Strategic Ethereum Reserve, Ethproofs.org live - The Daily Gwei Refuel #819 - Ethereum Updates

Transcript

hello everyone welcome to another episode of The Da refuel rap latest news and eum ecosystem I'm your host and this is sign the 29th of January 2025 right everyone let's get into it so there's been a lot of discussion around a crypto strategic reserve for a little while now and what this basically would be it would be essentially the US government or really any government around the world but the focus has been mostly on the US but the US government would buy some kind of crypto asset whether it be BTC or eth or something else or you know a basket of them or just BTC and essentially people want this to happen because they believe that these assets are geopolitically relevant and I agree with that to an extent I think that most of them aren't obviously your casual kind of like meme coin that's a week old

is not geopolitically relevant but the infrastructure that's powering a lot of this stuff uh and the I guess like assets behind them are and I think that really only two assets fall into that bucket right now obviously those assets are BTC in eth but I would argue that eth as as an asset and ethereum as a network is way more strategically important than Bitcoin uh and and BTC the asset for the US and I basically gave my reasoning here in a reply to John chabino who said if a government digital asset Reserve is created I see no reason it should hold anything other than BTC and I thought that this was a really silly tweet because I saw this and I'm like really you can't think of any reason why the government uh or the US government should hold any other asset besides BTC uh as part of its

strategic Reserve so I replied to him and I said I think that you know ethereum and ether more strategically important and the reasons are that ethereum is the home of US dollar stable coins right we all know this there's most of the US dollar stable coins issued on ethereum layer one and layer 2os and the two biggest stable coins obviously are usdt and usdc and this dominance only gets stronger with time uh and we also know that that means that that it's good for us uh D dominance to expand globally and the US wants that the US wants more people using US dollars they want the US dollar to remain a strong Curr a strong fiat currency and also the reserve currency of the world well ethereum enables that with US dollar stable coins yes it's not the Cyber Punk ethos that

we all know and love it's not the decentralized EOS that we all know and love but it is still important in the context of this argument and then I brought up that ethereum has a massive lead over every other ecosystem when it comes to the tokenization of real world assets and the US uh this is important to the US because they want to further entrench their Capital markets globally and their Capital markets are the biggest in the world today and the strongest in the world today but they want to keep that strength they want to keep that going you know the the the US doesn't want to lose its Edge there and so by essentially kind of it happening on ethereum this tokenization of real world assets essentially by the US government buying eth or being involved with ethereum uh means that uh they get

exposure to that in in various different ways and they essentially allow their Capital markets to keep growing via these tokenization of real world assets the third reason I gave was that I said some of the largest us institutions are building on ethereum today such as Black Rock PayPal visa and coinbase and this list will only get longer with time which means that the US wants this to continue because they want to be the home of the strongest companies whether they be Financial companies or otherwise they want to be the home of the strongest companies they don't want some other country or some other Coalition of Nations taking over the US when it comes to strength of homegrown companies so that's why the US again has a vested interest in seeing ethereum succeed uh ethereum I believe is much more

decentralized than Bitcoin across pretty much every metric uh it is also more secure so the US can rely on ethereum to be anti- fragile over the long term and you know this is a debate that I guess goes on in the ecosystem a lot honestly between what's more decentralized Bitcoin or ethereum but I really do truly believe ethereum is more decentralized and I think that I've ran through my reasoning about this before but it's kind of hard to prove I guess you can't really prove that it's more decentralized unless there was like an allout attack on these networks and you know let's just say ethereum survived and Bitcoin didn't whatever surviving looks like then you could maybe make that argument but I I guess look at decentralization as a emergent property of all the other properties that these

networks have uh and the properties that I guess like the US would care about as a as a nation is security and reliability and I think that ethereum has much more security than Bitcoin it also has finality as a network Bitcoin doesn't have finality as in NW workk uh and it's reliable and obviously like comparing the two isn't Apples to Apples because you can't build on bitcoin what you can build on ethereum but that's even more reason why the US should care about ethereum over Bitcoin here and then finally I said that eth captures all of this value via expanding its Network effect as a commodity money and store of value and ACC crewing fee revenue from the ecosystem Ergo the US should own as much eth as it can get its hands on and then I finished off my tweet by saying on top of all of this

