Shanghai updates, Protocol Guild's 6 month recap - The Daily Gwei Refuel #504 - Ethereum Updates

9 Dec 2022 · 30:31

Anthony Sassano hosts this Daily Gwei Refuel recap of Ethereum ecosystem news. The episode covers Ethereum core developers converging on the scope of the Shanghai hard fork, Protocol Guild's six-month funding recap, and the declining share of OFAC-compliant blocks being built. It also reviews distributed validator technology progress from Obol and Rocket Pool's plans for lower-ETH-balance staking pools.

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hello everyone and welcome to another episode of The Daily gray refuel where he cut the latest news in ethereum ecosystem I'm your host Anthony sassano and since the 9th of December 2022. alright everyone let's get into it so some bittersweet personal news today so it's come to an end and what is it ether so ethub has been sunsetted here and ether was the educational resource that I co-founded with Eric Connor all the way back in late 2018 it was a documentation website for all things got to do with ethereum it was a podcast and it was a newsletter and Eric Connor my co-founder here put out a little tweet thread today announcing that it was being Sunset and and why so basically just a bit of background here ether was the thing that uh kind of got me started

with ethereum more broadly so as I said it got founded in late 2018 I had already been in ethereum since early 2017 but I wasn't that public uh I I wasn't really doing anything directly and the ecosystem was more of an observer I was still working at a non-crypto job um and yeah it's just just uh it's been a journey that's for sure it's it's definitely helped me a lot within the ecosystem helped me get involved and build my network up and you know I said here in my tweet I said getting a bit emotional over this ether was the springboard that launched my entire career in ethereum and without it I don't know where I'd be ethub quite simply changed my life thanks to everyone who supported us and thank you to Eric for being such a great co-founder so I mean I would say if I

really really did change my life because as I said before ether I wasn't that involved with with the community but once ether launched uh it started getting a lot of really great traction we were documenting things like fud that was being spread during the bear market for ethereum and wanting to address that far and then we started providing better documentation around things like how to run a full node ethereum's monetary policy and that sort of stuff and obviously with the newsletter that we were doing it was a it was a Weekly Newsletter called The Ether Weekly Newsletter and I actually started that in early 2018 under a different name called the block by block newsletter and then it became The Ether newsletter and then we did a podcast where we interviewed different guests in the ecosystem and we also did a weekly recap of the newsletter on on the podcast and

you know it it sounds maybe a little bit funny now saying that but back then it there was basically no ethereum media content bankless came soon after the bankers was quite small right it didn't start off as being the Juggernaut that it is today so you really just had a few podcasts here and there but nothing really ethereum focused which is why which is one of the reasons why ethub came to be But as time has gone gone on ether but I guess like got obsoleted so to speak by different resources so ethereum.org was basically upgraded a couple years ago I believe I had went when I underwent a massive upgrade where there was a bunch of resources added to it it had a fresh redesign and it was basically a lot better than what it was

because it was just basically hadn't been updated since like 2015 um and then obviously because of that it was a lot of outdated information on there but then they updated it and they put a team on it they being the ethereum foundation and I kind of obsoleted The Ether documentation part of things to an extent uh and then you also had the podcast and newsletter I mean there are so many media podcasts and newsletters these days it kind of became a little bit redundant for us to keep doing it and we we obviously also uh reached different stages in our life uh Eric had a kid um you know he's been focused on that I've been more focused on The Daily gray which launched mid 2020 uh and yeah I've just continued with that basically but uh yeah it was a journey that's for sure I think that as I said it was that

springboard that launched my ethereum career I owe everything to Ether basically and it is an emotional time to see it finally sunseted here um but yeah I mean maybe Eric and I will do something new in the future who knows I do want to still do like a last hurray podcast with him at last etherb podcast with him uh maybe we'll set that up sometime in the future but for now ethub is no more uh for me personally it's just a daily gray right now and obviously all the Angel Investing and Advising I do on the side and for break I'm looking forward to what he does next in the ethereum community I think he's been taking a bit of a break this year focusing on uh his family uh but you know maybe he comes back next year he's still here yeah it's still um pretty

active on Twitter actually from time to time it's always funny reading his spicy tweets um but uh but yeah just wanted to do a little bit of a recap there and maybe some of you didn't even know that I was a co-founder of ether well that was my first thing before daily gray but now it's daily gray so let's move on to I think what the biggest news of the last 24 hours in the ethereum ecosystem was is that there was an all-core dev's call basically agreed on the scope for Shanghai so it's going to be staked East withdrawals big eof implementation warm coinbase push zero limit and meter init code time-based El forking and get payload V2 and get load bodies by range so basically I guess really only two of those things on that list you really need to care about

