great web 2 talent migration has started web 3 welcomes you with open arms what are you waiting for now this was the topic of today's delight newsletter but essentially what i kind of like spoke about in the newsletter was that this great migration right where if you're working in the web 2 world what are you working for like if you're working for facebook what is the mission of facebook what is the ethos what is the culture what is your end goal there like are you actually making the world a

better place or are you or are you making it a worse place and i actually would argue that at this point facebook is making the world the worst place i don't actually think facebook brings any benefit to the world um you know people say oh i can't let me help but let's make up with my family let me communicate and things like that i'm sorry but we have like so many apps for that now you don't have to use facebook for that you can use telegram you can use whatsapp i mean i know facebook owns whatsapp and it's it's a bit different there but you don't have to have a facebook account to do this um but uh you know i know people like to share photos and stuff like that and unfortunately facebook owns instagram as well but i guess getting back to the

topic there like if you're working at facebook especially if you're an engineer i don't know like if it was me i i especially i thought the younger engineers that may not be as entrenched in the company yet they might be thinking like this can't be it right i want to do something i want to change the world i want to be part of something bigger than myself and you won't get that really from web 2 anymore there are there are some web 2 companies that you will because uh they are like startups and you can go work there and everything but i'm talking about the mega corporates uh like even google like and and and you know all these other ones like even tesla to an extent these days is too big and i've heard like a lot of people just don't like working at tesla for whatever

reason so you know would you work for the centralized monolithic corporate um kind of like zombie companies that make a lot of money but like they're basically not innovating they're not doing anything cool and new or would you rather come to web3 which i use web three as the term that kind of encompasses all of crypto which basically has more innovation than any other technology industry by far like you won't even you won't even get close to that but also has innovation not just across technology but across the financial system across human coordination with dows across culture and kind of like empowering creators with nfts there is just so much more opportunity for you to make a difference within crypto and it's actually the main reason why i'm so involved with ethereum is that i had i looked at like all the other

industries for quite a while and i looked at it and i'm like and not just within tech or or whatever but like just generally i was like where can i place myself to make the most impact in the world where can i actually uh make a change and get and kind of like i do a lot of value to people and crypto was a no-brainer like really well i mean ethereum specifically was a no-brainer for me and i'm not an engineer right like i'm not a developer or anything like that i am i mean i don't even know what i am at this point i mean i did marketing it set for a little while but i would just consider myself like an ethereum guy like i just a bit of an all-round i do a bit of a bunch of stuff i don't code though but i don't you know

i don't have time to learn how to unfortunately but i think just the fact that if you want to kind of like be involved with a movement that's way bigger than yourself that is decentralized that is a bottoms up grassroots thing that doesn't have like this monologue monolithic entities at the top doesn't have all this corporate crap involved with it um and you can kind of like have a lot more financial upside as well then there is no other choice rather than web3 kind of like products and projects i just i don't believe that there's anything out there that is as exciting as crypto right now um but so i mean i'm talking like tech like if you count space as tech then yeah i mean i would say that's the space field is just as exciting if you're involved in that like you know come on it's space right um and

then maybe some other things around i guess like medical advances like longevity research research and stuff like that that's stuff that i'm interested in as well but i just don't have the time to dedicate to it ethereum is a full-time job more than a full-time job for me just to keep up with what's happening um but you know i think that if you really want to make a difference just doing the that in the web too well it's just not going to work anymore i don't believe but anyway i'll leave it at that a bit more info on the newsletter today if you wanted to check that out uh so connects put out some stats the first week of their nxtp uh pro uh product being live which is a kind of like a cross chain across l2 bridging product they've done 16 million dollars of

volume bridge across chains in just seven days which is really cool and this happened only using 1.6 million liquidity which means they have a 10 to 1 volume to liquidity ratio at 0.05 fees that's 30 stablecoin apy risk free for a liquidity provider so stablecoin apy being uh meaning that you don't have permanent loss so essentially risk-free besides of course smart contract and maybe some mechanism risks in there always gonna put a little disclaimer there but i mean this is without token incentives too and connects isn't the only one doing this this growth i mean you've seen hot protocol in in synapse but synapse has token incentives but i mean it's always great to see projects kind of i guess finding product market fit without token incentives because when you have token

incentives or liquidity mining programs on a on a product you may fall into a false sense of security where people are kind of like using your product and you see your tvl kind of like volumes going up and you think to yourself wow a lot of people love my product they want to use my product but in reality they're just using it to get their awards they're going to dump the rewards and move on and we've seen this countless times and i've talked about this before but i mean that's why i always love seeing projects that don't have a token or don't have any liquidity mining programs um you know having having this going on because it shows that they actually have product market fit and i mean to me bridging and all the bridging kind of like protocols have have a product market fit

immediately today because of the fact that all these other chains and l2s are spinning up and we need ways to easily bridge between them so no brainer to me that that connects to seeing this growth and just i mean as a disclaimer i'm an investor in connect but i mean come on guys i'm investing in these things because i believe in them like uh i uh um uh so yeah just just the disclaimer there um and it really actually this is this is really cool i saw this today this was probably the second coolest thing i saw today uh i think yuga kohler hopefully hopefully i said your name right there mate uh but essentially uh yuga from coinbase uh published a blog post today uh about eip1559 and going over the technical benefits of erp-1559 in the context of coinbase and the trdr is that

coinbase has burned 250 each per day over 15 000 each to date which is a you know decent chunk uh we've burned what 450 something thousand eight at this point 452 almost thousand eight at this point um so fifteen thousand eighth to date from just coinbase right just just one exchange is pretty cool um they've also saved nine percent on gas fees using one five five nine rather than legacy transactions and they did not sacrifice confirmation time despite these savings now you for those of you who remember the uh 1559 never had the goal of reducing gas fees it had the goal of smoothing them out and making them more predictable but definitely didn't have the goal of reducing them and we've all seen that the gas fees have actually gone up since 1.559 went live but because nft mania

