Ripple wins SEC case, Base mainnet live for devs - The Daily Gwei Refuel #623 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of dailyway refuel where he kept the latest news in ethereum ecosystem I'm your host and this designer it has the 14th of July 2023 alright everyone let's get into it so a big last 24 hours I can't believe how much actually happened uh in case you've been sleeping under a rock uh the xrp case uh with the SEC uh was uh had a verdict that came out that basically cited mostly with ripple and basically said that xrp isn't a security and that obviously has wide ranging implications for all of crypto because if the SEC can't get xrp labeled as a security which in my opinion is probably the thing in crypto or at least one of the things in crypto that look

the uh most like a security ride if you were to argue a point if they can't get xrp listed as a security then they can't get anything listed as a security in in my mind or at least almost everything especially not the assets that they have included in their lawsuits against coinbase and binance now of course the markets reacted very positively to this news because it was a huge kind of regulatory weight off our shoulders so to speak but as I said it has much more implications than that from the lawyers that I've been kind of reading over the last 24 hours the consensus seems to be that because the um ruling was in Ripple's favor and the actual language that was used essentially what um what the SEC has done is that they've lost so

badly that Congress really just has to act now because they lost so badly because it basically says that the laws are just not there to properly regulate these things to properly uh kind of um have these give these things regulatory Clarity and you can't just go to court every single time you need to I guess fix one of these disputes or kind of every single time there's a dispute here so massive loss for the SEC massive win for ripple xrp and The Wider ecosystem then and it's kind of funny because I remember saying I don't know how long ago it was on the refill but I remember saying that I believed Ripple would win this case and it was looking like they would win this case it had been about two and a half years to uh to today where this case has been ongoing

um and ripple obviously put forward a convincing case for a judge to rule in their favor favor on most things they did rule against them I think on acc sales oh sorry xrp sales to institutional investors apparently that can that constituted an investment contract because it was being sold by Ripple Labs themselves rather than people buying xrp on like a secondary market for example now obviously that is hugely positive that they did that um uh that the judge said that xrp isn't a security because uh when it's bought on secondary markets because people aren't buying from Ripple or have no way of knowing if they are or not buying from Ripple right um that obviously has huge implications for things like exchanges because coinbase can now use this as precedents in their case and basically say well hey

this was ruled by a judge this is the summary of the ruling this is the the arguments used there and it obviously puts coinbase in a much better position and binance too don't get me wrong but it obviously puts them in a much better position than they had previously been in when it comes to this stuff now I think that it's kind of hard to tell what's going to happen from here this is going to trial I believe um uh I I don't think it's kind of like finalized yet but it's going to trial and I'm not across the exact I guess the details of all of this but I think the the most positive thing that's going to come out of this is that there actually is going to be legislation drawn up uh now because of the ascendant it obviously makes the SEC look really bad

that they that they lost this case um and it kind of begs the question like is garagenza going to get removed everyone's been asking that I I mean I I I don't know right I don't it doesn't feel like he's going to get removed right but this is a pretty big owl and I can't remember if he was the original um chairman at the time that um the SEC went after Ripple uh I I don't know if he either became chairman after or I think I think he may have become yeah I think I think he did become chairman after because he was a a an appointee of uh of Biden in the election was in 2020 the end of 2020 and the case was brought early 2020 so I think he just inherited the case but the thing is is that like he continued bringing these baseless

enforcement actions against companies uh within the space like obviously uh coinbase for example and yeah it just seems like that the SEC is is standing on very shaky ground at this point with their arguments and it seems like coinbase is in a much better position now and so is the rest of the crypto ecosystem and really as I said like if they if the SSC can't get xrp labeled a security then good luck with anything else and it's funny because when it comes to eth as I've said I've said this for a long time but I'll reiterate it I believe there was a zero percent chance of the SEC being able to label a security um and I still believe it's a zero percent chance obviously but now I believe Eve or I think that everyone else believes that there's a zero