Bitcoin has a critical security budget issue that will become apparent in two to three more harving this is an extremely serious issue that Bitcoin has loveed to sweep under the rug but the of Reckoning is inevitable and I've talked about Bitcoin security budget issue in the past I I've talked about it for a very long time now so I'm not going to rehash what I what I've said in the past here but that's another big thing that I think needs to be evaluated here because yes the US basically has I guess like the power to either destroy Bitcoin or let it flourish right but the thing is is that if the US is let's let's kind of play this out if the US goes all in on bitcoin and BTC and they say okay well you know we're going to defend the Bitcoin Network even if it can't be

secured by mining anymore because the rewards are too low we're going to secure Bitcoin well okay then that just becomes centralized system again like if the US you know let's just say 10 in 10 to 15 years time for all intents and purposes owns the Bitcoin Network because they run all of the the miners and they're the ones kind of keeping the network alive then we've kind of defeated the whole purpose right and that means that no other Nation wants to touch it either so these networks do need to be decentralized and they do need to be credibly neutral and and they need to have I guess um longevity to them Beyond a few years guys like I'm talking decades if not centuries for nation states to want to get involved with these things and to want to put their money into these things and to

want to build their you know uh or for for for businesses that they I guess like are home to to build on these systems so there's always a meme about oh you no one cares about the long-term it's all about the short-term stuff but the thing is is that the short-term stuff May appeal to the Deens May appeal to the speculators and that's fine but the long-term term side of this technology is building for decades is building for centuries and making sure that these systems can remain secure and reliable across that time frame so those are my arguments as to why I think ethereum and ether more strategically relevant for the US than Bitcoin is but if I had to kind of put a I guess like a bet out there I would say Obviously a US strategic crypto Reserve would probably start with BTC and

probably and maybe hopefully add eth later but I do think that they should start with both you know do a 5050 split or a market cap weed split between BTC and eth and add them to your balance sheet there there was a bunch of talk recently about the fact that the um I I think I don't know if Trump said it or someone else said it that they wouldn't be selling their already seized assets so I think they have like $20 billion worth of seized BTC and $200 million worth of seized eth and they said they wouldn't sell those but again that's completely different to stockpiling as part of a strategic reserve and that can change based on the administration like if Trump or if the Republicans I should say uh kind of lose lose in four years and Democrats own the presidency again and own the executive branch again well

they can change their mind on that and say no we're going to sell these assets so it's not like a long-term strategy it's not conductive to long-term kind of strategic purposes here uh so yeah a proper strategic Reserve where they actually buy the assets and stock pile them and it's legislated in law is completely different to what I guess like I saw talked about a few days ago uh there but anyway those are my reasons I'd love to get your thoughts on it if you agree or disagree with me on those things uh I'll link the tweet in the YouTube description below so you can check it out uh for yourself all right so I spoke about ethereum acceleration on the refuel the other day I think on on Monday's refuel where essentially georgos and other folks at Paradigm put out this blog post saying that ethereum should move faster

at the core protocol but it's not necessarily a money issue it's not necessarily A a kind of an issue of bringing forward uh things or I I guess like um throwing more money at the issue to bring things forward I should say it's more about coordinating it's more about getting the right people involved and it's more about getting the right people on the right top uh right I guess like parts of the road map right parts of the core protocol in order to move things faster and there was a tweet today from L clients who works on gu saying that the go ethereum or gu team is hiring a staff software engineer to help accelerate ethereum if you have experience working in gu and are ready to contribute to the core protocol full-time we'd love to hear from you now this is quite rare I I don't think there

