Latest / The Paul Barron Crypto Show / Ethereum Inflation Reduction Incoming!🚀INTERVIEW

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Ethereum Inflation Reduction Incoming!🚀INTERVIEW · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Let's cover an ethereum topic today, and that is all
• 0:02
  Speaker 1: about the issuance reduction proposal that is out there today.
• 0:05
  Speaker 1: I'm going to break it down with someone I think
• 0:07
  Speaker 1: you guys may have seen out there. We'll get started
• 0:11
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• 1:00
  Speaker 1: So you guys can get all of that together. Listen,
• 1:03
  Speaker 1: I wanted to really address an issue that we have
• 1:06
  Speaker 1: talked about here on the channel before, and the topic
• 1:09
  Speaker 1: is really around issuance. So Jerome, welcome to the show.
• 1:12
  Speaker 2: How are you.
• 1:14
  Speaker 3: I'm great, Thank you for having me again. It's always
• 1:16
  Speaker 3: a pleasure to be there.
• 1:17
  Speaker 1: So Jerome, let's get first of all, when you look
• 1:20
  Speaker 1: at the amount of people and we'll just say whales
• 1:23
  Speaker 1: that have been staking ethereum, it seems to be getting
• 1:28
  Speaker 1: out of hand. I mean because the amount that they're
• 1:30
  Speaker 1: obviously yielding is something of great concern and it is
• 1:36
  Speaker 1: one that of course is addressing this issue right now
• 1:39
  Speaker 1: and that is changing the issuance. Explain what you're trying
• 1:42
  Speaker 1: to do to our audience.
• 1:44
  Speaker 3: Well to your point, indeed, there's about a eight million
• 1:48
  Speaker 3: of ef at stake that are currently sitting at dat
• 1:51
  Speaker 3: ETFs and whatnots, and those actors are thinking about going
• 1:57
  Speaker 3: at stake.
• 1:58
  Speaker 2: Some of them are already doing.
• 1:59
  Speaker 3: So if you look get the entry queue, which is
• 2:02
  Speaker 3: the queue to go at stake, you need to deposit
• 2:04
  Speaker 3: your IF and wait for them to be activated. This
• 2:07
  Speaker 3: entry Q has been ultra fool since a couple of
• 2:09
  Speaker 3: months with no signs of going down. All things are
• 2:13
  Speaker 3: pointing towards an increase of the deposit on IF at stake,
• 2:19
  Speaker 3: and currently this quisper rate is about two point eight
• 2:22
  Speaker 3: two three percent, depending on the activity of the network.
• 2:26
  Speaker 2: Because you don't.
• 2:27
  Speaker 3: Only have staking rewards, you also have an activity reward.
• 2:30
  Speaker 2: Link to the execution layer of I three M. There's
• 2:34
  Speaker 2: simply no better product right now.
• 2:38
  Speaker 3: So all the IF are going at stake, and this
• 2:41
  Speaker 3: is snowballing because the consequences of having more IF at
• 2:45
  Speaker 3: stake are on the supply of IF a dilution. So
• 2:49
  Speaker 3: as the holders, if you're not staking, you're getting deluded
• 2:52
  Speaker 3: by zero pen eight percent, and you should go at stake.
• 2:56
  Speaker 3: And that's a problem. That's a problem for two things,
• 2:59
  Speaker 3: mainly the security of ethereum. Ideally we want to have
• 3:03
  Speaker 3: twenty percent of the efat stake, not thirty four going
• 3:08
  Speaker 3: to forty pretty soon. And also from a market ability
• 3:11
  Speaker 3: perspective and the moneyiness of EF, it's better to not
• 3:16
  Speaker 3: have all the efat stake, right So that's why we
• 3:19
  Speaker 3: are considering changing the issuance of ethereum right now.
• 3:22
  Speaker 1: All right, So you look at the current steak d
• 3:25
  Speaker 1: This is the history of the steak deth coming across
• 3:27
  Speaker 1: right and the sum of all effective balances. You can
• 3:29
  Speaker 1: kind of see the growth here all the way from
• 3:31
  Speaker 1: twenty twenty two to we're setting right now, which still
• 3:34
  Speaker 1: to your point, is consistently growing. Even the validators are
• 3:38
  Speaker 1: growing as well. So what is the technical challenge that
• 3:42
  Speaker 1: this represents to the Ethereum blockchain.
