Uniswap L2 volume ath, Ethereum after blobs and more - The Daily Gwei Refuel #756 - Ethereum Updates

Transcript

hello everyone welcome to another episode of the Del refuel where Rec C the latest news in etherum ecosystem I'm your host and and to the 30th of March 2024 all right everyone let's get into it so yes this is a Saturday episode to make up for missing uh yesterday's episode Friday's episode uh I was just too tired it's good Friday you know spending time with friends and family so I basically got home was like yeah no I'm I'm way too tired and today's like kind of a day off and then back into it tomorrow and Monday uh obviously all the Easter festivities there uh but yeah that's why there is an episode today but without further Ado let's jump into the news so we had some fresh ETF related news in the uh I guess like this was Friday um basically from bitwise here now of course I know you guys are I know

pretty pretty pretty much like in the same position as I am right now where we're basically just playing a waiting game at this point till like May 23rd or at least until like mid April to see what the actual kind of thing is going to be with regards to the eth ETFs like the market right now I think is very like not confident in these things being approved by May 23rd and you've seen that basically priced in I think on both ethusd and eth BTC just from like a Market's perspective I really do think that the market is you know is fading e really hard right now because of that but it's kind of funny when you look at the way the market acts because I personally believe that even a denial like even if it does end up getting denied on May 23rd that would still be

bullish because if you look at markets and how they kind of price things in like forward-looking essentially what happens is that if the market is already priced in the denial by the time it gets denied on May 23rd then maybe there's like a small sell the news event or something like that but then from then on I I don't really know who's left to sell right if everyone's already sold that wanted to sell before these things kind of got denied on May 23rd it kind of becomes a thing where it's like okay well the price ends up going up and then it's self-fulfilling where everyone's like oh wow the ETF denial wasn't bearish after all for eth you know let's let's go bu eth sort of thing so that's just some open speculation how I view these things um and I think that you know the fact that the market is very

kind of I guess like weary of of uh of the ETF approvals at this point like thinking they're not going to happen if they do end up getting approved I think that is again still bullish for ethereum because essentially it means a lot of people didn't buy eth because they assumed that the ETFs weren't going to get approved and then the ETFs get did get approved and then of course we'll see inflows into that which will be positive for the price and then it just becomes a self-fulfilling thing again so I I don't think it's hopium to think that either a denial or an approval is is bullly sh just for for very different reasons I think especially because you know eth hasn't really outperformed like if eth let's say was at all-time high already and E BTC was a lot higher than what it is now

then I would have a different view on things I'd be like okay well the market hasn't priced in a rejection of these ETFs yet the market is actually pricing in an approval here so that's why right now I'm thinking well you know the Market's being quite efficient about this they are they seemingly are do do tend to be pricing in and denial on May 23rd here but that could change very quickly too like let's say in the next couple weeks we get like a lot of back and forth between the SEC and the issue is that begins to look like the EFS are going to get approved on May 23rd then you will very quickly see the Market correct for that I think because the market is very sensitive to the ETF stuff right now it is the main narrative still I believe um especially you know

outside of the crypto native Market there but enough speculation on the price side of things the actual update that I wanted to get to is actually pretty important here so this was something from bitwise so bitwise did their own uh eth correlation analysis with regards to the correlation between the eth spot markets and the eth um Futures markets here so you can see here the actual correlation is linked by bitwise I'll um link it in the YouTube description for you to check it out but what's different about their analysis as opposed to coinbase's analysis is that they tried as closely as they could to replicate the specific meth methodology used by the SEC in their evaluation of Bitcoin um and the results here are very encouraging for E basically like very very similar to bitcoin and also these results are still heavily influenced by

the first 3 months of of trading here so once that rolls over because it's done on a rolling basis once that rolls over it would it would seem like e and e and E Futures correlation would be basically the same if not better than Bitcoin here so as I said the reason why this is important is because it's trying to replicate the sec's uh methodology that they use for the BTC um spot correlation spot Futures correlation analysis here rather than what coinbase did where essentially they had come up with their own way of measuring that correlation they didn't try to specifically I guess recreate what the SEC did and coinbase has pretty much came to the same conclusion as what bitwise has come to where the correlation is very very tight and the reason why this is important is because people speculate that the SEC is