percent chance except maybe the Bitcoin maximalists who are Max coping today by the way because they didn't um they didn't get their way and I mean I kind of sympathize with them when it comes to X xrp because I'm not a fan of xrp at all I believe that uh I honestly believe that it's pointless the products that they have just have no product Market fit and the Ripple company and Executives have been selling xrp for a very long time and making a crap ton of money off of it but at the end of the day if I had to choose between Ripple and the SEC I would choose Ripple all every day of the week right I would choose the Ripple winning against the SEC because it is better for the ecosystem much better for the ecosystem the fact that uh this case has basically

resulted in such a positive outcome is is something I guess like too uh to I guess give kudos to Ripple labs for the fact that they obviously um you know fought this in court spent the money got this outcome even if I don't like them so credit where credit is due I think is is important there uh but yeah as I was saying about eth there's there's just zero chance right like the the SEC um as I've said before like will they even go after when it came to eth number one and now they've got this presented losing against a us-based company that issued a token that very much does look like a security um or very much is the closest thing you can probably get and they still couldn't get it labeled as a security right so yeah it's it's a good time to be in

crypto that's for sure it definitely feels like the regulatory stuff is is past us now it's a massive weight off our shoulders um I do wonder where the STC goes from here do they continue bringing this high profile enforcement actions against different companies within the crypto ecosystem or do we finally get progressive legislation out of Congress in the US in order to make sure that the crypto economy can continue to thrive in the US and not have people kind of move offshore or anything like that we're gonna have to see how that or how that all plays out uh be a huge win for the crypto ecosystem today and of course uh what was even funnier was that coinbase and Kraken and I believe Gemini as well the biggest us-based exchanges uh immediately relisted xrp for trading as

basically a giant Fu to the SEC saying you lost as you know xrp is not a security and that means that we can now have it tradable on our exchange and all those people who are saying that coinbase and binance we're going to de-list all those assets that were listed in the lawsuits against them and I remember I said that they weren't going to do that I mean there's a zero percent chance they're going to do that there was no there'd be no way they would re-list xrp right and then go ahead and delete all these other assets when the coinbase lawyers are probably very confident right now that those other assets are not going to be able to be proven to be Securities which means that coinbase should win their case because the whole case against coinbase and and binance well binance is a bit

different so I'll stick with coinbase for now but the whole case against binary coinbase sorry rests on really two things it rests on the SSC being able to prove at least one of the assets that they listed in the lawsuit is a security so they have to get a uh a a a um a judge to decide with them on that which obviously has now become very very difficult and the second thing is coinbase's staking products which again it probably it'd probably be easier to go after the staking products but still generally very difficult now which means that these things aren't going to get delisted in in my mind um there's a basically zero percent chance here and it's kind of crazy that all of these I guess Trad fire exchanges like Robin Hood uh and Voyager other Voyager I think voyagers defunct um Robin Hood and

a bunch of other ones they basically delisted these assets right they listed those assets like Matic and and um and Seoul and stuff like that uh and uh the thing is they didn't need to do that right but they did that out of kind of I guess caution or something like that but now they they kind of screwed over their customers because now their customers can't buy those assets and those assets are some of the best performing over the last 24 hours because of that I guess weights that regulatory weight off off the shoulders there and uh and yeah I guess uh it's just a great day in crypto you can hear it in my voice I'm so excited for this I'm so excited that we finally got that regulatory Clarity that we have been waiting for uh for you know at least in some way because in the US

from my understanding the way the the law works it works on precedent right where essentially more weight is given to precedent so precedent in court cases depending uh where the court case is actually uh sorry depending which chord it is so if it's the Supreme Court or district court or something else a lot of Precedence is given to that and that's how U.S law generally works for better or worse right so because of that we now have this precedent that xrp is not a security and we now have all of these arguments that Ripple made to to be able to to win that case and now coinbase and others can use that as I explained before which I consider to be very very uh positive for crypto and last up on this topic is a representative yeah Richie Torres who is

