Bankless - $ARB Airdrop & Arbitrum Governance Launch with Steven Goldfeder & Harry Kalodner

Episode Date: March 19, 2023

Wen Arbitrum token?! We've been asking CEO, Steven Goldfeder, and CTO Harry Kalodner this exact question each time they've been on Bankless. We're sad, but also overly delighted that, that question has officially been answered.  Arbitrum's token $ARB will officially be airdropped later this week. In this episode, we dive into all of the juicy details of the airdrop and Arbitrum's plans for the future.   ------ 🚀 JOIN BANKLESS PREMIUM:  https://www.bankless.com/join  ------ BANKLESS SPONSOR TOOLS:  ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum  🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://bankless.cc/kraken  🦄UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap  👻 PHANTOM | FRIENDLY MULTICHAIN WALLET https://bankless.cc/phantom-waitlist  🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE https://bankless.cc/MetaMask  🚁 EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS https://bankless.cc/earnifi    ----- Timestamps: 0:00 Intro 4:44 Wen Token? 8:30 Why Now? 11:52 Token Distribution & Treasury 20:12 Governance 26:11 Token Eligibility 35:08 Protocol Guild  38:55 Arbitrum Constitution  44:52 Rollup Decentralization 49:10 Orbits & Layer 3s 57:05 What's Next for Abitrum?  1:01:55 Closing & Disclaimers  ----- Resources: Arbitrum https://twitter.com/arbitrum  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures 

It is a big day for the bankless nation. We've got a special episode for you to celebrate the news. Arbitrum is dropping a token. The Arb token. We're going to talk about that and many of the announcements from today. David, who do we have on? We have two of the co-founders of Arbitrump, Stephen Goldfetter and Harry Kalladner.

If you are familiar with the Arbitrum ecosystem, these men need no introductions. They have been with Arbitrum since day one, and the day has finally arrived. I think today is unofficially going to go down in Ethereum history as Arbitrum Day or at least Arbitrum token day. Every March 16th. Every March 16th. We'll remember today.

Well, it is a big day because, I mean, of course, we all like to talk about tokens. The tokens are a very big deal. People love to talk about tokens. More than that. It's not the only announcement that Arbitrum is bringing to the table today. There are other things that we must discuss. So there is the Arbitrum Constitution. There is these cool things.

It's called Arbitrum Orbit. And these things all are what the Arbitrump token governs over. Remember, these are responsibility tokens. And now there are things to be responsible over. And there is a way for people to express that responsibility, which is the token that we all know and love. The A, R, B token. And that is what's happening today. Well, I can't wait to accept my responsibility.

And I can't wait to dive into this episode. Guys, we will be right back into the episode with Stephen and Harry. But before we do, we want to thank the sponsors that made this possible, including Cracken, our number one recommended exchange, the exchange that didn't let you down in 2022. Cracken has been a leader in the crypto industry for the last 12 years. Dedicated to accelerating the global adoption of crypto, Cracken puts an emphasis on security, transparency, and client support, which is why over 9 million clients have come to love Cracken's products. Whether you're a beginner or a pro, the Cracken U.S. is simple, intuitive, frictionless making the cracken app a great place for all to get involved and learn about crypto. For those with experience, the redesigned Cracken Pro app and web experience is completely customizable

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lower gas fees. With Arbitrum's recent migration to Arbitram Nitro, it's also now 10 times faster than before. Visit Arbitrum.io, where you can join the community, dive into the developer docs, bridge your assets, and start building your first app. With Arbitrum, experience Web3 development the way it was meant to be. secure, fast, cheap, and friction-free. Hey, Bankless Nation. We have Harry and Stephen on this Arbitrum Day.

Happy Arb Day, guys. It is great to have you back on Bankless. We've heard you got a few things to announce, so we're super excited to have you on. How's it going? Good. Happy Arb Day. Thanks for having us on here.

All right. So every time you come on, we ask the exact same question at some point during the conversation. Usually we save it to the end. Today, I'm going to bring it to the very front of this episode. when token when arbitram token did you guys not see the news

tell us about it congratulations guys yeah I'm sure this has been a long time coming of course so Stephen Harry we were on a Twitter space today so people that were tuning into that Twitter space as well they might hear a rendition of these same questions

so when was it known that a token would exist. And then, so that's the first question. Second question, when did you know that it was going to be launched in March 23rd? Yeah. So we, it's funny because if you look back like a bunch of years back, we were vehemently against a token. I love to post this like little snippet of Ed. I think it's on maybe 2020 or so where Ed said there are no plans to launch a token in discord.

And that was the truth at that time. For us, you know, it was really a technical. decision that drove us and we realized as these, if you went back in history, like the whole vision of what arbitram was was different. You know, they were like, if they read the arbitraly paper, every chain was an app chain. So as the vision emerged and there was like one public chain for many, for many applications, for many projects, it became clear that decentralized governance was the only way, you know, to actually have a secure decentralized layer two. Again, in the app chain world, everyone could just control their own environment. But in the shared environment,

it was clear to us that a token plays in a very important role to decentralization. So I think it was a gradual process over time, but probably sometime, I would say maybe probably in the year and a half, two years ago is when we coalesced and realized that at some point in the right time when the technology is ready to be decentralized, this is an important step towards decentralization. When do we know it was March 23rd? We've been targeting this vicinity for a while, but it was only in the last, you know, week or two that we actually honed in on this day. And, you know, part of it is, you know, there was a lot of turmoil earlier on. We don't have to make sure that there wasn't, and the world wasn't failing on the day we did it as well.

