Possible merge date, DeFi summer 2.0 and more - The Daily Gwei Refuel #107​​ - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony cesano and today's the 26th of april 2021 all right everyone let's get into the news from the weekend actually just before we do that i did want to give a quick shout to everyone that is subscribed to the channel we hit 5 000 subscribers over the weekend which is really really cool i think we're up to about 5300 right now a bit over that so yeah really great to see just some solid steady growth on the channel not just subscribers but also video views you know i've noticed that each refuel episode now gets over 1 000 at least kind of like 1 000 views per episode which is really awesome to see and the podcast gets about uh what

couple hundred listens or to 300 listens which is really awesome as well so yeah we've got some reach there going uh with with the daily guay uh informing more people about ethereum what's going on the ecosystem and i'm really happy that you're all kind of like uh you know watching me go through all of this stuff and it and it gives me motivation to obviously keep going with it but at the same time you know my goal with the delegate ecosystem in general and why everything is like free there's no sponsors or anything like that he's not to grow it and become this really big thing and then just show referral links to everyone like i don't want to do anything like that i don't want to monetize it at all i believe you know education should be free in general now obviously people need to

make money writing and make a living but i'm i'm fine um with that you know ethereum's been very good to me over the years so i wanted to give back as much as possible and that is really my goal with with the daily grace so yeah um it's always going to remain free so if you know anyone that that should subscribe and should basically be watching these videos definitely uh reach out to them um and send this across and you know on top of that as well i think youtube has their algorithm right which picks and chooses which channels it wants to kind of promote at different times and you know sometimes the algorithm will quote unquote bless you and maybe they'll show your channel to a bunch of different people and they'll show your videos to people that haven't really kind of watched it yet so

maybe uh the daily where we'll get that eventually but still some really solid um growth going on here and obviously you know at the end of the day not everyone wants to watch uh you know the refill video every day right there's it's pretty you know it's pretty packed with with just ethereum focus information and you know i understand people have have lives and everything like that but at the same time i'm sure there's plenty of people out there who just you know um may feel kind of overwhelmed by what's happening within the ethereum ecosystem and still want to kind of keep on top of everything so yeah that's that's basically uh you know i guess like the recap of the thinking behind the daily way here and there's there's other things i want to do with that there's other kind of videos that i

want to make like i've been talking about making standalone videos for quite a while it's just you know finding the time to do it um and getting that all set up correctly you know there's a lot of things that people ask me every day questions like the same questions i get asked like pretty much like every day that i'd love to just put a video together for and kind of pass it on to those people so keep an eye out for that and i know with the data pump like i'm very late on that so what i've decided to do is i'm going to um this weekend coming up i'm going to put out a data pump that covers both march and april so it'll be pretty pretty info packed as well so look out for that but anyway let's get right into what happened over

the weekend so sandeep from polygon put out a call to action here basically uh and he basically started a covert relief campaign for for india now for those of you who haven't been kind of maybe paying attention india has been hit really hard with the recent covered wave here and they're in dire need of support so sandeep has put together this base this address here um it's ethereum address and then down here he's got other addresses as well for all types of networks where you can donate now the last time i checked there was uh i think two three million dollars donated so far which is awesome to see you know i think vitalik donated like 200 000 and even justin sun kind of matched that as well which is which is awesome and a bunch of big players kind of i guess uh put some money in as well but

you don't have to be big to do this if you're you know it whatever you can give you can give anything um obviously it every little bit helps i just wanted to give a quick shout out there it'll be linked in the youtube description for sure all right so i think the biggest bit of news over the weekend in the ethereum ecosystem was that the eth2 network the beacon chain had its first incident on mainnet now i'm going to give like a tldr of what happened here essentially the bug only affected the prism client uh so there's four clients on mainnet right now are nimbus teku and lighthouse uh and prism of course uh this only affected the prism client and it sent that it meant that the prism client was um basically uh i guess like the fact that there was a bug in it

