Swell vampire attack, Nocturne raises $6mil - The Daily Gwei Refuel #678 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the delway refuel break up latest news in the eum ecosystem I'm your host and this is the 26th of October 2023 all right everyone let's get into it so apologies for missing yesterday's episode everyone I did have a valid reason for yesterday's rug fuel uh I was sick I had a sore throat um hopefully it's better today um I was coughing a little bit last night but seemed to have just been a temporary thing thankfully you know I thought that maybe I was getting Co again or something and I really did not want to get Co again last time I got it it completely wiped me out uh I was in Denver when I got it last for for eth Denver but anyway back today with a bunch of things to get through so first off I just wanted to mention this thing

again I I think I talked about this the other day but this is I guess us specific where the IRS is trying to push forward new rules that would uh basically decimate crypto in the US to be honest now I don't really see think that there's a bit there's a huge chance that these rules are going to go through as is I feel like they're going to be revise down but obviously making noise about this and letting the IRS know that these rules are just like unwork able for crypto is the best path forward here now I did share the other day that there is a way to do this through the Lex Punk Army but coinbase with their stand with crypto initiative actually has another way to do this which I'll link in the YouTube description below and it's very similar to The Lex punk way where

basically uh you can see here there's a three-step process you choose the topics and tone for your comment uh to the IRS the and AI will generate your personalized comment and you can copy and paste the comment directly uh to the kindor regulations.gov website here uh in order to send your feedback to the IRS so yeah it's never been easier to give feedback uh with with using AI here and obviously you can as I said choose your own topics and tone for your comment in order to personalize it to you so just wanted to give that shout out there for you guys you can go check this out for yourself we'll link it in the YouTube description below for you to do so all right so devet 10 denune devet 10 is now live and the devs are having fun all the core devs are having fun with it

so as you can see here paraos obviously very famous for a lot of the testing that goes on in the ethereum ecosystem especially the shadow Forks put the entire B movie script in a blob on devet 10 so for those of you who don't know what that is it's literally that like the Bee Movie if you Google be movie it comes up it's the who was the voice of the bee in that movie I think it was like Ben Stiller or something like that if I remember incorrectly but yeah the entire script was placed into a blob on dev Net 10 here obviously for testing purposes and as you guys know this will expire after I think it's 18 days uh that's what it's set to because blobs aren't permanent storage they expire after 18 days and if you want to I guess um access that data again you have to

bring the data yourself uh in order to do that on on chain here um but the reason why I kind of want to talk about this not just because it's funny but also because there's been a bit of discussions around what blobs are actually going to be used for on mainnet because obviously we're uh kind of creating these blob style transactions for layer Twos for rollups to take advantage of that's the kind kind of main purpose but anyone can do anything within blobs right as long as you're following the protocol rules and it's very similar to I guess ordinals on bitcoin where essentially you can put things like nfts in blobs and I'm sure people would do this but and and and people would do this because it may be cheaper to do that than storing nfts in um in cold data on on uh on the kind of

like normal layer one ethereum uh fee Market because as you guys know this there separate fee markets here and people will ask me the question I was like you know isn't this going to affect the um the whole purpose of blobs and I kind of respond to this by saying I don't think so because if you really think about kind of costs uh with with with blobs and with people doing nft stuff and with people doing anything really within blobs as opposed to to kind of what rollups are going to be doing at the end of the day the rollups are always going to outbid the the those other projects because rollups really are I mean as the name implies a roll up of all transactions that happen on their Network and they generate a lot of fear revenue and so they can afford uh to

basically pay high fees for the blobs right or higher fees than anyone else for the blobs it's kind of like what happened with layer 1 ethereum where essentially the high value kind of transactions such as defi price everything else out because defi leads to me Bots leads to uh a kind of um uh uh fees going up because of that which leads to the profit margins dictating how high the fees go and obviously if there's more M to be extracted the me Bots are happy to pay more in fees right and that's why you see that's a large part why you see fees go up so much on layer 1 ethereum uh and then there's obviously the nft kind of stuff that happened in 2021 with all the hype around that so people are kind of questioning you know are we going to see this with with blob stall transactions