So, but, you know, probably in the last, we can have two weeks is when we really honed it on on this day and planned for this day. Beautiful. And yeah, go ahead, Harry. The other thing there being, I think there are a lot, you know, there are a lot of projects out there that kind of, I don't mean in the LTs, I just mean in general where they kind of announce, announced token plans. And then there is kind of like a long, long, long journey to actually sort of like execute on those plans. Whereas I think kind of from the beginning we felt as though like if we're going to do the thing, we're going to do the thing. And sort of like, you know, take it seriously and like come at it with kind of, you know, fully prepared, which was kind of. you know, I think critically important for us. I remember just talking to people out in the Twitter sphere and in various discords that y'all waited long enough that some people had like given up hope that Arbitrum would ever issue a token. And that's what I said.

That's the moment that they will issue a token when all hope seems lost is when the token will arrive. And it seems to be that today is the day. I'm Stephen and Harry, I'm wondering if you can kind of just like place us in history for Arbitrum, right? And also Ethereum history, right? And so it's 2023 in Ethereum. We have 4844-ish around the corner. We have understood Ethereum to have this roll-up-centric roadmap. Then in Arbitrum history, we have, you know, Arbitrum Nitro is launched. We have Arbitrum Nova. There's other future things in Arbitrum on the Arbitrum roadmap. Why is now the right time for

Arbitrum? Of all times, of all milestones that Arbitrum could achieve, why is this? the right milestone for the arbitram token to arrive, right? Why now? Yeah. So it really falls into the right place in the technical roadmap. So you mentioned Nitro. Nitro was a critical upgrade, an important upgrade, an upgrade that gave us better compression, but for users, better throughput and lower fees and really allowed us, allowed Arbitrum to handle the capacity that's come to it yesterday, anecdotally. We had Arbitrum one had about 40 TPS sustained for a while. I think someone was like trying to test the waters there.

And so Nitro is really a critical component to making sure that Arbitrum could handle the traffic that's coming today. And the traffic that we imagine will continue to steadily increase in the future. A few months after Nitro, so I think it was in November, a few months ago, you know, we announced that about a dozen institutional values. validators have been validating the arbitrales one, have agreed to validate the Arbitron one chain, and then included companies like Unit 410 via Coinbase, the Ethereum Foundation, Google Cloud, really, really strong validator set, which was a very important step in the decentralizations. They were added to the white list for the validators, and they are providing security to the chain. So naturally, the next step for us was, okay, so there are independent validators.

There is a fraud-proof mechanism that actually gives the chain the connection to Ethereum. now is the time to give up chain ownership. And we had off-chain labs, don't want to have control over the chain. We want to give this chain to the Dow and to the community, and it was a natural progression. Now there is this mature technology that is validated by roughly a dozen independent parties, and it made sense to remove the most glaring remaining point of centralization was the ownership of the chain. And some people might ask, like, well, why don't you just get rid of it? the ownership of the chain.

Like, you don't even know an owner of the chain works. It has, and the answer for that is upgradeability. An upgradeability can be for new features of a Dow should choose to, choose to deploy on the chain, but also it's for, you know, in emergency situations where there's, you know, hopefully not, but a security incident. And the chain needs to be upgraded away from that. So you have these two things that are sort of in, you know, in conflict a little bit. In the one hand, you want someone to be able to upgrade the chain.

On the other hand, we don't want there to be any centralized entities to have that power. And the natural solution is don't have a centralized entity, but give that power to the down to the community. And this was the largest point of centralization remaining of the chain. And naturally, it was the one to tackle now. Beautiful, beautiful. I want to get into some of the details of the actual arbitram token, the actual air drop distribution and air drop criteria. So I'm going to share my screen here and pull up. this pie chart. And I'm wondering, Stephen, if you could just walk us through this pie chart, right?

So we got a various set of participants here, investors, team and future team plus advisors, Dow's and Arbitrum ecosystem, individual wallets and Dow treasuries. So let's start with individual wallets because that is, you know, quote unquote, the air drop. Can we start there and we'll walk through this pie chart and then we'll go into how people became eligible for theirdrop? Absolutely. So individual wallace, like you said, is the typical AirDrop, those are the tokens that will go to user wall. These are arbitrage from users

and we can, I'll explain soon or, you know, we can get into what the criteria is, how they're eligible, but fundamentally look at different types of usage in the chain and try to find, try to find the real users and eliminate some of the Sybils or the yard drop farmers to get to, you know, because ideally, you know, remember,

the point is to give governance power to the user and to the community. You want to really get the actual users that are invested in the protocol to be represented. I'll go clockwise, I guess. The Dow Treasury is next. That's also a community portion. It goes to the community fundamentally,

but it goes to the Dow Treasury. It's not given out an air drop. That will be used to fund the Dow over time giving the community via grant programs. Part of that will also be a discretionary budget to the foundation, which will be proposed in AIP1, which is already proposed to give $750 million. $1,000, $750 million ARP tokens to the foundation,

and the foundation will be able to do discretionary grant programs as well. Again, all approved by the Dow, but should it be approved by the Dowley IP1, but gives the foundation an operating budget as well to execute on the will of Dow hire people, et cetera, to do that. The next bucket is team and future team and advisors, and these is basically current and future people that are affiliated with off-chain labs, which is the initial company that built Arbitrum and also future employees of off-chain labs. There is, you know, will also be eligible for upside there.

So there's a bucket reserve for them too. And that's that's 26.94%. And then investors, these are the arbitrales investors. Sorry, the off-chain labs investors, we raised three funding rounds. to date a series a seed round the series a series a series a and a series B and all those investors besides for their equity which they'll keep will also get token token tokens and it's a 17.5 3% of what they get it's important though for these two i just want to clarify whereas the airdrop which we discussed that will be available on march 23rd users will be able to claim it

transfer to what they want with it the investors and the team portion have some more restrictions attached to them and number one is they are locked up it's a four-year lockup with a one-year cliff so what that means is for the first year their tokens remain locked and no one will get any them come the first one the first anniversary they will get one quarter of their tokens and then they'll gradually every month of the remainder will best for the next three years so four years first year or nothing then there's sort of a large amount which is a for everything they would have gotten monthly over the first year, given them at the end of the first year, and then monthly from then on.