i reflected across the entire network and people were missing attestations and things like that on blocks so uh the network didn't stop or anything like that uh but yeah definitely was a bug that needed to get fixed and the bug was actually quite uh quite funny because it was based on an issue that was kind of opened a while ago i think back in january but it was a very edge case issue now what that means is essentially that it very rarely if ever happened so it wasn't put up to the kind of priority list and what to fix like it was a known kind of bug but it wasn't something that was like okay we need to fix this right now because it's critical well turns out you know in certain conditions the bug is critical so that's why it was fixed over the weekend you know if you

if you're running a prism no definitely update i'm sure you would have already because you if you didn't you would have noticed that your validator is not performing as you expect but essentially um you know it was really like a herculean effort here from the pry labs team to get this update out over the weekend obviously whenever you're updating client uh core protocol uh kind of things and client software for the protocol itself you need to go slow you need to to make sure that you're not like adding any any additional kind of like vulnerabilities or bugs or whatever so the fact that they basically got this together in not even like 24 hours i don't think maybe from when when the bug was found or something maybe a little bit over that was was really awesome now on that note and uh you know as i said there's four

clients right now there are there's um uh the network is dominated by about two thirds of it is prism so the prior labs prism client now there's no use having kind of like multiple clients if most of them are minority clients right where the rest of them only take out that one third so three clients are basically account for one-third of the network and prism's accounting for two-thirds of it so justin drake kind of put out a a call to action here that we need dominance well under half to merge safely uh so if we want to do the 8th one to e2 merge what the researchers particularly want to see is a network that is well diversified among these clients now i think the reason why prism is so popular is just simply because it had it was one of the first clients to start

building very publicly there are a lot of people that are aware of prism right uh the team is is more well known i think than the others within the ecosystem uh it's got nothing to do with i think the engineering talent i think all of these teams have incredible engineers on them building all this incredible software um and there's no kind of like i guess drawback to using this other software and also on top of that actually prism has a windows client i don't think the other three do uh so from that point of view like i think a lot of windows users obviously went for prism and and that might be a contributing factor here but anyway regardless of that we need to get to basically this ideal scenario where each client is being used by you know 25 of the network now i

don't think that's going to happen like i i just don't think that's going to be a scenario that plays out what i do think can happen is we can have like two of the most popular clients making up two-thirds instead of just one so if we can get prism making up you know uh uh sorry prism and lighthouse making up two-thirds of the network and then the rest of it being teku and nimbus uh that would be awesome and the reason i say prism and lighthouse is because they are more well known than teku and nimbus i think it from from my perspective it goes prism lighthouse uh taku and then nimbus nimbus um i i don't think uh you know many people are aware of these other clients or want to run them as i said they don't have windows distribution so they either have mac os

or linux distributions so that kind of hampers adoption there as well and then of course staking providers um have their own reasons for using different software i think staging providers should be using teku takeo was actually specifically built for like enterprises and companies and things like that so if you're a staking provider service you should definitely look into that but if you're an individual staker and you are not running windows i highly recommend you change from prism um if you're running it right now change to to just lighthouse or nimbus will take it doesn't even matter like as i said the the differences between these clients are kind of minimal it's really about optimizations for efficiency and effectiveness on the beacon chain and i think maybe teku is the most profitable by a little bit so you could

actually make more money by running toku rather than the other ones um but as i said like if you're on windows right now you would either have to run a virtual machine to run these which would to run the non-prism clients which would actually lead to a lot probably a lot of uh headache because i've seen people try to do this before and introducing a virtual machine into it um complicates things uh but if you have the option to do so reinstall like i mean install linux on your machine like get rid of windows if you if you can't right if you can't that's fine but i i think you know if you're staking on your own you know you have more you have a duty to basically support the network health and and you can do so by just switching over to one of these

other uh clients here um and you know not to say that the merge isn't gonna happen if we don't have you know the the client diversity that we want but it'd be much better and much healthier and we'd feel much better about doing the merge if this was the case so yeah just a bit of a psa there and i think this being the first beacon chain kind of incident just shows that you know the bigging chain can run fine for for a while but then we're going to have an incident regardless of it and it's all about how the kind of like i guess ecosystem recovers from it you know we even had an incident on eth1 main net with the open ethereum client you know after the berlin fork not being able to sink and that was fixed rather quickly as well but the thing is these things happen

