Sepolia beacon chain, ZigZag token and more - The Daily Gwei Refuel #390 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where recap the latest news and ethereum ecosystem i'm your host and there's asana until the 21st of june 2022 all right everyone let's get into it so i put out a tweet today where i said the dot-com bubble bursting did not kill the internet the 2022 crash will not kill crypto now obviously the markets have been weak and i spoke about this yesterday so i'm not gonna rehash it here but i think that for me one of the i guess like key bottom signals that i look for is kind of like how many people are calling crypto dead now normally these calls come from outside the ecosystem obviously like anyone not following crypto closely just thinks it's some kind of like speculative casino they don't know about the fundamentals and the technology behind it and all that

stuff which sadly is kind of like the majority of people so of course to them when the price crashes they're gonna say oh it's dead even though there's a long history especially when it comes to bitcoin or people calling bitcoin dead and it just bounces back stronger every time but look that's just kind of like the way it is right now i think it gets less and less over time but it's just kind of funny seeing the same pattern play out where like the mainstream media and people who you don't really follow crypto will say oh crypto's dead bitcoin's dead you know the ethereum's dead blah blah blah right obviously that's not true and the the funny thing is is that kind of like the crypto market cycles typically get compared to the dot com uh bubble of uh late the late 90s right the internet

kind of like a speculative internet bubble that actually went a lot higher a flash inflation adjusted than any crypto bubble has gone i think by about three x ish or something i think the total uh uh market cap of um com companies i guess internet companies before it exploded inflation adjusted what adjusted was about 10 trillion the crypto total market cap before it crashed was 3 trillion and now we're at about a trillion so obviously much bigger than what we've seen in crypto but still the same kind of like principle of you know in the internet kind of like in the early internet era there was all this promise you know the internet was going to do this was going to do that everything was gonna be amazing blah blah right and obviously all this uh hype and all this mania and the speculative activity got ahead of the fundamentals

at the time like so many of the things that were i guess like envisioned back then came true but just much later like there wasn't kind of like uh you know for example youtube didn't take off until well didn't didn't come to be till like 2004 2005 i think and then it really still took a while to kind of like take off and meet and reach the expectations that everyone had for something like youtube same with social media and obviously the advent of uh smartphones really accelerated the internet's growth but up until you know what the funny thing is up until like i guess the smartphone error you know most people still weren't using really using the internet for any you know for anything kind of i guess like uh social right there was there was kind of like some online games you would do there was

some social media but it was a lot of people were just getting exposed to the internet as part of like their work right obviously the workplaces were moving towards that but then smartphones came and literally as time went on over the next few years everyone was exposed to the internet and that i would say that the internet became ubiquitous in people's lives and you know most people's lives around the world probably in the early 2010s or it took that long and you can always go back and kind of like see okay when did the internet kind of quote a quote officially start did it start all the way back in kind of like the 40s with the touring uh not the turing machine with the experiments that were being run back then with the you know the communication experiments during world war ii or was it arpanet or or did

it come when tim burns lee invented the world wide web there's obviously arguments about that and that's kind of like i guess orthogonal to this and related to a tweet that i want to talk about in a sec but it's the same thing with crypto there's always a lot of speculative mania around all of this stuff all of these ideas they never really amount to anything and that doesn't mean that they might they're not going to amount to anything in the future but always always the speculation gets ahead of where the technology is today and we saw that with the gas phase on ethereum being really really high uh block space demand just going through the roof so many things weren't even able to be built because they just couldn't be built on layer one ethereum they tried to find homes elsewhere but pretty much no none of

this technology is ready for mass adoption in terms of being able to scale there we're getting there but it's still very very early i know that's a meme to say that as well but it's true we're still very early in the technological arc of crypto it's going to be decades for this sort of stuff to play out uh the way we kind of like envision that we want it to play out and this is and and that's a kind of good segue into fred ursam's tweet here he's a co-founder of paradigm where he said one thing most people don't fully grasp it takes years often decades to go from a new infrastructure level technology breakthrough like crypto to a vibrant ecosystem of mainstream applications and you can see here he's actually done what i just said uh kind of like regarding the internet in another tweet where he followed up and