That's true for investors, and that's true for the team and future team bucket as well. The second restriction on the team is we've instructed everyone at OffChane Labs not to vote directly with their tokens, but to really empower the community and increase the community save by going through the delegation process, and this will be part of the claiming process will be the ability to delegate tokens to community members, so the team will not be allowed to vote their tokens themselves, but they will be encouraged to delegate them to community members that apply them for themselves as delegates. The next last slice, I guess, is the Dow AirDrop, and this is a really interesting part of the AirDrop. We consider it part of the AirDrop as well,

but it doesn't go to individual users. Instead, it goes to DAWs in the Arvishm ecosystem. so arbitrium ecosystem projects that have DOWs, that have their own communities. And the idea is the individual, you know, we can talk about eligibility criteria, but the individual wallets, you know, will, you can never be perfect. And we at Option Labs together with the Arbitrown Foundation, as well as Nansen worked very hard over the course of many months, trying to build criteria that sort of optimize for getting a large number of users, but also giving them something meaningful.

And these things are in conflict, right? You can try to give every user, every touch of the chain, and then everyone gets something very little, or you can try to focus on a smaller but still significant set of users and try to give them something more significant. But of course, there will always be people that are missed, for example, someone that recently started using Arbitrum might only have a transaction or two, and they might not be eligible for theirdrop or for the individual air drop. And it's hard to discern from them sometimes from an air drop farmer. And so this gets a little bit difficult. So one thing that we've done is the Dow AirDrop, which gives the tokens to these data. and they can decide how they distribute and use those tokens and how ultimately their community

gets the benefit of those tokens. So another distribution channel, but ultimately from communities that know their users much more intimately than those designing the air drop for the entirety of the chain does, do. So much more targeted air drop as well. Together those two buckets make up the air drop. So if you look at the pie chart, though, that little one and the two next things, Those are the community portion, the portion of the, of the, of the, uh, of the, uh, of the, uh,

distribution. And the left side is the, um, sort of, what they call insider, which is investors team, future team advisors. And you can see that the majority of the tokens, um, roughly 56% will go to the community, um, 12.75% initially and then over time, um, more via the Dow treasury. Yeah. And this DAWS in the Arbitrum ecosystem air drop, I think is actually particularly interesting because I don't think we've particularly seen that before. And this is actually a prediction that I made.

I'm going to go ahead and give myself a small pat on the back here that Arbitrum was sufficiently as a community, as an ecosystem, as its own ecosystem is large enough that there were actually now DOWs inside of Arbitrum that have their own native communities. And so I think really what this is meant to do is giving certain power over to. to the Dow's to decide from themselves who and how they should distribute the last of the ARB tokens. And so, here, I'm glad you went clockwise from the individual walls because we could end up there. And I also just want to just double tap on the Dow Treasury, the 43%, which I think is, yeah, the largest part of that supply here.

This is really just about empowering the community with future tokens to do future things. Right. And so to me, I see the individual wallets and the Dow's and the Arbitrum ecosystem as rewarding past behavior. And then the Dow Treasury is like, all right, well, this is for future growth of the ecosystem, future allocations towards whatever the community decides. And the Dow Treasury will be up to the community, right? And is that the right idea here? Absolutely. Yeah. The Dow Treasury will be fully up to the community to allocate. and, you know, that's, it belongs to the community. It's given to the community, and the community will have to say where it goes over time.

And, yeah, that's, you know, we expect the community to, you know, do very interesting things and build the arbitralow system and enact the best interest of the arbitrable ecosystem with its tokens. So this is a governance token, which also brings the question of what exactly in the arbitram ecosystem does this token govern over? And so I think you were saying earlier, Stephen, that upgrades is a key feature, right? If you want to have some sort of human-driven upgrade, then there requires some sort of governance decision. And that governance can have degrees of centralization or decentralization. This makes it more decentralized. But what exactly are they governing over?

What are they kind of sovereign over? Is it the arbitram one chain? Is it arbitram nova? Is it anything else beyond that? Yeah, so it's Arbitron 1 and Arbitronova. So actually an interesting detail. The actual governance and voting will happen in Arbitron 1, but it will govern both Arbitron 1 and Arbiton Nova. And you sort of want the voting to be in one place because imagine that there is stuff going on in one and Nova.

You don't want users to have to move over their tokens. So all those users that want to take place in either of the governance will happen in Arbitron 1. But fundamentally, it will govern both of those chains. And it could be that the Dow will adopt a new chain to govern over time. You mentioned before earlier, and I'm sure we'll get into later, that part of this announcement was making it easy for people to launch their own layer three's permissionlessly, that doesn't mean the doubt will govern them. If you actually want the Dow to say, hey, take ownership and own this chain, that would

obviously require the Dow to agree to that. But the other thing that the other two big items that it governs is the arbitration, you know, the direction of the arbitration ecosystem via its technology, so via upgrades, but also via the spending and aligning, right? So we can foster the ecosystem by giving grants. or trying to align with other projects and other developers. Today, we off-chain labs. What is our role?

We're a service provider to the Dow. The Dow asks us to build a feature, and we know how to build that, we'll build it. But fundamentally, we're servicing the Dow. I imagine over time that will become a more competitive space, but in a good sense, right? There will be others as well that want to build technology for the Arwichm ecosystem. We don't have a privileged role there, and those tokens will be able to align with other service providers as well. And the last one, which I touched on, which I think is really interesting, is the ability, the Dow will have the ability to license additional layer two chains.

