ZKDAO $200mil fund, Aave v3 on testnets and more - The Daily Gwei Refuel #303 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the delegate refuel where recap the latest news in the ethereum ecosystem i'm your host anthony designer and today the 28th of january 2022 alright everyone let's get into it so just a reminder here or an announcement i guess i'll be doing a live stream with david hoffman of bankless tomorrow or today i guess like it is for you depending where you are in the world so it'll be happening at happening at 8 p.m eastern time 5 p.m uh pacific time and then in australia i'm pretty sure it's either 1 or 2 p.m there so you can convert that to your time zone so this will be i guess like friday for uh the us and saturday for for australia and i think it's that's going to be like midnight f no probably like 2 or 3 a.m

for europe or something on the saturday technically but i'll link this tweet in the youtube description you can go to the video and set a reminder i'd love to see you all on on the live stream we're going to talk about um you know the bear market frog nation what happened there uh which i'm going to talk about in a sec but we're going to be talking about that i mean tomorrow as well uh the nft bull market and emerge stuff so yeah definitely uh i hope to see you guys there but on to the biggest drama for the last 48 hours now i'm not going to focus too much on the actual drama itself i wanted to focus on something related to it but for those of you who have been paying attention i guess over the last 48 hours you'll have seen all the stuff that has come

out of the frog nation fallout of sifu which was an anon dev that got kind of like revealed and their identity was disclosed and it turns out they were one of the co-founders of quadriga cx which was a big canadian exchange that kind of like i guess rug pulled ran away with the funds and the the guy who was who sufi really was is apparently like a 20-year serial scammer been to prison like done lots of frauds lots of scams and apparently danielle sesto knew about this for about a month before it was revealed publicly like knew who sifu was um so there's been a lot of drama there obviously and of course the wonderland time project the price has just you know pretty much gone to [ __ ] um and then you know some of the other projects the

prices have come down as well due to the the wider market crash there but um i didn't really want to focus on that drama i wanted to focus on kind of like something that i've had an issue with for quite a while and something that i think we need to rectify especially now and and you know within the next kind of like 12 months because of regulators now what i'm talking about here is as my tweet suggests if we don't put the d back in d5 then the regulators are absolutely going to destroy us time to stop [ __ ] around and it really is i mean the easiest thing that the regulators can do is choke us where we're most vulnerable right and we're most vulnerable at our centralized uh centralized parts and much of defy is centralized today like it doesn't

deserve to be called d5 it's dyno decentralized in name only so i've discussed before how the regulators will go after things like centralized stable coins and we'll go after feet on and off ramps but the thing is those things aren't pretending to be decentralized the centralized debit coins don't advertise themselves as decentralized the centralized exchanges don't advertise themselves as decentralized but these projects that are either controlled by some multi-sig or literally controlled by one person um they advertise themselves as d fight when they're not defy at all they're not they're not decentralized but because this space moves so quickly and because there's a lot of nuance and a lot of complexity here the regulators are just going to look at this and be like lump it all together they're going to lump the truly decentralized protocols like

uni-swap in with these kind of like ponzi-esque money game things like you know a lot of scams and stuff and they're basically going to say well we need to regulate d5 because look at all this stuff that's going on in this industry this can't be you know these can't be on the scams there's rug people are losing money when in reality what they really want to regulate is the non-defy things but whether willingly or or or whether they know this uh whether knowingly or unknowingly they're going to apply these kind of like really harsh regulations to everything now in saying that the whole point of d5 and the whole point of a truly decentralized protocol is to resist regulations to be able to resist any centralized party trying to shut it down and uh you know i think really there's only a handful of protocols that

could do that today and i'm talking not talking about like layer ones or layer two i'm talking about the actual application protocols things like uniswap which would be basically impossible to shut down because there's no uh there's no kind of like multi-sig there's no admin keys none of that sort of stuff there but much of these projects can be strong armed i mean even the projects that are like a lot of projects that are based in the us they have to tiptoe around they have to buy u.s users they're kind of an airdrop tokens to us people a lot of them aren't descent like truly decentralized a lot of them have multi-sigs not to say that those things are necessarily bad but you can't really call your project d5 if you have a multi-sig or you have an admin key like it's not decentralized it's as