right bugs happen and the reason we have this client diversity is so that if a bug happens in one client um it doesn't affect the entire network right the entire network doesn't just go offline now you can imagine a scenario where uh this bug is much more severe and if you know prism accounts from for most of the network what happens if all the prism clients just stopped working right the network would probably come to a halt and then we'd have to wait until prism releases a fear pro labs releases a fix and then then the um the client comes back online so from that perspective we need better client diversity um so yeah i think i've probably said enough there definitely go uh you know do that if you can run one of the other clients if you're running prism right now and if you're already one running one of

the other clients good on you like you don't need to change anything uh but for those running prism like uh and i think prism also has like a web ui which makes it even easier so maybe these other teams need to need to step up and have a web ui built um maybe they're already working on it i think they are already working on it i don't track like each of the developments too closely but definitely run with these other clients if you can so uh another big actually this was probably just as big as the beacon chain incident now this announcement that they came out over the weekend that aip1559 is tentatively tentatively scheduled to be deployed onto the ethereum mainnet on july 14 2021 so we have our first date here for erp one five five nine now we all kind of like knew that it was coming in

july we just didn't have an exact date july 14th is amazing my birthday july 16th so that's a nice little early birthday present there now the reason why i say tentatively scheduled is because obviously uh for those of you that are aware ethereum network upgrades are based on block times now block times can vary you know we target around 15 seconds but they can go as low as 13 seconds i've seen or as high as like 16 or 17. i just it just depends um so you know if if all goes well it'll be on july 14th uh barring any kind of delays in the client implementations as well and then you can see here there's a there's a table here of when it would be going on to i guess some different test nets and when there'll be a clients freeze so the clients have about another maybe

almost a month to build out the one five five nine implementation making sure that it gets in and that the the kind of like clients don't change from there then the clients are released uh to the public on june 2nd here and then we have the test net forks one after the other so we have robstern and then gorilla and then rinkaby and then we leave two weeks i think or three weeks until main net and then we have the mainnet fork and after two years pretty much one five five nine we'll be live on the ethereum main net this is going to be one of the biggest days in ethereum's history i mean the other one's going to be the merge of course which i'm going to talk about in a sec actually but this is just such a huge deal i think for many many reasons not because

not just because it's really good for the price obviously because of the fee burn and it's really good for ethereum's monetary policy narrative but it's going to be so good for the user experience now for those of you who may be unaware of like why this is going to be so good here's just like one thing there's multiple reasons but he's just like one core reason that we're all going to be affected by from day one and we're all gonna feel and we're all gonna get a benefit from now you know when you put through a transaction and gas fees kind of like spike from under you so say you put like a transaction in uh i mean now you can get one for 40 way like i'm talking about like the the gas prices right now they're really low but you know what you can get one in for 40 way now

sometimes what happens is you'll do that and then gas will and that'll be like a rapid transaction right because there's like rapid fast and then standard and slow but if you do a rapid transaction that means that you are most likely guaranteed to get your transaction in the same ethereum block so if you pay 40 way but then all of a sudden rapid transaction speed you know skyrockets to like 80 gray well then you're not going to get into that block because you've only paid 40 and pretty much like everyone else is bidding you to pay 80. now we saw this happen a lot more before flashbots came out because this was typically like mev transactions and things like that so that minor extractable value that i've been talking about on the refill lately um but it still happens today right and it's super annoying because then you

have to like go to metamask speed up your transaction and then like you know you just feel like you've been rugged essentially right and you have to pay more and whatever with 1559 the way it works is that ninety to ninety-five percent of the time if you set a gas aguay price right at like a hundred and like the standard is like you know a hundred and you set it at that then your transaction should get into the next block um and this is because you can set like a maximum that you're willing to pay as well in way so you can set like a hundred and then you can say okay well i'm okay with it going all the way up to 200 anyway um and then from there it'll get included uh regardless because of the fact that we it's a more predictable