and we might you know but again I don't think it actually matters because the rollups themselves will be able to outbid pretty much like everyone and it' still be cheaper than storing it within call data and it also depends on like how often they want to um kind of like buy one of these blobs or store their kind of um transactions in these blobs it oh sorry kind of like settle down to these blobs because at the end of the day there are blobs in every ethereum block every ethereum block is 12 seconds so if a roll up doesn't want to settle for like 10 minutes they can just wait for the cheapest blobs within those 10 minutes right they don't have to settle every 12 seconds I mean that probably isn't isn't something that was worthwhile doing anyway and because of that that's I mean that's another reason

why I don't think it's going to be an issue here but also on top of that as I said blobs expire so if you want to put your nfts in blobs the only purpose of doing that would be to essentially get maybe some kind of like cheaper way of minting nfts than you would on normal layer 1 ethereum but if you're doing that you're better off just going to layer 2 anyway to be honest like it doesn't really make much sense to do it at layer one because as I said the blobs expire which means that your nft is going to expire in 18 days and by expire here I don't mean that like the the kind of like a um the uh I guess like poter is lost forever so to speak the point is still there but the I being expire is in

like you have to bring your own data if you want to recreate that State uh in order to access that kind of nft in its most trustless form so to speak it is a oneof end trust assumption where only one person has to have the data but this is how 4844 Works in a full dang shining world where we have data availability sampling um there's probably not going to be uh 18-day blob expiry it's probably just going to be rolled into the general kind of um history uh deletion that we that or the history iip um which is EIP could for which I've spoken about before where essentially anything after a year would basically get discarded and if you wanted to keep it after a year you would have to keep it yourself so I think this kind of notion of pay once store Forever on

ethereum layer one is very much going away over the next few years because as I mentioned the other day it really doesn't make sense for ethereum layer 1 and for all the full nodes by the way that run the ethereum layer one chain to store everything forever for everyone it just doesn't make much sense from a perspective of access because 99% of users are not accessing that data right ever pretty much um and if they are accessing that data they're doing it through third party Services they're not actually running their own full node to do that like for example if you wanted to access uh tax data you go to Ether scan right you don't actually run your own well most people don't do this they don't run their own full archive node in order to see what their balance was at block such and such six months ago they

use third party services so the logic follows that okay well if people are just going to use third party Services anyway then there's really no point storing it all on chain and making it so that the chain becomes uh I guess like heavier and heavier over time uh in in perpetuity basically so um if people actually care about their data they can just download it themselves and again it's a oneof end trust assumption the data cannot be tampered with because if you try to bring it on chain or if you try to recreate it it will not match what is on chain so and that's why it's one of end trust assumption because you only have to trust one uh kind of one person right you only have to trust that the data matches what's on chain and then you can you can know that it hasn't

been tampered with so so yeah but that's that's stuff that's on the ethereum BR map for the next I guess like few years um it's not going to come in maybe not in the next couple years but it is definitely a longer term road map item but when it comes to blobs yeah they set to 18 days right now for expiry and because of that I think that they're really only going to be used for their intended purpose which is for rollups I don't think people are going to be doing anything long-term on there because they're just not designed for long-term things uh anyway cool to see this today cool to see devet 10 final live here but you can go check this out for yourself we'll link it in the YouTube description below for you to do so all right Hill Dobby has done some

more amazing work around tagging the different staking entities within the ethereum ecosystem so he said here today found and tagged 4.5% more staked eth across 20 entities and many solo validators thanks to Tony here for the help on solo validators you guys know Tony I covered him a lot on the refuel he's the uh basically the me visualization Guru as I like to call him but you can see the breakdown below here from Hill Dobby talking about um where this 4.5% came from and this isn't like 4.5% that wasn't uh known to be staked before it's basically part of the unknown category that a lot of the um the dashboards categorize this out because they just or unidentified it could be called unidentified or unknown because we just don't know who they

belong to and Hill dob is doing a lot of great work in partnership with various other people in the ecosystem in order to identify as much of this stake as possible to give us a better picture of what it actually looks like so according to Hill's dashboard right now there is only 18.1% unidentified stake left to identify here um and you know this is this latest tagging that he's done has brought this below 20% Which is really really great to see so he says here the newly added entities include um uh entities such as bit Panda binance us blockfi meev protocol xash ether Capital BCE Corbit paos coin dcx uphold and 1 and a 12,000 solo validators so very cool that he found some more uh solo validators here and he also found some