um where but the person who put this tweet out Christine Kim actually says in her second tweet she says other than the first bullet every other code change could be removed from Shanghai high if there's devs think it would significantly delay a March 23 2023 activation date so I have discussed before how staked eat withdrawals are 100 coming in Shanghai like that is completely locked in there is pretty much no chance that that's going to be removed I've said 99 locked in you can never be you know obviously 100 sure then there was that eof uh stuff that I was talking about all those different aips that come with that that has been tentatively included but I think if it if the core devs don't feel like it's in the place where it can be included by I think the end of Jan they said then it

won't be included because they are they are targeting a March April release for Shanghai here now you will notice that eip-4844 isn't included and you know I did say that there was a low chance of it being included and also at the same time uh I did say that there was a bit of drama around me so not all core devs are aligned on this so some of them think that we should get 4844 in because you know users are clamoring for it we really need um you know scalability for Layer Two you really need those cheaper fees I don't disagree with that but as I've stated before I think right now users are not clamoring for 4844 I haven't seen really anyone mention it because fees are cheap enough on layer 2 for the people that are in the ecosystem right now I put a very low chance of a

bull market happening next year and by bull market I actually mean like 2021 because you can technically say bull market started in 2020 but in Earnest where you know we have a lot of new users coming in I think I don't foresee that happening uh next year maybe it happens late next year but definitely not early to mid I'm happy to be wrong on that of course but I just don't see it happening right so that gives us more time to deploy 4844 later in the year and on top of that as well if it's not ready on the technical side of things and if the core devs don't think it's ready to go in then yeah simply it's not going to go in and the ones that push back were obviously the ones that are very heavily invested in seeing 48 44 go live which is totally fine like I get

that and they're disappointed that it's not going live in Shanghai but at this point in time withdrawals are way more important than 4844 people are clamoring for this and it is definitely something critical that needs to be delivered and we need to stick to our social contract in ethereum around this where we basically said that withdrawals would be included in the first upgrade after the merge and also timing we want to get them done ASAP as I've said before if 4844 was also included here they would probably delay the uh uh kind of release of Shanghai probably by at least three months so we would look at me looking at maybe a uh kind of June July release instead of a March April release year which isn't too bad but still that is approaching you know almost I guess like

it's 9 10 months after the merge it is quite a long time so we definitely want to get this out there ASAP yeah and I don't have it handy but Tim baiko did a recap thread on the core Dev call as well you can go check out uh but yeah I mean great to see that has been agreed upon and great to see that they're sticking with withdrawals being you know uh kind of like enabled in Shanghai without going ahead with 4844 I think that is the great call even though it's a tough one even though it's something that has caused your disappointment for core devs I do think that for some core devs I do think that it is the right call there but uh but yeah great to see this uh and I'll keep you guys posted on how all that comes along

all right so the protocol Guild's one-year pilot just passed the halfway mark so it is six months as of today and they put together a thread on the last six months and what's next for for the protocol Guild so basically they've uh raised 9.7 million dollars uh which has been donated so far the pilot was seeded with 8.8 million from Lido unisop ens nouns uh Dao and molochdale uh tokens and you can see the list of tokens uh uh uh break down here average donation of just two and a half thousand median twelve dollars from three and a half thousand total donations distributions uh five million dollars has already been distributed to members and as you guys recall the members include 128 ethereum core contributors

um it and that is up from 90 at the start on average each member has received 39 000 which is awesome the 39 000 US dollars right in in the first six months so if each if this is like the average obviously I've said before that some members earn more than others but if this is the average it means that for the year the average is about 80k which is uh and this is supplemental to the money that a lot of these core contributors are already making from other other places but that's like a really nice bonus for these core contributors and I've said before this is not the end state of the protocol Guild they're going to keep raising as much money as they can and paying this out to to members and and onboarding more members obviously over time but I think that's great for for a pilot in

the first six months giving on average each member thirty nine thousand dollars is is amazing to me and especially for something that is so new and and there's so many members as well so the most and then they're going to say the most a single member has received is 79 000 with the while the lowest if there is 13 000. so as I said there is a a kind of uh percentage that each member gets here based on their core contributions um so I would guess that the single member would be someone like Tim baiko for example obviously at the the Forefront of everything one of the um uh the most active people in the ethereum core development ecosystem along with Danny Ryan as well uh so if it is him then I mean 100 deserved right I mean deserves way more than that for the

