Regulatory news, Layer 2 updates and much more - The Daily Gwei Refuel #630 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the alligator refuel where we cup latest news in ethereum ecosystem I'm your host and this is the 28th of July 2023. alright everyone let's get into it so we're back into it after being away for three days at that conference in Sydney I had a lot of fun so I'm gonna I guess like spend the next few minutes just recapping my time there things that I learned people I spoke to as well as obviously going through the news from the last three days and there is actually a lot to go through you can see from my tabs here so I'm going to assume this episode is going to run longer than 30 minutes but you've been starved for a refuel so I guess like let's just get into it so I put out this tweet today basically saying that you

know nothing gives me more joy than being an ethereum educator honestly whenever I talk to people about ethereum and they're genuinely interested in what I have to say especially face to face obviously it's different in front of a camera doing the refuel things like that and on Discord as well um and Twitter but face to face just a different experience and it honestly is an amazing feeling just having people actually interested and what I have to say being excited about what I'm talking about because it is really my bread and butter it's really my life ethereum right so you know I spoke to a bunch of people at the conference um and I actually uh on the um the conference day on Wednesday I ended the event uh I was the last kind of like um panelist I guess you could call it and I was

talking about just ethereum generally and the merge things like that but maybe I'll take a step back and kind of explain what it was so it was called the digital asset conference now it wasn't a typical crypto conference uh at all really what it was was basically the one day on Wednesday where a group of I believe 200 or so people got together from all different kind of walks of life and talked about the crypto ecosystem specifically in Australia and how Australia is not batting uh where it should be batting basically we are we are definitely underrepresented globally um and we need to be doing better on things like the regulatory front on pushing Innovation forward within the crypto ecosystem and things like that now most of the people there I would question defy as non-crypto native right

they're not on you know Twitter they're on LinkedIn for example right they're not like djans they're not gambling on Meme coins you know they're not doing all the crypto native stuff that we do what they're doing is they're Bridging the old kind of Trad fire world into the new crypto world so they're building applications uh using I guess crypto technology using blockchain technology that enable the use cases of you know things that we don't really think about like supply chain for example there were some bankers there talking about the stablecoin uh pilot programs that they did their cbdc stuff right the um NAB did a stablecoin pilot I'm sure I I think I've spoken about it on the um the review before NAB is the National Australia bank so the big one of the big four banks in Australia uh so there was a bunch of that going on so definitely

not a crypto native crowd but it was extremely interesting for me to get a view into this world because I really don't get exposed to this because I am a crypto native and I'm just involved with everything got to do with crypto native stuff every day I don't usually get exp opposed to to this sort of stuff and vice versa these people don't necessarily get exposed to the things that I talk about every day on the refill right they're not worried about their ethereum core protocol updates or layer twos or anything like that what they're worried about is solving issues for businesses that they're involved with right whether it's supply chain issues identity issues um you know stuff like that and I spoke to a lot of people about this and I spoke to people about regulation I actually met a fair few people that were fans of the daily gray

that actually aren't I guess like working in crypto they actually work uh in the regulatory space or for the government or otherwise and I'm like oh wow that's actually really cool I I felt like it was really cool to know that my voice has has reached to those kinds of people um and it was it was like we were in full alignment about everything basically as well whenever I talked to to talk to these people um and it was it was a mix right like I I say Bankers as Regulators there's people working at different corporations uh it was a very varied mix there were crypto natives there there were actually a fair few of them which was which was nice and people that I had met before and talked with before and obviously people that listen to The Daily gray um but generally it was it was

non-cryptonative so the whole day was just talks it was more of a conversational thing where there'd be like panelists on the stage and then people would be able to ask questions while the panel was going on um from the I guess crowd so to speak so it was it was back and forth and you had breaks in between where you could mingle and things like that um so that was the the actual conference day then there was the dinner on Thursday night which is basically just uh really well put together dinner at a really nice venue where people could just do some more networking and some more socializing uh and it that was that was probably the Highlight for me to be honest because I managed to sit on a table there was there was no kind of like um uh allotted seating you would

just sit wherever you want right so I managed to sit on a table with mostly crypto Natives and we basically just kind of talked about ethereum all night which was obviously super exciting for me um but everyone on that table was just awesome we're having great conversations and I really loved um interacting with everyone there uh and actually I told this story in the daily grade disco Channel but there was a top 50 uh kind of countdown that they did uh where they basically did a top 50 people in Australia making the most impact in crypto and someone told me that I was the top five right and I'm like oh okay top five that that's pretty cool and then so it counted down right it counted down got to the top five so what ended up happening is that they did the top 45

