SEC targets Kraken, OP Airdrop 2 and more - The Daily Gwei Refuel #538 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily way refuel where we cup latest news in ethereum ecosystem I'm your host Ian Lisa Sano and since the 10th of February 2023. all right everyone let's get into it so some big news over the last 24 hours on a number of fronts actually you can see by my Chrome tabs here we have a bunch to get through but of course we're going to start with the biggest news of the last 24 hours which was that Kraken has announced that they are winding down their staking programs uh due to a settlement with the SEC now I spoke about this yesterday uh at length actually yesterday um but obviously there's been an enforcement Action Now whereas yesterday there wasn't so I think that it's worth going over this new information now I want to start off this kind of segment

by saying that everyone has kind of taken this announcement the wrong way they think that the SEC and and may I may have added to this as well by by kind of calling out the SEC here but they think that the SEC is Banning centralized exchange staking or at least trying to ban centralized exchange staking and going after that in particular when that actually isn't the case so in the complaint that the SEC put forward there is their reasoning as to why they went after kraken's product specifically now this Twitter account called meat uh put together a really great tweet thread here going through the uh the highlights of this uh of this SEC complaint so he says here the key argument in the complaint is that the staking service and pooling of staked

assets provides for advantages and increased returns relative to those that customers could achieve on their own which inherently differentiates staking via Kraken from staking independently so essentially what the SEC is saying here is that the product that Kraken is offering doesn't actually look like e-staking anymore because they've made enough modifications to that to e-staking I guess with their own products by wrapping their own product around it that it looks like something completely different now why like how is this the case well first as meat says here the service makes staking passive to participants rather than an informative action taken by them to stake the tokens ourselves if I'm reading this correctly it means that basically uh as you can see in the um the complaint here uh to participate

investors need only establish an account at cracker.com and purchase staking eligible tokens from the trading platform so users don't have to opt into this they are already basically automatically opted into this uh by signing up on on kraken.com and if that obviously if they keep their assets there uh they're automatically signed up here so that already is obviously very different to other products that like like coinbase offers or other staking products like coinbase offers uh secondly uh Kraken pulls the tokens with other program participants uh to provide additional advantages not available to the individual such as including improving the chances of validating a block and earning additional fees uh then meet continues by saying while on chain staking yields returns determined via software and code the yields to

participants in the staking program while dependent in part on the software is ultimately dictated by Kraken and the determinations were opaque here me continues by saying Kraken pays out Returns on a set schedule whereas staking individually does not follow a set schedule now this is this is I think one of the bigger differences because Normal I guess like each staking right you get execution layer rewards like whenever you propose a block you get that straight away as a solo sticker for example right you get that straight away paid out to your withdrawal address the consensus layer rewards uh post withdrawals I should say you'll be getting um basically it's probably I think it's shorter than once a week because it's it's obviously cycling through all the consensus layer rewards each week uh

sorry um uh uh continuously so four to five days I think the calculation was that current number of validators so yeah again that that is basically set by the protocol whereas Kraken had their own set schedule here where they said payouts happen twice a week every Monday and Thursday at 2PM UTC here uh and then meet continues by saying staking via Kraken was generally liquid and not bound by cool off or unbonding periods which are applied to on-chain stakers in fact not all tokens deposited into the program were actually even staked whereas many staking protocols require minimums Kraken did not additionally depositing the tokens in the staking pool do not require paying fees which taking on chain would now Meek says the critical endpoint is that staking

through Kraken fundamentally changed the typical staking process and procedure thereby making it a different product and two participants relied on Kraken to generate their returns so and and oh I guess guess meat finishes off by saying the two biggest Killers here were the opacity of kraken's process of determining payouts and making payouts on their own schedule and holding back a liquid bucket of tokens I.E directing use of the funds themselves so yeah those are the two things that basically kill this product now coinbase came out and basically said that they're going to fight the SEC on this if the SEC goes after them uh because obviously there are a lot of Shades of Gray here what actually crosses that line and the SEC of course doesn't give any guidance here about where the line actually is you know when does it stop looking like a