going to deny the E ETS based on the fact that the correlation between spot and Futures is is not very tight which means that there's eth is open to manipulation on the on the spot markets or on the Futures markets there um but it's looking like they're not going to be able to deny based on that like it looks like that if they do that then essentially I mean they're opening themselves up to lawsuits because of that they're opening themselves up to potentially inter agency fights with the cftc because the cftc um regulates the Futures Market the CM Futures market for there and they'd have something to say about that they would like it just makes no sense to deny this based on this when essentially the correlation is pretty much like a mirror of of BTC here and the other I guess speculation people

have for the SEC to deny these things uh is on the eth as a security thing which I think is even worse than denying based on correlation um for a number of different reasons but I'm not going to rehash all the reasons there but yeah you can go check out this analysis for yourself I'll link it in the YouTube description below um but another reason why this is important as well is that it just shows that the issuers are not giving up on their e ETFs like they're still fighting you know and I don't think they would be doing this if they were convinced that there was like no chance that these things were getting approved I feel like they're doing this because you know they they do think there's a chance that that it's it's going to get approved here and they also want to make sure that these aren't

denied even if they are denied based on just like these frivolous things so they can have basically a trail of hey you know we provided this information we did this analysis ourselves and if the SEC does decide to deny based on a weaker correlation here they can then have a very strong I guess stance against that whether it materializes as a lawsuit or not and that works in the favor of all the issuers you know even the ones who don't end up suing themselves the other ones can use this material as I guess evidence in in a in a court of law right um but that wasn't the only update with regards to bitwise there was also the fact that bitwise filed their S1 for their e ETF um and they also filed their 19 B4 here which you can kind of see um and I think James had a chart or at

least a table of all the e ETF issuers and how pretty much all of them has F have filed 19 B4 forms and S1 forms so both of them need to be filed in order for this to get approved TR so all of them except I believe hash decks have have um have filed for all of this so yeah it's just like a waiting game now for the SEC to either you know ask these issuers to remove things like the staking portion of what they've filed here um or maybe change a little bit a little bit of things here and there but really as I've discussed at length before there doesn't seem to be much to change between eth and and and and and BTC right like if you look at the eth and BTC ETFs they're pretty much like identical because if they both just spot

ETFs and remove the staking part of it then uh they're both using the same custodians they're both they both have the same kind of correlation analysis uh done on it because they're both trading on CME and Futures and and on the same spot markets so when you look at it like that yeah I mean it still is a copy paste no matter which way you look at it there but anyway as I said I'll link this correlation analysis that bidw did in the YouTube description for you to go check out below all right onto some eth core Dev updates so Tim boo put together his usual recap thread of the all core devs Co here this is quite a lengthy one they discussed a bunch of different things so I'm not going to kind of rehash all of this but I think one major aspect of the

call was got to do with what I discussed on the last refu I believe or the one before that about the network stability issues we were seeing with regards to blocks route the their relayer uh basically not relaying blocks with blobs in them properly uh which led to essentially like a fall off on the effectiveness of the network there now there's been multiple different analysis on this from different parties I think there was a postm modem posted today about this uh from I guess like Blox route and I believe Lighthouse chimed in on this as well because I think bloxs rout blamed Lighthouse for the issue when in reality it was block rout Blox route's issue not just with their relay but with this thing called the bdn which is like this uh private I guess meol delivery Network that they use to propagate uh kind of blocks throughout

the network here um and this has opened up discussions around epbs again so I think I I yeah I've got this tweet Thro here from Michael spra who basically discusses everything that I was just talking about as well as why we need epbs now for those of you who don't know epbs is stands for enshrined proposed Builder separation essentially what it's trying to do is get rid of the role of relays as part of the ethereum network and the reason why we're trying to do this is because the me boost pipeline as I've discussed at length is a side car right it's a side car to ethereum which means that the core devs do not have a good view over what's happening there and the me boost devel do not really have a good view of what's happening in cev land so there are these two separate