uh well the first 45 they just ran it in the background there was like a presentation up on the screens and then it counted down to the top five and then they did a top five reading out live so I was like okay well now it's you know my time to shine so to speak so they go through the top five right five's not me Four's not me three's not me two's not me and I'm like wow holy crap like am I number one like this is weird I mean it was as I said it's a different crowd right it's not the crypto native crowd and obviously the list is catered to that but I was like oh my God I'm number one so I'm sitting there and I'm just like uh you know a bit bit nervous I'm like oh my God this is this is pretty

cool and and then number one pops up and and of course that's not me right I wasn't even in the top 50 uh which is funny but number one wasn't me but what made it amazing was that it wasn't just not me it was the chairman of Asic which is the Australian Securities Investments commission aka the SEC of Australia so I basically got rugged by the Ori Ori Aussie Gary gensla which I found hilarious and my table who as I said were crypto natives we all found it hilarious and it was just became a big joke um but that was just really funny because I you know I spent like an hour expecting to be in the top five and then when it got to uh reading out all of them and then I wasn't read out and then

I'm like oh my God I'm going to be number one and then just to get rugged by the chairman of Asic was just just to highlight to top off an amazing uh last few days so yeah I mean I'm definitely still high off the uh the events um as I said not the usual events I go to but definitely well worthwhile and a big shout out to um someone called Steve vallis who actually organizes um uh a bunch of these events he basically I would say acts as like the bridge between crypto Natives and and this world he uh does listen to the refuel he told me once he listens to the refuel at two times speed I already talked really quickly and he's listening to me at two times speed I would hate to know what that that kind of sounds like but he does and he loves the show of

course so if he's listening big thank you to him for putting this event together but yeah that's basically my last three days um up in Sydney uh I really enjoyed it I really enjoyed getting different perspectives and my main takeaway is that there are a lot of people working on bringing the old world of um Trad fire in the old corporate world old in the old way of doing things into the new world it's still very early a lot of the solutions are just proof of Concepts right now there's nothing really at scale or anything like that but we know the reasons why that is you know infrastructure is not there the UI ux isn't there still very early days just generally but it's being worked on in the background there are lots of good and honest and awesome people working on this sorts of

stuff that you will have never interacted with before and that you probably won't on crypto Twitter as I said they're on LinkedIn they're professionals they're in the corporate world um or they're in uh you know they're on the government side of things regulatory side of things but they are awesome people and you know I I I I kind of think a lot of them could be considered crypto natives because they actually do try to keep up with things like they have their own kind of work they have to do their own day jobs but a lot of them I I that I was talking to they were pretty clued in honestly I was pretty surprised you know I was like wow okay you are actually including you actually know kind of what's going on and then you know I I do my thing where I start

going off in a million million different directions and I start talking about more technical stuff and then I I felt like I was kind of losing some people but at the same time they were super interested in what I had to say and they kept asking questions they really wanted to know um and I got asked this is the last thing I say before I move into the the news I got asked the question a lot of like why ethereum you know why ethereum over everything else because unless you're like deeply involved in crypto that can be not something that you kind of understand from the outside looking in right like it's it takes a lot I think of years in this industry to understand why certain ecosystems Thrive and why others don't and I use my kind of I guess Infamous analogy that I like

to use in that well maybe not knowledgeable like framing of the of why ethereum I I basically framed it like this I said there are projects that have missionaries or mercenaries right A lot of the time there's not really much of an overlap there and I I basically said ethereum has the most missionaries by far right it has the most people that are building ethereum because they want to build a theorem not because of money not because of some other kind of profit motive or anything like that they want to build ethereum they want to see the ethereum vision come to life and a lot of these people could get paid so much more working elsewhere but they don't because that is just not uh something that they would want to work on and I said that also ethereum is a massive

nerd snipe which means it has the hardest problems uh to solve so it gets the smartest people into the ecosystem and it's just so broad doesn't have the best tech right I mean ethereum layer one obviously doesn't have the best tech but that doesn't matter that's not what it's about so I kind of framed it in in that lens but I did talk more about it but I'm not going to continue on because I want to get to this other stuff that that happened over the last three days but I mean for anyone who's listening to the refuel for a while you'll know exactly what I was saying to them but it was it felt genuinely awesome one of the best feelings ever honestly to talk to people and have them be genuinely interested because as I said I know you guys are interested you listen to the

refill every day I know that you're interested when I'm talking to you in the Discord Channel but it's not face to face right like I can't see your facial expressions I you know I can't see uh when I say something that I think is really cool if you think it's really cool like like you know your face lights up or something I I don't see that so for me to go out there and talk to people it's just a very different way way of of doing kind of like education and getting that immediate feedback which honestly yeah it's the best feeling in the world and I'm very lucky to be able to to do that and be able to to do that as a I guess full-time thing anyway moving on from that on to the news from the last three days so let's start off with some regulatory news