traditional e-staking product and start looking like a completely different product that just has that just uses e-staking under the hood and as I said there's no guidance there from the SEC as far as I know and that is the fundamental issue that everyone has with this because okay fair enough the SEC probably has a good case here that the product the Kraken was offering could be uh uh considered a security right not not eth itself as an asset not a staking itself but the product that Kraken built on top of each staking to offer to their customers could be could be considered a security so I understand that but this on the same side of oh sorry on the other side of that coin is the fact that the SEC expects these centralized providers to essentially adhere to this framework that this doesn't exist so how

are these centralized providers meant to actually know what they have to adhere to what where the line actually is and it seems like the line is just set arbitrarily by the SEC themselves so that is the fundamental issue that everyone is taking with this and that I'm taking with this as well and I've actually been saying this for a very long time the proper way to regulate crypto uh at the um I guess C5 level at the um a centralized level is through these Frameworks these regulatory Frameworks through guidance letting entrepreneurs letting companies know what they have to do to actually be compliant but the SEC and other regulatory bodies are just not interested in this they are much more interested in going after these actors uh through enforcement actions rather than setting guidance for them and with

with Kraken they didn't even get they probably um I'm not sure what they gave them the opportunity to do but Kraken has actually decided to end their staking program altogether for U.S retail customers rather than try to be compliant because again there's no way for them to know what's compliant and what's not because there's no actual framework there so uh as I said that is the the big issue that everyone has here now as I said coinbase is going to fight this and I I I and I think that coinbase is obviously right in fighting this but at the same time coinbase's product is actually very different to Krakens coinbase doesn't do this from my knowledge doesn't do most the things that Kraken does here from my knowledge it is an opt-in service for example I don't think they have payouts on a schedule they do have an LSD obviously

CBE where the payouts accrued to and things like that there are certain things there that SSC could argue are security-like properties of the e-staking product the coinbase office for example and then there are other exchanges that offer these products as well but that's basically the gist of it the fact that the matter is the SEC felt like they had a really good case against Kraken Kraken didn't want to fight it because it would have cost too much uh evident and I think Jesse Powell was actually on Twitter as well basically alluding to this that it just wasn't worth the cost here uh and and SEC also has said that they really want to make all these um I guess staking programs not just e-staking but staking in general all these programs part of centralized exchanges much more transparent to the user rather than

opaque which I totally get and I totally understand and I think that's the right course of action but as I said there isn't really a framework or guidance here to actually help the central services do this now why is the SEC doing this now well it's Fallout from last year the SEC failed to protect investors through uh through other services like Celsius which actually offered um staking Services uh blockfi Voyager uh FTX obviously um and a bunch of other things right so the SEC is basically trying to save face now and and do enforcement after the fact and they're going after the good actors such as Kraken which is mind-boggling right at the end of the day so that is what happened in a nutshell here now uh coinbase's Chief legal officer Paul here said that uh you

know obviously the the rumors that Brian Armstrong was talking about yesterday a true uh but uh Paul basically said here what is also equally true that these products are basically yield products true on chain staking services like coinbases are fundamentally different for example uh the uh coinbase customers rewards are Tethered to realities they depend on the rewards paid by the protocol and commissions commissions that coinbase discloses they don't play games once uh um coming back customers have a right to their rewards coinbase can't just decide not to pay any rewards at all and then he continues a little bit here so as I said coinbase's taking a product is very different to what Krakens was and that's probably what saved them here from that and then Frank chaparro from the Block here says that coinbase uh has also put out a statement

