Polygonscan released, Yearn growth and more - The Daily Gwei Refuel #139 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the deadly way refuel where recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 9th of june 2021 all right everyone let's get into it so i think the biggest news from the last 24 hours was that el salvador a uh small country in latin america basically voted to adopt bitcoin as legal tender in the country now i mean i've got a lot of thoughts about this uh some kind of like i guess good some not so good uh so i i wanted to give my kind of quick thoughts around this as someone who is like an ethereum and ethereum and spends a lot of time in the ethereum ecosystem and not much time in the bitcoin ecosystem i want to start by saying that i think that this is overall bullish for crypto

in general i think that these sorts of events just further legitimize crypto in in the world's kind of eyes here now in saying that i can guarantee that most of the world doesn't even know that el salvador exists um it's just you know kind of the way it is here and i guarantee a lot of people even in the crypto ecosystem didn't know um what el salvador was maybe they had heard of it but they didn't know kind of like that it was its own kind of sovereign country that was in latin america and that's just i think speaking the truth at the end of the day but but in saying that i think you know once more people kind of learn about this and they see that this kind of like um sovereign sovereign condemnation here and then other maybe potentially other ones kind of you know they may be small

but but the fact that they're adopting kind of like a a cryptocurrency as legal tender is a really big deal i think uh so specifically talking about el salvador here they've done it in a way where um there's the bill itself has a bunch of different kind of like articles in it um the one that stuck out to me was i guess people being able to use whatever wallet they wanted to use so they didn't have to use any kind of like government's sanctioned wallet or whatever the government has their own kind of wallet you can use um that that's built by some lightning network team called strike which is obviously centralized in custody and all that sort of stuff but then they also said you can use kind of like other wallets when doing these sorts of stuff and they they want to support lighting network as well which i

thought was a bit odd because i think lightning network is so far away from being ready and on like ready for kind of any type of of adoption and i also think that lighting network is kind of a little bit of a dead end i think there are fundamental problems with it that i don't think can be solved but we'll see we'll see how that kind of like plays out there um and the other kind of big big piece of it was that given that bitcoin is now legal tender every business within uh el salvador has to accept bitcoin as a form of payment they don't have to do it starting today there's like a grace period and all that sort of stuff but they have to accept bitcoin now this is where i kind of have like a little bit of sour thoughts on this and

i get why this is a thing because if something is legal tender then you know it obviously has to be accepted by businesses and that's that's kind of like the legal definition here but what i kind of have an issue with is it just feels coercive because a lot of people don't want to accept bitcoin i know that you can accept bitcoin and directly convert it to usd or some other kind of currency but what if businesses just don't want to do it what if it's too much of a headache for them what if they don't want to go through the process of doing this and now they're forced to do it like by law they have to they have to accept it they have to accept it because it is legal tender in the country and this to me just goes against uh i guess like the bitcoin kind of i

guess uh spirit and the kind of like bitcoin uh uh i guess mission or at least values i should say sorry where they're heavily libertarian where they believe you know in true freedom that people should be able to do whatever they want essentially but isn't it very coercive to force people into using bitcoin to accepting bitcoin sorry not not to use it but like into accepting it for kind of like goods and services at their business and things like that so that's where i kind of like draw i guess like some some kind of like sourness in in this announcement here and i also think that a lot of it looks like a publicity stunt because as i said the lighting network isn't ready uh for this sort of stuff at all and they don't have to use the lightning network but using layer one bitcoin

is not made for for payments in no way is it made for payment so it does heavily rely on the lightning network and i also think that it's just gonna be something that takes a long time to be adopted i don't expect like all the businesses in el salvador to be except you know uh to be doing most of their transactional activity in bitcoin anytime soon um for those who don't know i think this is the case that el salvador doesn't have its own currency it just piggybacks off the us dollar and uses the usd as their national currency i think that is the case i might be wrong there but uh if if that is the case well then you know i i don't see them switching off usd to something like bitcoin especially because bitcoin is volatile um and especially because uh the the kind of like um uh the

merchants are not going to hold bitcoin or at least not gonna hold most of their sales in bitcoin they're gonna go to usd anyway so from that perspective i guess uh you know i'm a bit kind of like eh about that but at the same time as i said at the start i think just it's overall bullish for legitimacy of crypto in general because it starts with the smaller nations and then it probably goes beyond that i think it goes to medium-sized and then eventually to the large size nation nations and it means crypto now pretty much has a front seat at in the in the geopolitical sphere where you're going to see different countries react kind of like differently to crypto some of them are going to ban it outright some of them are going to adopt it some of them are going to put them on their