because we had some big regulatory news so there was this uh bill that basically Advanced uh in I guess like the US House here so you can see here Jake shavinsky tweeting uh the financial services Committee just Advanced the fit for the 21st century act by a vote of 35 to 15 including significant support from democratic members this sends a strong bipartisan message in favor of reasonable regulation for digital assets so the headline here really is that bipartisan support so I believe all of the Republicans voted in favor and six Democrats voted in favor uh which was uh awesome to see so the 15 knows I believe were Democrats now obviously we know that Democrats in the US have have

traditionally been uh anti-crypto to an extent at least not all of them but you know the loud ones Gary Gensler you know Elizabeth Warren uh even Biden to an extent right um but uh seeing this bipartisan kind of um uh support go through here is is really great and I I think that it's not obviously probably close to becoming law but this is the first step it goes through this I mean I'm not up to speed on exactly what the next steps are from here but it goes through this I believe it goes to potentially the house next to vote on it and then it goes to the senate or something like that then it becomes law but as I said I'm not an expert on on this and I'm not sure exactly all the steps uh to this but uh it it definitely is an important Milestone on the

regulatory Frontier on that thing so you can uh I guess like Google for the bill fit for the 21st century act uh bill or a kind of I guess like act generally and go check out what that is uh there was also a stable coin act uh so you can see here chairman Patrick McHenry uh sorry there was the financial services committee saying chairman Patrick mchenry's Clarity four payment stable coins act passes the financial services committee with bipartisan support after 15 months of bipartisan collaboration this Landmark legislation is one step closer to becoming law so another act that was passed through the financial services committee which is great to see so as I said that I believe goes on to the house next uh to be debated on and

voted on there as well so yeah two pretty big pieces of positive regulatory news over the last three days uh in the US specifically which is great to see you know I made a comment a while ago where I basically quote quote um I quoted the the famous quote that is it it's it's regularly attributed to Winston Churchill but um there is debate about whether he actually said this but it's a quote that basically says you know Americans will do the right thing after they've exhausted every other option or something like that after they've tried everything else and it seems like we're at that point right where it finally feels like the Americans are doing the right thing when it comes to crypto regulation after many many years of doing the wrong thing right but again it's too early to tell you know getting something to become law

is very hard obviously right now the Democrats control uh the presidency and uh and uh um uh the Senate I believe or the house I can't remember but they definitely have a lot of power right now uh when it comes to this sorts of stuff but I'm hoping that there are enough Democrats that flip to support these kind of things uh that it can kind of turn the tables uh there all right so moving on to some ethereum core development news so uh nevermind has successfully implemented stateless verification in another mine client using vertical trees now the mind is now the first client that can participate in the network as a stateless client this is a major Milestone and will bring massive benefits to the network and and uh it continues stablecoin stablecoin

stateless nodes can participate without the need to store the entire state of the blockchain making them more lightweight and scalable we were able to verify the blocks of the oh man I don't know how to read this word costinen testnet just by using the vertical Witnesses including the blocks this lowers the entry barriers for node operators enables more individuals and organizations to join the network contribute to its growth and Foster a more distributed Network so this is all part of The Verge roadmap vertical trees I've talked about before you know that's going to be the focus after uh Dan goes live uh and it'll be the focus for probably 2024 and maybe 2025 it just depends on how fast we ship these things but the fact that another mine is already implemented stateless verification into their clients

obviously early days um but the fact that they've already implemented it is a huge milestone and it really does I guess provide a blueprint and provide a an example to other clients when uh for them to implement it and for us to get uh uh vehicle Trace to mainnet and for the stateless ethereum Vision to become reality because for a long time uh this has been on the roadmap and and things like light clients which you've probably seen talked about a lot more due to the modularity um discussions recently these things have been the Holy Grail because what they allow you to do is it allows you to verify that the chain you are talking to is the correct chain without having to actually download the chain so for example uh right now with metamask if you're using and fura as your RPC you

are trusting that the chain that you're interacting with the inferior chain that you're interacting with um is the the correct one right and you're trusting that everything's all well and good there with a stateless client you don't have to trust that you have cryptographic proof that you are interacting with the actual ethereum chain um and that's only one benefit that's obviously a huge benefit but the other benefit becomes the fact that you can run uh these uh these stateless ethereum clients or these kind of like clients on Hardware that is basically very low powered I mean I I'm talking you're able to run this on like a mobile phone as well because what happens is you don't have to have the whole chain and as from my understanding you don't have to be on 24 7 either you can just connect via the light client whenever you need to in