a Democrat by the way uh actually going after the SEC himself saying the SCC is acting like an overzealous traffic cop arbitrarily ticketing drivers while keeping the speed limit a secret it prefers to communicate by enforcement rather than by rules or guidance but that's no way to regulate digital assets I'm calling for an investigation so specifically I believe that Richie is calling for an investigation into promethium that's really exchange that the SSC paraded in front of a committee basically saying here's Promethean they were able to register with us why can't anyone else and everyone knew that was like a psyops right and Richie Torres who again is a Democrat which have traditionally been unfavorable towards crypto right is pushing for this so it does seem like we

are getting um some more support from the Democrats here in the US which is a good sign because traditionally it really had only been the Republicans but I did say that there were Democrats that weren't the I guess higher-ups like Elizabeth Warren and Gary gainslow and stuff like that that were in favor of crypto and wanted to protect crypto and and didn't like what the SEC was doing and that's exactly uh basically what we what we are seeing here so yeah very very cool to see this uh and I guess like congrats to Ripple congrats to the industry this is uh very big deal and something that I believe is going to be talked about a lot over the next few months we're going to see a bunch of updates coming out here and there but yeah I think on that note I'm going to

end the regulatory stuff there now there's a couple other things I'm just going to drag here from my other tab that I forgot to bring up when I was getting the tabs ready so I'm just going to drag these across here and then yeah the next thing I'm going to talk about is the next big piece of news of the last 24 hours that you may have missed because of all the I guess SEC stuff right uh all the xrp and SEC stuff the base mainnet is now live for developers so it has got it is live now if you're a developer to deploy your app there to build your app on top of it and it's going to be going live for everyone in early August now I did mention yesterday that I I did say that I expected bass to go live within six weeks obviously that

is a quite a wide range but if you take early August and say it goes live sometime you know between the first and 7th of August I said the 7th of August that is around three weeks from now so technically I'm I'm still correct because it is within six weeks right but yeah I mean this is actually coming a lot faster than I thought I actually thought maybe towards the end of August into September but yeah it seems like early August for everyone this will be open to but it is open for developers right now to deploy their apps on this is pretty typical of uh layer twos to do when they launch optimism did it uh arbitrim did it as well with arbitrine one of course uh and now bass is doing it and I mean the other ones did it as well like ZK sting and stuff like that

where essentially you want to get all the apps on there you want to get the devs familiar with your your ecosystem and you want to have something for people to play with when your chain goes live because you you you don't necessarily only have one chance to capture users but obviously when you launch you want there to be something to do like for example you don't launch a new Supermarket without anything in it right you don't launch a new grocery store without any groceries in it so same with these chains you don't launch a new chain with nothing to do on it um unless that that might be an approach that you figured was worth taking maybe you're in like a very early stage and you figured that it was bad are doing um a development out in the open and then just slowly growing over time I don't

know if that approach is is great to be honest I prefer the approach of getting the devs to deploy their apps onto uh whatever you've launched and onto the L2 or or a sidechain whatever it is right and then opening it up to users and then they have all of these things to play around with now of course we can expect similar apps that we've that we see on other l2s to be deployed to Bay CR including obviously the most popular ones at Uni swap for example um but I don't know when they'll be deployed I don't know I don't know if they'll if they'll be deployed during this phase or at a later date I can't remember if you knew swap uh governance had already done a vote on whether to deploy this to to play unisop to base or not but regardless it'll be on there at

some point right so we already know that um and it's not just Unison obviously it's all the other D5 protocols I'm sure are going to want to deploy there along with nft protocols as well probably and everything else so just great to see that bass is going live at as I said yesterday the perfect time like it couldn't be better timing right now August bass goes live all the other l2s are live and thriving right now they're getting better all the time and then hopefully in October November we get erp4844 going live dramatically lowering those fees and then into next year when as I said yesterday I expect the real bull market to start we have a green field of cheap fees fast transactions huge economic activity and lots of apps on these l2s for people to play around with it really is going to be a magical