balance sheet some of them are going to do what el salvador does and make it legal tender um and for those countries that kind of like don't adopt crypto they're just left behind in my eyes um and this goes for all of you not just bitcoin like ethereum of course and and d5 and um you know other other cryptocurrencies out there other crypto assets that kind of like hold promise and hold value here um so that's what i'm most bullish on is that legitimacy and i've spoken about this before how i thought something like a cbdc was also lending legitimacy to crypto because it was basically the government saying well we you know we know that this thing this thing exists um we don't want to necessarily use something like bitcoin but we're happy to build our own version of it

and yeah it's centralized it's like completely against everything that crypto stands for but it is still kind of like a a cryptocurrency to most people because at the end of the day most people look at this industry and they see if something's digitally native if there's no physical aspect to it like obviously with with fear there's a physical aspect to it there's the note the dollar notes you can hold in your hand or the coins or whatever um or you know whatever whatever fiat it is um and then to make it digital you kind of like put it into a bank account and kind of get an iou whereas with with crypto it is digitally native it is better it's a better asset um it's it's there's no physical kind of aspect to it that no one prints like thing you can print a paper wallet but

it's not the same thing where you print a paper wallet and has its private key on on it and you can kind of give you know some crypto to someone it's not the same thing because it's created digitally first whereas you know when when money is printed um at least uh you know for the longest time i think it's a bit different these days before traditionally when money is printed it's physically printed now i think they actually can just change numbers in a computer so you know the lines are getting blurred there um but that yeah generally that's why i think that this kind of movie is just more of a legitimacy boost to crypto rather than something that's gonna translate directly to adoption and i do think that the lightning network is not fit for this purpose at all bitcoin is not fit for this at

all i don't think bitcoin can be a good currency because of its volatility uh i don't any saying that i don't think eth can be a good currency either i mean like eighth is money but it is not a good money because it is not stable maybe it becomes stable one day in the future but i'm much more interested in stable coins and in particular stable coins that are not pegged to the usd so obviously there's a lot of algorithmic stable coins out there that have failed that look like ponzi schemes and they're they're just outright scam some of them but i think there are very interesting experiments happening right now in particular one called rye from reflexor labs which basically uses ether's collateral and pegs to itself now this is not proven or anything like that um this has not been proven out of scale

this is still very much an open experiment but for me i i want to see if you're so what i want to see play out in terms of like adoption of these things is i want ethereum to be the backbone of the new financial system i want eth to be the asset that backs that up through its moneyness and storage value properties and in saying that i don't mean as like a minimum of exchange or unit of account for the ecosystem i mean as a trustless store of value trustless collateral um used in staking right all that sort of stuff um and i and i want it to be the economic bandwidth of this new system whereas the money that we use in my mind needs to be like a stable coin that is not pegged to usd now this is all long-term thinking here

i don't think this is going to happen anytime soon because there's a lot of things to to iron out here but again this el salvador news is a stepping stone on crypto's journey to getting more and more legitimately legitimacy over time and as i've said time and time again like i've said it like a lot on the refuel the leap from non-crypto to bitcoin is much larger than the leap from bitcoin to eth so wherever bitcoin goes is is very very close behind it and i don't i have no doubts in my mind that these nation states won't just stop at bitcoin i think that that will create uh they will put like other things as legal tender i think that they will work to uh kind of deploy services to d5 to ethereum uh use stablecoin stuff like that

so this is going to be very interesting we have now i think you could you could basically mark the last 24 hours as the time that crypto officially entered the geopolitical sphere and it's going to get wild from here so yeah those are my general thoughts on what happened with this i'm sure there's going to be a lot of deeper thoughts specifically around what this means for bitcoin and and lightning network and all that sort of stuff on bitcoiner podcast you can probably go check those out i don't really listen to those as you might imagine but i i can imagine that they're going to be an interesting listen to get more kind of details here so if that's something you're interested in keep an eye out for that um but on that note i'm going to move on for today so the index co-op or at least david

