Sepolia Shapella date, Paxos to stop issuing BUSD - The Daily Gwei Refuel #539 - Ethereum Updates

Transcript

hello everyone welcome to another episode of The Daily gray refuel where we cup the latest news in the ethereum ecosystem I'm your host and this is Hannah has the 13th of Feb 2023. all right everyone let's get into it so just actually before we get into it I wanted to issue a quick correction last week on Friday's refill I believe I called liquidy a make a fork win in reality there not I make a fork I kind of slipped up there I think I confused it with another project so definitely not a maker Fork similar to maker in how it operates in some capacity but definitely not a fork and the reason why I was talking about liquidy last week is because they had an integration with Aztec go live which of course you can check out if you haven't yet as well but there that's the correction down there

now moving on to the news from the weekend well this news just came out I guess like a couple of hours ago now and this I think is the biggest news over the last few days um and it's basically that the US Securities and Exchange Commission has plans to sue paxos for listing the busd coin alleging it is in an unregistered security now this was the news that actually came out about 11 hours ago then there was another bit of news that came out two hours ago which was that uh the New York uh Department of Financial Services or the NY DFS has ordered paxos to cease uh issuing the busd stablecoin and they have complied with that now there is a lot to kind of dive into here so I'm going to try and keep it a you

know brief and not try and knock on a lot of different directions here but essentially uh what this means is that new busd so binance USD it's binary it's the stable coin that paxos issues for binance uh is not able to be issued anymore but existing busd will be able to redeemed I believe until Feb 2024 or at least they said at least until Feb 2024 so if you do have busd you'll be able to redeem it I mean I'm sure you'll be able to trade it for another stable coin as well if you would like um or sell it to Fiat in whichever way you whichever Avenue you choose there now what's interesting about this I've had a couple hours to digest this there's still not a lot of info coming out but I have my own kind of theories on why this is being done but what's

interesting about this is that paxos actually issues two stable coins they issue busd and usdp now the only stable coin that the um New York regulator has gone after and the SEC has gone after is busd not usdp and now obviously busd is much larger I believe usdp has a 900 million dollar market cap and busd has a 16 billion dollar market cap but I don't think the size would matter in this case right like if if that if um the regulator actually wanted paxos to stop altogether then they would have gone off up the usdp as well but they haven't at least they haven't yet right so that remains untouched it's just busd that they've gone after now there's this is a bit of speculation on my part as to why

this is the case um while the SEC is saying it's because busd is a security and that's why they're going after after binance for this I'm going after paxos for this I should say um which is a whole nother discussion that I don't think is is worth getting into right now uh or maybe I'll lead into went in a little bit but what I'm speculating is that there is more than meets the eye here in terms of why specifically this New York regulator has gone after busd right now it remains to be seen if they're going to go after other stable coins that are issued out of the us such as usdc um we don't know I don't think it's likely that they're going to do that because I think there might the reason that they might be going after bus deal

have gone after busd is because of possible money laundering slash terrorism financing things now as I said this is speculation on my behalf but this may be what uh you know is is more than meets the eye here and the fact that busd is like any stable coin it can move freely across across chains obviously there is kyc involved with centralized exchanges and you can't issue busd yourself but once you have busd on chain you can move it around and there's no kyc involved there obviously if you wanted to cash it out interfere it'd be hard not to without going through a kyc party uh but you could still do it you could still do it OTC way as well so what I think may have happened is that these Regulators have uh strong evidence and and right the

reason why I say strong evidence is because paxos basically rolled over instantly on this they're not even bothering to fight it right so for that to happen there may be strong evidence that these Regulators have that links busd to these acts and two money laundering to terrorism financing and similar things like that and this is not the first time a regulator has gone after crypto for this terrorism financing stuff has been going I mean the regulates have been going after crypto for this for a long time but just recently with the ofac stuff right that was all about stopping not terrorists so to speak but stopping North Korea right from financing their operations they pretty explicitly said that this that could be a similar situation here so that could be one reason and as I said this is just speculation on my behalf there's not actually that much info out

