Bankless - LIVESTREAM: London Hardfork | EIP1559 GOES LIVE

Episode Date: August 5, 2021

Join the Bankless and EthHub boys as they livestream during the London Hardfork and watch EIP1559 start burning ETH! ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini  🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer  👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave  🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap  ------ 📣 PoolTogether | DeFi's No-Loss Lottery Protocol https://bankless.cc/PoolTogether  ------ Resources: DC Investor on Twitter: https://twitter.com/iamDCinvestor?s=20  Eric on Twitter: https://twitter.com/econoar?s=20  Hudson on Twitter: https://twitter.com/hudsonjameson?s=20  Justin on Twitter: https://twitter.com/drakefjustin?s=20  Anthony on Twitter: https://twitter.com/sassal0x?s=20  ----- 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://newsletter.banklesshq.com/p/bankless-disclosures 

Which is more accurate, though. So this one says 28 minutes, and we got 34 over here. That one keep being pushed back constantly. There's some slow blocks right now. There's another one. Watch the Burn says... And Etherneds. 37 minutes.

Yeah, I think it's going to be that one right there, yeah. You think it's going to be Watch the Burn? I mean, the Ether Scan and Watch the Burn agree. I don't know what algorithm they're going to have consensus. Or no, they don't agree. All right. We live on bank, let's follow me all. Thank.

Welcome, Justin. Hey, Justin. Yo. Hey. Are you going to do a well-spun analogy today, Justin? G, an analogy, analogy, G, um, I am, um, hi- Oh, he's got a rap song. Yes.

Whoa. Oh, Justin. We'll see. We'll see the feed burn is greater than, uh, than the issuance. If it is. then yeah i think you know the analogy is kind of you know if there is uh you know standing on its own feet it's financially independent kind of the the income that it has is greater than the expenses um that kind of analogy but we will see um i mean it's looking very very good

right everyone has to pay their taxes so yeah my expectation is that the the base is going to match roughly the slow price on gas gas now.org. So maybe something like 35 gway. In which case, you know, we'd be at Mach 3. So we'd be burning three times more than the proof of work issuance. Mac 3 on proof of work. Okay, not on proof of stake. Sorry, on proof of stake. Transaction spam just lined up so we can get that that base fee over 110. At least we can start Bernie, just for a little bit.

The eth pump is on as well. Oh, is it? Yeah, but I don't trust these price movements right now.

I mean, keep in mind, Anthony looked at the one-minute chart. Oh, yes. 2630. I'm selling the news right now. Literally,

staring at the one-minute chart. Oh, my God, it's pumping. Permanent damage to those dope-neursectors. This is it, guys. Next stop, 10-K.

Hey, we're always going to 10K. It's always in the Ethereum's future. We're always going to 10K. It's just a matter of the detours between now and then. Mm-hmm, mm-hmm. Yeah, and hey, Dave, I was going to make a public service announcement. I assume we've, like, formally kicked off. Are we doing it?

Yeah, my own line. Yeah, we are currently live streaming. We are alive. We are alive. David, you want to say. Yeah, David, you want to kick us out. Yeah, kick us off, David. Do something formal.

We're alive. Ray. I think it's funny. But not one. London is not live. London is not live. London is not live. Yeah.

Say what you want, DC. Yeah, I was going to say because I just tweeted at MetaMask and I was just asking if they've already updated their wallet to reflect the base fee functionality. And so it sounds like my crypto actually responded and said that the functionality is available if you want to build it yourself, if you want to do a custom build locally. But otherwise, once there's a little bit of runtime with 1559, they'll roll it out more broadly. So just stay tuned for that. In the meantime, it's important to remember that EIP 1559 is backwards compatible with all existing wallet software.

So users don't necessarily have to worry about that kind of compatibility. There may just be some situations where in the interim, you're paying a little bit more for gas until you get a wallet that supports the base fee. How about MetaMask DC? So is MetaMask going to roll this out pretty quickly? That's what that's talking about. Sorry, it was MetaMask. Yeah, my crypto just responded to my tweet.

And I assumed that they know. So that's the situation on MetaMask. Have you guys seen any early looks of what the MetaMask interface is going to look like post EIP 1559? Just remove the gray price. Yeah, I saw it. Yeah, I saw it too. It's pretty similar. There's like just three boxes.

still, but it's a little different. I forget where I saw it. It has a website for it. I'll get it one sec. I can put it in the chat if Ryan wants to bring it up. Yeah, I'll bring it up. And it shows like a few screenshots there, I think, or there was a video of it.

There we go. Wow. They cannot believe he said the pump on it. The video is really good. It shows like, exactly what it looks like. Oh, nice. Wow, that's coming on.

Good job, Matt, mask. Uh-huh. Sorry, it's good that they've got dedicated section to it for users. Yeah, that's great. You can probably skip ahead to the, um, the interface. If you just, yeah, it should pop up. That's, yeah, there you go. Kind of like looks like that.

Oh, man. So much better. My ads. I feel like this is actually assuming gas. Intuitive now. Total. Yeah, if you keep going,

it will show like the advanced settings. Okay, so this is just the basic setting right there. Oh, God, that's so nice. Look that. Yeah, and then it's been dropped down the advanced option. I've been dreaming of that. Literally years. I'm going to miss having gas now open on one tab,

then entering it in. Transaction doesn't confirm, so I speed it up again. Right. Gonna miss that. This whole entire, like, two-year process of waiting for EIP-159 just allows me to uninstall one browser extension finally. It always jumps up right after you send, too,

because MetaMask is defaulting to that price, and then everybody goes one above it. So you send it, and you're like, oh, man, and then you've got to resend guaranteed every time. Yeah, that looks good. And that's like the bidding dynamic that hasn't been adequately modeled and we may see some nice improvements just in the, in terms of how gas prices move because you don't have that human psychology kicking in

where it's like, oh, I need to bid higher than is being suggested so I can get my transaction. So I think it would be pretty interesting to watch. Oh, Metamask is telling all the plebs to use 35. I'll use 36.2. Yep, exactly. I think it's really good that they put together a video like this in a whole section on it as well. Yeah, great job. Nice. Yeah. But I mean, the whole point is that, mostly users won't have to touch the advanced options anymore, like they currently do.

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20-ish, 21 minutes. Yeah. Brian, try refreshing ultrasound that money. Hey, hey. Yeah, there you go. 120 blocks. Yep, we have consensus. Justin, do you know who's behind ultrasound.com money?

Does anyone? I don't know. I know. Well, I was on the bankless podcast at the very end saying that I bought a domain ultrasound. out money and I was looking for people to to go help build the website so what happened is that about 10 people from the community came forward you know many of which were just volunteering their time and now we have kind of this decentralized team of people just working on this on this website

which is super super super cool only in crypto can a meme get full-time attention for free yes and yeah the team is also helping with the Twitter account so the ultrasound money Twitter account there's a team of

of people behind that as well I love the website it's clean as hell the website is super clean every few days I get like DMs by the ultrasound money Twitter

like we just like bat signal yeah I get that too or he's like who's in my DMs oh it's Ultrasound money account. That's all they said.

Oh, man. It's a good meme. Like, I love it. And it triggers people just the right amount too, which makes it a very good meme. I love how just non-Etherian people think it's the stupidest meme ever, because they will let you know how stupid they think it is. And I'm just like, Udi, Udi tweeted out yesterday.

The ultrasound money meme is the cringiest meme out of the Heathhead camp I've ever seen. And I commented right below it, yet here we are. He keeps on talking about it. You guys might know this person, but I'm going to let them into the zone. Look at the farm down there. Are we all there? The ones that are live on the call,

the ultrasound. On the bottom, Ryan. Oh, down the bottom? Oh, yes. So I think this is... Anybody missing? Vitalik's missing. I'm definitely missing.

So what does it take to get on this list? You have to wear the bad signal, right? You have to wear a bad signal, right? You have to wear the bat signal and have a lot of followers. Yeah, it's ranked by follow account. So the way it's ranked, I believe, is that the first few are ranked by follow account. And then the last few are kind of chosen at random from the community. So every once in the while, if you're just a community member, you should see your profile there.