started then and nft mania kind of like and and the bull market kind of came back a bit during august and september of course where the prices went up and things like that so it wasn't one five five nine that made things more expensive but the fact that coinbase is saying that they've saved on gas fees is just amazing because i've seen lots of people flooding one five five nine saying oh it's uh it's bad it's worse for ux it's kind of increased gas fees all this kind of crap out there and people just are really uneducated when it comes to this stuff and it kind of irked me a lot because i did a lot of writing about one five five nine i did a lot of research a lot of tweeting about it i covered it you know a lot on the refuel on the internet the podcast for

years i talked about it to death and there was still so many people that didn't get it and i don't know like i just how much can i do to get people to understand that uh 1559 is a massive benefit for ethereum not just because of the fee burn but also because of the mechanism change as well so really awesome to see this blog post from coinbase you can check this out i'll link in the youtube description um i don't think it's too long of a read it's only a four minute read but as i said the tldr is here in the tweet so hugh carp from nexus mutual put out a tweet uh i guess quote tweeting nexus mutual where he said you know what's happening here a fully unchained risk sharing dow like an insurer allocating 50 million dollars of its float to earn

eth2 staking yields all yield the crews directly to the dow which is owned by members in short this is the future of insurance so essentially what nexus mutuals dao has done here is that they've put 50 million dollars worth of eth into lido or into kind of i guess like st to stake it and to earn that air that kind of like api you get from staking there this is really cool i mean dows are going to be so messy people just still don't realize how massive dowels are going to be because they're they're kind of like uh liquidity uh nexuses where you not not just because it's nexus mutual but like an actual nexus where liquidity can kind of or i guess like capital can kind of come into it and you can have billions and millions of dollars in there and that can be you put to work

doing anything it's not limited by anything it can it can get the benefits of all the kind of i guess composability on chain stuff that we all get to kind of like uh get benefits from within the ethereum ecosystem but at a dow level with much more capital so this is 50 million dollars going into e2 staking directly from the nexus dow it's just i mean as who says this is the future of insurance this is the future of everything really at the end of the day so um i have another tweet that i'm going to talk about in a sec with regards to taos but i thought this was this was really cool here all right so this very long forum post from roon christensen here has a lot of people talking lately but essentially this forum post is titled the case for cl uh the case for clean money and roon

uh put it out on twitter by saying maker is in the position to use the most powerful tool ever invented money to deal with the existential threat of climate change it's climate change clean money grows and generates value through positive environmental impact now i am definitely not going to read or give a tldr on this post i read it today it is long it is dense it is probably something that extends far beyond crypto and maker and whatever it talks about just climate change i guess more broadly what we can do as a crypto ecosystem to kind of help with this how we can use incentives how we can use maker all that good stuff so i just wanted to bring it up because i highly suggest you all go give it a read it is i mean as i said it's dense but it is an amazing post i mean

obviously roone has spent a lot of time thinking about this for those who don't know rooney is the founder of make a dao um but he spent obviously spent a lot of time thinking about this a lot of time thinking about where maker fits into this and there's actually other projects out there right now tackling uh climate change as well there's one called climadow k-l-i-m-a dao which i'm monitoring closely i think they're going live on um on polygons soon but uh i think we can use kind of like crypto economics to not just what i was talking about before about public funding uh funding public goods but also making real world impacts whether it be kind of like i guess um you know helping people that are living in poverty or helping the climate change crisis or i mean we saw what sandeep from polygon did where he

set up a fund to kind of get ventilators and beds for people in india that were suffering from covert and stuff like that so we can use this technology for much more good than what we're using it for today and i think ruins post here is like a rallying call for the ecosystem to kind of rally around this so definitely go give it a read um and you know i i just think it's like required reading at this point for anyone who's interested in this sort of stuff all right so this tweet from aaron wright here where he basically has an image and he has like overlapping kind of like circles where nfts d5 and daos kind of overlap and and dow is being the biggest circle that encompasses nf nfts and d5 and nfts and d5 overlapping because that's just what they do now

dows as i was talking about before are going to be absolutely massive people are really underestimating how massive they're going to be dow's uh not only other it can be their own thing where you kind of create it down you say okay we're our own thing but they also are created to manage things like d5 and manage things like nft projects i mean there's dows out there today that buy nfts right and kind of collect them and have a lot of different things going on i mean aaron's part of one called called flingo dao and he's also part of the lao which is like an investment a for-profit investment dow as well uh but then you know david david hoffman goes on to say bitcoin and ethereum also fit inside of the dow circle which they do because bitcoin and ethereum are just dows right

they're actually true dows i think they're the only true dows where they're adao is a decentralized autonomous organization a lot of dallas today just look like dudes or does decentralized organizations they don't look and you know a lot of them don't even look like decentralized organizations that look like ceos centralized organizations but a true dow i think the only two true diaries right now are bitcoin and ethereum because they're truly decentralized they're truly autonomous because they work autonomously based on the crypto economic rewards baked in based on the game theory baked in um and they are an organization right because they they are just like massive worldwide kind of like organization not in the centralized sense of course in the decentralized sense so i don't know i just thought this image was something cool to bring

up and and to kind of like see this visualized is always great i mean i love visualizations like this i think the fastest way to disseminate information in in any field is to kind of create like a simple to understand image out of it because it's just easily right because people are uh are kind of like visual um thinkers right like most people are visual thinkers and this kind of stuff clicks for them much faster than just reading like a paragraph about it uh so so yeah i just thought it was cool and i wanted to bring it up but i think on that note that's going to be it for today so 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