• 3:45
  Speaker 3: Beyond the fact that when all the e f art
• 3:47
  Speaker 3: stake or a lot of e f art stake, there's
• 3:49
  Speaker 3: just not enough.
• 3:50
  Speaker 2: EF to be purchased, which leads to a lot of
• 3:52
  Speaker 2: sleep pages.
• 3:54
  Speaker 3: So we want to have deep liquidity in order to
• 3:57
  Speaker 3: guarantee that we can have adoption, to guarantee that we
• 3:59
  Speaker 3: can offer the holders that want to come in good
• 4:02
  Speaker 3: prices and the holders that want to come out good
• 4:04
  Speaker 3: prices as well.
• 4:05
  Speaker 2: So that's more on the money aspect of things.
• 4:07
  Speaker 3: On the security side of stuff, staking protect etherium, but
• 4:11
  Speaker 3: too much staking fretnsgerium. Let's call it the mid term considerations,
• 4:16
  Speaker 3: because the current roadmap of Ethereum, called Lineitarium, is progressing,
• 4:19
  Speaker 3: progressing quite fast. We are entering the fourth day of
• 4:22
  Speaker 3: net right now, and there are many elements on the
• 4:26
  Speaker 3: roadmap that necessitate that we have a network that is large,
• 4:31
  Speaker 3: but not extra large extra large in terms of number
• 4:34
  Speaker 3: of raietors. The reason at which we create blocks that
• 4:37
  Speaker 3: we want to reach necessitate that we don't go into
• 4:40
  Speaker 3: the twenty thousand varieators soty thousand ardietors one undred thousand
• 4:44
  Speaker 3: varidators like we want to have a lot of nodes,
• 4:47
  Speaker 3: but not an extremely high amount of nodes. And there
• 4:50
  Speaker 3: are many things in the roadmap that necessitate to not
• 4:56
  Speaker 3: impose but at least have a cap on an amount
• 4:58
  Speaker 3: of veridiators that are there. Now, that's more forward thinking.
• 5:02
  Speaker 3: We have very big problem to deal with right now.
• 5:04
  Speaker 3: The first is that this will deteriorate the credibility of
• 5:10
  Speaker 3: having a large large slashing events.
• 5:12
  Speaker 2: Bear with me on this. As we have more and more.
• 5:15
  Speaker 3: Iff at stake, it's a centripetal force. You tend to
• 5:20
  Speaker 3: put your IF at stake with the biggest one. So
• 5:23
  Speaker 3: that's that's just putting more and more if ats take
• 5:26
  Speaker 3: at the same at the same venues, which in uh
• 5:31
  Speaker 3: consequently makes this uh uh, this actor bigger and bigger
• 5:35
  Speaker 3: and least and less and less likely to be slashed
• 5:38
  Speaker 3: if the actors was badly behaving.
• 5:42
  Speaker 2: If you have one third of the IF at stake.
• 5:45
  Speaker 3: Let's say you're pretty big actory you have one sort
• 5:47
  Speaker 3: of the IFF at stake, you can start to delay finality,
• 5:50
  Speaker 3: you can start to dishold your signature and make it
• 5:54
  Speaker 3: so that maybe you're chasing the biggest reward that's incoming
• 5:58
  Speaker 3: in a couple of blocks. And then we start to
• 6:00
  Speaker 3: reach fifty percent of the IF at stake, you can
• 6:04
  Speaker 3: basically do even nastier things. And when you start to
• 6:08
  Speaker 3: have two sorts of the efat stake, okay, you can
• 6:12
  Speaker 3: be completely controlling the network.
• 6:13
  Speaker 1: Too much control.
• 6:15
  Speaker 2: Yeah, And that's that's really the crux of it.
• 6:18
  Speaker 3: Our ultimate defense when it comes to ethereum and staking
• 6:22
  Speaker 3: is having if that I'm not just at stake that
• 6:24
  Speaker 3: can come at stake to defend the neutrality of the network.
• 6:26
  Speaker 3: That's why we are thinking about making those changes now,
• 6:29
  Speaker 3: because we are way beyond the threshold where.