That's a cool way to do it. Oh, hey, Vitalik. You're here. Oh, it's Vitalik. For one second, look back in this, Vitalik. Okay, so Eric, Eric, you said, is it too early to drink? Mariano, I think you concurred. It's not. What do you got? I got a beer. You actually have a beer. I'm with my, I'm with my matto right now. It's 7.15 a.m. But I'll join with a beer. All right. Yeah, it's 715 and I have a beer, but I would have a beer, but I've been roped into doing a live stream podcast with Bankless later this afternoon. I want to keep a clear head.

Well, I'm going to have a beer, though. You know, while we're hanging out, I would be interested to get the perspective of the EIP-1559 authors and how they feel on this day. One first. Vitalik? How do I feel on this day? Let's see.

Again, definitely happy that this thing that's been worked on for like literally almost four years now as finally turning into reality. Yeah. Yeah. Hmm. Okay. Actually, let's see.

When did that originally AP 1559 paper command? Let me check resource. So long time ago. I think it was like 2019. 2018? Wow. Let me check. Draft position paper on resource pricing.

This was August. 18. Okay, yeah, so it's not something we've been working hard on for four years. It's something that we've been working on for three years. At 2018, it was that E3 search posts on first price auctions. Yeah, yeah, it was. And then I was trying to remember when that economics and computation conference that Carl and I went to that ended up inspiring the whole thing. It was at that event, I think it was like, you know, as EC, I guess at 2018 that we were talking. with some of the local economists and they mentioned how first price auctions are evil. And yeah, we're, and then some of them suggested second price auction as a loan

earned if, or was that grun? Maybe it was both. But then second price auctions, of course, has to have the problem that they're not collusion resistance. And in Wicheng Wu's econ language, he uses the word credible auction, but like in that case, credible mechanisms, there's the loan come. But credible in this case just means that like immune to collusion between mechanism participants and the mechanism operator, which of course we want. Second price auction simply means like a normal auction except not the top price gets selected, but the second highest price gets selected, correct?

So the one who bid the top price wins, but they only pay the price of the second. So Vitalik, what was the Ethereum community? reaction to this research post. Well, as you can see, it's 18 hearts, but I think the problem is that there's a big difference between being fascinated by something theoretically and being willing to throw in the energy to actually get it out there in reality. Yeah, we kind of, then we brought it to the community. Like, I think it was like March of 2019.

So it's even been two and a half years since, I mean, as in like try to put it in a medium post and explain the benefits a little more. And then it seemed like from there, it started to pick up some steam. Yeah, Eric. There's a lot of the usual suspects there commenting. I saw Philippe. Yeah. Mika, Dan Robinson. Well, it sat for a while before, you know, Eric wrote up the EIP, right, Eric? Yeah. Honestly, it was just I was frustrated with the user experience of every day and like realizing that there's no way we're going to hit mass adoption really with the way that fees were being handled. And I don't know, I would always just browse ETH research and somehow I ran into, it wasn't even this discussion.

It was the paper that you were referencing Vatelic and I kind of reached out to you and said, you know, hey, why isn't this picking up some steam? And then yeah, we just kind of, I mean, I believe at the time, just Vatelik and I co-referralic and I co-react. wrote the original EIP. And then after that, it really picked up Steam. That's when a lot of different people jumped in. I can't really take much credit at all beyond that. Usually, when you ask yourself, why isn't this picking up Steam?

That's a sign for action. Yeah, totally. Yeah, totally. I was like, this seems so obvious. Let's do something about it. And then, yeah, all the other, everyone else I got involved jumped in and kind of took it from there, which was awesome. So, Eric, it's funny.

Oh, sorry. This is the original EIP right here that we're looking at. That's the final. all, but yeah, the original draft was way more than that. It's funny, though, right? Like, there's all these great ideas out there, and they start off very technical and usually, like, on ETH research. And it really needs to go through this, like, interesting process of translating that

to the community and, like, why it's beneficial. Like, the whole, I mean, it makes sense why this took three years or three and a half years or whatever it did, if you really think about it. Yeah, I mean, there's been... Sorry, I was just going to say, bulk of the work got done like the last year as well like since that get coin um funding that happened in like june of 2020 that was like a strong signal to like everyone hey we want this we want this now and it still took a year from there so yeah this is a really big and complex change i mean

the amount of work that's gone into it is just incredible yeah the multi-sig that kind of got behind it in the community pushing for was pretty badass yeah and to everyone i'm making a whole bunch of get coin donations and like directing half the math matching poll to it at one time. Yeah, I mean, I was just reflecting on how much effort has gone into this all the way from, you know, when it was proposed to when it was first being analyzed by Rick Dudley and his team through to kind of, you know, even the analysis done by third parties like Tim Ruff Garden was also important in the advancement of this. And I think more recently the work that

Tim Beko and, you know, James Hancock and others did to kind of advance this was significant and even when Hudson was involved with that process as well. So I think it's been an incredible effort and a long time coming. So I'm excited. There was a while there where I was worried this wasn't going to happen. I was worried that no one was really going to pick it up and coordinate it and run with it. But this is an example of sort of the chaotic, decentralized nature of the Ethereum community actually pulling this out and making it work, making it happen.

So pretty exciting. Brian, you got to remember, we were focused on our, like, most favorite EIP Prague pal. So we had other priorities. Oh, God. Let's shut down the stream after that guy. Spent so much. Prague Pal debate number 37. Yeah, surprise everyone.

We're talking Prague, pal. We're actually overdue for a Prague pal debate, guys. Do you always start talking about Prague pal after one beer? I just get this thousand-yard stare. So when we switch to Starks, and it turns out that for a Stark, you actually need to do a little bit of proof of work to grind some Merkel route if you want to reduce the number of challenges to cut the data size of a Starkdown. Just to troll everyone, can we use ProcPow as the proof of fork algorithm? No. I'm done. Vitalik, can you give us the intuition on traditionally why a second price auction is better than a first price auction? Sure. So the economic arguments for why second price auctions are optimal is basically that, like imagine that you have some personal...

And what are we optimizing? We're optimizing for basically a naive algorithm being the optimal algorithm for each participant. And so I'll explain the property that second price auctions have that's really nice. essentially, let's say you value like something that's being auctioned. Like let's say we're auctioning, I don't know, an NFT of an NFT of a Doge or something, right? So let's... A meta, meta, and an NFT. Yeah, which you pay for with MetaMask.

So you value this at FT at $10. And the question is like, what value do you want us to bid, right? So if you bid less than $10, then there exists the possibility that, let's say, you bid X for X is less than 10. Then someone else who values it somewhere between X and 10, there's the possibility that they would bid some amount in between X and 10. And so in that particular case, basically there's the possibility that you end up not actually. getting the item, basically because of this other person ended up getting in with a lower bid. Now, in the case where there is someone who, or if you bid greater than 10, then there is the possibility that you win and you end up having to pay more than you, or a larger amount

than what you actually want, right? And if you bid 10, then, like, basically, so here's the thing that happens. The thing that happens is that your bid and, like, the exact value of your bid, it does not influence how much you pay. It only influences whether or not you win, right? That's really important criterion. And when do you want to win? Well, you want to win when the amounts that you're going to pay is actually less than the amount at which you value this NFT of the NFT of a Doge. So if you bid 10, which is equal to your valuation, then if the highest bid among everyone else is less,

less than 10, then you win, which and you have to pay an amount less than 10. But then if someone else is willing to pay an amount greater than 10, then you don't win. And in that particular case, you want to not win because had you won, you would have had to pay an amount greater than 10, right? So basically, yeah, like the fact that you're, the amount that you pay it has not depend on your bid. The only thing that your bid determines is like basically whether you get the item or you don't get the item. And you only get the item in those worlds where you have to pay an amount less than you value anyway. Like basically means that the simple algorithm of like just bid the amounts at which you value the item is just going to give you the best results, right? So it's a very simple mechanism. In order to choose the correct bids, you don't have to know anything about anyone else's preferences. You don't have to go second guessing other people.

There isn't like some risk that you guessed wrong and there's some inefficient. outcome. And it doesn't help if you have, if you have other participants, like if you are 10 people and you're trying, like, you can't believe yourself. You can a little bit. So this is the, the problem. Like, basically, if you control the top two, the participants with the top two valuations, then your optimal strategy is not to bid on us the way your optimal strategy is to bid, what the third valuation plus one cent. This is assuming you have like perfect information. Yeah.