said you know the internet breakthroughs timeline ranges from 1969 to to basically today so you know we're we're 28 to 53 years in depending on your start date for the internet obviously crypto uh you know happens a lot faster crypto infrastructure isn't a hardware rollout it's more of a software rollout there is some hardware aspect to it but like in a proof of stake world um that the hard work at least for ethereum is collapsed right the hardware requirements but in terms of like hardware rollout and i'm more talking about with the internet there was a massive infrastructure all that needed to happen all through the world like cables like literal like cables needed to be laid from um country to country from national nation sometimes under the ocean or a lot of the time at the bottom

of the ocean to connect these places and then you had all the cell phone towers and and and kind of like um internet towers all this sort of stuff like there was a massive infrastructure rollout that needed to happen and that took a while whereas crypto has the advantage that we don't really kind of need that we just piggyback off of the internet and the only infrastructure in terms of kind of like hardware really is miners but as a and then you know obviously the hardware to to kind of put your your staking validators on as well so it's going to be a a lot less time but if you take crypto starting in 2009 we're 13 years in but i've i've explained this on the refill before i don't think that's actually a good start date for crypto i think that bitcoin in 2009 was like arpanet in 1969.

now as i said crypto works on kind of like faster time scales here if i had to say where we were on this kind of like timeline i would say maybe early 90s like tcpip was 82. i would say ethereum was the cryptos tcpip moment so we're further along there but now we're trying to scale it right we're trying to build usable applications trying to build things that appeal to people and that's where we have the early 90s here with html and web browsers so i really do think that if i had to i would say early 90s in terms of development here so like as i said the early 2010s is when i believe the internet really became ubiquitous worldwide so we still have a a long kind of like journey ahead of us and it may only take us 10 years instead of you know 20 for example but that's

still 10 years like that a lot can change you know crypto works really really quickly and runs really really quickly so that's that's kind of like how i think about all of this and during all of that we're going to have boom and bust cycles we have had boom and bust cycles since you know crypto basically has existed and we're going to have that forever i think and that and they'll get kind of like i guess more mature over time i think they'll get less volatile over time at least for the the things that are actually working and succeeding like ethereum for example but you like the thing is i think what people do and what they make a mistake with is that they look at applications and the applications are down 90 95 plus percent and they think wow okay i'm gonna buy these things because they're down so

much and you know they're still good projects but they don't actually do their research into them like a lot of them aren't good projects a lot of them are dead projects and just as i've mentioned plenty of times on the refill before most projects will fail and that's okay like that's not a bad thing that's just literally how it works just like most businesses in real life fail but in terms of the arc of i guess adoption for crypto i would i would say that it's still going to take us at least another decade to get to a point where we can basically start doing um you know mass kind of like mainstream adoption where crypto can be integrated with everything because right now we're just nowhere near that like as much as we're scaling right now as much as kind of like we love all the

layer twos the the layer two i mean okay even if you kind of like take the charitable interpretation of a layer two and you say like a valydium is a layer two which technically isn't right or you say something like you just say anything that stores data off chain can be like is a layer too which as again it technically it isn't but let's just for the sake of argument those things uh haven't been tested even at like they're quoted tps some of them quote nine ten thousand tps they haven't been tested at that and not even anywhere near from from what i've seen so and the thing is is that nine ten thousand tps is nowhere near enough to host uh kind of like the world in a mainstream fashion i mean like there's always a lot of um comparisons made to visa which does like what 40 000

transactions per second but visa is such a basic application it's a payments network ethereum is so much more than a payments network and the layer 2s are so much more like the generalized ones at least are so much more than payments network so we will probably require millions of tps one day sustained tps and i think we'll get there but we're nowhere close to there today the technology still needs to improve still need to be built out people still need to kind of like use that building and adopt it so when when i kind of like look at what's happening with the crypto markets i'm just like oh well we got we once again got ahead of where we were in terms of the technology and we'll be back eventually but that's just what happens the speculative mania's always play out like that now i