new eth belonging to existing entities such as binance Celsius okx Bitcoin sweet upbit PTP bitstamp htx and ponx and Below other updated stats here and you can of course view all this on the um the the eth2 staking dashboard that hobby has but you know I think that when you're looking at this and you're looking at the unidentified portion here you can clearly see that every time a portion of it gets identified it's spread out amongst number of different entities it's not like this 18.1% or 20% or whatever it is belongs to one entity and I think that's extremely healthy because it means that we already know the largest entities or the largest staking entities on ethereum the two largest by far are obviously Lido and coinbase right now lighter is at 31.5%

coinbase is at 13.8% and then after that it get just gets smaller and smaller I think binance here is at 5% no no that's figment at 5% I think binance is around that as well uh and then it just gets smaller and and smaller from there so really if if you really want to make the argument that the staking ecosystem um you know if it's healthy or not I really do think it's incredibly healthy because I've gone through this before when you look at Lio I I actually I struggle to agree with the notion that you should be looking at Lio as a single entity the same way you would look at coinbase and I explained this the other day where I basically said that with Lio or with kind of these entities it really is all about the node operators and what the I

guess like umbrella entity can do with these node operators and the worst thing that Lio can do right now is attempt to socially pressure the node operators to do things that go against the best interest of the ethereum network um they can't actually force them to do it because all the there there's 36 independent node operators right they're not part of of kind of I guess like the Lio um uh I guess not definely not the Lio team but also like the governance umbrella too um and then they can add or remove not operators which is which is obviously probably the bigger I guess you could call it threat there but if you're comparing it to other ones like coinbase for example coinbase is one node operator right like the 13.8% of stake is with coinbase as one single nde

operator so I would actually much rather like if you're talking about like least worst outcome lier at 31.5% is much better than coinbase at 31.5% right doesn't matter how aligned I believe coinbase is with ethereum it is definitely much better that at least we have it Li with uh I guess note operators that are spread out rather than under kind of one hard umbrella which is what it is with coinbase because they have total control over those node operators they can do whatever they want with them or those validators I should say not not um not operators Alone um and then it brings me to my my my kind of final comment on this which is around that just because I think that it's better that Lio you know it's better that Lio has that percentage than coinbase doesn't mean that I think it's a good thing that Lio has that

percentage and I think this is where people get lost I think that uh getting L's market share down as much as possible is obviously still the goal here and there are a bunch of things in motion for that that I'll um then there's some of them actually that I'm going to talk about in a sec but uh when you're looking at this from kind of like a holistic perspective and good versus bad I think that that's that's kind of like what I what I look at it as and and also final final note is that um as I was saying before if you look at the distribution of steak here if you take ligher out of it the rest of it is really healthy honestly like the rest of the network looks extremely healthy here it would require um you know if as I said Lio is not one monolithic entity

where all the node oper ERS are kind of like a hive mind but if you take Lio out and you want it to get to over 50% of the stake again you would have to add up I think at least 10 entities here probably more than that to get to over 50% and these entities more often than not have absolutely nothing to do with each other um and especially when you look at entities like rocker pool which are around 2.9% of the of the network there's thousands of node operators there right so when looking at these things you have to kind of dive deep into the Nuance here you can't just look at them in a in a vacuum and say okay yeah that that's bad or or that's good I think you really have to to to dive deep here but anyway I got a little bit of

off track there but uh good work from Hill Dobby here to continue tagging more of this unidentified steak now I did speak about a couple of other things in the staking ecosystem going on right now with regards to getting lios dominance down uh I did talk about uh swells kind of pseudo vampire attack the other day which was more like essentially trying to restore the uh SW to fair value rather than a vampire attack and people would would say you know this isn't a real vampire attack and and to be honest they were right but in saying that swell I I believe yesterday launched their actual vampire attack so they're calling this super swe or super sth I like saying super swe or super swee where however you want to say it um which is an actual

vampire attack on Lio so what this entails is that you can deposit s into this Vault for boosted Pearl hunting and up to 18% yield from staking plus redirect D Revenue all St deposited is unstaked and swapped forwe helping to diversify ethereum so yeah if you if there is SD kind of put in here as it is said here it is unstaked from Lio and swapped straight into swe so this is a real vampire attack now that 18% yield number probably gives you some flashbacks to Tera Luna and you're probably thinking how are they offering 18% yield on each staking well thankfully ABI here who works um at at Swell put together an explainer of where this yield actually comes from because