silverman who helps out the index card pr shared a post today that they are looking for feedback on this inter internship program that they are interested in kind of like building out here so if you want to kind of i guess uh give your feedback here or kind of like put any of your thoughts down be sure to do so jump into the forum here and do this um but this also speaks to what i was talking about i guess yesterday and i had a lot of people reach out actually about this where i said that right now it is so kind of like maybe maybe easy is not the right word but there's so many opportunities to get a job in crypto there's so many teams hiring for not just developer roles but for every role you can think of and um there's so many dows hiring

there's so many things you can contribute to literally you know the i think the easiest way to get a job or to start working in this ecosystem is to join a discord channel of your favorite project ask the existing team members or the existing contributors what you can do to help and then just do it um you know maybe you just do it for free or for a little bit of compensation but this is your way of getting experience is your way of becoming a contributor this is your way of building a name for yourself because really at the end of the day it's about building your network out and building a name for yourself and i think that's what a lot of people tend to miss is that a lot of career building is network building and maybe you're an introvert you don't enjoy doing that and that's fine i mean

i'm an introvert like i i might not come across as it but i am definitely an introvert talking to uh people too long at conferences burns me out really badly and i end up kind of like going home early i don't really go to the parties or anything like that but in saying that i mean i i found with being an introvert is that when i'm behind my computer and just typing to people talking to people um it's it's much easier for me to do so i don't get exhausted or anything from that and in saying that you can remain anonymous if you want to you don't have to be known there are a lot of teams out there a lot of dows out there specifically that will take you on and pay you and you can stay completely anonymous because there's no kind of like a need to know who you are

at the end of the day they're paying you tokens from like a treasury and your reputation is your work it doesn't matter who you are you can be literally anyone from anywhere in the world no one needs to know no one needs to care as long as you're doing the work that is required that is what you're compensated based on which i think is really really awesome so yeah if you're interested in learning more about this dow internship program for the index cop check out this thread i'll link it in the youtube description below but now i'll move on to some massive announcements from a polygon today so polygon scan polygon's version of etherscan is now live which is amazing it is such a breath of fresh air because you know a lot of us have been using polygons existing block explorer explorer which is called vigil or

something like that which was very uh not user friendly it had to put it mildly so the fact that they now have polygon scan is absolutely amazing if i bring it up here i think this is the blog post announcement here if i go to actual polyscan.com you can see it here looks exactly like etherscan it's the ui and ux we all know and love um except it's just monitoring the polygon network instead of ethereum which i think is awesome and you can even go into here and see the charts and stats and things like this which actually you know what i'm going to leave this for now i'm going to cover this in the data pump which because i think it's going to be very interesting to cover um the data pump's going to come out soon i know i promised it on the weekend i just ran

out of time so it's going to come out soon um but this is just awesome to see that you know polygon finally has an ether scan like a block explorer here uh arbor trims is coming up next optimism is already live uh zk sync i think is gonna have it too i mean i'm just assuming that every layer two side chain other network is going to have an ether scan like block explorer now because that's what people want at the end of the day like no one wants to learn how to use a new block explorer and ether scans kind of like the way they build these things is just awesome i mean the amount of features they have on the actual ether scan um is is incredible like you can look up transactions and get so much so much detail about it and you can also do historical lookups

and things like that for tax purposes there's so much cool stuff going on here um so i i definitely think this is just like super cool super bullish for for polygon um you know disclaimer here i'm an advisor to polygon of course so of course i'm very excited about this um but the other thing i'm excited about as well is that um uh that polygon is kind of like i guess promoting hot protocol here as a solution to getting in and out of of polygon from ethereum uh relatively quickly so i've discussed pop protocol a lot on the uh refuel uh lately i discussed how it worked yesterday so if you want to go check that out it's in yesterday's refuel um but it's good to see that polygon is promoting this to their audience here because i think that the common kind of i guess like um

complaint that i've gotten from people is that the withdrawal from polygon takes too long right you go there and then you kind of come back and you have to wait a few hours to get your money back back into ethereum whereas with this tool they're promising you know one minute and 30 seconds withdrawals here now i don't know if this is currently live i haven't used this just yet i have to check that out but um you know i i i think this is going to be live soon uh yeah i think soon so that's really really cool to see that uh polygon is promoting this to their audience here but anyway two really big kind of like things at a polygon today uh which i think just worked too i guess like build more of a moat around polygon now i know there's been like drama