things that are essentially uh very important obviously to the network both on on different sides here but they're not really talking to each other because one I mean flash Bots is the creators of meev boost and a bunch of other things like Suave they're as far as I can tell a for-profit entity right they're definitely uh you know trying to to monetize certain aspects of things and then you have ethereum development and ethereum core developers uh which is more of a I guess like public good style of development here where you're basically trying to build a neutral protocol so there is this kind of odds uh incentive uh kind of incentives that odds here with each other so that's a major reason why the cevs really want to integrate PBS uh into the network or do epbs because it essentially means that it's all enshrined in the protocol and

it's easier for them to reason about here but don't let me bore you with my ranting there please go read this thread from Michael spra who is working on Lighthouse at Sigma Prime here he does a really great job of explaining what happened you know with with regards to the postmortem as well as how it wasn't a lighthouse issue and what this all means for epbs so I'll link that in the YouTube description below for you to check out as well as Tim Boo's recap thread on the cordev call uh for you for you to check out there as well all right so speaking of cev related stuff Josh Rudolph has another update for us on the latest veral implementers call so this is call number 15 they were talking about a bunch of different things there were updates about from different client teams there were testing updates uh and

and updates uh as part of the cryptography performance improvements summary of discussions from eth taipai and a test net relaunch here so yeah I mean as usual you can check this out I'll link it in the YouTube description below uh for you to do so but just great to see continued work happening on vericle trees uh you know it seems like we could potentially get verle trees in Osaka which is the upgrade that's coming after Petra or sometime next year there it is a pretty big undertaking here but it's also something as I've discussed before that's really needed within the network in order to enable other things and as you can see here there's a little kind of graphic here of what this is kind of enables you know this is the well I mean it's showing you like where the ethereum scaling bottlenecks are and

then with veral trees we can enable things like history expiry and and statelessness and state expiry which is one of the scaling bottlenecks you know the history growth and the state growth is is is definitely a huge bottleneck for the ethereum network here and I believe Paradigm had their blog post about this recently that you can go find that I I believe I covered with regards to you know where is the growth happening on the ethereum chain and what can we do to reduce growth in certain areas while still obviously keeping the trustless of the ethereum chain alive there but anyway you can go check this out for yourself I'll link it in the YouTube description below for you to do so all right I layers whole Sky test net with dual Corum support for du Corum support I should say for Igan DA has

launch so rakers operators and rollup sequencers along with full nodes are are able to test this launch and this is one key step more key step towards main net here so dual Corum is basically uh something that introduces robustness and decentralization by by using two Chums to secure a proof of stake Network for now uh rra e is the second staking asset future plans include native tokens for abs and rollups and here's an explanation of how this works it's called dual staking I've talked about this on the refi before but essentially dual Corum addresses several challenges for new proof of stake networks including easier bootstrapping price volatility mitigation and as as well a variety in consensus design and yeah you can learn more about this in this blog post I'll link it in the yoube

description below um but this is exciting because believe that Ian da is targeting launch for like May or something like that like April or May I believe so it's not too far I mean we're almost in April right but I believe yeah may they want to Target kind of main that launch here and there's going to be a lot of abss going live with this I believe don't know how many I da is obviously going to be the first a ABS live but there are others out there that um that that are in the pipeline uh I mean I've lost track of how many there are at this point and I think what's going to be interesting is to see like what the ABS landscape looks like not just from the cases but also from where the stake is actually going to be placed because you've probably seen a lot of

tweets from some of these reaking protocols lately like ethery and swell basically saying oh we're going to put like the E Stak with us against this ABS you know when they launch and then we're going to be uh kind of lending out Economic Security to them so it's going to be as I said curious to see where all of that lands because I think it's going to be basically done on a maybe a two-pronged process like the short term you're going to see people doing it on uh avss that basically say Hey you know if you kind of put your stake with us we'll give you points or token incentives right so then essentially becomes like this huge thing of well you can Farm the LRT points then you can Farm IG layer points and then you can Farm uh I guess like these abs points on

top of that which eventually all get turned into tokens which may you know may be air dropped or you know pretty much certainly be air dropped there but that's the short to medium term kind of stuff but then we we look at the long term and that's okay well what is the actual natural yield that these Protocols are you know supplying for the people that are reaking with them or for the protocols that are reaking with them and what I mean by natural yield is basically just like user demand like what's the fee revenue for these networks what you know what are they generating there yes they can pay out token inflation but that's not a you know a natural real yield that's a you know that's that that's a yield but like it's being paid out of tokens right so it's it's very different we all know

that token uh inflation is not you know long-term sustainable you know they just basically bringing forward the future and you pay for it later so I I'm just very curious to see how that all plays out but it's probably going to take like 12 to 18 months from when these avss launch to see what what what what kind of happens there and uh I think in terms of like what's going to generate the most Revenue it's going to be really hard to tell because as I've said before you know da is a race to the bottom so when you look at IG da you know it's going to be really really cheap when you get started and they're targeting 10 mega megabits per second I believe or megabytes per second throughput which is a huge amount of throughput I mean it's more than Celestia can currently handle

it's definitely more than ethereum even if you take out the polygon POS

chain here you can still see that just base optimis and arbitrum alone still make it that it's an all-time high and you can see the growth of Bas here has just been absolutely massive like even compared to last month and obviously this is because we have a bit of a bass season going on right now where a lot of people are bridging to over to Bass to do a bunch of things uh and when it comes to defi I mean a lot of this volume has got to do with some of the bass meme coins that have been kind of popping off on there so uh I guess that's only natural there but arbitrum you can see has remained dominant you know pretty much all through out like arbitrum has had a healthy defi ecosystem for a very long time now and that's translated obviously into swap

volumes on on Unis swap but so as polygon I mean obviously as I've said polygon POS isn't a layer two yet they are going to be a layer two when they convert it to a ZK validium um but you know that would basically be the same if there were a validium or or the POS chain here You' probably see more volume because as a validium they're probably going to be cheaper to use than they are as as a POS chain uh so the volumes would still be the same whether they're an L2 or not so I think that even if you include them or remove them it doesn't really make much of a difference here uh but this is great to see you know I remember putting out that tweet that I highlighted the other day that I put out in like August where I said that I

thought we would be getting like a layer two summer within like 6 to 12 months from that date and we pretty much smack bang in the middle of that we're pretty much like at the 9mon Mark since I said that and that thesis was based on really mostly around Erp 4844 and bass and obviously with blobs going live the cost came down for all the l2s but the reason why I focused on bass in particular was because I think that there isn't just like an uh you know the real users on boarding from coinbase and obviously coinbase putting their weight behind it but there is a narrative as well like bass has kind of become a shelling point right now for people to come into the ethereum L2 ecosystem because everyone's like well you know coinbase is the one behind Bas and you know bass has a lot

of stuff happening on it already with like farcaster and nfts so let's kind of do meme coins on Bas sort of thing now whether that's sustainable or not I mean I don't think it's going to be long-term sustainable but the the way that memecoins can kind of be sustainable for ecosystems is that if there is already a really strong ecosystem there or one can develop over time after the mcoin Mania subsides here and I think that right now you can point to basically uh arbitrum and bass uh as having both of those ecosystems I believe bass has a very strong ecosystem outside of just meme coins same with arbitrum uh and I mean opt bass falls into optimism for me so I'm kind of talking about it as if it's like the you know a similar thing here and I think the same is true for polygon

as well even though the POS chain is in a layer 2 right now I think the same thing is is kind of true there and you guys know me I'm all about sustainable demand sustainable Revenue sustainable everything when it comes to these networks so I really do think that we have that you know right right now with a lot of these major l2s now obviously bit too early to tell like what this is going to look like but we'll see we know we'll revisit in a year or something like that you guys know I'll keep covering this stuff but we'll see how that all shakes out there but I guess like kudos to everyone who stuck through it you can see what the growth has been look has been like for these l2s there has been some quiet periods but then really since basically I guess like

August last year it's been up only as you can see here of of these volumes and it's only getting stronger and stronger over time uh which has just been insane to to see here all right speaking of l2s Jesse Pollak from Bas tweeted out uh this nice little chart here that shows the gas limit uh used SL price on base so you can see here that the gas plus transaction capacity went up which is the Blue Line uh the gas plus transactions usage went up which is the purple line but the base fees went uh went way down which is the yellow line and they're going to be uh incrementally scaling base in a thoughtful methodical way as time goes on but this is awesome you know you can see here what the yellow line Looks like what the the fees were like before they actually uh kind

of did it so you had those massive spikes there but then there was another Spike but then they raised their gas limit uh up to uh what is it whatever it is 37.5 million I believe and then after that like the transactions uh and the gas used was still going up you can see from the purple line but the cost dropped because obviously uh they increased the gas limit so there was more capacity now and that capacity hasn't been filled up yet so the fees drop now once that capacity fills up again you're going to see the fees go up but this is basically I think a really nice graph that illustrates what scaling is in a nutshell it's basically increasing the available capacity without you know I mean make making the user experience worse with lots of failed transactions and things like that making sure that that purple line keeps

going up because that is obviously usage going up demand going up but that yellow line needs to be going down or needs to be kind of you know if it goes up we scale some more and it goes back down so that's the cat and mouse game that I've talked about a lot we're basically chasing that that yellow line every time it goes up we need to make sure that we are increasing the the capacity so that that can go down again and then we kind of monitor from there and then once it goes up we do the same thing again so that's the the I mean I'm not going to say it's a forever cat and mouse game but it is something that's going to be played for many years to come there's going to be so so much more demand coming in guys like it's actually insane

I don't think people realize how much demand is going to come in there's so much Demand on the sidelines like the the very I guess like uh definition of induced demand is in this chart here because every time you increase uh the the capacity more and more people are going to be able to do more and more transactions and more and more transactions are going to be able to be done because it's cheaper and cheaper and then you just have to keep kind of increasing it here and this is why I've said before that it's all about like the aggregate fees not so much the individual fees because I described this last time when I was trying to do like on thefly math but essentially if you have like Millions tens of millions hundreds of millions billions of transactions a day happening but they all cost less than a cent that is worth

much more I think than uh you know doing one transaction that is worth $100 on ethereum L1 main net for example because essentially that one transaction is being done by one entity one person or one bot uh you know and that one person or one bot has a bit of eth to do that with right has a bit of exposure to eth to do that with but if you extend that out to the l2s and there's you know millions of people doing this or tens of millions hundreds of millions of people doing this every day then eth is in a lot more people's hands and that really is the bull case for eth to increase his Network effect and to make sure that it's in as many people's hands as possible not just people but Bots as well of course you know I don't like

thinking of bots as second class citizens on the network I believe that that Bots and human users are both equal on the network uh you know they're both first class citizens in my mind but I also believe that there needs to be a healthy balance between Bots and humans where the Bots shouldn't be pricing out the humans and the humans should be able to do their transactions in a you know fast and and and a nice way but at the same time humans are going to do 0.001% of all the transactions on these Network the vast majority of the transactions that happen will be from Bots and we want to make it so that the Bots are servicing the users rather than the users servicing the Bots and and and I think that that would be the nice symbiotic relationship to to kind of eventuate here but it's going to take us

a while to get there because the bot's main incentive right now is meev so we need to basically Purge a lot of this negative me from the network so that the Bots just don't go haywire and do negative stuff that affect users such just censorship right we've seen this play out with M boost on layer 1 ethereum um and also sandwich attacks right like front running all that sorts of stuff we want to make sure that users are protected from that and are aren't getting wrecked by that but at the same time we don't want to treat Bots as second class citizens because they do add a lot of value to the network they do things like Arbitrage right they keep prices in check they add a lot of um security to to the network as well by keeping transaction fees kind of high this is for for L1 and they also add to

the deflationary nature of eth so there's all that playing into it as well there but anyway enough about that moving on to the next piece of news here so uh I put out a cast on far cter where I said Ager plus shared sequences if you're not paying attention to these things you should be this Tech Will further supercharge the already dominant ethereum L2 ecosystem now you guys know about the polygon AG layer I've talked about that plenty of times in the past before as well as shared sequences but I think that from what I've read and people I've talked to this is basically the Holy Grail here explain why uh and this is my understanding of it um I you know I might might be wrong on on things because these things are still quite early but let me just kind of spell it

out here so for those of you who don't know what the AG layer is it's this technology that polygon is building which is essentially a neutral layer that sits on top of ethereum where all these assets can be stored and then any L1 L2 L3 side chain whatever you want to call it can tap into this and basically have a nice shared asset layer that becomes interoperable between all of these things so obviously that's a huge unlock right that solves fragmental liquidity basically um and it's an opin thing and as I said like it's not just a polygon thing it's like polygon's building it but the agare is meant to be for everyone it's meant to be like more of a public good than just like a locked in a kind of polygon thing there which is great like I love polygon for doing that um but that's just for the assets

so people will then ask okay like then how do we kind of I guess fix the fragmentation of execution of actually doing the transactions with those assets and that's where shared sequencing comes in where essentially you basically have again this is an opt-in thing but you have the l2s or whoever opt into these shared sequences and they could use you know the L1 validators as shared sequences as well with uh with base sequencing but you know let's say they opt into them and then essentially what happens is that they can all interoperate with each other on the execution side so from my understanding you would be able to do a trade from uh arbitrum and optimism uh from arbitrum to optimism like so for example let's say you want to trade a coin that's only on optimism and has all the liquidity uh on optimism there essentially what you

do is you initiate the trade on arbitrum and then you can do the trade on through the Shar sequencer uh using optimism's kind of liquidity and then the assets are all part of the AG layer of course then essentially you get the that transaction gets executed but everything's done on arbitrum still it's not it's not like you have to bridge to optimism or anything like that so we've basically eliminated the need for bridging here and we've solved the two biggest problems the fragmentation of liquidity and the fragmentation of um of execution uh because I think that the first thing is talked about all the time and I don't think that's you know as big of an issue as the fragmentation of execution of basically being isolated from being able to execute something on arbitrum uh sorry initiate a transaction on arbitrum that executes on optimism

and then settles back to arbitrum there that's what these things like Shar sequences enable at least from my understanding but still early days for these things I believe but they're coming much faster than people think you know people used to say oh it's early days for zkm they're going to take forever to come to Market well they didn't I think the original timeline was like 5 Years From when people saying this and it ended up being like 2 years so if people are saying the same thing about the AG layer and the shared sequences I believe it's going to happen a lot faster than that I actually do believe within the inside of the next 12 months this stuff's all going to go live and it's and you know as I said it's opt in so it's going to rely on these l2s to actually opt into this stuff but I think

that the the the incentive is there to opt in because you're basically increasing the pie for Everyone by doing this and it makes the user experience much much better but we'll see how that shakes out but the tech itself I have no doubt Works uh you know we've had Shar sequence is live on testnet for a long time now uh you know espresso I think is the leader here but there's also Astria and a bunch of other projects and then the AG layer I don't think it's on testnet yet but it's very very well documented at at this point uh you can just search polygon AG layer and read all about it I think um Tim Robinson from the daily Way community uh had had a really great blog post about this you can just search his name and agay it should come up there but yeah I do think

that uh this is like the holy gra here guys and I do think it's coming a lot lot sooner than people think and then once it's you see what happens when things are actually live and they're not just talked about anymore when things become reality people very quickly catch on to it the same is true for blobs where we were talking about blobs for years and saying hey Alto are going to come down with blobs and people would laugh at us and say no it's not you know uh you know show us what you got sort of thing and it's like okay well fair enough you know we're just talking about this stuff right now we'll show you what we've got and then immediately following blobs going live everyone suddenly like oh my God the l2s are actually cheap and they're fast and oh my God like ethereum

is actually scaling so you can see how quickly the the narrative changes here based on the reality so as soon as these things are live and working like the AG and the shared sequences and people do start doing transactions where essentially they don't have to bridge anymore they don't have to you know worry about like fragmented liquidity you're going to see that narrative very quickly change and then I think that the fud maybe turns mostly to like the centralization of the l2s like the C centralized sequences and you know potentially like multi things like that which is the better stuff to like not fud but like talk about because all this other stuff is more of a technical implementation whereas when it comes to the centralization of l2s it's a lot more political and social where essentially the it is there is technical aspects to it but what I mean by