time in the ethereum ecosystem I believe so yeah anyway you can check out bases post and Twitter thread here uh for full details on the launch I'll link it in the YouTube description below all right another major announcement has come out of the polygon ecosystem so they have unveiled the new polygon token or the poll token that will be replacing Matic so essentially this is a token swap one for one so if you have one Matic you can swap it for one pole uh this is not live yet by the way this is just a proposal right now um but essentially there are a few key changes to the Token here so as I said it's still one-to-one it starts off with a 10 billion uh total Supply which is the car the current total Supply and

there is going to be a one percent inflation uh rate to validators uh in perpetuity and there's going to be a one percent inflation rate to a community treasury that uh poll token holders will have a governance over so totally total two percent additional issuance uh every year uh you know in perpetuity and I guess unless Community governance changes that and I think that's that's actually pretty a pretty good idea because two percent is really not that much guys when you think about it because there are a lot of other tokens out there that already do this I believe unisop already does this uh and uh with the uni token other tokens out there that do this and it just depends what the token is being used for right like if it's being used to pay validators in order to incentivize them to to to be

able to go on the network uh and to to basically um uh run the validators to secure the different networks within the polygon ecosystem which I'll touch on in a sec actually then I think it's fair and Community treasury as well obviously you want to fund the ecosystem obviously you need to keep the funding up because we all know what happens to projects that run out of money they just they just die basically right so yeah I think that's that's that's really cool there and I should just go see how you guys know I'm a polygon advisor you know that I hold Matic tokens and obviously I'll convert them to poll so I just want a full disclosure there do note that when listening to me talk about this and I'm trying to remain as kind of unbiased and unpumpy as possible obviously just trying to give you the facts here but

what I find most interesting about this kind of token Rebrand I guess you can call it is that in the paper that they uh there's a there's a paper actually that you can find I'll link in the YouTube description below in the paper where they propose this this conversion they talk about the poll token acting as basically this third generation token so they say that BTC was a first generation token eth was a second generation token and now uh pole is a third generation token because you can use it to validate multiple chains or multiple l2s so essentially let's say you are a poll validator you can validate the polygon ZK evm you can validate the future polygon ZK validium uh which is the um

the polygon POS chain right and you can keep opting in to validate on other chains as well so any other kind of polygon chains that gets spun up and then be able to uh earn that fear Revenue by doing that which I think is really really cool because you can't actually do that right now um with uh Native eth staking and you can't do that and there is a concept of like merged mining in Bitcoin but it's always kind of um I guess like the to the benefit of Bitcoin rather than rather than anything else and it the economics aren't exactly there a lot of the time uh obviously ethereum is doing this with restaking where you through eigenlayer and maybe some other um protocols that come out later uh where you can do restaking and basically use your eighth to secure other networks but

uh polygon with pole is doing this directly natively in in the in the um in the design of the of the token here which I thought was was pretty cool but anyway I don't want to go on too much about this I want you to check it out for yourself I'll link it in the YouTube description below but just be aware that if you do hold Matic I think it's a four year period you're gonna have to change over to the poll token which I guess is a very long time uh if you're if you're paying attention here and it's a pretty simple swap from from what I can tell it's going to be just a smart contract but I should like a sorry a um smart contract that you would send your medic tokens to the Matic tokens would effectively be burned and then you'd be

issued one-to-one poll token so if you burn 10matic you'll get 10 pole back now in saying that I believe that decentralized exchanges if you store your crypto there if you store your Matic there what they usually do is they do the swap for you and they basically tell you the date that they're going to do it or essentially they don't do the swap until you want to withdraw the token so say you say you say to The Exchange I want to withdraw Matic to my ethereum address they might say well okay we're going to convert it to pole and then you'll have poll at your ethereum address instead of Matic it's the same thing it's the same token but it's just this new poll ticker right so yeah there'll be different ways to do this so just keep an eye on that but as I said you have four years