amount of work that he's done uh an amount of work that other people like him have done as well and the lowest I would assume is some casual core contributor but still they've gotten something for their efforts which I think is amazing so basically uh there's a the thread goes on for a little bit here which you can read I'll link it in the YouTube description below but you guys know I'm an absolutely massive fan of the protocol Guild I've donated to it myself and I plan to send all my rockable Odell rewards to the protocol Guild uh you know once once once I start receiving them uh so I'm looking forward to that as well because it's I don't know exactly how much the rewards are uh I I kind of haven't looked into it too closely but I know that they're not negligible right they've obviously paid

out in RPL tokens but I know that they will make a substantial uh uh a difference um to the protocol Guild uh substantial relative to the other things that I've donated um and I hope to continue doing that going forward but if you are interested in donating you literally don't have to ask anyone there is no process to do it you just donate to the protocol guilds ethereum address which I believe is is um a stateful stateful.eth because it's made by stateful works they should have it linked here somewhere uh but basically you can just donate to their ethereum address you do literally do not have to do anything else there's no process there's no form there's nothing like that uh I don't think it's a tax write-off though because it's not an officially registered charity but that's not tax advice but that's how it works

here I was talking to my accountant about this and saying hey like I've donated uh you know I should I should I mark this down I mean I don't really care either way but obviously you want to be as truthful as possible on a when you file your taxes and he's like no you can't because of it not being officially registered charity uh and blah blah but uh but yeah definitely talk to your Tax Advisor about that as as well maybe something that you're interested in but yeah check out this protocol Guild thread I'll link it in the YouTube description below all right so I've been talking about this a fair bit lately but I finally put a tweet out on on Twitter and the reason I avoided putting a tweet out about this uh before was because I just couldn't be bothered with the drama and the replies

but there doesn't seem to be any drama which I was really positive I was really heartened by that but anyway what I'm talking about is the ofak compliant blocks now this is total blocks on the ethereum network not just Mev booster blocks but I've discussed before how this topped out at 80 and is now trending down and it's currently at 65 and this is thanks to things like flashbots open sourcing their relayer and build the infrastructure more non-censoring relays coming online relays accepting submissions from external Builders and people using flashbots as Min bid and I've talked about all of this on the refill before so I won't rehash it here but I think if this trend continues and we can get below 50 that's going to be an absolutely massive achievement and obviously we want to get to as close as possible to zero percent I already think

it's a big achievement here but just think about it August 8th was the sanctions right in so August September October November right four months right yeah it's it's four months it's almost it's just over four months today so four months since the sanctions happened uh and the problem obviously got to this to the point where it was at 80 we have managed to reverse that Trend with all of these things and none of this required any protocol level work and I remember how I said to you guys that there are protocol level things like PBS and others and other things like potentially the shutterized beacon chain which I don't even believe is a protocol level change um and then other things that are even further beyond that such as making the base layer private but I remember saying that we don't actually need any of that

none of that is critical to uh rectifying this issue what we needed and the number two things that I mentioned at the time was more non-censoring relayers and flashbots open sourcing this this extra infrastructure in order to give uh to to provide a Level Playing Field for these other relays and both of those things are played out and we got even better things like the flashbots's Min bid thing didn't actually exist until recently right and then relay is accepting submissions from external Builders uh that that's also really positive I think that's due to the the pressure from from something like this right the censorship concerns so if we can get this trend down uh and and sorry if we can get this number down as much as possible and just keep reversing that Trend it's going to be extremely uh extremely positive for the ethereum

ecosystem and I think that it's going to send a strong signal that the ethereum ecosystem can tackle the hardest problems that that get thrown at it because I do believe that the ofact sanctions is the hardest problem ethereum has ever had to face in terms of um its social legitimacy in terms of testing its credible neutrality um and obviously it you know the merge was a bigger undertaking for the developers to to get delivered but I think as I said in terms of like a uh protecting ethereum's credible neutrality and its social standing in the space uh reversing the trend here is incredibly important so I'm super excited to see that but you can always check out these stats for yourself at the mevwatch.info a website all right so superfuse shared today that lower ether balance or lab mini pools