So this is a bit of nuance. There are two parts of Arbitram orbit. One is Layer three chains. And layer three chains, these are, these are roll-ups or any trust chains. It can be either one of our technologies that settle onto a different Arbitrum chain. That's approved by the Dow. So like Arbitrum 1, Arbitronova, those are permissionless open. you can, without going to the Dow, without asking anyone by nature of the license that exists today,

go ahead and launch your own layer three chain. You can modify the code. You can customize the chain to do really whatever you want. But it may be a time where someone says, I don't want a layer three chain. I want a layer two chain. And the Dow might say, you know, one might say, hey, does it make sense for the Dow to share, an arbitram has best in class technology? Does it make sense for the Dow to share this with a different layer two chain?

Is that competitive? Is that a good idea? And different people have different, there's a deep philosophical argument, and many people have different opinions on this. But fundamentally, our thought was, it shouldn't be our opinion on this. It's a controversial topic.

It should be the community's opinion. So the community via Dow governance will have the ability to launch, to license other L2 chains on Ethereum. One of the principles of the Dow, though, that is Ethereum aligned. In the Constitution, there's a series of values listed, and one of them is Ethereum alignment.

So it will, it will by nature of that constitution, value look to approve layer twos that are on Ethereum, but whether or not it improves that I was fully in grant-stall license is fully in the discretion of the doubt. So just to make sure I can repeat back what I heard and understand, so if I want to launch three, then that is completely permissionless. I can just go do that on top of Arbitrum 1 or Arbitrum Nitro. If I want, is that correct so far?

Yes, Arbitron 1 or Nova, yes. Or Nova, excuse me. And if I want to launch my own chain using Arbitrum technology, then it goes to Arb-Dal vote, basically. It goes to kind of token vote for this. So, yeah, your own layer two-chain. Your own layer of two-chain, yeah, exactly. Your own layer of two-chain that settled directly to Ethereum, that's basically equivalent to Arbitrum 1 in terms of where it sits.

That would have to be proposed to the Dow, and then it would go up to the Dow to decide whether it wants to grant that license or not. Is the ARB token being used as, you know, to pay for gas fees or anything else, is that changed? Or is the ARBHRBH ecosystem still using ETH as its unit of account and exchange here? That has not changed. And that's, you know, enshrined, one of the ETH alignment values enshrined to the Constitution is that that won't change. EF is the gas token of the chains and the ARB token will not be used for that as in trying to the Constitution. By the way, just to kind of quickly circle back to that first category, just because to expand slightly, you know, protocol upgrades and kind of protocol control, just because I think it's useful to sort of unpack it a little, since it sounds relatively dry, but I think there's a lot of stuff that's pretty interesting. So that includes kind of permissioning over who is validating the chain and adding validators. It includes control over who actually runs the sequencer, potentially kind of, you know, control over over,

over sort of alterations to kind of how, how kind of the sequencer handles things like strategy around MEV. It controls certainly kind of protocol upgrades and sort of to what degree sort of new EIPs are adopted. So there's kind of a huge amount of kind of pretty important control there, where the DAO will be kind of fundamentally in the driver's seat. So guys, I want to get into a little bit of the eligibility for how people got their tokens.

And one thing we didn't talk about on the Twitter space this morning was how difficult it was to prune away all of the farmers. But I'm going to load up this website here, this brand new spiffy website, Arbitrump, Doubt Foundation, which is where you go to check your eligibility. So I'm going to go ahead and hit this button. And I've got a wallet loaded up here. And I've got 3,125 tokens. And I think these are all the categories here. And each one of these categories has different teams. And Stephen, if you don't mind us walking through, you can speed run this pretty quickly,

but just like sort of the strategy here for how these tiers were selected and then some of the strategy also pruning away all the farmers. Can you just talk about the strategy for eligibility here? Yeah. So bridging funds is obviously one of the key metrics that we use, which is do you have funds of the network? And you'll see also these top ones are for arbitram one. So transactions over time.

So what that means is, you know, this is another way to see real sustained users from users that may come and go. Some users sometimes do their transactions over a day and they come and that, you know, that might be typical of an area of a farmer. They come and they come. They transact once and they never come back. But users that, you know, transact over two months or even more, that that shows some sustained usage of the chain. And it's reasons, you know, to believe that this is a more. aligned user. Transaction, you know, frequency and interaction that says how many transactions or how many smart contracts, if, you know, in a single transaction, do one interact with,

which again goes to be a metric of how deep was the user of the chain. Was it a single interaction? Was it a much more complex interaction? And there are different levels of that. Transaction value is exactly what it sounds like. And the idea being that it's not the only category because we don't want to over, you know, over emphasize that there are ways to get larger drops by using lower value, but one, one input is how much value was transacted and more, more points are given for more assets bridge, Arbitron 1, just how much did one bridge? And then the same thing. Those are all for Arbitrum 1. Arbitrum Nova, and the reason, by the way, by Arbitram Nova, it's not that it's a less important chain. It's just, it's a chain that had a much smaller life cycle. It's only been around

since August. So it has a sort of minimized criteria, which is, you know, a single, a single point system that sort of mashes in whether or not one interacted an Arbitra Nova. All these are added up to a point system, and we have it in our docs, the conversion. And there are also ways that people can lose points, right? Those are sort of the positive ways. But if people do certain things, like create patterns that look very much like civils and farming, they can lose points as well. And so So again, the idea being looking to align to the real users, not those that were, not those that were to give the governance power to the real users, not those that were just trying to farm theirdrop.

And all those go ahead, go into criteria. There's a set of points. And the nice thing is, so I mentioned that off-chain labs worked with the Arbitron Foundation and Nansen with this. Nansen is actually putting out, I think, a large blog post on this in their process and we worked very close to together. And we're also publishing, we actually have already published all the data around this. So it's not like this opaque box.