order to verify the chain verify that everything's going well and good and that's all you would need to do and this also potentially as part of The Verge roadmap allows us to increase the layer 1 gas limits uh because increasing the gas limit is like increasing the block size which means that the chain becomes harder sorry the chain becomes bigger generally and obviously it becomes harder to store because the harder requirements go up but with the Verge roadmap it allows us to raise the gas limit I believe I saw some estimates that once The Verge roadmap is mostly complete we could increase the block gas limit by about 10 x and get basically the same um I guess decentralization properties

that we do today day so obviously it's not a long-term scaling solution because increasing the gas limit has always just been filled up you know it just fills up again because it's like adding more Lanes to a highway right it's induced demand so it's not a long-term solution but it's good because it basically um allows us to keep scaling with demand essentially and that scale would obviously apply to layer twos as well even though post erp4844 it's not going to have as big of an impact but but it would still for layer twos that maybe want to store their data permanently on ethereum because as you all know with erp4844 the data is only stored for a month and then it expires and then if

you want to retrieve that data you have to retrieve it from a third-party service whereas if you want to keep your data on ethereum forever you would have to use uh the call data the existing call data opcode instead of uh instead of the new blob transactions I do Wonder though long term if the call data op code will be removed um to force everyone to use blobs just for the health of the chain I haven't seen much discussion or any discussion really around that it's just something that I've been thinking about but yeah it remains to be seen how that shakes out that but anyway very very big congratulations to another mine for achieving this milestone all right so like clients here proposed a new AIP EIP 7377 which is called the migration transaction so what this Erp would do it

would be a new transaction type that allows an externally owned account or a normal regular ethereum address to make a one-time code deployment at their address this would effectively migrate the account to a Smart contract permanently so I guess in plain English this would allow you to convert your normal ethereum address into a smart contract address or a smart contract wallet so to speak so for example you could convert your normal ethereum address into an Argent smart contract wallet basically and it would allow you for my understanding to deploy um the any kind of smart contract wallet that you would want whether it's Argent or Soul wallet or another one right you could choose which one you would want to to convert your eoa to now this as like client said would be a one-time thing uh

there would be irreversible from my understanding you wouldn't be able to go back to being an eoa so you would be permanently a smart contract wallet now of course there are security considerations for this because obviously with smart contract wallets there is a larger attack service attack surface but I think this is something that is pretty critically important generally um to to ethereum and to the adoption of smart contract wallets generally and I do hope it can potentially be included with the uh upgrade after um the next upgrade after dencoon which I've already forgotten the name of because I remember the other day I was I was talking about names that people were debating and now I've forgotten them uh at this point but yeah the next upgrade that would happen maybe Q2 or something next year uh could potentially include

this so you can go give the EIP itself a read for yourself I'll link in the YouTube description below uh but this is definitely uh exciting and definitely something that has been in the works for actually quite a while it's uh I believe this EIP is a spiritual successor to eip2938 and Erp 3074 from my reading so yeah this isn't anything new um but the IP itself is new but the discussions around doing this isn't new uh so yeah I'm hoping to see the discussion uh evolve around this and seeing how it all shakes out all right so we have a new uh data visualization for Mev boost bid so this is a real-time visualization of all the Mev boost bids happening on the ethereum

network you can go to payload.de data forward slash data to check this out and this is really cool because you get to basically get a breakdown of the Builder the validator and the relays all in real time of what's happening in the ethereum mempool and uh it's broken down into you know by a bunch of different metrics here I'm not going to go through them all and explain them all uh but you can check out this website for yourself I'll link in the YouTube description below but this is what's basically happening in the mempool guys like there it is a I wouldn't say it's a complex environment but it is it it's basically a very well-oiled machine at this point right you have the Builder that submits the blocks to the relays and and the relays um uh kind of uh relay them to the

validators and validators propose the block uh and I guess like that's the way the ethereum network works these days before in protocol PBS because this is done through the Mev Boost network obviously uh but even within protocol PBS I wonder if it would look similar to this it would I mean obviously it wouldn't have things like uh relays and stuff like that from my understanding but I think it would look uh pretty similar here so yeah you can check this out for yourself uh it's actually got a pretty healthy amount of data here for something so new so yeah I'll link this in the YouTube description below for you to check out all right geode Finance is now live on testnet so they're calling themselves ethereum's first truly trustless liquid staking Library enabling users to create

unique at pool and token setups so what Geo Finance is it's a new ethereum staking protocol or LST protocol that allows anyone to create their own uh I guess like LST so to speak or their own pool and they can change the properties of the pools uh and and um and kind of modify it make them private or public or anything like that it does share similarities I guess with stakewise V3 as I've spoken about before um but definitely uh has a few different pieces to it and you can check out obviously all the information about uh this in the um the YouTube description below but some of the features include permissionless creation and ownership of staking pool so you can create a public