around polygon because of it it's the pos chain and it's kind of like its own blockchain or sidechain whatever you want to call it it's not like a true l2 or whatever but i can tell you right now keep your eyes peeled uh you know as an advisor to polygon i definitely know that those guys are cooking up something really really cool right now so consider that a little bit of an alpha leak i guess um but they have promised this in the past right they've promised layer twos coming online soon um they've promised a lot of different things that they've got their sdk out there now they're going to be adding uh tools to build these layer 2's like zk roll ups and optimistic roll ups relatively soon i believe so yeah keep your eyes peeled there don't get hung up on these kind of like

technicalities i believe um you know i've explained my kind of stance on polygon before i'm not going to go into it again now but i think yeah just really really cool to see that they kind of finally have this ether scan like block explorer up um and this is absolutely massive for polygons adoption i believe so kayvon from foundation put out this interesting thread i think it was a couple days ago now i missed it initially but basically announcing why or at least detailing why splits uh the uh uh the the splits feature on the foundation platform it changes everything now the trdr and what this is it's basically a way for people to encode nfts with a split so that uh the royalties can be paid out automatically so for example

um when you want to pay out royalties in the kind of i guess traditional world you have to wade through a lot of complex stuff like paperwork lawyers courts and legal fees but with splits on foundation an artist mincing in nft can basically unlock all of this and unlock all the same economics tools that have uh basically only been in the domain of record labels or galleries or hollywood studios and things like that so to put this practically what you can do is say you're an artist and you want to create an nft and you want to pay out 10 of all proceeds to get coin grants forever just as an example here so what you can do is you can set up this this split and then every time this kind of like artwork is is resold or kind of like unsold or whatever

these royalties are paid out or 10 of them are paid out to get coin automatically skips through all the the you don't need anything it's all handled by smart contracts and automatically on the ethereum blockchain which i think is absolutely awesome and something that's definitely not covered enough in this kind of like uh i guess ecosystem is this concept of like automating all of these financial activities uh in like a in like a way that impacts people beyond something like defy like i wouldn't i mean i consider there's some parts of deep of nft the nft world to be d5 but i don't know if i consider this to be d5 as we know it like a lot of defy is you know the the swapping of you know different assets the money markets the borrowing the uh so not the borrowing the um uh the

the options protocols and everything like that and and stuff like alchemics and whatever whereas i i think that with um with splits and with kind of like paying out royalties and doing things like um i guess like even like superfluid and sably are doing payment streams and stuff like that and i think that's when the things get really interesting and really impact the lives of people that are here to build fundamental value at the end of the day like and build it for different reasons whereas you know d5 is one area nft is a different area um and nfts like artists generally and i'm not just talking about artists as in like uh paintings or whatever talking about artists like musicians or like people making movies or kind of like short you know uh kind of like um 3d artists and stuff like that

like all of these kinds of people these creative people i guess like that's the catch-all term they now get to control their royalty flow they can just use the um kind of like foundation platform or any other nfc platform i i believe um and kind of do this on on on ethereum and they don't have to deal with kind of the complex the complex paperwork the lawyers courts legal fees all that sort of stuff so it just speaks to how i guess ethereum collapses all of this stuff completely and basically makes it so that anyone wherever you are in the world as long as you have an internet connection you can do this and i think this is going to change a lot of people's lives honestly because at the end of the day you can profit off of your work as an artist but you can also give back to the

community that allows you to do this so you can give back to to get coin you can give back to the ethereum core developers if you want you can kind of do royalties to your your fans like say you set up a dow for your artwork and you have like a token in that dow that you're kind of like a social token and your fans hold that well you can set up the royalties to stream to the treasury of your social network um social token kind of like dow here so the possibilities here really are endless and i'm i'm really impressed with kind of the work the foundation is doing here um i think this is really really cool so yeah definitely um you know check out foundation and some of these other nft platforms if you haven't already if you're a creative you're an artist

i think the future of work also kind of like encapsulates a lot of this stuff with the nft stuff i know i've said multiple times now that nfts are in a little bit of a bear market but i've and i've also said in the past that bear markets are the best time to get involved with different things and you know on that note actually i have a tweet here where i said that which is in relation to what i just said where i said the more time you spend in the ethereum ecosystem the less you care about what the market is doing and i wrote about this in the delegate newsletter today but basically the reason this is true is because in ethereum and i mean i've talked about this a lot but in ethereum looking at the price of eighth is like one tiny part of the entire ecosystem

looking at the price of different d5 tokens is another tiny part but the thing is when the eighth price is like what it is doing now like just ranging between 000 and 3 000 it's kind of boring right and the market's cooled down and a lot of assets have cooled down and maybe you lost money because you bought higher whatever but the general thing is that even if the market is doing this it doesn't really matter teams are still building teams are still shipping uh their research is still being published you know um and not just d5 teams like nft teams the core protocol work um you know people like me are still putting out like educational material media and all that sort of stuff um and and i i think that the fundamental value just gets even better during these kind

of down markets because you have more people that are kind of like in this thing for the tech right and not in it just to speculate hanging around adding value and they're just the distraction of the bull market is kind of gone at least temporarily where they can focus on on kind of like building rather than just staring at charts all day um and in saying that i think that over time even during like the bullish movements you can still focus on uh on things if you're in it for like i guess the right reason so you know for me personally i mean the daily guy was born in the bull market i mean i only started the daily way in i think july the newsletter of 2020 and then about the end of 2020 was the youtube video i had the youtube videos on the

youtube channel i should say um and i've been doing that pretty much every weekday since uh since i launched both of those things um and there's a lot of people doing this as well and i actually put out another tweet the other day where i said that i have so much respect for the builders in this ecosystem who can look past the the noise and the insane kind of speculation going on during during these bull markets and keep building and keep uh you know putting out new products and keep you know sticking to their mission of delivering this stuff because without them really the speculators have nothing to speculate on at the end of the day so i i think that's um you know really important point and for me at this point i mean i've been around for four and a half years now

not four and a half years just over four years now in this ecosystem and the day-to-day movements of the eth price i don't really care about at all i i care about the long-term movements of course and as the 8th price goes up it's very positive for the ecosystem as i discussed in yesterday's refuel but generally i'm not concerned with what ethy's doing on any given day i am concerned with what is being shipped i'm concerned with the adoption rate i'm concerned with educating at the end of the day and you know seeing something like a layer two platform ship or or something like even poly scan going live or whatever it is is more exciting to me than seeing either go up like 10 percent like i could i and and i think this just comes down to the fact that i actually mentally have already priced eighth much

higher than what it is now because i truly believe it's going to that price so whenever it happens i'm just like oh yeah i was expecting that right um whereas when when something kind of like fundamentally comes out i maybe have have been expecting it to come out but to actually see it delivered is a whole nother thing where you're like holy crap this is awesome um you know i can actually use this thing now and i'm getting value out of it so yeah i'm sure a lot of you feel the same way in that the longer you spend this ecosystem you just really stop caring about the price so much and if you're a trader i mean obviously you have to care about the price but i'm talking to guests like about the people who may not be traders and are just like fundamentals based investors

and are more in this full of tech and want to kind of like usher in kind of this revolution and try to be a part of it um and that's i guess exactly what i'm trying to do but yeah so i write a little bit more about this in the newsletter today if you want to check that out um but i will move on to this next tweet from brantley uh from uh from ens domains here now i spoke about this i don't know if i spoke about it on yesterday's refuel the day before but you'll remember i was talking about how with your metamask wallet with your ethereum wallet now uh websites can enable this sign-in with ethereum feature and i described how uh pretty much all the web3 and d5-enabled websites already do this where you always log in with your ethereum wallet

right to access them now because an ethereum wallet is basically just a public private key pair you can use this for any service on the web you can use this for twitter you can use this for facebook this can be your login for everything and a secure login at that because you own the private key to it and the only way that uh people can get in is if they sign with your private key so um and and in this thread from from brantley here he goes through exactly what this means and what the implications of this are it's a pretty long thread it's pretty detailed i'm not going to read through the whole thing you can check it out in the youtube description but this it's great to see that he put this out just a day after i think i spoke about it maybe he's an early gray

refuel listener if you are brantley give me a shout damn me or something i'd love to chat to you more about this um but essentially this is just something that i think has been slept on and that i think that people are going to wake up to as more and more websites um enable web3 because really at the end of the day this is just called like signing with ethereum is just very easy to do all you have to do is enable web3 on your on your kind of like site enable web through an authentication through your site and you can have people signing in with ethereum and and authenticating with their ethereum wallet instead of using like traditional username and passwords um and you know requiring emails and all that sort of stuff and this is an another big thing to this is it's it's privacy preserving as well