Like these are the criteria. These are the categories. They're pretty broad. And any user that's so inclined and so technically inclined can go ahead and actually do the analysis themselves and re, you know, repurpose the repeat the analysis and say, okay, this is actually correct. This is the amount of points that I have. And this is the, this was done correctly and fairly. I always think it's funny. We've come on an awful long way since the uniswap air drop, haven't we?

Which is, did you, did you use uniswap? Okay. You're getting tokens. Okay. Right. Now that would be game, that would be farm, that would be impossible to do. And so we're much more complicated. And it sounds like the criteria you guys put forth was just necessarily complicated to kind of wean out all of the farmers and the mercenaries and get to the actual users in the community. MinoSwap had it real easy. But I almost wonder is like, you know, so this is obviously open source. This is posted, right? Guess what happens? They adapt. they adopt for the next one, I mean, a year or two later, the next air drops are going to have to get even more complicated still. That just definitely seems to be the trend.

But well done on the work to kind of weed out and focus on the good users here. One thing I like, though, which I think, you know, to counter that, which might be helpful, is so we didn't only give positive points from things that look good. We actually took away points. And this might be a deterrent in the future. is just selling. You could have, you know, if you just didn't do the farming, you'd actually get more points and more token. So by nature, these additional activities, lose. So maybe I hope for additional, you know, uh, air jobs, you know, people might think twice and say, I actually may not only not be helping myself. I actually may be actively hurting myself by doing this. So that's, um, you know,

we can only hope that that that might have some effect. It feels like an arms race. Totally is. Definitely an arms race. Guys, there's a lot more to talk about. Um, there's a new Constitution. And the word Constitution gets me up and going because it implies some sort of network state, some sort of community ownership. I think there's still a lot more to talk about with the phase of decentralization that Arbitrum is in, as well as things like the community of validators and the Security Council. And we've talked about layer three at a high level, but I want to go into that a little bit more. But first, a moment to talk about some of these fantastic sponsors that make this show possible. Uniswap is the largest on-chain marketplace for self-custom

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So if you want extra help exploring the frontier, subscribe to bankless premium. It's under 50 cents a day and provides a wealth of knowledge and support on your journey west. I'll see you in the Discord. And we are back because it's Arbitrum Day. Talking all things Arbitrum, especially Arb tokens.

One thing that we missed, though, when we were talking about the token distribution is that one particular guild, one particular Dow, got a token air drop of the Arb tokens. Stephen. walk us through Protocol Guild and why it was determined that they should, whoever they are, should get some ARB tokens. So what's Protocol Guild?

Who are they? And why did you decide to give them some tokens? Yeah, Protocol Guild is a collective of ETH core developers and contributors from really the Ethereum and around the ecosystem and a variety of companies. I think it's roughly 100 individuals, if I'm remembering correctly. And they do really important and often thankless. and thank and thank thank you and sometimes

really community work that's important for everyone and we definitely have benefited tremendously from their work both by the fact Arbitrum is a is built on Ethereum and also you know the Arbitrime technology

uses Geph uses pieces of the Ethereum codebase and when designed the Airdrop I think the thought was the thought between us an off chain of the Arbitrub Foundation and was, you know, this would, is something that would make sense and is owed to them almost because of the fantastic work that they do. And really, we'd like to include them in theirdrop. That's, that's, even though they're, they're not technically eligible, right?

They're not an arbitram doubt. They're not on arbitram. I'm actually not even sure how they're going to have to figure out how to get their tokens because they are on Ethereum. So that's going to be, you know, I'm sure I'll get there. But they definitely didn't meet the, official criteria. But again, when you think about the principle, the point of the arbitram governance and distributing the air drop is to put the governance, the power in the hands of individuals and people who are acting in the best interest and who better at the chain and will work to further the interest of Ethereum and Arbitrum and who better to have represented in governance than the folks of Protocol Guild. So just to be clear,

to everyone, Stephen. So Protocol Guild is working on general Ethereum public goods, right? Ethereum infrastructure stuff related to Arbitrum, but not part of Arbitrum. It benefits the entire ecosystem. This is a group of builders that are building that public good. And they are also a Dow as well. So it's very cool to see Layer 2 step up and start to support the OG layer 1, Ethereum, where all of this stuff is built and originates?

I think that like start, I mean, well, for a long time, obviously, we've been kind of deeply, you know, had a ton of respect for kind of Ethereum development and L1 development and, you know, in a personal capacity for a long time. I think that like our acquisition of Prismatic Labs last October now, maybe, really kind of like, you know, brought home, kind of getting the chance to sort of work with core developers on a kind of day-to-day basis really sort of just drove home kind of this idea of this

extremely tight alignment between layer one and layer two, where we're all really solving the same problems and we're all kind of very, you know, interdependent on each other. And that kind of, you know, I think there's a lot of hope that sort of as the arbitrage from Dow kind of grows and expands that that. And I think kind of one of the principles of the Tao is Ethereum alignment to try to hopefully kind of maintain that ethos in perpetuity. So one of the big stories here is the Constitution. Arbitrum, Scott, a Constitution.

And the only way that a Constitution comes about if there are things to govern over and people to govern whatever we're governing over. But Harry, you want to walk us through just like at a very high level? I think at some point listeners and viewers will have to read the Constitution for themselves, especially if they have their newfound responsibility, but just give us the ethos, the social contract that the Arbitrum Constitution has set in stone for us.

Does it start with we the people? Is that how we start this one? We the Arbornauts? I feel like that's a lost opportunity. I'm kicking myself now. Come on, guys. This is supposed to be a good net. Yeah, I mean, I think, you know, it's funny.