pool where anyone can access and mint the LST uh there are private pools as I mentioned as well choose your own LST type which is really cool so you can choose from rebasing to tokens to Value accrual tokens standard erc20 erc20 permit or even no token and complete yield separation as well here so another just another really great and Innovative player entering the LST space uh as I said there are on testnet right now they're not on mainnet just yet but this is what I've been talking about for quite a while now we need more of these protocols coming online to increase competition generally for the ethereum stacking ecosystem and to make everyone else better and I was having a discussion with a friend recently about this and saying that I don't think

there's going to be like tens of major LST protocols right they have like the majority of market share but the point is is that the more that there are right and the more I guess like good ones that there are the more competition there is and the better the overall ecosystem gets and that's the whole point right because at the end of the day we want the ethereum staking ecosystem to be as distributed as decentralized as resilient and reliable as possible and we won't get that if we only have like a handful of solutions that basically get entrenched and then they don't feel threatened because for example later if lato just existed and that was it like that was there wasn't rocket pool there wasn't statewide's V3 there wasn't go there wasn't swell right it was just Lido that you know there wouldn't be

much Innovation there they would literally have no reason to change anything other than trying to drive value to the ldo Token but if they've got no competition then naturally they would drive value to the ldo Token because they would they would probably have a monopoly right they do have a large market share and that that would probably be even bigger they would definitely be even bigger if it wasn't for the competition right so the more competition that comes online even if they're only chipping away at the dominant players they're still pushing them forward because the dominant players see this or the the bigger place is and like oh my god well our market share is going down we actually need to do something about this and then the smaller players see and react to that and say oh okay these guys are doing this uh we need to increase our market

share we need to do more let's do more and I think there example of this is the Lido rocker pool dichotomy right where lighto's this huge LST it's centralized right it's it's definitely not decentralized right now uh whereas rocker pool has been built from the ground up as a decentralized staking protocol it still has uh kind of like I guess centralized aspects to it so to speak right um but like not like lighter right not not the node operator said it's more around the governance and things like that um but you know when you kind of look at that right and and you look at the the the um incentives there and look at what's happened there rocker pool started from zero obviously uh when Lido already had a massive market share and it's been

slowly chipping away and if you haven't checked lately rockapol's market shares continue to increase I mean you can go to raider.network I visit this site quite regularly even though I've said before that you shouldn't be looking at this every day um I look at it regularly not every day but I look at it regularly just to monitor things not to draw any kind of real signal from but just to monitor things but even this like rocker pool is still there's that 3.12 right it's just been slowly chipping away Lido has hung around around the same percentage here or gone down a little bit it's at 32.16 but it's all about that chipping away there right and rocketpool over the last few months especially the community has really kicked it into high gear and basically said you know we need to be doing more they shipped Atlas right

which brought the node requirements down or the youth requirement down um they're redirecting the Oda rewards to the PDR now to do more incentive campaigns they're doing a lot more business development and marketing from what I've seen as well so uh it's great to see that I don't know if it was my advice that triggered that because I mean I've been talking about it for a little while now but um it's great to see them doing that regardless of the reason why so I think that's a clear kind of example of what I'm talking about when it comes to more competition better it is for everyone even if it's a competition that you consider to be a small a kind of um a small player small players can become big players and I've talked about why I believe Lido's so dominant before I I do believe that if

we had withdrawals enabled from like even 18 months ago lydo's dominance wouldn't be as big as it is because the simple example is that a lot of steak got puked during the unwind um and STD ended up trading at like what 0.91 or something like that um and then by the time withdrawals were enabled stf was back at fair value so there was no ARB to be had with the beacon chain whereas if withdrawals were live I reckon there would have been a lot of stake withdrawn from Lido because people were are being that spread right so that's the the kind of like entrenchment of lsds that can happen and that's again why we need more lsts online uh as well but anyway I'm not here to bash lighter or anything like that I'm just using him as obvious examples right

so yeah just great to see geode live on testnet uh they do have like a when mainnet section here so soon I guess uh so soon as soon uh I'll keep you guys updated on when their mainnet goes live all right so uh I'm not sure if you guys have noticed this trend lately I think you have of l1's or Ulta ones or side chains I guess migrating to l2s and the latest one to do that is something called Palm Network now Palm network was a or is a layer one network essentially or a sidechanner guess whatever you want to call it that was spun up by consensus to be a network for nfts I remember when they spun this up I think to myself why