right now which is kind of frustrating um but the other side of it as I said I wasn't going to talk about this too much but I think it's worth mentioning is the SEC basically trying to label all stable coins as securities now you may want to be wondering okay well how does the security meet the Howie test right how does it meet the how the um one part of the Halley test which says there's an expectation of profit when you invest in something and that makes it a security obviously that doesn't happen with stable coins uh or at least not with centralized stable coins you know maybe some of those things that call themselves stable coins but aren't really maybe that happens there but with the centralized level coins they're obviously meant to be pegged to one US dollar um so you know how does that make them a

security well if you actually look at the U.S Securities laws they're actually quite broad they're a different the the Howie test only applies to investment contracts but there are other types of I guess like um sorry other other laws out there and other regulations out there that basically break down uh to the to the point where anything could potentially be labeled or security like literally anything any asset you can think of could be potentially labeled uh security uh just depending on the interpretation of it and this is what happens when you have such broad regulations um and and and and over time these relations become more and more broad through settlements through precedents set in court through I guess like the fact that the US is it has been trying

to regulate financial markets for such a long time now that they just add more and more of these Financial uh regulations and they never really uh review them or remove them and what ends up happening is that these Regulators end up with so much power that their power is so broad that it's very hard to actually Reign them in I think that's what's happening with the SEC where they're doing this massive power grab where they just keep going after everyone and no one's stopping them and honestly the only person that could stop them uh while the only I guess like people that could stop them is Congress and right now uh I mean Gary Gensler the head of the SEC right now was appointed by Biden right by the Democrats and they could stop him and the SEC if they wanted to but that again just falls back

I mean that falls into politics very quickly because let's say Biden said okay well Gary ganza isn't doing his job well I'm gonna you know I'm gonna remove him replacing with someone else while that makes Biden and the Democrats look bad because they appointed him right so again that's that's a politics game there so in that in that sense uh the only real way that genslar could be I guess like fired or relieved of his position is here that gets promoted right um or uh you know next year I believe the next federal election is uh the Republicans win and then they you know obviously get rid of gensland putting their own their own uh Chief there uh there's as far as I'm concerned there's the only two ways that that could happen now obviously uh the first way is not great because if genza gets promoted I

mean I think the only other place that you can go after the SEC after one of these other regulatory bodies is the treasury Department and he would have even more power right he'd probably take uh yellen's job at that point um I don't think he's going to obviously become the Fed chair or anything like that but uh but yeah that's the kind of lateral move that happens there uh and as I said there's a very low chance of him actually being fired uh for not doing what he's supposed to be doing which is kind of frustrating and there was there are stuff being proposed on the political side of things to review what the SSC has been doing but again these things are proposed by the competing party right now it's being proposed by the Republicans they don't really have any power they don't they

control the house but they don't control the senate or the executive branch uh or the presidency so it they don't really have much power to do anything at least right now or maybe next year they will if they win the presidency but again that just falls into politics and that's def U.S politics is definitely not saying I'm an expert in but you know I'm learning I'm trying to learn I'm trying to pass on that knowledge to everyone here so that's kind of the gist of the way I'm thinking about this I hope that more information comes out about exactly why this happened about why paxos basically rolled over so quickly here and why um the New York regulator here only went after busd and not usdp I I find it hard to believe it's it's a sizing thing I I believe I believe that just because it's

you know considerably smaller doesn't mean that if usdp was part of the same same reasoning here it would be spared so that's an interesting development as well but I also get pretty frustrated about this too because essentially what uh you know paxos majority of its business was issuing busd and essentially this regulator has killed that business overnight now unless they have like a really good reason for doing so it's pretty frustrating but as I said like not much information out right now maybe there will be in the future but it definitely seems like these Regulators are on a war path uh with crypto we expected this I remember I mentioned that last year after the FTX blow up this is not surprising to me at all uh this is the perfect excuse I mean FTX was the perfect excuse that Regulators needed to come down hard on this