It's the last section in the Constitution, but like a large chunk of the Constitution has to do with kind of very kind of technical details of the governance of the chain and kind of the idea of there's there's kind of constitutional and non-constitutional proposals. There's kind of the different categories of actions have various different sort of pathways to going through. I think it's kind of quite in line with kind of what people expect from how is Dow's function. I think that like in the Ethereum ecosystem where people participate in a lot of Dow's,

there's a lot of value in not forcing people to learn some completely new system every time. And so kind of staying within sort of expectations in terms of kind of maximizing participation and understanding was valuable. But then you get to the bottom to the community values section, which I think is kind of really important. And is this kind of idea of like what does it mean to be arbitram, which I think we hadn't really kind of talked about a ton in the past. We tend to be kind of relatively heads down building.

And kind of that's the sort of thing that requires sort of really sort of zooming out and and introspecting a lot. And I think kind of the development of the of the foundation sort of found a series of values that I think kind of really align the whole community. Ethereum alignment is number one there that fundamentally kind of being being part of Ethereum is sort of the whole thing. There isn't really, it doesn't really make sense to kind of be sort of a roll up project without that, I think, in my personal view. Sustainability is a really interesting one. That's kind of the second thing listed there.

The idea being that, like, this is, so off-chain labs has been around for since I think 2018 now, that will soon look like nothing in the lifetime of the Dow. That fundamentally, like, this is building a structure that should survive, you know, decades, centuries, more. It's hard to know. but having that long-term vision is kind of incredibly important. Security is fundamentally the thing that makes roll-ups matter. And so kind of maintaining that as a central focus is kind of fundamentally just critically

important, socially and technically inclusive. The kind of fair launch ethos that we started with quite a while ago now, I think has really just grown and spread in the Arbitrum community in a way. way that sort of having it be a like open, welcoming place where kind of new projects and new people can enter easily and feel at home is kind of just incredibly important and kind of core to how people think about it. And that also goes to the last principle kind of neutral and open. And then last but certainly not least, user focused that like fundamentally all of this eventually comes down to the users and having arbitram be a place where people actually want to be and interact.

and kind of live their lives, live their digital lives online. And that really kind of, I think, sums up to me in a big way, kind of what all of this is about. So the arbitram values, Ethereum aligned, sustainable, and to me that means oriented towards the long term, secure, socially inclusive, technically inclusive, user focused, and neutral and open. those are the values that this community stands for. Big thumbs up. We like those.

And it's also important that like, Harry, you said it, and I'll just like double tap on it really quick. Like the reason why we need a constitution is that like, this ship is sailing. Like this is you guys casting off this ecosystem to maintain itself. And so the internal, I don't know, like rules and laws and self-regulation that you guys have it off Shane Labs does not matter anymore. Like this is now in the hands of the community.

And so this is like this code of conduct, if you will, for the arbitram network state. And so this is really why we need something like this. It's like, hey, guys, this is what we stand for. This is what we value. This is what we want. And that can change with a constitutional update. The bird has left the nest, right? It's like they're, you know, it's set on its, its own course.

What I really like about these principles is, I feel like they're the sort of thing that's kind of obvious in hindsight that when you see it written down, I, you know, at least I personally, I would not expect there to be kind of a lot of, you know, dissension and debate. I think that probably these are things that like people in the arbitrable ecosystem just kind of felt day to day, even if they hadn't sort of like put words to it. It's almost like it's it's more important for the future, right? Like when you onboard the next, you know, 10 million people and there's difficult decisions to make, then you can point back to the future. the founding values of this thing and you say, hey, you could check that decision against these values. That's where it becomes more important to scale that culture. Exactly. I think one of the last subjects we'll have to talk about is one of the things that Arbitrum governance can actually govern over, which is who validates the arbitram chain. And so this gets into the conversation of phases of decentralization of our roll-ups, which I think we all know in the Ethereum ecosystem is

something that we can improve upon and do better. Ethereum critics really like to talk about how centralize our layer twos are. So Harry, can you walk us through what today means for the overall state of decentralization for arbitram and layer twos in general? Yeah, absolutely. So kind of fundamentally, like you were saying, sort of rollups, the path to decentralization for rollups has been one that has taken time. It's kind of, we all wish that from day one, all of it had been perfectly decentralized,

but obviously there's kind of the tech is complicated. And Vitalik, some number of months ago now, time in crypto is very hard to deal with. Great, a great kind of template for how we kind of think about roll up decentralization. And I think kind of with this change, the state that the chain had been in where kind of we still, and before and after this change, there's upgradeability. But the great thing about the kind of movement over to the Dow is that the only sort of instant upgrade mechanism that is left is this entity called the Security Council, which is elected through elections every six months by the Dow. And has 12 members with a nine-person threshold where the members are from all sorts of organizations and all sorts of locations all over the world in order. to create as kind of strong a set as possible. And that sort of decentralization is kind of key to

the actual real security properties of the chain. Because fundamentally, in a lot of ways, security is your weakest link. And kind of strengthening up that link is sort of this critical step to being in stage one where we are now, the second stage of decentralization, along with having working fraud proofs, which is, of course, something that we started with actually when we first launched the chain. So we had that one very early. But the kind of second. tier of how we control upgradeability or how the Dow controls upgradability now is kind of the big change today. So, Harry, you guys are at stage two of decentralizing the arbitram roll-up then. And refresh listeners, so how many stages are there in Vitalik's model that he put together?

And what's kind of the end state? How close are we to that? Yep. So it's actually so we're in, it started with stage zero. We're now in stage one, which is the second. So Vitalik's. Vitalik in a class. He's got to start with zero, right? Okay. He's being a decentralization hard ass. He's being a programmer, right? Like a raise start at zero, don't they? Okay. Exactly. So kind of stage one is like I described, basically, the combination of having working fraud proofs and having a kind of sufficiently large upgrade multi-sig with a kind of sufficiently decentralized and high threshold. And that's where we end up today.

the last stage is basically kind of making good on sort of an even more decentralized promise and the kind of getting to sort of the final state the kind of two big tiers of which one is completely permissionless validation where kind of today the Dow controls who can validate but the goal would be that power is removed from the Dow because everybody can validate So there's no need to permission it at all. And the second part is to remove instant upgrade ability, which there has been a lot of very interesting kind of conversations about sort of methods by which that can be done. There's this kind of a clear and difficult balance here in terms of ability to kind of respond to security risks in the system and kind of desire for sort of strong

kind of trustlessness and decentralization. And it'll be kind of really interesting to see the Tao sort of explore those tradeoffs and kind of find the best ways to sort of, you know, if you can have the best of the best of both worlds as kind of things move forward and evolve. Okay. So can we talk about this too? So we've got the ARB token. We've got governance in place. So this entire ecosystem is more decentralized.

We've got Arbitrum 1. We've got Arbitrum Nova. What are these things you were talking about called orbits? is this related to the concept of layer three? I feel like the entire concept of, I mean, just when crypto is getting its head wrapped around layer twos, we're throwing layer threes at them.

And I want you guys to help us imagine what layer threes will be like, what they can do in the same way. Wow, was it like a year and a half ago, two years ago, when you first came on and Arbitrum was one of the very first layer two is to kind of launch, And you're painting the picture, the two of you guys, we're painting the picture for the bankless community of like, we're doing this thing called a layer two. Here's what it's going to be like. And I remember being very excited and blown away by that episode. Are we looking at a similar type event for layer threes?

What are layer threes and our orbits related to them? Before we go into that, I was just like the amusement park metaphor. Yes, that's right. We had this. So for bankless listeners, you remember this episode. God, when was that? I don't know, 2022 destroyed me from a timeline perspective. This episode was in 2021.

This was in 2021. It was like late August or September, I think. We had this analogy of a layer two was coming. And, you know, the theme, it was like a theme park on Ethereum. And we didn't have the rides open yet, but builders were going to go build the rides and let everyone in it be amazing. This is basically what we have. I mean, I look at the small brain community and the treasury ecosystem.

I mean, these are the rides. So, they really want you to give an E, right? They got to earn it. They got to earn it. All right. You got to earn it with those likes. So, yeah, what's layer three going to be like? Is this like an amusement park inside of an amusement park, like an underground type of experience that we can all go and use?

Like, how is it going to be different? So one way to, I think, describe it is like a priority lane. That's, you have projects that they want to be on a, a single thing. pured by Ethereum, but they want their own priority lane. They don't want to congest with others. They don't want to share capacity with others. One of the coolest things about layer threes and layer twos is Arbitrum has roughly an order of magnitude, so 10 times the capacity of Ethereum.

Any layer three chain would itself have that same capacity as well. So these layer three chains have the same capacity as the chain that they're built on. And what I see in conversation with projects, so who wants this and why do they want this? it's a few different types of projects that want it. One is projects that are doing really, really well. For example, you know, this is like there's been a lot of public conversation about Yuga Labs where, you know, they had the other side launch and the congested Ethereum and there were a lot of people saying, hey, you need your own, your own priority lane on

Ethereum. That could be a layer two, but it could be a layer three as well. And they have their own priority lane. They get the security of Ethereum. They're in the Ethereum ecosystem, but they have priority capacity. And app developers or chain developers, I should say, you can customize this, right? So Yuga Labs or someone else could say, hey, we're going to launch a chain, a layer three. And anyone can launch on this chain, but it's sort of our ecosystem by branding.

Or they can actually lock that in and say, we're going to launch a chain. And the only contracts allowed on this chain are ones that are deployed by Yuga Labs. It could still be secured by Ethereum. It just wouldn't have permissionless application deployment on it. Those are customizations that we've heard projects. I'm using Yuga Labs as an example because it's a lot of public conversation around it. but those are some of the conversations you've had. And the other big one is a lot of times projects want to make their token the center of a particular chain.

So whereas our values say Ethereum, we're Ethereum aligned and ETH will remain the token of the public chain, so Arbitrum 1 and Arbitrum Nova, that doesn't mean that a different team that's building a layer of three. We'll say, hey, we want our token or their token, I should say, to be the fee token of this chain. And I think we'll see a lot of that happen as well. you know, a conversation with teams, that's something that comes up as well. But I think, again, it's either about wanting to build an ecosystem that's tailored for them or wanting to have that specific and reserved capacity for them. And layer three is, you know, now you might say, oh, this sounds like it's good for everyone.

Like, everyone should have their own chain. Why do we even have public chains? It's not the case. It's really, there's like, you know, for some projects, it's good. But there's also you have to think about the infrastructure, right? Ether scan, chain link, you know, node providers like Alchemy. or a quick node, et cetera, et cetera, are they going to go ahead and support

hundreds or thousands of other chains? Probably not. They might support the big ones. If you're sufficiently successful, you might be able to get that infrastructure, but there is a benefit of being in the public chains to have access to the public infrastructure and also to have access to the synchronous interactions.

You might say, hey, I want to be on the chain where uniswap is. Like, my protocol taps into uniswap liquidity. That's another, right? So it's not like a silver bullet and everyone wants their own chain. it's better, really. There are some developers and some applications, depending on who they want to be co-resented with, what their capacity is, et cetera, whether or not it makes sense for them to have

their own chain. But that's sort of the vision and why some of the projects that we've spoken to want this. And we're putting this out there just as an option and a tool for developers. And the other thing is, it's good for experimentation, right? You know, there are EIPs that, you know, that are proposed, but not yet on Ethereum, sometimes controversial. You can go ahead and launch. an Arbitrumb L3 chain on mainnet and you do it in a way that you know, that EIP, an experimental chain with different changes and sort of run them in a main net environment, sort of a main net test environment. So a lot of I think room for innovation here and testing grounds as well for changes that may make themselves into other chains, even

Ethereum itself. I just want to like add a kind of so when we launched Arbitram 1, I think kind of the things that like I think were the coolest were the things we didn't see coming were just kind of like the innovative weird uses of the tech that just like you know who who came up with that stuff and you know I really sort of hoping and looking forward to sort of that being the case with sort of arbitrary ability to use the arbitram code base to deploy L3s I fully expect people to come up with some crazy ideas that we couldn't possibly think of right now, which I'm very excited for. Right. And this is what happens, of course, when you put code out into the universe, people do crazy things. And this is kind of the cool thing that keeps crypto fun and interesting and weird,

right? Like, you don't know what happens next, but that's also kind of the point. The only comparable that I really know about is Uniswap v3 code. It's under license for a certain amount of time. I think that time is like four years that we are one year into or something. And, And a defy app on the Ethereum Layer 1, Voltz Protocol, made a submission to Uniswap Dow to use the Uniswap v3 license to use a Uniswap V3 code. Uniswap Dow said, yeah, you can use it because in the proposal, Volts Protocol, gave Uniswap 1% of their tokens. And so that's what convinced the Uniswap Dow to vote yes, you can use our code. And we don't know what comes next with this Arbishop Codebase, but now the point is that it's in the hands of the Arbichum Code. token holders because now the token exists. And so that weird future unknown state will be determined

by the people that have all of the responsibility, which is what we are celebrating here today. Responsibility, definitely. So guys, as we draw this to a close, I'm just curious. This has been a huge moment, of course, and a lot has gone into bringing the arbitram ecosystem to this point. this is distribution of responsibility. This is distribution of ownership. This is a distribution of governance. But what is next for Arbitrum after this? Like, are you excited about EIP 4844? Is that a thing that's interesting or coming? Is kind of the blossoming of the layer three? Is that what you're most excited about? Arbitrum Nova? Is that a thing? Like, what is the next thing the crypto community should look for from arbitram?

Yeah. So I guess this is the first time we're on here where I say, you know, we don't have control over the answer of that question, which is the interesting part, right? Like fundamentally, I can tell you what excites me. So I'm very excited about EIP 4844. I'm also very excited and hope the Dow continues to take steps and expect the Dow to decentralize and get rid of that white list, which we know, which you've mentioned, which is really one of the last steps of decentralization.

So those to me are really excited in terms of... And why 4844 for people who aren't aware of what's going to happen there? Yeah. So 4844 will basically... So roll-ups like Arbitrum, but really all roll-ups, they put a lot of data on Ethereum. And that's critical to the security. So we talk a lot about the fraud proofs, but in order for the fraud proofs to work, and even actually for validity proofs is EK roll-ups, you need the transaction data and it compressed

form and put on Ethereum. And it turns out that that's actually the largest cost for, at least for arbitrium and optimistic rollups is just putting that data on Ethereum. And if you have a five-cent transaction fee and a five-cent transaction fee, the majority is actually just passed through to Ethereum to put data on chain. And what EIP 4844 will do, will have a introduce a really targeted at roll-ups, a cheaper path to put data on chain. And lots of different estimates out there.

I don't want to get into that because I'm not entirely sure myself of what the, of which is correct and how much cheaper will be. But it's fair to say it will be many times cheaper and significantly reduce the cost of using roll-ups. And really make Ethereum even more competitive with other chains. You have the security, you have decentralization. You have the scalability that comes from layer two. But now we're talking about scalability that comes from layer one. And these two working together will really make the fees even lower.

Harry, how about you? What excites you? Yeah, yeah. I mean, I mean, you know, in a lot of ways, like, you know, certainly just like the unknown of like what will the future. I don't think the future has ever felt more kind of just unknown, which like after four years now of kind of being being in the company position and kind of stewarding the chain ourselves, it's kind of like really a great feeling to sort of not, you know, not be in that position anymore. I think, you know, certainly like, you know, you. you know, like Stephen said, 4-844 is very exciting. I think for me, probably the thing I would list is most exciting is basically the kind of prospect of kind of finding a path to hit stage two of that decentralization roadmap. I think getting to stage one, I think was a lot harder than getting to stage two. Like kind of, I think the general feeling is that sort of getting to stage two is a, is a like very

feasible thing with some technical challenges, but like very much something that like is kind of very possible and sort of getting to that would obviously mean kind of actually making good, you know, when when sort of Ethereum kind of created this image of a roll up centric future, it kind of like, you know, I view that it is almost created a debt that like the rollup protocols owed to like be worth being that future and kind of getting to stage two would be making good on that promise. Guys, I'm sad because this is the last time in this episode that anyone will have ever asked you win token.

You'll never hear that again. It's actually the Twitter replies. So usually I can't speak without a billion of when tokens and now they've all gone away. We're in a different era. Or dinner. What was it, Stephen, dinner? Oh, the main course. The main course.

So guys, well, congratulations for getting all the way to this point. And thank you for being pioneers into the frontier and taking so many of us along with you. Thank you for having us, as always. Thanks for having us. You can go check your eligibility for the ARB token at Arbitrum. Dot Foundation will include a link in the show notes. As always, risk and disclaimers. None of this has been financial advice.

ETH is risky. So is crypto. So are layer twos like Arbitrum. All of DFI is. You could lose what you put in. But we are headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the bankless journey.

Thanks a lot. Ryan, they're all asking for it, ma'am. Wait, did we get 400, no, 248-9 likes. I think we need one more like before this happens. Oh, it's coming in. Oh, they're liking it right now. I don't see it. They want it.

I haven't been given the official security. I'm not only am I watching the YouTube chat, but I'm also watching the Small Burns Discord. How do you say it? How do you say? E! All right, let's do it together. One, two, three. E.

E.