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討論如何透過 ETHGAS 加速 以太坊！參加抽獎🎟️
Recorded: Jan. 28, 2026 Duration: 0:52:00Space Recording
Short Summary
ETHGAS has successfully launched its GWE token following a recent TGE, emphasizing community governance and aiming to unlock billions in new revenue for the Ethereum ecosystem. The project is set to revolutionize transaction speeds and enhance user experience, positioning itself as a key player in the evolving landscape of decentralized finance.
Full Transcription
Thank you. Thank you. Thank you. All right.- 大家好,歡迎來到區塊先生的
I guess 人物放大鏡也算是項目的放大鏡
我們已經有一陣子沒有做這種項目的專屬介紹
所以我們今天很開心能邀請到EthGas來參加這場活動
那這場活動我們會以一個英文
English和Mandarin Chinese中文來做一個交替
然後最後這個Ama Ask Me Anything也會把它做這個入字
然後放到YouTube上面
所以到時候大家都可以去認識到EthGas So, you can also put this on YouTube. So, you can also get to know ETHGAS.
Alright, so thank you everyone for participating.
Today's AMA, we're very glad to invite Kevin from ETHGAS
to talk about, you know, what is ETHGAS?
What type of problem is solved?
And you know, the most importantly, they recently did their TGE
and launched the iconic GWE token, multiple exchanges.
So we'll also talk about kind of its token utility, tokenomic, and so on.
And I see Kevin's on too.
Kevin, how are you?
Hello, hello.
Thank you, Mr. Block, for having me.
Super excited to do this.
And as I mentioned, this space is recorded.
We will later also edit and upload on YouTube for any fans that want to learn more about it.
We'll probably add some of the website's information on there.
And Kevin will also be speaking at Mr. Box Summit Hong Kong Edition on February 10th.
So anyone that wants to meet Kevin in person, potentially get some alpha,
we'll also have other portfolio there, such as LiDAR, River, EtherFi.
Many of them will potentially become ETHGASP partner as well, so it will be a great time.
All right.
So let's start with, I guess, a quick introduction from Kevin.
Tell us a bit about yourself.
Yeah, for sure.
So thanks, Mr. Block.
Yeah, well, I guess, so I'm Kevin, founder of ETH Gas.
In my earlier career, I was in TradFi.
I used to lead financial engineering at Morgan Stanley
for a number of years. I worked very closely with institutional investors and pension funds and investment banks
and asset managers. I later founded a tech company, an enterprise cloud company with my wife.
Let's see, I started mining Bitcoin back in 2011. I was involved in the very early Ethereum ecosystem when Vitalik was raising a seed round in Hong Kong.
But for many years, I was focused on my tech company.
But DeFi summer came along.
I thought it was time to enter crypto with my background in finance and tech.
And well, here we are
Amazing and then let's
Cut it in a chest and then but for for any listener we will translate
Today's AMA into Chinese and other languages
So you could you know also wait
Then you shot the YouTube something a so you can tell John also wait then you shot down youtube
something so you can do something else okay
and then i said something in the
the way i will wait to do fine
how now we long kevin still shy girl
don't want to so some of the east gas kevin please tell us about what is
it gas and what is it got building yeah so
uh it we're building a block space futures
and effort initiative and block space is the single most valuable asset in crypto right without
block space ethereum is worth zero and and everything on top of it is worth zero so um
yeah we're building a market to trade block space.
And so basically every 12 seconds,
you have these validators that are creating blocks.
And with ETH Gas, the validators can sell these blocks
through our marketplace.
These blocks trade like a commodity,
similar to the real world with like gas futures
and commodity futures.
And effectively, whoever owns these blocks
can decide which transactions are included.
And this creates the Ethereum block base.
Got it, got it.
And I guess for many users,
they don't know that these block space can be traded, right?
Because most users are blindly competing in public meme pool
with, I guess, volatile gas auction application, right?
And then so ETHGAS is essentially solving that
and enable not only user, but I guess powerful user
to essentially
save money, right? Or even
trade.