is a role like this that comes up very often in terms of I guess these teams going out especially gu going out to the ecosystem and saying hey we're hiring a staff software engineer we're doing it because we want to accelerate ethereum development come work with with us and also I believe that that Paradigm is paying a $20,000 referral bonus to uh anyone who refers someone to this role and that person if that person ends up getting hired there that's a huge referral bonus guys like $220,000 that's crazy but Paradigm is also putting their money where their mouth is they're the ones who are pushing this accelerate ethereum thing well they're one of the ones it's not just them obviously it's lot of other people in the ecosystem but they're really putting their money where their mouth is here which is great to see as well so I don't know if any of

you would be interested in this role any of my Watchers and listeners would be interested in this role but you can go check this out I'll link in the YouTube description below but it does speak to that uh turning of the tide that I was talking about the other day where people realized that ethereum core protocol could be moving faster uh or core protocol development could be moving faster but we can't just say let's move faster let's throw more money at it let's throw you know lots more people at it we need to be strategic about it and being strategic about it means getting more of the right people involved and also coordinating those people in such a way that they can actually make an impact really quickly without having to go through layers of bureaucracy without having to go through uh layers of oh we

can't do this because of such and such reason you know layers of bike shedding so on and so forth so I'm really glad to see this here and it's funny because the other day I mentioned on the refi that right now there is a Manhattan project kind of style effort going on to unite all the l2s together you know to unite them under the based and Native umbrella and Justin Drake is currently leading that effort and people some people said to me it's like oh you know there needs to be more urgency here than that and and and we need to be doing things faster and then I'm like well the Manhattan Project like itself took I think two years from when it started to when it actually developed the first atomic bomb uh and it employed 130,000 people during that time as part of the

project in contrast right if we talk about uniting all the l2s together that is as a Manhattan style project if we can do all of that within 2 years with much less people mind you and also much less funding and I guess like maybe a sense of less urgency than developing an atomic bomb to end World War II or or to like have a weapon against um against Germany in World War II then uh it's it's a very different thing here it's not Apples to Apples but the reason why I say it's like a Manhattan Manhattan Project Style thing is because of the fact that we need that sense of urgency there regardless and we do I think we do have that sense of urgency there and as I mentioned the other day timelines are always rough on these things but I don't I I I don't see kind of why we can't get

these things uh live you know get most of the rollup teams being based uh based especially native comes a bit later but like being based rollups within the next 12 months or something like that right especially if we have such a concerted effort behind it uh but yeah as I said it still took two years it still took 130,000 people to do it and you could argue that a lot of those people may not have needed to even be involved to get to where it was but that's h s it right and also the 1940s or and 30s were a lot different to today's world information tended to travel a lot slower that may be an argument it may not because essentially the Manhattan Project was done in a centralized location where they knew that it took forever to kind of I guess get information across so

they're like well it's going to be faster to get everyone just in the same location and we'll just build it here and we'll just you know we'll lock in so to speak right and I I think that the same is true for the L2 interrupt stuff but we don't need everyone in the same location to do it we do need maybe more calls more coordination efforts and that's what I think Justin Drake is spearheading here but that is what we get that that's the advantage we have now of the information uh networks that we have of the internet right we got basically information traveling across the world at the speed of light which is amazing and that means that we don't have to centralize everything uh in order to be to make progress but it still comes down to the fact that we're human we humans need to coordinate to do

anything and coordination in my experience is the main bottleneck in the decentralized ecosystem so the better we can coordinate the faster we can get things done so anyway you can go check this roll out for yourself at get if you want to I'll link it in the YouTube description below for you to do so all right speaking of uh accelerating things so the stateless ethereum uh consensus team here or AF consensus team here have put together a uh tw Twitter account that you can follow called stateless consensus so I'll link this in the YouTube description below but essentially this is a Twitter account for them to talk about all the things they're doing with regards to stateless ethereum and they've also given their their six-month uh Focus or I guess like six-month road map here so essentially they want to finish the spec for a

