Shapella incoming, Stackr SDK introduced and more - The Daily Gwei Refuel #564 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the degree refuel where we cup latest news in ethereum ecosystem I'm your host here and this assignment as the 11th of April 2023. all right everyone let's get into it so apologies for missing yesterday's episode it's kind of becoming a regular occurrence for me to miss at least one episode a week now uh it's not on purpose it's it's definitely not uh just sometimes I run out of time and I've been doing a bunch of stuff around the house so it just been really busy so apologies for that but uh yeah I will uh hopefully not miss another episode for the rest of this week uh but anyway let's get into the news from the last uh I guess few days actually since uh since I missed yesterday this week covering the news from the weekend as well as yesterday so

chappella the chappella upgrade is coming tomorrow I believe yeah April 12th at 2200 UTC which is like I believe at 8am on uh on Thursday I think for me so uh there is going to be a live stream and you can get all the details here Puja shared it from the ethereum cat herders in this medium uh post there is going to be a stream that you can watch and you can monitor a bunch of different dashboards and things like that unfortunately I don't think I'll be able to make that stream but there'll be plenty of other really cool ethereum people on there for you to watch if you would like to do that uh and yeah there's a bunch of other information in this blog post as I mentioned that you can go check out along with what's included in the Chapala upgrade some

Peep and EIP videos as well as links to the live stream and and the main net announcement and stuff like that as well so you can go check that out but yeah withdrawals are finally here guys like it's pretty crazy that I've been talking about this basically since before the merge and we're only a day away I know it's not as exciting as the merge of course uh you know nowhere near as exciting of course but personally I think it's exciting for a bunch of different reasons as as you know the merge was exciting for a set of a certain set of reasons and withdrawals are exciting for a another set of reasons which I've gone through plenty of times in the past I'm not going to rehash everything that I've been saying around that but I think in the coming weeks and months it's going to be very

interesting to see how the staking landscape changes because of this and how uh the dominance of different staking Services change I I I'm very curious because of there's there's two kind of main things that I think is going to drive it is the race to be like the premier LSD on the ethereum kind of staking ecosystem obviously right now that is St with Lido and you've seen what's happened to the ldo Token it's worth quite a bit even though it really doesn't do anything right it's a governance token it's still worth quite a bit because owning that market uh definitely um yeah lends a lot of value to uh to a token and it's worth more than the RPL token even though the RPL token is worth quite a bit now it's worth more than that when in my humble opinion uh I I I I think the RPL token

is a lot you know a lot better as a token obviously because it's got a lot more users than a governance than just being a governance token um but yeah obviously rocketpool has less of a market share but in saying that you know when rocketpool does their Atlas upgrade uh and when you can do smaller mini pools and all the other stuff that rockable has coming along along with this great reshuffling I've been talking about post withdrawals we could say that change dramatically from there and it's not just rocker pull of course there are plenty of other staking services that are online or coming online or I've kind of um going through their guarded launch and we'll raise the caps on how much eat they're willing to take in and obviously the withdrawal event is a massive kind of de-risking event for the whole sticking ecosystem

so that's going to lead to a lot of increased competition as well I believe but yeah that's what I'm going to be monitoring over the next weeks and months potentially years from now because this isn't going to happen overnight you know ethereum staking keeping it decentralized making it more robust and more secure is is definitely a long-term thing it's not going to happen overnight but withdrawals now enabled we can officially say that well not now enabled will be enabled soon we can finally say that the ethereum has moved to proof of stake is pretty much complete even though there are other upgrades that we would like to get in like single slot finality and things like that uh you know the the proof of mistake as it exists on ethereum post withdrawals is that kind of feature complete uh I guess like 1.0 version if