um or or potentially more I think four years is like the minimum to do this but you obviously want to do it uh you know sooner rather than later because it just becomes easier because everyone's going to be talking about poll now instead of Matic right it'll be confusing to follow both and I think that most people will just convert as early as possible anyway so yeah you can go check this out I'll link it in the YouTube description below for you to do so all right a new initiative that I came across on Twitter today was something called a blue chip so blue chip is describing themselves as an independent non-profit stablecoin a raiding agency so they said hello world today we're glad to announce the launch of Blue Chip an independent non-profit stablecoin rating agency thank you to our advisors and donors for making this possible we

hope to make the stablecoin ecosystem safer and more transparent and if you go to the website bluechip.org you can see all the stable coins that they currently have listed and they have a bunch of metrics around these stable coins such as a grade which I'll go into in a sec uh the price the current price of the stable coin it's Market card type of backing so if it's got Fiat backing or crypto or mixed and it's collateralization ratio ratio here as well as some other things so this grade that they've given to each of the stable coins I think is the thing to focus on right and you can actually I believe learn about how they how they come to how they do this grading uh by reading this thing called the smidge framework they're calling it uh so you can check this out I'll link it in the YouTube

description below but essentially they're giving each stablecoin a grade based on this framework that they have developed and in this framework the the word smidge stands for stability management implementation decentralization governance and external so each one of those things has a bunch of properties underneath them and depending on kind of where you you stand or where your stablecoin stands or where the stablecoin stands on each of those things determines uh your grade here and everything's detailed in this in this uh in this paper which I'll as I said I'll link in the YouTube description below but you can go down to the bottom and actually see the grading scale here and see how they come to these um these conclusions so essentially the highest grade you can get is an A plus this

means that your stable coin is very low risk in governance and management factors um it is asset back so it's fully collateralized uh reserves uh must be a bankruptcy remote and a very low risk in governance management and decentralization for on-chain stable coins so yeah as I said the the the best rating you can get and then obviously f is the is the worst rating you can get now if we look at here I don't think any stablecoin currently has a plus the highest is a given to four stable coins so busd which is weird I guess and I have a note here saying that um busds actually uh I guess like being Unwound essentially uh LUSD uh packs gold and

gusd and then an A minus goes to Pax dollar and then the rest of them are b or below and usdd which I believe is Tron stablecoin got an F that's the only one who got an F but uh there are a lot of D's as well frax tether gold tether Euro tether and true USD have DCR and as I said you can read the paper for the full methodology on this but it's great to have something like this out there I believe I think we need this we need to keep iterating all this sorts of stuff we need to give more transparency around stable coins to make sure that users know what's going on and you know it'd be funny if you listed UST right here very stablecoin on here um because I reckon that if you listed it on here in like 2021 people would have given it

like an A or an A plus and then you list it on here and like the second half of 2022 and it's got an F you know these things can change so we have to make sure that we are grading these things accurately and correctly and grades can change over time of course it's not just a static thing uh but yeah as I said you can read the paper for full details on that I'll link it in the YouTube description below all right sablia has announced the release of sableia V2 today so they're calling sableia V2 a Next Generation token streaming protocol that doubles down on our Flagship lockup design you can go to savelea.com to discover it now so the main features of V2 is that they say here it pushes the boundaries of web 3 payments protocols with non-linear streaming so exponentials logarithms or

any curve you want to do streaming payments every stream is a transferable nft third party uis can monetize their Sable integration with broker fees that's really cool actually um the average streamish trend is a transferable nft because like for example maybe you have a stream that you've given you've got and maybe you want to sell that stream maybe you want the money now let's say you have a stream and that stream is going to pay you ten thousand dollars over the next six months but you want that ten thousand dollars right now well and and someone else could basically give you that and buy your stream off of you for a fee right for but some kind of fee I guess like what the fear would be determined by the market but and and they'd be happy to wait those six months