actually don't think the last bull market we had was out.com i think it needs to be much bigger than that like honestly i was i was very young when the dot-com bubble happened but i've read the history on it like i think when it burst i was like eight or nine years old so i didn't experience any of it obviously it wasn't old enough to pay much attention to it but i've read my history on it and the dot-com bubble was so perva pervasive so perverse so i guess spread out in kind of like modern society especially in the us is that literally anyone at all that anyone could talk about wherever you went now we only have that in crypto towards like the very end and it's not everyone it's kind of like select people like if you're already in crypto your family members may ask about

it but it's not like people who are just not in crypto at all start start talking about it in like a massive wave and it doesn't just become like everything everyone talks about we had some pockets of that maybe with nft sometimes within crypto but i think it was still a much smaller scale than what the dot com bubble was so i think maybe next cycle we could have that but again like it's just inconsequential i don't think it's something worth focusing too much on i think if you just think of these things as you know we go through speculative cycles each speculative cycle leads to better technology better kind of like rollout we get closer to the goal of having ubiquitous crypto adoption that's all that matters at the end of the day at least that's all that matters to me all right so speaking of uh i guess like

rolling out more of the technology we now have a sapolia uh beacon chain live so the sapolia beacon chain needed to be spun up because we're going to be merging that with the existing sepolia execution layer or proof of work chain so uh there you can see there's a tweet here from terence who's sinking the sapolia test net with prism and geth and he's going to be trying other uh combos here at client combos here as well so this is kind of like i guess the state of the merge right now uh we're working towards that uh that i guess like next public test net merge which i think i read a date that it's kind of like scheduled for the 29th of june which is the same day as the grey glacier hard fork on the execution layer so i don't know if that date's going to

change uh i kind of find it weird that that's happening on the same day i don't think it should uh just because it's it kind of like feels like uh there's going to be split attention but if it does i mean you guys know as i said i'm going to be hosting a call with a staker to watch that live just like the last call for robston was hosted by eight staker so there'll be more details on that as we get closer to that date but uh yeah just wanted to kind of i guess uh highlight here that the zapolio beacon chain is now live and uh just you know it's ready well it will be ready soon uh soon for the merch which is the next public test net being merged and then after that we have girly so we're close guys merge is coming as i always

say very very close right now all right so speaking of staking super fears had an interesting tweet today where he said in all seriousness the falling price of eighth is a new opportunity for normal people to stake from home this decentralizes and strengthens the network for all users and you get a pretty fair reward for the work obviously um even at these prices like say if there's a thousand dollars it still costs 32 000 us dollars to kind of like stake on your own just solo stake unless you're using something like a rocket pool but i'm talking about like a pure solo stake on your own uh no not using any of these other services it costs 32 000 us dollars now that's a lot for most people to kind of like i guess um outlay for for say for

staking um or for account like anything especially because it is a volatile instrument and uh we don't know if this is the bottom we don't know if it's gonna go lower than what it is now uh but you know i i think that it's still kind of like kind of a high barrier but it's much lower than it was obviously when it was over four thousand dollars that cost was much much higher so i think that we've still expanded the pool of people that can get involved with solo staking and made it probably easier for people to to work their way up to that as well like there's a lot of people who won't just buy 32 eth from the get-go they'll work their way up to it over time whether that's because they're waiting to get paid so they can put a bit of their paycheck

into eth every now and again and i think that because we're in a bear market there's gonna be plenty of opportunities to to keep buying eth for for a long while at kind of like maybe um more more of these depressed prices and it just kind of gives more people opportunity to stack that 328 to spin up their validator and then as you guys know that's one of the things that i do when like i mean that's pretty much the main thing i do when stack eight is i count it as validators like i always work towards trying to stack another validator because that's what i care about most they care about staking within within ethereum and obviously it's much easier to do when ethe is a thousand dollars instead of four thousand dollars um uh and and i as i said i think that this um