you want to call it that so of obviously very exciting now uh superfizz also has a bunch of videos that he shared here that East taker has been working on uh to develop a library of YouTube shorts one minute clips that convey a valuable staking information so you can go check that out for yourself as well I'll link that in the YouTube description below uh and finally on the ethereum staking ecosystem I have a bunch of dot points that I wanted to talk to so I put this tweet out last week and I said the ethereum stacking ecosystem has never been more exciting we have withdrawals in a few days and I just spoke about that so I won't rehash what I just said there um eigenlayer uh restaking is on testnet and I think that restaking generally is going to be a huge theme going forward I

think we really will see something akin to D5 summer in 2020 but it's going to be called like stake fire summer or something like that where essentially as long as there's new money coming into the ecosystem I can see uh restaking and stake fire getting pretty lucrative and now in what way can it be can it be lucrative well you can do recursive staking like you've always been able to do it where essentially you use your stat your LSD um as a collateral on a money market you borrow more Ethan you go and restake it right and you have that kind of recursive uh staking obviously uh you're taking on Leverage to do this but it's uh you know it's it's still that kind of recursive staking uh concept there now with restaking it UPS the ante even more

because now you add another I guess like ingredient to the yield burger here where you can essentially do that recursive staging with a restaked asset which is earning its own yield whether it be token inflation yield or real yield from people paying fees or whatever it is you're gonna have all these things stacking on top of each other just like you saw in defy summer but it's going to be uh I guess it's going to be like a hybrid of D5 summer and and staking because those staking assets will play Within D5 to get that yield but I think that that's going to be a pretty big theme especially or pretty much only if new money comes in I think that when it comes to these kind of yield games or these yield farming games they really only do work when there's new money coming in because with

without new money coming in the yields can't sustain themselves for pretty much most things I mean obviously the eighth yield has sustained itself quite well because uh ethereum's block space is very valuable but for for most things it's very hard for the yield to sustain itself because there's just not new money coming in there so you know you could imagine that maybe next year if we have a new kind of bull market uh with all this new money coming in that could be a major theme so I think that restaking generally is going to be pretty big obviously eigenlayer seems to be the market leader right now but I'm sure there's going to be others that come online uh some you know over the the next few years but I do think that we can get like a stake fire kind of thing where people go crazy over the

the Drew stop yields because there's all this money sloshing around and that's usually what kind of starts these I guess new bull markets is when there's all this new money sloshing around people made money from I don't know BTC and eth going up and they're going down the risk curve and like you know where else can I go where and it's funny because I say that and then you think about what it could be like for um for stake five very similar to defy where a lot of people that had a lot of eth wanted to do stuff with it so they did it within D5 they obviously bought the tokens and things like that as well well you can see the same kind of thing playing out with with steak fire where people will have their e-staked they've got an LSD and like well I want more

yield on this so maybe they use that to to stake with eigenlayer and they do a restaking there and then they go leverage that and they do it more and then you have juice yields here juice yields there and there's all this new money coming in so the yields can sustain themselves for a little bit so yeah it's going to get quite speculative I believe but that's why I brought up that that's part of the staking ecosystem this restaking concept and I think it's going to get quite crazy uh especially in a bull market so next up we have rockapool's Atlas upgrade which is coming soon so this will be going live I believe it was April 18th so less than a week after withdrawals go live it brings with that host of uh really exciting things as I mentioned before there's going to be

that oh I've mentioned plenty of times now is going to be the ability to spin up eight eighth mini pools or convert your 16th mini pools into eight eighth mini pools uh and and it'll it's going to open up staking to a lot more people they recently also increased the deposit cap as well which got filled pretty quickly so yeah I mean there's all those exciting things coming with Atlas and I've linked it before but you can just search rockapool Atlas upgrade on Google and get a full breakdown of what's happening there so that's another exciting thing um DVT or distributed validator technology is on test Nets and mainnet so there is opal Network which I've spoken about before and just the disclosure I'm an investor in them uh there is SSV secret shared validator network and I think there's one other that I'm forgetting the name of right