are on the way to rockapool potentially in February 2023 they're currently under audit but when they're released you'll be able to launch a mini pool with eight eth and support with uh 24 R eighth check out the rocketball Discord to keep up this is great I've talked about this for a while on the refill before I've said how that like the the lower the lower we can get this minimum requirement for spinning up mini pulls the better because obviously you know if you don't have 16 each right now you can't spin up a mini pool but maybe you have like 10 8th well with eight eighth and when this change goes in you can spin up a mini pool and then well okay what if you have um a 10 8 and they lower it to 40th uh that the lower the requirement to 40 well you can now spin

up too many pools right and then you can get a lot of uh support for Arif out of this as well so this works as a way to essentially grow rocker pool uh better than anything else I believe in getting these mini pools spun up and getting more people to stake with rocker pool rather than staking with a centralized provider and obviously this is the only thing that we need to be doing here we need to be obviously making it easier for people to spin up mini pools which a lot of work has gone into already I've gone on about how when sending out the mini pool myself the documentation was absolutely perfect right I just I mean okay I shouldn't say perfect nothing's perfect but it was really really great right and I really enjoyed following along with it and all that sorts of

stuff there uh but yeah just great to see that this is coming as early as Feb 2023 lowering the minimum from 16 8 to 8 eighth and hopefully even lower than that in the future all right so Opel Labs put out a tweet thread today where they said in order to perform aggregation duties as a distributed validator validated clients need to be able to determine together when they should aggregate we have been working with key consensus layer stakeholders for a non-intrusive non-breaking solution to this and they discuss the solution in the thread but also the um the blog post here and the thread isn't isn't kind of uh long here but the solution is basically uh as I described here currently a selection proof generated by a validator with only a subset of the private key results in incorrect determination of whether the

validator should produce an aggregation to rectify this a validator client needs to be given a combined selection proof signed by threshold by a threshold of the cluster in order to correctly determine its aggregation duties uh and now basically what oval is proposing is to add two Beacon API endpoints that allow VCS to validated clients to ask their middleware the V client for a combined selection proof by providing a partial selection proof this step in the flows only required when a validated client is running as part of a distributed validator and you can learn more about reading the blog post so you can see the diagram here of how this would work and and how this would benefit oval which I'll link in the YouTube description below for you to do so but this is really cool uh that I guess like they've been able to rectify

this this issue otherwise this wouldn't work on on mainnet right so great to see them uh doing this and working with the relevant stakeholders to get this done but as I said if you want to learn more about this and how it all works you can check out the blog post and the Tweet Trader which I'll link in the YouTube description below all right something I just wanted to highlight quickly here is an uh staking FAQ that is being put together by the eve Staker and um community and iridian shared this on Twitter today so you can basically go check this out it is very comprehensive so if you've got a bunch of questions around ethereum staking and everything that he's involved with that you can go check out this FAQ which I'll link in the YouTube description below but yeah just wanted to highlight that

for you guys because you guys do ask me a lot of questions about ethereum staking and I know generally you have a lot of questions about them uh where you know whenever something new pops up about it especially so you can go read these FAQ I'll link it in YouTube description below and last up here on the I guess like uh staking front we have something that teku is developing right now which they're calling Sentry a beacon nodes so basically as it exists right now there is an attack Vector for uh I guess like on validators because you can actually see ahead of time when a validator is going to produce a block right so this opens up an attack Vector which is a Dos Vector so a Dos attack on a validate Beaker node can cause the validator to miss its block proposal thereby losing the block proposal reward

you can mitigate this by using Sentry nodes and you can read about what Sentry nodes is here in their little um in the doctor documentation here but this issue I've talked about before on the refuel basically there are different ways to mitigate it obviously you can have DOS protection on your nodes which isn't cheap and if it's a massive dos attack obviously it gets quite expensive and even then it may not even work to to stop this from happening and you only really have one chance and the attacker only needs to do this until you miss your block proposal then they can stop right and then also there was uh uh ssle which uh man I'm gonna I'm gonna mess up the uh uh the um what it stands for here but I believe it stands for uh secret single leader election or sing Single

secret leader election or basically what it does is it makes it so that you can't actually know the block proposals ahead of time which would obviously uh remedy this but it wouldn't prevent you from getting dosed altogether right it would just prevent someone from wanting to dodge you because they know you're going to propose a block whereas the what what the century Beacon nodes do is that it allows you to protect you against those attacks but also protect you against those attacks due to someone knowing that you're going to be a future block proposal but I'll link this in the YouTube description you can go check this out for yourself all right so something I wanted to highlight out of coinbase today which is an announcement they made where they said switch to a trusted stable coin usdc now convert usdt to usdc on coinbase with zero fees and it's funny