is this a layer one why is this a side chain why is this not a layer two and of course I think at the time the kind of software wasn't there yet to to for it to be really easy for them to to be to be an L2 instead of an L1 but now it is and they're now using polygons their technology to migrate uh they're migrating to a polygon polygon supernet uh to basically uh become an L2 on ethereum so settle on ethereum I believe probably storing their data off chain not on ethereum because it would be too expensive for them but this just continues the trend of these l1s or side chains becoming l2s uh and I mean I spoke about uh cello the other the other day that they're doing it and there's a

few more actually I've been I've been posting them in the other change channel on the Discord Channel just to keep track of them I saw that pancake swap is migrating to DK sync error uh well I mean I guess like they're deploying on there they're not leaving um they're not leaving BSC uh there's also uh uh a few other ones I'm just scrolling through here just uh just to go back on them but there's been a few other ones uh that I've uh that I've posted in there that are kind of coming uh coming along and I expect that Trend to accelerate and continue and it's it's it's funny funny that I said this you know how long ago did I say I I don't remember it could even be you know 12 to 18 months or something where I said that I believe a lot of these l1s are going

to become l2s and it's just playing out before our eyes and even I'm a little bit surprised by because I give these predictions and I'm like you know what like I have conviction here I have a belief that this is going to happen but you know the chances of of it happening can sometimes be really small and I do believe there are certain l1s out there that will but never become an L2 I mean cardano for example is never becoming an L2 the Charles's ego wouldn't let him do that uh Solana I don't think so because as I've said before Solana is trying to do something different as and what they're trying to do really only works as an L1 um so I don't believe that would happen um Avalanche probably not Phantom maybe but again okay so I should take a step

back here I'm speculating out in the opening up these things becoming an L2 doesn't automatically make them a good thing right it doesn't make them not a ghost Channel anymore because a lot of these things are ghost chains a lot of these things aren't actually getting much use and what they'll do is they'll pivot to an L2 thinking that that will get them used and maybe it will during the bull market because maybe we get like an L2 narrative or something like that but generally I think that the leaders in the L2 space the natural l2s I like to call them like the arbor Trims and the optimisms and and others will uh will definitely be the dominant plays for the foreseeable future uh but it'll be very interesting to see if something converts from an L1 to an L2 and then becomes a dominant player as an L2 that

will accelerate the migration even more and that will accelerate not only the migration from L1 to L2 but also that the capital as well because we may see l1's just not getting the funding that they once had because everyone's finding l2s instead so yeah it remains to be seen what happens there but uh yeah great to see that uh Palm network is migrating to an L2 powered by polygon all right the intmax team has released a new blog post detailing something called intmax 2 which is a powerful algorithm to make a completely stateless ZK roll-up so this is pretty cool uh this is pretty cool my ad blocker is complaining about this medium link for some reason but uh I'm going to to meet him here so this is a medium blog post

all about what this is and uh just the disclosure I'm an investor in ink Max and I've talked about them before and about how they're trying to to build kind of innovative hybrid solutions for um for layer twos right for ZK Roll-Ups um they wanted to build a hybrid uh roll up that was both an optimistic and a ZK roll-up and now with this uh it with this algorithm in Max 2 they're trying to build a completely stateless ZK roll-up which is very cool and I talked about stateless before when I was talking about nevermind building a stateless client here so I'm not going to go over all the benefits again um but you can read the blog post for yourself to check out uh check this out and learn what this is all about but the Innovation guys on the L2 front right now is just insane honestly like I I've

lost track of it to be honest I mean I try my hardest to keep up with things I think even l2b which has been my go-to website to keep track of these things has lost track of things um but they also still have a very extensive uh library of knowledge on all of these l2s so I'd rather not be aware of something and then only be aware of it once there's actually kind of like um stuff that I can read about it once it's listed on an L2 beats uh but yeah the Innovation is just crazy right now I think we've all lost track of it which is a good thing it's a good sign but you can go read this blog post from it Max all about it Max 2.

all right so uh bitcoin's public goods network uh is now live on mainnet and open for building so I talked about this I don't know if it was on Monday or last week but the public goods network is a op chain uh built on the op stack and all about public goods obviously it's in the name right they're trying to basically build an ecosystem around public goods you know the get coins of the world give Earth uh nouns stuff like that and bringing it to the L2 environment obviously for those cheaper fees faster transactions and better coordination there because this is basically their home and what's awesome about this is that it lives on ethereum right like at the end of the day these l2s they all live on ethereum they're all compatible with ethereum they you

know you can bridge in really easily you inherit the ethereum ecosystem and community and everyone kind of like can check it out relatively easily uh and I think obviously ethereum is all about public goods public goods funding it's what I'm about too uh and I haven't actually um played around with this yet because I believe I was in Sydney when this happened and I didn't have access to any wallets uh so I will be playing around with this on the weekend actually speaking of the weekend tomorrow Saturday yeah uh there's gonna be another podcast with Eric Connor finally it's been a month since the last one a lot to talk about haven't recorded it yet I uh I rugged him today and I said can we do it tomorrow so we're going to record it tomorrow and it'll be live um tomorrow for you guys tomorrow