• 6:32
  Speaker 2: It's start to be really grave to see the situation.
• 6:36
  Speaker 3: We are thirty four sort sorty for or such a
• 6:39
  Speaker 3: percent of the efat stake right now.
• 6:41
  Speaker 2: Yeah.
• 6:41
  Speaker 1: Significant. I'm looking at a tweet here from Zach Pandel,
• 6:44
  Speaker 1: who is a gray scale. He's been on the show
• 6:46
  Speaker 1: many times and.
• 6:47
  Speaker 2: He says it right here.
• 6:48
  Speaker 1: He says, hell, let's weigh in on the contentious issues
• 6:50
  Speaker 1: of the supply model. We think a change is warranted
• 6:53
  Speaker 1: and would be bullish for eight long term. So to
• 6:56
  Speaker 1: your point, the topic is a good litmus test for
• 6:59
  Speaker 1: how people these assets. Because to your point, if you
• 7:02
  Speaker 1: do reduce issuance, it's going to slow down the staking process,
• 7:07
  Speaker 1: which of course open ups the supply into the market,
• 7:09
  Speaker 1: which does a lot of other good things for the
• 7:12
  Speaker 1: blockchain itself. So I would agree with that. Explain to
• 7:16
  Speaker 1: the people like Tom Lee, because Tom Lee has been
• 7:20
  Speaker 1: a big advocate of understanding how this. In fact, his
• 7:25
  Speaker 1: business model is built on this. Okay, and you know
• 7:29
  Speaker 1: he's out there taking alms or trying to take about
• 7:31
  Speaker 1: five percent of the supply funnel it right into staking
• 7:35
  Speaker 1: and then take that money and put it good to use.
• 7:39
  Speaker 2: So how do you.
• 7:41
  Speaker 1: Argue with that kind of scenario?
• 7:43
  Speaker 3: For first off, Tom Lee is a great advocate for
• 7:46
  Speaker 3: EFM as a whole. There's there's no way him or
• 7:51
  Speaker 3: the people at Grayscale, or the the people behind the
• 7:53
  Speaker 3: eights and so on are looking at the yield and
• 7:55
  Speaker 3: thinking like, hey, this yield is protecting me or helping
• 7:59
  Speaker 3: me out selling the asset while the principal is doing.
• 8:03
  Speaker 2: Minus ten percent, Mayus twenty percent, MANU thirty percent.
• 8:06
  Speaker 3: Yield doesn't matter if the if IF is going down,
• 8:12
  Speaker 3: it's it's not having their case selling their product.
• 8:15
  Speaker 2: In this case, I.
• 8:16
  Speaker 3: Really don't think that the tumney will be an opponent
• 8:19
  Speaker 3: to these kind of changes because what we're trying to
• 8:24
  Speaker 3: change here is the issuance. Right now, if you look
• 8:26
  Speaker 3: at how the supply of IF is growing over the year,
• 8:30
  Speaker 3: we are at zero pen eight percent per year.
• 8:32
  Speaker 2: Good, but good is what is the benchmark?
• 8:35
  Speaker 3: If you look at Bitcoin zero pen eight as well,
• 8:37
  Speaker 3: that's okay, so we are doing as good as Bitcoin.
• 8:40
  Speaker 2: But in two years.
• 8:41
  Speaker 3: Bitcoin is having helping and we will be doing zero
• 8:43
  Speaker 3: pen eight if things stay the same. But all things
• 8:46
  Speaker 3: point out that we're going to have more IF at stake,
• 8:49
  Speaker 3: so we'll likely be in the one percent of supply
• 8:52
  Speaker 3: growth while Bitcoin will be at zer open four. Now,
• 8:55
  Speaker 3: if you benchmark ourselves with the blockchain that are.
• 9:00
  Speaker 2: Below us in terms.
• 9:02
  Speaker 3: Of market gap, they are more into the three percent,
• 9:05
  Speaker 3: four percent, seven percent eight percent as well, So but
• 9:09
  Speaker 3: how do they compare? The leader is currently bidcoin in
• 9:12
  Speaker 3: terms of market gap. The leader in terms of technology
• 9:14
  Speaker 3: advancement and readiness and right future is definitely ethereum, so
• 9:18
  Speaker 3: we need to be in the lead in this point
• 9:19
  Speaker 3: as well. This delusion is being priced in by the market.