or something or whatever it was yeah I said to get that ten ten thousand uh and then you get to get it straight away so I think that's actually a really cool thing and this is similar to something that like uh flash stake has done with their Eve staking yield and getting upfront yields but this would be like an upfront stream essentially and obviously different streams would be priced differently if it's a stream in a stable coin um it's okay if it's a stream in eth or or something that's not stable to a dollar you know it becomes a little bit of a different thing there maybe you can buy eat cheaper as part of a stream because uh you know it's it's uh it's not gonna get unlocked right it's got a lock up period so you get a you get a discount on it those sorts of things

that's pretty cool uh but yeah you can check out sableia v2's uh full details I'll link it in the YouTube description below uh and yeah there's a Twitter thread and a blog post and all that good stuff there's a lot of a lot going on here huge upgrade for them so congrats to them on getting this live on mainnet all right so the when merge website has released something called the when merge block proposer schedule it provides advanced notice of a validator being scheduled to propose a block use this notice to make sure your validator is online and working correctly so you don't miss a block proposal reward so for those of you don't know you are able to know ahead of time by um I believe it's like uh to epochs or something or yeah it's two epochs ahead of time uh

which um uh validators are going to propose at Which slot so as you can see here the current Epoch block proposes are shown and the next Epoch block proposes are shown as well and uh you can you can see all of them listed here with the validator numbers as well uh so yeah you can basically say you can basically set up an alert which you give a name to you put your email address in put your validate a list in uh with a Max of 10 allowed And subscribe to alerts and then it will send you an email when you're scheduled to propose so that maybe you want to make sure that everything's running smoothly so that you don't miss a blog post proposal so very Nifty tool here do keep in mind you don't want to be putting in an email address that can

be tied back to you if you care about your privacy of your validators because obviously it'll be linked to the validator list here and whoever runs when merge or has access to that data um will be able to dox you so just a privacy kind of note there but yeah you can check this out for yourself and you can just use an email address that's not tied to to get around that but I'll link this in the YouTube description below for you to check out all right ion protocol has announced a two million dollar pre-seed round a co-led by portal Ventures and 7x Ventures here now I will disclose that I participated in this round as an angel investor um because I really liked the team I really like what they're building and you can learn all about what they're

building from this Twitter thread uh where they've announced their Rays as well as basically coming out of I guess kind of stealth right but essentially what ion protocol wants to do is they want to build an entire kind of framework around staked eth and and and basically issue cdps against it so the tldr here is that ion is a CDP issuer that enables users to deposit any validator-backed asset including lst's restaking positions and more into ions collateral vaults and mint something called all eth so a-l-l-eath not to be confused with the AL East product from alchemics which is an Easter nominated stablecoin from their deposits and they go on and say however unlike traditional CDP protocol goals and learning markets

in the D5 ecosystem we take a different approach to analyzing risk it starts with the question in a post withdrawals world what does it mean for a staked or restacked asset asset to be truly credit worthy so essentially what they're trying to do is build a framework around as I said issuing um a a CDP or having a CDP and be made collateralized with these staked eat positions but also do it in such a way that not every position is created equal depending on a set of different parameters for your credit worthiness of your validator or of your staked if which I think is really cool and that's why I backed them because I'm like you know what we shouldn't treat every one equally we shouldn't treat everything every kind of like staked equally because some staked eth is worse than

others there are steak teeth that is centralized and has centralization risk and then they're a state that is decentralized and doesn't have that risk then there is solo stakers which has way less risk than staking services and things like that right then there are market share risks as well like if someone has too much steak uh in in ethereum that risk goes up rather than a protocol that has less stake right so all these things kind of factor into it and that's what ion is doing here they're taking all these Imports and then they said here using this information we modeled the credit risk underlying validated performance providing a more transparent and accurate method of underwriting this class of assets uh which as as I as I mentioned it enables a ton of different things such as being able to give these kind of like specialized CDP positions