Yeah. Like, but if you have like I think even the slightest amount of information about the probability distribution of the third, then like I think that ends up like distorting and giving you at least a little bit of extra profit. So if I'm sell, but if I'm selling the NFT,

I prefer first first auction. Correct. No. Actually no. So there is these theorems that are called revenue equivalence theorems that basically show how, um, for a wide class of possible auctions, your expected revenue is going to be exactly the same.

This is really weird and spooky, and I actually haven't really yet examines the proofs of this, but it's true. So, yeah, now if you want to survive collusion, then, like, well, basically, well, one thing you could do is instead of a second price auction, you know, you have a Kth price auction. and case price auctions are resistant up to k-minus-1 colluding participants. But in general, like, you head upon something really important, which is that auctions are not like infinitely collusion-resisted. And that's actually why EIP 1559 is not a second price auction. It's a totally different kind of mechanism. That's just a fixed fee.

Hmm. Hmm. People compare it to a second price. auction though, right? They, I guess they do, though, those comparisons are slightly misleading. Like, I think the correct statements to make would be that it avoids the inefficiencies of first price auctions, the same way that second price auctions avoid the inefficiency of first

price options. So like the key property, right? And the second price auction is like the amount that you bid does not determine what you pay. It just determines if you pay. And in EIP 1559, that's true as well, right? The max fee only determines whether you get in. It doesn't determine what you pay.

Oh, no. DC, when Vitalik was talking about if you want to buy this NFT for $10, he was talking about your crypto punk hoodie. Yeah. No one's going to be buying that one anytime soon. So good luck. Although I do want to, you know, I think there's a common misconception around some of the NFT stuff and people are like, oh, Ethereum's too expensive.

So that's why these NFTs cost all. lot, but realistically, what has happened with some of these NFT mechanisms is they're using a gas auction as the primary distribution method, which is suboptimal in a lot of ways. And I think you're going to see more and more projects move away from that. But basically, rather than selecting the buyers through some other mechanism, like say a Dutch auction or something else, they were basically letting people kind of bid up gas and whoever gets the transaction first wins. So I, you know, I'd never like that distribution model because it favors people who know how to use the network a little bit better or might be able to set up bots to get transactions in faster and things like that. So I think that's going to, that model will slowly kind of phase out as we move forward.

Because you don't have. So let's look at time windows that are only kind of there's a frenzy going on. Does this change, do the mechanisms change at all really or does it revert to the public first price? It reverts to a public first price when there is a frenzy going on. Well, it reverts to a public first price for the subset of users that really care about being included quickly. If you're okay with waiting two minutes in the extreme cases, then you can just continue to live in the normal world and you just have to wait a bit more. Does it reduce the chance of frenzies? Because there's going to be less of like the psychological model of I need to click the button.

regardless, like just for end users. Yeah, that's definitely one reason why it reduces frenzies. Another important reason why it reduces frenzies is that transactions that get included quickly are less likely to fail, and so you're less likely to need to rescind. A third reason why it reduces frenzies is just the facts that if there exists a burst of many transactions, like n times block size transactions, instead of it needing N blocks to clear, it needs N over two blocks to clear.

So if it is frenzy resists, In some cases, would that actually lead to slightly less gas, less fees for the end users? Interesting. I guess, I mean, unless, of course, like induced demands takes over and we just get even more users. We are less than five minutes out, I think, depending on which clock you are monitoring. So on ether scan, we are close to four minutes, just under four minutes. on ultrasound.money, we are at about five minutes and 20 seconds. So this is fast approaching. Hudson, since you've lived through many of these hard forks, sir, how do we know if this is successful?

Like what happens when the hard fork happens? That's a funny question. First, hi Trent. Let's all say hi to Trent. Hey, Trent. Hey, I'm good to just sit back and listen to all you guys talk about nonsense. So keep going. Look at those flowing locks over there. Wow. So basically, right now, at least, so I used to run the core developer meetings every other week. And during hard forks, we would, before there was like the proliferation of all these live streams, some of the time, there would be just a private Zoom call with some of the Core Debs. Or if something went wrong, there would be a Zoom call with the core devs. That still happens. So we'll know if something went wrong because there'll be like a

few people who know where to go for the information like me, Trent, Danny, and Tim, and just be leaking stuff to Twitter slowly over time. That's generally how it goes down. So if some of you guys suddenly disappear from this call, then that's probably bad news. Is that what you're saying, Hudson? Yes, pretty much. So, yeah, no, so, but for real, though, like, it's pretty organic. And usually during times of emergencies, that we just kind of, the cord of just kind of come together and then just troubleshoot and fix it. And it's pretty straightforward.

There's no one usually panicking or anything like that. It's really professional. How do the core devs typically, like, feel before a fork? Is it just? What a question. But look, man, I'm just looking at this clock, this countdown. And I'm, you know, get a little nervous, to be honest, you know, things you never know. But I'm not a core dev.

How do they feel about these things? Danny Vitalik, what do you all think, or Trent or anyone else? I don't know because I'm not a core dev. But I think they're pretty nervous. Medium. They usually go well. Everyone's definitely watching because it might require action. But, you know, I don't think anyone's as well.

All right, guys, we have six blocks left. So I'm going to go ahead and cut to sponsors real quick. Here we go. I think I'll just share money is a bit slowed. There's like four blocks or something now. We're almost there. Oh, man. This is, geez.

It's happening. It's happening, guys. Four blocks. It's raining. Anthony, how does the 30-second chart look? Are we pumping? Dump it. Since Anthony last commented, the Eth pump is on, we have dumped.

Yes, actually. As for convention. It's Bitcoin. It's ruining our potty, that bloody pair walks. Two blocks. Two blocks remaining. I wonder who's going to get the first burn. transaction.

All right. Here we go. One block remaining, guys. It's happening. EIP 1559. History. 1559, excuse me. 1559.

155.9. What is one? 550. There we go. It's done. It's here. This is it. Yeah.

The scan's got it. Boom. The gas limit has doubled. And the gas limit has doubled. Use is 100% as expected. So I'm expecting it to be 100% gas used for the next roughly five minutes and the base view. What's that? The base gas price.

But we might see the gas go down if miners didn't set reset their target. So that'll be interesting to watch. So we started a one way base gas price and we should be increasing to, I don't know. Yeah, the next block is 1.1.2. If you guys Okay, it looks like the gas limits are going down. Yeah, call your minor. Call your local minor.

Ryan, skip forward to the next two blocks. There's a little arrows there. Oh, okay. It's always fun watching Ryan navigate. I don't look by block, guys. I'll go ahead and monitor all the core dev channels and websites to see what's going wrong, if anything. Fert fees.04Eth. That's nice to see.

I'm seeing red on node monitor, but I forgot how to look at this. So we have burnt on some of Eath. Yeah. Do you remember how to read Forkmon? Let me see. A quick question, guys. How much bigger is the elastic max size versus what the previous gas limit? I actually don't know.

It's double. It's double what the normal is. Okay. So currently the gas target is 15 million and the gas limit. So the total max size of the block is 30 million. Of course, that depends who's voting what. You know, it might take a little bit of time to stabilize. If some pools are pointing at a lower gas limit.

There, that's real nice. Oh, it's dead. It's dead for me. The way you said that type is so freaky, man. We all know how I feel about Ethan. It's not secret. Yay, burn it.

All right, let's burn it, guys. Oh, man. Do blocks get new data, or is it the transactions themselves? Because I'm... Both. Both? Oh, yeah. Yeah, there's a new transaction type, which I'm trying to...

I'm on set block latest. I see base fee per gas. Yes, this is new. So I'm trying to find Ether scan had a label and I'm trying to find what the first actual new transaction type is, what the first transaction is. But there's a little label on the far right. I think they had it, but I haven't found any yet. Oh, so nobody. There might be one.

I just haven't found it in a block yet. But basically everything is burning ETH as expected. That'll happen for all legacy transactions going forward. And by the way, the blocks are completely full, right? Yes. Is Watchtheburn.com still

live somewhere else or because the site's been not working for us? It's down for me. Either scan shows the gas burn per block. Right, right, right. Yeah. That seems like the sort of thing

that Ultrasound. Dot money should have in there somewhere. It should be coming. I think it's getting deduced as well. Yeah. The burnt fees every single block keep on going up. So the most recent block has 0.15 ether burned. And it's been going up every single block since the hard fork.

