Yearn on Arbitrum, DeversiFi and Opera team up - The Daily Gwei Refuel #322 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i kept the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 24th of february 2022 all right everyone let's get into it so i think today the last 24 hours or so have been quite a sad time for the world really obviously with russia that fleshly declaring war on ukraine and beginning their invasion there now obviously i'm not a geopolitical expert i don't think most people are so i'm not going to be opining on the conflict itself and the war itself um i just wanted to quickly touch on a tweet that vitalik actually put out because for those who don't know vitalik is is part russian i mean power russian par canadian um his dad's from russia so you know he obviously has like a pretty big

kind of vested interest in this or i guess maybe vested interest is the wrong term but obviously he's affected by this um and things like that now he he put out two tweets around this he put out one condemning i guess russia and saying uh you can you can view the tweet here and there's a translation where he says glory to ukraine uh and then a second one where he says reminder ethereum is neutral but i am not and that's basically to say to the people hey look you know i'm a human i'm not going to be neutral on topics i'm you know i have biases i have emotions and i'm going to pick sides yeah whereas ethereum the platform i mean we've built it or we're building it to be as neutral as possible so that you know anyone can use ethereum like whether they're you know whether it's

putin using ethereum or whether it's kind of like uh uh a biden using a theorem trump using whoever it is whatever world leader you can think of whatever good person bad person whoever it is the point of neutrality is that it's neutral like it doesn't matter who's using it doesn't matter what's being done on the network uh terrorist financing money laundering you know all the worst things you can think of it's going to be done but the thing is is that neutrality doesn't mean that just the bad things happen it means the good things happen as well it means that we get to build tools that help people escape bad things happening to them for example financial oppression is really really a really big deal in big part in lots of parts of the world ethereum bitcoin a bunch of other networks out there um may help with that like i don't

think we help with that at this point in time in terms of kind of like it being to the stage where people can actually use this sort of stuff as part of their everyday lives or anything like that but it is an option right but not only is an option for those kinds of people it's an option for people in the first world who want to or kind of like in countries where they're not financially oppressed in order to escape the system or opt out of the existing centralized systems and that's i guess what most of us are pretty much um excited about and interested in because i assume most of you watching or listening aren't under oppressive regimes you you kind of like aren't being cut off from your banking services or anything like that but the point is is that we want to be able to

use something that we consider to be a better system a fairer system and that is what defy is at least trying to be that is what a lot of what ethereum is building is trying to be but again this can only exist if the platform is neutral like ethereum as a network does not take sides it does not say hey you know i'm not going to process this transaction because i suspect that it is part of like a terrorist financing thing or something like that right the ephemeric has no opinion every transaction looks the same to the ethereum network it looks the same to to kind of like miners and they're going to process that now can censorship happen on the network can transactions be dropped of course they can the miners could band together and they could basically choose to to censor a particular address blacklist a

particular address and then not getting and not include those transactions but obviously given that uh you know mining is kind of like a distributed thing it's a decentralized thing uh and given that we're moving to proof of stake which which makes this even harder to do um it becomes like a very very low chance and that's why we call it censorship resistant instead of censorship proof because it still can happen but it's a very low chance there but still in that re in that kind of regard the ethereum network is still not taking sides there that's the miners essentially or i guess like the block producers taking sides here or at least kind of like breaking that neutrality but that doesn't really happen now the final thing i want to kind of like say on this is that while ethereum the network is is neutral in

its kind of like you know normal running state it can still be disrupted by humans because at the end of the day humans run as i mentioned the miners humans run the full nodes humans run the infrastructure humans are responsible for decisions that get made on the network such as network upgrades yes it requires overwhelming majority yes things can get veto not included if the majority doesn't want it but the thing is is that humans are still responsible so for example i mean we talked about the dow hack recently humans decided to basically return the hacked funds to the individuals and take it away from the hakka which led to a network split of course now we could still do that today if everyone decided to do it if the vast majority of the participants within the ecosystem you know exchanges individuals full nodes miners all that

sort of stuff if they all decided hey you know we want to unfreeze the parity funds like there was a there was a bug in a parity smart contract uh the multi-sig wallet a while ago a bunch of eth got frozen i think it's like 300 000 or something like that and it's still frozen to this day there was an eip to unfreeze it but the community voted no against that because they said no that would be a bailout you know cody's law sort of thing uh we're gonna leave it like that now that doesn't mean that the community can't come together right now and unfreeze those funds they could right they could but the thing is is that we're building these systems so that it's resistant to stuff like that you build the culture around that to say that no you know the only time we want

to change the rules of the network is when we're actually upgrading the network and it has to go through the eip process which is which is a whole thing it takes forever to do anything i mean it took over two and a half years for aip1559 to get in and that was one of the most popular or the most popular erp ever to be proposed so i think when you take that view you can kind of like see how it all fits together yet there but that was basically all i wanted to say about that um you know obviously this conflict i have absolutely no idea what's going to happen here no idea where it's going to go no idea what's going to happen with the markets obviously the markets aren't liking this the markets don't like in uncertainty i'm just going to keep delivering the ethereum related news

guys because me as an individual i can't do anything i mean i'm in australia like i'm as far removed from this conflict as one could be essentially right but um you know i hope it all turns out for the best even though i know it probably won't because you know obviously in war there are no winners it doesn't matter what side you're on it sucks for everyone it's just the way it is uh but we'll have to see what what happens there but i think that's probably gonna be the last thing i mentioned about it to be honest i'm sure you don't you know might hear my opinion about it you'll see it all on twitter reddit it's actually kind of surreal seeing a war be live streamed and live tweeted out like that's just you know pretty bizarre but that's the world we're living in right now but

anyway moving on from that on to a bunch of the project updates from the last 24 hours so oboe labs here the um team behind obel network which is a multi-operator valid validator network for ethereum proof of stake and i've talked about obell before basically they want to make it so that you can safely stake uh and have like redundant systems set up as well they're doing a bunch of stuff to make sure that people don't accidentally double sign and things like that you can have like a active active staking system and that would mean that you could have two active um instances of a validator going on but only one of them would be kind of like in the active set at a time so you don't get double sign so that's pretty exciting but anyway in relation to what they announced today they launched what's

called the oboe proto community which is an on-ramp to organize educate and incentivize community members contributing to dvt and the opel ecosystem so you can check out the blog post obviously for a full breakdown of what's happening here but this is really cool i think uh as i've said before protocols uh live and die based on their community and and kind of like having a community is really really kind of like hard to do and hard to build up in a lasting community is hard to to keep sticking around but i guess right now oba doesn't have a token so they uh you know that their community is going to be built on people who actually give a about the protocol rather than like 99 of those people just being there for the token which i really really love obviously um and then you know while

growing this community over time they'll be able to kind of like add more people to the ecosystem add more and more people that that can build things as well like build out the infrastructure help to kind of like build out what what they're trying to deploy here which is going live after the merge by the way because it doesn't actually work before the merge so keep an eye out for that i i don't know if that's going live after the withdrawals are enabled um i believe it's it's kind of like after the merge but i don't think that's going to be like the full kind of like package of what's being delivered there because it does rely on on ethereum's roadmap being delivered there but but yeah really really cool to see this uh i'm looking forward to seeing how the obal community grows and what they kind of like uh

accomplish with this i think it's gonna be great i mean you know as i said before rocker pool is a what i consider like an ethereum proof of stake community absolutely awesome community east taker awesome community right everyone that seems to be involved in the ethereum proof of stake ecosystem are just awesome people who are really in it for the right reasons and there's no reason to believe that the overall community the opal community won't follow the same path and i think there's going to be a lot of overlap there i think there's going to be just this massive venn diagram where you have like uh proof of stake uh people in the middle and then you have like oval rocker pool you know general kind of like a theorem proof stake all overlapping and then you know lido whatever else like all overlapping there um and then we can just have like

a very very robust and healthy staking ecosystem and we like like i've talked about before i've talked about this plenty of times where i've said that we need a robust and healthy staking ecosystem or as proof of stake is kind of like pointless we don't want to get to a point where essentially we have what we have today in ethereum where most of the miners actually don't care about ethereum really i mean they don't care about ethereum's values and it's ethos and stuff like that and this has been shown time and time again and i've talked about this a lot on the refill especially around the drama with 1559 miners trying to veto it but when we go to proof-of-stake we're going to have people that both give a about ethereum and everything ethereum represents but also care about the uh about staking about staking on their own

about decentralizing the stake so those kind of um i guess stakeholders overlap much more greatly which i that's one of the things that's less talked about but one of the things that i'm most excited about in the kind of like staking world um but yeah if you want to get involved you can join the oboe pro proto community by um by by following this link which is in the blog post which i'll link in the youtube description below all right so a massive announcement of diversify today that they have teamed up with the opera browser here uh and starkware to power the first mobile browser wallet on ethereum layer 2. so you can translate instantly and gas free with l2 directly from the opera browser so you can read this blog post for more information on this of course but this is great i mean i was talking about like

mass adoption yesterday and how we could kind of like simplify these things for people and make it so that more people can get involved with our ecosystem well obviously l2 is a big part of that you know gas free l2 especially because at the end of the day most people don't want to pay fees at all which is which is totally fine totally understandable right um but you can scroll down i think there's a there was an image somewhere of what this looks like i don't know if it was on opera's page or not i mean you can see at the top here there seems to be a bit of a um a bit of a teaser on the right hand side of this image in the video so you can basically choose who you want to kind of like send our funds to enter the

amount and then you know send those funds uh to uh to the recipient there which is really really cool obviously uh with with cheap vl gas free um cheap fees here which is which is awesome and you know diversify for those of you who don't know is also a decentralized exchange so that's going to be uh part of it as well there's going to be fiat on ramps i believe and opera you know maybe one of the smaller browsers but they still have hundreds of millions of users i believe you know i remember i used to use opera back in the day like a while ago i think it was back when i was a teenager um because it was actually better at the time than than chrome and firefox believe it or not uh but i think these days browsers are a bit of a much

muchness but there's still a lot of people who use who use opera i mean obviously i'm using chrome right now it's kind of my daily driver i'm just used to it but uh awesome to see this awesome to see a diversifier get landing a big partnership like this and obviously star ware as well because software power is diversified they're using the starkx ecosystem so very very cool to see this you can go check out the blog post for more information about this partnership all right so yearn announced today that they are now on arbetrim awesome this is the first l2 that the ernie's on as i've said to you guys before that once i guess like a lot of the supporting infrastructure and supporting apps are deployed to arbitram and optimism and all these other l2s these kind of aggregators will follow so obviously yearn's very popular as a yield

aggregator uh now you know you can access them on arbitrary which a lot of people have actually been waiting for i remember in the discord channel this has been brought up multiple times people are like you know when you're when are we going to be able to do you know yield degradation on on layer twos well here it is it's on arbitrary and it's great that it's um because they're actually serious about this kind of stuff uh and you know they go through why arbitrarily here arbitrom's ethereum's largest l2 with 3 billion in tvl 10 times lower gas cost right now obviously lowering over time support for arbitrary theorem deposit and withdrawals on both binance and ftx and its strength strengthens yearns first true love which is ethereum because yeon is also on the phantom blockchain as as well there so to ensure a smooth smooth rollout yarn will launch

on arbitrary the single volts uh curves try crypto which represents a curve liquidity pool holding equal parts of three tokens raptor bitcoin wrapped eighth and usdt so enter to enter the vault you can just follow this guide in this thread here so awesome to see this you know at the end of the day what always what i see playing on layer 2 is exactly what i saw play out on layer 1 during d5 summer we get all these d5 legos kind of like deployed and then we get these aggregators that sit on top of all these legos and put them all together and create awesome products and that's exactly what what yearn does and you know the funny thing is yearn was i think the biggest thing in d5 summer you know there was sushi swap and there was yam but i think the magic of yearn and like the yield

farming that came out of that like everyone getting their hands on you'll find me trying to wrap their head around it the wi-fi token going nuts like that really i'm getting nostalgic right now about that that was really what earnestly kicked off d5 summer like compound obviously came first in june with the liquidity mining program and comp and stuff like that that was i would say that's kind of like what the beginning of it was but i think yearn is what really kickstarted the entirety of of d5 summer there and that which continued into kind of like yam and sushi and you know a million different food forks and it was just a crazy time like i actually and now that i think about i'm getting nostalgic over over how crazy it was i'm not going to bore you with that but essentially it's great to see that

they're still around that's what that's the point that i was getting to is the fact that they they didn't just leave they didn't just kind of like uh i guess um how do i say it like uh abandon the the network or abandon kind of like their project even though obviously d5 has been very quiet lately in terms of like the token prices and stuff like that they kept building and they keep building and they keep doing things like deploying to l2s on ethereum which is obviously you know we always want to see that we all want to see that right and we want to use these products i mean at the end of the day there's probably other yield aggregators on on the l2 at this stage but it's all about which ones you trust like i would trust yearn over pretty much like all the other ones just

because it's been around uh for such for such a long time i know that the builders behind it are very earnest and know what they're doing um and you know they take kind of like security seriously as well so cool to see this just another thing for you guys to use on arbitrary and speaking of what to use on arbitrary little coin has another thread about uh some of the cool new apps on arbitram so actually hedgic has actually launched on arbitrage i didn't know hadjik was still around i thought that kind of like that project had been abandoned but apparently it is and apparently they they continue to build which is really awesome to see a bunch of others here but the other options protocols there's something called ukitrade which i think is a margin trading platform i hadn't even heard of uki trade before until just now

so that's that's pretty cool um hash flow obviously i've been talking about them quite a bit recently a crop acropolis well acropolis i haven't heard that name in a while they uh they've they've been around for a while now i didn't i didn't know they were still around so there there it is uh and then there was kind of like strips finance which i mentioned before as well but you can check out this thread from ludicon for a bunch of links to that sort of stuff there uh and and and speaking of arbitrary i also wanted to mention that arbitrarium reached their uh i guess like uh all-time high of daily transactions recently at 100 000. and this is during a bear market guys like this is what i mean when i said that look at what's growing and going up into the right when the markets are quiet

because that's where the most of the value is being created and albert trim hitting 100 000 100 000 um daily transactions is actually pretty bullish i mean if yes ethereum does like 1.2 million ish per day but ethereum is kind of capped because of its gas limit arbitram you know one i mean they have a they have a kind of like training wheels on and cap on and stuff like that but arbitrary in theory can do thousands of transactions per second right so in theory it can go up to tens of millions if not hundreds of millions per day once we get to that kind of like demand level there but they're just growing steadily during the bear market now imagine what happens when the market heats up again and we get all this kind of like craziness uh coming around again and arbitrary is ready to onboard users and

obviously not just arbitram as the other l2s out there as well optimism's doing a lot of great stuff and along with some of with the others but imagine what happens when the market heats up again but it's going to go crazy right and this is the best period for kind of like these l2s to be in because they get to stress test the infrastructure with um you know you know with kind of like a lot of legit apps launching on there and with not too you know not too much craziness so they can actually focus on things and they also get to kind of like ramp it up slowly so when the craziness comes back they're ready for it so i'm very much looking forward to the next proper bull market guys we're going to have a proper l2 ecosystem for people to use and it's no

longer going to be oh i hate ethereum so many high fees like it sucks it's so slow you know i'm not going to pay a million dollars for it for a swap obviously not a million dollars but and instead of all that people are just going to bridge into arbitrary just going to bridge into optimism got to bridge into all the other ones like obviously the polygon pos chain has been out there for a while people have been enjoying that not an l2 but still a solution for people so i think that it's going to be a very different narrative once this happens so i'm very much looking forward to that and i'm just loving the amount of apps that are going live on all these networks on all these l2s as we progress through i guess like the bear market all right so perpetual protocol have

announced that they are sponsoring the first ever ether on optimism so you can get 0.00208 by bridging at least 3 000 usdc to a new wallet on optimism this is really cool because what this means is that you'll be able to get eth on optimism um without having to bridge in eighth because you obviously still need to pay the fees so you'll be able to kind of bridge in you know at least 3000 usdc to a new wallet using optifausit.com here then you will be given the 0.0 uh 0.00208 which i actually don't know what it is in dollar terms let me quickly kind of like calculate that um so it's about five bucks which is which is enough to do kind of like a couple of swaps so what you could do

transfer that usdc in right uh to to optimism then trade a bit of it for some more eighth using the free 08 that you've gotten and then away you go right you got you can kind of like have um have full kind of like power to do what you want there so that's very very cool and i guess like really cool for perpetual protocol to be sponsoring this i'm not sure how long this is going to last um maybe it doesn't last forever and obviously the value is so low because it could be cybled right people could create like a lots of different addresses and then just bridge in but the thing is is that bridging in uh two optimisms i don't know what the cost is currently but it actually would cost more to bridge in um uh uh and to get the free kind of like oath um then it

would be like it wouldn't be profitable to do that because obviously the gas phase on layer one to bridge in would uh be more than the the ether you would get on optimism yeah but the point is is that like normally if you wanted to bridge in stable coins and eth you would have to do two transactions on layer one which obviously cost a lot of gas um or you'd have to bridge in eth and then trade it for usdc on optimism and stuff like that so now you can just bridge in stable coins and and get your free 08. so very very cool to see this head to optiforset.com if you want to uh get involved there so a jasper here uh put together a thread talking about one of the most important votes in d5 is going on right now uh as convex finance votes on adding

a gauge for a wst r8 pull if this vote passes a new error will begin where ycrv st will no longer be king the time for rocket pool is now so uh to the start of the the killer collateral ycrv wstr eth um and he kind of like breaks it all down here i'm not going to read all this because it's going to take me forever to read all of it um but he kind of like breaks it all down here but this is going to be a really cool kind of like pool that basically allows you to trade between st or wrapped st which is um lido staked eth and r8 which is rocketpool steak teeth i mean guys like just like just taking into account that and then taking into account these other tokens which are kind of like why crv

est which was like yearn um stuff with kind of like convex stuff mixed in there in order to get like more rewards and more yield you're going to be holding an eighth staking token then you're going to be getting yield from the swaps then you're getting yield from the the token payouts as well of crv and cvx i believe and in ldldo like leido's token um and it just kind of becomes like this massive yield burger that kind of beats out um you know a lot of things for for eth like you're you're i'm getting yield on on eth by the way guys not on on stable coins here now in saying that as i've said plenty of times there's obviously more risk here there's stable coin uh stable sorry i'm not stable coin risk there's smart contract risk there's risk of um one of these kind of like a staked eth

tokens losing their peg for whatever reason or not their peg but like losing a lot of value for whatever reason then the pool ending up um holding the one that they shouldn't that you don't want to be holding and things like that there are extra risks here but i think the risks you know maybe outweigh as maybe don't outweigh the benefits right so you can maybe just kind of like stake a little bit with this to get some outsized yield and take the rest with maybe just rockapool vanilla staking or staking on your own if you've got that you've got the eighth for it or things like that so just another solution here but this is very cool to see as as jasper says here this is i'm going to vote right now i'm sure it's going to pass right this is going to be super popular

for people to kind of like play around with and and get involved with so so yeah great great little thread here from jasper that you can read it'll be linked in the youtube description below alright so the ef ecosystem support program has a new website at esp.ethereum.foundation with office hours and more grants so this is cool because basically i've talked about the esp a bunch of times on the refuel and about all the stuff that they're doing for those who don't know refresh up they support a bunch of different kind of like projects in the ecosystem using funds from the funeral foundation so basically giving out grants and stuff like that so you can see here that in 2019 they gave out 7.7 million worth of grants to 68 projects in 2020 they gave out 12.9 million dollars to 99 projects and in 2021 they gave out 26.9 million

to 136 projects very very very cool so and and there's just an asterisk here esp grants and support are not inclusive of all ef allocations and this website has a bunch of resources that you can read as well i'm obviously not going to read it out on the video uh you can kind of click for applicants here so if you're interested in getting some support you can apply you'd learn more about everything that they're doing learn more about what they support um there's a kind of like a scope blog post here who we support how we support them all these sorts of stuff so yeah this is a cool little website i'm glad they put together this and there's a blog post you can read as well about this um because i mean look it's funny because i've mentioned how the ethereum.org website didn't get

updated for a very long time and now that it has been updated it is one of the best websites out there guys like seriously so so awesome so uh we need more of these things because i think people get confused about all the moving parts in ethereum and that's because we are decentralized so it's kind of like hard to centralize information so to speak but more and more of these kind of like info sites are being put together and coming out which i think is going to help a lot with that so very very cool to see this from the esp all right so nick johnson from uh in the ens team here shared a post today that spruce which is behind i guess the well one of the teams behind the signing with ethereum effort has put forward a proposal for the ens dow to fund the

first credibly neutral identity provider for open id connect allowing any site that supports oidc or open id connect to trivially add support for signing with ethereum so you can go check out this full blog post or i guess like full post on the ens governance forum here um i'm all for this i think they're looking for a 200 000 grant which which makes sense here but anything that makes it easier for i guess like websites or i guess um for like any website like web 2 web 3 to add support for signing with ethereum is is kind of like good in my book because you guys know my view on this i would much rather be able to sign in with a theorem to a website than have to use something else like i don't want to have to use uh google or facebook or twitter

or anything because it's centralized platforms i can't bring my data with me i don't own my data and it doesn't help me build up my on chain kind of like profile where i sign in with ethereum does so i'm all for this as i said you can read this you can go check it out um and see what they're kind of like after yeah they're not after that much money to be honest i mean 200 grand is is really not uh really not much and it's going to be a combination of um well it could be a combination of both usdc and ens and dns treasury is quite large right now because it has a lot of ens tokens in it and i doubt selling you know even like a hundred a hundred thousand dollars worth of ens is really gonna move the market there so i i'm all for

this but definitely go check out the the discussion here add your own points to it if you if you want to uh because this is something that's very exciting to me uh especially around not just signing with ethereum but like identity layers and things on chain identity i think there's a lot going on here and there's going to be a lot more going on here as as time goes on all right so speaking of the ethereum.org website before uh they've put together a page about bridges in partner they did this they did this with uh leafy protocol so you can go here this page will link in the youtube description i've spoken about bridges so so much and i remember saying that l2b was going to put together a bunch of resources around this which they will but uh ethereum.org has been them to the

punch and put together a bunch of resources around bridges for you to to kind of like read about as well so this is really really awesome i mean and they've got links to further reading on the bottom as well as i've said plenty of times bridges are becoming or have become that kind of like single point of failure for a lot of the stuff in the ecosystem right now you want to be able to know what bridge you're using what kind of like the trade-offs are what the trust assumptions are uh how it works under the hood you know what the risks are all that sort of stuff and this is a good first step from the ethereum.org team and the lead leaf protocol team to kind of like put this together now i'm still looking forward to l2p our l2 beats resource as well because i'm sure

they're going to go even deeper than this and technic even technically deeper than this but this is still good so definitely go check this out i'll kind of like link it in the youtube description um but on that note i'm almost at time here but there's one last thing i wanted to kind of like talk about and that was with regards to i guess like um uh the the discord channel now the discord channel i've mentioned it before we have such an awesome community in there guys like seriously i i just i know i say at the end of every episode to join it as just like a generic thing but seriously if you're looking for a community that gives a about ethereum really deeply cares about ethereum it's not all about the price actually talks about the tech and you can get your questions

answered in there from basically a lot of smart people join it join it you know i'm in there i i typically respond to messages in the discord channel um if you tag me there faster than anywhere else so if you want to get my attention that's definitely where where to do so as well um and we have channels for basically everything i mean if i bring up my discord uh kind of like rpr um you know we have channels for like uh obviously prices is being discussed we have like eighth one eth2 layer two d5 stuff gaming stuff going on you know i wake up every morning and i look into the channels i'm like holy like there's so much going on i can't even keep up with it anymore it's so awesome so just wanted to kind of shout that out again for you guys to join that channel

if you haven't yet uh i hope to see you in there but on that note i'm going to end it there for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give the video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all tomorrow thanks everyone