as you guys know you always want to ask this question because you don't want to get yourself kind of wck here but basically uh it comes from the SWS um staking reward so just the normal staking rewards you would get each staking 100% of all the swell Dow revenue is redirected to the Vault um and St is unstaked then used to buy swe which is trading at a discount right now so that's basically where that boosted yield comes from so if you're feeling a bit like a djen you're feeling like taking on some risk as I've said before you know swell as a new protocol there is risk involved here and um the yields aren't going to stay that high forever but if you are interested in taking on a bit more risk and also getting lios dominance down then I couldn't I I can't

think of a better way to stake your e right now if you want to hold an LST go by St you know go through this Vault and deposit it into here get that St unsted with Lio get your SW and then start earning up to 18% yield uh so yeah I mean I I I I can't really see anything wrong with doing this besides obviously the risk of um of something going wrong on the smart contract side of things or with swe it could trade at a discount again because there's no withdrawals yet but withdrawals are being enabled in q1 next year so yeah I mean to me the risk isn't that high I don't you know you guys know know I don't hold any lsts and any eat that I stake is through solo staking but if I wasn't doing that right now I'd probably go with this um and and

I wouldn't put a lot into it obviously because as I said there there are risks involved here but I think that we should be supporting in all the vampire attacks that we can uh because at the end of the day we obviously want to get lios dominance down here and I should disclose I should have said this before but you guys know I'm an investor and advisor to swell as well here I'm not Shilling them because of that I'm Shing them I'm not trying to Shield them either to be honest I'm just kind of trying to highlight this for you guys because I know you guys want L dominance to come down well this is a perfect way to do it if not you maybe someone you know get on top of this this is something uh that you're going to get rewarded for uh and that you can also

help keep the ethereum network the first ified on the staking side of things all right so oh today I'm covering a warp cast or I guess like a farter cast not a tweet so Cody from the smoothly project here has announced that their their countdown to main net has begun so as a kind of recap here uh what what is smoothly well smoothly is a tool which gives solo stakers access to the mean reward from block proposal so it's basically if you guys are familiar with the smoothing pool for rocker pool it's basically the same thing as is that except it's being targeted at Solo stakers or solo not operators solo validators out there where essentially you all join this pool and then you all kind of like pull together in order to

to make it so that the rewards are more smoothed out as a solo Staker um and the rewards should work out to the same if not more per validator especially um especially because I think that they're going to have a thing where oh yeah they mentioned it here which is something called slide which is a social layer incentives for decentralization which is basically uh pulling together extra funds that that anyone can put money into so for example projects out there can put their tokens into which basically gets paid out to solo stakers um as as sort of like what happens with the protocol Guild I guess how anyone can put money into that in order to get that paid out to to cevs this would be paid out to to solo stakers here now um I am involved with this project I'm

going to be one of the Oracle operators for this project as you can see here I'm uh listed alongside a bunch of other people in groups here I've been running this on on testet I'm running it on my Rocka pool box actually funny enough the the Oracle here um so so yeah I'll be one of those alongside all these great people and and entities here and I will also disclose that um I donated 5,000 usdc to this project in order to get them some security audits I'm not an investor in this project uh I don't even I don't think they've raised anything either it's more that I donated because I wanted to see this come to mainnet because obviously I want to see more solo stakers um go online so I just said you know what what do you need to get these audits over the line they told me

the the the number I put in what I what I could at the time and and and kind of donate to them um and and yeah so yeah keep an eye on this as I said M the main net countdown has begun here um this is a 12we countdown so they'll be going live on mayet in the next 3 months but you can learn more about this project I'll link this in the YouTube description below for you to check out right finally on the core Dev update side of things or on I guess like the ethereum core update side of things juliam put together a tweet thread saying after months of work the I don't know how to say this word word but I'm going to try the Corin veral test net is back online and it comes with a lot of updates so there yeah the updates are

listed here in this thread I'll link it in the YouTube description below but as you guys know veral trees are a major road map item for ethereum as part of The Verge upgrade which at this point in time is probably not going to start going live until maybe the end of next year at Q3 Q4 next year into 2025 of s but it is a major upgrade to ethereum that enables scalability and enables a bunch of other things to fall off of that you can go check out what those things are on vitalic flowchart road map which is now Infamous and you guys probably know about that already you can go you can go Google that if you don't have it handy because I don't have it handy here but I just wanted to highlight that that test net is now back online and you can check out this tweet