now that is at the Forefront uh but yeah they're both on test Nets and Main Nets uh and and they're working very well I mean I teased it a few weeks ago but I have some some real world and mainnet experience with uh with opal so just I I just to tease you guys again there um and it's working quite well uh which is which is really awesome uh to see so yeah that's gonna be I think a major theme that's why the ethereum stacking ecosystem is very exciting uh and then I said uh more competition in the LSD space so the liquid staking space that stuff's gonna get so hot especially if we do get that steak fight thing I was talking about you're going to see so many different lsds some of them are going to be outright scams and rugs so you've got to be careful with that

because they can promise you something and then they can have a function in their contract where they just steal all of your staked eat right and then that LSD that you have would basically be worthless if there was no eth backing it up so you've got to be careful there but I do think there's going to be a lot of legitimate competition in that space as well because it's going to be so lucrative especially in uh steak five summer scenario or a scenario where the yields can get you know get very very Juiced up you're going to see this happening and you're going to see Forks happening as well there's already a project that forked rocket pool and Fork the smart node stack I believe it was called stay down I think I mentioned them in the past uh and yeah they kind of forked rocket pool there but I'm sure

there's going to be others especially rockable because the smart node stack is such an amazing piece of of software and and it's really really uh Noob friendly as well because of that graphical user interface that you get and it does a lot of things for you in the background in the back end so I do see people uh forking rocker pool and trying to do their own thing so yeah as I said like you need to be cautious you need to have your wits about you with these sorts of things and um and and and and and make sure that you kind of check with other people and see if things are legit before you ape all of your eighth into something just because the yields may be High um and this was the same thing the player in D5 summer you have to be

careful uh and then last up I said the Mev capture is evolving so Mev capture in general or just me vehicle system in general is always evolving there's always a new kind of relays coming online new Builders coming online there's new ways for stickers to capture Mev I talked the other day about this taking service that has spun up to be Mev optimized so that kind of stuff is evolving and that's definitely going to play into those yields that we're going to uh be seeing uh over the next couple years and and potentially juicing those yields up in in some sort of way so that's all going to be happening as well but yeah I just thought that was worth mentioning uh two there and then I finished off by saying if stakers are gonna make it now another thing that I I didn't mention here that I think is

worth talking about for a minute or so is there's a lot of speculation around what the amount of staked ether is going to be over the next year uh I think that people who look at other and I've talked about this before on the refill but I I figure it's worth mentioning again people who look at other chains and look at the amount of staked um uh amount of token that they have staked and comparing it to eth I think is completely misguided so for example some of these other proof of stake chains which are delegated proof of stake by the way they are not like ethereum proof of stake they're delegated proof of stake has about 70 or more of the assets State now this is for two reasons the one reason major I mean the major reason is that most of these networks have and

and these tokens have no use on these networks like no one's using them to to use the network itself everyone's just buying them to speculate on some sort of narrative and they're just staking it to earn whatever yield the network is offering them so that's a big part of it whereas eth is an asset has so much other uses than just staking but in these other networks it really is just a staking token right and secondly is because they are that delegated proof of stake instead of uh the way ethereum proof of stake is and with delegated proof of stake there is usually only a small set of validators that people delegate their tokens to essentially and it's much easier to do that than it is to spin up a new validator for everything you know you need 32 to spin up and you validate on in ethereum now

of course we have lsds which makes it relatively easy and we have centralized exchange staking which makes it relatively easy to basically do a pseudo delegated proof of stake where essentially you are giving your eighth over to coinbase for example and they're spinning a validator up on your behalf by pulling the phone funds with other people because they still need to use 32 to spin up a validator but it's very different to um it's still like technically very different to how it works in an actual delegated proof of stake system but I think that first reason where eth is just such a an awesome asset that people are actually using for so many more things than staking is a much more important Point than the second one but I think they both account for why you know right now you only see things 15 to 16 of of each