industry and I remember and I believe for a very long time now I've been saying that stable coins were the easiest thing to go after centralized sniper coins I should say I I think I said this as far back as even 2020 on on the refuel um and that's as I said because they're easy targets uh because they're centralized very easy to to Reign the mean if you want to uh but whether it's Justified or not remains to be seen yeah but I'll keep you guys updated on that one uh gonna leave that at that I I think there's a few more regulatory things I want to talk about before moving into the ethereum news uh Brian Armstrong from coinbase shared a blog post today titled coinbase's staking services are not Securities and here's why uh this was published uh February 10th by Paul I believe I may have

shouted this out um when it was first published but what was interesting was Brian basically recommitting and saying we will happily defend this in court if needed now Regulators like the SEC they don't want to go to court that's why you'll see a lot of settlements right I mean the settlements are also good for uh or at least a shortcut for the other party as well to just uh leave this you know leave this be and just go on there Merry way but the SEC and relays they don't want to go to court because losing in court is very very bad for them now who knows if they're going to lose or not but going into court is very very timely and costly process if they lose it sets really it sets a Precinct they don't want they don't want to set um and they'd rather just go after the

smaller fish who either can't afford to fight in court or will just roll over uh rather than the bigger ones so Brian's saying this and Brian basically saying that you know if you come after coinbase we're going to fight you in court the SSC probably sees that it's like okay well maybe we think twice about going after coinbase they have gone up to coinbase in the past they went after them about their their coinbase earned product but there are certain Hills I believe coinbase is willing to die on it seems state they're staking Services uh is one of those Hills uh and I believe that their stablecoin well their stable coin that Circle issues that has close ties to coinbase usdc I believe they would also go to bat for that so it's good to have uh you know one of the largest exchanges in the world

especially one that's us based basically saying that they would fight these Regulators in court because that is the last thing Regulators want they do not want to go to court that is I mean they the SEC uh went after Ripple and uh Ripple took you know obviously took them on and went to court and that's still ongoing it's been many years now and it's still ongoing uh and there's no clear kind of uh I guess the direction of where that's going right now I haven't kept up with it too closely but it doesn't seem like uh you know um anything's going anywhere positive for the SEC they may end up just reaching a settlement agreement again where Ripple doesn't admit any fault and they just settle in the end so it becomes a huge waste of time and resources for the SEC makes him look bad

as well but that could be the outcome there but I don't know if that's going to be the outcome I'm just speculating again but cool to see this from Brian uh I I believe it's very based as I said in my reply here and I believe it's very Cypher punk as well I mean it's what this industry was built on Brian is a Cypher Punk he created coinbase in 2012 he's been around he believes in the mission of of crypto right he's not just going to roll over and let these Regulators go to town on on crypto in the US because I mean he's obviously an American citizen he obviously loves the US and believes in in the US uh being able to get a lot of advantages from supporting crypto so he's willing to fight for that which I think is very very cool

all right uh I think this is the LA yeah this is the last thing on the regulatory front Jason gottliebia who is a lawyer put together a thread where he starts off by saying I find the sec's quote-unquote all crypto projects have to do is come in and register line unbelievably insulting it assumes that there's this vast quantity of sophisticated Securities lawyers advising clients nah man screw the SEC YOLO baby do whatever you want and then he continues this thread but basically repeating what I was saying last week I believe where I said that the SEC specifically Gary against those out there gaslighting people trying to convince them that there is an easy way to register and be compliant with them when there really isn't and any lawyer will tell you that there really is not when a good lawyer I should say there really is not any good way for these

crypto companies to not fall afoul of the SSC and I think the SSC has proven that at this point by going after um you know some of the most regulated entities in this space I mean Kraken is very already very regulated SCC went after them paxos incredibly regulated it's related in New York which has very tough regular Financial regulations generally and the SEC still went after them the New York uh Financial Department of Services I still went after them so when you look at it like that yeah there's there's no easy path here and if there was I'm sure these crypto companies would definitely take it but you know when there's no path and there's no guidance then uh the the path can't be taken right so yeah you can read this thread from Jason for yourself it's not that long I'll link it in the

YouTube description below uh for you to do so all right moving on from all of that onto some ethereum news so this is some positive news that Tim baiko shared over the weekend we have a uh date for sepolia to Fork to the chapel Shanghai capella upgrade which is going to be on the 28th of Feb at 4 a.m UTC time here so they're meeting their end of Feb deadline for sepolia I'm sure girly will be not far behind a week two weeks Max and then we'll get mainnet a launch hopefully end of March so they're on time here they're on schedule and as I said after the merge guys like the core devs are energized they don't want to be missing any kind of um dates they give themselves they want to be doing

things as fast as possible especially Shanghai because that was something that just they needed to get withdrawals out of the way right uh and then obviously moving on to 4844 later in this year with a bunch of other eops that could possibly get included in that upgrade they're they're on a you know they're very motivated to get this stuff done so very cool to see that we have a date and a time already for sepolia I'm going to be in damn over at that date I believe or maybe maybe I'll be on the plane I don't know what what time this translates to in UTC I'm flying out on uh sorry Feb 27th in the morning Australian uh time where I am right now so I don't know if I'll still be on a plane or not at that point maybe I'll be sleeping because I'll be too jet lagged

but regardless it doesn't matter what I'm doing or what matters is that sepolio will be forking to uh chappella in on 28th of Feb at 4am UTC all right uh speaking of core Dev related updates Danny Ryan posted his uh finalized blog post number 38 here uh with just a I guess like a tldr on what's Happening uh so Chappelle are being on the horizon with the jejang testnet going live the link to the withdrawals FAQ and then he also updates out on the updates us on the academics grants round which is live as well which you can check out uh and that's still open till February 27th to apply if you would like to do that the link to applies in this blog post as well but yeah I'll link this in the YouTube description for you to go check out

all right so speaking of coinbase being based Jesse here who works at protocols uh at coinbase put out a tweet thread that's saying oh sorry tweet I should say saying users across coinbase products are now seeing a call to action to help lower ethereum fees and secure the network by participating in the kcg ceremony so basically this is front and center for coinbase users to get them to participate in the kzg ceremony this is super cool I mean this is something that coinbase does not have to do and that centralized exchanges don't traditionally do but they're doing it they're basically telling users hey go participate in this weird kind of thing that's super technical that the ethereum community is doing called the kcg ceremony and they're linking directly to it so I mean kudos to coinbase for doing

this this is exactly what I've been saying that coinbase has been working towards for a while now they're trying to get users on chain they're trying to get users more involved with on-chan products rather than just trading coins on their exchange because the majority of people who are quote unquote in crypto are not in crypto right they're in trading these coins on centralized exchanges which to me isn't really crypto crypto is doing stuff on chain you know playing with D5 on chain playing with nfts on chain playing uh with uh you know voting in Dows uh and and things like that that to me is uh is crypto and I'm glad that coinbase also recognizes this even though they have every incentive not to do this because they're a centralized exchange they'd

probably rather users stay on their exchange it earns coinbase more money right but they're actively working towards pushing users on chain which is incredibly positive for both the crypto slash ethereum ecosystems and also I believe for coinbase's rep as a whole because coinbase I think there was a bit of drama around them over the last few years they did take some missteps here and there I think the biggest misstep was uh them acquiring I think it was a company I remember the name of the company they acquired a company that made uh technology to basically spy on people or to sell information to the government or something like that some some drama around that I can't remember exactly what it was there was that big misstep that they that they did there and there was another one uh that I don't think necessarily was a misstep

but there was a lot of drama around it where they basically banned all political talk at coinbase and told anyone anyone that wanted to discuss politics to basically leave the company um which I believe you know a few people talk coinbase up on that offer and coinbase actually paid them out for that as well paid them some Severance and things like that too which was actually very good of them but there was a bit of drama around there were a lot of drama around that especially outside of crypto because I guess like there's this whole cultural War stuff going on in the US about you know anti-woke or woke or whatever it is that led to a lot of drama as well but I think over the last couple of years coinbase is definitely uh uh been very based and has definitely repaired their rep a lot I I believe in

that in that sense and I guess like uh it doesn't matter where you sit on the politics issue it seems to have gone pretty well for coinbase like they're kicking goals all the time they're doing really well um and honestly Brian's logic around that was that he thinks that coinbase should be solely focused on going crypto to the world and all the employees should be focused on that so discussing politics at work is definitely something that should you know shouldn't happen and look I don't have a strong opinion on this either way that was his logic there and I believe it's actually happened in 2020 because of the the election at the time I believe uh but regardless of that I don't want to get into politics here but uh yeah I think just coinbase has been kicking goals a lot of goals over the last a couple of