uh from from Paul saying that kraken's news will not affect their uh staking program and then Brian Armstrong put out a tweet himself saying we will keep fighting for economic freedom which is the mission their mission at coinbase some days being the most trusted brand in crypto means protecting our customers from government overreach now what does this mean for staking generally right well I put out a tweet and I said from crisis comes opportunity post withdrawals people who staked well not people generally but us retail investors that stake their eat with Kraken will be forced to move their stake elsewhere it's on us as a community to Steward these people into decentralized Solutions such as rockapool and solo staking now obviously these people can go wherever they want it's more than

likely they were going to go to a another centralized exchange service such as coinbase or binance if they were already doing it through Kraken but we have a real opportunity here to seize the moment post withdrawals and will that great reshuffling into existence that I've been talking about for quite a while where look if you I actually did some napkin math today there is 1.26 million each staked with Kraken uh right now right um and post withdrawals uh we have to assume that a percentage of that and it's kind of hard to assume what percentage of that will be unstaked because what percentage belongs to actual us retail customers but let's make a naive assumption that 50 belongs to U.S retail customers so that's just over six hundred thousand eight that will be automatically unstaked given back to their customers and their

customers will have to find a new home for that eth now how many of those that's how much of that 600 000 atheists will get sold I actually don't think a lot of it will get sold because if people are being forced to unstake they're not being forced to sell so I think that a large majority of that eath will go to other staking providers so where's it going to go from here well I think a healthy chunk will go to coinbase because people who trust Kraken probably trust coinbase the same because they're both both us-based entities some will go to other centralized exchanges like binance but some will find their way into the on-chain staking protocols such as obviously Lido which is a centralized one but these centralized ones like rockapool and some will make its way into solo staking because we've made it easier to do over time as well

there so I don't ex I do as I said I do expect probably most of the stake to actually go uh to these other centralized providers just from the nature of those stakers but we have an opportunity to capture at least some segment of that Heath and get it staked with a decentralized solution so that's why I said from this crisis comes opportunity and it's funny here because the SEC is actually helping ethereum's decentralization by doing this because we've just kind of knocked out a nice chunk of of e-stake that was sitting with a centralized uh um service and we've gotten an opportunity to move that to more decentralized services or at least to more regulated ones and to more transparent ones which is always good for for decentralization here now what if the SEC starts going after every centralized taking service provider and

manages to shut them down well their only recourse then would be to do on-chain staking yes you can do centralized on chain staking still with players like Lido but lighter operators are also um are also probably going to be targeted in some capacity eventually as well because they are usually companies running these things right um so they may be targeted then we just get we just push into the decentralized solutions such as rockapool which are the node operators the vast majority of them are individuals right right so I actually think that not only is the opportunity in moving more of the stake to these decentralized Solutions and spreading more of the stake out but the long-term opportunity here is that if the these regulatory bodies want to keep

going after these centralized institutions for these things well I guess like we can welcome that with open arms because it means that the centralization will actually go up now it depends on what this looks like obviously I'm not a fan at all of all the regulatory action that's been happening in crypto over the last six to 12 months it's obviously a result of all the blobs we saw last year which again is just really frustrating because the blow-ups last year were a direct result of no one being protected from the actual Bad actors and now they're going after the good actors yeah like like it just doesn't make much sense to me but that's a rant for another day I think I spent enough time on this one today but hopefully that explains to you exactly why the SEC went up went after kraken's product specifically how that does it

doesn't actually mean that ether's security or that each day taking into security and it doesn't necessarily mean that other staking service providers are going to get the same treatment that that Kraken did uh there all right so just wanted to give you guys an update on the kzg ceremony so there is currently 31 days left to get your uh sorry to get your contribution in in the kzg ceremony and we currently have almost 39 000 total contributions which is absolutely awesome now there is a new way to contribute if you are running a Dap node so you don't have to open a tab in your browser you can simply go to this URL here if you're if you are running dap node uh software here uh and then be able to participate in the kzg ceremony just wanted to hide

that for you guys I'll of course link this tweet in the YouTube description below so you can copy this URL for yourself but this has been a great turnout I I think that in terms of participation here the optimistic case was that would get to ten thousand maybe twenty thousand but we've blown past that we're at almost 39 000 here with 31 days left if we were to do a really big push we could probably push that up to a hundred thousand but yeah it's probably going to not get to 100 000 at this point but I think that 50 000 is easily doable with 31 days still left and I believe there's actually going to be other ceremonies after this I believe uh if I remember correctly too so this is just kind of like the public one and there's going to be other ones out there

don't quote me on that I'm not sure if that's actually happening or not I remember it being discussed but we'll have to see uh kind of what happens there so you can go participate if you haven't yet you still have 31 days left to do so all right so Beacon chain has added a uh I guess update to their website so they have added something called each store which is your go-to source for measuring the staking performance of the ethereum network so this will basically show you uh the current uh I guess yield on your e-stack or current APR on on e-staking across the entire network right now which is currently 5.3 percent uh based on the last reward day and then you can actually see in this in this nice little uh graphic here what that looks like over time so basically the total staking

rewards each day and the eth store or kind of like the eighth yield for that day where it's kind of like peaking and and they're kind of lower lower uh uh yield for for from there basically so this is really cool just another tool that basically allows people to have a look at what the yields are here and get a better idea they do vary quite substantially I mean if you're a lucky validator your yields can Spike up pretty crazily and it depends on the blocks that you produce mostly because uh if you are using Mev boost you can get some really juicy blocks I know people that are getting blocks as solo validators using Mev boost uh of you know six seven eight nine ten plus each right it's crazy when you think about that but it does happen so as I've said

before the Mev boost um a game or the Mev game is a lottery though and the more validators you have essentially the more tickets you have to the lottery so these people are Heath whales that I'm I'm quoting right because they get all the juicy blocks because they have a lot of validators um but generally because of Mev boost it actually is able to smoothen that out too and make it more accessible and more democratized anyway but yeah Mev uh Still Remains a lottery for for the most part at least as a solo Staker and as um as I guess like these they can service providers but they usually will pay out uh these you know large blocks that they get they'll smooth those rewards out just like the rocketpool smoothing pool does for example there but anyway you can go check out this new section of the

beacon chain website I'll link it in the YouTube description below all right there is a new page on the ethereum.org website all about ethereum staking withdrawals so finally great to see this page here now you cannot be confused about ethereum staking withdrawals anymore and you'll be able to see exactly how staking withdrawals work uh and I'll link this page in the YouTube description for you to do so now the my the favorite part sorry my favorite uh part of this page is here so this is basically the partial withdrawals uh time to complete table so you can see here that if there's 400 000 with partial withdrawals needing to be processed then it takes three and a half days to complete now if every validator had a partial withdrawal that needs to

be processed well um we currently have what five I think over 500 000 validators it will take 4.3 days to process so it's not going to take a week as I've been quoting it's going to take 4.3 days as stipulated here or maybe maybe just up to five days here to to process through partial withdrawals uh so every five days basically get through all the validators and pass you partially withdraw all of their eighth but that's not the only good part of this page there is plenty of information here for you to dive into uh and of course I'll link this in the YouTube description or below for you to do so all right so rockapool is currently testing their next major upgrade a code named Atlas on their jejang test net so you can see here that it is being oh

this is the rocket scan interface of it being tested here uh and basically going from you know the normal pre-launch uh status going into uh depositing the eight and staking and all that good stuff there so great to see this I believe the atlas upgrade is scheduled for March April to go live and it will bring with it uh withdrawals uh for um rockable stakers I believe as also also along with that LE B8 thing that I'm talking about being able to spin up many pools with just eight eth so great to see them testing this on the jejang test net right now which obviously is the test net that has withdraw public test net that has withdrawals enabled uh is there only one right now I believe the only public test net that has withdrawals enabled right now so a lot of teams are testing out their flow and

all the things that they can do here so yeah great to see Atlas being tested on jejang all right so I got a nice little delivery today my Proteus device uh from Joe here was delivered now this is a small little device that's been custom made by Joe inside of it is a rock 5B board and a bunch of different Hardware like um like an SSD and a Wi-Fi module and things like that uh and I've got a custom nameplate on as you can see the daily gray and a custom case wrapped around it uh in Orange obviously The Rocker pull color there now I'm going to be using this not to run rockable mini pools I'm going to be using this to run ethereum solo validators but the reason why is very unique to me so this device

actually comes pre-loaded with rocker pool so it's all ready to go it comes pre-loaded with all these different optimizations with the with the Debian image with rocker pool installed so all you would need to do is basically set up your accounts and set up your validators and you'd be uh you know you you away you go with staking now the reason why I'm using this for solo validates instead of rockable validators is because the my I I just finished changing my retirement account to what's called a self-managed super Fund in Australia which is basically I'm self-managing my retirement account now now my retirement account pretty much is all eth and in order to stake that eth I need to stake it from a separate device to my solo staking I need a big just for due to free regulations so I can't

actually use my existing solos taking PC to stake that eth that belongs in my retirement account it's super frustrating because it means I have to have another device running but the timing actually lined up really well where I was able to buy this device um uh from Joe you you know buy it using my retirement account and then I'm going to be flashing a a new instance of Debian on here in order to run solo ethereum validators and instead of running rockable mini pools and I guess to clarify again I forgot to clarify this before the reason I can't run mini pools is just the way the retirement account is set up and the regulations around that and it's not possible for me to now go and buy the RPL I need because I can't put any more money in my retirement account right now because

there's a cap on how much you can actually put in there each year and I already reached that cap so I can't buy the necessary RPL to uh to collateralize um the box with and I can't give myself RPL from my personal account either it has to all be done completely separately it's it's pretty insane how how har harsh the regulations are here but that's how it is so I have to keep everything just totally separate between my personal accounts and my retirement account so unfortunately I can't spin up any more mini pools but in saying that I'll of course be spitting up mini pools under my personal capacity I'm at eight right now I spun up one actually yesterday uh or the day before I'm going to be spitting up two more um in the short term I want to get to 10 and then

slowly trickle them in over time anyway in a personal capacity but most of you or pretty much all of you will not have that issue so if you do want to purchase one of these devices they're coming out in waves you can go to the rocket pool Discord to get more information about this but essentially as I said it comes pre-loaded with everything you need to get started with rocker pool a mini pool CR and this may be something that you're interested in purchasing per host Leb 8 where you can actually stake with where you can spin up many pools with just eight Ethan a bit of RPL in terms of cost here this device wasn't very expensive there are different options of of what it costs here I believe my one was 670 USD um and I paid you can pay with crypto of

course I paid with usdc uh so yeah not very expensive at all uh to get your device ready sorry to get a device like this which is out of the box ready custom made Uh custom kind of like um uh a case and all that sort of stuff to run at mini pools here all right so an update from Aztec today they've said full decentralized borrowing is live on Aztec with 26 times cheaper gas fees than layer 1 no borrow minimums no interest and of course full privacy how well they've teamed up with liquidy to integrate them into Aztec so what is liquidy well liquidy is a is originally a make a fork that basically has no governance and is an eth only collateral decentralized lending

protocol deposit eth and borrow the LUSD stablecoin so you can do this in an interest-free way due to their unique mechanisms you can read about here but now um if you're a liquidy user if you're a potential liquidy user you can now do this on Aztec network with full privacy which is obviously the second main oh it's kind of like the main benefit here and then obviously having 26 times cheaper gas fees than layer one is also a huge benefit I don't know if liquidy is on one any of the other layer twos right now I don't think they are I actually don't know for sure but this may be the first layer two that they've gone on and the fact that they've chosen Aztec network is super promising because of the fact that it's a full privacy Network so great to see that and you can

go check this out for yourself I'll link it in the YouTube description below uh but yeah I think it's really kicking goals lately just getting all these protocols integrated giving users full on-chain privacy especially in the face of users losing privacy especially us users losing privacy uh with the tornado cash sanctions are there all right so a big announcement out of optimism today they announced the second op airdrop so 11.7 million op was distributed to over 300 000 unique addresses to reward positive sum governance participation and power users of optimism mainnet now you don't have to claim this airdrop if you are eligible for it you got it sent to you on L2 or on your L2 address yeah and uh yeah and um yeah as I said over 300 000

addresses that were eligible now what was the requirement or the criteria for this well the top two requirements were that uh you had to have delegated the voting power of your op tokens to uh one of the government governance delegates out there and and of course I I don't think many people did that there was obviously a lot of people that did that but I think that there were a healthy chunk that didn't do that as well so obviously missed out on this airdrop uh and you had to meet both of these uh things by the way and the second thing was that addresses uh had to spend more than six dollars and ten cents on L2 gas since March 2022 which is the average cost of a transaction on ethereum L1 now while these were the eligibility criteria you could have earned more op

from this airdrop with the multipliers so basically there were four multipliers um the first one is that you had a substantial delegation so you delegated 272 op or more for over 200 days or an equal multiple of more of op uh multiplied by time over a shorter period the second thing was gas guzzla you spent more than 20 in L2 gas since May 2022 third thing was consistent Optimist you use an application on op mainnet in six different months since May 2022 and fourth was active delegator you had more than 2 20 op delegated at the date of the snapshot which is January of this year so the the bonus category is counted for different multipliers if you

hit all four you've got a 2X multiplier here now I'm not sure what I hit on here but I got 5500 op tokens from this airdrop so that was nice I guess um but yeah I'm not sure if I hit all four here I think I might have hit all four of these bonuses because I am a pretty avid uh user of uh of optimism not just on sasol.heath but on my other addresses as well I haven't checked my other addresses yet I only check cecil.eth but I don't know if I did if I if I was eligible my other addresses because I don't think I delegated my voting power of op tokens and other addresses because I did it for Saturday because I got that big airdrop initially uh and that yeah anyway enough about me if you were eligible for as I said it

automatically got sent to you so just check your addresses on uh an optimism block Explorer such as optiscan and you'll see if you got it sent uh it would have been sent to you at time of recording I think about 15 20 hours ago right now now up you say it under your erc20 token tab there and you'll see if your airdropped it now also this isn't tax advice but I feel like I need to remind people that uh if you do receive an airdrop in a lot of jurisdictions it is taxed as a normal income at the time that you received it times the price so if you received a thousand op tokens and the price was two dollars you made two thousand dollars in income there in most jurisdictions and you probably have a tax obligation so I just wanted to remind people there but as I said not

tax advice every jurisdiction is different but I know in Australia the way it actually currently works is that the original op airdrop up here drop one was not um attacked at all had a cost basis of zero dollars because it was an initial airdrop they actually clarified this recently the Australian tax office they're calling it an initial airdrop when the token well it it doesn't apply to every airdrop but it applies to when the token is first being created and then given to to people um it has a cost basis of zero and then it is not classed as income when you receive it the first time but because is the second airdrop there is an active op Market it is not the initial creation of the op token it this airdrop is taxed as normal income now that's the way it works in Australia the way it would work

in um you know other jurisdictions obviously I don't know because I'm in Australia I know how it works in Australia um but yeah you should check with that don't forget about your tax obligations guys I've seen tax obligations screw so many people it's not fun because what ends up happening is that they don't have money for tax and they have to sell more assets to pay down their tax but by selling assets they incur more to capital gains more taxable events than they have to take come up with money for that and they lose money and then they just get out of position and ah it's not great right so just wanted to remind that for around you guys there but yeah there will be Future air op airdrops as well this is just number two there's still going to be plenty I reckon they're going to do so many of these

airdrops based on a bunch of different criteria uh and try their best to make sure that these the airdrop Hunters don't get all of the op tokens all right so I've been talking a bit about ZK evm provers recently and I talked the other day how scroll got their proving uh requirements down a lot uh from their memory requirements down a lot while Eduardo today from the uh polygon ZK VM sorry from who's a polygon cave and core developer said really excited about our test results on the polygon ZK evm prover batch proof uh two minutes 30 with 500 or 250 erc20 transaction 20 transactions per batch on a uh on a spot M16 m6id dot middle

previous cost uh 64 sorry six cents and uh around six cents per proof which is uh 0.0001 cents per transaction they and he's claiming it's the fastest ZK Tech and first production really ZK AVM the prover is no longer a bottleneck so this is really cool to see that these costs are so cheap here for the proofers obviously it remains to be seen what this looks like in the in the wild we're gonna have to Benchmark these things across other ZK VMS but just great to see more zkbm teams putting out uh stats or metrics around their approvers here all right so some exciting news out of the synthetics ecosystem today 22 new Perpetual markets are now available for leverage trading on synthetics perps so

you can enjoy low fees instant execution and excellent user experience on purpose trading front ends such as Quinta and decentrex so the 22 Perpetual markets include coins like BTC link uh are there Matic and a bunch of others here as well such as gold actually too you can learn more in the blog post about all of the um the 22 that are supported there's a list here of which ones are supported uh and as I said you can go trade these on Quinta and decentrex if you would like um and and get started there now the really cool thing about this is I think trading these kind of synthetic assets and synthetic Perpetual assets for assets that are not available on chain basically or not available natively on

ethereum and have to be like kind of bridged across is where it excites me and the most exciting thing is the real world assets such as uh uh you know currency Pairs and things like gold which I I think it's gold because I saw here xau which I believe is is um his goal is actual gold here but I don't yeah xau so our gold and then currencies and then other tokens uh that aren't on natively on ethereum such as B and B and and Adam and things like that so yeah if you're interested in doing that sort of stuff and track and trading those assets the synthetics uh purpose markets is the synthetics purpose markets are for you and I'll link to the YouTube description for you to check out all right so fire has sent out another product update to uh extension users

that helps you keep your asset secure so here's everything they pushed a skeleton loader for improved performance revoking nft approvals update and verified tokens and nft so this thread explains exactly what this is what this looks like this is really cool the fact that you can revoke approvals right from the um right from the fire extension from what I understand here so that's obviously a big thing especially in the wake of all these uh hacks that have been happening all these experts that have been happening over the last few months when it comes to approval so uh kudos to five for putting this update out there if you're using the fire extension it should have been pushed to your extension automatically here uh but yeah I'll link this thread in the YouTube description below for you to check out all right so second last update is that

the Ave gho or go uh stablecoin is now live on the ethereum girly test net so the go code is public and available on GitHub for you to check out and you can mint go at go.avo.com on the test net if you would like now for those of you who who forgot go is Arvest native uh stable coin that they're building uh this has been in the works for quite a while it has been audited by the top Auditors in the ecosystem open Zeppelin second prime and abdk Consulting uh so yeah you can go play around with this I'll link in a YouTube description below uh we're not going to spend too much time here because I'm out of time already but there is one last very important thing that I wanted to talk about that I may be meaning to talk about for for about a

week now but I just didn't because I wanted to verify that it wasn't a scam so we all know about the massive earthquakes that happened in turkey and Syria and the surrounding areas there that have basically devastated so many people's lives like it's actually crazy looking at the footage looking at all the new sites and seeing what's going on there and like really it made me really sad honestly I haven't really said anything about it on Twitter or anything like that um but I've been thinking about it personally and thinking about especially the ethereum community in turkey and Syria especially turkey I I believe there's a lot of people that are into ethereum that that live in turkey or are Turkish and I really feel for them now if you want to help them you can there is a donation address that has been

shared here by eath global that you can actually donate to the earthquake relief efforts here and as I said I wanted to confirm that this wasn't a it wasn't a scam before I shouted this out or anything like that and I had to confirm this so you're not it's not like you're sending money into somewhere that it's it's you know that's going to get scanned or it's going to get rug pulled or anything like that you are from what I from what I understand and from not being able to verify you are sending money to go towards these relief efforts directly here now uh last thing I just want to say about this quickly is that when we see these things happen throughout the world whether it be you know earthquakes or obviously the war it war in Ukraine or or even other natural disasters that happen it can kind of

feel a bit like we're very removed from it like for me I've never been to Turkey um I don't know many Turkish people in real life I know a lot of them online I see a lot of them online obviously um there's a lot of them in the ethereum community uh but I saw you know and especially in Syria as well I don't know I don't think I know any syrians personally maybe maybe I do and I just don't know because it's their background but uh but yeah I just can't think of any at the top of my head um and it can kind of make you feel like you're very removed from these people so what I like to do or not just the people but like the countries that they affect because it feels like it's on the other side of the world so to speak and for

Australia actually a lot of the world on the other side of the world but you get what I'm saying right you can feel very far removed from it so the way that I uh the strategy that I use to connect myself to things like this this is I related back to my own life so for example with the earthquake in Turkey I related it back to how I felt with the bushfires in Australia a couple years ago the the those really bad bushfires obviously Australia has bushfires all the time but the most recent ones that we had I believe was two or three years ago were the some of the worst on record and they devastated a lot of people's lives and there was a Bushfire that was actually basically in my backyard I don't live in the bush I I um well this is all my old house I don't live in the

bush I live in the suburbs but there was a massive kind of like Gorge there and that caught on fire for the first time ever I think I at least from me living there uh sorry from when I was living there and it was really scary because I saw the the helicopters you know the um the helicopters dropping dropping water I saw how close it was on the online and tracked it all there I saw the fire moving towards houses that I had driven past and and things like that and I looked at that I'm like wow okay that's you know that's really really scary and it didn't affect me personally because it didn't come to my house and it didn't you know my house wasn't affected I didn't have to evacuate or anything like that but just that being as close as it did to me really kind of shifted my

perspective on these things because Australia generally especially where I am in Melbourne doesn't really get natural disasters we very very rarely get earthquakes in um in Victoria uh where where Melbourne is and when we do there of just tiny magnitudes and it doesn't really make any difference I mean you might see a chair fall over right it doesn't destroy buildings like the earthquake did in Turkey um we don't get tornadoes we don't get hurricanes we do get floods um from time to time um but that's more prevalent in Sydney and and in kind of like the uh the more Regional areas than it is where I am um but the bushfires was the thing that kind of woke me up here so that helps me relate to to this because as I said like natural disasters just aren't really a thing that happens in where I am uh in

in Melbourne in Australia besides those those kind of bushfires so that helps me relate here and that's uh uh kind of being the reason why I've been thinking about this and looking at all these images and being like wow okay this is just so crazy these are real people um just because you're on the other side of the world just because it's a language or cultural barrier here doesn't make meaning any difference right these are real people being affected by something that's that's obviously not in their control obviously they don't deserve any of this that's happened to them and they're going to have to rebuild their lives and and I think the death toll was over 20 000 now so these people's lives have been completely shattered uh so yeah if you want to donate you can there are dresses here I'll link it in the YouTube

description below obviously don't feel obligated to donate just because of what I've said or anything like that if you want to donate do it if you don't don't you know totally up to you what you want to do here but I figured it was worth shouting out and as I said my heart goes out to the Turkish and Syrian uh Community CR within both ethereum and just generally the people that that live there and all their family members I hope you're all are doing okay uh and you know I hope that you can rebuild from This Disaster that's happened uh but anyway on that note I think that's going to be it for today 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