thread for all the updates I'll link it in the YouTube description below for you to do so all right so crypto payments has been that kind of one thing or One Promise of crypto for a very long time now right I mean Bitcoin started out as a peer-to-peer money system it started out as something people were very excited about when it came to payments and then over time obviously that uh uh kind of changed and Bitcoin became more of a store of value then uh people came up with the idea of the lightning Network which just hasn't worked for a number of different reasons for Bitcoin it is severely limited it is not fit for purpose it is not fit for scale it's definitely not going to be a thing in my eyes especially because it only at least right now works with BTC and no one

wants to spend their BTC I mean you can't be a store of value and a and a and a good money at the same time and something people use for payments at the same time it's just not going to work right people can use it as payments but it's not like a good money like why would you spend something that you expect to go up right it's that classic dilemma here um so enter l2s right enter layer twos because ethereum layer one can't do payments either because it's too expensive obviously with payments you need to get the fees down as much as possible well with l2s we now have that capability right but it's not just fees it's also speed on layer one ethereum the the the speed is not that quick because you have to wait 12 seconds for a block I mean it depends on when you do

your transaction when the next block comes in but it's not going to be near instant pretty much ever unless you get in just before the block um gets mined it's going to be slower and it's it's going to be more expensive here so coinbase wallet is actually supporting realtime balance updates and near instant end to-end payments on layer 2 networks now such as arbitrum and bass and as you can actually see here if you look at the um the video this payment was done in 570 milliseconds if I'm reading this correctly so less than a second about half a second here where the payment was done and and shown on on the wallet here now Brian Armstrong obviously the co-founder and CEO of coinbase quote tweeted this and said we've been working hard to improve the cost and time to confirm payments in coinbase wallets our

ambitious goal is to get the average transaction under 1 second uh uh end to end instant cheap and Global will require layer to becoming the default driving up the percentage of payments happening on L2 this is how we drive the next wave of utility and apps in crypto and bring a billion people on chain couldn't agree with more with that I think payments is obviously that one final unlock of a use case that we need to do properly we're going to do it at ler 2's I'm really glad to see coinbase putting their weight behind this because they're perfectly positioned for this honestly especially because they're big supporters of usdc and heavily involved with that and as I said payments work way better on ethereum and ethereum l2s because of tokens and because of the tokens you get things like stable coins right you get things that people

actually want to use as money instead of uh tokens that are never was never were never meant to be money I mean eth in my mind is still money but like the vast majority of tokens were never designed to be money they're basically just like pseudo Equity or meme coins or stuff like that they're not they're not money right they're not a currency they're not something people want to use um and when looking at the kind of timing here I see some people saying you know I saw in the in the Tweet thread in sorry in replies to this tweet a tweet from uh mert here who is um very big into in the salana ecosystem obviously saying here you know you can send usdc in 400 milliseconds for whatever that is like obviously that's basically nothing using coinbase wallets um this second because on salana

obviously the fees are basically nothing um and then uh he says l2s are great for many things but salana is better for payments so I would kind of push back on this not because it's salana or anything like that but just if we talk about payments in a vacuum and let's not talk about blockchains generally are right now what blockchain it gets done on or anything like that let's just talk about the two main things that payments need they need uh or a good payment system needs it needs um it needs speed and it needs uh Co cheap cheap fees basically right so when it comes to speed and cheap fees yeah for sure salana has that right salana has L2 beat right now like there's no question about that but at the end of the day is there really a material difference for the consumer

between 400 milliseconds and a second or even up to two seconds like when you go for example in in when you go and tap your card or tap your phone or your you know your pay ID as we call it in Australia or whatever on a on on an fpos terminal like are you concerned if it's going to get confirmed in 400 milliseconds versus a second I mean I don't even think about that when I tap like as long as it's done in one or two seconds I don't care and usually that's how long it takes it takes up to two seconds a lot of the time right for it to just come up with that confirmation on the screen and I don't think anyone has ever complained about that right about the speed of it I mean obviously if it gets much longer than that it

