zkSync token, OP Stack Fault Proofs live and more - The Daily Gwei Refuel #779 - Ethereum Updates

Transcript

hello everyone welcome to another episode of delway refuel rup latest news and eum ecosystem I'm your host and this is sign 11th of June 2024 all right everyone let's get into it so apologies for missing yesterday's episode everyone I know that a Monday rug fuel is always painful since I don't do episodes on weekends but I'm back today and hopefully I won't miss any other episodes during this week or at least I don't think I'm going to but kicking off today uh I've got some stuff I want to talk about with regards to ethereum decentralization I think that's an important conversation to always be having but this tweet that I saw from the ethereum on arm account actually spurred a bunch of thoughts in in me today that I wanted to talk about here U but I've got a bunch of stuff to get through which uh which I'll get to

throughout the episode so let's kick off with this decentralization discussion so firstly there was this tweet that the ethereum on arm Twitter account put out said by and they started the Tweet off by saying from the very first day we were promised that an ethereum node could run on any consumer device in 2024 you can run on a $200 arm 64 board using 10 watts and they're doing this with one archive node and validated client and a super node an L1 plus L2 on the same device I have some information in this thread about the actual specs of the hardware plus what the software what clients are actually running here so they're running wre and prism with one of their validators uh it was synced using a snapshot from uh Merkel took around 10 hours to sync uh and the the details of the board uh is that it's a

nanop pc- T6 with 16 gig of RAM the board price itself is $189 and there is a 2 terb drive there obviously that adds to the cost it's not $200 for the whole thing you have to factor in the um the uh the SSD cost here the 2 tab SSD drive but that's the the total cost there I don't know what a 2 tby SSD drive is right now like what the cost is right now but I don't think it's too much so really you know three maybe $400 probably not even that much to basically have a fully synced ethereum archive node along with an L2 node as well as they said here the super node they're running is G prism and optimism's op gu and op um op node uh software here now the reason I'm talking about this uh or bringing this up is

because one this is really cool uh I run you guys know that I run one of my or a bunch of my validators uh that are part of my retirement account on my rock 5B board my little prots device that I got from uh the Rocka pool Community uh so I run my validators on that and they're fine they run just fine it's it's a very low power device a rock 5B board uh and it's been great and it hasn't really given me any issues uh since I got it basically and uh of course you know that's not always going to be the case there's always going to be things that break with the hardware but the fact that I can run these things on such low powered Hardware is the dream here and I made a comment in the daily grade Discord Channel today on this topic

where I said that the ethereum ecosystem only gets more decentralized over time while other ecosystems seem to get more centralized over time and you can point to a bunch of different me metrics and a bunch of different measures around what decentralization actually is you guys know my opinion on this I think decentralization is an emergent property of a bunch of other properties like credible neutrality sensorship resistance you know how easy is it to run a node uh uh you know what what what's the um the distribution of the actual asset look like the the asset that's securing the network and so on and so forth right what's the distribution of the validators state you know the proof of stake validators look like how many node operators there are so on and so forth right so there is a it's an emergent property basically but the problem is is that decentralization

obviously is extremely hard to achieve a lot of chains aren't even trying to achieve it and on top of that a lot of chains won't even achieve it because there is a power LW effect here in terms of how many people actually care so you've got like the bitcoiners the ethereum and maybe a Sprinkle of other groups out there that actually care about decentralization that actually care about making sure that people can run nodes and consumer Hardware that the distribution of the asset is very fair they care about um having as many not operators on the network as possible they don't think Economic Security is a meme right these these kind of things here and even within ecosystems like Bitcoin that are held up as the Bastion of decentralization I think that even with Bitcoin over time it just becomes a lot

more centralized because proof of work as a mechanism is very centralizing I'm sure you guys have seen that a lot of miners especially during bearish periods and bare markets and especially after harving tend to go bankrupt or tend to have to sell off a lot of assets or tend to have to basically consolidate with other miners in order to stay afloat and this is because proof of work is extremely expensive to maintain the margins are usually ra Raaz are thin so it's what happens is that economies of scale always win out now obviously that is not a good thing because it means that the uh number of large miners gets smaller and smaller over time which The Logical conclusion would be that there's probably just going to be two large mining operations left and I'm not talking about the mining pools I'm

talking about the actual mining operations themselves and yes you could have like one mining operation in the US and one in Europe and one in China but they could all be you or maybe not in China anymore but you you know what I'm saying like on on each kind of like continent or different countries around the world but they could all be owned ultimately by the same parent company the same parent entity because uh they basically just acquired these other mining Farms over time and that consolidation has been happening for many years now and seems like it's going to keep happening into the future that's just an inherent centralization Vector of proof of work now of course proof of stake is not perfect proof of stake is centralizing as well and it depends on what proof of stake you're looking at because there is delegated proof of

stake or dpos which is extremely centralizing and lends itself to calization uh or there is ethereum proof of stake which has centralization vectors of it we've seen these things play out like with Lio for example uh and also can lend itself to some C you know calization too there but in my opinion I think ethereum proof of stake is one of the least centralizing mechanisms that we have for a lot of the reasons that I've outlined before you know a big reason being that there's actually kind of a punishment for doing bad things in the form of slashing another reason is that uh we have a lot of economic Security in that proof of stake mechanism there because there you know e is very valuable and there's a lot of eat Stak there another big one is that the distribution of node operators is very healthy on the ethereum network

and we have a very healthy solo Staker culture we have a very healthy solo kind of full node culture there and we allow people to run their own full nodes as I just described here so there is a kind of cultural element here that also fits in with the inherent economic elements and I think that ethereum is really best position to continue to get more the centralized over time while every other ecosystem seems to get more centralized o over time and I'm not trying to pick on bitcoin here you know it is definitely far from the the worst case of this there are many other L1 chains out there that are are really really bad really really centralized uh and they try to hide it uh but you know it's pretty obvious that they're centralized I don't want to name any names here but then I do want to make a comment about

l2s as well because the ethereum ecosystem doesn't just include the L1 it also includes the l2s and obviously the vast majority of the l2s uh quite centralized today right whether that be via centralized sequences whether that be via permissioned fraud proofs or permissioned proving generally whether that be with multisig you know I think they pretty much all have multisig or security councils and so on and so forth so if you take that perspective there you know ethereum L1 if you want to split this up here ethereum L1 has definitely become a lot more decentralized over time but because we're obviously scaling via l2s that's just as critically important so the next step and the next mission is to make sure that this L2 is decentralized and we're doing that through the various stages you you know stage zero stage one and stage two as defined by vitalic and

tracked by L2 beat uh I'm going to talk about optimism what they did today going live with fraud proofs uh because that's obviously one of the one of the steps here but that's my general thinking around all of this and I could go into many different directions here I mean I only spoke about you know I guess like scratch the surface on this I didn't speak about you know censorship resistance I didn't speak about credible neutrality I didn't speak about the distribution of the asset but I guess like those things aren't as relevant as the actual underlying mechanism whether that be proof of work or mistake its centralization centralizing mechanisms and also the fact that within ethereum on L1 and L2 it's very very especially on L1 it's very very easy to run a full node and verify the rules of the network for yourself and that is the whole point

I've said this to you guys before and I'll say it again if you are not decentralized as a blockchain then your blockchain serves absolutely no purpose it is a vastly inferior database it doesn't make any sense that it exists it doesn't really exist for any other reason than seemingly to enrich token ERS uh in in in my opinion I just don't think that having a semi- decentralized or a pretty obviously centralized blockchain uh helps anyone uh especially if it stays like that obviously as I said the l2s are quite centralized today but they do plan to decentralize over time and they have a very clear path to getting there as defined by the stages that I that I've mentioned on the refu countless times before but these l1s they don't have paths to get there because they become more centralized

over time due to inherent mechanisms they are very very different to an L2 when it comes comes to decentralizing and it's much harder because you have to basically first and foremost make it so that you anyone can easily run the chain uh and anyone can get involved with validating the transactions on the Chain whether that be in proof of work or proof of stake it doesn't matter and ensure that that doesn't become more centralized over time which is the hardest part of it because economies of scale play out in both proof of work and proof of stake uh and there are very few ways to actually uh dissuade that from happening very few ways to stop that from happening but I think with within ethereum we have a culture at least of that so from that culture spawns a lot of different ideas technical economic

what have you that can combat this which is which is ethereum superpower at the end of the day our social layer is our superpower here but you can go read ethereum on arms Twitter thread for yourself to get more details about their setup here and I just thought it was a great tweet to give me a platform to talk about the these things which I consider to be critically important because as I just said if you don't have decentralization as an L1 you may as well not exist it does not make any sense for you to exist does not make any you're not really solving any ISS issues or any problems you're not bringing value to the world at least that's my pretty strongly held belief I would say out of all of my beliefs in crypto that is pretty much like one of the strongest

if not the strongest that I have that would be very very hard to kind of change my mind on I don't think you could change my mind on that I'm I'm generally try like try to be open-minded but when it comes to the fundamental reasons of why this ecosystem even exists in the first place you'd be very hard pressed to try and change my opinion on that because that would mean that I essentially gave up give up on this ecosystem and I essentially think this ecosystem has no value if I thought that there was value in a centralized chain because at the end of the day it's an oxymoron a centralized chain is a database an xql database it is not a blockchain at least in my opinion all right so Rocka poool has published a new blog post on their medium here as shared by super Fe

because I think that rock aol's Twitter account is still hacked or they still haven't gotten it back I believe um yeah it doesn't seem like they've gotten it back or they haven't posted on here but anyway this is the Houston protocol upgrade so as you guys know there are two big upgrades coming to Rocka pool uh over the next I guess like I mean very very shortly for Houston but in the future Saturn as well they've been worked on for the bulk of like a 12 to 18 month period by the time they both go live here so Houston that's been in development for the last N9 months will be going live in just a week on the 17th of June now if you want to read about everything that is included in this upgrade you can go check this out uh this blog post that I'll link it in the

YouTube description below uh but as I've said before about Rocka pool and how they've got these major upgrades coming I think the the goal obviously is to make it easier to stake with Rocka pool and to remove that RPL uh staking requirement here now I don't know if that is part of this uh I don't I I haven't really um seen it as part of the uh the blog post here I think that's going to be part of the satin upgrade I don't think it's going to be part of um of this update upgrade here but there are a lot lot of exciting features to to to look at uh as you can as you can see here you know they're doing a lot of stuff around Layer Two scaling you can stake eth on behalf of a node so basically this upgrade allows an

account to stake eth on behalf of a rocker poool node that is registered in the protocol this supports a variety of situations where the node operator is not directly providing the eth so it's enhanced security for node operators as they can stake directly from their Hardware wallet so that's really great staking as a service providers where custody of funds is managed by a trusted custodian so now they can get involved with rocker pool protocol Integrations where of funds managed by smart contracts and Dows are organizations where custody of funds are managed by a treasury so essentially opening up the rocker pool uh not operater uh uh side of things to a wider audience here which is which is really great to see uh there but you can go check out this blog post I'll link in the the YouTube description before and you know it's funny because I

was just talking about ethereum superpower being decentralization and specifically around how uh ethereum Pro of stake does a really great job of Distributing out the validator set and keeping things decentralized there even within the things like L because you know L is obviously still quite big it's what 28 29% of the market share right now but as I've described before Lio is not a monolithic single entity that Stakes all the e as part of one Lio note operator right Lio has 36 note operators I believe from memory here that stake a portion you know percentage of all of that e there and those note operators are mostly independent uh they're mostly outside of the US and they obviously are beholden to the LI OD to some extent but

they're not directly controlled by the LI OD the LI o could not force you know with by by a technical means the ligher node operators to do something malicious for example the not operators would have to basically collude and the way I view lighter actually is basically we have a mini delegated proof of stake within Lio within ethereum's proof of stake um but then outside of that we have Rocka pool we have other staking protocols like eify puffa swell Renzo you know there's a few others out there we have the centralized exchanges binance and coinbase and so on and so forth uh but we generally have a very healthy ethereum staking ecosystem but obviously when it comes to ranking these things and when it comes to wanting you know what you want to actually see grow and which ones you actually want to see get

traction you want to see the more decentralized ones get traction and that's exactly what I want to see with rocket poool I've been a supporter of Rocka pool for a very long time now uh and I want to see more nup raders coming online with rocker poool I want to see rocker pool's market share continue to go up I think it's come down a bit because they've had issues with being able to scale up rocker pool for a bunch of different reasons you know a major reason being that people don't necessarily want to buy RPL and have to stake that uh and there are there are issues around that they're fixing in in this Houston upgrade where certain entities were just locked out of staking their eth as part of uh rocker pool kind of ecosystem here because they were behind you know smart contracts so there

were Dows and stuff like that so just opening up the rocker pool protocol to more and more entities and individuals and and and what have you is very very POS positive for the protocol here so I mean as for as long as rocker pool remains decentralized I will remain bullish on it I think that uh you know I I mean I'm not bearish on things that are centralized but I'm mostly bullish on things that are decentralized especially when it's such a critical part of the ethereum ecosystem or the ethereum protocol in the actual kind of uh proof of stake mechanism that runs the whole chain because at the end of the day that you know the entire chain relies on a safe and secure uh and reliable proof of stake uh ethereum and that's what we're doing and that's what we're giving them with things like Rocka

pool because Rocka poool is a decentralized provider there are thousands of note operators and anyone can become a Rocka pool node operator if they so wish you which is obviously really awesome but you can go give this a read I'll link it in the YouTube description below for you to do so all right so just to round out the protocol related news I've been spending a lot more time studying these two things lately which I basically told you guys to keep to continue studying or to to to start studying I think a few months ago so these two things are based rollups and pre-confirmation and as I said in my tweet I believe these things when implemented widely across the ecosystem will be the next huge unlock for ethereum so the reason I say this is because if we look out 5 to 10 years of

what the end game is for the rollup Centric road map and maybe it takes a little bit longer than this but I think 5 to 10 years is a is a pretty safe estimate here and we look at the problems that exist today within the L2 ecosystem within the rollup ecosystem it really falls into one big bucket I think of fragmentation right of liquidity fragmentation you know um ecosystem fragmentation not being able to do cross chain transactions in an atomic way those sorts of things I think that those issues generally are overblown I don't think they're like death nail issues or critical issues that you know need to get solved or no one's ever going to use l2s we obviously know that that's not true people will gladly use these l2s even though they're fragmented uh because they're getting value out of it

but if we look at the end game and look at where what you know what the least friction uh places are to get to they involve based rollups and pre-confirmation for two different but related reasons here so as you guys know as I've explained before Bas rollups basically take advantage of the existing L1 ethereum validator set and do the transaction processing for the l2s and for the rollups uh basically on on L1 right and that can in some not in all instances but in a lot of instances enable that kind of cross chain communication between the l2s and even L2 and L1 there but there are a bunch of different things that go into that that I'm not going to dive into now um but then there's pre- confirmations which essentially with pre confirmations what

we're trying to do this is less about interoperability and more about transaction inclusion so essentially an issue exists today where if you have a really cheap chain and it's so cheap that it's just Cost nothing to spam the chain uh and this happens on on Sal a lot uh essentially what what happens is that you don't have guaranteed inclusion it doesn't matter how high of a fee you pay your inclusion is either delayed or you have to keep spamming the chain in order to get your transaction included now this is obviously not a great user experience this is obviously not something that we be should be settling for and this can happen at L2 as well it's not exclusive to l1's it's not exclusive to salana so one way of fixing this is doing pre-confirmation where essentially from my understanding I might might be getting some stuff wrong

here essentially you can confirm something within like well confirm a transaction within like 100 milliseconds but as a pre-confirmation which essentially is a cryptoeconomic guarantee that basically says okay well we're going to attest not literally attest but like just for sake of argument we're going to attest that you know this transaction is valid we're going to pre-confirmation is we're trying to uh have better inclusion we're trying to have better user experience you know better faster transactions here and then that basically allows for I don't know if I'd say guaranteed

inclusion but High chance of inclusion uh you know depending on the on the fee that you pay as well here depending on on the l2s bunch of different stuff that goes into this and the way this plays really nicely with based rollups is that the main limitation of Base rollups is that uh if you're doing the transactions at L1 you have to wait for an L1 ethereum block which is up to 12 seconds now that is a really poor user experience it basically means that if you wanted to do a transaction and there wasn't pre-confirmation in place and you wanted to do a base transaction you would have to wait up to 12 second and that is something that L2 users are just not going to settle for because they're used through you know one to 2 second Max transaction times and that is what

we should be settling for like there should no no not be a world where transactions take longer than 2 seconds to confirm ideally it's 1 second or less but 2 seconds is okay still as well the way I like to compare it is to websites loading it shouldn't take more than a couple seconds for websites to load oras people going to get frustrated and click off that's the world we to live in today and that's the world that I think users expect from onchain products here so pre confirmations comes in and basically says okay well we can pre-confirmation um you know transaction process just fine uh and it's all well and good they can go do whatever they want from there but then the actual transaction doesn't get included in a block until the block is uh proposed on on L1 here so we've basically been able to solve that issue

that Bas rollups had of delay of slower inclusion then you would get with just an L2 sequencer for example like a normal L2 sequencer that we used to here so that's why I said these are huge unlocks for the etherum ecosystem because not only do you get all of the I guess nice properties of using the L1 as a transaction processor or the one validated set as processing transactions here things like sensorship resistance things uh like inoperability you know Atomic composability uh liquidity um inoperability as well not just transaction interoperability uh but you've also getting that without having to wait for those you know up to 12 seconds because we we got away from that there's no point going back to that with base rollups just to get those other properties because uh users are going to

get annoyed because the user experience will degrade here so that's why pre- confirmations are so important and that's why you should be paying attention to these two things so you can just Google them there's no I don't have any resources on a hand because the way I research these things is I usually just Google them and I go to the relevant kind of links especially when it comes to e research you know stuff on there's very high quality there are blog posts from certain people that I read Justin Drake's talked a lot about these already I'm pretty sure he's done a few podcasts with bankless about this and others so there's a lot of content out there today and there are a lot of projects to follow as well Justin Drake I I think I mentioned this the other day tweeted out a graphic with a bunch of

those projects on there so if you just go there and read all that stuff that's generally what I do you kind of get a feel and a learn a learning about how this all works but you also get to look at it from different perspectives because every project has their own way of doing things um and it allows you to essentially form your own opinion on this without someone else dictating it to you so yeah those are two things that I'd be paying attention to if I were you all right uh speaking of layer 2os moving on to I guess what is probably the biggest announcement over the last 24 hours is that the ZK sync token is finally here I believe this is one of the longest awaited tokens in history like I don't know in the exact kind of days that people have been waiting and

farming this token for but it has been a very very long time and just to the disclaimer here I am an investor in the Mata Labs which builds ZK sync so I just wanted to to put that out there uh and in terms of Eligibility I think I was only eligible on my public settle. e address because as you guys know any projects that I'm invested in or advising I do not Farm I do not try to maximize airdrop allocation so I basically got like I think it was like 13,000 or something I mean you can check s the for for yourself 13,000 ZK tokens whatever that's going to be worth when um you know the TR token goes live for trading who knows but you can check your own tokens or check your own addresses sorry for which Tok for the amount of tokens that you've gotten at claim.

zk. please go to that link and that link only do not go to any other links uh because obviously they could be fishing or scamming uh and there's also an accompanying blog post discussing what the ZK token is what the distribution looks like and so on and so forth what I do want to focus on for a little bit here is maybe two things first thing is the distribution second thing is the aird drop itself and air drops generally so the token distribution looks quite good and in terms of the airdrop itself the aird drop is 17.5% of all the tokens that is a huge aird drop and this is not a staged airdrop it's a one-time aird drop that's going live in 7 days from today uh and that is a you know one of the biggest if

not the biggest aird drops out of any of the major projects that I've that I've seen here uh and in terms of Insider allocation investors and team it's only 33.3% so that is quite low and they're are giving a almost 30% to the Token assembly and almost 20% to ecosystem initiatives which is around 50% but that's all Community as well there so the community got a total of 66.7% allocation with Team investors at 33.3% I think this is a really good distribution I would say that this is one of the best if not the best that I've seen in recent memory for a big project um not just because the air drop is big but just because it's not just like a 50/50 split between community and insiders right or even a 5545 split it

is a 6633 split effectively here or 6733 split here which is really different to what we're used to now what does this mean like what does this mean generally for zky as a project what does this mean for the ecosystem well for the ecosystem I hope it means that more and more projects follow this lead I hope it means that we're gone of the days of like 50/50 split I think that's still too too much to the team of investors that's a huge allocation to them if you're trying to build something decentralized I don't know how you can do that with a 50-50 split right where team and investors own so much of the supply and also it's all it's also worth remembering that usually the team and investors are what a few hundred people or something like that or few hundred

individuals if that compared to the community which is tens of thousands of token holders right so when you and when you think about it like that it's you can see where the balance of power will lie where essentially these individuals have huge amounts of token tokens because they're the team of the investors and in a dow like situation they can swear the vote and we've seen them do this right the VCS the you know the investors generally here so from that perspective I hope more and more teams able to do token distributions like this and even better than this and when it comes to the airdrop itself I gave a bit more thoughts about this on the episode that I recorded with Eric which I'll talk about in a sec we actually did Rec record the episode but

my general thoughts on aird drops is that it's become such a convoluted game now that I think that there is no way to win for projects because as I said this is one of the biggest aird drops in recent memory 17.5% of the community but I go on Twitter or I go on Discord and I see the comments being made and it's so much complaining it's people saying oh the maximum amount is too much you know the 100,000 maximum ZK tokens is too much oh I didn't get enough oh look you were rewarding all the cybl and so on and so forth and then I look at that and I go back to what said maybe a few months ago on the refuel where essentially these cybl are not only running cbles on chain where it actually recently came out that one address or

one entity was responsible for 65,000 addresses that were farming the layer zero token right so not only do you have that one one entity whether it's one person or a group of people doesn't matter one entity that has 65,000 addresses what do you think that these people are doing with social media they're creating bot accounts accounts or buying bot networks and they're using that to steer sentiment for projects now what usually happens is that if they don't get their tokens that they were expecting to get from a project they will basically make sure that that project has really bad PR for a few days and then the project will be forced into giving them a better allocation forced into rewarding the cbles and because

this keeps happening over and over again essentially what you have is a game of if you don't do it damned because uh essentially if you don't do it you're just going to get spammed to death by these Bots and then if you do do it you're also damned because it means that everyone's going to be upset with you for rewarding the cbles and there's no winning here so the only winning move is is not to play if you really want to win or you just do it and hope for the best but so many of these air drops over the past year especially maybe even the last 6 months have not resulted in I think what the team wanted it to result in which is a healthy distribution a healthy Community um you know uh uh kind of allocation a healthy way for the community to get involved with the

ecosystem and good marketing and PR for the project it's done the opposite in a lot of cases so I'm very bearish just aird drops generally at this point I think that we should actually do away with air drops and go back to icos I I I think I said this maybe a month ago or two months ago on the refuel where I said that icos were just a better model sell a bunch of the the tokens to the public right then they're all circulating there's no need to filter for cbles because yeah okay people can cyble the um the Ico whatever but there's a cost to that there's a big cost to that where essentially they have to buy the tokens from the open market and you could do some reverse Dutch auction mechanism so that you know it's very hard to game so on and so forth but

it's it's so much better than doing an airdrop and then having to play this entire game that goes into an air drop and having your project be farmed and fake metrics for like years potentially so when it comes to just airdrops generally That's my kind of view on it and as I said I spoke more about this with the um the podcast I did with Eric which you can listen to there um but generally as I said there are positives here the the big positive is the fact that the distribution is really nice I think the negative is that it's just another one just another airdrop right I think that it's just another airdrop that's just going to be some people are going to be happy you know a lot of people are going to be sad there's going to be a lot of bots muddling the waters

mudding the waters it's just not going to be very good uh generally on on on social media about this right and I'm actually curious to see if the uh ZK sync team changes any of this due to feedback because you don't even know if that feedback is coming from humans it could just be coming from the Bots especially in the world of AI now where it's very easy to create a bot Network that looks human to the Casual Observer I'm sure a lot of you see comments on Twitter and you probably think they're human like just like I do but they're probably most likely not human they're just Bots or AI Bots and it's not a good time uh for anyone there but you can go give this kind of thing a read for yourself this blog post a read for yourself I'll link Link in the

YouTube description below the eligibility eligibility criteria is pretty vast actually which is which was cool as well it's another plus one for ZK Sync here you can see here it's just some standard eligibility uh basically interacting with the protocol but also things like donated to a gitcoin round you know hold a certain nft uh and transacted on you know obviously ZK sync era main net and things like that and there are a bunch of multipliers too so you can go give that a read I'll link it in the YouTube description below but it's finally released details are finally out there as I said it it's doesn't go live for claiming until a week from today which means there's no trading right now there is a uh I guess like um pre-market and puts the token price last time I checked at 30 cents so if it's a 21 billion billion token

Supply then at 30 cents the fully diluted value is what like 8 billion or something if I'm doing a math correctly so if you got I don't know 10 20,000 tokens uh then it's a pretty healthy air drop of 30 cents right and I think a lot of people actually got that 10 or 20,000 or even more tokens if you got I think the maximum was like 100,000 or around 100,000 if you got 100,000 that's 30 grand guys that's a huge airdrop so as I said the air drop itself is very very big it went to over 600,000 uh addresses or wallets but in terms of the fairness of the airdrop that's up to the I guess Twitter sphere or the social sphere to to work out there but you can go check out these blog post for yourself I'll link it in the YouTube description below

for you to do so all right so it's finally here after I think this has been what what 2 years or something or 3 years of optimism promising this um so fault proofs are finally live on the op stack here so you can see here that these fault proofs are not only live but they're also permissionless so the op stack has now arrived at stage one decentralization and as they describe here permissionless fault proofs allow anyone to withdraw eth erc20 tokens from an OP stack chain to L1 without the need to involve a trusted third party that's that escape PCH that I've talked about before that's the that's one of the keys to actually being a decentralized rollup and the op stack chains are the ones that have

integrated this uh will have that which is which is awesome and you can contribute to Super chain security themselves by challenging invalid withdrawals so anyone can do this and so while participation in The Fault prooof system is permissionless as part of a safe and responsible roll out the security Council retains the power to revert to a permission state in the event of a system failure which is obviously those multisig that I've spoken about there but just a huge kudos to optimism for finally getting this out out there obviously a little bit late to the party considering that arbitrum has had permissionless fraud proofs for quite a while um and I guess fa fraud proofs are exclusive to optimistic Roll-Ups and the only two um major optimistic rollup ecosystems are arbitrum and optimism but you can see here that arbitr stage one op mainnet is

in review right now but I'm expecting relatively soon for base op mainnet uh blast and uh I'm just going down the list here and uh and and mode uh the these top 10 OP stack chains here to be stage one relatively soon and as we know arbitrum is trying to reach stage two this year or maybe early next year so we're getting there guys the rollups are decentralizing they're getting to the stage that we want them to get to uh and they're not just staying put and I just think it's a huge milestone for all of the L2 ecosystem that optimism has done this because as I said optimism is one of the major L2 ecosystems and them doing this is really great for overall kind of I guess like morale uh for the part towards decentralization

decentralization and for people believing in this but also it's a signal to other L2 teams to say hey you got to be serious about decentralization yes it can take a while yes it's a lot of work but you have to be serious about it if you're not then just get out of the way sort of thing you know get out of the this game because you're not playing the game that you should be playing uh there but yeah once again huge kidos to optimism for this can't wait to see for these things to be live across all of the op stack chains that optimism supports here all right last up I did mention before that Eric and I finally recorded that episode that we've been teasing for a few weeks on Twitter so uh this is the first Into The Ether podcast recording in two years for us so it won't be on

the deadly way it's going to be on the Into The Ether podcast if you subscribe to the podcast back in the day on your RSS feed it's on the same feed so you'll you'll get the episode once it comes out but if you haven't subscribed yet all the links are in this tweet which I'll link in the YouTube description below for you to go check out there and you can follow the Into The Ether podcast Twitter account which was actually the old EAB Twitter account so if you're following ethb you're already following it there but we had a really great discussion honestly guys like it is like a drive through episode that we've done before on The Daily gay but it is more in- depth than that and it is more broad because on the drive-through episodes we usually will touch on maybe one or two

topics but in this one we touched on a lot of different things and we plan to do these weekly going forward there's no video it's just audio um right now we might do video in the future but I thought it was a really great episode Eric has a lot of great insights he's definitely getting more and more involved in the ecosystem again after being away for a little while because he had his um his daughter that he wanted to look after which is actually a pretty good reason to take a break from this industry honestly like it's the best reason to take a break maybe when I have kids at some point I'll I'll probably take a longer break than what I did recently um but yeah he's he's definitely gotten a lot more into it which makes it even more fun uh for me

uh because it means that we have a lot of things to talk about a lot of different ways to bounce ideas off each other and it's just what made for a really great episode so that's going live within the the next 24 hours or even the next 12 hours depending on when you're listening to this podcast obviously uh or to the refuel obviously but yeah let me know how you guys like it in the daily way Discord Channel if you like it if you hate it let me know um as I said we plan to continue doing that every week da way is not going anywhere of course it's just I mean the reuel is still going to be um happening uh hopefully not too many rug fuels generally but you know there's always a surprise rug fuel that's just the way I roll on uh on the daily way these days

but yeah anyway on that note I think that's going to be it for today so thank everyone for listening and and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all tomorrow thanks everyone