simple as that so i think that we need to either move quicker to you know having these protocols decentralized really really quickly or at least be you know kind of as decentralized as possible from day one or we're just going to face the wrath of these regulators and all these governments and of all these bodies and they're really going to come down hard on everything and if you if the protocol isn't resistant to these things then people stand to lose you know a lot of money on it because honestly these regulators they'll shut down things even though they're kind of shutting them down in the um you know with with the kind of like pretext oh we're gonna you know we're gonna protect investors really they shut it down and investors get hurt no matter what they do because the investors are kind of like involved in the in the scam

they have you know they have money in it um you know perfect example being bit connect right uh bit connect was was going like people were making money people losing money of course but obviously big connect was like your classic kind of like um ponzi scheme or your classic kind of like mlm but then you know the regulators came in and shut it down and then it kind of like went to zero and everyone lost right so it was just a matter of kind of like everyone would eventually lose but the regulators came in anyway and kind of like shot it down and just sped up that whole process there but the thing is is that if the regulators come and they start kind of clamping down on you know the actual legitimate projects within the default system but they're able to clamp down on them because they aren't

actually decentralized it's going to be very bad for the whole ecosystem and i think that the drama over the last 48 hours just gives them you know more ammo to go to you know their constituents to go to that you know wherever whatever government it is to go to uh their you know other politicians to go and and basically draft up regulations that are really really harsh for the industry and this is the same thing they do with a lot of different things they try to draft laws and regulations for like think about them trying to ban things like encryption like a lot of governments are trying to you know stifle or ban outright ban encryption and the pretext for that is them saying oh we need to do it to save the kids right we need we need to um clamp down on explicit kind

of materials got to do with kids they just you know they don't invent a boogie man but they trump it up right they basically say if we don't do this then they make it sound like you know all the kids are going to get exploited if we don't do this or all the terrorists are going to win if we don't do this and you know i'm not trying to get too political here but this is what they do they this is how they pass legislation this is how they get things through because you know the legitimacy of a law of a regulation in a democracy is only as good as the people's belief and legitimacy of it right so if you don't have buy-in from the people they're not going to vote for you you won't be able to get that passed but if you invent the trumped-up

boogeyman and you basically scare people into uh basically throwing their freedoms away throwing their kind of like um you know privacy away with regards to end and encryption all in the name of uh of protecting themselves from something that's been trumped up and it's not actually as big of an issue as it's been made out to be then they'll willingly vote for it and that's what's going to happen with defy but the thing is is that we can resist like this is the whole point of this entire ecosystem this is why i always go on about decentralization mattering it's not um you know to me it's not really much of a spectrum it's not uh an either or it's uh you must be decentralized because if you're not you're going to get wrecked by regulators and if you're not wrecked by regulators you yeah in terms of like

getting shut down you're going to be so heavily regulated that you're not even going to be able to compete with defy anymore like so there's literally no point to your protocol so to me decentralization is the only thing that matters in this industry everything else falls around that if the protocol is not decentralized then it can easily just be shut down it can easily easily be more easily be attacked and it is not in the spirit of what we're trying to build here so that's my rant for today about that as i said i didn't want to get in and dive deep into the the actual kind of like wonderland and and cestan frog nation stuff because that's been talked about to death at this point um but like the last thing i wanted to say here um and it is related to the frog nation

stuff is that i you know over the last 12-ish months there's been a lot of cult of personalities that have kind of come to fruition where people just like absolutely love deifying you know these people that are making the money like someone issues a token it goes up in value that they seem like this kickstarter debs kickstar builder and everyone's like really really happy while the music's playing and then inevitably the music stops and there's like literally no chance of people to sit on and everyone loses right so i just i really don't like this trend of day of fighting people i don't like cults of personality at all like no matter what it is i've always had a problem with this i mean you guys see me always make fun of um of charles hodgkinson and cardano that's because there's such a cult of personality

around him and i'm not talking about like being a fan of someone's work or following their work or respecting them as a person i'm talking about literally kind of looking up to them as a deity like as a god as your kind of god right and i'm you know this may sound a bit esoteric to you but this is what people do and a lot of it's got to do with the fact that people may have made money on these things and they attribute that to the founder um you know even even satoshi is worshipped as a god by the by some of the bitcoiners and no one even knows who that um who satoshi is so you know it just this is something that i have like a really a difficult time reconciling because i just i i don't think it's a healthy thing in this

industry i don't think we should be defying anyone i think we're all human we're all working towards you know our own goals at the end of the day some of people are working towards goals that are noble some aren't some just want to make money in any way possible some will scam but there are a lot of people out there especially within the ethereum ecosystem that are genuine builders but there's no need to deify them you can respect them you can respect what they're building you can follow along with their work but there's you don't have to think of them as a god or worship them they don't want that like a lot of the time so um yeah that's just my last comments on on that one there but uh yeah hopefully that gives you kind of like an overview of what happened my kind of like thoughts on it

and i encourage you guys to encourage the projects you're either involved with or following to either fast track their way to being an actual decentralized protocol um or at least kind of like outlay their plan for getting there because a lot of teams will say yeah we'll we'll get there we'll get there and they won't actually have a plan for it um and you know the longer it goes without them decentralizing i think the harder it actually becomes so yeah i encourage you guys to encourage the projects you're involved with to to do that as well all right on to some merge related news so there was a implementation the proof of stake implements is called number 80 uh yesterday and on the call there was some talk about the merge uh involving a few different people here so i guess the trldr is that they're still aiming for a

june merge because of the difficulty bomb now i've discussed this before about how the difficulty bomb is set to go off in june and then by mid july uh blocks will go to 30 seconds which basically makes the network unusable so uh they have to push the bomb back uh or we have to kind of like do the merge right there's only two options so tim is tim biker here he's seeing kind of like saying that he'd like to see the merge in kind of like june i think um you know there's things that have to go right as i've said before so basically uh if we can get client releases with a final spec by early march for another kenzugi test net uh then we can pick like a tentative date for for mainnet and then final client releases uh consuki v2 uh by mid

feb is in line with this um and then mikhail is another core developer he says the schedule is tight but if something you know props up it may delay things uh and then vitalik's just got some comments here i mean you can read the notes yourself but i guess like the the tldr as i said is that they're aiming for june if they can't get it in done in june then we're gonna have to do another hard fork to delay the difficulty bomb and it's just going to be a standalone fork there which is i mean it's not like a big deal but it's still not something that they would like to do because they have to focus you know core dev attention on that rather than the merge so yeah we'll see i mean you see like they're all kind of like really wanting to get this done as fast

as possible as i've discussed with you guys before june is what five months away from now it you know it definitely is like to mikael's point it is a tight schedule especially for something that we want to make sure is right but as i've said before if the core developers and researchers are comfortable with doing it then i'm comfortable with it because at the end of the day they're the ones who know um who know all this stuff better than any of us do they're the ones who are building it um you know squashing all the bugs doing all the test nets everything like that so if they are comfortable with it then then i'm comfortable with it at the end of the day but yeah i recommend reading through the notes if you want to get some i guess more detail about this i'll

link it in the youtube description so uh mahalo is seen here quote tweeting polygon hermes which shared basically an update recently but my halo basically said we're excited to present you the architecture of polygon hermes the first zkvm roll-up to go into production the development is progressing really well and we are very excited for this year stay tuned you won't be disappointed and you can go read this i think i'm pretty sure i shouted this out on the refuel either yesterday or the day before but the reason i bring it up again is because um mahalo says you know very excited for this year and then there was another tweet that i saw the other day from david here who said three zkrs with world-class teams launching test nets this year under the polygon umbrella so polygon hermes is aiming for uh they actually corrected

here and said they're aiming for a q2 test net with a q3 main net polygon zero is q4 test net and polygon mine and q4 test net with with our main nets i'm expecting to be next year so this is actually a big deal from hermes uh q2 test net and q3 mainnet for for a zk evm roll-up this is a generalized evm roll up guys but um generalized zk evm roll up it's uh it's a pretty big deal as you guys know and as i've discussed with you guys before and um who better to do it than than the polygon hermes team yeah obviously um you know starkware has their own kind of stuff that they're doing but it's not an evm it's it's cairo and it's their own kind of like um it's their own kind of technology there uh zk sync is working

on this sort of stuff as well but i'm not sure if they're going to be as quick as polygon hermes they might be i haven't really um uh seen kind of like any dates around that um and then obviously polygon zero and mine and uh are the other zk teams here but they're going to be coming a bit later but if we can get like a generalized zkvm that basically is equivalent to arbitrary optimism in terms of uh being able to deploy to it and use it just like you would arbitrary optimism um that's a pretty big deal right so we'll see if they actually hit these these goals obviously they're just goals they're tentative dates it's not no guarantee but i'm excited for this very very excited to see the first zka vm go go live on on testnet and main net as well this year it's a very very big

year for for polygon i suspect so that's a proposal that i spoke about the other day from bitdow to allocate 200 million dollars to the zk sync ecosystem as part of zk dao has been approved so this 200 million dollars will be used to fund all sorts of things within the zk sync ecosystem such as grants strategic capital r d education security standards and more so you can read the full proposal here at this link which will be linked in the youtube description of course uh and it basically has all the information for you to read through if it wants to load up on my screen here yeah so it's a pretty good read i mean it's it's pretty long as well i mean it's like 71 pages of it of uh oh wait maybe it's in different languages sorry but i think it's in uh yeah it's

in a few different languages i'm just trying to see where the english ends here um where is it where is it i'm glad it's in different languages actually i remember saying to you guys that i like i wish more teams kind of like put out stuff in more languages um all right so it's about 11 11 pages it's still pretty healthy um with a lot of information in here for you guys to dig through i haven't read this yet it's in one of my tabs that's why i didn't realize it was on the 11 pages here but uh definitely going to give this a read this is a pretty big boost for the zk sync ecosystem um and they also you know this is this is just one kind of like fund i'm sure there's going to be other ones put towards i'm sure project's going to

put their own funds towards it so very very bullish on the future of zk sync here and speaking of zk sync they put out their first community updates uh post on reddit so you can check out all the updates got to do with zk sync 1.0 zk sync 2.0 um ecosystem and community including the zkdow stuff i just spoke about projects building on zk sync and learning more about it here i think so i think the biggest upgra update from here was that uh on zk sync 1.0 uh there's over 53 million dollars locked in the zk sync contract right now um even though there's no smart contract functionality there which is really cool to see and then on the zk sync 2.0 side they've stated that there are currently over 400 projects that mata labs the team buildings ek sync is aware of

waiting for the release of zk sync 2.0 so layer 2 space hot as usual uh really really awesome to see this um and speaking of late two rb v3 is now live on uh the test net on a bunch of different protocols here so i mentioned to you guys before that i've suspected iva v3 to go live on a bunch of evm compatible chains and that's exactly what they've done with these test nets they're live on ethereum avalanche phantom optimism arbitrarium harmony and a polygon appeal polygon the pos chain but on the test net it's not on the main net just yet but it's a public test net so you can go play around with that if you want to at v3 test.ava.com you can play around with it on any of your favorite evm chains so awesome to see this live on testnet finally mainnet

will be you know not far behind here i can't wait for this honestly this is one of the core protocols that i've been really waiting for to go live on the on the um on the l2s especially and on arbitrary optimism and especially on the polygon pos chain so i'm very very much looking forward uh to this and obviously it's live on ethereum l1 as well but uh you know whenever i see that i'm just kind of like how many people are really going to care that it's live on ethel one these days like where everyone's just going to use it on l2 so that's actually a pretty pretty wild kind of like mindset change there i think whenever i'm kind of like seeing this now because in my head i i just like say for me optimus and albatroom are ethereum they're just like an extension

of ethereum's block space it's not like it's a different network or a competing network there so that's kind of like how i'm thinking about it these days but uh yeah definitely go test this uh i'll i'll i'll link it in the youtube description below so an update from immutable here today so every project built on immutable x can now turn on moonpay integration to enable instant credit card purchases of l28 with zero gas fees so uh fiat on ramp which i mean as i've said to you guys before that is one of the critical building blocks to these l2s and moonpay is a pretty big uh payment processor here for these sorts of things so now you don't even have to kind of like buy each of a centralized exchange go to ethel1 and then go into immutable x you can just use moonpay to inst do

instant credit card purchases of ethon l2 obviously there's going to be um fees involved on moon pay side and probably some credit card fees but you know funny enough they might actually end up being cheaper than l1 fees because to bridge in from r1 could cost up to like 50 or something like that especially to withdraw from an exchange first and then to bridge in so you know when you kind of like look at look at that and do all the all the costs benefit there it's definitely going to be going to be cheaper there so yeah definitely go check this out if you're using immutable x so speaking of on and off frames by bits a pretty big derivatives exchange announced today that uh they've integrated with arbitrary so you can now deposit and withdraw from arbitrary using buy bits with eth usdt and usdc so

just another big win for arbitrary here there's another way for people to get into the arbitrary network without having to go through layer one ethereum um you know i told you guys we're going to come in waves and come really really quickly especially after binance did it uh and i i've said it plenty of times but i hope coinbase is close to the integrations here we need coinbase come on guys maybe it's going to take one of the us-based exchanges to get them into gear like kraken or gemini um but we'll have to see how that shakes out there but still very cool to see by bit uh integrate arbitrary here if you if you're a bibit user i mean you can go you can go in and out of arbitram now with by bit so rocketpool published their first article of the year today which

basically details the current state of rocketpool their work in progress roadmap and a new beta program that includes a sexy new staking ui so the thing that caught me in this blog post actually was the cl the diversity stats of rockapool so you can actually see here between the mini pools and node operators prism's actually the minority client so you can see that lighthouse is the dominant client of both the mini pool and node operator on the node operator side teku is only a little bit behind um in second place there uh but in prism in both cases is around well on the node operator at six point seven percent on midi pools eight point one percent so much less than may net right which is absolutely awesome like this is how it should be this is like an i

i mean it's not like the most ideal distribution obviously the ideal distribution if there's four clients um running it'd be like 25 25 25 25 but that's never going to happen like that that's just impossible but this is a much healthier distribution because there's no like super dominant client right like um there's no one over 50 like i i know i've said before that 66 is the critical threshold but we don't want to be anywhere near the critical threshold so ideally we don't want any one client to have more than 50 of the of the network share here so it's really great to see that rocketpool is taking client diversity uh seriously from from day one in their network i'm just loving this if we can get mainnet to this distribution this would be the most awesome thing to happen for like the uh the ethereum beacon chain especially i

mean i don't think it's going to happen before the merge or even before withdrawals are enabled as i've talked about plenty of times but getting to this kind of distribution will be awesome and obviously we're not going to get prism down to eight percent and we shouldn't even aim for that i just i i'd love to see no one client having more than 50 then we can kind of like sleep peacefully at night and i know superfiz who's been a big champion of client diversity lately uh very publicly um i'm sure he'd get a really good night's sleep if if if pr if prism was even under like 60 or something like that on the on the um the main network there but uh yeah cool to see this uh but yeah definitely go give the rest of this kind of post to read i mean rocketpool

seriously is one of my favorite kind of like projects and teams within the ecosystem they have been working on this since i believe 2017 it may even be earlier than that but i i you know i remember hearing about them ages ago they've had to deal with so many changes when it came to kind of like this the proof of stake road map for ethereum but they've stuck stuck with it they haven't given up they haven't tried to found another project and they haven't kind of like um you know sold off their tokens and just gone on on a yacht and partied they've stuck to it because and and they've done it in the right way as well then they they didn't release it until they were happy with you know i'm doing it in such a way where it's it's it can be actually credibly kind of

like decentralized as as possible as is possible today and you know these are the teams that we need to be supporting more of and that's why i always bring them up i always kind of talk about them as much as as much as possible and i always suggest them to you to any of you guys who want to stake with a pool um because they just they really give a [ __ ] and i'm all about backing teams that give a [ __ ] about this sort of stuff because unfortunately the people who care about decentralization and care about the ethos and mission of ethereum in terms of like the long term during bull markets especially we become the minority unfortunately i mean just look at the amount of views my videos get compared to something on like bitboy like most people are here for a quick

buck and you know that's it is what it is right um but like i want to hang around people and i want to follow projects that actually kind of like gel with what i want to see in this ecosystem and rocker pool is definitely right up there i mean i'm i'm kind of like spewing that i wasn't able to become one of the um the o'dow members at the time hopefully i can get into the next round because i really want to support them as much as possible in any way that i can but for now i'm just going to keep promoting them to you guys keep highlighting their posts and keep recommending that you read their posts which this one of course will be linked in the youtube description so rainbow the mobile wallet app that i've been talking about a lot lately is

now available for android so it traditionally only had been on ios and that had obviously barred a lot of people from from onboarding there because i know there's a lot of android users out there so if you want to use the rainbow mobile wallet app uh you can go download it now at the play store i use this on my phone i mean as you guys know i'm not really a big mobile wallet user but uh rainbow out and arjun are really the only two that i kind of like get most of the use out of if i'm kind of like playing playing around with them on mobile um and rainbow just has like a really nice interface and a really kind of cool display of things like nfts and stuff so i definitely recommend going and downloading this playing around with it and seeing what you think of it if

you're an android user so uh yeah i'll link it in the youtube description as well for you all right finally here we have ultrasound money with another update to the website uh with ethburn category so you can see here what category has burned the most eth obviously nfts is uh is you know a big thing here i don't think there's any are in order by the way um d5 has burned more than nfts here but the d5 is listed a second but you know this is the all-time burn so nfts alone have uh burned 532 0008 d563 000 mev at 37 000 each that's pretty interesting right we have l2s at 3.7 keith and we have miscellaneous at about 90 000 ethiop so what i find really interesting is the

l2s because this number is just the beginning like this is really like at the very beginning of l2's uh and what and kind of like l2 settling on on l1 and their activity is obviously nowhere near what it's going to be um but i think that eventually l2 will be number one of the burn leaderboard number one of the kind of like gas guzzler by far for all the reasons i've outlined in the past but at the end at the same time i actually think that for a few years to come still l1 is still going to be dominated and dominated by kind of like mev a lot of people are still going to be doing nft stuff and d5 stuff on there because i mean even if the fees get to like three four hundred dollars for a swap the really big whales and and the people

doing arbitrage transactions and people doing kind of like mav they're gonna pay that and i know that we won't pay that right but they're going to pay that and they'll they'll be fine with paying that because as i've described to you guys before if they're making even you know five percent profit from that and then the rest of it is kind of like the fee they have to pay they're fine with that that's still five percent in their pocket so i expect that to continue for a while but i'm curious to see kind of like how quickly l2s can start burning you know a decent chunk of eighth as they ramp up and as more of them go alive and as you know more of them have more activity i wonder if this l2 includes the bridges as well uh like the if the kind of like

official bridges in or if it just includes like the proofs and the um the call data portion i have to check on that because if it includes the the bridge transactions in and out of the l2s um that would be good as well because that definitely counts as like l2's burning eth right so we'll have to see how that kind of like shakes out there but uh cool to see this you know the funny thing is is that like no one really talks about the burn anymore um you know i meme about it sometimes whenever the price is going down i basically say at least we're still burning each and you know that's kind of like part meme part truth because i mean at the end of the day we are still burning youth the hilarious thing is is that we're perpetually burning each like

every single block we're burning some some portion of eath and i've said to you guys plenty of times before that i think when the market really starts going again that's where it really counts because there's a demand and the supply and demand side to every market right now there's not enough demand to get the price to move right but we don't have the kind of like i mean we have a we have um an effective kind of like 70 reduction in supply since erp-1559 went live so as that kind of like imbalance shifts over time over the longer term and as kind of like demand you know can stay the same we should trend up over time and then also once the man comes flooding back in i expect to see some explosive growth there just because of the sheer fact especially after the merge there's just going to be hardly

any eat for people to kind of um be able to buy right and actually i was talking to a friend about this the other day i was saying uh saying to him all the people playing within the nft ecosystem buying and selling nfts with eighth having to use a for gas fees a lot of them aren't actually buying either an investment they're buying nfts as an investment atheist just kind of like their bridge currency to get there and they have to pay fees obviously on l1 so and and and because they're not holding eighth and they haven't held these traditionally because a lot of them are new they're buying fresh eat off the market so they're literally taking active eighth so active actively traded each supply which is obviously um you know supply that we know is out there we know it's kind of like active

we know it's uh it's part of the active market they're taking that off the market and burning a portion of it as part of the fees and that to me is way more bullish than you know myself or maybe one of you guys that have held your eighth for like you know a couple of years using that eth2 to pay for transaction fees because the eight that i have is already out of circulation i'm never selling my e so effectively it's it's already off the market so if i use my eighth to pay for gas fees it doesn't i mean yes it's burned but it doesn't really make a net difference because i know for a fact that i would never have introduced that eth into the market again so it doesn't actually make a net difference there but all the eat that's being purchased for

the nft ecosystem whether that's to pay fees or to buy nfts with um uh that's all freshly bought eath and all the you know the burned portion of it is freshly you know ethan's kind of ether was active that's now completely removed from the supply not just putting cold storage completely removed from the supply so i'm gonna keep kind of like going on about how bullish this is even if the price is you know is down from when one five five nine went live i don't care i have the long term view you guys know this and um i think coupled with the merge it's just gonna be like i mean once the demand comes back it's really gonna be this massive push i think on each price there's just not gonna be much supply left there's quite literally going to be eventually a supply-side liquidity

crisis which means there's just not going to be enough eth left for people to buy and that's going to send the price skyrocketing um but anyway that's just my beliefs obviously not investment advice but uh you guys know that i've been going on about this for for a while but i think i'm going to end today's episode there 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 next week thanks everyone