staked and uh whereas other networks have 70 of their native tokens staked I don't think that each is going to get up to that percentage even in a crazy kind of like stake fire Mania where everyone's taking Eve in order to get Juiced up yields or whatever it is getting to 70 is going to be incredibly difficult now what do I think is going to be a year from now I I don't know honestly I could see it going to 30 you know I could say maybe even go on a 40 maybe I mean it's it's hard to tell especially because we don't know what the price is going to be either and I I do I've said it before that I think that Eve stakers aren't very sensitive to price but but in like a pretty you know in a crazy bull market where we have a

lot of um staking yields being Juiced especially because uh withdrawals are enabled as well so it's really easy to enter and exit there's going to be a bit of craziness there as well and this also assumes that there isn't some sort of validator cap put in place as I've talked about before where there could be a validator cap put in place where only 30 million each uh can be active at any given time and that brings the yields down uh because say there's like 50 million each stake but only 30 million is active at any given time then the yields are gonna are gonna be um uh potentially less so there's there are some unknowns there uh but yeah I definitely don't think that we're going to see 70 of of each staked uh you know anytime soon uh maybe if ever but I don't think that's a bearish thing for

eth at all as I said eth is so much more than a staking token right and it is is worth more than every other proof of stake Network combined uh and it's all and and the amount of eat that is staked dollar amount is worth right now at 15 is worth more than every other Network's market cap uh uh put together I believe I think I looked that up um a few weeks ago I don't know a few maybe a couple of months ago I don't know if that starts still correct to this to to date but you say that the order of magnitude difference here between a lot of these networks you know their market caps are very very different to ethereum's market cap so again looking at just the raw percentage doesn't give you the full picture but anyway that's uh 15 minutes

spent on ethereum staking moving on to the rest of the news so uh Tony from Mev boost.picks has another great visualization that he's added to the website so now it's now displaying the average Mev Boost payment per relay Builder uh relay slash Builder validator over different time frames in box plots now this is really cool so you can see from this uh this image here Mev boost profits over the last week per staking service essentially so you can see here that uh he's got the difference taking services such as Lido coinbase crack and binance uh and so on and so on and so forth and then you can see what their rewards look like so obviously a week isn't going to give you enough data to have any like uh great conclusions from

but it's it's a it's a big enough sample set I think to get some kind of conclusion from it so you can see here that most staking services with their Mev captures pretty pretty similar you can see that Lido coinbase Kraken binades they all look very very similar with coinbase being slightly ahead I guess uh and then uh the rest of them are pretty similar you can see that hobby is the the outlier here uh it's got the bulk of it but as I said like a week's worth of uh of Mev profit revenue is not enough I'd love to see this on a month or six months or a year I I would bet that they they all look very very similar now this can inform you about where you want to stake like if you which LSD you want to stake with in

order to earn the most Mev related Revenue but again like taking it on the longer time frames I would say that this would look very similar with maybe maybe rarely one outlier on the longer time frames uh but yeah generally I don't think it matters too much here on the Mev boost profits from but anyway you can check out these charts for yourself I'll uh you can go to Mev boost.pics which will be linked in the YouTube description below all right so Jesse tweeted out that the Blobfish which is the I guess official uh mascot of Erp 4844 uh the ASCII art is now in the Nimbus code base so this is pretty cool if you remember that Panda was the official mascot of the merge and when we did the merge all

the clients in the terminal window uh showed the pandas are kind of uh merging so for erp4844 it's going to be this uh blobfish thing which is kind of ugly but I guess that once the 4844 gets activated on mainnet you'll be seeing this in your terminal so pretty cool to see that Nimbus already has this in our merge into their clients as I've said before or over the last couple of weeks 4844 is making amazing progress the client teams are doing a lot of great work getting all their clients up to scratch and it still seems to be on track for uh the you know towards the end of the year so I just wanted to highlight that that's another little cool thing and you'll be seeing more of this blobfish around uh over the next few months all right so a Ben Edgington has listed

some of his favorite recent upgrades to his upgrading ethereum book so it now supports a dark mode there is a search function and the annotated Fork this Fork Choice section has been annotated now for those of you who don't remember what this is basically it's Ben Edgerton writing a book called an e-book I guess you could call it called upgrading ethereum where he adds a bunch of different annotations and information to each part of the ethereum beacon chain and everything that goes in it so you can go check this out for yourself if you would like to not ever I mean most of the sections I believe are still not I know he's done about half of the sections I believe here so you can go check out those sections that are already done uh but as I said yeah a bunch of new things like dark mode which