years all right so Tony from uh the the person behind the Mev boo stop Peaks website that I talk about quite a lot on the refill these days and I'm going to talk about Mev boost a little bit here as well uh but he shared a couple of new graphics uh that he's put out so this one is uh captioned with the seamless journey of blocks from creation to validation through the Mev boost ecosystem so this is basically what it looks like uh this is the life cycle of Mev boost it goes from a builder Searcher to a relayer um these bundles and then the relay goes to a validator in order to get this included on chain or to propose this block on chain uh and you can see here the ones that dominate so Builder 0x69

uh Beaver build and Flash slots are the three most popular Builders they all feed into you know pretty much like most of these relays the most popular relays right now obviously being flashbots blocks you at Max profit and ultrasound and then they feed into the validators uh and the most popular as we know is you know the koi Lido crack in coinbase and and binance but it's really cool just to see the visualization here and the flow of how this works and exactly why the Mev boost ecosystem is so nuanced because you can have relayers so you can have builders that say okay well we're not going to censor any transactions but if they send a tornado cash transaction for example to flashbots well flashbot is going to censor it at their level and and that

means that it's not going to get included on chain because flashbot censored it and then it could even get to the point where the validators censor it too like this is the thing about censorship it can go it can happen at any point in this chain it can happen at the builder at the Builder uh level it can happen at the the relayer level and then it can happen at the validator level as well so solving for all of that is quite difficult um but you want to solve for it where the I guess like most concentration of censorship is and right now it's at the relay level that's where the highest concentration of censorship is and that's what we've been solving for recently and that's what I was going to talk about in a sec but also there's another graphic live on tornado warning

dot info displaying validators so this is another website from Tony here that you can check out as well that now supports uh validators not just relays now on the Mev boost front we are almost at below 50 ofac compliance which is huge I remember saying quite a while ago that I believed the ofak compliance topped at around 80 percent and that it would be going down since then uh since that since that uh point because of a lot of the reasons I've outlined in the past now you can see the chart here which looks really cool so this is all blocks look at all that green that green has just kind of kept increasing the Reds going down um the the black heel the charcoal is basically non-v Mev boost which is

stayed rather I guess like uh stagnant between eight and ten percent but not Mev boost is considered non-censoring as well so you you can count the non-mev Boost and not over compliance as as one and that's exactly what happens here so 51 of all blocks are enforcing earthquake compliance down from that peak of I believe it peaked at 80 or something yeah about 80 it's been down since then which is obviously awesome to see now if you include only Mev boosted blocks that's also down considerably to about 56 percent uh thanks to obviously blocks route Max profit ultrasound money and agnostic boost leading the way on the non-censoring front and flashbots is now below 50 so that's pretty crazy considering that of Mev boosted blocks

flashbots was at 90 something percent originally 90 plus percent and now they're below 50 in large part thanks to flashbots the creators of Mev boost um I guess open sourcing all of the relay infrastructure that they have in the build infrastructure the Mev boost infrastructure in general so just very positive here I wanted to show this to you guys and this is over the last day if you go over the last seven days it still looks really really healthy as well 55 last 30 days um is 63 obviously as time goes on those should lower as well but the fact that we're pretty much 50 here is amazing that means that you have a 50 chance uh of getting your transaction in each block essentially which means that after only two or three blocks you have a near

100 chance of your transaction being included on chain and the only transactions that are being censored at the relay level right now are tornado cash ones so this is this is great guys this is just so positive I that's why I always I always kind of share this with you guys because I want to show that we're winning we're winning the war against this censorship here and the relay infrastructure is just so much more Diversified than it than it had been in the past and I believe and I stated this from day one when the ofax stuff happened I believe that the ofax sanctions actually strengthens ethereum's censorship resistance and the proof is in what's happened over the last few months or I guess like since August here so very cool to see this and kudos to everyone on that's made this a reality

all right so oh man I I'm coming up on time here but this is a thread that I wanted to talk about uh and this is quite a uh a big kind of topic here so I'm probably not going to dive as deep as I wanted to because I'm I I'm running out of time but essentially uh front alpha.ethr from the Lido uh Community put out a tweet thread which I pretty much like completely disagree with so they started off this thread by saying without Lido coinbase Kraken and binance would have captured ethereum Lido was and is the only credible ball walk against ethereum being centralized all the talk of decentralization would have been a joke and they continue this thread which a bunch a bunch of different things but this is the Crux of the thread now the reason why I

completely disagree with this I mean there's a few reasons but a big reason is because one well I guess like the number one reason here is one what front Alpha is doing here is basically putting forward something that he they believe to be a 100 certainty when there is no proof of this at all you can't say with 100 certainty that without Lido coinbase Kraken and binance would have uh I guess in their words captured ethereum which I'm gonna I'm gonna talk about that in a sec but you can't say with with certainty that coinbase Kraken and binance would have uh captured the majority of the the chain market share I would have would have had the majority of the stake like that's just not something that you can say with certainty with 100 certainty obviously you can make an educated guess and say okay well without Lido you know the

other the next best or next easiest staking point would have been uh the centralized exchanges that's fine I can kind of get that argument that's a debate that could be had um but I also take issue with this captured terminology I've said many times in the past and I'm I'm not going to dive into into the reasoning here but I've said many times in the past that just because uh an entity has a large share of stake doesn't mean they've captured anything the power of ethereum the power to change ethereum to I guess like not control ethereum but I guess uh to participate in ethereum from a uh I guess like what is the real chain perspective what is the real ethereum perspective that power lies with the majority now the majority being the

social layout not the majority being who has the most stake because for example let's say coinbase or some centralized exchange had 50 of the stake well coinbase is one entity yes there are thousands of employees within that entity but uh but at the end of the day it's one entity with a board that would have to make decisions on things so you could at most say there was like maybe a couple dozen people that would be in the decision process of what to do you know if they wanted to decide that okay let's let's do a rule change on ethereum we can we can uh you know push it on everyone because we have such a large share of the network let's go with that that's not how it works because yeah okay they may have a couple dozen people that are deciding this Within coinbase

but coinbase is one entity right that's it's seen as one entity it moves as one entity whereas the ethereum social layer is made up of tens of thousands of different entities different individuals and companies institutions who would all probably be against coinbase in this depending on what coinbase was doing especially the individuals so to say that these entities would capture ethereum I think is the complete wrong framing here because ethereum cannot be captured just because an entity has a lot of stake yes they can do certain things with that power but they cannot capture ethereum they cannot dictate what is the real ethereum chain that fits squarely with the ethereum social layer which is made up of plenty of different entities thousands tens of

thousands of different entities being individuals be it companies whoever that uh decide what ethereum is so that's that's why I I kind of like really disliked that terminology there and then the second point on front Alpha's tweet where they said lydo was and is the only credible ball walk against ethereum being centralized that is completely false it's not the only incredible ball walk we have plenty of those solo staking uh rocker pool yes rocker pool wasn't live when taking went live but it is now right um these other uh kind of entities that have spun up like look at all these entities in this in this picture here they get market share as well they're about walk against um against centralization too because a lot of these entities aren't actually affiliated with each other right so uh and then they say all this talk of

decentralization would have been a joke I I and and for all the reasons I've outlined I think that that statement is just completely false and Incorrect and I think that people just still do not understand that there's a massive difference between Technical decentralization and social decentralization not to mention all the technical things that are being built into the ethereum protocol to prevent capture to begin with right such as slashing be it that automated slashing or social slashing um as well as uh just general penalties for for doing certain things as well as the fact that we can actually see when in an entity is doing this um and and then on the social side we have the really strong social layout that can prevent these things from happening because the strength of a social layer is not in the entities that