these prices may last a little while if we stay in a bear market which just makes it all the more easier because it gives people more time to stack that required ether amount so if that's you i mean as i've been saying like it's a blessing that eth came down this far because it means it makes it easier for you to kind of like enter into that arena and be a solo staker because i think that any true ethereum uh if they if they can uh should work towards being a solo staker but if you can't get there for one reason or another as i said it's still a large outlay even over time that's still a large outlay you still have other options that are online today and coming more coming online in the future obviously i mentioned rocketpool but there's a bunch of them out there

and i'm sure there's going to be more in the future as well so it's just the perfect time to stack the eighth required that or any eighth like at the end of the day to to kind of like steak with within the ethereum beacon chain i i think all right so one last thing i got to do with staking so there's a staking node operators request for product that has just been posted so the ethereum foundation is looking for proposals to sorry requests for proposals i should say not request for product uh the theorem foundation is looking for proposals to build technical staking node operator documentation so submissions are expected by july 8th and dm's are open uh james's dmc are open if you have questions so you can read this for more details on what this basically is about uh and kind of like

from a higher level you know the diversity of staking operators is critical to ethereum aiding in both decentralization and security today there are roughly only 60 to 100 staking providers capable of running staking operations at scale a number of new pools and staking groups are emerging in this space but there's a lack of resources to give a high level overview of the different options available in running staking operations so if that sounds like something you'd be interested in putting together and working with the ethereum foundation on you should have to definitely check this out i'll link in the description and you can decide if you want to i guess put forward a proposal here so speaking of proposals so applications for the next ethereum foundation fellowship program cohort are open now so you can kind of visit this blog post that was shared by ai here there's kind

of like details about uh uh what this is and with a roundup of kind of like the first cohort and how that went there so if you're interested in this i'll link in youtube description as well but just more ways to get involved with ethereum which i always will support of course all right so trend van epps today highlighted here i'll give a shout out here to git coin for organizing a dedicated eighth infrastructure matching pool as part of great uh grants round 14 which is currently still on i believe so definitely make your donations if you haven't yet again that's just just my uh reminder for you guys um but this uh kind of like info matching pool was generously funded by five hundred thousand dollars from coinbase uh yearn and polygon so you can support eth infra from this link which i'll link in the

youtube description below and basically what this includes is all the public good stuff that that we kind of like all know and love such as staking uh provide staking related things such as summer esats staking guides you know east staker uh the different client teams like nethermine and nimbus lighthouse pro labs like there's a bunch of grants here basically in this collection which you can kind of um kind of donate to all at once if you would like so very very awesome to see this very awesome to see these teams getting some public goods funding here and i can i hope they continue to do so all right so this came across my timeline today i hadn't i don't know if i'd heard of this protocol before it rang a bell but i just saw it again today it's called timeless finance and it launched on ethereum mainnet today

and they described themselves as a yield market protocol that lets you boost hedge and trade yield so i think there's a few of these already that exist on ethereum today so this is just another one that enters the the fray here and they describe themselves as permissionless you do not need permission from anyone to use any part of timeless it's immutable so the code can never be arbitrarily modified even by the team which is actually pretty unique because there are a lot of contracts or a lot of projects on ethereum that are not immutable they have multi-sig admin keys from one reason or another so it's interesting to say that timeless finance here has opted for immutable contracts from the get-go uh and they're composable uses obviously the common standards such as erc20s and erc-4626 and can be fit into other protocols uh with kind of like money

legos here so you can go to timelessfire.com to try this out and you can read more about it at the blog post here about the kind of like main net launch which of course i'll link in the youtube description below i don't know too much about this protocol myself i only saw it just before and i just kind of like wanted to highlight it for you for you guys but cool to see another protocol uh launching on ethereum uh um it's all it's always good to see i guess like even though it's not totally unique as we've got protocols like this or they already exist on ethereum it's always good to see uh more competition in in whatever the kind of like space is yeah so really really cool to see this all right so astaria announced today that they have raised eight million dollars in a seed round uh with a bunch