I can talk will hear for you to see yeah it's dark mode and light mode going on there uh there's a search function uh and then there is also um annotated Fork Choice which he links through here so you can go check that out for yourself all right so another update from the ethereum on arm Twitter account where they've said they have synced an arbitrim node running on an arm 64 a rock 5B board some data to go along with it they've synced using the Nitro client sync time took about two weeks syncing from a snapshot the database size is under 300 gig and the L1 node is another rock 5B board that they're talking to so I think this sync time even though it seems long here maybe a symptom of nitro just not being

optimized to have a shorter sync time obviously not many people are running arbitrim nodes uh arbitrine one nodes right now but I haven't looked into the exact reason as to why it took this long to sync it now I mean it can be a a Confluence of things such as this being a low powered board obviously Rock 5B board is much less powerful than a Enterprise grade server or something like that uh as I said it could be unoptimized as a client as well for syncing uh the snapshot that they synced from could have been could been it could have been pretty far in the past uh and uh there are maybe not much nodes to download the data from as well there's not many peers to download the data from so yeah as I said there could be a number of different reasons yeah I'd be

curious to know what the actual reasons are and maybe the ethereum on arm tutor account will follow this up with another tweet later on but I just thought it was cool they were running an uh arbitrim Nitro node here which anyone can do by the way but they're on a rock 5B board which is always very cool and you know I was thinking about this uh just just today actually I was looking at my little Proteus uh box that I've got here for those of you who don't remember the Proteus boxes uh a rock 5B board uh loaded with um uh loaded with uh sorry it comes preloaded with the rockapool smart node stack uh and then I flashed mine and I've reimaged mine so I can put Solo validators on there but essentially it's a it's a very low powered device it's akin to like a Raspberry Pi and the

fact that I can run an ethereum full node on there like an execution layer client and consider this layer client and a bunch of validators off of it uh solo validators off of it and it hasn't skipped a beat is honestly amazing to me it really does speak to the fact that you can run these sorts of things on such low powered hardware and it'll work right uh and I just think it's very very cool obviously but anyway I'm gonna leave that one at that moving on so this okay so this is something I really wanted to talk about so you guys remember that Mev exploit that happened last week we're essentially 20 over 20 million dollars was stolen from an Mev bot uh due to an exploit in the Mev boost relay software well it turns out today that uh the three million usdt

that was stolen has actually been frozen by tether the the company that issues usdt now the reason why I'm talking about this is not because this is something that we haven't seen happen before we've seen tether and circle Blacklist usd's T and usdc for different reasons in the past but it's usually been because of uh a a kind of like an exchange hack or it was a law enforcement thing or something like that but it but what they've done here by blacklisting I guess essentially which what what is fair game uh uh a lot of people and a lot of people have the same opinion here uh is is very uh I don't know a slippery slope I guess you could call it now in saying that I mean we all know that

Circle and tether can you know have this Blacklist functionality right we all know that usdc and usdt are centralized stable coins and you really shouldn't expect any features of decentralization from them but why this is kind of a slippery slope here is Because unless tether got a law enforcement uh action notice to do this it's them kind of saying well we think that these Mev Bots stealing assets from users via sandwich attacks is fine but the uh but the other people kind of like attacking them uh through this expert that we saw last week is not fine and this in this comment here from now this Twitter account said you know it so it's okay for Mev pleb it's okay to Mev plebs but not Bots uh and then you know LOL