• 9:23
  Speaker 3: The market is looking at the amount of EF that
• 9:26
  Speaker 3: do other stake expect that next year it couldn't be
• 9:29
  Speaker 3: eazer open nine. The year after it's going to be one,
• 9:32
  Speaker 3: the year after it is going to be one point one,
• 9:33
  Speaker 3: one point one point.
• 9:34
  Speaker 2: Three until we either reach a reservation yield.
• 9:37
  Speaker 3: Or a person will be saying like, hey, I'm not
• 9:39
  Speaker 3: going to stake my IF, because look, there's too many risks,
• 9:43
  Speaker 3: there's too many opportunity risks to the liquidity risk, like
• 9:46
  Speaker 3: I want to have my IF on my wad not
• 9:48
  Speaker 3: at stake, or we'd never reach this, uh this this
• 9:54
  Speaker 3: reservation yield, and we end up with one point six
• 9:57
  Speaker 3: percent of delusion. So when the market is factoring in
• 10:01
  Speaker 3: the delusion and expected delusion over the years, these translate
• 10:07
  Speaker 3: into inflation, a loss of purchasing power for IF, and
• 10:11
  Speaker 3: that's that's impacting the valuation that the market give to IF.
• 10:15
  Speaker 3: So by not signaling any willingness to tackle this matter,
• 10:21
  Speaker 3: to reduce the issuance.
• 10:24
  Speaker 2: While we do know from both.
• 10:28
  Speaker 3: A theority CaAl and empirical modeling that this is needed
• 10:32
  Speaker 3: and that we can have better security with a maximum
• 10:35
  Speaker 3: issuance of zeropen five percent, we are simply telling the
• 10:38
  Speaker 3: market that we are not willing to do what's right
• 10:41
  Speaker 3: and that it should just factoring that the delusion is
• 10:43
  Speaker 3: going to continue and that the loss of procesing power
• 10:48
  Speaker 3: of IF is inevitable.
• 10:50
  Speaker 2: So it's it's a great occasion for D A T, E,
• 10:56
  Speaker 2: T S and such to start to educate the olders
• 11:00
  Speaker 2: about those kind of topics and signal that this is
• 11:04
  Speaker 2: good for the marketabilty and the marinetto fish well.
• 11:06
  Speaker 1: And I think the point you're getting at actually Tom
• 11:09
  Speaker 1: Lee talks about this in a clip that I've got.
• 11:11
  Speaker 1: Let me play this clip for you and then I
• 11:13
  Speaker 1: want to get your reply.
• 11:14
  Speaker 4: They can only support about ten million dollars of grant efforts.
• 11:18
  Speaker 4: But this is where the treasuries come in bitmind sharp link,
• 11:22
  Speaker 4: among others. These public treasuries are generating five hundred million
• 11:26
  Speaker 4: a year in rewards. That is what we can use
• 11:29
  Speaker 4: to fund and grant the crypto ecosystem. There's eleven five
• 11:34
  Speaker 4: hundred nodes and there's fifteen thousand developers. I think this
• 11:38
  Speaker 4: is too big to be coordinated by a single foundation.
• 11:43
  Speaker 4: And I've got three examples here in the mobile industry,
• 11:45
  Speaker 4: which I think is the closest analogy to what happened
• 11:48
  Speaker 4: in crypto. There's something called the CTIA. Centralized foundation has
• 11:53
  Speaker 4: a very limited role. When I look at Ethereum, I
• 11:56
  Speaker 4: think there's already the skeletons of that here private company
• 12:00
  Speaker 4: that represent the ecosystem. I mean, if you ask me
• 12:03
  Speaker 4: my opinion, I think Ethereum is in good hands. The
• 12:06
  Speaker 4: foundation is going to be stronger by staying focused. We've
• 12:09
  Speaker 4: got a lot of private sector companies already building products
• 12:13
  Speaker 4: and important l twos in Ethereum, and of course the
• 12:16
  Speaker 4: treasuries are here to help.
• 12:18
  Speaker 1: The alternative would be private companies kind of dealing with
• 12:21
  Speaker 1: the advancement of development in the ecosystem, partnerships, all sorts
• 12:26
  Speaker 1: of you know, global outreach to really build the Ethereum
• 12:31
  Speaker 1: blockchain and its efforts going forward with the foundation focusing
• 12:35
  Speaker 1: primarily on the technical side. Would you agree to something
• 12:38
  Speaker 1: like that? Do you think that's a good model?
• 12:40
  Speaker 3: Totally agree that Eftherreum is in good hands. I completely
• 12:45
  Speaker 3: concur to what Tommy is saying. If you look at
• 12:48
  Speaker 3: the broader perspective, we have a much keier quantum resistant
• 12:52
  Speaker 3: road map than any blockchain.
• 12:53
  Speaker 2: We know how to do it, We know where we're going.
• 12:56
  Speaker 3: So if Q days up and tomorrow, we'll be there
• 12:59
  Speaker 3: and we will not be able to say the P
• 13:00
  Speaker 3: word like the price will go up, because we will
• 13:02
  Speaker 3: be the only one that that is ready that already.
• 13:06
  Speaker 3: So the deep tech and research that as being done
• 13:11
  Speaker 3: so far, but by the EF is showing our technical
• 13:14
  Speaker 3: superiority by far. We have our security budget fully figured out.
• 13:19
  Speaker 2: UH.
• 13:19
  Speaker 3: Currently we overspent like we've paid one zero point eight
• 13:23
  Speaker 3: right now in delusion we could pay we could spend
• 13:25
  Speaker 3: zeropen time and will be greater.
• 13:26
  Speaker 2: That's the change that we want to make it happen.
• 13:29
  Speaker 2: So the future is very bright.
• 13:30
  Speaker 3: But at the same time, we had ten years of
• 13:34
  Speaker 3: of UH roller coaster in terms of difficulty to to
• 13:38
  Speaker 3: ship core features UH, to figure out the management inside
• 13:43
  Speaker 3: an organization that is decentralized and going through different cycles,
• 13:48
  Speaker 3: and a lot of criticism on on the management of
• 13:52
  Speaker 3: the foundation, which was was was tough to witness from
• 13:55
  Speaker 3: the outside and probably very tough to leave from the
• 13:59
  Speaker 3: inside and at the same time an industry that several going.
• 14:02
  Speaker 3: I think it's it's great to see uh newcomerce new
• 14:07
  Speaker 3: entities coming to champion ethereum and to focus about making
• 14:10
  Speaker 3: Ethereum adoption and making the price go up, and making
• 14:13
  Speaker 3: the adoption go up, and making the technical aspect of
• 14:19
  Speaker 3: ethereum staying the lead.
• 14:20
  Speaker 1: Yeah.
• 14:21
  Speaker 3: So now we are we are blessed. We're having so
• 14:23
  Speaker 3: many institutions that can come in and say like, hey,
• 14:26
  Speaker 3: we built our business on this and we are willing
• 14:28
  Speaker 3: to take it a lot further than it is right now.
• 14:31
  Speaker 1: Well, you look at Tomley, I mean his states that
• 14:34
  Speaker 1: here is that they're not opposed to the idea of
• 14:37
  Speaker 1: taking issuance where it could change. So that's to your
• 14:40
  Speaker 1: you know, I think to your credit that has been
• 14:43
  Speaker 1: out there, who would you say is against reducing issuance
• 14:47
  Speaker 1: right now?
• 14:48
  Speaker 2: Right?
• 14:49
  Speaker 3: So if your efhoulders are like, yeah, there's no way
• 14:51
  Speaker 3: you're not going to be I feel that there will
• 14:55
  Speaker 3: be some some frustrations, maybe some some position towards staking
• 15:01
  Speaker 3: service providers of all kinds because they will perceive that this,
• 15:06
  Speaker 3: this may be, this may be against their business. Typically
• 15:09
  Speaker 3: a service taking service provider like what I mentioned cont
• 15:12
  Speaker 3: based ones, but like current bas is taking a ten
• 15:16
  Speaker 3: I think it's forty basis points or fifty business points.
• 15:19
  Speaker 3: So if I if I put myself in their shoes,
• 15:21
  Speaker 3: I'm I'm thinking, well, that's a great proposal. Like currently
• 15:26
  Speaker 3: the staking is that the taking year is at two
• 15:28
  Speaker 3: point eight, we take zero point five for our fees.
• 15:33
  Speaker 3: You want to reduce that. What what is going to
• 15:35
  Speaker 3: be looking like, what is likely going to be looking
• 15:37
  Speaker 3: like at the same level of staking that we have
• 15:40
  Speaker 3: right now, probably a one point eight, probably a one
• 15:42
  Speaker 3: point nine, and they're going to be saying like, oh wow,
• 15:46
  Speaker 3: So that means that my customer is only getting one
• 15:48
  Speaker 3: point four after my fees when I have to reduce
• 15:51
  Speaker 3: my fees and am I going to be earning less?
• 15:54
  Speaker 2: Right?
• 15:54
  Speaker 3: So for that it depends on how the customer is
• 15:57
  Speaker 3: captive to those kind of services.
• 15:58
  Speaker 2: Maybe they will have to adjust their fee.
• 16:00
  Speaker 3: Maybe the customer would just say like, hey, my if
• 16:03
  Speaker 3: are cool parked.
• 16:04
  Speaker 2: At coinbase and I don't, I don't don't blame it.
• 16:06
  Speaker 3: And for the record, I don't think coin Base has
• 16:08
  Speaker 3: ever said anything about issuance or express themselves just taking
• 16:12
  Speaker 3: them as an example, but what we meant well, on
• 16:18
  Speaker 3: the other side of the of the spectrum, they can
• 16:21
  Speaker 3: also consider that the price of EVE going up is
• 16:24
  Speaker 3: going to bring them more more holders, is going to
• 16:27
  Speaker 3: make their fees appreciate themselves, Like instead of taking a
• 16:31
  Speaker 3: zero point five of something that that's valued at two thousand,
• 16:35
  Speaker 3: you're probably going to be taking zero point five as
• 16:37
  Speaker 3: something that's valued four thousand.
• 16:39
  Speaker 2: So it may also help their business retain and be sustainable.
• 16:46
  Speaker 3: While at first it may seem like something that's going
• 16:49
  Speaker 3: to affect heavily their bottom line, and I really don't
• 16:52
  Speaker 3: think it's going.
• 16:53
  Speaker 2: To be the case.
• 16:55
  Speaker 3: So I mostly perceived the resistance coming from seeking service
• 16:59
  Speaker 3: providers and that's that's normal, but the support for from
• 17:02
  Speaker 3: EFER holders and solo stickers and people that are taking
• 17:05
  Speaker 3: themselves is mutually positive.
• 17:08
  Speaker 2: We wait to see if d. A.
• 17:10
  Speaker 3: Ts Uh Sharpling doesn't said anything specifically on this, or
• 17:14
  Speaker 3: even tummerly saying like okay, we need to do this,
• 17:17
  Speaker 3: but typically gray scale like, hey, it's it's much better
• 17:20
  Speaker 3: to have a sounder asset than a deluding asset that
• 17:24
  Speaker 3: is much harder to sell to future customers.
• 17:27
  Speaker 1: So a couple of questions I want to hit on
• 17:28
  Speaker 1: first of all, with this boost or hurt AVE if
• 17:33
  Speaker 1: the issuance goes down.
• 17:34
  Speaker 3: So typically AVE is an interesting is an interesting case
• 17:38
  Speaker 3: because a lot of the TV of AVE UH is
• 17:42
  Speaker 3: based on people doing looping, they positing laider EF or
• 17:46
  Speaker 3: other sts UH. This will likely lead to having a
• 17:50
  Speaker 3: less yield at stake for the people that will stay
• 17:53
  Speaker 3: at steak, So it will potentially tell people that it's
• 17:57
  Speaker 3: time to get out.
• 17:58
  Speaker 2: Of of of AVE and seek for a better, better
• 18:03
  Speaker 2: yield elsewhere.
• 18:04
  Speaker 3: When I say the situation right now is thirty four
• 18:06
  Speaker 3: percent of the EF at stake, it's yielding two point
• 18:08
  Speaker 3: eight percent. That's the risk creator vivarium. The current yield
• 18:13
  Speaker 3: on AVE. If I'm not mistaken, it's one point four
• 18:16
  Speaker 3: So you're telling me like AVE is less risky than staking. Right, No,
• 18:21
  Speaker 3: we have a problem of mispricing here, so naturally we
• 18:24
  Speaker 3: are just having more and more if going at stake.
• 18:28
  Speaker 3: When will it stop? When will the reservation yill be found?
• 18:32
  Speaker 3: I stand in the in the in the camp of
• 18:35
  Speaker 3: the people that say that with the current curve, the
• 18:38
  Speaker 3: reservation yield will never be found because at one hundred
• 18:40
  Speaker 3: percent of IF at stake, we are at one point six.
• 18:43
  Speaker 3: There's no way we eat one hundred percent for many
• 18:45
  Speaker 3: different reasons. But even at ninety percent or NY five
• 18:48
  Speaker 3: eighty percent, we are still above what AVE can pay
• 18:50
  Speaker 3: on a normal condition with looking so I think the
• 18:55
  Speaker 3: AVE as well as many different leading DeFi products of
• 19:00
  Speaker 3: already fact out this in know that this, They know
• 19:03
  Speaker 3: that this changes is bound to happen for the sake
• 19:05
  Speaker 3: of the future of Ethereum, and they are considering a
• 19:08
  Speaker 3: different way to grow. H is heading massively towards the
• 19:12
  Speaker 3: stable coin and stable constribution with a micro license now
• 19:15
  Speaker 3: in Europe, with their own stable coins as well, and
• 19:19
  Speaker 3: betting a lot on real world asset, which is very
• 19:22
  Speaker 3: trending UH new activity and where EFRAM is dealing as well.
• 19:27
  Speaker 3: So it's it's going to be for the greater good
• 19:29
  Speaker 3: because when you want to do adoption, there's nothing harder
• 19:32
  Speaker 3: than do adoption.
• 19:33
  Speaker 2: When the ticker is read.
• 19:35
  Speaker 3: Let's uh, let's cutlet let's cet insuance and move forward faster.
• 19:39
  Speaker 1: All right. Last question to you in reference to roadmap
• 19:42
  Speaker 1: you know for the Ethereum network, what would what excites
• 19:46
  Speaker 1: you the most right now as we go forward the
• 19:49
  Speaker 1: rest of this year, UH.
• 19:51
  Speaker 2: It's the rollout of easy Easy.
• 19:55
  Speaker 3: Uh D with his the Efiram Economic Zone initiative that
• 19:59
  Speaker 3: we initially launched by the former team from the z
• 20:04
  Speaker 3: KEVM of Polygon Hermes and Gnosis, which I'm wearing the
• 20:09
  Speaker 3: T shirt today Bankognosis. It's a solution to share and
• 20:15
  Speaker 3: connect different layer two with the layer one and connect
• 20:19
  Speaker 3: them together so you'll be able to do a transaction
• 20:21
  Speaker 3: on one chain to the other in one single block.
• 20:24
  Speaker 3: This is going to be possible thanks to zero knowledge
• 20:28
  Speaker 3: proof that gets possible to be verified from one layer
• 20:32
  Speaker 3: two to the other, as well as evolution of ethereum
• 20:35
  Speaker 3: that's going to be more and more zer knowledge proof friendly,
• 20:38
  Speaker 3: which is part of the world scheme of the Lean
• 20:41
  Speaker 3: Ethereum road map that will massively benefit also from this
• 20:46
  Speaker 3: minimum variable issuance change that way we want to implement.
• 20:49
  Speaker 1: Right listen, Jerome, this has been good. Thank you so
• 20:51
  Speaker 1: much for coming in today. And I think for most
• 20:53
  Speaker 1: people they're trying to understand what does this mean for ethereum,
• 20:56
  Speaker 1: my bags of ethereum. If I'm taken over on lighter
• 20:59
  Speaker 1: or wherever I might be at out there in the
• 21:01
  Speaker 1: eth ecosystem, where does this end? So we'll keep a
• 21:05
  Speaker 1: close eye on this. Thank you so much for stopping in.
• 21:08
  Speaker 2: Absolutely thanks for having me to you soon.
• 21:16
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• 21:19
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• 21:23
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