of different investors here disclosure i'm an angel investor in astaria so uh this is kind of like uh this platform is led by uh justin bram who you may know from his youtube channel where he does a bunch of kind of like uh defy guides i've talked about him before and he's i think he's popped his head into the delegate discord before and he's the ceo and also joseph de long formerly the cto of sushi swap here so what is astaria well basically it's a money market for jpegs or for nfts uh and it should be available to the public by september here and the round uh kind of like included a bunch of well-known investors such as true ventures ethereal ventures winter mutes uh the layout and a bunch of others as well as kind of like angels which i don't think are listed here but

there are a bunch of angels on the cap table here so this is really cool i'm i'm pretty excited to back these guys like i think uh justin has been doing a lot of amazing work within the crypto community for a while now within the ethereum community for a while now especially around education and i think that uh that joe uh has had long history within ethereum you know he worked on core protocol stuff he's been in ethereum for a while then obviously worked uh with sushi swap on the d5 stuff so i'm interested to see uh kind of like what he does with estario here and how he can kind of like add value uh to this as well so two i think strong people leading this uh this team here and i'm definitely excited to see what they do as i said before i am an investor in them as well

so take what i say with a grain of salt if you if you want to kind of get more information on this you can visit the coindesk article here but you can also visit uh astaria's uh i guess like website as uh as well which should be linked somewhere i think or maybe the website isn't live just yet but you can go to their twitter page to learn more about this uh here all right so just an update on the bank call situation so this uh i guess like a twitter account called fully allocated put together a summon some summary thread about it which i'll link in the description you can go read it but i wanted to focus on one tweet from this thread which basically said uh that we're where this fully allocated account says this whole situation has reinforced my kept decision in upgradable proxies

so what what they're basically saying here is that there are proxy contracts that exist smart contracts that exist for a lot of these i guess uh protocols on ethereum or on any network really and they can be upgradable which means they can be changed by i guess like maybe token holders or just the admins themselves or the team themselves and then fully allocated continues by saying bancor upgraded their contracts to disable withdrawals right before their announcements so nobody could react it completely blake's it completely breaks the trust and immutability promise of smart contracts so basically what bangkok did here was they rugged their entire community uh because they added a function from my understanding here is by upgrading their contracts to disable withdrawals and i did this before they

announced that they were doing this so that is really bad in my eyes like i like i i think this is like a deal breaker for anyone to be honest like i don't think you should be using bancor after this like i know some people kind of like have have kind of come at me in the in the comments from my uh um in the youtube comments from what i said about bangkok but guys like this is like the cardinal scene here like you don't do this this isn't defy this is c5 like it's not even c5 i said yes that i think it's more like tradfi um they really did just kind of like break the trust and immutability promise of smart contracts here and they broke that social contract with their community you can't just say oh we're gonna do this and then uh this

being kind of like the permanent loss protection with the uh with kind of like the bnt tokens and then when the going gets tough because you didn't design the reward program correctly or didn't design the protocol correctly you literally rug all of your users at once and then you only tell them after you've kind of like done that they don't even give them a warning or a way out there's no exit here so that to me is is not defy at all this this goes against everything that i like about defy uh and i would bucket bancor very much in the c5 if not kind of pretty much stratify bucket at this stage but look you can use whatever you want another day if you still trust bangkok that's on you but i personally do not trust them i haven't trusted them since 2017 actually since their ico because

for those who don't know they also rugged uh the ico investors too because originally they had a i guess like cap on how many people could could um could uh put money into the ico and then i think halfway through the ico they raised that cap because they're like oh my god there's so much demand we're gonna raise it and they did that because they wanted more money and they actually raised a lot of money back in their 2017 ico so this is not a thing that they've done just kind of like for the first time this is a culture thing at bangkor and it makes me incredibly bearish on them you know i was already bearish on them but it makes me just even more bearish on them and honestly if anyone uh kind of like comes at me and says i'm only saying this because i'm a uni spot

max maxie not at all like this has got nothing to do with uni swap or competing amms this is i would say the same thing if unisoft did this this has got to do with respecting what d5 is and not rugging your community by literally disabling withdrawals before you even tell them what was happening right i just think it goes against everything that we should be promoting within within d5 right so an announcement from a zigzag exchange today they're going to be doing a token now i don't think anyone is surprised by this announcement at all i'm certainly not as i said like my golden rule is that everything will do a token eventually except the delegate of course uh but they basically put together this thread that goes over the details about how their airdrop is going to work um how they're going to be doing