basically and it's just and then Zach said it's it's disappointing right so and then Zach also said you know they likely received a court order uh to do this which is even I think worse if they did because it means that the court is basically saying seeing this as uh as something to be um also what I'm looking for here is something that's I guess like a legal or that the funds were stolen but maving uses and stealing their assets via sandwich attacks is apparently fine so this could be I guess a number of different things of why this court order was issued if there was one it could be the court not understanding this it could be the uh person that was running or the people that were running this Mev bot that got their assets stolen going to a court and basically saying hey you

need to freeze these assets because these are actually our assets and not explaining to them the way they obtain those assets I don't know there's a lot of speculation here but I thought this was pretty egregious because I believe this is the first time that tether has blacklisted uh without an accompanying court order and blacklisted something that isn't a clear-cut case of a hack or or a scam or something like that or or as I said a court order so yeah very uh very slippery slope yeah very weird but a good reminder that whenever you use centralized stable coins like usdt and usdc you are always at risk of them being frozen now there was some discussion in the daily great Discord Channel about this today as well someone

was asking I believe it was Tim Robinson was asking you know what what does this actually mean like where do the funds go after they've been you know blacklisted or frozen well because these things are just basically ious what tether can do is they can basically say that okay well this USD usdt these three million usdt that's in this address uh is not actually able to be um redeemed for real US Dollars anymore so because of that essentially they can just reissue that usdt as clean pristine usdt that's backed by those US dollars in a bank account and this usdt basically goes to zero it's not worth anything anymore but it's it's frozen so it's not worth anything anyway but there's no kind of uh weird accounting going on it still matches up one for one because obviously

tether controls all of that uh but yeah anyway I just wanted to give some opinions on that let me know if you agree or disagree I'm always interested in hearing other people's opinions on this but yeah I thought it was just quite an egregious use of of of tether's power here all right we have an update from stacker Labs today so they've introduced something called the stacker SDK which is uh to be used to build micro Roll-Ups in web 2 programming languages so just a reminder about what stackerlabs is they're basically building software that makes it really easy to spin up roll ups uh and and on ethereum and and now you can do that with their stacker SDK and they're they're calling this something called micro roll up so basically what a micro roll-up is is meant to be and they

say it here uh uh the concept of micro all ops is where an individual functions within a decentralized app are developed optimized and maintained as independent state machines referencing the micro Services analog you can think about regular Roll-Ups as uh to micro Roll-Ups similar to monoliths uh to microservices or VMS to containers and for the programmers and the coders out there and Engineers out there you'll know what that means but basically you can visualize the differences as well in this blog post stackerlabs has visuals of how this is how this differs and what they're building here so you can go check that out and obviously check out the blog process Linked In the YouTube description below but I really like this because there are a bunch of these I guess roll up as a service projects popping up now and I've talked about some of them before I've talked about

stack allows before I've talked about Sovereign obviously we have op stack so there's going to be need to be a specialization among them they can't all just be doing the same thing because obviously not all of them are going to win if they all just say okay we're doing roll up as a service spin up an optimistic or a zika well up in you know in two clicks it needs to be more than that right there needs to be more than that to attract developers and to and to attract innovators to to these Technologies and I think that's what stacker Labs is realizing that's what they're trying to do with this concept of micro all apps which I think is very cool so it's just further modularization you know further modulizing the stack from that monolithic stack that we've that we've had uh which I think is

obviously very cool but you can go check out the blog post for yourself I'll link it in the YouTube description below all right so fire the app that protects you uh from I guess like a hacks and scams and and frauds and things like that uh that I've talked about a bunch on the refill before announced today that they have raised a 3.5 million dollar round uh to make web 3 safe uh by making it simple here so I guess congrats to them on the round this is really awesome to see that fire has raised this round because I as I've said before I I use fire I've suggested it to you guys to use in the past because I believe that it's a step up above what what we're used to with from wallets and from wallet security and for those of you who need a refresher on fire