starts becoming kind of awkward thing of the person behind the counter is waiting for the perment to go through you two and you start fidling with the machine right it only takes a few seconds for that to kick in but up to 2 seconds in in my mind is not a big deal okay well that's the speed thing so speed as we said like l2s are pretty much fine for that like even if it's up to two seconds I think it's fine so I I don't think having uh the transaction be confirmed in 400 milliseconds versus a second matters at all right and then it comes to fees well of course fees I think are the bigger thing here at the end of the day you know if you can if you can do a payment for basically nothing versus even one cent everyone's going to choose

the basically nothing right because even at 1 cent it still might be too much like if you're doing a payment for a dollar that's 1% of the payment right but then it also comes to Payment Processing fees too because in the in the tradire system there are plenty of payment processing fees if you're using a debit and credit card versus um using something like crypto today where there's there's really no payment processing fee it's just the gas fee right it's just the network fee but with l2s especially things uh especially post 4844 but especially things that store their data off chain the cost is basically going to be negligible and it's going to be so low that it's just going to be covered by uh by the um the the wallet or the payment processor itself and maybe in the background they take like a tiny sliver of a fee off of

that right so again like I just don't think that's a huge issue here and I don't think that's a that's a a kind of thing that that um other chains could win on right but what is a big issue outside of th those two things is liquidity is Network effect is market share is brand awareness it's Integrations right and what has more than that than ethereum what has more than that than ethereum l2s right that whole ethereum ecosystem has that and that's why the payments are are going to take off on ethereum versus these other chains because ethereum already has that Head Start there and I'm not saying it can't take off on other chains but I don't think that the other chains competing and saying hey we're faster and cheaper is going to materially move the needle do I think that it's cool that they're faster and cheaper sure do

I think that the that that most people are going to give a no so when we're talking about reality versus uh um versus what people want people to care about the reality is very different here at least that's my view on things maybe you agree maybe you disagree but anyway going to leave that one at that you can check out this tweet we'll link it in the YouTube description below all right so noctune a new privacy protocol on ethereum has announced a raise of $6 million a seed round uh led by ban capital and poly chain Capital with participation from a bunch of angels U such as vitalic buan Tim boo Calvin Lou who works at layer and a bunch of others here you can go check this out for yourself I'll link it in the YouTube description below but I believe I highlighted this project a

little while ago on the refuel um and I think that there were a bunch of questions around you know why would this project survive in the face of I guess like ofac sanctions right like what makes this project different to something like tornado cash or other privacy protocols you know what makes them think that they can build this well they actually answered this so you can see here um State layer shared uh basically a a portion of the um the announcement here and how nocturn plans to comply with I guess uh regulatory agencies or law enforcement agencies I should say around the world when it comes to money laundering and terrorism financing and stuff like that so you can see here they've got their compliance plan where they say to protect against terrorist financing human trafficking and other forms of crime we put in place

rate limits and filter out high risk deposits depositors do not divulge any additional information beyond what already exists on chain additionally there is no custody risks at no point a knockturn or any of the systems offchain actors able to freeze or redirect user funds um and there's then there's deposit filtering using public onchain metad data and analytics tools like trm refill to add deposit attempts from highrisk addresses per address rate limits so each address will have a default rate limit for how much it can deposit each day and then there's Global rate limits the protocol will have a daily Global rate limit for deposits across all addresses combined the global and per address rate limits create high friction for elicit actors like protocol hackers so I think this makes a lot of sense

from a practical perspective but I also have an issue with it from kind of a reality perspective so if you're talking about just protocol hackers and them washing funds through privacy tools that's fine that's like an objective thing you can see on chain right everyone can see when a protocol's gotten hacked like it's all transparent but when you're talking about quote unquote illicit actors who are they illicit to right the US government has different definition of what a you of who they consider an elicit actor compared to China for example compared to Russia compared to PE uh countries in the Middle East right so if you're talking about uh privacy protocol that's onchain accessible to everyone around the globe and if they're going to be

using tools like trm really what's going to end up happening is that nocturn is going to look a lot like a US Centric privacy app or essentially they're following the us-centric or the Western kind of definition of who an inced actor is who they consider to be you know a terrorist who they consider to be doing kind of um money laundering or or other crimes and stuff like that so then it becomes a kind of thing of well as I said like you're more of of kind of like a US Centric or westernized Centric privacy protocol rather than than a global one here and as I said for practical purposes this probably makes sense because it will probably prevent you from getting oaed or from getting like into trouble with regulators and stuff like that but at the same time it's not a protocol that's that's going

