Visa using Ethereum, zkSync 2.0 roadmap and more - The Daily Gwei Refuel #87 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 29th of march 2021 right everyone this just happened a couple of hours ago but this is the biggest news from the last few days visa is now settling payments in usdc uh the uscc stablecoin on the ethereum blockchain now you know if you've been on twitter before you've watched this video you've obviously seen everyone talking about this so i won't go too too deep into into you know my thoughts around these for those you can basically read it in today's daily grain newsletter where i talk about how ethereum is well i believe it is becoming this kind of like global settlement layer for all

types of value and you know visa kind of like adopting it um and using usdc here is just one more kind of like i guess uh you know check check mark there for becoming a settlement layer so yeah i mean the the news i first saw came from the block here so basically they've got like a summary at the top here and they you know got a few quotes from uh from from representative of visa what they're actually going to be doing is working with crypto.com as a partner as part of this kind of pilot program um and it's going to let the the crypto firm manage its card card business now entirely in digital assets so crypto.com for those of you don't know it's a basically it's a kind of like i guess white glove crypto service um you can go there they've got like a a

card like a visa card that you can get um issued to you they've got like an exchange and things like that fiat on ramps and stuff like that so what this pilot program is actually going to do is going to let crypto.com settle in in usdc on ethereum instead of just using the kind of like fiat system right just using the digital asset system which is incredibly bullish here uh you know and incredibly really really i mean it's really cool to see right at the end of the day like really cool to see that visa such a large global payments company you know being at the forefront of this technology now obviously visa is not going to be settling uh you know every transaction that crypto.com does to the ethereum mainnet right i think maybe they'll just start off with settling like once a day or

something uh with like one transaction or whatever to to the ethereum main or even a few transactions obviously if they tried to do like thousands of thousands it wouldn't it wouldn't work uh but this begs the question i mean a lot of the layer two solutions on ethereum right now for payments are actually quite far along uh you know we talk about layer two for kind of smart contracts uh and generalized kind of like smart contracts uh like what optimistic roll-ups are doing with optimism and arbitram and things like that but you know not much talk is given to like the the payments-based kind of roll ups right or the payments based layer twos which are zk sync which a lot of you would have used in the recent git coin grants round there is hermes network which went live last week on mainnet

uh there is obviously um you know other older projects like ryden um you know there's a few others out there like omisego which is now omg network um and yeah i mean these kind of like payments networks are just so far along especially the zk roll up based ones and you know i mean zk sync put out an update uh i guess over the weekend which i'll read through about their v like road map to v2 and things like that which is which is really bullish but you know i can see these are kind of like adopting a layer 2 solution here especially on the payment side um you know i think zk sync is targeting like 20 000 plus tps uh in their upcoming releases which is absolutely massive right i mean visa does 40 000 transactions per second or a bit more than that i guess these

days across this entire network right this is not just like with crypto.com as a partner this is like every single visa kind of transaction across the the entire planet right so if zk sync can kind of i guess like spin that 20 000 transactions per second up even higher which in time i'm sure they will and other layer 2 solutions as well you know we can begin servicing visa with the settlement guarantees uh the decentralization guarantees and the security guarantees of the ethereum main chain which is really really bullish i mean i wrote in the delegate newsletter today it's like just imagine if you know in five to ten years uh pretty much like most of the traditional finance system is integrated with ethereum as a settlement layer and you know through layer twos it's paying fees to ethereum

now imagine you know how much fees are gonna be paid in that case i mean there's going to be tens of billions if not hundreds of billions of fees and now imagine eip1559 being implemented which it will be obviously in the in july uh this year um but you know when that's implemented and then all these hundreds of billions of dollars of fees being paid each year that's you know say 50 of those fees are burned that's 50 billion dollars being being burned each year potentially in you know over the next few years which might sound a bit far-fetched right now but if you look at it uh you know ethereum is already doing it's like i guess what is it 20 million dollars a day on average of of kind of like fees there so you take that out to five days it's 100 million dollars take that out

to 50 days a billion uh then i'm just doing my my head math right now you go all the way to 360 days in a year right uh you know i'm going to screw up my math here about seven times from there so you know we're already doing like seven billion dollars uh a year in in kind of fees here um you know probably more than that maybe my math's off there but but something crazy like that right so when you take that into account and you take into account that ethereum is still very nascent right this is just the fees on um you know the eth1 chain today uh and most of the users are paying these fees not layer 2 uh kind of layer 2 technologies paying these fees and then you know say in 5 to 10 years i mean we're going

to have sharding which is going to add another essentially another 64 block chains to to ethereum and all of them could have like vibrant fee markets as well so you know it's not hard to imagine getting up to 100 billion dollars in transaction fees per year paid to the ethereum main chain but predominantly from layer twos and like you know whales that can afford those fees but yeah that's just like you know the really bullish kind of situation for ethereum being a settlement layer there so yeah really exciting news here i mean it's it's funny because like the market's been flat the past few weeks right for a for btc you know there's a bunch of other random stuff that that kind of like is moving but in terms of like the the big kind of things like uh ethan btc it's been kind of flat i

think news like this is what kind of kickstarts the kind of people like to call it like next leg up or like the next kind of like mini bull market sort of thing within the bull market to get us you know back to basically all-time high on ethan to go further than that i mean i tend to agree with that because if you think about it this news only came out a few hours ago ethan is already up on the news it's always bitcoin because for some reason the mainstream media just like blanket bands saying the word ethereum they're just all saying bitcoin which is just like another bizarre thing that i won't i won't go into a rant about but it's just the mainstream media coverage of i mean crypto but like ethereum specifically is absolutely garbage and i suggest you avoid like basically all of

it because it just is not accurate um it's like they're they're purposefully trying to emit kind of like saying ethereum which i thought was just bizarre but anyway outside of that rant i just think you know this news takes time to kind of like reverberate throughout the ecosystem i think over the next few days we're going to see this play out more in the markets but it already started playing out uh but we'll see how long that lasts i'm not entirely sure there's still a chance we don't break out from here but you know i'm feeling good feeling bullish uh you know and you know i was actually thinking about something today on that note um you know just before i move on to the next thing i want to talk about if you think about it and you think about like all the adoption there still is to come it's not

like we're going to go in reverse right it's not like ethereum is going to be reverse adopted or like crypto in general is going to be reverse adopted so when you really think about that you know it's kind of like really hard to be bearish like if if you know if you believe ethereum is going to like you know i guess like lose market share or ethereum's going to stop innovating or eth2 is going to stop being built right or or any of this stuff or the merge is never going to happen or all that stuff if you believe that then sure be bearish on on ethereum but no one believes that right no one in ethereum believes that because if you're in ethereum you're here for the kind of ride you know and you believe that this is going to happen and we're going to get to

where we want to be um and then just think about how many more people there still are to come into the ecosystem how many more institutions still have to adopt ethereum right visa is just the first i mean i think mastercard did something as well and there's a bunch of other companies that are working with consensus on enterprise stuff too and you know that takes years to play out because enterprises are notoriously slow i mean i worked in a huge corporate corporation and it was so slow so if you've never worked in a corporation before take it from me it's it's incredibly slow so um you know from that point of view this pilot program from from visa you know may may kind of like take two to three years before you get to a point where it's like you know any kind of sizeable thing

where like you know the the whole visa kind of like partner network has access to this sort of stuff but it's happening right the wheels are in motion so if you believe that this is going to keep happening this stuff's going to keep coming out this news is going to keep coming out there's going to be more adoption here which i'm sure we all do then there's there's zero reasons to be bearish right um you know even if we go into say for some reason we're going to another two year bear market for whatever reason say we do it at the end of this year right um and then like 2022 and 2023 are a bear market which i don't think we will but just as an example say that happens um you know how is that bearish like do you do like i just don't get how that would be

bearish right because like yes we'll lose you know some of the speculative mania whatever but there's actually apps on ethereum now that people are using outside of it like you know we have all of d5 2017 we just had icos so yeah i mean i've spoken about this before i won't go on on a rant here but just something that was on my mind today about kind of what i see going on in the future and what i see going on in the present with ethereum right now you know the signs are all there the the real adoption is happening and you know i think someone on twitter i can't remember who said it but someone on twitter said you know signs of um you know i guess speculation are indistinguishable from signs of adoption because everyone's saying oh this is a top signal this is a top signal why does

no one say oh wow we're actually finally being adopted why does everything have to be a top signal why can't we just be like wow all the things that we've been building for years are actually being adopted which is the stance i take on it when i see all this crazy nft stuff going on you know some of it definitely is in a bubble and just doesn't make any sense but the overall kind of arc here is that you know nfts is is a use case that resonates with a lot of people and it is being adopted by a lot of people and yes within that will be pocket bubbles but as nfts as a class right and not like icos where icos basically went completely away or rebranded to like iaos and we have or we have like balancer liquidity kind of um liquidity sales now whatever right but

icos as they were in 2017 don't exist today i don't think nfts are gonna uh you know not exist from from how they are today they're just gonna you know keep improving we'll be able to value them better but the actual category itself is here to stay um i think but yeah i'll leave it at that for now on on the other visa news here but yeah extremely big news extremely bullish news and i uh you know can't wait to see more companies adopt ethereum here so in case you missed it uh and in case you forgot i'm now doing a weekly live stream with uh david from bankless here uh so every friday night uh us time every saturday morning my time we're going we are doing basically i guess a live stream which is just like whatever comes to mind

we have no agenda for it nothing we just talk about the you know the most interesting things from the previous kind of week uh you know i think most of this episode was focused on uh unisof v3 and layer 2s like the optimism delay and things like that so if you haven't yet definitely go subscribe and follow all the bankless stuff and keep an eye out for this live stream each week so i put this tweet out before because i was kind of looking and and thinking about the long term of things and as i was talking about before the long term adoption of things and i was kind of thinking myself okay where was ethereum two years ago now two years ago was march 2019 you know i mean it's funny when i think about that like 2019 feels like a lifetime ago uh but anyway um you know two years ago

eth was 140 the stable coin market cap was 3.2 billion dollars it's like 50 60 70 billion something now it's growing really fast um eth2 development was in its very very early stages i mean i think at that point you know the research was still like very heavily ongoing the development actually the client kind of implementations were super early um i can't even remember what teams were around back then i i don't even know if like the the leading teams were making any kind of like big efforts back then i i think maybe they were um but like it was just very very new um 95 plus of d5 did not exist uh you know if you go to d5 pulse today the only d5 that existed back then on main net i think was was maker and uni swap

um and like a bunch of others in some limited capacity but d5 as we know it today was just basically you know non-existent and the only nft anyone ever spoke about was cryptokitties and that wasn't a positive thing to speak about people would say oh you know cryptokitties clogged ethereum network it means ethereum can't scale which is hilarious when you think about the irony of that statement given um you know what the state the ethereum network is in today in terms of scalability but anyway the point of this tweet was that to show that ethereum has come such a long way in just two years what is it going to look like in two years from now right like in two years from now i mean i can or i mean if if if everything goes to plan this is what's going to happen this is what i predict

is going to happen the merger is going to be done right we'll be off proof of work which means issuance drops like 90 percent like eight issuance erp-1559 will be in of course nft i mean sorry d5 is just going to keep exploding right i mean there's no doubt about that in two years we're going to have sharding as well on eth2 so we're going to have even better scalability the layer 2 ecosystem is going to be matured to a point where you know basically i think the ethereum can't scale narrative will be well and truly dead high gas fees for end users will be well and truly gone in two years right and when you think about jesus isn't is in a very long time in normal kind of life right but in crypto you know a lot can happen in two years and it can feel like a

a lifetime essentially um which is which is why i kind of like was talking about before when you kind of like take the long-term approach you you kind of like take the long view of like even the long view the longest view like five to ten years i mean ten years ago bitcoin was just like toy it was it barely even existed um and now bitcoin is being put on public companies uh balance sheets right and and bitcoin started from essentially nothing like eth you know to an extent he's riding on the coattails of bitcoin so you know from that point of view that's even more impressive uh but you know the fact that ethereum is now where it is you know launched in 20 2015 uh you know uh mid-2015 sorry and it's come such a long way in just those kind of like i guess six

years there um just imagine what it's gonna be like in five to ten years and it went through before what i think it's going to be like but yeah we don't even have to wait that long two years from now is going to be just absolutely crazy and we don't even know if there's going to be a new use case i actually it was funny i remember talking to my uh my boss when i worked at set uh felix um you know a while ago now i think we're in the bear market so i think was the end of 2019 i i was in san francisco visiting them in their offices and i basically we were just i mean felix and a bunch of us were just we were just discussing uh you know what what was going to be the next thing that kicked off like the 8th bull market

right and then you know of course i was saying like defy and things like that and i'll you know and i think i was right to an extent but the conversation also centered around like what was going to bring in a lot of mainstream attention and i thought that was d5 but felix and and and i think the others were like well maybe we don't know you know no one predicted icos being a big thing in 2017 maybe the big thing of the next cycle which is the one we're currently in um is going to be something totally catch everyone off guard and i think that was nfts so i think they were actually right in saying that because you know pretty much everyone 99 of people in this ecosystem had no idea nfts was going to blow up like this and i actually think the

people who who who were very heavily involved with nfts already didn't expect it to blow up like this either i i honestly don't think anyone expected this maybe maybe someone some crazy person that was like you know you know super bullish on nfts expected it but most of us didn't i didn't even expect this i mean i put out a tweet few months i tweet a few months ago where i said you know i think nf's are going to be the next big thing that are going to bring a lot of people in but i didn't expect it to be this fast man i didn't expect to see like you know people with millions of followers like artists and musicians and all these sorts of stuff doing nfts i didn't expect to see people like mark cuban come into this ecosystem you know i mean he's a big fan of nfts

but being so articulate about these sorts of things just yeah just just crazy i mean you know and that and that you know the funny thing is nfts has only really been like popular over the last few months you know i'm talking about two years here so very hard to predict what's going to happen in two years we have relative certainty around a bunch of things as i mentioned before like the a lot of the eth2 stuff especially the merger the charting one five five nine of course is only like two three months away layer two right the optimism delay this is what's funny as well the optimism delay from march to july everyone's gonna forget about that in two years no one's even gonna care right because in two years we're gonna have such a vibrant layer two ecosystem that it's just it's not gonna matter

that it was delayed by three months so yeah the very very exciting times ahead for sure i think paying attention to these things and taking the long-term view on anything in this space is always the the kind of right move here so uh integral uh i guess is a new app integral protocol sorry is a new app that's kind of building uh an exchange i i think on ethereum here uh in d5 but basically the founder uh put out a tweet today saying that uh there's a basically a gesture that he did um and basically redirected the matching that they got in the git coin round to the in category projects so uh whatever category integral protocol was in which i think maybe was like the development category

maybe um the matching that they got as part of the git coin round they're saying you know just redistribute it because the the donations that they got were more than enough to pay for uh i guess the deployments of their contracts which was 10.98 and they um they got 56k in donations so they didn't want to get greedy and they wanted to redirect this and of course i think they're going to have their own tokens soon as well so that makes a lot of sense too but this is really really awesome to see i mean i think i mean personally i think that any project that already has a token shouldn't have a git coin grant um and any project that is heavily funded by vcs or like funds shouldn't have a bitcoin grant because the bitcoin grant the spirit of it is to support kind of like open source

uh work that isn't being monetized in any real way and like open source media you know for example the daily way i mean everything's free here so you know your donations on git coin is really the only kind of like i guess money i make from from from what i do here and that's fine i mean if i didn't want the delegate to be free i wouldn't be free but you know you get my point and there are some other you know projects on there that do make revenue but still get donations and that's fine but i think there has to be a line drawn somewhere um you know especially i mean if you have a token like especially a token that's valued at like a really high kind of market cap then it doesn't really make sense for you to raise like 50k from bitcoin grants like

that's just like a drop in a bucket for you so and you're taking that away especially during the matching you're taking that away from others that could use it more than you so i think this is a really great great gesture here from from um the founder of integral here and i hope more projects do this i remember you know mask book kind of like removed themselves from the matching as well because they have a token which i thought was admirable but i think going forward in in the next matching rounds i do hope to see way less projects in there that have tokens or are heavily vc funded because i just don't think it fits in with the spirit of what coin is trying to be and i don't think ukraine should police this either because they are not meant to be the arbiters

here the arbiters are meant to be the donate at the donors and people who want to donate to different projects so yeah but i do think we can get to a point i mean we are pretty much like at a point now where like the community is calling this out and people are reacting to it it's not really a public shaming i guess it's more like a you know public putting the spotlight on it sort of thing uh because no one's really being shamed for it uh yet maybe they will be in the future because they refuse to take away their grant or kind of give up on the matching here um but yeah definitely really cool to see here from from integral so a friendly reminder here from loop ring if you haven't onboarded to their kind of layer to exchange yet at a hundred way gas price it only costs

ten dollars to deposit your eth onto loot rings layer 2 here so if you haven't done so yet definitely go to exchange.loopring.io and do this um and i think you know i've talked about this before this is obviously like not the ideal onboarding experience you know still having to pay fees to deposit your eth into l2 and obviously it's going to be more deposit tokens in and then if you run out of funds you have to transfer more funds in which costs another gas fee i think the future of onboarding to layer 2 really is like fiat on-ramp centralized exchange on ramps and uh batched onboarding where everyone can batch together their funds in a trustless smart contract and that smart contract's only job is to kind of pay the fee to onboard onto you know

loopering or a layer 2 for example and then disperse those funds to the rightful wallets um which is which can be done you know it's it's not something that you know is it needs to be kind of invented it can be done today it's just not being done yet because we're not there yet i think but yeah friendly reminder there from loot bring so i put out this tweet today about proof of stakes and i basically said it's 2021 and people are still conflating ethereum proof of stake with delegated proof of stake which is alternatively known as alternatively known as depos um so ethereum's proof of stake is special it's very special um it's very it's special because of the fact that it is extremely novel it is a complete marvel of engineering it is something that's never been done before

and it was built from the ground up with decentralization and security at the forefront and it was built in such a way that it didn't uh kind of like compromise on these ideals at all there was no compromise there was no shortcuts and because of this it took a long time i mean it took like six years since since it was first talked about to get to a main net and we're still not totally there i mean we still have you know eth1 and eth2 being split networks but we do have a working kind of proof of stake network that has hundreds of thousands of validate i think like over a hundred thousand dollar validators um 3.7 million eth uh and you know how he's working correctly slashing when it needs to slash you know we don't have too much centralization in stake uh maybe just yet

but still it's working incredibly well uh the hardware requirements are very small i mean the most expensive requirement is just having that 32 eth and you know if you're an ethereum og you were stacking lots of eighth during 2018 and 2019 so you probably have that and more at this point right um so that's even better because we have so many ethereum ogs staking as well who are very ideologically aligned but anyway we shouldn't we don't have to rely on ideology to kind of secure these networks and ethereum proof of stake does not rely on ideology it relies on robust incentives and relies on a very novel consensus mechanism here um whereas depos will delegate a proof of stake on the other hand is not this at all it is the complete opposite of this i would go as far as to say that deposit

is not decentralized at all in any way and basically most of the quote-unquote ethereum killers or other chains that claim to be more scalable are using some flavor of delegated proof of stake now if you uh have been around for a while you know what happened with eos eos was delegated proof of stake 21 super nodes as they're known as and they're called supernodes because the only people that can run the nodes in depos network are those that can afford to run the extremely expensive hardware because it is extremely extremely expensive to run uh to store all the data to run the node itself because it's very demanding on on your hardware uh and there's basically no way for an individual to become a validator they have to be voted in so it was a

plutocracy as well but what ended up happening with eos is it turned into a cartel where a bunch of i think predominantly in asia a bunch of the nodes there got together and said well we'll do this if you do that and we'll do that if you do this so it never was 21 individuals right it was more like maybe two or three and you know at this point it's probably more like one like if i had to if i had to guess here so you know that completely failed now there are other networks that also do this out there um there's um alpos and npos i think uh polka dots using npos i don't know like the details of what they've changed you know using just a straight depos system is of course incredibly centralized but there are flavors that you can make that make it a little bit more

decentralized but still i i i don't like deposit all i think it just completely goes against what we're trying to build here because i think i believe and i i i truly believe that everyone should be able to you know run a node and they should be able to validate the network as well um and with ethereum's previous stake you can and that's i guess like a major reason why people are so bullish on on ethereum's proof of stake mechanism as opposed to others and i really wish people would stop conflating these two because uh there's just i guess there's there's just no comparison at this point right you cannot compare something that is basically centralized to something that is incredibly decentralized from day one and has been built in such a way

to keep it like that uh so yeah i mean for those of you who maybe have been confused about these conversations hopefully i've cleared that up for you um maybe i'll do like kind of a video on this eventually i know i say that about a lot of things i have to find the time to do it it's just it's just hard with uh with the ecosystem right now but yeah in general i think um you know if you can uh you know steak and i've said this before stake on your own um stick on your own hardware but if you're waiting because you don't have 32 ethan you're waiting for something like rocket pool for decentralized staking that's definitely an option as well because you know rocketpool lets you stake without the 32 kind of minimum which is a pretty big barrier now i mean i can't sugarcoat

this so that's like 60 000 or more dollars at this point so basically uh you know set up one validator and that's just the way it is really i mean i don't think we're ever going to lower that minimum from 328 to something else uh but these solutions like rocketpool should help there so yeah just uh just a bit of i guess like knowledge throwing at throwing at you there uh and on that note i put out this tweet saying the two things i'm most excited about are the l2 scaling and the eth one to each to merge um now i mean i won't spend too long on this but basically i believe these two things are the most critical things for ethereum to do if we don't scale via layer 2 ethereum will die i mean i i i think that's the case ethereum will

die over time we'll lose market share people will get sick of it even the people who are paying the fees today and are fine with it they'll eventually get sick with sick of it and then the ecosystem will move on to somewhere else and we won't get any new users so if we if if l2 does not happen ethereum in the long run will will die i mean that's just i i mean i believe that's guaranteed on the positive note i do not believe that ethereum is not going to scale i strongly believe with everything that we're going to scale very soon and we already are scaling and that you know the high gas fees are going to be a thing of the past very soon and in the merger i mean i don't hate proof of work but there is a coming wave that a lot of

people are underestimating about you know how much a tax proof of work is going to to get now and how much attack is going to come under from not just individuals but nation states or you know environmental organizations it's going to be very bad this is one war that i think bitcoin is going to have a very tough time fighting and i'm happy for bitcoin to fight that war i don't want ethereum in the middle of it i want a theorem on proof of stake i want to get rid of river work for for that reason and many others um but we have to do it asap and i think we're going to i mean obviously the merge is being prioritized right now everyone wants it i think it's happening within the next you know a few months i mean towards the end of this year early next year is very

likely so i'm definitely very very excited for that and those are the two most critical things right now in the ethereum ecosystem i believe so i spoke about before how zk sync put out this uh 2.0 roadmap update here i guess the highlights as i said were the fact that they can get to 21 20 000 plus tps here the biggest highlight was them saying that they're going to be bringing out i guess generalized uh vm uh on on their zk kind of roll up technology now this is essentially what optimistic rollups do as i explained before being able to put like all types of apps on a layer 2 now that's been a kind of limitation of i guess zk roll ups um at this point but zk sync or mata labs the team behind zk sync are claiming

they're going to be able to do this very soon uh i think they're going to be able to do this uh i think it was may maybe uh i i can't remember where i saw the date here but yeah i mean there's a link in the description you can go read it yourself but yeah i mean here we go may 2021 is the timeline and then main net okay so that was testing that main net is august 2021. i mean it's funny because i think arbitrary is launching in april uh and then you know obviously we're gonna have um uh i guess optimism in july hopefully and then this in august but in the meantime we're also going to have a lot of the stuff coming out of starkwear too and they've always got big stuff you know in the works so the next kind of

like three or four months in the later two ecosystem is going to be wild absolutely wild so i mean super excited for that and uh you know super excited for what zk synths building here i mean i used it on layer 2 with git coin as well very seamless um and and very nice experience here so i put out this tweet i'm talking about a lot of my tweets i put out lately but anyway i thought this was interesting i just wanted to make one note here so this tweet was basically going over each versatility as an asset and why it's like really awesome um and you know i mean i list all the reasons here i won't read them all out but basically on top of all of this if you think about it all you need to get started on ethereum is eth

you don't need anything else you can get either from an exchange your someone can send you eath whatever and then with that each you can do whatever you want you have is to pay the gas fees you can go on on on uniswap or whatever or whatever decks you want to go on trade that eat for whatever token you want to trade it for and there's relatively liquid pools for basically everything at this point right you can go use it as collateral within money markets and borrow stable coins against it you can use it as money in the nft economy you can just hold it and you know it can appreciate and you can make money like that you can do all of this with just eth which is amazing right i i mean you can't do this with just an erc20 token because you need to pay gas fees right

and a lot of aic 20 tokens don't have liquid pairs like maybe stable coins do but you know you still need for gas fees so it really just is easier to just have eighth right have eight at all times have it in your wallet you know and just use that eighth for everything that you want to use it for so i mean that that was really cool and something that i i figured i'd highlight on on today's on today's episode um but yeah and i can't wait to see what what other kind of use cases we we think of here and what other use cases we come up with here i think there's plenty that we haven't even kind of like i guess delved into yet that are going to be coming out over the next few months or maybe even years so tim bico published the first all core

debs uh i guess recap here update zero zero one now what this is basically a text update similar to his eip1559 updates where he gives a tltr on what's happening in the all-core devs world and then basically goes into detail here so this update covered but the berlin network upgrade which is going live next month uh sorry next month yeah next month on the ethereum mainnet uh london going live in uh july and then shanghai is still being discussed uh there is a discussion whether the shanghai uh upgrade will be the merger or if it will be a bunch of other different eips i think at this point we're leaning towards it being the merger so yeah that's gonna be really exciting but if you haven't checked out this update yet

it's really great one to keep tabs on he's gonna keep doing these and this is kind of like how you can keep tabs on what's happening more specifically in the eth1 world um you know for now and then i'm sure it'll get merged with the e2 staff once the e1 the e2 merger goes through all right so last up here we have sushi swap releasing uh cashy lending and margin trading on sushi swaps bento box now basically what bento box is is essentially a way for about uh different apps to be built in uh i guess like um i guess the bento box is like a box in real life i mean the different apps are being built within this ecosystem where you can basically pull the capital together reduce gas fees for users and have like a mini kind of like

sushi ecosystem uh within itself yeah uh now what the uh i guess uh kashi lending and margin trading uh kind of app does here is you know in the name right you can lend out your assets you can do margin margin trading because of that on the sushi swap platform and this is the first app as part of the bento box release there's a bunch of markets here already like um you know for different sushi lp tokens uh obviously all the most popular ones are going to be here uh and this is i mean as i said this is just the first kind of release here and as more releases come into i guess the bento box ecosystem there's going to be more i guess opportunities to do like kind of cross bento d5 and and you know doing it with cheaper transactions and and

kind of things like that as well so yeah really cool update here from sushi swap definitely go recommend checking it out it'll be linked in the youtube description um and yeah i think that is it for today a bit of a long one today but thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up join the discord channel subscribe to the newsletter and i'll catch you all tomorrow thanks everyone