Rocket Pool Redstone live, New layer 2 and more - The Daily Gwei Refuel #437 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where he capped the latest news in the ethereum ecosystem i'm your host the anthony's designer and today the 29th of august 2022 all right everyone let's get into it so in a bit of sad news we have potentially what is the last what's new in eth2 newsletter from ben edgington and this using the newsletter has been going on for quite a while now definitely my favorite one for keeping up with ethereum i've given it a bunch of shout outs on the refuel before but as the merge is only you know i guess like just over a couple of weeks away now uh it seems that ben is going to be sunsetting this uh what's new in eth2 kind of newsletter um potentially i mean he does mention that he will not be going anywhere of course he'll do an

occasional special edition i might be upping his twitter game a bit uh but he's still going to remain as the product manager for teku and he's going to be focusing much more ruthlessly on his book as he mentions here which is a book all about eth2 book all about i guess like what a theorem will be post merge so yeah i mean you can check out the latest edition uh for all the the news i'll link in the description below but just a little bit of a bit bittersweet ending here because ben has as i said been like an amazing source of information for all things eth2 but as we're now going to be essentially going into the merge and then once the merge is done there's really nothing else kind of like happening uh on on quote-unquote eth2 right the e2 is kind of like being

delivered with with the merge i mean the terminology kind of got a little bit changed over time and there's obviously still a lot happening but ben's kind of goal was to just highlight all the stuff happening right up until the merge and he's done that and he's done that amazingly so i'm looking forward to him finishing his book of course and to see the occasional special edition because i i always think those newsletters are great but yeah just wanted to highlight this and uh congrats to ben for all the the work that he's done uh you sir deserve the uh the break now definitely but uh as he said he's still going to be product manager at tekku which is a consensus layer client and i will be doing the occasional special edition which i definitely look forward to all right so danny ryan is out with the

latest finalized edition which is number 37 here so basically this is all about the merge uh so there's the merged data challenge uh and basically uh reminding people that they're to upgrade their known nodes for the merge if you're a solo staker be sure to uh upgrade both your consensus layer and execution layer clients and also be sure to make so make sure that your validators are talking to the uh uh kind of execution layer client because of the fact of the matter is you can't you outsource that anymore uh so you definitely need to be running your own local one and there's a few other things you need to do as well you can go check out the merge readiness checklist which you can just google for which will kind of run you through it all uh but yeah i mean this is very short i just

wanted to kind of highlight it for you guys you can go check this out in the youtube description below all right so there's been a bit of discussion around ethereum nodes and where they're hosted and how you know a lot of them are hosted in cloud service providers and and not many of them are hosted locally and all these sorts of things and there was kind of like this tweet that got pulled out that from maggie here who said you know who highlighted this issue and said you know where is the dialogue on this and i kind of thought to myself well i mean this has been talked about for quite a while now and and julian here basically said the same thing where he says the dialogue has been going on since 2018 we have been aware of these problems before they're materialized and fixes to

address them are actively worked on and on the roadmap look for vocal trees uh the verge and stateless stylus ethereum and portal network uh and yeah i mean i i kind of like had the same thoughts when i first saw this tweet i'm like look i i actually don't think that it's that huge of a deal or that big of a deal that a lot of nodes are on these service providers because and these are nodes not validators like i'm talking like just a full node whether whether that be kind of like currently a beacon node or a full uh eth1 node or post merge you know a full node which makes which is made up of an execution layer client and a consensus layer client if it's just the node itself if it's not a validator as well i actually don't think it's a huge deal and the reason

why is because there you know if if for example amazon i know you can see amazon on the pie chart here accounts for like 52 of hosted nodes if amazon basically said we're gonna kick off all the nodes off the network well there's still over 50 of the hosted nodes and then all the other nodes still on the network that you can just resync on your local machine right it's not like amazon could uh sense you from being able to control your validator or shut the validators down which would affect the actual network you could easily just spin up a full node again on your local machine so i don't actually think it's a it's a huge issue the issue becomes uh when as time goes on as the ethereum chain gets larger and larger and becomes harder and harder to to store and sync because it just keeps

growing that's the issues that are being tackled here with vocal trees with stateless ethereum and the portal network those are the things that have been worked on for quite a while now and a part of the longer term ethereum roadmap so i really just hate when people say you know where's the dialogue on this i mean as as julian says yeah since 2018 basically we've been talking about this and even before that people were talking about it and solutions are being worked on it's just that it's all bleeding edge stuff right it's not going to happen overnight there are things that take priority such as the move to proof of stake and things like dank sharding but these and these other things aren't even ready from what i know i don't i think vocal trees is look i don't think it's ready but i think it's pretty close stateless