Yeah, so
effectively, you know, there
is like a cartel
like a group of people who
they front run you, they snipe you
on Ethereum and so the goal
is to kind of break up this cartel to some
degree and create more openness and more transparency and so that's what we're doing through through block space
and then separately uh what we've done just a few months ago was we had a really big initiative
where we made ethereum more than a hundred times faster and so in this initiative, we basically took the 12 second blocks, we cut it into, you know, hundreds of mini pieces.
And now, I mean, Ethereum is like 100 times faster.
So it's faster than its L2s.
It's faster than a number of other L1s.
And it's a huge unlock for the broader ecosystem.
So, yeah, there's lots of fun stuff.
We've removed MEV for the most part.
We've made it far faster.
So it's going to be exciting this year.
Got it, got it, got it.
And I guess when you say 100x faster, right?
Yeah.
How does a user like us can experience it?
And how do you integrate with other protocols?
Yeah, so for the end user, you wouldn't need to do anything.
So we are in the process of integrating with wallets.
So what happens is that currently with the wallets,
you want to trade
and maybe you have like a slow medium fast type of gas fee there'll be a new one that just says
like instant or like super fast and so effectively for the user you don't need to do anything
ethereum will just be faster and so uh presently we you know we run about 5% of Ethereum through our exchange.
And when one of our blocks are there, it'll just feel instant.
It'll feel faster than the L2.
And so the user doesn't need to actually do anything.
What's interesting is that there's guys like, take Uniswap, for example.
Uniswap is, of of course super slow and it has
like swap on their screen right but you know effectively uniswap can um and any other protocol
right can be a real-time protocol and so instead of trading just once over 12 seconds you might
want to trade multiple times so it it creates this kind of new economy or new area where multiple dApps can now build real-time applications.
And so maybe the AMMs will change, the lending protocols like Aave.
There's a whole host of other applications.
Got it, got it. Amazing.
And I'm just going to do a quick translation for a little bit.
So, Kevin just explained the core of EastGas.Quick translation for a little bit所以剛才Kevin其實解釋到Ethgas的一個核心的部分
我們先跳過那部分
然後來講一下剛才它如何讓以太坊變得100倍更快
然後在這個過程中
他們也會跟這些不同的錢包合作
然後讓用户呢
用一个更高效的方式
更快速的方式去交易
那这个呢
也会跟不同的这些
DeFi协议呢
那也因为它可以变得更快
那就会有一些全新的
DeFi协议
创造出来而不需要去仰赖新的DeFi协议创造出来
而不需要去仰赖
第二层协议
EthGas
它本身就是一个专注于
以太坊区块空间
也是刚刚我们一直提到的
Block Space
基础设施项目
它的核心理念
其实非常简单
却像刚刚Kevin讲到
有极具革命性
因為區外空間是加密貨幣中最有價值的資產
我們就是要存所有東西進去
如果區外空間無法運作
以太坊基本上就失去了價值
所以建構在旗上的應用也會跟著崩潰
EatGas現在就建立一個市場的
讓以太坊的驗證者可以提前出售
未來的區塊的權利
我們可以想像每一個validator
他們都是會去做這些驗證
這些未來區塊就像商品一樣可以交易
購買者獲得決定該區塊內
哪些交易被打包的權利
從而形成一個真正的以太坊區塊空間市場
哇那這就很特別因為沒有人做過類似的事情
抱歉 剛才網路突然卡了一下
剛才我們也提到了一些以太坊面臨的痛點
這個速度慢 以太坊每12秒才產生一個區塊
這個交易時間非常長 使用者體驗差
也是為什麼大家現在到了這個L2
這個第二層協議
那無法支援真正的高頻或即時應用
我們看到像現在
Hyperliquid也覺得這個L2不行
那就自己做那個AppChain
專門拿來交易的
所以我們知道的一件事情
就以太坊現在核心最強的地方就是它的去中心化性
所以要在上面做的應用
就會想要達到AppChain的等級像Hyperliquid一樣
或是L2一樣
但是希望在L1上執行
Ethgas可以幫助以太坊達到這一點
我們繼續來到下一題
不然我再次FOMO所以我會說很多 All right. Now, we'll continue to go to the next topic. I'm getting pretty formal, so I'm going to talk a lot.
But I guess let's come to question two.
And I'll put a bit more info on ETHGAS, on some of the core stuff.
But one of the main things people are interested about is also the recent event, which is the TG, the airdrop and the lockup.
And I see that after TG, some users have noticed that the airdrop tokens are locked for one month.
Why was this decision made and where does post tg liquidity come from
yeah so uh yeah there's there's probably two reasons you know the first one is that
there's there's a lot of projects that you know you you build your project you list your token
and then it just dumps the next day right and? And, you know, we're building for the long term. This is core Ethereum infrastructure. You know, it's something that's
designed to last for decades. You know, the first airdrop is focused on awareness about gas spent,
and it's about the people who made Ethereum like what it is, right? And so you have the people four years ago, they spent a ton of money on gas. And, you know, like, without them, we wouldn't as a community be where we are. And so we want to prioritize those types of users. But more importantly, we wanted to give them governance, right? Like, they're the ones who pushed Ethereum to scale and create L2s.
And now the L1 is much faster. And so without them, we wouldn't be where we are.
And I think governance is a critical part of that.
And so, you know, instead of short term speculation, you know, we want them to hold basically a VEG way so they can participate in this.
so they can participate in this.
Separate to that, we have market makers that we're using,
but where can I say it?
Yeah, I guess at a high level,
we really want to build for the long-term.
Where we listed our token,
I don't want to kind of speculate in terms of where it goes,
but we wanted to do what we felt was in the best interest
of the community and in the best interest of the community
and in the best interest of long-term growth for us
and the initiatives that we're working on at large.
Amazing.
And then for VEGUE, what are some of the governance that they can do?
Can they decide the incentive?
What are some of the utility for VEGUE?
Yeah, so this is where it gets interesting. Now, so Ethereum is huge, of course, right? $350 billion blockchain. When it's real time, we expect, like, like AMMs and protocols, and we expect the broader
ecosystem to benefit to the tune of like five, five, six billion dollars in additional revenue
every year. So you think about if we are, if we if we are unlocking across the entire ecosystem, five to $6 billion of new revenue and new P&L,
where does this go?
ETHGAS is going to participate in this
because we are the real-time primitive.
But where does that money go with governance?
Does it go to the traders, the people,
the everyday users who are paying for real-time?
Does it go to the dApps who customize
for the real time experience?
Or does it go to the validators who provide the block space?
Right?
Or maybe like, do we just go and buy back
and burn our token, right?
Like there's a lot of really positive change
that we can do for the ecosystem.
And again, as it relates to revenue and fees,
where should this go?
And in future involvement,
how should we build our real-time pipeline?
And so I have my views,
but I would much rather let the community decide.
And so that's where the utility of the GUI token,
well, that's where the core governance comes into play.
Got it, got it.
And then, yeah, really fun.
And then, um,我今天大概解释一下,就是其中一个核心原因呢,为什么要做这个啊,往后啊空投的原因?
当然第一,因为大家通常现在的代币经济模型啊,就一旦你马上空投的话,哎可能就会去做砸盘的动作
但如果延后的话
大家可能在这过程中
更多的价格的探索
然后大家也会有更多时间
去决定如何去使用硅代币
其实不只是我们在很多代币经营模型的设计
它其实就是一种需要时间慢慢磨练出来的东西
其实我们看股市也是一样的
EthGas也把硅多了一个VE的代币经营模型
Voting Escrow
让用户可以去做锁的一个动作,然后呢,参与到这个治理,
然后呢,也可以去决定很多EthGas后续可以影响以太坊的部分。
好, now we come to question 3.
If Ethereum becomes much faster and gas feels less visible.
Some users worry about spam or bot activity.
How does EthGas address this?
Yeah, so good question.
So as I hinted or mentioned earlier, most of the blockchains are dominated by like like highly sophisticated traders and so
the and this leads to like mev it's called mev it stands for maximum extractable value and so
what happens is that basically every user like you know you and i and like everyone listening
we get front run by all the sophisticated traders. And so like, that's not good.
And so with every trade that we do,
these sophisticated players have a 12 second,
like headstart to front run us.
But the thing is that like,
that one of the main components of MEV is time.
And so if the institutional or sophisticated players,
if they don't have a 12 second heads up
and they only have like five milliseconds
or 10 milliseconds,
like that advantage just disappears
and it's like fair for everyone.
And so in this environment,
like you don't get ripped off by these traders.
It's just like the money that they would extract
just goes back to the everyday user.
And that's, you know, it's a far fairer Ethereum.
It's far healthier, you know, and that's you know it's a far fairer ethereum it's far healthier um you know and most of all it's much faster right so um you know it basically
benefits everyone except those who are extracting and like taking money away from the ecosystem
True, true.
And I guess a question of mine is,
I'm like thinking, how does ETHGAS enforce
stuff like pre-confirmation and block space commitment
and practice?
Because if a validator fails to honor
a pre-comp,
could do to reorg,
could do to slashing
risk, how
is the buyer compensated?
And who decides
the slashing mechanics?
So currently, we decide the slashing
mechanics, but the quick
answer is that the validator posts collateral.
So basically like you are expecting a really fast experience
and we are giving you like an instant confirmation,
but for whatever reason,
what happens if that block doesn't actually land on chain?
And so currently we have say 99.5% confidence
that that block will land on chain.
But of course the 0.5, like what happens then?
And in a 0.5, there's basically like a penalty.
So if the validator doesn't propose that block or if something else breaks
down,
then we basically transfer that bounty or that penalty back to all the users
just to, just to offset that potential loss and so you
know it in 99.5 of cases your trades go through and in that 0.5 well unfortunately it it won't go
through but you at least get compensated for it and of course the hope is we can reduce that that
margin of error as time progresses we've we've we've been on a very small budget, but as we have more resources, we look to kind of close these gaps.
And Kevin, you've mentioned that about the atomic subblock of 50 MS for real-time Ethereum.
But Ethereum slot is still around 12 seconds.
How much valid data op-in is realistically needed before most users feel
consistently fast confirmation? And what happens if only, let's say, 10 or 20% are up-in?
Yeah, so where we are today, we have 5%. So that's $5 billion of kind of block spaces is going through us. But with the amount of revenue that we can unlock,
we have in our immediate network,
about 40% of the validators are our like investors and partners.
We've been basically building our initiative alongside 40% of them.
Another 45% of them, you know, kind of bringing us to around 85%.
I've sat down with and
have like really close conversations with them and so every single validator is for the most is
basically driven by two things one is can they make more money as a validator can they get higher
yields right but the second thing is are they doing something good for ethereum and so as i said in the real-time
economy we get to unlock all these new revenue revenue streams that weren't there so so these
these validators as soon as they start seeing these revenues flow they can instantly flick the
switch and and turn over onto ethgas and so um yeah you know well we'll see where we are kind
of towards the end of the year but um yeah, I think things will move pretty quickly, just because we, we know all the theory, the practice, everything, we've already shown that this works. And we will have some exciting news to announce in a few weeks time. So maybe we can catch up again on a little bit more on that topic then.
catch up again a little bit more on that topic then.
Yeah, yeah, yeah, definitely, definitely.
I mean, very exciting stuff.
And then, yep, go for it.
No, I was going to say, maybe at your summit in Hong Kong,
we can chat about it for sure.
That'll be awesome.
Yeah, yeah, yeah.
Because, I mean, it's like I say this all the time,
but I feel like Blox Bay Futures, you know,
is essentially create a new asset class, right?
But I guess they also introduce carrying costs, basis risk, kind of some of the stuff we spoke about earlier.
you spoke about earlier and then you know potential for speculation right so I I guess
And then potential for speculation, right?
how do you you know avoid the market become you know dominated by speculator rather than real
user invalidator and you know stop price manipulation right but I guess that's it's
like a pros and cons yeah well the thing is right now it's already dominated by that there's
basically three players that dominate the market.
So if I was to add just two more players,
the market would be 60% more competitive.
And so the bar is very low.
And so, yeah, the moment we can bring in speculators
and other people who are not naturally part of the pipeline,
the more fairer this becomes in general.
And then you think of it from the other perspective, naturally part of the pipeline, like the more fairer this becomes in general. Yeah.
And then you think of it from the other perspective, like,
like so many people want a faster, better experience, right?
So like, like, like, you know, again, like curve, for example, right? Like if I can trade 10 times in a block, like that's totally going to benefit me.
Right.
And if I'm doing some, some, some arbitrage trades in between
lighter and like the L1, I can do it much faster now. On the L1, like locking it, like L1 is super
slow, right? But I mean, you know, if I can basically do like 10 times the number of arbitrage
trades between L1 and L2, like that's great for L1. It's great for lighter. It's great for curve,
like everyone benefits. So yeah, there's enough people behind this that it's for L1. It's great for lighter. It's great for curve. Like everyone benefits.
So yeah, there's enough people behind this that it's going to happen.
Yes, yes.
But I guess I have to ask, right?
Following Wolf that is that, you know,
reducing MEV by shortening effective windows
sounds great.
But won't high-frequency trading
and sophisticated bot that we already have now
still dominate in sub-100 MS slots?
How do we prevent front-running or sandwiching
in a real-time model?
So we ultimately can't 100%.
And so the theory and empirical data says that the front run,
the value that is extracted from people will drop around 95%.
So, you know, whatever that number is, right?
So if I am trading once every 12 seconds, I lose, let's say like a percent, right?
Just due to MEV.
But if I'm trading in a real-time environment if
i'm trading with a 50 millisecond environment i'm not losing a percent of economics i'm losing like
five five basis points right so it'll still exist but it'll be much much smaller and to that extent
you know relatively not not noticeable yeah i mean it's even like in the real world it's like you
have people hft trading with like laser beams in between their office and the exchanges, right?
So yeah, latency advantages will always be there, but they'll just be so minuscule that it's not really worth it, at least not as large as it is today.
Got it, Got it. And you raised concern about the centralization vector and how you guys
also partnered with a few main players. But on the central vector, reliance on relays,
builders like Ultrasound, Python, how does ETHGAS mitigate risk of a few entity,
you know,
controlling pre-conf market or sequencing,
right?
Especially with whole block sales.
Yeah.
So this is,
this is an interesting area because as we become more successful,
like we're basically introducing a,
it's a,
it's a new paradigm shift.
It's a new change in terms of
how blocks are being built and as this is demonstrated more and more then you think
about the validators right if they can earn 10 basis points more doing working through us
all the validators are going to come on board and at that point we have you know 80 90 percent of
the validator market and 80 90 90 billion dollars flowing through us.
Yes, there are centralizing concerns there.
And for me, that is, on the one hand, it's a high quality problem, right?
Because there's a lot more revenue being driven through ETH gas.
But it's also a sign.
Well, I guess there's two other points.
One is it's a sign that we've done something right, right?
Like we've brought so much benefit to everyone in the ecosystem.
But specifically to centralization concerns, that's more like addressing risk, right? So one,
if this works, it's because we've done something right and people benefit. Two, on the centralization
side, there's a number of things that we can do. We can put the sequencing into a zero knowledge
proof to show that there's no front
running, at least on our behalf, right? Like, so we can use zero knowledge proofs, we can use
trusted execution environments, we can set up kind of like a different builders that rotate from one
to the next. There's a few approaches we can do there. But, you know, presently, it's not an issue.
But I think as we get to 30 40% of the block space, there's a number of initiatives that we'll start to put in play.
Thank you, thank you. And you're right, this is something, it's like a good problem to have, right?
Exactly, yeah.
Okay, let's talk a bit on the token, right? Gui, at the current information that we have,
is purely governance or VE Gui locking.
No direct fee shares, yield, or buyback rights.
Given the projected millions to even billions
in extra ecosystem revenue,
from, I guess, faster Uniswap trades,
like you said, from I guess faster Uniswap trades, you said better curve trade.
Why not tie some value accrual to the token to reward long-time holders?
Yeah, so that's on the table. You know, the important part is we start with governance to enable people to express themselves.
And we've been working in a back room with our heads down, just coding away, basically.
And we're now like, hey, we have our TGE.
We're in the open market.
Here's real time.
This is how it works.
And it just unlocks everything, you know, just like hyperscale Ethereum, right?
So as a part of this discussion,
you know, we want people to basically vote with their VEGUE.
Like what exactly should we do in terms of the fees?
What should we do in terms of scaling?
Should we prioritize certain initiatives?