to serve everyone equally there's going and and I'm not talking about like everyone equally in terms of who's a bad actor and who's not because that's totally subjective as I just as I just kind of like outlined here because there the protocol hacks stuff is objective because you can see it on chain everyone agrees that you know if the protocol is hacked well then we can see that and they shouldn't be able to kind of easily uh wash their money because obviously people are getting hurt here but when it comes to the much more subjective and much more ambiguous stuff like terrorism financing and and and human trafficking and other forms of crime as they've listed here it just becomes I think uh a weird kind of place to be and I and I I'm going to be curious to see how nocturn handles this I'm going to be

curious to see how they scale this like this just means nocturn is going to be centralized forever because they have to apply these rules somehow a DA wouldn't be able to apply these rules it would have to be a centralized group of people so I'm I'm just very curious to see how that works but it is a good middle ground for I guess like just the the the quote unquote people that I guess like the US considers to be honest actors and stuff like that because essentially what it means is that you you as a regular user are probably going to be fine and you can use this as an actual proper privacy protocol which I think is pretty cool but yeah I guess like those are the thoughts that I had when I read this I was just like we're getting into very subjective ter terminology here're

getting into very kind of like meat Spacey stuff here that I don't know it doesn't sit totally right with me so I figured I'd just bring that up for you guys there but anyway congrats to nocturn on this Capital raise great to see more privacy protocols coming online here all right speaking of protocol hacks and general exploits within crypto Sam son who is obviously famous for being on top of all of this kinds of stuff has announced today uh something called seal drills so he says here in a war room every second counts but without having been in one how could you know what to expect or how to respond blog posts and tweet threads can only take you so far today I'm excited to announce a new Option seal drills so he says here over the past few months um Isaac myself and other leading white hats and

researchers have worked with compound labs and year to help them operate for the most stressful situation any Dev could face by conducting a simulator attack against their protocol now that we know it works we want to work with you to make sure that your protocol is prepared for the worst if you're interested in testing your incident response process please fill out this type form and we'll get back to ASAP so this is something that's typically done within I guess like uh regular I guess outside of crypto cyber security where there's these three kind of teams defined as red team purple team and blue team where essentially a red team is tasked with trying to hack into something the blue team is tasked with defending against any possible intrusions and the purp team from memory sits in the middle obviously a blue and red make purple right so they sit in the

middle um but essentially this sounds like something like uh like more of a what a purple team thing will do where it sits in the Middle where they kind of try to attack the protocol but they also uh try to defend it as well and make sure that they can essentially work to uh strengthen the protocol itself strengthen the project itself and uh set up processes in place to have where if something goes wrong like mitigation in place and stuff like that and and kind of like standard operating procedures and responses here so just a very very cool initiative that was um announced today and the fact that it's being led by Samson and some of the others that have been instrumental in protecting users uh from these sorts of things uh is a huge vote of confidence there but anyway you can go check this out we'll

link it in the YouTube description below for you to do so all right I mentioned the other day that the poll token was going live on the ethereum mayet on October 25th and it is now live here just wanted to shout out here because there was some confusion around this um I don't think there's anything you can you have to do right now I believe that this is just the token contracts going live I don't believe that there's any way to convert your mic tokens to pole tokens yet um and there's no need to just yet that will come at a later date but I just wanted to quickly clarify for people that right now this is um just the the contracts going live and I think that they're doing it this way because they want to make sure that the contracts are live everything's running smoothly

before they do obviously the token conversion but I'll let you guys know when the token conversion takes place because I know a lot of you gu you guys out there hold madic um and and yeah I explained this the other day so I'm not going to rehash what I said there all right last up here just quick shout out crypto Canal is running a little initiative here where they said help us get in touch with protocols that were hacked and whose funds were tornado cached searching for Founders to give a written statement that they don't hold tornado cach or the developers responsible this could really help build alexe perz case so yeah if you basically um are a founder or you know a Founder out there that were part of a protocol that was exploited or hacked and then those funds were I guess processed

through tornado cash and you don't blame alexe or to the tonado cach Developers for that do get in touch with crypto Canal here because your statement could um be a big help to alexe in his case that he's currently fighting and probably will be fighting for a little while here um but yeah just wanted to shout out that for you guys there if you are a founder or know anyone that's um that this is relevant to uh please get in touch I'll link that in the YouTube description below for you to do so but I think 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 it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone