Updated Petra diagram, GoDaddy integrates ENS & more - The Daily Gwei Refuel #726 - Ethereum Updates

Transcript

hello everyone welcome to another episode of delway refuel where cup the latest news in ethereum ecosystem I'm your host andth this isday the 6th of February 2024 all everyone let's get into it so sorry for not mentioning this earlier but I think there's going to be a rug fuel tomorrow so I'm giving you advanced notice here and that's because I'm attending a Meetup in Melbourne that goes from 5:30 p.m. to 8:30 p.m. as you can see here so if you are in Melbourne you can basically go sign up to this Meetup I'll link it in the YouTube description below and and hopefully I'll see you there uh but yeah sorry for not giving um more notice here but definitely looks like I won't be able to do a refill tomorrow but of course I'll be back on Thursday to make up for it uh and and Friday as well like those

episodes should be should be fine and should be done as per normal so just giving you guys a heads up there but as I said you can find the link to that in the YouTube description below uh if you want to attend I mean I'm not sure how many of you are based in Melbourne or how many of you are actually in Melbourne right now but if you are come down you know I'd love to meet you I love I always love meeting people who listen and watch the refill so yeah definitely go check that out all right so you'll notice that I have a few farcaster tabs open today actually so I today was actually I think the first day that I've used farcaster more than Twitter so I wasn't monitoring it like literally I wasn't kind of looking and going okay how long have I

been on farcaster how long have I been on Twitter but I think just from kind of the the vibe that I spent much more time on farcaster than Twitter today and it's the first time that's happened for me obviously Twitter has been a huge part of my life for a long time now it's where I go to get all my updates and you guys know that the refuel has been predominantly Twitter and there are still a bunch of Twitter links here of course because you know most of the stuff still happens on Twitter but I do feel a big shift to farcaster recently as I discussed yesterday so that's why you're going to be seeing more and more farcaster tabs up here because I'm just naturally spending more time on there and as you guys know there's a daily grade channel that you can go check out

as well I'm going to be spending more time in there I'm thinking about doing an AMA in there soon you can ask me any question you want about ethereum and I'll do my best to answer it obviously I'm not going to be able to answer everything I'm not the smartest guy in the room when it comes to ethereum stuff um but I will you know potentially tag people in there maybe they want to answer the question you know people are always happy to help here so that'll probably happen sometime uh soon in the future but uh but yeah the first thing that I've got here from farcaster is an update from Tim boo today so he's updated the Prague Electra planning diagram that I I've highlighted for you guys before so this is the Petra upgrade that is probably coming uh at the end of

the year here and he's also moved all the veral tree related stuff to the next Fork which is Osaka which is happening uh uh next year so not in the Petra upgrade but in the fork after Petra which is currently named Osaka which should happen uh next year so this diagram is a bit hard to see on my screen but essentially we've got confirmation about which eips are going to be going into prag Electra so there's one on the execution layer so far which is the BLS pre-compile stuff um there's two on the execution and consensus layers that's being Supply validator deposits on chain and execution layer triggerable exits uh I think you know 702 the um execution layer triggerable exits is the one that I'm most excited

for out of those uh and then on the consensus layout there is IP 7549 which is the committee index outside uh attestation I think as I said it's a bit hard to read this it's a bit blurry on my screen uh but in terms of what's I guess user facing uh I believe AIP 702 because as a user you'd be able to exit your stake uh trustly via the execution layer rather than having to go through the consensus layer and go through the validators to to basically process your withdrawal uh there then there's a long list uh below it of basically all the proposed eips still so these eips are still in flux as I've discussed before there's two here that I believe are the major eips that kind of currently being or or maybe three I should say that are being worked on the one for inclusion

lists the one for increasing the max effective balance and pias as I've said before I do think the max effective balance increase will uh or EIP will get pushed out to next year if we prioritize the censorship resistant stuff with inclusion list and pias but it's still in flux uh and there is also confirmed eips for Osaka already which is the verical tree related eips there but because this diagram is blurry on my screen I'm going to link this in the YouTube description below you can go check this out for yourself but it's becoming clearer and clear what's going to be included in Petra here now in saying all of that the ones that have already been included can be removed guys like aips can be removed right up until even like a couple of months before it goes live on I would say maybe

3 months or so before it goes live on on Main net and in the worst case scenario if the EIP if the cevs aren't comfortable with it going forward it can be removed you know even sooner than that even closer to the main net date than that uh as well but yeah a lot of stuff is still in flux for Petra we know that denune is set in stone there's no more changes happening there we got the last test net Fork happening this week I mean that's tomorrow seven it's already creeped up on me uh so yeah it's it's tomorrow actually that the that hosi is forking and then we're going to get a mainten date the date after so denune is basically here already uh and that's why Petra is is kind of in Focus as well as Osaka because Petra and Osaka like

they're kind of I guess like not working on them together but it's like they're bouncing stuff off like obviously the veral tree stuff was originally slated to maybe be included in Petra but then they said hey you know it's too much work let's just punt that to Osaka because we want to get these other things into Petra so you're going to see that happening here but yeah there are a lot of EIP still proposed here guys and it looks like the E set of eips will probably be included as well but other than that yeah the rest of the stuff is in flux and we'll have to just see how that shakes out but of course I'll keep you guys updated but as I said I'll link this in the YouTube description below for you to check out all right so IG layer has reopened

deposits today so from now until Feb 9th you can dive back into the world of LST reaking all pools are fully uncapped featuring both the existing pools and welcoming new partners such as fra liquid Collective and mantle here so if you do have lsts from any of those ecosystems you can now participate as well as participating using normal lsts uh that are already supported such as st8 and R8 yeah and there is actually a cap per LST I believe that if the LST has over 33% of the total kind of market share it actually stops acur points or at least kind of uh maybe it doesn't stop acre points but it acrs points at a lower rate than other lsts do and obviously that's to encourage our distribution and and kind of uh you know smoother distribution of lsts on the

platform um and as I said it is uncapped fully until Feb 9 so they're not doing a tvl cap and now they're doing a a Time cap and it's only 3 or 4 days here so not very long but yeah if you're interested in that you can go go check that one out now I do want to clarify something about um about puffer Finance cuz I saw a little bit of criticism today on on Reddit actually and in the Discord channel so uh puffer launched a few days ago you guys know I'm I'm an adviser to puffer here uh and I said I did explain to you guys how you could deposit St into the puffer platform and then that then that St is going to get and then it'll be restak as kind of native ether as part of the puffer

system with with enan layer now of course today the St that was deposited into puffer was actually restak with igen layer uh to to to basically I guess like Farm the points right because that's that's essentially what these things do and people said well this this seems uh this seems wrong because the marketing for puffer has basically been explaining that if you deposit your sth with puffer it will be withdrawn from lier and vampir and you'll be helping the decentralization of ethereum and look to be honest guys like I don't just necessarily disagree with that I think that the the messaging has definitely been that and um you know there's no um there's no uh I guess like sugar coding it it was uh it it can be construed as being misleading there but what I wanted to clarify is that the puffer system is

going to be live relatively soon I don't know exactly when it's going to be live but I I obviously being an adviser I've been talking and I know that it's going to be going to be live relatively soon I can't give any Hard dates on this and I also suggested to the team that they should put some uh some kind of communications out there explaining to people hey you know this is this is actually how it's going to go you know and basically putting the sth into Li o for now sorry into into I can layer for now in order to farm points for the people that deposited so that they don't feel slighted so I I believe it's a miscommunication Eric take it from me like I'm vouching for the team here I am an advisor to them so obviously I'm I'm you know you could you could say a bit

biased here but I know the team they they're very genuine they're not trying to like do anything Dodge or anything like that but obviously the the messaging could have been better there so yeah I mean it's up to you you guys whether you want to you know keep staking with them or not like no one's forcing you to and I I believe I told you guys that there's no obligation to go with them or any of these these kind of protocols here you go with who you want don't just go with it because uh you know someone recommends you to to to put to put money in there I would never recommend you to put money into anything like I will suggest hey this is an opportunity but I won't say hey you need to put money into this instead of that that's just something I'll never do and

I and I've also been very clear about the risks as well with these things there's always risks involved here guys so make sure you understand that but yeah I will agree that the messaging with with with pu Finance uh could have been better and I've kind of passed that feedback onto the team so I'm curious to see what what they kind of like put out and and hopefully they can uh they can quell those those worries that people have here because I know for a fact that yes it is going to be vampiredidae as well cuz they'll restake it similar to what e the fire and swell are already doing basically so yeah it's just that they launched uh without that other stuff being ready because obviously the race is very hot right now to get uh and

as a project you know you look at that and you're like okay well you know let's do a let's do a launch and I don't and I I don't think they expected it to get as big as it did I think the last time I checked they were at what 450 million tvl like what almost 2% of all St something crazy and no team expects that guys like it you know when you work on something you don't realize that uh you know these things can get really crazy because and this isn't just I guess uh perent uh to uh puffa it's every project out there I've been part of many projects over the years and every single time it's been the same thing where the team vastly underestimates the demand and the reason why they do this is one you know when you're making the sausage

you know how the sausage is made you know you you become bearish on the sausage and I'm not going to say that you're bearish on your project but you you're in the weed you're working on it constantly and you kind of think to yourself wow okay there's so much going on here I've been working on it for so long you know I'm excited about it but like why would anyone else be excited about it if you ever been if you've ever been part of a startup especially as a Founder you know exactly what this feeling is you're constantly doubting yourself you're constantly doubting what you're doing that's just the nature of things you have so much stress and anxiety about it that's just the nature of things so it happens with every project and as I said I've been through multiple project launchers and every

single time the uh the team and and the founders they've always been surprised by the growth of these things because it can happen very very quickly especially in crypto with the nature of the way crypto works and the nature of the fact that there's a lot of lot of money involved these things can happen extremely quickly and catch you catch you off guard here but what really matters is how the team responds to that how the team kind of aligns their long-term Vision on things and how they play play things out and and and and basically communicating with their with their community and learning from potential mistakes that they've made and things like that that's what separates the good teams from the bad teams in my opinion uh so yeah that's just a little Clarity that I wanted to give there but as I said as usual if you're depositing

funds into any of this stuff please please please just realize that it is risky guys no matter what project you're depositing funds into it is always risky especially new ones because there is a risk of smart contract bugs so don't put in funds that you expect to like 100% not lose because there is that small chance that you could lose it due to a bug or an exploit or anything like that and I just want to put that out there and it's not to try and scare anyone but guys like there are so many ways to lose money in crypto uh like it's actually crazy like outside of the um the scams and the fishes and that kind of like the hacks things like that there are just so many other ways to lose money in crypto uh you know investing in the wrong thing

and then get the liquidity getting pulled and you're getting rugged stuff like that and at the end of the day you need to be aware of that you really need to be critically aware of that because it's so easy I mean ju just a few months ago you guys know the story I got fished I mean me the person who is always hyper aware of everything I got fished in the absolute dumbest way possible and that's simply because I lo LED myself into a false sense of security because I thought I hadn't been fished in a while I'm okay you know I don't have to worry about this when in reality you always have to be vigilant about these things and there are better and better tools coming online like I've been suggesting the rabby wallet over metamask to basically everyone because uh you know

pretty much every time that I've seen someone get scammed or fished rabie would have caught it and you know rabie gives you so many warnings about these things and it has like an evolving system where it basically monitors contracts and says hey this contract is actually not the same one that it's claiming to be like stuff like that that's how we basically solved the security issue isues for for people or at least for the most part but the weakest link is always the human so removing the human element as much as possible is obviously the goal here but there's always going to be that human element involved there so just keep that in mind stay vigilant guys um and just you know have fun make some money you know or lose some money no matter you know depending on how you play it here but just make sure that you're staying

safe while doing so all right so obal Labs has a major announcement today so obal DV clusters in the Lio simple DVT test net on Sky have met performance requirements to move forward with the ethereum mainnet deployment which means that obal's DVT Tech will be integrated into Lio quite soon which is exciting obviously because Lio is still the biggest staking service provider by far I've explain to you guys all the benefits of DVT in the past from increasing efficiency and effectiveness of validators while also increasing redundancy and increasing decentralization which is obviously the um you know the Holy Grail here so you can read this kind of full report of all the testing that they've been doing and

uh essentially uh what what what they've been monitoring and how it's all been playing around with Lio their key learnings and recommendations and and so on and so forth and then uh what's next so basically I think the next round is expected to commence in the next one to two months and uh feel free to fill out this form if you're interested in participating um this is uh there's there's more test Nets happening obviously but given that it's already met that kind of main net uh uh kind of uh criteria that they were looking for uh you know the test Nets are probably just to kind of iron out some stuff cross some te's dot some eyes as we like to see obviously you know you can never have enough test Nets honestly guys I mean I remember the amount of test Nets and Dev Nets and Shadow Forks that we

had for the merge I mean I think we got to the point where we were like okay that's that's probably enough let's just do this thing on mayet because we had just tested it so much but that's the thing you have to do that like especially when you're dealing with you know Bill billions tens of billions of dollars worth of value you have to test it as much as possible and make sure nothing's going to go wrong when you do a mainnet deployment here but yeah very very exciting times for both obal and Lio uh should disclose here I'm an early investor in obal I mean that's a that's one of my earliest Investments actually it must be a very long time since I invested in them uh I I actually remember uh uh kind of investing in them and I'm just checking kind of my sheet

here so yeah it was uh the 10th of sorry the 3rd of October 2021 so it's been quite a while they've been building this stuff for ages like a lot of these projects have been building for years and you know just now just recently they starting to get more and more traction so and you guys know I've been part of one of the first uh obal uh DVT clusters on Main net still part of that it's on my solo staking box it's been working fine I've been you know been loving all the communication that I've had with the team there they're always happy to help and stuff like that so yeah anyway you can go give this a read I'll link it in the YouTube description below for you to do so all right so for those of you who don't know there is currently an

animation being developed uh in conjunction with the team from nsale and line Studio which is actually making the animation this is a one minute animation all about ethereum l2s and EIP 4844 now the reason I'm bringing this up today is because Trent van EPS shared on farasa an update on some of the characters that are going to be featured in the uh the animation so you can see here are some characters you know Stark net polygon and I believe scroll and um and ZK sink here so the animation as I said is a celebration of of all these things uh all these ethereum things and the short is also going to be released as an nft at the denune upgrade with all proceeds going to the protocol Guild so this is one of the things that I'm really really excited about because it's something

different guys like it's something different it's using a professional animation Studio to get this done it's funded by by ndale which is really cool and it's and it's basically spreading the word about ethereum l2s uh and and you know and and donating the proceeds from the nft mint here to the protocol Guild which I mean like what can I say you guys know my my opinions on public goods and especially the protocol Guild so it's all positive here but uh Trent also has a a thread here basically going through some of the other characters that have already been showcase such as arbitrum and optimism so if you want to see all of that you can go check that out I'll link it in the YouTube description below all right I've got some goodies for you guys so a few things that were all posted on the same

day funny enough so basically uh there's been a lot of talk obviously over the last few months around liquidity fragmentation with uh layer 2 specifically now I've talked a lot about this in the past uh and my general kind of feeling on this is that it's a it's it's a very overblown issue in the short term uh and very kind of like a misunderstood in the long term because there are lots of solutions to these issues um and I believe that that those Solutions are going to be live you know over the longer term so people kind of look at the short term and it's like a how are we ever going to fix this well as I said I've got some goodies for you so Justin Drake did a a podcast today with bank list that you should definitely go check out I'll link it in

the YouTube description below but he talks all about fragmentation within the l2s and how we can actually solve this and all the different ways we can do that and he's also linked to a Google doc here with all of his notes as well so you can go check that out so that's the first thing then we have a blog post from Bren Bron farmer who is the co co-founder at polygon talking about how polygon is actually tackling this fragmentation and I think that he doesn't necessarily disagree with Justin Drake but he offers a I guess um an alternative solution here in aggregation rather than like shared sequencing and and maybe like base sequencing and stuff like that so you should definitely go give that one a read and then finally there's also a post from Tim Robinson here who is the head of crypto research

at blueyard which is a crypto VC uh talking about this this kind of issue of liquidity fragmentation as well so I know I said that there's going to be no refuel tomorrow but hey you can refuel Yourself by listening to that podcast from Justin Drake and reading these two blog post from Brandon and Tim they're going to give you probably the most upto-date overview of how this issue is going to get solved like obviously I really kind of talk about it at a higher level and I do say that hey these are the solutions that are coming but these actually go into detail about how these Solutions are going to solve these issues so if you're at all interested in that go check this out because I do think it's something that is going to be I guess like a fud vehicle so to speak

for a little while um but the thing is is that like it really is a short-term issue guys and honestly even in the shortterm I don't consider it to be a huge issue for the reasons I've discussed before such as the fact that we already see that liquidity kind of tends to pull in in one e one or two ecosystems and and like as a power LW effect as you can see from arbitrum and optimism being the top two here and the polygon POS chain which isn't technically a layer 2 but still has a lot of uh lot of liquidity there so that there's that aspect to it but there's also the aspect of like Solutions come when problems arise and the problems are kind of like bad enough that people want there to be Solutions and they're willing to pay for those Solutions in

some way or another and that's exactly what's happening here so as I said I'll link all of these in the YouTube description below uh for you to go check out highly recommend reading and watching all of it to get up to speed uh and and honestly if you want to discuss any of this stuff Tim is very active in the daily Discord channel so you can just ping him in there he'll be happy to discuss that stuff with you um but uh but yeah the other I guess Justin drg's very hard man to get a get a hold of uh and Brendan I'm not sure where he's active but generally you can get a lot of great conversations in the daily way Discord Channel around this but also on Twitter and farcaster of course I'm sure you can can kind of uh talk to people

there uh but yeah these blog posts and and that podcast definitely highly recommend going and and viewing and and and kind of reading it I'll link it in the YouTube description below for you to do so all right interesting chart that I came across on faras today uh tweeted out or casted out by J G here who says wow crazy chart displaying base dominance the last few weeks for total transactions by Chain farcaster users are now conducting two out of every three transactions using bass and I did mention to you guys that basically bass has become essentially the you know the chain of choice obviously for for social related things it was first for friendtech but now for farcaster and it's really carved out a nice little um nice little niche for now but hopefully

growing beyond the niche uh of for for itself there because you know I think that Bas is behind in terms of like defi activity I think arbitrum 1 and op main that have a lot of that activity right now bass will keep growing there that's not to say that they won't keep growing they will but they definitely have more of the kind of like social side of things than those other other chains do and obviously bass is built on on optimism's Tech um but like I'm specifically talking about the op main net here which is also built on optimism's Tech the op stack but is a separate Network obviously a separate separate kind of roll up there or separate Layer Two there uh and you know I I know I've said before that these metrics are imperfect but at the same time this is a good kind of place where

you can actually see the metrics match the actual activity because as I said like a lot of the stuff happening on Fasto is happening on bass like the frame stuff it's all happening on bass where you kind of do those interactions and that will reflect on the on the base chain and that will reflect as transactions by chain and you'll see that the fact that it's just skyrocketed I mean it's in it's in basically purple here at the bottom of this chart to do an analytics chart here uh or graphic here that you can see that's displaying this and what that's this looks like it's usually kind of uniform across all of the um the layer 2s here and this goes back to I think um August of last year so a good 6 months worth of data here or a little bit more than that uh

but you can see that the base base has been the same but then it just spiked up because of all the farter stuff recently so just great to see I guess some visualized data put to I guess the Vibes that we've all been feeling you guys know my view on on looking at uh different Chains It's All About The Vibes and and if the Vibes are good or bad and and and what's kind of happening there and it seems like the Vibes are Immaculate on base right now h L and by extension The Vibes in ethereum are are amazing right now there's so much happening I'm so glad farcaster is getting a lot of Attraction I know that a good chunk of it is speculative because people want to get involved with this Frame stuff and some of the token stuff and maybe they want to farm a

potential future airdrop but as I've said before inherently farcaster is not a speculative app inherently it is a social network it is a social app and it is something that I believe has a lot of staying power it is not a flash in the pan it's not something that's just going to be around as as a fad I do strongly believe that it will replace crypto Twitter for a lot of people and then maybe it even goes on to replace or even rival Twitter for you know in its end State because it's still very early days but Twitter as it exists today is not the is not you know it's X now right it's not the Twitter of of yes yeser year so to speak and also if you actually care about you know free speech on Twitter whatever people kind of like say on Twitter and whatever people were

happy about when musk took took over well then you should be a really big supporter of farcaster because far as a protocol is being built so that it can't censor anything yes the clients themselves can hide certain content or censor certain content but you get to choose your client so really you should be embracing farcaster if that's the type of person that you are that wants to be able to get exposed to everything without anyone moderating what you're exposed to uh farcaster is that because you can just tap into the protocol yourself using uh you know a client that doesn't uh do any content moderation or anything like that or that doesn't do any censorship or anything like that um or doesn't remove certain content for whatever reason or you can run your own client build your own client for it and and maybe you can send it to other

people and say hey use this so that's the way kind of farcaster is being built and I think that once those people kind of discover this and latch onto it it definitely can be uh can be a massive growth driver for non- crypto people because obviously right now it's heavily dominated by crypto people which is just the the the the first set of users but I do think that it can rival Twitter because Twitter doesn't really have any competition right like if you think about other social networks out there they're not like Twitter like Reddit is very different uh Facebook is extremely different right it's called it's called Boomer Book for a reason um Instagram very different like every social network has it has its differences here and it's normally very very hard to compete because of the network effects because of the social graph but farcaster is

doing a really great job of of of tapping into the crypto native people first who are very active on social media especially Twitter getting them to come over and then obviously the plan would be to Branch out from there so I I I I I strongly believe that farcaster can be a nice competitor to Twitter but but it's going to take time from here but anyway enough ranting about about farcaster there last thing to get through was just a huge announcement actually uh I saved the best for last I think huge announcement from ens today so they have partnered with GoDaddy now for those of you who don't know who GoDaddy is they are the biggest domain name regist in the world like biggest like it's you know I know their name might be silly but they are absolutely massive and I think that you know if

you've ever developed a website before or ever needed to register a domain name you may have used GoDaddy one point or another that's how big they are just even if it's not your main register here so yeah as I said they've today announced the partnership uh with withs and they have a new section in the domain management interface called crypto wallet so essentially what you can do is set your own uh domain name that you own uh to to your ens using DNS SEC as I discussed I Believe on last week's refuel so essentially you can say see here thanks to gasless DNS SEC users can now easily associate an ethereum address with their DNS domain name XYZ Etc allowing seamless integration with all applications that properly support ens this is a huge unlock guys this basically marries the web 2

ecosystem with the web 3 ecosystem and this is all ethereum like ANS is all ethereum it literally stands for the ethereum name service this is one of the biggest things that has happened in ethereum in a really long time I don't see I haven't seen enough people talk about this because we always talk about bringing on more and more people you know bringing on the mainstream getting Mass adoption this is one of those things that brings that the fact that they have a whole kind of section dedicated to it in their domain management interface here is absolutely massive and you're going to see a lot of brands that maybe aren't able to own their own ens name because it's squatted on such as amazon. e for example or google. E they can just use their DNS names now their domain names of google.com or amazon.com and Link that

to their ethereum address and voila you have uh they have something on chain that they can now use for whatever purpose they would like to so as I said absolutely massive announcement if you want to learn more about about this and go into detail about it I'll link it in the YouTube description below but uh yeah I mean ens honestly like one of my favorite projects still in the ethereum M system just kicking goals uh and continuing to be the uh the continuing to represent ethereum as as as as the very best of what ethereum has uh to offer here but anyway I think I've gushed over enough today that's going to be it uh you know it's funny halfway through recording today's episode my computer crashed so hopefully everything's all all good when I'm editing it but if I mean if the episode's live then and you're hearing

this then it was all good uh but yeah I think that's going to be it for today just a reminder that there will be no refill tomorrow be back on Thursday so thank you everyone for listening and watching uh please be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to the newsletter join the Discord Channel and I'll catch you all on Thursday thanks everyone