an ido and how the formation of the zigzag dowel is going to go now from my reading i guess like there's a bit of controversy around this one because they're doing an ido which it's not a lot of protocols do these days uh they just do the airdrop and then the tokens free floating and then people can go i guess like uh trade it on the open market but they're doing an ideo and they also haven't decided how they're doing their airdrop yet they're going to leave it up to the community and i think they're especially going to leave it up to people who contribute to the ido so it does feel a little bit weird that they got they're going about it this way hopefully they kind of like listen to community feedback and maybe adjust a few things here um but i still like you

know zigzag the product i've talked about them before and i use them pretty regularly because they're um they're on zk sync and i use them to to kind of like uh swap the uh donations from get coin into eth and it's worked well like there's nothing wrong with the product but i think that yeah i don't like i'm not really a huge fan of ido's or icos or any of that like old token sales in general i think a lot of them really are just poorly designed they don't really lead to positive outcomes especially positive long-term outcomes and i don't think the airdrop procedure should be left up to the community to decide because the community is always going to try and decide to give themselves the most tokens that they can so why would you live it up to them like it should be a thing that the core team

comes up with in my mind at least that's my opinion maybe you have a different opinion to me but i don't think that the community should be designing how many tokens they get because of course they're going to try and vote for the most amount of tokens uh to to give themselves the most amount of tokens that's just like the clear incentive structure there at least it is in my eyes but if you disagree with me let me know but uh yeah we'll see how this goes we'll see how this evolves but uh yeah zigzag is going to have a token so that's what that's that's basically the big announcement so that they were kind of like teasing i think over the last few days all right so i want to talk about this tweet for a sec that i kind of like put out when i

replied to this uh this this i think it's jager is how you say his name um he basically put out a tweet where he said of all the things that happened this cycle solana's vote to confiscate and use those funds is by far the most egregious it's worse even than the eighth dow confiscation it's the clearest demonstration yet the proof of stake is not a consensus mechanism okay and then i replied and i said it was soul end an application built on celina not the celina protocol itself and then i asked him is it worse than the bitcoin value overflow bug which you should actually check out because a lot of people don't know about this bug but it happened very early on in bitcoin's life in 2010 but it was basically bitcoin forking out a inflation bug uh which kind of like broke bitcoin's

immutability but no one ever talks about that because of course our bitcoins don't want to talk about that little uh little thing there but and then i said what happened with soul end has nothing to do with proof of stake do more research before spouting off so much [ __ ] and people replied to this saying you know quite an achievement to tweet something so factually incorrect to make uh sassel defense alana and look i get it was weird because this kind of like reads like i'm defending solana but in reality i'm just correcting misinformation because that's what i do and it doesn't matter if it's solana or kind of like cardano or avalanche or whatever else it is if it's misinformation and then especially if it's misinformation that kind of like relates back to ethereum i i i kind of like feel compelled to correct it but i want to

focus on where he said it's the clearest demonstration yet that pos proof of stake is not a consensus mechanism like what the [ __ ] even is that like i just i i read that and i'm like dude like do you have a brain like seriously no one with like a normal rational thinking brain would type a sentence like that but anyway that's my own kind of like view on that but then i said what happened with solomon has nothing to do with proof of stake which it doesn't but then you can kind of like extend that to ethereum and some other kind of like bad narratives that i've seen perpetuate where people think that uh proof of stake equals on-chain governance when that is not how it works at all there are two separate things there are proof-of-stake blockchains that have on-chain governance such as taizos then

there are proof-of-stake blockchains that do not have often chained government governance such as ethereum right like or or the bitcoin chain specifically and ethereum will never have on-chain governance well i shouldn't say never but like it it's not even on the road map it's not something that we want in ethereum for a variety of different reasons but bitcoin is especially bitcoin maximalist keep perpetuating this myth that you know after the merge ethereum on proof of stake is going to be an on-chain governable system which is hilarious to me because it's just a goal post moving yet again because first it was proof of sake is never happening then it was the merge is never happening or then it was it's always being delayed then it was 82 is never happening now it's okay now they're accepting okay well the merge is going to happen but like once ethereum's

on proof of stake it's going to be a um a on-chain governing system and it's going to be just like the banks and all this other cr crap that goes on so i wasn't necessarily defending solana here as much as i was dunking on uh this yoga guy and the misinformation that he's been that he's spreading here but at the end of the day i think being accurate is al is also kind of something that uh is worthy of doing even if it's for a competing ecosystem you guys know my opinion on salon i don't have to rehash it there but i don't want people kind of like saying that it was just you know this is this is the kind of like solana protocol doing this when it wasn't because it was just an application because that misinformation actually leads to people thinking well you know

ethereum's going to do this it's just like the ethereum kind of like dow hack and what happened there and then and then it's just really the applications doing that like it actually just perpetuates those bad narratives and perpetuates all that really bad information so that's why i kind of like said this yeah now i don't i don't i know i don't need to justify myself or anything like this but i just feel like some people were confused by this tweet and i wanted to explain my reasoning here and i wanted to explain why just because it's misinformation for a competing ecosystem doesn't mean it shouldn't be corrected like i always try to be as accurate as i can in both my critiques and my uh kind of like praise for competing ecosystems because i am an educator that's what i do i don't want to be a propagandist i want to be an

educator propagandists don't care about accuracy they just say whatever whatever they want whatever suits their narrative i try my hardest to stick to the facts and if i don't people can call me out on it and i i you know i'm very receptive to that so so yeah anyway i'm going to leave that at that last couple of things to get through so uh blockfi i've been talking about block fire a little bit recently and about how they were having some troubles there well zac prince who is the ceo of block fight announced today that the block fire has signed a term sheet with ftx to secure a 250 million dollar revolving credit facility providing blockfly with access to capital that further bolsters blockfire's balance sheet and platform strength aka blockfi is being bailed out by ftx but this is blocked by signaling to everyone that they aren't strong enough

to meet all of their obligations so they need they need to work with ftx in order to uh kind of like have this credit facility to keep their operations going and this is hilarious because i think they were relying on their raise that i spoke about the other day where they were they were kind of like trying to raise at a much higher valuation to raise that money and to keep them afloat but now that they can't do that they need to kind of like find money elsewhere again this is another perfect example of a c5 platform that we have absolutely no window into we don't know what's happening behind the scenes there's no way to verify anything all we have is um signals and rumors that we can go off of and well we we only find out when uh that that they're struggling

when announcements like this happen like how long was celsius in trouble for probably a very long time how how long did it take for us to learn about it very long time we only heard about it a few weeks ago uh like obviously i had been warning about it for a while but we only heard about it or at least maybe most people only heard about it when [ __ ] really hit the fan that's not the same for d5 where we can actually order all these sorts of things and see on chain like how long are people screaming about the terror thing a very long time since basically day one because they were saying that uh look we can see how this is gonna work everything's laid out there we see all the unchained stuff we see what's gonna happen this is the logical

conclusion of that so even the most egregious example of something that has collapsed and taken a lot of the ecosystem with it was able to be spotted because it was on chain it was verifiable um which is a far cry from these c5 platforms which you just have no window into at all all right finally here just a quick shout out there as part of the merge series that i'm doing with ssv network the next episode will be uh well next twitter spaces will be on friday at 9pm australian eastern standard time i think that is going to be early morning very early morning in the us i think it's going to be around noon in europe it's going to be recorded of course you can kind of catch the recording but this episode is going to be with stani from ave and we're going

to be talking about the merger's impact on d5 so you can go set a reminder for these twitter spaces but if you can't catch it you can definitely uh kind of like re-listen to the recording once that's live which i guess i think it automatically uploads to twitter after the the twitter spaces is done so yeah be sure to catch that uh but i think on that note it's gonna be it for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to newsletter join the discord channel and i'll catch you all tomorrow thanks everyone