political and social is that they want to decentralize but they have to do it in such a way where the Dow isn't given too much power so the Dow can't run you know a Muk and they also have to consider like security imple you know implications from a social perspective too because there are multis sigs on here but you know I argued this in the in the Dau Discord channel the other day these multisig a huge like the ones that can do instant upgrades so the the um security councils like for example the polygon one I believe or the arbitrum one uh or both of them they're like a 9 of 12 multisig and all of the the multi- signers are doxed completely um so essentially when I look at that I'm like okay well yeah okay it's not decentralized I'm not going to call it

that but when you look at the actual kind of incentives at play here the reason it exists is because if there's a major bug on the chain and we need to or a major exploit that could be exploited we need to be able to re react react to that quickly because you can't Fork an L2 like you can Fork an L1 to to kind of fix that um you can Fork an L2 but it's very different to an L1 you would have to basically you know move all the liquidity across and you have to worry about the asset I mean it's a very big mess here but what I mean and I'm not trying to defend multis here but what I mean is that like the let's say those nine people that uh that you know need to sign a transaction for it to happen

the the the chances of them all colluding right and the chances of them doing that given that they're doxed and the chances of them doing that in order to do something malicious on on the network and not be caught before they even try to do it is so incredibly small because as I said they're all docked most of them are independent from each other um it's not in their best interest to do this at all because I you know we've already seen precedent of of people getting arrested for doing stuff like this like there's just no incentive at all here um so I guess for the short to medium term I'm I'm fine with with these things because there are security concerns here especially with ZK EVMS where the ZK circuits are are very new or untested there is a very strong argument to be made that that is the

lesser of two evils having a multi is the lesser of two evils and the other evil is basically uh not having a multi- and then it being like fully decentralized from day one and they're being a bug uh and you can't fix the bug and that means that everyone's assets get drained and then there's no recourse from that so I think it's a lesser of two evils it's not decentralized don't get me wrong I'm not not saying it's decentralized at all it's still very centralized but it's not that big of a deal at least in the short to medium term in my eyes here and it's also not that big give a deal because I believe that that those things are going to get removed eventually but we have to keep pushing on that uh there but anyway enough on that uh last couple of things

to talk about here uh just a dashboard that I wanted to highlight for you guys so if you're interested in keeping up with everything blob related Hill Dobby has an amazing dashboard here that I think I've shown on the refu before but just wanted to give it another shout out I'll link it in the YouTube description below he tracks a lot of things got to do with blobs on this and you can track along with you know who's posting the blobs uh you know what the blobs look like over the past 5 days all those kind of things so check that out link it in the YouTube description below and last up here I know I've gone over 30 minutes I just wanted to highlight a really important blog post from vitalic where he basically titled it ethereum has blobs where do we go from here so this

is essentially vitalic laying out the I guess post blob era ethereum because I remember I I said this like a few weeks ago and blobs went live that we're now in the post blob era ethereum which essentially means ethereum is in a very different place to where it was before blobs essentially we have scaled ethereum out uh you know a lot at this point blobs and we're going to continue scaling with blobs so now Focus needs to kind of point or or shift to the application layer because the infro layer or the infra stuff is done or in the process of being done and we know what this kind of looks like with Das and and and and and data shotting and stuff like that but when it comes to uh the apps themselves we have he kind of argues this in his blog post he says we

have no reason now not to build better apps because the fees are so cheap like before we could say okay well it's expensive to use the transactions are slow you know it's clunky ux but the ux is getting rapidly better on like the wallet front the fees have come down the transactions are fast so really we need to be experimenting at the app layer at this point like the infr layer there's a lot happening there don't get me wrong but we need to just shift over back to the app layer because there's no point having all of this infra if we don't have the apps to use it and I don't think that we don't have the apps to use it I think we do but vital is basically doing like a call to Arms where he's like let's make ethereum Cypher Punk again and let's make sure that we're

focusing on the apps that are uniquely enabled by blockchain and let's uh you know not talk too much more I mean not focus so much on the infrastructure now but focus more so on the app layer stuff there but anyway you can go give Valex blog post a read for yourself uh but on that note that's going to be it for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all next week thanks everyone