The Daily Gwei #496 Summary on the latest news on Ethereum Ecosystem

In this episode of The Daily Gwei, Anthony Sassano gives a recent recap on everything new in the Ethereum ecosystem.

Read our notes below to learn more.

Dispelling FUD over WETH joke

• Apologizes for participating in the WETH jokes as he underestimate the fact people would take this seriously.
• Wrapped Ethereum is a smart contract that lives on the Ethereum network that only has 62 lines of code, an extremely simple smart contract code that allows one to convert ETH to a WETH token and vice versa.
• It is not possible for the WETH to lend out the funds or to be insolvent as it’s not programmed for it.
• If WETH was to be exploited, it already would have been exploited as it’s been up for years.
• WBTC on Ethereum is custodied by BitGo and problems with BitGo side BTC could cause issues with the peg of WBTC.

Binance releases proof of reserves

• Binance announces Proof of Reserves and Jesse Powell reacted that this is either ignorance or intentional misrepresentation as the merkle tree without an auditor is BS and that the statement of assets is pointless without liabilities.
• Proof of Reserve should be Proof of Asset - Proof of Liability.
• DeFi can truly prove Proof of Reserves.

Coinbase on how to provide proof or reserves

• Coinbase posted a blog titled “How crypto companies can provide proof of reserves”.
• TLDR: Coinbase as a public company already provides proof of reserves using audited financials and will be exploring crypto-native methods to prove reserves. On-chain accounting is the future.

Metamask makes it difficult to replace Infura

• Thread by Chase Wright covers how Metamask makes it difficult to replace Infura.
• Metamask sends transactions in batches for all your addresses together with an IP, it becomes very easy to dox wallets.
• Useless to change RPCs as Metamask saves IP during a wallet creation.

Protocol Guild 1st-anniversary stats

• Protocol Guild celebrated its 1st year anniversary since the idea of the guild.
• Protocol Guild has $10m in vesting to 119 core Ethereum contributors in its pilot program.
• The protocol was made to unionize Ethereum contributors and not just rely on big organizations like the Ethereum Foundation, and Consensus.
• Protocol Guild gives the freedom for developers to get funding from the guild.

Chainlist chart showing which RPCs track IPs

• One can now go to chainlist site to see which RPCs track IP and ones that don’t track IP are denoted by a green score.
• A lot of these RPCs don’t offer much privacy, unfortunately.

Paradigm x wagmi front-end dev sponsoring

• Paradigm announced they are sponsoring @awkweb and @jakemoxey to build open-source libraries to accelerate web3 frontend development.
• Sassal believes Paradigm is a net positive for the ecosystem.

Ξ300k staked over last 10 days

• A lot of ETH has been pouring into staking and the reason could be the doubled APR(8-9%).
• $stETH, $rETH, $cbETH are only at a slight discount and if people really wanted to exit staking then there wouldn’t be more ETH coming into the staking pool.
• The majority of ETH stakers bought ETH at a higher price than the current price, unlikely that the stakers sell here and capitulate.

Radxa Rock5 for running validators

• Radxa Rock5 board can easily handle a fully subscribed ETH node with hundreds of validators.
• Hardware: - Computer: $220, SSD: $166.
• Software: - Geth for execution - Nimbus for consensus - Rocket Pool for client management.
• Anyone can run an Ethereum full node on consumer hardware.
• A tiny compact device sitting on your desk could have 100 validators and one could run their own proof-of-stake farm but this is unimaginable with Proof of Work.

Bullish stats for $ETH

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• ETHBTC is only down 20% from top this cycle compared to 87% down in the 2018 cycle.
• The effects of The Merge + EIP-1559 have helped the ETH price.

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