to people who may be a better validator of so to validate I should say or distaked eth that is more effective more efficient uh you know safer than others out there and I guess it's a tough task to do this it's definitely not something that's that's going to be easy but it is definitely needed because this is how the Trad fire ecosystem works right when it comes to I guess like collateralized positions or just positions generally when you're borrowing and doing things in the tradify system uh we have a credit score right for better or worse there's a concept of a credit score where essentially if you have a better credit score you are more likely to get a better rate on your home loan or your mortgage for example um and if you make more money you are

able to get uh a higher more a higher loan right right so taking that logic and applying it to crypto especially applying it to staked eth and Eve staking generally is something that I think is going to really unlock the next kind of um uh level for for each staking unlock things for traditional Finance um people as well and bring more of this kind of real world I guess way of doing things real Trad fire way of doing things into the crypto ecosystem so you can go check out Eon or ion sorry I should say for yourself I'll link it in the YouTube description and below all right so I missed this the other week but CLR fund round nine is now open there is currently a 56 000 matching

pool to be distributed to your favorite ethereum public goods and I believe it's actually just got sweetened with another 25 000 from Bitcoin so you can go here go to the app and check out but there is yeah so the the total matching pool is 84 000 oh sorry 81 000 die um and there's a three days and ten hours left to contribute so essentially this is like a queen grants round but it's like a mini round but essentially you can go on here and contribute to the different rounds you can see here that uh you can add them to your cart and then contribute uh there's different projects such as ethereum Mexico I'm just reading out random projects right now uh smoothly protocol which actually is a really cool protocol by the way smoothly protocol what they're building is a way for solo validators to opt into

a smoothing pool like rocketpool validators can so that you can smooth out your uh validated rewards which I think is is pretty cool Heath stakers here you know a lot of familiar names you'll you'll you'll have seen before but yeah I'll link this in the YouTube description below for you to check out it has been running for a couple weeks now but I forgot to mention it when it first happened and uh I believe Tim from the Discord Channel put it on my radar today uh I don't know if it was Tim I think it was someone else I might be getting confused it but someone from the daily great Discord Channel put it on my radar I believe it might have been Cody from from smoothly that that that did that did this um but yeah too much happening today my mind's a bit of a bit

of a jumble but you can go check this out I'll link it in the YouTube description below all right so Azure finance that I mentioned yesterday was going live they are now live and just the refresher Azure Finance is a peer-to-peer Oracle s permissionless lending protocol with no governance uh and you can check them out check out this Twitter thread uh their announcement thread here I'll link it in the YouTube description below and just a disclosure again I am an investor in them uh very proud investor because I have been talking about um oracle-less protocols for a long time now on the refuel and seeing how excited I am about them and how I think that they're actually innovating within D5 and that's why it gets me excited uh but yeah if you want to learn all about them you can from this Twitter thread uh and you can

go check out the website for yourself as well and get started using azure all right I know I'm over time but just to round out today's episode before we hit the weekend I put out a tweet today that I wanted to talk more to and actually before I get into the Tweet just want to note that there'll be no a daily gray drive through episode with Eric Connor this week or next week so we'll be back the week after um because Eric is currently uh traveling um he's uh he's living his life like David Hoffman rideable coming mountains um and speaking of David actually I was on the roll-up with Ryan again uh so you can go check out the bank let's roll up um after this if you want uh but yeah there won't be anything with Eric for another couple weeks just just to note

that but anyway back to the Tweet so I said in this tweet Pro tip for the bull market don't get upset because someone else has made more money than you from crypto we're all running our own race and comparison is truly the thief of Joy just enjoy the ride instead of coping over things that have no relevance on your life so the tldr of this take is basically or the way to think about it is say you're on Twitter and you see someone posting their p l or profit and loss uh kind of screenshots from Exchange and say you see some of these Trader accounts that are slinging millions of dollars and you think to yourself wow this guy just made a million dollars from this recent pump and here I am making like I don't know whatever it is like a few thousand dollars something like that

yeah okay there's a big difference there don't get me wrong but your situation and their situation are completely different their life has no bearing on your life what they do does not affect your life at all and the amount of money they make or don't make doesn't affect you the amount of money you make or don't make doesn't affect them so there is literally no points comparing yourself to them there is no point even thinking that you have to be like them or that you're doing worse because they're making more money than you um at the end of the day we're all as I said running our own race we're all doing our own thing we all start from different uh places these Traders doing these million dollar p l screenshots they probably built up a base from a much smaller base where they started

from and probably did it over many many years they probably blew themselves up a bunch of times as well whereas you maybe you've just gone into crypto the last year or so and you've chucked in what you can and then you're you know you're kind of getting from you're like oh my God I'm not making enough money oh my God I should have bought this because it pumped more than this on this day blah blah blah that's that's not how to invest and I'm not in the business of getting investment advice or anything like that but really if you're a long-term investor you shouldn't be concerned with this stuff and you shouldn't be concerned if a coin that you're not invested in has pumped more than one that you are invested in on any given day obviously it matters more over the long term because as I've said

before if you're not outperforming eth as a benchmark asset then you're kind of like uh you know you're not you're not doing it right so to speak but at the same time you're not always going to outperform eight there are going to be assets that you buy that don't outperform me they're going to be assets that you buy that don't even outperform USD by the time you sell them this is all part of learning how to be a good investor and those people that you see slinging millions of dollars most of the time have already learned all of these lessons um if they're you know especially if they've started from a lower base obviously the bigger guys who come in they've already got money because of Trad file they have a company or something like that don't worry about them either because like legitimately you are completely different to them as

just a normal retail investor but if you're comparing yourself to just another person on Twitter who's bragging about how much money they're making which to me I I'd hate when people do that to be honest uh I guess like it's just an ego thing for people but again like it it has no bearing on your life it doesn't matter random coins pumping more than your favorite coin that you invested in on any given day you know pumping more than than your coin doesn't matter either if you have a thesis and you're sticking to it and you understand that uh you know you're gonna you know you're gonna get such and such return based on such and such outcome then that's the better way to play it and on that note as well don't compare large cap assets to small assets I see people doing this all the

time they say oh eth only went up like 2x but this random coin that has a tiny marker cap of like 50 million dollars went up 10x it's like yeah because each market cap is like 250 billion dollars or if it was it went up 2x from 125 billion that is still way way higher than 50 million it takes a lot more money to move eth than it does some little coin now picking that little coin and picking the right one and holding it for a 10x is also a whole nother thing right because you might sell on a 2X because you'll be like oh this coin is actually useless and worthless why is it even pumping I'm going to sell it at 2X and then it goes into a 10x and you regret that right so this is why investing is just so difficult trading

even more so it is not a game for the faint of heart but at the end of the day you should be happy if you're making money no matter what as I said like I measure against eth honestly but if you're just measuring against US Dollars you don't care if you don't outperform eth that's okay too you don't have to outperform each of you if you don't care about that if you're out before US Dollars and that's all you want out of the ecosystem you just want to make some some money uh take it out and then pay I don't know pay off some of your mortgage buy yourself a new car pay off some student loans whatever it is for you to do that's totally fine you still made money right uh so so yeah don't compare yourself to other people be happy with

what you've got you made your own decisions no one forced you to put money into something or or sell here or buy there or whatever you did what you did and what other people do have no bearing on your life uh so yeah anyway on that note I think I'm going to end that uh for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all next week thanks everyone