binary tree implementation of the state tree one of the primary building blocks for stateless clients vericle being the other option demonstrate State expiry ship a prototype stateless client and many more stateless demos now the reason why you should be excited about stateless ethereum is because it allows us to scale the L1 a lot a lot more than what we currently can and I've talked about this in the past but essentially it allows us to scale the gas Limit Up by orders of magnitude and I'm and and to put numbers on this it means 10 to 100 x gas limit and that is a huge huge scale in scalability increase for L1 there which also applies to the l2s and this also applies to blobs as well which I'm going to talk a bit about blobs at the end of the refu today um but yeah it

applies to all of that now the reason why we can do this is essentially because we with stateless ethereum the goal is to make it so that no requirements stay the same or go down from what they are today even if we scale up the gas limit because as you guys know with the gas limit going up chain size goes up uh it becomes harder to syn the chain and and then uh and then if we do things like lower the block times or low the slot times I should say and then if we do things like make uh the blocks heavier with more blobs uh you know it can lead to network instability because we have a lot of lower powerered clients and a lot of lower powered uh low bandwidth I guess node operators on the network now I talked the other day about the fact that

we're actually upping those requirements those bandwidth requirements to be more in line with the improvements that have happened over the last few years but stess ethereum is more of the long-term solution here rather than a kind of like shortterm and and kind of Band-Aid Solutions or uh essentially things that aren't necessarily done in protocols so yeah you can go give the stateless consensus uh Twitter account a a follow if you would like there's also a bit of a post here for you to read through as well a notion uh document here uh which provides a little bit of more information about what stateless ethereum is all about all right so I teased this a few months ago when it was announced at uh at Devcon so I think oh no it wasn't announced at Devcon it was announced at

bankless Summit which happened just after Dev Devcon but this is the eth proofs. org website so this has been launched uh I think was launched yesterday and this is the L2 beat of ZK EVMS so essentially it provides a bunch of information around snarks uh and essentially ZK VMS uh building on ethereum and the information it provides are things like gas use cost per proof cost per Mega Gas proving time proof status uh and so on and so forth and you can go give this a read if you want and go check this out if you want I should say I'll link it in the YouTube description below but it's not just this it's not just tracking these these things here but it's also got a learn section as well and this is going to keep expanding over time but it's got a lot of different resources to learn

about all things ZK because as you guys know ZK is the end game ZK is what we're working towards but a big blocker for ZK right now is proving time and proving costs but the goal is real-time proving at a fraction of the cost of it is today so the average cost per proof over the last 30 days is $164 the average proving time is around 16 minutes now these proving times and costs have come down considerably you know even just over the last um 12 to 24 months and we want to get those down further and further until we can ba basically make it free and real time real time means I mean doesn't mean instant but it means like extremely quickly definitely not 16 minutes and if we can do that it means that we can

scale ethereum a lot more than what we can today and and I'm talking again orders of magnitude scalability here 100 to 1,000x potentially scalability here and in terms of timeline on bringing these costs down and bringing the proving time down that is going to happen very quickly there is a lot of money that has been thrown at ZK stuff I I would say billions of dollars at this point has been thrown at ZK research and development which has already Beed a lot of fruit mind you you know we got live ZK avms on the network people thought they weren't coming till like 2028 we have a wartime effort around ZK to bring down proof costs and proving times and the only reason that we can do it so quickly is because of that funding so yeah if you want to track more of this stuff you can it's at eth proofs. org

but I figured it was worth highlighting for you guys uh to make sure you understand guess the gravity of what we're building here all right so uh the squad staking account on Twitter which is powered by Obel has introduced something called the university validator program so this is coll this was created in collaboration with the college D and this program is designed to bring high quality ethereum education to universities teaching students how to run validators in a decentralized way uh this is really cool because I think that it goes back to what I said on a previous refu I don't know if it was a recent one but I say this a lot about the fact that we need to be educating a much wider set of people about ethereum and not just about ethereum generally but like about specifics of ethereum and I think this

is a really great use of targeted education where you're going to these highly educated people within universities within within colleges in the US and other places and basically saying hey you should check out this ethereum validator thing or you should check out running an ethereum full node it basically is like running a you know a computer program that you're already doing or or or basically uh maintaining software that you already maintain as part of potentially like an IT course that you're doing or or um machine learning course or an AI course or a computer uh science course you know funny that I use the term machine learning no one really uses that any more because it's all just AI now but yeah targeting those kinds of people and getting them involved with ethereum getting them involved with the intricate

ises of ethereum is a Pursuit worth doing so I'm very glad to see that obal are supporting this very glad to see that that Squad staking has teamed up with college Dow here but if you want to learn more about this you can I'll link it in the YouTube description below but this again is all about kind of structured education structured learning for uh specific sets of people rather than doing a shotgun approach here uh and as you guys know I I love ethereums taking I run all my own validators I've been involved with it for a long time but it it you know I'm very close to ethereum we need people to be involved that are outside of ethereum we need to make sure that we can get as many people as possible validating on the network running a full node as easily as

possible because that makes more ethereum decentralized uh over time all right so just an update on the powered by ethereum branding so there was some small tweaks made to this branding based on feedback from the community you can see on the left hand side here we've added the capitalization of ethereum sorry the capitalized e to ethereum here but also kept the lowercase e I'm more partial to the capitalization because I never really see people talk about ethereum with a lowercase e even like mids sentence it's capitalized so my favorite is the middle one here so the the the middle left powered by ethereum with a capitalized e on the black and white background there I do like the ones on the right hand side but I think they're too involved if we're talking about just something that

you know makes a statement very quickly and is very simple and is also able to blend in with uh any website design I think that's the one that I'm I'm wanting to go for but I do think we're going to end up publishing all of these assets as part of the brand kit package and people can use what they want but I'll be encouraging people to use the one on the uh the middle left there now in terms of timelines of getting this out there and getting this part of official branding assets or I guess there's no official branding assets but like Community branding assets uh this should happen within the next week I'll I'll I'll push for this to happen within the next week get this finalized uh and then finally people can start using this and then it's on us as a community by

the way to push projects to put this on their website to make sure that it becomes a trend to make sure that they uh they they kind of like are proud to be powered by ethereum and they're showcasing that to the world so uh yeah I'm super excited about this guys this was as I said an effort that was started by the Inc guys from Kraken because I Flo it with them when I went to their Meetup at Devcon and they got on this straight away and I think over the holiday period things slowed down a little bit but we're back in full force now to get this out there and to make sure people know that what they're using is powered by ethereum all right so I talked about eth strategy the other day this kind of micro strategy uh clone for eth and but

but it's onchain it's defina native it's permissionless all the good stuff we know here uh and I and and I mentioned the other day how this Pro protocol could be inherently complex for people to understand and I think a lot of people don't actually understand how it works under the hood there is this great video that Caesar made today uh that you can go check out I'll link it in the YouTube description below it's about 15 minutes but essentially breaks down how this works so uh as I said it's on Twitter I'll link this in the YouTube description uh below but this is the content that we need I know it's 15 minutes I know that it may be a bit of a I guess like SLO to get through for those with with short those of you with short attention spans at this point but

I don't think many of you have a short attention span if you're listening to me drone on on the refuel for 30 minutes every other day so you can go give this a watch I'll link it in the YouTube description below but what I have been doing still within the the group chat for for E strategy uh and for this effort because I'm putting a lot of a lot of uh thinking into this myself is that I want them to obviously break down uh the explanations into as simplest form as simple as a form as possible and hitting on those three things that I mentioned the other day you know where's the money going when you put money into this thing how do you make money if you put money into this thing and how do you lose money it has to be that simple yes

I understand that the strategies that e e strategy is going to be using are inherently complex they you know they're very exotic financial instruments uh and they may not be able to be simplified down to where and a 5-year-old can understand it but that shouldn't be a reason not to try to simplify it as much as possible because I believe that if it's only you know the sophisticated Financial I guess like participants that are part of this thing I don't think it succeeds this is supposed to be like a Bottoms Up Community First approach to the I guess salor strategy that he's been using and to be definative so we want to get as many people involved as possible but I know a lot of people won't touch this if they don't understand where the money is going it's not like a meme coin it's not like some

kind of a token that you just trade say okay well if I buy this token uh and it goes up I make money if I sell it or if it goes down I lose money right if I if you sell it there that's very simple to explain this inherently is not that simple to explain but we can I guess I don't want to say a dumb it down but we can get it to the point where it is more simple to explain and that means more people will get involved people will be able to describe it better to their friends get them involved and you either make or lose money this is not a guaranteed way to make money guys it's not a guaranteed way guaranteed way to lose money it's the same thing with anything that you put your money into even stable coins mind you you know you

can lose money on stable coins because some they dpeg sometimes but yeah anyway uh I'll be uh keeping on top of this and and making sure the team is is aware of this which they are they're doing a lot of great work behind the scenes but this project is continuing in Earnest um and and definitely a a very serious project it's not just some kind of like meme project that people wanted to create it's a very serious effort now it has a lot of big players involved with it right now uh and uh you know I'm personally vouching for it at this point I don't not telling people to you know to AP their money into this as soon as this goes live but from what I've seen so far I am I am very happy with how this is going and I'm very excited to

see this uh go live all right I did mention I wanted to talk a little bit about blobs on ethereum as you guys know there was the concern last year that blobs were always going to be free well that concern is well and truly dead at this point because blobs have not been free uh uh since the end of October so I guess you could say since the start of November so that's three months now November December January that's three full months where blobs have I mean there's a couple of days here where they kind of weren't at the limit but that's like almost three full months of blobs being at the the limit here which is three blobs per block uh sorry I should say Target Max of of six here um and that means that the blob fee Market has been generating fa Revenue so over the

last uh 30 days the average guay price of blobs is 14.7 gay and the blob fee burn this doesn't include the total fees pay this is just a fee burn is uh 4.1 million worth of eth now obviously still kind of Small Potatoes numbers here guys there nothing nothing like to to celebrate or write home about but I did want to kind of talk about the fact that we've had three full months now which I consider to be a bit better than like a week or two of of data to look back on and say okay we know there's insatiable demand for blobs we know this demand is going to keep going up as the l2s grow and we obviously know that we need to keep scaling blobs as much as possible but we also know that blobs can generate real fee revenue and real revenue for

ethereum the network even even though they're in the the kind of state that they are in right now where they're relatively immature they've also not I think that the pricing around them can be changed and fixed up as time goes on that's not the main focus right now the main focus is just like scaling them up as much as possible obviously we have a blob increase to six um uh sorry to a target of six and a limit of nine coming in Petra and then we are going to do pias hopefully this year which is scales blobs up so much more than what we have here but we need to keep scaling them the demand for da is just unlimited pretty much right and we want these layer 2s to stick with ethereum da if they're already using it uh or or if they're not using it come and use

etherum da we want to make sure that we get as much da as possible out there for use from these layer twos because in my mind to be a full rollup I know people argue over these definitions but in my my my my own definition which is I guess the definition that l2b uses as well which I I put a lot of weight on to be a full rollup on ethereum you need to use e eum da you can't be using some other da otherwise I consider you an L2 still but you're not a rollup you're like a validium or a volition or whatever kind of names we're coming up with for these things those are the original names but I'm sure there's going to be more as time goes on and it would even go even even further than that that the definition of a rollup may change again

may change in the future to include you must be based you you know if you want to be like a true rollup on ethereum you must be a based rollup and then eventually we'll get to the end game of native Roll-Ups and say okay well if you're not a native rollup then you're not a rollup you're just like some other thing I don't really think that we should go that way I don't think that's necessarily Fair because I I think that you're still a roll up even if you have a centralized sequencer because you have an escape hatch on L1 and an exit on L1 that might be the definition that makes or break breaks a rollup where essentially can you the you could ask the question if the L2 was to go offline completely I should say sorry if the rollup was to go offline completely can