kind of transaction uh mechanism here so that's something you're going to feel immediately you know goodbye most of the you know goodbye to like pretty much like i mean there's maybe like a five to ten percent chance that you'll still have to do this but like speeding up transactions having to do that through metamask is just like one of the most annoying things about interacting with ethereum and on top of that if you speed up a transaction and metamask and you don't do it correctly because like the fees just go even higher and you don't and you have to like speed it up again then metamask won't give you the option to speed it up again you have to manually do it now some of you may have done this before where you have to basically send a zero eighth transaction to yourself with the

same nuns which would basically clear that transaction um and then allow you to do it again uh essentially what you're doing is you're you're replacing your original transaction with like a a zero transaction um because you're using the same nuns which stands for number only once uh which is a funny thing there but anyway um that that gone are the days of that pretty much like for for most of the time gone are the days of of that kind of ux and i think that's a huge benefit for users um now obviously this isn't perfect right it's good you know and the ip1559 is not going to work to materially lower gas fees i think the gas limit has done that i'm going to talk about like the reasons why the gas fees are lower i think it's over here in this tweet uh yeah i'll talk

about that actually after this but essentially 1559 just has so many benefits outside of fee burning i think that's why it's going to be so exciting and you know we need to kind of like i think flip the narrative as well on on ethereum in terms of like uh the gas phase being high in scalability and stuff like that and this works to help with that for sure so yeah i'm looking forward to july 14th hopefully there's no delays as i've said before it has to happen in july latest august because of the difficulty bomb which is a mechanism that's built into the ethereum network where at a certain date um the bl the block times will start getting kind of like longer because the difficulty will go up and then eventually if the difficulty bomb isn't diffused the network pretty much bricks itself because the block

times get so long that it basically becomes unusable to do anything could you imagine an ethereum with like a 10 minute block chart like block time like what bitcoin has imagine having to wait 10 minutes to get your like um decks trade in or whatever that wouldn't work so from that perspective we have to get it done then so i'm very much looking forward to this and then as i mentioned after this we now have one of the eighth one teams never mind teasing that the merge the eth1 to eth2 merge is being targeted for october 2021. this i mean i've been saying a lot for for a while now that i don't expect the merge to happen until q1 2022 this and this is kind of like caught me off guard because this is really ambitious and i'm talking

like really ambitious because october 2021 is not very far away we've just started building i mean the merger has been like building people have been building towards the merge for a while now but we haven't had any like major test nets up we haven't had any like i guess long live test nets we haven't had any kind of like major bugs that we've had to fix and obviously you want to be seeing bugs right you want to be seeing these things on test nets so i think maybe we can get to a workable point by october 2021 but i don't know if the ecosystem and all the teams will feel comfortable with doing the merge by then i think that's maybe too early and obviously like i'm not you know a core protocol developer they know better than me but just it just doesn't for me just

looking at it from like an outsider perspective it just doesn't look like something that i i think is realistic now the fact that we've got a target there and everyone's working towards that target is still really awesome right because you can look at that and think okay well now the teams have like a a timer on them and like they're all gonna race each other and like be a bit competitive to get to that october 2021 merge date and maybe it just gets pushed back to december or something instead but the clients are ready the test nets there everything's everything's all good um but yeah if it does happen in october i mean i'll be even more bullish than i usually am because i don't think people realize what the merge means for not just i guess like the ethereum kind of network as a whole

but also for the eth price now obviously for the ethereum network it means that we get off proof of work right and we're only with proof of stake and it's all well and good and we can leave the kind of legacy mining behind and everything like that but what it means for ethy asset is that we basically get a 90 reduction in issuance from the current 4.5 percent on eth1 to the current 0.35 percent ish on eth2 now obviously that'll go up um as time goes on but it's still going to be much less it's going to be 0.5 percent or less for a little bit for a little while there now that's a huge reduction and not only is it a massive reduction in new eats being issued the east being issued is now going to stake is instead of minors and

as i explained last week on my bullish case for eve i basically said that the miners have costs that they cannot get around right they have to pay for electricity they have to pay for hardware maintenance and new hardware from time to time that is non-negotiable there is no way for them to avoid those costs so they have what i like to call forced sellers it's the same reason as you having to sell you know um for taxes if you owe taxes you are forced to sell essentially so from that perspective stakers aren't forced to sell stakers don't have massive costs you they have a little bit of electricity cost for running a pc 24 7 but that is like 99 less probably even 99.99 less than what miners have to pay right so the stake is the eighth that they

earned they're just gonna restake it or just keep it or just hoard it or whatever um and the figs that they earn is the same thing right because obviously not all of the the fee is going to be burned on the one five five nine um you know some of it's going to go to stakers and miners while the miners are still active for a little bit but we expect most of the fee to be burned but still like and the api is going to be so high that more eth is going to be locked up because of that high apy once the merger happens because the fees are going to be going to stakers that is just an incredible catalyst for eth as the asset right massive reduction in in cell pressure from i mean one five five nine as well because instead of like um the fees going to

minus who just you know they may just dump it it's getting burned to delete it from the supply two you have them the the merger going through that red reduces the issuance by ninety percent three you have the ish uh the um uh sorry three three you have like the cost going down considerably for the people that are validating the network so they're not for sellers anymore and four you have this massively high staking api because of the fees being paid and from that perspective you have you will have more each being locked up in staking uh which takes out of the kind of circulation which naturally should lead to a kind of like high eighth price price over the long term so four extremely bullish catalysts for each possibly happening over the next six months

and it's not like once they're in if that's it right we're going to keep burning fees in one five five nine we're not going to change the monetary policy to increase issuance like and blow it up now obviously there's more ethy state the issuance um goes up a little bit because we need to pay more um to stakers but it's it's negligible compared to the lock up of the eat and the fees being burned and potentially we see a deflationary eath with all of that right so anyway i digress there but seriously like it's just a crazy amount of bullish catalyst for the ethereum network itself not even talking about all the defy stuff happening all the layer 2 stuff happening just the ethereum network itself and all the core protocol upgrades are going to lead to these just like awesome uh kind of like narrative and bullish catalyst

for ethan that's why i am just like not barry should eat on earth at all i mean that's one of the reasons there's plenty of reasons but like there's just i can't see any reason to be bearish right now so yeah anyway i'm going to leave it at that for now i'm going to move on to a tweet here from trent which is actually got to do with ethereum protocol upgrades as well so he's saying that it struck him that there's potentially five network upgrades for ethereum going live in 2021 which is absolutely unprecedented we had we went from not having one upgrade for 18 months to having five upgrades in one year now obviously we've already had berlin which went live on april 14th we have london going in mid-july we have alter which is on eth2 which is mid-year we have shanghai which is

uh q3 or q4 um this year as well which is separate to the merge and then we have the stretch goal as he likes to call it which is the merge in possibly q4 um which would mean yeah five upgrades in a year absolutely incredible work here i mean for a while there people thought that ethereum the network had ossified already but if you were paying attention you knew this wasn't true you knew that there was kind of multiple upgrades going through you knew there was plenty of stuff being done on the core protocol work on both eth1 and eth2 and you knew the merge was actually closer than most people thought if people were still telling me that they didn't think the merge would go through until like like what's 2024 like we have we we already had like um small-scale test nets we have the specs

out there we have all these teams working on this already it's become a priority because of the um the stuff that happened with the miners and when i hear that i'm just like well i mean like i i say it sometimes but like just not gonna make it right like if you if you don't realize like how close we are to these things then then yeah and then i have some people saying oh shouting's not gonna come out to like 2024 as well i was like like what like sharding is like not that difficult to do i mean we're gonna settle for like data sharing first and maybe do execution charting later but with a healthy layer two ecosystem data data sharing might just be enough we can just like get massive scalability from the shards at layer two and and be fine so i mean

from that perspective i just don't understand where people get these wild timelines from it's just goal post moving i mean we dealt for it forever about you know i mean i know there was a lot of delays with eth2 but people literally said ethq would never ship right that proof of stake would never ship it would never work i mean it's all false it's all wrong yes there was delays but there was delays because a lot of this stuff is hard to do it's bleeding edge research it's bleeding edge engineering it you know it takes a lot to kind of like i guess coordinate in a decentralized community all these people together so from that perspective i just don't get these kind of like wild dates here and ethereum has been shipping like crazy lately on on the protocol uh protocol level here and been doing so

much good work so yeah i just don't get it i i'm i remain bullish i i think that we can maybe get all five of these this year as i said i'm like on the fence about the merge this year i would just like say temper expectations here i wouldn't expect it in october but if we get it in october i mean i'm just like even more bullish then maybe i should be buying even more ethan i am right now but anyway uh cool to see that uh and i guess like thanks trent for pointing this out so synthetics has launched their fang equity synths finally which is really really cool and and s tesla so basically you can now get synthetic asset exposure to a bunch of uh very popular uh tech stocks here including facebook apple netflix amazon google and tesla

by using the quinta uh decentralized exchange platform that's built on synthetics here uh this is awesome i mean i feel like for to me buying stocks is just like quote unquote boomer right it feels like old school but buying stocks on quinta or like within ethereum d5 feels futuristic even though the asset is essentially the same or i guess this is a synthetic asset it's not the actual asset itself but like i don't really care about owning the actual asset itself for stocks because really you just own a piece of paper it's not a bearer asset it's a piece of paper that basically has a legal right to the stock so at the end of the day you're at the mercy of the legal system anyway i won't get into that for now but essentially like i mean i love synthetics big fan of it been an snx

holder for ages so for them supporting these assets this fits into what i think synthetics is really good at it's supporting these assets that are not naturally kind of like native to ethereum obviously you know doing like a synthetic eighth is fine and everything but eth itself is already on ethereum right it's already very liquid it's already got massive kind of like uh trading volumes across the ecosystem on d5 so the more interesting assets are ones that aren't on ethereum yet so like the like stocks and things like that like synthetic assets here so really really cool to see this from synthetics uh really bullish because as i said that's been one of the things that i've been most excited about and you know they can just keep adding things here i know there's a bit of a regulatory issue here so i think that's why it went through

quinta i think quentin is supposed to be detached from synthetics from a regulatory point of view which is smart and i see a lot of teams doing this lately but yeah really cool to see this and you can basically go check this out out on quinta it'll be linked in the youtube description as well for an easy to access link so uh wangarian i think that's how you say it i don't know uh from uh from defiance capital here basically put out an interesting thread where he said that the the other new liquidity mining program for arvie which for those who don't know is going live soon by the time you've watched this video it may already be live where you can basically earn staked are there tokens for providing liquidity and borrowing from the ibe platform but essentially what he says here is that he believes this very well could be

the catalyst to kick kickstart defy summer 2.0 now we all know i mean most of us maybe not those who came into the ecosystem this year but those of us who were around from about june last year to maybe september-ish i think it was well we had the d5 summer which was basically when defy went from being a toy or a very niche thing within the ethereum community to basically breaking through that barrier and onboarding people outside of ethereum that's when you kind of know that something is really bullish is when you're able to onboard kind of a community that is like distinctly different from the existing community and for me when looking it back at d5 summer that was the bitcoin community because if you saw what happened uh bitcoin and ethereum exploded because

what happened is compound launched the liquidity mining program in uh june and you could you could earn comp tokens for for supplying like your your bitcoin to to compound and you could also do it for uh you could also earn other tokens for doing something through synthetics and ren and like then it just kicked off all these kind of like yield stuff that happened and yearn launched and wifi and all that stuff right the rest is history but essentially that's what kickstarted d5 summit was that compound liquidity mining launch that just sucked in billions of dollars of assets from everywhere into the ecosystem into d5 and basically exploded the tbr across the board the trading volumes everything so you know what what i'm gary is saying here is that he believes that ave's liquidity mining program can have

the same effect and kickstarter defense a second d5 something here now i agree with this to an extent at the same time and it pains me to say this i still think even though the gas prices are relatively low right now i still think so many new users are locked out of it i still think a lot of new users are actually going to things like bsc now that's simply because binance i mean there's two two major reasons binance has a major kind of i guess uh user funnel right new user funnel flowing into bsc from their exchange and then you also have uh the the low fees as well right which are not actually that low anymore i think they've actually been spiking up but anyway regardless of that i think that a deep

true d5 summer 2.0 uh might need uh layer two it might need like a big layer to implementation that has a bunch of d5 apps on it to really kick it off maybe we have a mini one because there's enough whales out there you know everyone's made a lot of money lately because the price is going up maybe that happens but for me i just i i kind of like it pains me to say it as i said but like at this point in time like we're just not getting those new users like we were back then uh because you know back then people didn't have an alternative right they didn't have a choice they had to pay the high fees on ethereum but now they have a choice they don't have to do that obviously there's trade-offs right you know bsc being you know centralized and all that

sort of stuff and and like any other any other kind of stuff there but that but that's like a separate issue right the the at the end of the day like the new users coming in don't know this they don't know the intricacies you know they they should obviously like we can't expect them to instantly know all the differences between all these platforms so the best that we can do is just out build them here all the innovation still remains on ethereum right all the cool stuff still remains in the theorem the giga brains are on ethereum the layer 2 innovations at you know going going nuts right now but until we get that platform that basically allows people to build whatever they want on layer 2 and build like a generalized layer too like optimism or arbitrary more you know zk sync as i spoke about the

other day or starkware's kind of generalized platform we're just not going to get the you know the the kind of like activity that we want i think you know i think that the things like the standalones like dydx and loopering diversify all that good stuff is fine but because they're standalone they don't lend themselves to a fully composable kind of like wide kind of wide reaching ecosystem here so from that point of view i agree with with his opinion here but i just i mean i'm gonna have to wait to see it and maybe maybe there really is enough whale liquidity or enough people that are happy paying these fees to kickstart another massive d5 summer on ethereum but uh it remains to be seen and i don't think that's bearish i think just like it's just going to take longer to get there than we think maybe it just

doesn't happen in the next like two or three months but maybe it happens after that or maybe unisub goes live on layer two next month as i've said before and that kickstarts it i can see that as being a potential catalyst because at the end of the day what a lot of people just simply want to do is they want to trade between assets right and trade like any types of assets whether it's like the the productive default assets whether it's like eth or whether it's like wbtc or or even like complete coins and scans people just want to trade that stuff um and and some people call it gambling whatever right that's that's what we want to do now if uni swap can capture that market back from the the low fee chains so to speak right then that could kick started as well uh and if

if uni swaps on optimism then it becomes uh composable with other d5 apps on there so maybe you know there's something else launched there as well we'll have to wait and see uh i don't want to promise anything i don't want to like get too bullish about layer generalized layer 2 because um we've been disappointed before obviously unfortunately so we'll just have to wait and see but the long-term game is still very bullish i just i'm it remains to be seen if we if if this other liquidity mining program is the catalyst that's needed to to kind of kick start defense number two i give it about a 50 chance at this point uh i'm just on the fence about it right now but anyway i'll move on i'm going over time already so i want to get through these these things here so santiago from parify had another

great tweet today where he said i can't think of a single fintech startup that has reached the scale of d5 protocols in the same time and uh capital raised many d5 protocols are less than five years old generating at least 100 million dollars in revenue profitable with small teams and global expanding communities and then he's put a nice table here kind of like going through now the only uh i guess like protocol here that is five years old i wouldn't even i don't think it's even five years i think not even four is his maker um the rest of these uh are much younger i mean sushi swap for example is only like i think eight months old yearn is about nine or ten um are there beginning of last year so about 15 months right nowhere near five years and they already

have an annualized revenue you can see here sushi's annualized revenue is 400 million uh uni swaps is 1.3 billion uh you know compounds 600 million and then you have these these earnings here as well like the earnings for for maker incredible even compound at 63 here uh sushi at 67. uh you earn at 60 mil as well um and then yeah i mean you can see the total raised uh obviously like some of these didn't raise anything like sushi swap and yearn which is which is even more incredible and actually i just noticed he's got a he's got a column here for the years since founded okay so he's taking it from founder not from on main net so i mean yeah avid was founded a long time ago uh same with with uh maker and compound here but if you go from like when they deploy to

mainnet uh you know it's much shorter but but yeah to be fair i guess year since founded because i had to build it and everything like that makes more sense but still i mean it's it's incredible to see just such such fast growth and it's only getting faster right because we have more of a kind of like ecosystem to play with now and it's much easier to bootstrap these um ecosystems i mean you you kind of like see what happens sometimes with very popular defy apps is that they can get a billion dollars into them with a with a liquidity mining program like really quickly like liquidity did this the other day um and you know it hasn't gone out yet and i think it's going to stay in there because it actually is a good product too so from that perspective this is just

insane all these protocols in my opinion are just like undervalued compared to their um fintech counterparts uh and they're just gonna i mean they're gonna disrupt all the fintech right like trad five fintech are done like they're finished it's just they're dead they're dead um kind of like um uh companies walking unless they kind of adopt d5 i think uh in the in the long run i think they're basically the blockbusters of the of the um finance world but anyway uh let's move on because i'm running out of time yeah um oh yeah i did mention i wanted to quickly go through why uh gas is cheaper lately so obviously we have the gas limit uh blocks or block size was increased by 20 last week i think that's i mean i did say that i didn't expect any substantial gas uh you know i guess like um improvements

here but maybe i've been proven wrong here i don't know it's too early to tell i think because there's a bunch of other things here like flashbots allowing mav extractors to bypass the the ethereum mempool right and that's playing into it layer two has taken other chains taking the load off and the market has been relatively quiet at least until today over the weekend it was very quiet which naturally leads to less activity but as larry points out here two and three were true before the gas estimate was increased so flash bots and layer twos were true um so he thinks that's mostly the gas limit increase and less activity which i pretty much agree with uh we had a discussion in dms about this as well and he gave his reasoning for it basically saying that when the gas limit gets increased you know obviously there's more capacity for

transactions in this case 20 percent more but the the bots would will take a little bit to readjust themselves and network will take a little bit to readjust itself to this increased capacity and then slowly we'll go back up to 100 great plus and i agree with that so i'm glad larry commented here larry larry's great he always um has a great opinion on on what's happening with these things but definitely agree with him there uh but as i said last time long-term gas limit increases are not the solution here uh we can't just keep increasing this it has negative externalities on the rest of the network like obviously increasing the size of the state which increases the size of the blockchain which makes it harder to sync um and we may have issues with network stability if we raise it too high as well so

and and and producing too many uncle blocks which i explained last uh last week on the refuel but anyway last thing to talk about is this pretty funny promo from uh grid plus here so they basically announced that their lattice one hardware wallet is now available in australia so i have mine you can probably see it in the videos actually i have it here i've had it sitting here for a little while if you've noticed on the videos i got a an early access to it but it's great i've been tinkering around with it i plan to move all of my assets over to it uh for those who want just a quick kind of rundown of what it is it's basically a hardware wallet um that that is super secure the most secure hardware wallet on the market so if you're looking to for an

alternative to ledger or treza uh definitely check out the lattice one highway wallet i haven't been paid to promote this or anything like that obviously as i have one here and i'm actually close friends with um with one of the people who works at grid plus i have an incentive to kind of show it there but i wouldn't be i wouldn't be showing it unless it was like a great product so definitely go check this out if you haven't yet it'll be linked in the youtube description and i think that's it for today because this is probably the longest refill i've ever done so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet let's get to 10 000 subscribers like the video if you haven't go subscribe to the newsletter join the discord channel and i'll catch you all

tomorrow thanks everyone