where if you have a fresh new ethereum wallet that you just use to sign into services um you can kind of like preserve your your privacy in terms of uh personally identify identifiable information you don't have to give your email or age or address or whatever on some of these sorts of things and i guess this speaks to um decentralized identity as well which is something that a lot of people are excited about and this is uniquely enabled by the fact that everyone now has a public private key or a kind of like i guess a single sign-on wallet because of having an ethereum wallet which i think again is an overlooked feature of ethereum and something that i'm gonna i suspect we're gonna see play out a lot more in the future so highly highly recommend going

reading this thread from brantley it'll be in the youtube description for you to check out so banteg from yearn put out an update today on the progress and i guess the performance that yearn has uh been uh having lately so i'll just read out the tweet here so yeon has earned 10.6 million dollars in may uh which is a 34 month or month growth which translates to 123.12 million annualized revenue for the yearn kind of down here as its under management grew uh from 3.3 billion to 3.9 billion which is 18 month on month growth now at all-time high at 4.7 billion earning 403 thousand a day in revenue the price of sales ratio sits comfortable comfortably at 11.8 x which

i would consider undervalued considering the growth trajectory of yearn and the growth prospects for yearn uh not investment advice but and i hold wi-fi tokens but still i would consider that to be undervalued there and there's some nice charts showing this and showing the growth here um but generally i think you know while everyone knows about yeon i still think it's slept on by a lot of people i think still think a lot of people think that there's going to be projects that launch that kill off yearn and it really hasn't been the case and the one thing that yearn did really well i think is that they introduced a partner program where you could essentially uh uh become like a partner to yearn drive tvl to the urn platform and share in the fees um which i thought was really really cool and it's basically like a big referral

program i think that's why yearn has been able to stay um the number one yield aggregator by far uh because of this program and also because of the fact that they're just they just build at a rapid pace and their strategies are very defensible because of this so they just keep shipping like crazy i mean i love the your own ecosystem and i know there was a bit of drama about their marketing the other day but i think that just plays into exactly what what year's always been about it's like they embrace the weirdness and wackiness of ethereum while also managing a billion dollar protocol which i think is really really cool so yeah uh if you're not using yearn you have some stable coins or something or even like eighth they've got ethols and stuff like that definitely go check them out i'm sure a lot of you have obviously

already heard of yeon and used it before but if you haven't been on their site lately definitely go check that out so justin larue here from grid plus putting out this tweet uh highlighting that the ethereum subreddit now has a 1 million subscribers which is pretty big i think uh you know reddit was my jam in 2017-2018 i spent a lot of time on reddit not much time on twitter i didn't really tweet in 2017 from memory um but i spent a lot of time on reddit as a lurker especially on ethtrader and then eat finance um and now uh and at the ethereum section as well but it's good to see that it's still active it's still growing you know one million people kind of uh i guess subscribing to this

uh obviously like um you know not all of them are going to be online all the time you can see that 2.4k we're online at time of screenshot here but it's still great to see that there's just more and more people being exposed to ethereum and coming into the ethereum ecosystem so and that's just like another signal to use you know to track the growth of the ecosystem outside of maybe on-chain metrics and like tvl and and you know market kind of uh movements and stuff like that this is more on the social layer uh stuff here so maybe i'll cover some of the stats around subreddits on the on the data pump if i if i feel it's appropriate but still really really cool to see this and i guess congrats to the ethereum community on reddit for achieving 1 million subscribers so i've been speaking about uh projects

launching grants programs lately and one that i missed was uh pool grants from pull together so if again you are interested in kind of building uh or like working for a dow um and kind of contributing value to it the pull together is currently kind of um has a request for proposals up here which i'll link in the youtube description and they want to uh people to be to build various different things and obviously be compensated in in i think pull tokens here so the first request for a product is a pods builder and pods reference ui the second is a winning odds and pull apy calculator and the third is uh pull uh something called pull simple um which i think is building a stripped down user interface to join pull together so if you're a builder i think this is

more these three are more geared towards developers if you're kind of a front-end person or a back-end person or whatever and you think that you can uh i guess like get involved and build here definitely go check this out it'll be linked in the youtube description uh for you to go uh to go view it and obviously apply and get started with all of this all this stuff here so finally i had this question from crypto redneck on on twitter that i wanted to answer so they asked me to answer it on the into the ether podcast but i figured i'd may as well just answer it on the refuel um so he wanted to know he or she i don't know i wanted to know um if i could take them through through the future for the ether network beyond the eth2 main net um and and the merge