because it seems like the stable coin Wars are really heating up now because binance has been doing this recently with their busd stable coin where they were offering I believe zero fee trading from both tether and usdc well now coinbase is hitting back and saying hey you know go convert your tether to usdc with zero fees on their platform and the way they're doing it is quite funny because they said switch to a trusted stablecoin so I don't think coinbase has any special insight as to what you know the uh the um uh the the goings-on of tether itself is but what they're doing here is they're actually playing on the fact that people don't generally trust tether right so they're saying you switch to a trusted stable coin because you can actually trust usdc at least or at least you can trust that way more

than you can trust tether now I'm not one of those tether truthers who thinks that so there isn't massive Pawn zero massive scam or anything like that but I mean they're much less transparent than circle is with usdc so I personally don't hold tether I don't really use tether I much prefer to use uh Dio when possible and obviously if I have to use a centralized stable coin I use usdc over over tether here I don't use busd but I think B USD is even more legit than tether because it is issued by paxos which is a US registered company which has constant audits on them and they obviously regulated in the US as well so you can try like to me you could trust busd and USD C more than than tether but tether is obviously still

very popular you know people believe that it's legit it has a huge market cap it's still the biggest stable coin I believe uh but yeah this vampire attack so to speak on Tether yeah I'm gonna be interested to see how this goes right like converting your tether to usdc on coinbase with zero fees and then obviously uh with the buy with binance doing their busd conversion I'm our free conversions I'm wondering what tether's dominance is going to look like in the next six to 12 months we're going to have to see if they Remain the top dog or if their dominance gets eroded because they have two of the largest exchanges in the world basically trying to I guess get market share for their own stable coin all right so quick uh little uh blog post here from Tycho today so there's the third Community update has arrived

and there's a thread about this as well but it's a short blog post you can go give it a raise just a bunch of dot points with links to read about other things but I wanted to highlight this for you guys just to refresher what Taiko is building is a type 1 ZK evm for ethereum here uh but yeah you can go check out this update I'll link it in the YouTube description below all right uh another L2 news espresso systems announced today that uh they have launched a cape on the arbitrim test net so what is Cape well Cape is uh custom privacy solution uh and they're launched on uh top of uh of arbitrim here to offer low fees and this is on the arbitrum test net not the aperture mainnet right now but uh by using Cape a digital digital asset Creator can Define

viewing policies for their assets concerning any of the following data sender and receiver addresses the amount of an asset sent received and held the type of asset being sent received and held so basically I guess what Cape provides is a way to sorry as a way for asset creators or I guess like token creators to configure the amount of privacy that they want on their assets on ethereum and then also Define policies around uh freezing you know freezing policies uh offering asset creditors like stable coin providers to the ability to retain controls of addresses to address fraud theft and dispute resolution so this is basically going back to that regulated uh token standard that people will talk talking about a few months ago or maybe a couple of months ago now and I kind of pushed

back on it saying that we shouldn't build it on the existing standards we should build new standards that people can opt into using and that's exactly what Cape seems to be like to me is basically building on top of the existing standards with with you know new stand sorry building on top of the existing standards but also creating their own new ones that people can play around with to configure to their heart's content here so very cool to see this you can check out uh their documentation which I'll link in the YouTube description below to get more information about this and play around with it on the arbitrim test net all right so Ryan Wyatt here from uh polygon Studios announced today that the Starbucks and polygon Journey has officially begun Starbucks Odyssey members will use their Starbucks rewards login to access the beta experience as

stamps as are collected members points total uh will increase unlocking access to Unique benefits so I've talked about this before and how Starbucks and polygon teamed up to do this Starbucks Odyssey thing here this the reason I still think it's the reason I think it's cool is the same reason I thought it was cool when I talked about it a couple months ago it's bringing like the outside world into crypto right we it's it's creating that bridge and something like this doesn't have to be like super decentralized or anything like that right I mean it doesn't have to be decentralized at all to be honest right I mean it's really just a loyalty program that is built on crypto rails uh you know to issue things like nfts and to play around with the crypto rails to do different things on there so I think