morning us Time same time as the as the refill goes out but yeah just an aside there but yeah I'll be playing around with the public goods network over the weekend you guys can play around with it as I said it is live on mainnet um and open for open for building open for playing around with check out all the details in this Twitter thread I'll link it in the YouTube description below all right so speaking of the op stack optimism put out a Twitter thread uh and a blog post uh uh titled introducing the law of chains which is what they're calling their open neutrality framework for participants in the super chain ecosystem now I believe I spoke last week about how bass is adhering to this open neutrality framework and about how it was going to be published this week but basically its purpose is to promote

core principles of user protection decentralization and economic autonomy as foundations for the developing super chain from my reading and my understanding this is basically saying that the super chain is opt-in if you're building on the op stack you don't have to be part of the super chain but there are incentives and reasons why you should be part of the the um the super chain right and they they kind of outline these here they say we believe the law of chains will enable the super chain to ensure block space remains homogeneous neutral and open benefit from constant Improvement and enable better and more available infrastructure so I as I said it's basically saying that you don't have to be part of the super chain as an OP stack uh Layer Two

you you can opt to not be but it's bet in your interest it's it's it it's much more in your interest to be part of the super chain which I think is a good way of going about it because it's still basically gives people or gives teams the autonomy and the ability to not uh give up that sovereignty or I guess like not give up that control but if they do want to seed a little bit of sovereignty and do want to see a little bit of control over things uh to benefit the collective which is what optimism is all about right they are literally called the optimism Collective here on their mirror page then joining the super chain is the way to go so you can read the Twitter thread and blog post which I'll link in the YouTube description below but I think this is a really cool

experiment because it is an experiment right this is not something that has been tried before um I think that it's an experiment in human coordination as much as it is in economic incentives and at the end of the day I think the optimism ecosystem is all about experimenting with these sorts of things so it's great to see them lead seeing the charge on this front all right so some defy updates to run through to finish us off today so Athena has announced a partnership with synthetics so they say here in the blog post that Athena will be using synthetics uh uh that they'll be building their first decentralized perpetuals exchange integration on the synthetics platform so synthetics uh has been around for a while as you guys know

and it's uh they've gone through many iterations they're actually going to another one right now and they're trying to build the original vision of synthetics that um they're kind of like uh centralized exchange but on a decentralized platform so essentially taking what's good about centralized exchanges and making them fit for defy and I think obviously those sorts of things need a good Unchained stable coin uh and one that's better than the existing ones and that's what athenia is trying to build and I talked about Athena the other day and when I announced their funding round which disclosure again I'm an investor in them and I talked about how they're building this stable coin that is backed by staked Ethan and back by the the funding rights of uh of basically perpetuals markets and obviously synthetics being

uh being a platform for that it just makes sense for this integration to happen so great to see this happening you can read full details about what this actually is in this blog post which I'll link in the YouTube description below um but yeah I mean I I think the general theme and Trend that I've been talking about for a little while now is this as I said I I don't want to call it D5 2.0 or D5 3.0 I hate those terminology because defy 2.0 ended up being all ponzis DFO 3.0 is just stupid I mean how many times are we going to Rebrand this thing but but generally I guess when I refer to these newer more Innovative default protocols they are A Step Above what we've seen before they may not be like a zero to one um it's too early to

tell zero to one requires a pretty big leap but in terms of what we've seen in the past and what we're seeing now not just Athena but a bunch of other protocols that I've I've seen out there that I've talked about before on on the refuel um they're trying to do something radically different than the status quo it may be the same kind of product obviously a stable coin is nothing new right like we have plenty of stable coins but if they're in here is trying to do something radically different there is a bunch of uh projects that I that I've looked at there is an amm one that I've invested in that are still in stealth they're trying to do amms in a radically different way not just trying to copy unisoft basically right I'm trying to do it do it in a radically

different way there are there's a money market that went live recently that I'm also an investor in Azure Finance I'm not just pumping my bags here guys but um You probably noticed the trend that the only D5 that I've really invested in late lately have been the things that I actually think are Innovative in pushing the the space forward um but some of the existing Protocols are still doing that too like unisop for example obviously is really pushing the space forward um cow swap innovated and pioneered a lot of stuff um maker is even pushing the space forward I don't know some amongst us who are ogs or eth ogs feel like maker betrayed us because they didn't stick to the vision of a truly decentralized stable coin and I've said before that I don't actually think I truly decentralized uh scalable stablecoin can actually exist and I've

explained that before I'm not going to rehash it now but what maker is doing with the real world assets uh things um which is another theme that I've spoken about recently is incredibly important and I do think that maker being a real world asset platform not being a decentralized kind of um stablecoin platform is a much better use of maker uh and I really do believe that they are the Forerunner CR they are bringing a lot of they're going to bring a lot of capital on chain as well they're going to bring a lot of outside Capital that hasn't existed on chain I'm going to bring it in and it's going to benefit everyone so yeah just a bunch of really cool stuff happening in D5 right now uh and Athena is definitely one of them so you can go check out this blog post I'll link it in the YouTube

description below uh Lyra has announced their V2 so they said here Lyra V2 is coming you can join the wait list to receive early access to the product and a first look at the Lyra announcements so there is this blog mirror blog Pro sorry um blog post TR uh announcing Lara V2 so the tldr is that Lara V2 is a spot perpetuals and options training platform designed to be secure performant and easy to use and the biggest announcement of this which I think a lot of people Miss because I didn't see many people talking about it was that Lyra is going to be building their own chain so they're going to be building something called the Lyra chain which is an OP stack roll-up providing High throughput low-cost settlement of transactions to

ethereum mainnet so this is actually pretty fun because Lyra started on optimism because that's where synthetics was and they were relied on synthetics then they migrated to arbitrim and I believe they used jmx on arbitrim instead of synthetics because I don't think synthetics is on arbitrim I can't remember it as I said before it's too hard to keep track of everything these days uh and now they're migrating to their own app chain basically uh and I think that's pretty ambitious I think that they're definitely pioneering here because uh app track like L2 app chains are relatively new but I think it can work dygx proved it out I think um I think they just fumbled the ball completely with it and I'm waiting for them to Pivot back by the way from away from a cosmos chain and to a layer two

again um because I think they as I explained at the time it's a really uh misjudged their decision in doing that and I I think that they made a really bad decision there but we'll see but yeah I'm actually pretty excited to see how all of these app chains kind of um play out because I've long maintained The View that app chains are good but I did didn't think that they were good as layer ones and that's exactly what the cosmos ecosystem tried to do right they tried to do Sovereign L1 app chains I just didn't think it made much sense for a number of different reasons I think as an L2 an app chain makes much more sense and that's what we're seeing kind of playing out here so so yeah Lyra V2 is a pretty big upgrade to Lyra uh with a bunch of different uh things in here not

just the Lara chain but you can read the blog post for full details on that I'll link it in the YouTube description below last couple of things to get through quickly uh so uh gravatar has been deployed to arbitrim so for those of you don't know what gravatar protocol is it is an eccentric borrowing platform for LST so basically uh you can kind of put lsts in and mint the gray stable coin here uh and you can see here that in uh they're saying enjoy extremely low cost borrowing starting from a new minimum of 200 gray and the same one-time only 0.5 fee so taking uh the kind of liquidy approach to um uh to kind of like uh mincing this this stable coin here so you can go check this out um check out the details

I'll link it in the YouTube description below but yeah it's great to see them deployed on arbitrim here obviously opening up their product to more users um and uh I I wonder sometimes like how many of the protocol these Protocols are going to create their own chains right with the app chain stuff because is it going to be so is it going to be like everything's gonna have an app chain but also be deployed on the generalized kind of chains and like what does that look like it's it's weird because the incentive then becomes for the developers of the project to focus on the app chain right because that's where a lot of the value can be captured rather than the generalized one so does the the deployment on the generalized chain for behind I don't know there's a lot so many open questions right now guys around this

stuff but it's still very cool to see this so yeah you can go check out this for yourself I'll link it in the YouTube description below all right last thing uh and this is exciting uh you can now use your dot eth name on farcasta at the protocol level so basically your fire Caster username or out or at can now be your eat address so for example I can have at sasol.eath as my uh handle on on firecaster and I did uh tweet out on tweet out I did cast on fire Caster the other day that I'm going to be spending more time on that platform you're probably going to see some fire Caster tabs uh pop up uh from from now on because honestly Twitter is a mess crypto Twitter isn't what it was

to be honest uh a lot of the smart people seem to have moved away or moved off of it because of the toxicity that's on there I went on Far car star uh the other day I was like wow okay there is actually a lot of people here now it's pretty active and I know it's still invite only I believe they're opening it up at some point in later in the year to everyone I do have some invites left so as I've always said if you are interested in being on firecaster and you're interested in being active on there reach out for an I'll I'll be sure to shoot one across to you but uh but yeah now you can set your ens name uh or your eighth name I should say as uh your handle on firecaster which is very exciting there but anyway that's going

to end today's extra long episode so thank you everyone as always for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all next week thanks everyone