and things like that there's a lot i think i wrote a newsletter about this recently about what comes after but i'll give a quick kind of tldr here so there's the there's a there's a bunch of fundamental research happening beyond the merge and fundamental developments so obviously we have sharding so that's going to come after the merge but there's a lot of other things that people may not know about so one of the major things is something called the stateless ethereum initiative which aims to make ethereum into a stateless system now what this means practically is that the ethereum blockchain would no longer hold a state forever it would essentially have some sort of state expiry or it would require people to bring their own state in order to kind of like revive contracts and things like that now what this does is it makes it so

that the blockchain is is smaller in size it makes it easier to sync a node and it means that we can scale the gas limit up a lot higher which means we can scale layer one a lot higher so that's big there's also things like the vdf initiative the verifiable delay function initiative which is working to do to produce true randomness for um for blockchains specifically ethereum but other ones as well um there's a bunch of other stuff that vitalik posted on his roadmap i'm just i'm just kind of trying to remember a lot of it now um there is there was another kind of proof of stake mechanism called cb seal correct by construction which was originally proposed by vlad zamfir back in the day that was not ready and wasn't going to be ready for a very long time so um i think they ended up going with the

simplest solution which is still um you know obviously uh very secure and very good which is the kaspar proof of stake implementation the friendly finality gadget um but cbc is still an open research problem i still think people are working on it so there's that um and there's a bunch of other things that i'm obviously forgetting now but i i think there and i guess like sharding also has like two components to it there's there's kind of like data sharding which is the first rollout of sharing where the shards will be used as data availability layers and then there's also going to be um execution sharing where the shards can actually do transactions on them on layer one so and then speaking of that there's also all the stuff happening at layer two so there is um uh obviously zk roll ups and zk porter and optimistic roll ups and

all this sort of stuff but it's not going to stop there there's more that we can do there we can get more juice out of it we can go beyond the hundred thousand thousand transactions per second um we can potentially go up to millions of transactions per second so um and there's a bunch of other very technical things being worked on that i won't go through now but i don't have it handy right now but vitalik's kind of roadmap went through a lot of this stuff and i've written about it in the newsletter before but there are heaps of huge milestones for ethereum after the merge and there are things that haven't even been thought up yet maybe we come up with a new eip that is as you know groundbreaking as 1.559 was uh or is going to be um maybe we come up

with a new way to do things like scale the layer one blockchain you know we have sharding but maybe we come up with a new way to do that or a way to improve shining to get to a place where i think um vitalik once called it super quadratic sharding uh and i don't know i think he recently wrote about that not being kind of like something that was desirable and maybe not even being possible but maybe one day we find out that it is possible and we scale ethereum on layer one way like more than we ever thought was possible so there's all of that happening too but anyway i hope that answers uh some of your question here crypto redneck um uh i i think that uh generally when kind of looking forward past the merge in terms of timelines it's all up in the air so don't expect

any timelines to be out there i do still expect um the first version of sharing to go live next year sometime maybe towards the end of the year it might take until early 2023 but again as i mentioned yesterday on the refuel maybe yesterday or maybe i mentioned this on the into the ether podcast actually um which was yesterday i basically said that i think 100 000 transactions per second or even 10 000 transactions per second today is overkill i don't think we're going to need that much for a little while still i think there's still a lot of work to be done on the user interface side education side before we have that kind of mass adoption so while we get kind of like scaling today and 10 000 transactions per second is amazing and that's going to be very very good i think it's going to be

good for for a little while here i don't think it's going to um it's going to be something that we feel uh you know too quickly but remains to be seen maybe i underestimate just how quickly this adoption can happen but and i've had some pushback from people lately who say that if i think you know me thinking the adoption is going to take you know five ten years instead of happening much faster than that i'm dreaming well i mean we'll see i i as bullish as i am on this ecosystem it's still humans at the end of the day and humans take time to adopt new technologies humans take time to learn new technologies and trust them and at the end of the day this whole ecosystem is a marathon and not a sprint it is not a short-term thing so if you are in it for the long term you'll do

well um i think but yeah short-term thinking is probably not going to be the best way to go but anyway i will leave it at that for now and i think that's it for today's episode so thank you everyone for listening and watching be sure to subscribe to the youtube channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and once you've joined the discord channel be sure to head to the ama series channel in there and put your questions in there because the uh the next ama is happening this saturday at 11 p.m australian eastern standard time um you can find all the details in the discord channel for that so yeah and i'll catch you all tomorrow everyone thank you