it's a really cool way to bridge the existing world uh into crypto and it's and it's in it's an existing large business as well Starbucks is not some small Cafe right some small Corner Cafe a they are a massive Global brand especially obviously in the US Starbucks kind of failed here in Melbourne because we have such good coffee that not wanted to go to Starbucks I think there's like one store in the city one Starbucks that I've seen in the city before um and it was kind of like not really that busy from time to time but in the US they love Starbucks right like when I went to the US there was Starbucks everywhere so obviously a huge brand and a huge Win For polygon to get this partnership um but yeah you can read more information about this uh I'll link it in the YouTube description below for you

to do so all right so speaking of coinbase just before they have enabled eligible coinbase customers to send and receive eth die and wbtc on the optimism Network so just more support here for layer 2's on ethereum from Big centralized exchangers I don't know what eligible coinbase customers means I wonder if they Define that here is this the blog here um yeah so I don't think it's even okay so apparently it hasn't hasn't started oh wait no this is funny they're linking to a blog post here from June of 2022 uh so uh have they updated this blog post about the optimism uh integration here no I'm not sure but they basically link maybe to the wrong blog post here but I don't know what eligible coinbase

customers means maybe it just means coinbase customers in the US I don't know uh maybe you have to have a certain amount of money or trades done on coinbase I don't know what the criteria is here if you do know be sure to tell me in YouTube comments or on on Discord but again just great to see these centralized exchanges supporting the l2s uh and I think at this point I mean like support the l2s or die basically like it's it the l2s are going to be bigger than ethereum L1 uh they're going to have much more activity on them so the centralized exchanges really need to integrate them and it seems like they are doing it which I really love to see all right so uh slingshot announced uh yesterday that the weight is over slingshot while open Beta is now live and available to everyone on the Google

Play app store so if you have an Android device and you don't need to opt in to use a slingshot wallet anymore you can go to the Google Play app store search slingshot wallet on there and enter into the open Beta yourself so for those of you who have used slingshot uh wallet already and I have um I guess been part of the beta and opted into it you'll know how Sleek it is like I've been playing around with it it's very very Sleek I actually really love it uh it's a really cool wallet and obviously hooks into the slingshot uh exchange for a really good trading experience as well and I should basically disclaim here that I am an investor in slingshot so I'm not just showing them because I'm an investor it's genuinely a good product and I genuinely think you guys should check it

out so definitely do so if you have an Android a device here you can go on the Google Play Store all right so to end today's episode and heading into the weekend a bit of a bullish rant I haven't done one of these in a little while um but uh I said I put a tweet out today where I said if ethereum was still on proof of work and net new issuance of eighth since the merge would have been around 1 million East so we finally hit that 1 million Mark there instead Net News 8th issuance is just 2600 a 99.75 reduction this is ultrasound money and then I continued and said obviously the price of eth has done nothing good since the merge though if we had issued that 1 million eighth to miners actually more if you don't count the burn um I think the price of eighth would

easily be at new lows uh so you know being below 880 here when demand comes back I expect East to benefit greatly none of this is new I've talked about this a lot on the refill before but I think I just wanted to point out the fact is is that I did say that the price of ether's done nothing good since the merge but that's not entirely accurate it's done nothing good against USD obviously but that's on the upside on the downside the reduction insurance has protected eighth from going much lower than uh you know than it otherwise has right and I truly do believe that there is no way in hell that that one million eight that went to miners right wouldn't of like uh wouldn't have been sold maybe maybe some of it wouldn't be sold but a lot of it would have been sold because

mine is on the Bitcoin side were capitulating I believe that's a strong reason why Bitcoin actually went to New lows and he didn't um but he could be right there with them if not lower and the East BTC ratio would be much more destroyed um um if it wasn't for that and also the East price has since the the merge against each bdsc has been really steady right and it's actually gone up so I think comparing it to USD on the upside is the wrong comparison because we're in a bear Market comparing it to USD on the downside and also against other assets like BTC is the right comparison here and if you compare it like that the issue introduction has definitely done its job and you know it only takes a little bit of burn to burn this 2600 eth and then we're back to 100 reduction and

then even more when we go net negative so yeah just a little mini bullish rant for today but on that I'm going to end it there but also just a reminder that there is an AMA happening uh tomorrow as I said I'm going to just record the episode and put it on YouTube so expect an AMA recording uh from me tomorrow on YouTube uh and also on on other podcasts as well but don't forget to get your questions in you have uh from when the refuel goes live you have maybe like 12 to 16 hours depending on when I record it go into the Discord Channel going to the AMA series channel in there ask the question I'll get it answered for you but on that note that's going to be it for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't

yet give that video a thumbs up cartoon newsletter join the Discord Channel and I'll catch you all next week thanks everyone