ethereum is still a bit up in the air about which direction we want to take but it's definitely not you know at the beginning or anything and portal network is still being worked on as well and i'm not sure on the current status of all of them but they're definitely coming along very very nicely here so from that point of view i i just wanted to to kind of i guess clarify that there because i don't think it's the devil that that nodes are hosted on on providers like this instead of locally obviously i always recommend people to run their nodes locally if you can it's not very hardware intensive you can actually run an ethereum full node on a raspberry pi these days so it's really not that hardware intensive i think the most intensive part is the uh storage space that you need so an ssd

with at least for future proofing i would say two terabytes of storage but even that is very easy to come by these days like ssd storage has come down considerably and you don't need one of the fancy ssds either you can just use a basic one from from my experience so you know from that point of view i don't think it would be difficult and i think difficult to run a full node locally um and i've done plenty of times as well and i've never had any difficulties but you know the reason for using cloud providers is is definitely uh varied right it's not just for end users also for developers that want to kind of like use this and developers that are on the go that have a laptop that don't want to have their laptop on all the time don't have a good connection all the time they

host these things in the cloud and that's totally fine but if you're you know home and you've got your computer on and it's on 24 7 anyway you may as well run a node to support the network as well uh but yeah i just wanted to clarify that just because nodes run in the cloud it's not the same thing as validate is running in the cloud now there was another kind of bit of drama that came out where this cloud service provider that you can see on the chart here hits not online uh which is i believe a german hosting provider basically said that they do not allow anything blockchain crypto related to run on their hardware or run run on their cloud now hetzner accounts for 16 of of or 16.9 of uh cloud or hosted node tr uh which is the second largest behind

amazon but they only account for nine to ten percent of total nodes right so it's not sixteen point nine percent of total no 16.9 percent of hosted nodes and then about nine to ten percent of total nodes but because of that those people running there can do many things now they can i mean now they've been given warning as well they could keep running it on that infrastructure until they get booted off they can go spin up another one they can migrate from hetzner to amazon to oracle to google to wherever else right or they can run it locally as well so it's not really that big of a deal i i really think that and and a lot of the times these things will have service agreements that even if they kick you off they'll allow you to take your data with you so it's not like

you're just thrown out onto the um onto the street and also this only applies to hestner-owned infrastructure if you are co-located which means you have your own infrastructure in there and you're just using their their data center with your own infrastructure then this doesn't apply you can still use that just fine so it's more nuanced than the headline of uh of you know hetzner is uh is kicking off all these ethereum validators and their censoring and all this sorts of stuff i don't even think it has to do with censorship to be honest i think it has to do with the fact that they it seems like they don't want to be associated with crypto because of the energy use and stuff like that it was a weird kind of thing it was said on twitter which linked to a post on reddit from the headstart support

team and was a bit weird there and then i put out this tweet by saying you know it doesn't mean that just because there's full nodes in the cloud doesn't mean that there's validators or proof of stake validators running alongside them they can or count or can't be and even if there is those validators can just change their providers because even though you can't withdraw from staking right now you can just run your value you can shut down your validator on head snare go run it somewhere else and just take your keys with you your keys should be stored locally anyway they shouldn't be stored on the cloud um definitely not i mean you don't want to be storing your your your keys and your seed phrase and everything on on the cloud there uh any kind of like plain text or anything but you can take that with you as well

especially if they're giving you a heads up about it which is which is i guess not nice but generally yes we should aim to get as many people or as many nodes off these cloud providers as possible onto local machines but in order to do that we need to make it easier to run nodes than it currently is so that anyone can like even on a laptop they can run a full node whether that be through you know a light client or otherwise in order to uh further decentralize the ethereum network and rectify uh this issue here all right so speaking of uh i guess node infrastructure like clients here shared something on twitter there is a one-click tool from nethermind to run uh execution layer slash consensus layer combos post merge and this tool is called sedge i can't remember if i've

highlighted this tool before i may or may not have but basically you can go check this out on github it is still in beta it is not uh in production yet but as i say here it should be stable enough with only some minor ish issues and it hasn't been audited yet but basically it's a one click setup tool for proof of stake network chain validators currently sedge is designed primarily for solos takers and test net devs of the beacon chain and the merge said it generates docker-composed scripts for the entire on-premise validator setup based on the chosen client so if you are someone who loves to tinker with this stuff definitely go check this out i'll link this i'll share this link in the youtube description below for you to go and check it out and potentially run it yourselves all right so last thing here when it

comes to i guess like ethereum core development so jeffrey scholes here shared an interesting little tidbit where he says why did the eth devs invent solidity rather than use an existing language it all comes down to compilation size this screenshot shows that the hello world in c compiles to 33 kilobytes but you see hello world in solidity is only 336 bytes maybe it's literally sucks but the existing alternatives aren't viable now why does this matter because storing things on the ethereum chain is expensive right we have this gas uh limit on the on the network and we we charge for the op codes and the op quotes have different costs associated with them are different gas costs associated with them and depending on how much you use is how much a transaction will cost on the network so obviously you want that cost to be as as minimal as possible so that

is a major reason why solidity was invented rather than using existing languages i mean you can see here this is a hundred times improvement i mean 336 bytes to 33 kilobytes that's 100x right if you uh for just the hello world program which is the most basic program one of the most basic programs i guess you can can write here um but uh oh wow no he and then jeffrey corrected himself saying it's only 168 bytes so it's actually a 200x uh improvement which is just crazy right so people will often hate on solidity and say that it's a poor language or it's a bad language or it could be better but at the end of the day there is a reason why it's still used and the reason why it's still popular the reason why there's a reason why it was invented instead of using

existing languages now is solidity the best we can do no is solidity you know ossified no it's still getting improved all the time there is an entire team i believe at the ethereum foundation that works on solidity not to mention all the open source developers who add uh add value to solidity as well not to mention all the developers uh that uh that work with solidity that uh that kind of like bolster the network effect as well so i just wanted to highlight that because i'm sure you've seen people on solidity a lot of the time and that's not to say that people can't make better languages or anything like that but for something that is resource constrained which is what ethereum is you need a language that supports that whereas you know maybe at these layer twos something like a starkware

with cairo it's a bit different but you know programming languages or it's all network effect at the end of the day and for people to want to adopt a new one takes a lot of push i think there was no choice when it came to ethereum you had to use solidity there is other languages like viper out now um but solidity just has such an extreme network effect not just on ethereum but like on all evm networks including the layer twos the layer ones the side chains and its network effect just keeps getting bigger and bigger so i don't expect that to slow down anytime soon and there is always good reasons why uh things get invented like a solidity was not invented just just to inconvenience devs just because ethereum wanted to be different and wanted to use a different language it was invented for a very

specific purpose and uh you know the major point of those purpose that purpose was the compilation size or was the the resource constraints that ethereum layer one has all right just another reminder here that uh details are coming into focus for the ethereum mainnet merge call which will be happening around 7 15 uh on the ethereum foundation youtube channel which will be hosted by bankless myself and eatstaker with a pope a painting party and a jonathan mann song uh watch the timing at bordeaux.wtf for the merge so i believe the timing is still uh pretty accurate here it's still scheduled to happen around uh september 15th here i think the the hours kind of change from time to time but there's not been a drastic shift here now

as i said there's just over two weeks until the merge this could still change like it's funny because the hash rate is kind of uh very steady right now obviously no new miners are going to come online the price also hasn't gone up so there's not going to be any miners coming online for that reason the price is pretty much in in crab action as we like to call it uh but uh we're the remains to be seen how many miners drop off before the merge i don't expect many of them to drop off i expect a lot of them to just keep mining right up until the merge happens and then maybe they'll just kind of go to another network and see what they can do they can go to ethereum classic they can go to a few other coins i personally don't think

that's going to be very profitable but they're going to try and i actually think there's a large part of the the mining network that doesn't think the merge is going to happen still they really do still are still convinced that the merge isn't happening at all and i wonder what's going to happen when the merge transition happens and their miners stop working like it just doesn't mind anymore they're not going to be stuck on an old chain but they're not going to be able to mine anything like their full node will upgrade to to kind of uh i guess like well it will kick in the ttd and then there'll be that change over but if they're not running a consensus node or anything like that it it should just stop working like it should just basically not you know it should just error out

like they shouldn't do anything unless there's a proof of work network that has been continued on from there and they're participating in that so i wonder what their reaction is going to be like why is my miner broken i'm going to be monitoring a few of the mining channels like uh the subreddit ether mining and some of the youtube channels out there to see if anyone comments and complains and says hey what happened to my mind is why can't i mine ethereum anymore because i do think there's a there are people like that believe it or not so that that'll be funny to kind of see what you play out but yeah i'll keep you guys up to date on the timing around the mainnet merge i'm sure if it changes dramatically you'll see it on twitter but it seems right now it would still be

a go for september 15th all right so i came across this new layer 2 today a new optimistic roll up layer 2 uh called a specular so uh they announced themselves at this conference that's happening in i believe san francisco right now and they're calling themselves the first evm native optimistic roll-up so specular provides stronger security and decentralization properties than existing evm equivalent optimistic roll-ups or at least that's what they're claiming now this is very very new first time i'm hearing of of them they basically go into a description of what makes them different in this little uh thread here and they also have a white paper i just saw this before so i haven't actually dug too deep myself but it's always good to see new roll ups being developed on ethereum like you

guys know my my kind of thesis and view here i want to see many more layer twos many more roll ups and i want to see much less layer ones because i do believe the layer ones at this point in time are kind of like pointless we already have enough of them let's build more layer twos let's experiment there and it seems that that is coming into focus very nicely uh with with specular and there's a bunch of others you know coming online i mean even you know i know world coin cops a lot of but they're a layer two as well like they're building an optimistic roll up even though you know it's questionable how sound their their tech is but or kind of like their idea is but it's still a layer too and and i'm sure we're going to see more and more you guys know my my

thinking around these two i think the the general i guess market for funding things is like six to 12 months behind and just the general kind of i i guess like narratives are six to twelve months behind or at least popular narratives so i think in the next maybe you know towards the end of the year early next year especially with the advent of proto-dank sharding and l2 is becoming extremely cheap i think we're going to see an explosion in them but at the end of the day there's not going to be an you know a lot of winners there's going to be a handful of of big winners with probably a long tale of smaller ones that maybe eventually just fade into to a real irrelevancy but that's that's just true for anything not just layer two it's true for layer one just true for apps

it's true for for anything you can think of at the end of the day like 95 plus easily of things in crypto fail uh because there's just so many things happening and it doesn't matter what layer of the stack doesn't matter if it's at the application layer the same rule applies there can only be a handful of winners for a multitude of different reasons i mean if you had to list out all the variables that go into creating a successful business not just in crypto just generally it the list would be absolutely huge like there are so many variables that are both in control out of control i mean just thinking about the major ones that i look out i mean the major one i look at is team obviously you need a strong competent team to deliver a working product but the second major second major one is

just having product market fit to begin with because it doesn't matter how strong a team is if the product is then it doesn't like it it's irrelevant how strong the team is but in saying that if there is a product that is really good and and could have product market fit but the team can't execute on that well it's the same kind of story there so i think the two major things you really do need is a strong team and just a strong product market fit like you need a product that will actually get product management and not just something that is being built that doesn't appeal to anyone right and this is funny because sometimes there'll be products that get built and they're just too early like say you build it and then 10 years later it you know you build it doesn't take off and then 10 years later

it takes off it's because it's too early maybe the infrastructure isn't there like look at a lot of the the things like that happen with the internet there are a lot of things that got built way too early because the infrastructure wasn't there video streaming was a very a big one where youtube came along in what 2004 2005 when the technology was actually there we had broadband like youtube wouldn't really work on dial-up right i mean i don't think it worked at all on dial-up and we had broadband it was still very early but as the internet scaled out with the hardware so did things like video streaming and they got more popular but video streaming was still uh experimented with in the in the 90s it just didn't take off very much and same with smartphones smartphones needed ubiquitous uh wi-fi networks and and

cellular networks and and you know good cellular networks in order to to do everything and gps as well that's a huge part of it and it was all other matter of technology that went into it smartphones really took off with the first iphone in uh 2006 i believe uh but even then like it didn't really take off until the 2010s but it had been worked on since the 90s even since before then i remember i i think uh i don't know if it was ibm or microsoft one of those big companies tried to come out with one really early on i believe like late 90s early 2000s didn't take off at all because the infrastructure was not there same is true for for crypto i think that there were a lot of early layer twos that didn't really take off both because they didn't really work practically but

because they were too early but now they're not early anymore and they work practically like roll-ups so i'm very much looking forward to seeing more of these layer twos come online but as i said not all of them will succeed uh but it doesn't mean that they shouldn't try at the end of the day all right so speaking of layer twos arbitrary has completed their shadow fork migration on arbitram one for arbitrary nitro at nitro now nitro is coming out this week guys arbitrary nitro goes live august 31st which is uh very very soon it and they say here they are planning the migration to start at 10 30 a.m eastern time uh on august 4th uh sorry on august 31st and the process is expected to take between two to four hours so in i guess like u.s afternoon

time on august 31st you should be able to play around with arbitrary nitro uh which is super exciting obviously and you know what's funny i mentioned it before but we get arbitrage nitro then two weeks later we get the merge it's shaping up to be a very exciting september i think and not to mention all the other stuff coming in september but i'm super excited for it uh but yeah i think we just gotta wait a few more days and nitro will be live so speaking of things that are live rockapool's redstone upgrade is now live on mainnet which makes rocketpool merge ready now you can read this uh blog post here for back back uh was published on june 28th that i highlighted all about the emerge and how redstone kind of plays into that and all the upgrades that have come with redstone here uh

jasper has actually highlighted what highlighted one of those upgrades which is uh the smoothing pool which i i believe i talked about last time which basically uh makes it more profitable to be a nerd operator because it smoothens out rewards so and and i and i think one of the major changes is that you know our eighth which is the uh liquid staking derivative of rocketpool used to have a quirk upon minting it could not be moved for 24 hours now this is gone our 8th is now liquid as it's minted several big names we've been waiting for this to integrate uh our eth uh so i think they take like a a small haircut here instead of um in order to like prevent gaming i think it's like a 0.05 percent haircut and when you put your uh your eighth into rather uh in order to prevent the gaming

instead of uh instead of having it not move for 24 hours and then there's the smoothing pool so uh because validator earnings are notoriously spikely spiky weeks of barely earning anything before lucky proposals like lucky events in runescape the smoothing pool balances out or returns so you never have to worry about luck so very very cool uh upgrades that have come along with rocketpool redstone i'm super excited about this and i'm hoping to spin up my own rockapool node relatively soon it'll be my first uh staking experience or staking kind of like node that isn't solo staking like up until this point i've only done solo staking i have not staked with any liquid staking provider i have not put my stake in my eighth into centralized exchange and staked with them of course i haven't obviously uh but i now at this point in time i

think rocketpool has you know gone through the ringer enough they've done a lot of great work they had these major upgrades out that i would feel comfortable becoming a node operator here so i'm i'm very much looking forward to getting that spun up hopefully hopefully i can do it before the merge but we'll see uh but yeah i guess like congrats to rockapool on this amazing milestone and being merge ready all right so i just wanted to highlight this little tweet here from will white who said i still can't get over this a week after eighth mexico functional non-theory not hype uh hacked together for millions of irl underbanked businesses crypto is a tool for releasing human potential when it's quiet uh when it's quite boring and functional and he's showing here a proof of uh or not proof of stake system i was going to say proof of stake system

because it's a pos system it's a payments uh payments infrastructure system i can't remember what it stood for pos point of sale system yes vos in my head is just straight proof of stake this is a point of sale system you can see here it's using the polygon pos network in order to take payments and this goes back to what the italic was saying last week about cryptocurrency payments being like a super underrated use case and i think it is i think that ethereum as a network and especially the layer twos and especially something like the polygon pos chain servers great payments infrastructure because not only can you pay in eighth you can pay in stable coins i always thought that the cryptocurrency like the thing the thing being an actual currency like eth or btc was always a bit flawed because it's obviously so volatile it's

not you know not very stable it doesn't really have great properties of of kind of like a currency it's got monetary properties to it it's got monetary premium people do use it as money but i think that because ethereum is home to all these stable coins uh not just usd's table coins but also other fiat stable coins now it makes for a very great point of sale system now obviously this can't be done on ethereum layer one but it can be done on the you know polygon post chain or or ethereum layer two and then be settled to ethereum layer one which i think is obviously very powerful and as i said it can be any token eight stable coins whatever it doesn't have to be limited to just one coin like on bitcoin it's just limited to btc which i thought i think was holding back that payments use

case and i hope to see more of this uh these kind of like payment systems be developed and released all right so uh spruce has introduced tree ldr which is an open source tool that makes it easy for developers to define credentials for decentralized identity it's released released under the apache 2.0 license so if you are a developer you can go check out tree tree ldr which is a canopy as they're describing here is a canopy across your data shima dreams so i've talked about uh spruce before and how they're building like sign in with ethereum and decentralized identity solutions i think what they're building is very cool i am an investor in spiritual disclosure here but if you're a developer and you want to check this out i'll link it in youtube description

below i just wanted to highlight it because i know there are some developers that watch the show as well uh last couple of things to get through here so i think actually i want to get i want to end it with that discussion but firstly i just wanted to say that i did a podcast which you probably saw a youtube video that you probably saw with hal press the second episode of the delight drive-through series if you haven't watched that yet be sure to do so it's only about an hour long it goes through all the stuff that hal has been talking about lately like the merge trade ethbull case ethereum proof of workforce we had a really great discussion so if you haven't watched that one yet be sure to do so after the refuel uh it'll be on the daily great channel so you can go check it out there

all right to end off today's episode i just wanted to have a quick discussion about this little kind of thesis that was really popular in 2020 that i think has been completely disproven at this point basically there was a absolute brain-lit thesis as i call it here called the barbell strategy where people believe that you only needed to buy defy tokens and bitcoin to outperform since then ether has destroyed d5 tokens and has outperformed btc by three to four eight f 34 x thanks for playing and then playing i actually commented which i thought was pretty quite funny where they said they must have known they'd end up with two very heavy bags on either either end to name it a barbell so i thought that was funny but anyway this strategy was extremely popular in 2020 because d5 tokens were mooning uh bitcoin was going

up too and eth was relatively stagnant now this was actually quite a shitty period for a few months because of the fact that heath was relatively stagnant but then what ended up happening was that d5 summer ended d5 just completely blew off like the top and it crashed spectacular spectacularly then eighth i was at like 300 200 300 during this started going up started going upstairs going up and then by the end of the year it was at 800 and then by in january hit its all-time high again while d5 had just gotten absolutely crushed and completely crushed and then he started getting on btc as well because btc had its uh institutional narrative then because michael saylor started buying there was like inflation hedge narratives all those sorts of stuff but then ether started performing now it's

fair enough to say that ether performs in a bull market against btc because traditionally that has been true but ethan's also performed very well during this current bear market against btc and obviously against dfi tokens and it's just funny looking back and seeing how confident people were about this thesis whereas if you had held only d5 tokens and btc you have underperformed eth by a lot say you have held like 50 d5 tokens 50 btc and it depends on what d5 tokens you have but let's say you held the best ones the the ones that performed the least worst so to speak and you had 50 btc you would have underperformed eighth by a staggering amount like if you had put 108 in uh to these things you probably would have only been able to get like at this point in time four to five eighth

out and probably even less than that so you've underperformed by a staggering amount there and obviously what i'm saying is an investment advice and past you know action is indicative of future price action but it really is amazing how much a thesis can change in two years it's only been two years since this was like a peak popularity i remember i was like all september where d5 tokens were like going absolutely crazy and btc was also going up and everyone was like you know why would you hold death you don't need eighth you know uh you don't need this part of your portfolio and then at the time i was thinking you guys are crazy like we have all these awesome catalysts coming up we had eip159 ethers being used as money as clutter within defy um we had the obviously the issue introduction with proof of stake and all

that we just launched the beacon chain uh sorry we were launching the beacon chain on december 1st 2020 which is the first implementation of period of steak so you know i was thinking about all of that and then i was like you know you guys are crazy that's why i held on to my eighth i mean all the most of the d5 profits i made i cashed out to eth and then i rode the e train up which i think a lot of people did that's why it was one of the reasons why it performed so well uh but yeah these days i think no one really debates its value i think everyone debates the value of default tokens and even btc these days but when it comes to eth everyone's kind of aligned on yeah okay this is massive insurance reduction coming we have erp one five five nine

either an asset is being used as money it within nfts within the metaverse it's been still being used as collateral and then the next time the bull market rolls around ethereum is not going to suffer from high gas phase anymore because there's all these layer two solutions that are out there to scale ethereum so it's kind of hard to find a bear case for eth these days right like for even the most bearish people i'm sure the bitcoin maximalists come up with their own garbage but at the end of the day i just find it very hard to come up with a logical eighth bear case but uh but yeah i'm gonna leave it at that for today if you want to hear more bullish thoughts on eighth you can definitely check out the episode i did with hal press but uh yeah i think that's it 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 tomorrow thanks everyone