you using only ethereum L1 get the necessary information that you need such as the data and the proofs in order to escape hatch your funds out of that L2 contract on the L1 that to me is the defining characteristic of a rollup I think going forward and that to me is the uh the reason we build rollups in the first place so if you can't do that I don't consider you a rollup personally and I know definition can change over time and evolve but I think that we have to be quite kind of strict about that especially if we're going to be if we're going to say that these things are secured by ethereum and this goes back to what I was saying about the branding assets the other day where I said I didn't want to kind of push the message of secured by ethereum because a lot of

these things technically aren't secured by ethereum so powered by ethereum is better because powered is more General it also is more general for the outside crypto crowd they can understand it better but secured by definitely not this you know not not something that I think uh makes a lot of sense there um but yeah anyway that's I guess like enough on on that topic there enough on blobs but yeah as I said we are scaling blobs a lot we know that they're going to they can generate sustainable fear revenue for ethereum L1 but we shouldn't be in a mindset of how much fear revenue or how much kind of taxes can we take from these entities that are scaling ethereum we should be in the mindset of let's scale ethereum as much as we can and don't stop accelerate that scaling go get there faster and let's export

ether as a money because that is where eth gets most of its value from its monetary premium and it store value status so let's keep doing that let's keep getting eth into as many hands as uh possible uh here and actually one other thing that I forgot to cover today which I don't know why I didn't cover this uh so if I if I bring this up on Twitter actually I'll have to bring this up on my other my other kind of tab here uh there was a abstract chain launched actually so this is a new L2 on ethereum and I'm sorry for not covering this earlier sorry to the abstract guys but their main net is now live so they're actually using um uh blobs right now uh for their da but they're going to be using uh Celestia I think like in the

near future because they don't consider blobs to be enough for them which again is fair enough like we have to scale blobs in order to meet that demand but the reason I wanted to talk about abstract wasn't just that they launched but also that they launched in a I guess like different way to a lot of the other l2s out there they've tried to make it as simple as possible to get involved with abstract so you can see here that I've got my wallet here that I that I kind of set up earlier and this is a nice little interface that people can kind of interact with I haven't done anything with this wallet yet um I haven't I haven't had a chance to play around with it but essentially they're trying to make it as easy as possible for people to get involved no need to

know about things like bridging like uh gas funds like other things so on and so forth you can just get involved um you know with an existing wallet or you can create a new wallet which I can't remember what provider they're using in the background for this wallet maybe I can if I log out of this profile that I'm in here and then uh bring up uh log to explore and then they've got like a wallet creation tool here where you can uh basically uh enter your email and then it'll create a wallet in the um in the background for you I don't know if they're using preview or something else but that's basically how you do it you know you basically abstract away everything at the user layer so the users don't have to deal with this and another reason why I wanted to bring up

abstract and what actually reminded me to bring it up before was the fact that uh Saiga who I believe is one of the founders of abstract brought brought up that abstract is going to be using eth as its gas token uh and you know and and the ticker is eth they're not going to be using their own token which is not out yet but I I think will come out eventually they're not going to be using their own token for that they're going to be using eth which I think is cool I do think eventually though like any kind of uh I guess like uh gas token is going to be abstracted away and people can pay gas in whatever token they want but at the same time it's all about the friction that that involves if I can just have e in my wallet and then just

pay the gas fees in eth that's a lot simpler uh for me but if it's abstracted away in a in a way where well if you've got eth in your wallet but you don't want to spend your eth but you've got stable coins in your wallet and you and you can pay stable coin stable coins as the gas fee and then it eventually gets paid down to eth anyway on L1 uh that still works as well because there's a lot of different reasons to hold eth right there's not it's not just to pay fees it's to hold it as an investment vehicle as a as a speculative vehicle as a store of value as as a money to to pay for things in the ecosystem like nfts for for example to make investments to use as defi collateral to use it as um you know in in uh in LPS right when

you're providing liquidity so there's a lot of different reasons to to hold and use eth um but yeah I'm glad that they are kind of aligned with with aan aligned with ethereum the ecosystem but yeah you can go check out abstract if you want uh I'll link this in the YouTube description below for you to do so but I think 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 it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all on Friday thanks everyone