have the most stake or or or a couple dozen entities that have a lot of stake the strength is in the quote unquote bottom 50 so to speak right the bottom because that is made up of much more individuals and ethereum doesn't have on-chain governance there's no uh you know owning more eight doesn't give you more of a say I mean it's funny because like there are Bill there are billionaire etholders who have barely any say in the governance process I mean before I just use an example here before three hours Capital blew up they owned billions of dollars worth of eth did that give them any sway over the ethereum governance process at all no if suzu tried to join a core Dev call he would have been uh laughed out of the room and no one would have listened to him so this is the beautiful thing about

ethereum is that you can't just buy your way into the governance process uh by buying eth maybe there are other ways you could buy your way in to some extent where uh and I'm not gonna I'm not gonna dive into that now because I'm gonna go on forever if I do but the fact of the matter remains is that doesn't matter if you control a lot of steak it doesn't matter if you control a lot of eth what matters is this social layer and as long as the social layer remains healthy remains decentralized and diversified which it has been and it's just been getting more and more decentralized then ethereum is fine and I don't think that we need a lighter to come in and save us and defend us I don't think we need any of these entities to come in and save us

and defend us uh because it's that's not how it works in saying all of that you guys know that I don't hate Lido I think Lido is fine I actually do think that lydo has worked to get stake uh prevent stake from going to centralized exchanges and going to later instead it's debatable whether that's a good or bad thing I'm not going to dive into that now um but yeah stating that Lido saved ethereum so to speak uh I don't think that's right for the reasons I've outlined anyway I'm going to move on from that I've gone over time but damn I needed to get that off my chest all right so a great thread here from North swap so this is a 27 part thread that I highly recommend giving a read and now I've been talking a lot about this roll-up as a service uh kind of

thing that's been happening over the last few months where essentially a project is spinning up that uh that are going to make it easy for anyone to spin up their own roll-up to build their own app roll-up for example right application specific roll up now if you want to learn about all the projects doing this and North swap's take on it you can check out his thread which I'll link in the YouTube description below I'm not going to bother going through it because it is quite a long thread and he does a great job of breaking it all down for you anyway so you can definitely go check that out we'll be linked in the YouTube description below for you to do so all right so optimism governance has introduced a new portal built by the nouns Agora or I guess Agora which is funded by is it funded by nouns I'm not

sure on this I'm assuming it's funded by the nouns ecosystem but anyway this is a governance portal that actually looks really really cool so and optimism is calling this the first step toward transitioning to fully Unchained voting and will also serve as optimism's delegate registry now how cool does this look guys like I actually think this is a really really nice interface I may have uh showed this before when it was in like beta or Alpha on testnet or something like that but it seems that uh is uh it is on mainnet now and you can delegate to all these different people uh that that you know whoever you want to delegate to you can see all the stats around optimism governance you can see proposals and voters and all that good stuff there so definitely go check this out if you haven't yet and there's also

a handy governance calendar too um but yeah I'll link this in the YouTube description below for you to check out now the last few things to get through gonna probably power through these uh so the ethereum attestation service has uh basically put out a blog post talking about the future of verifiable credentials and they say on their tweet here Builders are you passionate about the future of verifiable credentials um explore the ethereum attestation Services fresh take on erc721 and soul bound tokens an alternative path plus use cases and a perspective on the future so if you are at all interested in verifiable credentials or on-chain Identity or anything like that you should definitely go check out this blog post it's quite a lengthy Ray but definitely interesting one uh definitely something that I see as the next big

kind of use case for crypto it's just on chain identity and all that that sort of stuff so you should definitely go check this out I'll link it in the YouTube description below uh just moving on here semaphore V3 has been announced so just a reminder semaphore is a ZK protocol that lets ethereum users prove membership of a group and send signals without revealing their original identity so again falling into that identity bucket there that I've been talking about you know just just before and a lot recently uh great to see this live here with a bunch of new features that you can check out for yourself um the new features are listed in tweet thread which I'll link in YouTube description below and passed up here on the identity front as well Shopify has integrated a sign in with ethereum so developers can now basically code their

Shopify website up or have a plugin that allows them to sign in with their ethereum account now I've talked about this a lot in the past about how I believe that signing with ethereum will definitely become a standard across the web and great to see Shopify one of the biggest eCommerce Platforms in the world integrating it over the weekend but yeah on that note that's going to be it for today's longer episode thank you 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