basically I've run through examples of what happens before but it essentially breaks down what's happening in the transaction so it'll tell you what assets you're sending out such as if you're doing a swap if you're swapping eth for for Die For example it'll say that you're sending this many assets out to be used to Swap and this much to be used as a gas fee and then you're bringing Assets in and it'll tell you what assets you'll bring in and the same is true for other more complicated transactions such as nft related transactions as as well so yeah obviously a very valuable tool that I think a lot of people have been using for a little while now uh so yeah just congrats to them on this phrase great to see that uh people out there willing to fund these things because these things are definitely very important for the

future of ethereum and I guess the wider ecosystem at Large all right so an interesting project I came across uh that was launched by jfx Labs here is something called web3 sheets which is a Google Sheets add-on to easily and intuitively bring blockchain data into your spreadsheets you can install the add-on now and enjoy 100 requests without signing up so if you're anything like me you use spreadsheets a lot for different crypto related things uh and uh and getting data of things like crypto asset prices has traditionally been quite painful because of the different apis will obviously uh limit you a lot a lot a lot of times there'll be limits uh kind of global limits where essentially you have

to just keep refreshing and hope that someone else hasn't refreshed at the same time as you in order to call that API and get that data for you uh and it and it's usually not very streamlined either because you have to fiddle around with a bunch of things well the gfx labs is done here is I've made it much simpler to essentially do everything that you've probably traditionally been doing with traditional apis uh and just basically uh simplify the entire process for you so you can check out this thread here obviously for an explanation of what uh what you know what features come with it uh and what what you can use it for such as portfolio tracking tax preparations tracking things like Dow revenues and I mean really the list here is quite long and as I said you can check this out for yourself and you can

also download web3 sheets from Google works the Google workspace Marketplace here as well and you can check out a bunch of examples they've got here of different ways to use this data but yeah I just thought this was something worth highlighting because as I said I use Google Sheets a lot for um for crypto related things it's basically my Bible and I think that that you guys do as well so definitely go check this out I'll link it in the YouTube description below all right so volts has announced volts V2 which is a non-custodial Clearinghouse for any derivative instrument and they continue by saying the generalizable design creates a building block upon which any decentralized exchange can operate including volts V1 this allows traders to use a single margin account across

multiple exchanges now when you see this kind of terminology here you such as a non-custodial Clearing House for any derivative instrument you may be wondering what the hell exactly is that right well these kind of things these these derivative instruments right they are an absolutely massive Market guys like inside and outside of crypto outside of crypto it's huge it's a quadrillion dollar market derivatives uh for anyone that's um I guess learned about them you'll know just how big it is right and bringing these you know derivative instruments on chain uh to be played around with to be uh speculated on in a non-custodial way is absolutely huge and that's what a volt slabs is doing with volts V2 is that bringing this on chain and and I want to act as a

clear house for any of these derivative instruments that are on chain on ethereum and layer 2C and I should also uh um disclose that I'm an investor in vault's lab I invested in them quite a while ago now um but yeah this is what they've launched today and you can check out uh the uh full breakdown here of uh of what it is in the in the um Twitter thread there's also going to be a I believe a community town hall on Discord you may miss it by the time this video goes out or when you watch this video but you can join the Discord Channel anyway to go ask everything about this and and what's happening with it but yeah this this kind of uh V2 or I guess like a rollout of V2 will be phased throughout 2023 with the first version set to launch an

MVP state with volts v1s vamm acting as the first exchange operating on top of the generalizable margin engine so as I said anything can basically talk to this and it's not launched today they've just announced it today uh but yeah you can learn more about this uh for yourself I'll link it in the YouTube description below all right last up just wanted to shout out that if you did uh I kind of missed the refuel yesterday at least you got two hours of me on the weekly roll-up which happened on I believe Friday so I filled in for Ryan on the weekly roll up obviously with David here we had a wide ranging discussion on a discussion about everything that happened last week so if you haven't watched that yet you can go check that out for yourself I'll link it in the YouTube description below but

hopefully if you you were able to catch it before today's episode that did keep you satiated and maybe you felt it was like just an extra long uh refuel uh basically like a hybrid roll up slash refuel right but anyway you can go check that out for yourself and I think that's going to be it for today's episode so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give that a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone