Ethereum time is now

All right we're live, so welcome back to dap university. Today we got a bunch of exciting news to cover. We're talking about why yesterday was such a big day for ethereum. All right, i'm - really excited about this.

This could be a potentially potentially a historic moment for ethereum going forward uh. Some big news drop that yeah. We can see a lot of people do the same type of thing down the road. So i'm excited to talk about that today.

Um we ' Ve got a bunch of new developments for uh layer, two scaling solutions, the you know the problem: everybody's, talking about ethereum right now. The gas keys are so high uh, some really bullish news on that: um yeah, a defy hack, all kinds of crazy stuff to talk about.

Today, we're gonna look at the markets kind of see what's going on uh. What i think about that some bullish sentiments that i see all right so before we get to that. You know if you're new around here, i'm gregory and on this channel i turn you into a blockchain master, so that's, something that you're interested in smash that, like button down below For the youtube algorithm and subscribe to this channel and if you learn how to become a blockchain master step by step from start to finish, then head on over to dappydiversity.

com forward, slash bootcamp to get started today, all right. So we got lots of people wrong in the chat. Here we got james uh. We got clairvoyant alliance, um, let's, see here. Vaughn born naira, awesome, very cool.

So let's, go ahead and jump into this um. So why was yesterday in particular such a big day for ethereum, so i pulled up on the screen here. So this is a little piece of news that i think was kind of overlooked by the whole crypto space um, but i think it's.

Actually more significant than a lot of people have been talking about um i'll. Explain why so i'll. Go pull the story on my screen here, so uh kings of leon will be the first band to release an album uh.

As an nft okay, so we'll, get into the details on this. What this means? Let's. Talk about why it's such a big deal. Okay, um nfts are hot right now, of course, we've, seen we've, seen the speculative uh nature of the digital art world digital collectibles, just absolutely explode over the past few months, right um.

We talked yesterday about digital books. Being a potential use case for uh blockchain technology, probably also nfts, okay, and today we're talking about uh, music. Okay, why a major label recording artist, okay, don't forget this is huge major label.

Recording artists, like kings leon, would want to experiment something like this now key word here is experiment: okay, um, you know. The whole idea is that they're, doing something that nobody's really done before.

This could be the first of many other people to do the same type of thing later down the road okay. So what value would an nft have all right, uh as an album? Well, it's. Just like anything else. Digital scarcity, uh verifiable ownership, automation of all this type of stuff, that's, that's, written directly to the blockchain okay, and i can see uh.

You know this starting to be bigger for the music industry as a whole. What's about concert tickets right, because that's? One of the benefits inside of here let's. Just look at some of the details here.

I think i lost it. It was on here. The token price of 50 includes enhanced media all right, as well as a digital, download, music and limited only a limited edition, vinyl all right um. I found someone here somewhere they were talking about how it gave them: access to concert, tickets and all that kind of stuff yeah.

Oh there's, gold tickets, all right! So there ' S, looks like there's, multiple tiers! Here so you can go check out the article for all the details uh, but there's, an actual concert ticket, okay, um yeah yeah, so lots of details in here uh you can check out the rolling stone article for, for you know, every feature Of this particular nft and the packages they're experimenting with well, it's about concert tickets and why that could be a big deal for uh, music and musicians down the road.

I mean also albums right, like these are two two areas where blockchain can be incredibly disruptive for the music industry if they can find some way to uh make. You know use this as leverage, because i mean my my past career before i got into software engineering was in the music industry.

So i understand these problems pretty well. Okay, so basically, you have a royalties problem with music, um or or uh intellectual property problem. Where, basically, you know nafta came in and destroyed the music industry.

Essentially, people started just pirated music and downloading it. People devalued music. They got out of the habit of buying cds, all that kind of stuff and then artists, essentially couldn't, get paid.

It decimated the recording industry and now spotify you know, is here and musicians get paid pennies on the dollar for streams. I mean fractions of a penny, uh fractions and fractions of a penny for stream, so it's really hard to make money uh recording using putting out there.

Despite that, being a very expensive thing to do, i mean, if you want to record a major label, album it's. It's very expensive, okay, so uh it's, bad bad business model in many respects. If you have recording that's that expensive, with the long shot that you're ever even gonna break even on it so uh.

Basically, if we can create a way to uh digitize music, where you can ensure that anytime, that music changes hands, that payment goes to the actual creator of it. In the first place, that's huge okay.

Now there needs to be some leverage right. There has to be a reason for the end consumer um to favor that alternative over what they have now, which is spotify, so it'll, be interesting to see how that plays out.

If you guys have any ideas, leave a comment in the comment section below um. The other thing is concert tickets right. So if you know it's really common in the music industry for or also any type of event, i'm sure this is true for sporting events too.

I'm, not a big sports guy, but uh. I would imagine this would hold true where basically people will go out, you know get on ticketmaster and then just like buy out all the tickets that hit the market first and then scalp them right.

They'll, just sell them for a higher price. So if you have digital tickets, like this um, where you weren't dependent upon you, know one platform to issue them where they were actually issued on chain by the people who are in charge of the event right and then the distributors sell them Or maybe you sell them well, you could write into the ticket any time the ticket changed hands that uh.

If it's scalped sold for a higher price, then the proceeds can go back to the original um. You know creator so there's. Lots of i mean i'm, just kind of thinking about ideas off top of my head here. I'm sure there'd, be lots of other cool things that come up with this um, but those are those are some really exciting ones that cut our top of mind.

So that being said, there are still some technical limitations with this it's not like we can just ship this solution tomorrow, uh it'd, be expensive for everybody to buy concert tickets on top of ethereum right now, um slayer, two Scaling solutions come soon, which they very very very likely will come out there in a second uh.

This could be a viable alternative, assuming that there's, a reason for consumers to choose this option over what they have now. So that remains to be seen um but yeah. This is huge all right. This is big day.

So let's see here. We'll jump into the uh prices. Here, let's, see we can check on the comments. So somebody says i like to grab my music free, though yeah, so that's, that's, part of the problem um, you know, except there has to be a reason why people are gonna choose this over just like signing up For spotify uh having a free account um yeah, it would be interesting to see that that has.

It has to be a compelling reason for consumers not to do that so that's, we'll, just wait and see what happens there? It doesn't mean there can't, be a solution. I mean trust me. I've. Seen uh, i've, seen lots of people very smart people sit around scratch.

Their heads saying like hey how we're gonna use blank technology, and then it comes to find a really good product market fit down the road it's. Incredibly disruptive i mean blockchain is an example of that.

I was sitting around uh, you know i was here in 2017, when you know we were using ethereum uh, primarily for tokens and icos, and we were kind of scratching their heads, saying hey what else we can use these smart contracts, for that we know, can be Used friends, consumers sure there are lots of icos with white papers and grand ideas um, but it was hard to really see the clear use cases where we were just going to easily.

You know. Uh, you know have products that any consumers are going to desire immediately. Okay, it wasn't really until d5 took off that uh. We had cleared that type of thing, at least from my perspective, all right.

So let's. Go ahead and check in on the markets see what's, going on with the ether price, so uh we're at uh fifteen sixty one one thousand five hundred fifty one dollars uh. So the coin gekko most couldn't get go sentiment, is green, all right uh.

So you know it's. Basically a lot of live. I've, been saying we went to 2k. I thought we would do that. I thought we were correct. Once we got 2k, it happened pretty fast um. I was thinking we were correct.

We did. We've, seen a little bit of a bounce here. Um. This very well could be a dip right. I said that yesterday a couple past couple days: uh it looks like this is turning into a dip. That being said, you always have to exercise caution because plenty of people say you know, buy the dip buy the dip, but i'm, not telling you by the dip.

I think i just personally think this probably is a dip um, because you got ta be careful about that. You know uh. We saw that in 2017 people said, buy the dip buy, the dip people bought the dip and then went into a two year bear market.

So always exercise caution. Again i'm, not a financial advisor, not financial advice, not a trader, not a ta guy! I'm. A developer works this technology on a daily basis. I've invested in stuff. Personally, i've watched these markets for years.

A lot of what i look at is big picture stuff, a lot of it's based on big picture indicators, a lot of intuition a lot of just a lot of stuff okay. So you know um yeah yeah. I i think we think it's, probably a dip, but again not not financial advice.

So uh, let's. Look at bitcoin as well. I'll talk about some bullish indicators just to back that up and support it here in a minute, but let's. Just look at the bitcoin price uh like i said i do look at a number of indicators, but you know it's.

Always nobody's got a crystal ball. That's for sure so bitcoin um, i'm thinking. The same type of thing i mean the bitcoin price and the eth price are looking. They're, they're. They have very similar trends right, uh right now.

They're, highly correlated okay. Um to me, i'm thinking that bitcoin's, doing a very similar type of thing. Okay, so you know we're. We we're at a very strong psychological number of 50 000 right now.

Some people are saying like oh bitcoin is never going to break past fifty thousand and as yeah it's, silly, okay! So let's. Look at some bullish indicators that i think are going to back this up. Of course we can look at uh nupol on glass node.

Let me check that out. It's kind of going to look at our nipple metric. Here again, this is net unrealized, profit uh. We want to stay out of euphoria. You know we reset nupol whenever the price corrected um, which is awesome.

Okay, so that means we've got more room to ride honestly. I hope that we go up slower. Uh, like i've, been saying this where uh, because if you go up slower, that gives people a chance to like kind of sell and uh.

You know cool off and make some more headroom on the newple chart, because we really want to stay out of euphoria, because i mean history says that inner euphoria, bad things happen now. It may not necessarily be like the long-term top it likely will be based on history.

We do see some like you know. You know new euphoric moments. In some of the past, the earlier past history um closer together, some people say this is like two bull markets. I don't know i mean yeah it i mean newport's, also not 100 reliable metric either right like it's, not like guarantee of what's going to happen, but anytime, you'Re in blue it's, just be careful, okay, so talking about some bullish indicators, also because i, in order for the price to move up, you know we need more money to flow into the space institutional institutions buying crypto, particularly bitcoin.

So let's. Look at some of that uh! Let's! See here sorry, so we got some other big names in the space, so we got uh kathy wood from arkhamvest uh who remains bullish on bitcoin, okay, so kathy wood. You know famous uh tesla bull has been a bitcoin bull as well um, so arkhamvest uh, founder and chief investment officer, kathy wood reiterated her bullish position on tesla and bitcoin wednesday, while warning that the growth of digital wallets will gut traditional banks.

It's, a pretty strong statement, yeah that's, pretty crazy um. Also, we've got tim draper, uh kind of speculating that netflix might be the next fortune, 100 firm to buy bitcoin, so that's. True, that would be huge um.

You know we could potentially see them putting in a billion dollars plus right. That would be huge. That's, that's, an example of outside capital flowing into the space that's. What you need, in order for the bitcoin price, to go up either the same market to participants, have to buy more or new market participants have to enter the space and that's.

Why institutions are such a huge bullish, catalyst for cryptos in general? Um is because they can bring a lot of money to the space, so you you either need a lot of small players to enter the space or you need a handful of really big players to move that, needle, especially in a large cap cryptocurrency like bitcoin.

For example, something that's worth you know basically a trillion dollars a lot of new money, billions and billions and billions and billions and billions have to flow in in order to move a trillion dollar asset like that and institutions are one of the Strongest bets for that, so one of the word of caution with the prices um are definitely what's going on with the stock market right now.

So there are lots of warning signs over there. That's. My biggest caveat i've, been talking about you know pretty much all week. Um is yeah. You know this trend line, doesn't necessarily mean we're gonna like break downward or anything like that, but it's, something to definitely watch out for okay, i think crypto and stock markets are still correlated to The downside for sure, in the sense that if the stock market absolutely tanks, i think that the crypto markets will go with it.

Um that doesn't necessarily mean it's, going to end a multi-year bull market. It couldn't. It could in a multi-year bull market um, but that's, not something to watch out, for we can look at the oh sorry i don't have much.

I don't. Have a trading view account not really a trader. I guess i could create a trading view account. I was looking at the s p. 500 index. Okay. So let's. See here. Sorry i had it. I had it zoomed out on the five-year timeline.

Take a look here, but yeah i mean this is this is ev everybody who i follow in stock markets been kind of freaking out a little bit uh. Of course, this is where we're coming from last march. Um yeah things are starting to look a little tumultuous up here.

Uh yeah we'll, see what happens. I would just say that that's, the other uh big factor that we got ta say cautious about. So let's talk about uh layer, two, because this is another big bullish, catalyst for east in general; okay, probably the price of ether.

Again, not financial advice. Nobody knows for sure um cryptocurrencies are correlated like, like ether is correlated with the usefulness of the network in the sense of um, for a lot for lots of reasons.

Okay, but uh there's, no guarantee that this will be like the price is going to triple anything like this, but um. We're, seeing lots of easter eggs about exciting layer. Two announcements coming down the road okay, so i keep opening links and it pops with my other screen so um, you know i've, been talking about uh layer, two optimistic roll-ups launching very soon like in march.

On top of ethereum, i've got a video about that coming out. I believe, on friday, with my very like uh, succinct thoughts on that uh. Why i'm, so bullish on that particular scaling solution, so go check out that video.

It comes out subscribe to the channel click, the notification buttons again, just a quick recap layer, two scaling solutions are an answer to the high gas fees. They're, going off ethereum right now. Also other issues like transaction speed, all that kind of stuff um, but we've got and we're.

The one i'm most excited about optimistic roll-ups, uh launching mainnet in march. Very soon, when i have official date that i from what i understand but uh i've, speculated a lot that uh. We could see.

Uni swap v3 launch with optimism like pretty soon after, like maybe when it maybe when it comes out, we'll, see again, this is speculation. On my part, i'm, just kind of putting the pieces together. Um, you know, uni swap did a demo with optimism called uni pig exchange on a test net a while back.

They had a lot of great things to say about it. Um i want to talk about some of these tweets that i've been seeing on twitter. This is andre from urum finance, uh saying you know. When founders core contributors start posting more actively on twitter, it normally means they finished a milestone and are waiting for the release.

This is the limbo time where they don ' T want to start something new. Yet i've, noticed hayden adams, post frequency increase and then hayden jokes. He says you know, please delete it's. Kinda, like the twitter joke of you know you released some uh uh.

You you leaked some news on twitter, as people are saying like hey, please delete so that other people can't get an advantage off this information uh. So we also saw you know a poll from hayden on twitter uh saying when you swat v3 details are announced, which will you read first, so you're saying you know, announcement blog post uh, you do swap tweet storm, you swap v3 white paper Or rando twitter reactions, so these are some juicy easter eggs.

You know um it wouldn't. Surprise me if we saw a uni swap v3 launch like in the next 30 days, okay, uh and if it does, and we have fast, cheap transactions on each it's. Gon na it's, gonna be bonkers, like it'll, probably be bullish for the ethereum price.

I don't, know for sure uh, but probably right it's, going to be nuts. In the very least, like all the east killers out there, everybody who's like hates on eath and thinks you know it's, just it's, just a dinosaur that's, never going to work like They they'll have zero.

They ' Ll have zero ground to stand on at that point. So anyways um yeah super super bullish super bullish. So we're. Seeing a lot more uh. We're. Seeing a lot more uh layer, two news come out like we talked about uh dydx earlier this week.

Of course, they have a layer, two scaling solution called starkware that they launched relatively recently um. So we got news here since announcing our layer, two perpetuals with starkware uh. We had over 83 000 users sign up for the waitlist, so there's demand for this stuff.

All right people want to use this um that's. That's awesome in order for layer two to gain wide adoption. We need support from wallets all that kind of stuff and um. You know we got an announcement from yesterday from metamask, so our new custom networks, api on our latest uh, is our latest step on the way to seamless, cross-chain user experience and metamask.

So developers can recommend layer. Two networks like polygon, uh, arbitrum optimism, uh scale and x, die okay, so that's. Gon na be huge uh to make it easier for people to use layer two, so you know we got ta get developers to get their apps on top of it.

That's. One of the reasons i'm bullish about optimism. Is it's, a lot easier for developers to learn new programming languages? Uh? You barely have to change. Hardly any code changes, maybe if any um you don't have like most your developer tools.

Gon na work out of the box. Um like this is this is huge like if you're. If you're, not a programmer, this is huge. Also we need. You know. Uh user-facing features to work um, so consumer tools like metamaster support, and so we're, seeing we're, seeing all the stars really aligned for this stuff.

Okay, so let's, see here all right now. I want to talk about uh, another uh, you know defy hack if you can really call it that it ' S happened lately, so this was one on uh. This was one on binance smart chain, so d5 project meerkat, drained by 31 million on binance.

Smart so chain let's, see meerkat finance uh has been draining for 31 million dollars. Don't forget the dow hack, i think, was 50 million dollars. This was a historic uh event. On top of theorem, i'll.

Talk about that here in a minute, but basically the team behind meerkat finance, the yield farming pool on binance smart chain uh went live just one day ago claimed its official telegram channel. Around 9 00 pm utc their smart contract vault, was compromised.

I was drained about 13 million, so there was let's just see here. So anyways long story short. You can read the article, but people are saying it's. Actually a rug pull. So i don't know if your rug pull is, have you done d5 think about this way? Like imagine you know you're, you walk into a room there's, a rug.

You stand on top of it and somebody pulls that wrong out from underneath you, you fall on your face, um that's. What can happen with like unaudited smart contracts is like you can put money into it for yield farming and then the team who creates it just like yanks the rug out from underneath you and you lose all your money.

Alright, that's. One of the reasons like i don't personally, do a ton of yield farming uh for lots of reasons like one. It takes a lot of time to chase yields. Number two, like your principal, can go to zero if a smart contract is hacked right.

I'm, not saying it's, not good opportunity for some people. I just don't personally, do a lot of it: okay, um! So if your principal goes to zero, then you you ' Ve lost all your money right um. Now not all projects are created.

Equally, not all products are created equally right, but a lot of people are just like you know the the terms like aping, like a big end to uh these projects that are not audited, they can't read the code themselves, so they don't realize the the you know the risk that they're taking on or they they do actually realize the risks are taking on a lot of ways.

You know they know better um. At least i think a lot of people actually know better. You know they're. Just gonna make the excuse that they didn't know after something bad happens to them, but uh anyways.

The whole point here is be careful right. You don't want to just go. Stick your money to something that uh could could be rubbed like this um. I'm, not hating, on binance smart chain by the way for this particular story uh.

This happened a lot on eth, especially last summer, during like the d5 summer, and we're kind of seeing history repeat itself with what's, going on with finance right now, um there's, sort of like a defy Summer happening right now, um, where people are, you know, chasing yields, and you know making all kinds of money.

Some people are just absolutely losing money like this, so be careful all right. So one thing i did mention earlier was about how this it's, so crazy. This doesn't make absolutely insane news, because this is a lot closer.

This is pretty close to the dow hack number um. So if you're, not familiar with the dow, basically, this was a really popular, uh or famous app in the early days of ethereum, where people were kind of experimenting, i think it was in 2016.

I think i think was the year um. I had to go back and check me on that one if i got it wrong, but basically uh people are putting money into a smart contract, um kind of like this not the same thing but kind of like this, and it got hacked and they drained.

I think it was 50 million dollars um and it they forked the chain and uh. That was a very controversial event and that's. All we have ethereum classic, it was ethereum classic was the the remnant that stayed behind and then uh we got.

You know ethereum without the dow hack after all, right, so let's, see if we got some questions here in the chat all right. So let's, see here. Let's. See here. Sorry, i keep reading the questions in the chat, the chat like scrolls really fast and i lose it um.

So what about binance smart chains? So we were just talking about binance smart chain, some of those that show the specific question there. Sorry i mean my phone off, so if you have ether, are you grandfathered into each 2.

0? So, yes, your your ether will swap over. So, who is that unit swap tweet by so it depends on which one um, so this is uh hayden adams, uh mastermind behind your new swap - and this is andre from burn finance mastermind behind your front ends.

Who i see is the biggest competitor for eth. So i'm, going to give you the uh the inside joke that eth 2.0 is the ultimate ethereum killer. Uh. No all serious, though, all seriousness um it's hard to be it's hard to say what you mean by competitor as like somebody who offers the biggest value proposition against ethereum um long term um, i mean, i think we're gonna see other blockchains like pop up that get you know, activity on them.

Users i mean, i think binance smart chain is, is getting a lot of attention right now. Um i don't. I mean i've, made tons of videos talking about this like it's, not the same thing as ethereum. I mean it technically is the same thing as ethereum under the hood.

It's, just a fork of ethereum uh, but it's, not decentralized. Like ethereum is so i mean you could you could basically make ethereum into binance smart chain if we just reduce the validators to 21 and increase the block limit? Like crazy, you know modified the consensus mechanism, but we don't want to do that because we're, preserving something uh that's incredibly valuable for ethereum, which is that decentralized quality.

So i mean in the short term. I think binance smart chain has the strongest ability to uh. You know. Take some market share from eth right now, but it doesn't have the same value proposition i'm sure. A lot of people want to know about cardano and polkadot, and all that kind of stuff i mean the biggest problem with cardona right now.

Is there's? You can't put smart contracts on it. Some people say: well: it's going to happen later, but the last i checked we just want to have a firm date on when cardona was going to launch smart contracts.

I mean the mary. Far hard fork happened so card. Arnold now has uh it's multi-asset and can support other cryptocurrencies. I believe it does uh multiple cryptocurrencies different than ethereum does so.

Ethereum has tokens that are created by smart contracts like erc20 tokens, whereas cardano has like native assets that work somewhat like uh ada itself uh, but you can have new ones, but like right now i mean: what can you do with that? Can you just send it to a centralized exchange and speculate on it? Can you use it in a defy ecosystem? You can't really to my knowledge.

Somebody has different information leave in the chat below, but with eth. I mean like right now. It's, incredibly neutral decentralized web infrastructure that you can create smart contracts on, do defy um and that's, not really true anywhere else.

At this moment in time i mean you can do d5. You know air quotes on binance smart chain, but it's, not really decentralized. So cardona has erc 20 bridge now, so somebody says all right everybody, so i'm, going to wrap it up for it for today, as always, you know smash that, like button down below for youtube background subscribe this channel.

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