Oh, wow. It's already up to 6.5 Gway. I don't think miners have the gas limit signaled properly, right? They don't. That's what I'm starting to see from other channels. Yeah. We were working on that yesterday. Is live for me.

We've burned 0.87 Eiff. Oh my God, look at this. Wow. Oh, wow. Almost a folly is. Oh, Ether chain slash burn. Okay.

Someone prepared for this. Yeah, Ether chain has a burn trick as well. We've done one eighth now, according to Odgesia. I just updated on my end. And if you zoom out a little bit, and you'll be able to see the burn leaderboard. Wow. Which is bugged out.

I'm pretty sure that means I have all of the ether left. There's no ether left, guys. I've got it all. Wow, this is a supply shock. Hyper giga ultrasound money confirmed. Okay. If I name and shame on stream pools that are like pushing the limit down, I wonder if they'll react. Let's try.

Maybe. Oh, man. We think F2 pool and nanopool, two miners, Hiveon, and Spark Pool are all pushing it down. The gas limit? As in they kept their default. They kept the number likely the same as before. I actually have a few of them on chat. I'm not going to go quiet.

Do you have any estimations as to how long it's going to take them to get that updated? You can do it live with an RPC call, so you don't have to actually. cycle your node, which is good. But it just depends on if they, if and when they do it. So, so, negative 100% gas target. Someone, there's someone out there has, I forget, I thought it was ether chain has a site that tells you what they're signaling by pool, but I can't find it right now.

Wow. Almost three ethbert. Yeah. The thing is this shouldn't be happening with like a regular, we're like a normal situation. Like, if blocks continue to be full. Right. Well, there's issuance as well. Right.

Well, if the situation normalizes, then blocks will go down to being half full. But on the other hand, the fee will go even higher. Oh, interesting. Ifstats. Let's see what's up there. So the fee bone has overtaken the non-burnt rewards, sorry, non-burnt fees. Tip. The tip, sorry, yeah, that's the technical.

Wait, wait, where is the, does Ether scan show the tip? Oh, yes, it does, yeah. Yes, 0.44. Oh, and then, hmm. So my expectation, which is very, very important, very different from Hasu's is that we're going to burn about 80%. Hasu believes we're only going to burn 30%, but we're already above 50% at this point.

You hear that, Hazu? What was Husser's reasoning for the 30%? I think what he did is that he tried to analyze what is M-E-V and use that as a minimum for kind of the tip as a lower bound. But one of the things that we've had... Yeah, okay. Why?

Why? That makes sense, I guess, that the MEV is part of the tip, right? But it's also splits with flashbots. Why not? Why does it make sense that it would for MV be part of the tip? What's the reasoning? Well, the reasoning is that the, you know, when you pay for ordering, you know, you're not going to pay extra to the base fee so that you are the top position. If you want to do an arbitrage, you want to be at the very top.

Right, but that's only a small... That's only a small portion of transactions, right? Oh, I see. But a very high portion of the fees. I see. I see. I see. So, yeah, I guess the question is like, does flashbots just eat that up?

Yeah, I don't know. Well, another question, I guess, is are they paying for the war against each other, or are they paying to get 100% chance of being included in the block instead of 90%. I guess there's some of both. Where's the tip field in the block on EtherScan? I don't see it. It's in the block or a word. Yeah, see how it says two plus some blah, blah, blah, blah, blah, the second number.

That's the tip. Okay. Yeah. Those are healthy tips. Nice. We go to what we should stabilize, you know, over time. Wow. Okay.

So cumulative fee burn 8.28. Last one is 0.828. That's the, that's kind. So so far there aren't many wallets that have enabled that people are using that have this functionality enabled. So that might be throwing things off a bit. Yeah. Oh, wow. The blocks.

I think we're under target for the first time. or close to the first time. Block 41 is out, it's only 23% full. There were a few. There were a few. And I think one was, someone's mining empty blocks.

So reminds you what happens when we are not full, when a block is not full? How do things adjust? The base gas price goes down. Yeah, when you're below the 50% target. The base fee per gas, I call it the base gas price. It's just only three words as opposed to four words,

and it reuses the gas price concept that we already familiar with. Okay, so for this one, plus 46% gas target, 73% full. So the block is 73% full, which means it's over 50%, which means the next block is going to get bigger and Bacy is going to go up. Oh, that's right, right? David, if you click, if you check out that link in the chat, it shows how quickly the base speed per gas can rise and fall over time. Is it a chain dot burn?

No, no, it's a tweet thread. Oh, your tweet. Oh, okay. Or go to the Google sheet. And it really helps to show how quickly things can spike and I can even change it a lot. How about that at eath pump, Anthony? I did exactly what I thought it would. This is the same thing that I have.

I haven't left the staking went live. The price is just like dumped. Yeah, man. Markets are just like stupid. So explain this for us, Trent? What are we looking at here? Sure. So I just increased the variable. So basically over, let's say, five minutes, the gas price goes from or we can even drop it down in the lower. So this is probably the time scale we're looking at now, this close. But over just a few minutes, it increases 30 times. And then this is when there's successively full blocks. So that's the blue line going up. And then the red line going down, it drops a little bit quicker if there are blocks which are

less than 50% full. And then if you have, you know, 15 minutes of full blocks, you know, or over 50% full blocks successively for 15 minutes, it was spike up to almost 7,000 way. So you can see how this would really quickly smooth out any of these crazy demand spikes that we've seen recently with NFT drops and back in the day ICOs. So probably will never actually get that high. Congestion will be transferred to later blocks. So MetaMash just tweeted that they're pushing updates to, the extension of mobile right now.

So, I mean, and smash support should be coming. So what do you guys? Like a couple hours for everyone to get up to speed. It sounds like some wallets, you need to do some tweaking, some miners you need to do some tweaking. But the base fee, sorry. Oh, go ahead.

Go ahead. I was say the base fee for gas did get to approximately where we were for just the price of transaction before the fork, right? So it's like 30. Right. Yeah, I did. Which is expected and good. Well, it's expected, I think, that, well, right, right. Yeah, you're right. And I guess we're around the target now. So, yeah. Someone just sent me, like, a private message that I've never on, like a DM on Discord with the Pope bot and like the other streams, Pope code.

Yeah, the East Staker stream code. So I have it now. Oh, sure. You're going to break Pope if you share it here. Here we go. For all the people in... Go ahead. Sorry. Santiago Paladino from Open Zeppelin asks if we know the percentage of 1559 transactions entering the network.

We do not, right? Not in just... It's a great question. Can we figure that out? I um while we're doing that this is the ultrasound dot money oh interesting the first transact type 2 a transaction on me yeah just check it and then yeah i just put that in the chat uh-huh i think that's the very first one i was scanning through blocks but yeah you'll see it says transaction type 2 eFP 1559 and then if you if you're looking in blocks there's a little

indicator on the far right that'll show. So somebody, I don't know how many wallets are supporting this directly, so somebody may have crafted this themselves. Nice. Who's Nick. Or Ninnik? Whoever he is, he's famous. He's on the stream.

Nick, oh, Nick, yeah. Nick Dorif is Nick Johnson. Nick. Yeah, I don't know who that is. Yeah, I don't know. So how long do you think, because we do expect to see, some effect on hash rate, most likely, right? How long do you think it will take for us to realize that?

Hudson, any intuition based on previous hard forks? No. It's going to be hard to tell because there's M.A.V. to consider as well, right? These mining is still getting there. Their M.EV and stuff. Well, actually, are they? Because did M.E.B. Geth update?

I have no idea. I mean, MEP Gess had to update. Otherwise, they would not be a defense with anything else, right? But I'm actually surprised. I thought there would have been, you know, more 1559 type transactions. Since most of the transactions happening are, you know, bots, arbors, things like that. They want to use 1559, right? they don't want to pay the full amount with the old type transactions if they don't have to.

I think Greg from ChainSafe was crafting some transactions to test. I don't know what the status of that is, though. Let me check. It's interesting to see the leaderboard. We've got BinaSwap burning the most Eats so far. Actually, I don't know. What's this top address? They're number two.

Chain link. This is Chain Lake? Maybe. Probably. And then we've got some NFT. We have our first block with one full ether being burned. That's pretty cool. That first one is the London token.

London gift. Oh, yeah. It's something like NFT drop or something. All the people that are in the YouTube talking about the eath dump, we have to remember now that when eith dumps, more ether gets burnt. So it's literally bullish selling. That was one of my best tweets. I'm proud of that one.

And just to put these numbers in context here for people who are tuning in, so we're looking at these burns and we're getting into the one-eath, and it obviously fluctuates quite a bit from block to block. But this is offsetting or partially offsetting issuance, which I think is still a two ether per block. So just to get people an idea of how that's working. I'd just like to fast forward and see some equilibrium go up. Well, I think it's an interesting dynamic.

again, it's hard to say how it would have played out otherwise. But effectively, the ether that is being burned is ether that would have gone to miners otherwise, more or less. And what miners typically do is they sell that ether that they collect. And so now it's being burned. So that alone is an interesting kind of supply offset, even in periods where it isn't deflationary. And I know we've talked about, all of us have talked to a lot about how, you know, we don't expect this to be fully deflationary at this point,

although under periods of heavier usage, we expect that it would be or could be. But it's really when you pair this with proof of stake, with reduced issuance, dramatically lower issuance, that it becomes more interesting in that regard. All of the on ultrasound money, all the ether that's not being sold by.

So right now, I guess we are in a period of monetary foreplay and the reason is because we know that Ethereum, that Eiff will become ultrasound money almost certainly because right now we're at MAC4 or a bit less than MAC4, meaning that what we're burning is roughly four times the proof of stake issuance. So we can foresee, it's very easy to project that once we remove

the proof of work issuance, we will be ultrasound. So right now is a foreplay period. Four-footing period. Six months of four-play. Oh my gosh. Foreplay, four-C, and lock four. I see what you did there.

Are we so hot and modern? Well, Danny, you tell us when merge. You're muted, by the way. Yeah, DC and Trent tell us when merge. I can always spat out a random date. August 6th, 2021? Let's just do it right now. Can we just merge right now?

Let's just go for it. Yeah, yeah. I talked to this influencer on Twitter, and he's saying that Ethereum could be great if we just dumped all our research and adopted the Tangle. How about we just adopt the Tangle? Oh, my God.

Did we kill Etherstand? Vitalikus and Vosita Tangle. I think we had the Etherstand to death. I can give to Ether's scan. That's back. Okay, it's back. Yeah. Somebody on YouTube says,

as if any of you guys have ever had foreplay, just FYI. We're getting dissed. That's why you don't read the YouTube comments, David. Oh, I'm addicted to them, man. Hey, remember you just said that? I've had so much foreplay. I do five play now. I've seen living in the future.

Guys, the stream is going to get censored by YouTube. Is this made for kids? No, it's not the answer. One of the things that I'm now most interested is seeing what projects do with base fee upcode. There is seriously so much to do. I remember 2017, I had to hard code. So the maker oracles for a single collateral die, I had to hard code a maximum way price. there was redundant, you know, checking,

ETH gas station, checking other things, to be able to, you know, have the relayers send transactions to the blockchain to update the oracles. That is mostly obsolete now. It, you know, you can pretty much rely on the base fee to make sure that, you know, any automated transactions that you want to do, that they get mined properly and swiftly. And as well, they don't, they shouldn't, you know, mess up with the rest of the, like if you're a normal, normal user, even if I have to send, you know,

a very high priority transaction, and even if a lot of people do, that shouldn't mess up with, you know, a normal person. It's like you can still use a normal gas price and, and be sure that you'll be included fairly quickly. Plus, you know, we're going to have gas synthetics and other things. I know, really excited about that. Oh, and we don't have refunds anymore pretty much. Oh, yeah, did gas token go to zero?

Oh, that's a good one. Look at the price of cheat token and the others. Ryan, click that link that Trent just put in the chat. It's really cool. colors. Yeah, this is the first two natuilogics dashboard. I'm sure we're going to see like dozens of these over the next few days. There's people putting out, um, richer and richer content. But yeah, these are really nice to start with. What are we looking at here, Trent? I actually don't know. I just clicked it, but I can tell you that the graph on the right

is, um, showing the change in base fee over time. And you can see it's rising pretty small. as demand changes. Yeah, I don't know what this one on the left is, but I'm sure it's full of useful information. So Trent, not to put you on the spot, but I'm curious what your thought is with respect to, so I know we talked a lot about a lot of the discussion has been about getting to this point with London going live. And there's been discussion around kind of prioritizing a lot of the Heath One dev now focusing primarily on the merge. Where do you think the consensus is among the core dev teams at this stage around that. Are you asking for timing?

No, I'm just asking what's your opinion. Do you feel like there's agreement that, yeah, we should focus on it primarily right now, or we're looking at probably another hard fork with some additional features and then doing that? What's your take? Yeah, I mean, Danny is probably the expert to ask so you can follow up with him after this after my response, but definitely in the last few weeks, once long. London was mostly, we had the initial releases and we were in the midst of getting libraries

updated and just the ecosystem generally ready. I think everybody came to the rough agreement that we wouldn't be pushing for another feature for at the end of the year. The difficulty bomb was only pushed to December. So there will be some sort of, there will be a backwards incompatible upgrade just to push that until the merge, if the merge doesn't happen before over them. But I don't think it's in anyone's roadmap to do something similarly large as London or even, you know, a percentage of that. It'll probably just be a maintenance for, I don't anticipate anybody trying to get significant changes, specifically so we can focus on ETH1 teams preparing for interrupt with the consensus clients and looking forward to our submerge.

I agree with all of that, except for the fact that no one will push for things to be, if we do just delay the bomb in December, if the merge isn't ready by then, someone's going to try to push something in there. And I would estimate maybe something small gets in there or something that was already already planned, but I don't, I don't know. Yeah, this is the perennial issue of even if it's a maintenance fork, there's always something in waiting in the wings, some neat little upgrade or some optimization that can always go in, but it's going to require a lot of trigger discipline not to add anything in there. But I can definitely say, like, there's even like, there's even

optimizations to 1559. I know would be really interesting to see. But yeah. Yeah. Yeah. I mean, sentiment definitely is strong from many of the core devs and most of the client teams that, like, they really want to get the merge done. And this is the beginning of work next. Obviously, all the E2 teams are pretty on board. But even talking to all of the execution layer clients, aka ETH1 clients, people are pretty game and excited to push it. Yeah. Also, the whole reorg and media drama, I think, is also point. putting even more wind into the sales of doing more merge work soon.

Question from the YouTube. Why is it called London? Because the heart forks are now being named in order of Devcon cities. So the previous one was Berlin, which is DefCon zero. This is London, which is DefCon one. So the next one will be Shanghai, which is DevCon too. And if Devcons keep getting delayed, or if we do, more than one fork a year, we're going to outpace ourselves.

Do we just start making weird names again? Yeah, we can always go back to weird shit, like Tandrine Whistle. Was that a real? That was a real one, right? I was actually... That remark was as furriest as the dragon. Yeah, actually the names, you know how names used to get decided before Ethereum got bigger was just the all-core devs chat.

Like, we would just be like, what do we want to name? And everyone was like, I don't know. And then Martin Swindig just came up with just bullshit. And we said, okay. Gemini is the world's most trusted cryptocurrency exchange. I've been a customer of Gemini since I first got into crypto in 2017. And it's been my main exchange of choice to make my crypto buys and sells. Gemini is available in all 50 states and in over 50 countries worldwide.

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Yeah, I was actually, yesterday, CNBC put out a pretty good piece on it, I thought, which, you know, it's kind of shocking to see mainstream have decent coverage of this stuff. It'll be interesting to see what comes out today, if it gets any coverage on TV as well. But I guess I've been decently surprised so far. I mean, it's a pretty hard concept, I think,

for mainstream recover and, like, translate to, like, their readers, right? Because most readers probably don't even understand the fee mechanism we had before. So I think most of them have been approaching it, like, you know, why is this good for investors in focusing on the burn and less of some of the other benefits? But at least yesterday, we had a good start. I appreciate that they, the, the CNBC author actually reached out to people in the community, which was nice, instead of like asking Bitcoin maximal as what they think of EIP-1559, which is the typical path.

What do they think, Eric, of one-five-nine? I think they're really happy about it. I saw that they were celebrating, you know, giving us words of encouragement. Saying, hey, congratulations, Ethereum community. Really happy for you guys. Yeah, it was weird to see them so nice. Right. It looks like we actually just got another article on CNBC's main page. So it would be interesting to see how this is covered throughout the day.

It's trending number one above Bitcoin. Right. That's what Bitcoin Maxis were so impressed about, right? Yeah, yeah. I'm just waiting for them to have pomp on during lunch to talk about. Palm comments on the IP1559. I've been bullish this entire time, says Anthony Pompliano. Apparently, Ruters follows Anthony's one-minute chart

because it says Ethereum Major Upgrade activated, ether stays lower. Hey, it did drop a little bit on the one-minute chart, right? Those poor dopamine receptors. Man, my whole life is dopamine. I have six monitors in front of me. If I step away from my computer, I start collapsing. Yeah, this is a good article on CBC.

That's great. Yeah. It was just last week we were seeing a lot of conflation in mainstream media with like, it's hard to separate ETH two and staking. an EIP 1559. We wanted to kind of smush it all together in the same upgrade. So I guess it's just

the Ethereum narrative and deployment schedule around this stuff is more complicated than the happening. You know, like, Bitcoiners have it very easy in that respect. Like every four years, there's one big thing that's happening. And like everyone knows what it is, entirely predictable.

It's a bit harder to parse apart the Ethereum story if you've been only semi-following. it. That's easy to plan a big party. That article is by Mackenzie Sigalos. She's the one during, I retreated during Bitcoin, Bitcoin, Miami, that she really succinctly described what was going to happen with the Ethereum. She's like really well informed. That's awesome. Yeah. Wait, what is the change that says setting the stage for the other major transformation that'll make miners irrelevant? I don't, I didn't think there was any performance. I don't, I didn't think there was any

of steak preparation stuff in London. That's a narrative that the media's been going with because it sounds good, but it's not true. It's, it's, well, the way you can skew it that way is I and others have been saying, we have to get London done, and then the next thing is the merge. And so like it was requisite to complete before we can move on. Fair. No, no, I have seen, I think it was on, actually, I don't remember the location, but yeah, a lot of people have been misunderstanding that this actually has proof of stake components or that

this is the proof of stake going live on main net upgrade. Yeah, that's false. I saw someone tweet that A2 was coming today, so there's that. Oh, God. Look, I'm not going to like. It's David Hoffman. I'm never going to, like, criticize someone for getting, like, stuff about Ethereum wrong, because it's complicated.

And I remember when I was learning Ethereum, I made the same mistakes. but they're on a public TV show, dude. Like, you kind of got to dot your eyes and cross your T's. Do they? They don't normally. 1559 is actually trending and technology on Twitter, which is interesting. People just like, what is this number? What does it mean?

What is the U-UUU and audio bullshit is this? Right. 1559 what? Man, We must look really silly to people who have no idea what's going on. Like, imagine visiting our digital profiles. What is in EIP-1559? It's a shadowy supercota, just communicating with each other, secret language.

I am surprised that the Ethereum community was never able to come up with a different name for this. It just went with the generic 155.159. It caught on. That's the thing, though. Like, it caught on and then you couldn't change it. It's the burn. You know, the next works, the merge. Yeah.

What's really funny, it was really funny is when I wrote and submitted the EIP on GitHub, you're supposed to, like, follow a process. And, like, I didn't follow it. I just picked a random number and it happened to be 1-559 for some reason. Oh, that how 1-559 got selected? Yeah, it wasn't, like, actually in the order of what it should have been. I forget what the number should have been. You didn't use 69?

What? It's because I thought that's where the EIPs had left off, but it wasn't. I was just confused. So, yeah, funny story. Fun. Well, I mean, now it's forever embedded into Ethereum law. Right. Guys, what's next?

Has MetaMask updated yet? I want to send a transaction here. They say they're rolling it out. I've been trying to force update mine, but I'm not seeing it yet. They still don't have a release on GitHub yet. It's still on 9-84. Oh, okay. Ryan, if you go to ultrasound up money and scroll down to project the supply,

the base gas price is currently 51 way. So go ahead and do that and see. I think we can clearly see that the supply is going down. Well, the supply is still going. Oh, I see it. Assuming the merge. Like post-merge, yeah. Post-merge, yeah.

Yeah, and I think at the 51 level that might even exceed the theoretical maximum BLS issuance. So here's one fun philosophical question. So if we have the burn and the burn goes all this so far that the EF supply goes all the way down to 11.9 million, does that make a theory on 100% pre-mined? And when it goes even lower, do we become 105% free-mind?

Has Alic, have you heard about all the blockstream people trying to lobby the regulators to remind them that Ethereum is a security? Notice this is going on? Yeah, yeah, I did. I saw that on Twitter. I mean, we're, no, no, no. Is there actually evidence of that? Ethereum is a security-oriented blockchain.

Love it. And Danny, to answer your question, no, there's no. I mean, CFTC has already ruled the ether as a commodity. So that's... No, I know. I meant evidence of the lobbying. Also, Vitalik, you're going to be quoted out of context. Ethereum is a security of Vitalik Buterate.

Yeah. Oh, man. David, now you are as well. Ethereum is a security, Vitalik Buteran, David Hoffman. Coin desk is writing an article, right? now. Oh, man. It's just funny how like whenever...

Go ahead. I was just going to say whenever this, like, these major upgrades happened. Like, it was the same thing when proof of stake was going live. They just come out of the woodwork and start just flooding Ethereum. It's like, thanks for the free marketing guys. Like, seriously. What are you saying, Josh? I was just going to say that talking about security, we almost have an all-time high in terms of economic security.

So basically, the amount of, of if that's staking, that's about $17 billion. And from what I can tell, it's by far the most secure blockchain in terms of economic security, even greater than our friends at Bitcoin. 17 billion. Yeah. John Adler. Oh, sorry.

Is that 17 billion in ETH staked? You're talking about? Yes, that's correct. Yes. So that's two things. Like, first of all, it means that if you want to pull. off a 51% attack from a budget standpoint, you kind of have to kind of the naive attack is just to match the $17 billion. And so that's the budget that you need. But then there's this other

concept, which is the cost, which is if you do make an attack, then you will get slashed and you're going to lose billions of dollars. And here it's very, very high for Ethereum 2.0 in the beacon chain. And this is one of the places where it distinguishes itself from Bitcoin, where Bitcoin is no concept of slashing. So the cost is for the attack is zero. but the budget is extremely high. You just got to get the capital in your God mode. Justin, we should do a podcast on this. It's very interesting.

Yeah, like that's a subtle difference. If you can just accumulate capital, you're good. You're now on the network. I mean, you know, all this to say these projections, even though they're kind of like, I guess these are somewhat conservative projections or maybe like middle of the road projections, definitely does not look like we will exceed 120 million eath supply ever.

So the biggest variable for the supply peak is going to be the merge date. I mean, if you play with the merge dates, we will go beyond 120 million if we are past Q1. So that's another, I guess, another incentive for trying to merge in Q1. We can reach this mean number of 120 million. It's also 2020 G-WA maybe is like a more conservative just to see what the numbers look like. I liked 50. Nah. Are you a user or a speculator?

Both? Oh, I have a question. I have a question. Yeah, good. So Vitalik and Danny, looking back at the Dow hack, let's go back in time. Let's go back in time. Had we not done the, like the state transition to give the coins back to the Dow holders, would that have affected how we do proof of stake stuff today? Because of how much coin they had. How much coin did they have? It was like 15% of 14%? No, no. Actually, they ended up only taking 4 million. It was weird. Like I think they could have taken more, but then they just let the 8 million go. I think, I don't know, that might have been the attacker just, like, realizing that if they took the entire amount, then we would definitely fork it. But, no, no, even once the third we forked anyway.

I would personally say no. Like, I think, well, for me personally, a key part of how I approach proof of stake security. And I think this was true for Vlad as well, is that, like, we should not be viewing a single 51% attack as the end of the world. If a 51% attack happens, then you just, you know, if necessarily, do a community soft fork and kind of re-worked past it. Burn a bunch of eth and move on. Yeah, burn a bunch of Eiff. And then the attacker does this five times. And then after that, they don't have their three million each anymore.

Hey, Ryan, watch the burn.com is back up. I think that it could have definitely shaken confidence. Like, obviously, I think it's good to have these recovery mechanisms. but it would have been this like looming thing where people would be talking about it and yeah yeah whereas now no one talks about it i mean most people don't even know about it yeah that's there hmm yeah i actually wonder like what what the counterfactual universe where the yeah doubt fork never happens would look like um i did i did hear through the grapevine that there actually was a significance a number of

of Bitcoin people that moved from Ethereum curious to thinking Ethereum is the devil precisely because of that event. So I don't know. I guess it's very possible that like the flippinging would have happened, but on the flip side of Ethereum would be more Bitcoin and may potentially like one way, one practical way in which that might manifest is that there might have been more opposition to proof of stake and proof of steak might have been the pivot split into two. I think we would have had like,

so I feel like Ethereum Classic rooted out the super ideologues of Ethereum. Like very passionate, like people who like really go by ideology of a peer blockchain and stuff. And like I like that they, you know, were kind of rooted out. not that they're bad people, but they're... I don't know if I'd use the term rooted out. I would say it gave them their own space to pursue what ideologies they value the most. Yeah.

Very amicable. So it's just, I feel like it's, at least for the Ethereum, my envision, it's a little bit better. Did the difficulty stay relatively stable, signaling that all pools came? There's no contentious for. I just realized that my nethermind note is on an old version. Wow.

Oh, my God. You're one of those last, like, people who don't realize until the fork happens. Always a few of you guys. You know, you know, Coin Telegraph is going to write that up is Hudson Jameson forks Ethereum. He's running the contentious fork alone. Oh, if you go to each step. With his CPU minor. I like the only note on ETH stats

who has an update... Oh, no, no, no, there's a few others. Yeah, there's usually a few. I'm the only nethermind note on ETH stats that's on the old fork. That's funny. Eric, you put the... Is this the new Metamask version?

That's just where it is. We just hit 100 ETH burn, so that's cool. The ETHCain.org slash burn website is really cool. It's got like a burn rate. stats is 1.65 a. 8 per minute being burned right now. What's the punk floor?

Is that like one punk a minute? I know, that's like a 10th floor's a lot higher. Yeah. Yeah. The punk floor is 35th right now. 35.9.

Trent, do you know what the RPC call? There's a new one, right? Like fee history. Hit fee history. Yeah. Eath underscore. Oh, I just want to try it out. Yeah, I can grab you.

Tim has a link. One thing I want to mention really quick is that over time, the eth-burn per block might drop as a ratio as more people start using 1559 style transactions. Because currently, it seems like almost every, sorry? Is that true? Like that would reduce the priority fees. Why would that reduce the burn? Right. Is it going to, basically users aren't getting refunded now?

Um, there's a marginally higher. Right, but the point, like right now, like basically if you, like whatever fee you pay, like some gets burned and the rest goes to the minor. Whereas like in the future, whatever fee you pay, like some go like the some gets burned and then the rest that you just, most of it you don't pay. What's going to happen is that the ratio of burnt to tip is going to improve. So we're going to be burning more and having a. less tip. And one of the things that we'll be able to do is retroactively look at the stats and calculate how much we've been overpaying the miners in tips. You know, kind of comparing today where it's mostly legacy transactions versus when it's mostly EIP 1559 transactions. But the

base fee should not be impacted by EIP 1559. Now what? Now what? Oh, interesting. So it looks like we do have a rough, a 200 block estimate of how much we've burned, which is liquid about 105 ether so, which is, looks like we're burning over a little a quarter, a little over a quarter of the block reward, which is an interesting fact. Peter from Geth just tweeted, okay, all three burn sites show different totals. At least the chain is still in consensus. I was actually joking. Somebody brought this up last night, and I said this is going to be the next supply gate, where all the sites have a different amount of burnt. Supply gates, it's a more complex calculation now.

No one knows. Yeah, so we have right now. But there's no floor, right? Right. The supply gate is being replaced with a reinforced steel door. Hmm. So this is on Etherchange. burn, it's showing 109 ultrasound money.

Have we gotten any insight as to a percentage of fee burn yet? Just like looking at- quarter of it. No, no, that's a quarter of the block reward. I think just looking at random blocks, I'm seeing about a three-to-one ratio between burn and fees-fights of the minor. Let me just look up a couple of random blocks and see if that's true. Oh, there's one with a six-to-one ratio.

there's one with a four to one and there's also one with a four to one yeah that's pretty high there's one with more fees than burned there's one with a three to one block 174 has 1.16 tip paid with 1.25 burnt fees so almost

one to one the highest I've seen a block 193 has a 2.33 re-burn or sorry a tip oh wow look at that i mean one thing to consider is that the the median amount and the average amount is going to be very different and the reason is that mv is extremely spiky and so the tips are going to be very spiky and concentrated in some blocks is she gas token at zero yet i think nothing nothing ever goes to zero in this industry yeah oh good question now it's a relic yeah people who speculate i am uh

What's an NFT. On gas token or on uniswap and see what Qi gas token is at. Yeah, I can see it. It's still worth, it size of a market cap of $830,000 and it still has a little bit of liquidity on one inch. It's probably them backstopping it, though. Oh, hold on. No liquidity, click to trade with V2. And then with an infinite amount of chi, you can get 46.

thousand dollars out of the uniswap v2 pool here that anybody anyone who's got cheer um yeah yeah you got how's the time yeah now's the time you got 46 000 dollars if you look at the pump it's going to go if you look at that chart there i don't know if this is like a data error or something but you can see somebody burnt a hundred million of chi which completely you can't even see the other parts of the chart so either somebody was farming this over time and then eventually just called it quits and burnt it burnt it all to get their refunds. That might be a graph very just because of how significant that is, but something probably happened there.

Gas tokens were one of the greatest to meet like economic subversions and, you know, just harnessing something that that was available for everybody and, you know, wrapping it into something interesting. Yeah, I know. So apparently the cool new thing is that people are trying to shell MEV extraction tokens, which hopefully none

of that is going to get anywhere. They're also going to go to zero and the protection mechanisms are put into the protocol. Right, right. Whenever we add a block proposer, builder separation. You know, so not a good idea to buy

Just like gas token. It's going to zero. Yep, yep, yep. Hey, gas token had a good run, though. Yeah, no, sorry. Sorry, Eden, no garden for you. Wait, is that out yet? No, I don't think so.

No. Oh, man. The block gas limit's still going down. What's the reasoning behind why there are empty blocks at times? And this was true before the fork, right? There's just energy blocks every now. I guess some miners just like experience higher levels of, actually, no, even before the fork,

you know, I can't be like about uncor rate issues because before the fork fees were enough to compensate. I guess, oh, that's actually, okay, it's a good question. Well, shouldn't, meaning a minor potentially is going to just not taking the transactions because their latency is high to miss out on the block and get uncorily. isn't that probably most likely the reason just take the block reward yeah yeah it's unclear there it seems like a very poor calculation of their assessment of the uncor rate given given the value

you can get from me be so i don't know the exact reasoning other than like fuck it there's a comment in the youtube saying that they mine empty blocks just to push the gas price up that doesn't make any sense though right no that's not right that if anything they're going to they're going to allow somebody else to make more money than them. Wait, what? Oh. Sorry, I found that. I thought it was Peters so long you responded to Tim Baker on Twitter,

but actually it was one of the scam Peters. One of the scam Peters. What did he say? and did you almost believe him? Well, no, yeah. I think I only believed him when I was just looking at a Discord message, and my eyes weren't yet pointed at the text. You said him 10 eF, though, right?

Yeah, deposit up to Eith and we'll shoot you. Oh, back with doubled him out. So if I can ask, Vitalik, anything interesting, you expect people to build with the base fee upcode? Oh, good question. I think, well, one natural thing that makes sense is that, like, if you're building a smart contract system that has any kind of bounty mechanism for people to send transactions,

then it's just much more efficient for that bounty. It's a big, yeah, the base fee plus some amount. Have you seen the Keeper network? This was like a cost. concept MakerDAO has been trying to push for a long time, right? Is it someone else? This one is by, you know, Andre, Kronje, and Yearn. Oh, I see. Okay. No, it was like Maker, I think. Yeah. We have another concept of keepers. And you can do on-chain betting about on-chain usage. Hmm. Yeah. Another nice one is the optimistic roll-ups in plasmas and channels, increasing the, or adjusting. and withdrawal periods based on how high the base fee is.

But I think realistically, like plasma is probably not going to see enough of a light of day for that to become an issue. It's just the roll-ups are too far and too fast at this point. Is there any room for plasma constructions given channels, roll-ups, and other potentially better things? I think realistically, like, in the medium term, there's going to be things that are on volatiums. If they don't, yeah, like if you don't care about, like, if you do, if you just want this kind of weaker, like, guarantee of authenticity, and you're fine with the operator breaking aliveness. So, like, accountable centralization, basically, then, you know, it makes sense to be a voladium. So what about, isn't Polygon plasma kind of? what a current network

they're a side chain though oh that's right though I understand that they maybe have possibly some kind of plans to add a roll up or become a roll up eventually

they have the plasma chain live but the chain that sees the most activity is the POS chain which is like a side chain yeah yeah yeah but they do plan to bring out layer to kind of tech as well

on their roadmap so that'll be cool to see what they come up with man these burn sites are going to like be some of the most high traffic sites in this ecosystem so i have access to the stats for ultra soundup money and there's 2,500 people currently watching the website jeez and that's awesome that's awesome that's usually the signal of the end of the call for me and take oh is just so no wise and thought just tweeted out uh hasu's article on eip-5-559 saying it's a good read.

So that's cool. Thanks Joe. Who tweeted that out? Joe Wisenthal from Oh, okay. Yeah, yeah. Bloomberg. Hmm.

Yay. Alex from Nansen just tweeted out of graph. I don't know where it came from, but, because I don't think it's on Nansen yet, but you tweet out the percentage of EIP-15-9 transactions, and it looks like we're up to 16%. It just spiked huge in the last few minutes, so some wallet must have updated or something.

Maybe it's a roll. Would that release come out? I don't see it yet on GitHub, but... I think if we see any spike, it's going to be from, you know, bots or... Yeah, right. Yeah. True. It reminds me of when Bitcoin upgraded to Segwit and now watching the percentage of transactions

that were Segwit transactions. But it happened a lot slower. I didn't get the 16% for a long time. Yeah, that took like, what, a year to get to 40% or something? Uh-huh. Yeah, it took a lot. I was impressed by how fast route, how fast taproot got consensus. It took like not much time at all.

Oh, hold on. Where was this in the chat? Oh, A. Svanovick. Oh, that's not the same as Alex Swetsky. Okay, no, I think I got him. Oh, God, let's not talk about Alex Svetsky. Okay.

Okay, looking for group, EIP-159. Wait, what does that mean again? I read it as looking for group too That's why I laugh It actually it's let's fucking go Instead of looking for group Yeah But I always read it

That's how you know That's how you know of Warcraft maxi coming out What is GM Good morning Good morning What the hell is going on with that? Well Oh, man.

General Motors. Yeah. Everyone's pumping GM stock. That's not a bad guess. Still say you're looking for group. Hey, guys, I heard there's this hard fork of GM called GME. Oh, no. Front page of Bloomberg, Vitalik pumps GME.

Yeah. Hmm. Ultrasound money, that money still has that bug, right? Or were we burning like quadrillions worth of the... No, I think the bug got fixed. No, the bug got fixed, yeah. They needed to divide by 18, right? I've done that, you know, when we released a multicolateral die.

I had dieStats.com at the first block. But numbers in Maker are 45 decimals long, and I forgot to divide the... and I forgot to divide by 45. So at least you forgot on the UI and not in the contract. It was on the UI, thankfully, yeah. Oh, wow, we got a 1.7 burn. That's a high-size-old. Yeah, I wonder when the first net negative issue in Spilock is going to come.

That'll be fun. Next time. One thing which is a little scary, you see here, there's a flip-flopping. There's 0.1.E. And then 1.6. 0.011 and then 1.3. This might suggest, I'm not saying it is, but it might suggest that the adjustment of 12.5% is a bit too high. So, you know, we go up 12% or it's too expensive.

I think the flip flop thing, it could happen with even smaller adjustments as well. I think like the way that I think I remember being explained in one of the papers that talked about the flip-flop issue was that if a lot if there's one user that sets a fee, like one large user that sets their fee at some amount or if there's like some psychological threshold that lots of people set their fee to then like if it's under then it's super full and then if it's over it's empty and so it flip-flops. This was actually one of the reasons why I had I proposed there was that alternative version in ether research where I talked about like the y equals each of the power of x curve and I think it's like maybe alternative EIP 1559 design or something. Let me look

this up. Most recent block has 1.75 Ethern. Improve EIP 1559 U.X by, no, that's not mine. That's a different one. GUR, where is this thing? There it is. Make EIP-1-559 more like an AMM curve. ETH Research had 9082. That was the thing that I suggested as a fix, both to the current imbalance, where technically instead of 50% of minors to bring it down to zero, you only need about like 47%. And also the flip-flopping.

Yeah, Barnaby, I remember you released a couple notebooks and then reports that kind of talked about this oscillation. And I think actually Tim Ruffgard may have talked about it in his report last year. But yeah, it's, I'm sure. So in two weeks, actually, we're having another call. We've been hosting a series of calls associated with the cordev. Oh, shit. We just had our, sorry to cut you off, Trent.

We just had our first block that Burtmore Ethan issued. Oh, well, which one? 263. Sorry, Trent. Well, hold on me. Let me check if that includes uncles. We are net deflationary, guys. Okay.

It's official. Oh, well, yeah, it is. Yeah. Well, this is the first ultrasound money block? This is the first ultrasound money block. They're an NFT. Probably an NFT drop. Trent, sorry.

Sorry about that. Go ahead. I was just going to say one of the things we've been doing is hosting ecosystem infrastructure calls. So this is like libraries, tooling, infrastructure providers, like node runners who then provide data to applications. We've been hosting a bunch of calls over the past few months to get people ready. And we're going to have another one in two weeks. And I'm really looking forward to see what Barnaby presents because he's going to do some analysis around this exact behavior that we're looking at now.

But it'll probably be much more informed and have some interesting takeaways for how the mechanism is. working properly and maybe how it can be improved for future versions. Are those recorded and streamed? They are recorded. I don't think we live streamed them, but all of the recordings are either on the Ethereum Foundation YouTube or the Catherers YouTube. Cool. Justin, say something in Castellano for the community Latin.

Well, hello to all right. How is it? Ultrasound. Ultrasone. We're in a regime a regimo, so when the proof of work, when we don't

we have the proof of work, we're to do ultrasonido. Thank you. Thank you. That was awesome. I know there's a lot of people listening from Latin America. Okay. Now, Vitalik, do your five languages.

Ultrasound money in every single language you know, Vitalik. Go. I don't even know how to say. Okay. I got to sign off. You know. Guys, I feel like mission accomplished. Mission accomplished.

Successful. Yeah. Accomplished. 5-9 is deployed. We're all set, guys. Ethereum, not dead yet. Not dead yet. 1559, setting the stage for the proof of stick.

Absolutely. That's what's next. Is that the next live stream? We're doing the merge live? When? When are we doing that, guys? When should we schedule that? Justin loves given dates.

More I say, I'm Justin pick the date again. It's worth all. Q1, Q1, it's happening Q1. Guys, every time you speak about the merge, one minute charge is dumps, like, save me, please. Yeah. Well, all right, everyone.

We want to thank everyone who join this. Ethub guys, been a pleasure to host with you, of course, everyone who's been on the live stream. Thank you so much for attending. We've watched history, I think, EIP 1559 deployed. We're at 174 ETH-BURT, successful fork. really exciting time to be in this ecosystem. And thanks everyone for watching.

Take care. And subscribe to the YouTube. Bye, everyone. Hey, guys. Bye. Bye. Bye, bye, bye, bye, bye. Bye, bye.

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