Should we do this on L2s, right?
Should we start working with like Linea, for example,
Arbitrum or, you know, like a number of these guys
to make them much faster as well, right?
So there's a lot of things that we could do.
It's a matter of capacity and interest,
but again, we'll start with governance
and then that will kind of spill down
into different types of utility.
Got it. Thank you. Thank you.
And then I guess one last few questions.
I think you kind of already answered this one.
But validator, they get higher predictable yield from selling blocks via ETH gas.
But if real time fields blocks faster, won't base fee spikes and hurt i guess regular users how do you balance validated
revenue with as accessible ux yeah so there's um there's two parts to this right so
our mission was to among others was basically to create more utility for ethereum more demand for
ethereum right and
with more demand gas prices are going to go higher right i mean it's just like that's just reality
right um and so but that is a good thing right because um in the past if you had more demand
gas prices just rose exponentially right and that's why we have L2s and stuff. But last year and in the last months,
there's been a couple of really interesting developments.
Now, what they are basically is that like,
there's in the whole ZKVM space.
So you have guys like Brevis or Succinct and Boundless.
They're basically enabling the validators
to operate like much faster and basically like prove
blocks um much faster right and so the the volume of block space um has last year it went up 50
percent from 30 million gas to 45 million this year it's going to go probably to maybe 200 or
300 million so at the end of the year this year we're going to have 10 times the amount of block space versus last year. But how are we going to use this,
right? If you have like people extracting with MEV, you can't actually end up using all this
block space. But when you have real time, then you can actually functionally use all the block
space. And so, yeah, so gas prices will go up. But having said that, if we have 10 times the
amount of block space this year,
you know, that's going to offset it.
So at the end of the day, you know,
you're probably going to pay what you're paying now,
like a couple cents really to do a swap.
Yeah, and I can't see that materially changing.
I don't think it'll get back into like the $10 for a swap
or $20 for a swap.
Like it'll stay sub $1.
Nice. Way1. Nice.
Way better.
Yeah.
And then, like, what are, I guess,
the biggest technical or adoption risks
right now for ETH guests?
And, I guess, are there any competitor
like on a similar product out there right now?
Well, the competitor is, okay, I guess, okay,
I'll start on the competitor side.
The competitor is the status quo,
is basically everyone's just used to 12 blocks, right?
And maybe you've gone off to base or you're using lighter
and like, maybe that's all you do.
You're just trading on lighter, right?
And so people have gone to different areas.
And so that's the status quo.
But yeah, as it relates to the L1, like scaling the L1 itself, no, we don't have competitors there.
And so it's wide open.
We're very far ahead.
Super excited there.
As it relates to the earlier question on biggest technical or adoption
risks, everything's going pretty smoothly right now, I have to say. At DevConnect,
the Ethereum developer conference in November last year, we had chatted with a number of the
largest protocols that generate the most money on
ethereum and everybody wants a real-time ethereum so it just goes to show like these are the people
that we're working with like the i mean you kind of figure out who are the top five protocols on
ethereum and we're basically working with them to to retune and recalibrate them for a real-time
environment so um that's coming along well.
They are kind of, quote, big companies where there's a bit of bureaucracy,
but we're going to work with them, and we're also going to work with startups.
Like, if you or someone in the audience is like,
hey, I want to build a real-time Dex, then hey, let's talk.
right like yeah there's so much to do here and I guess on the integration any friction talking
Right?
Like, yeah, there's so much to do here.
will you know the wallets the RPCs it sounds stupid for me to say no because like the thing
is the like the you think about it as like a wallet, right? It's like, hey, wallet, hey, wallet,
you make money whenever everyone does a transaction.
And now we found a way to have them transact 10 times more.
Do you want that?
They're like, okay, yes.
How do we integrate, right?
So as I said, let's check back in.
Hopefully in a few weeks,
we have some cool stuff to announce there.
Got it. So I a few weeks, we have some cool stuff to announce there. Got it.
So I guess 2026 hopefully truly becomes the year of real-time Ethereum.
Absolutely.
All right.
Okay, okay.
That's pretty much all the questions I have.
And then we're going to give the audience some chances to raise their hand
and ask one question to Kevin.
And then after that, we might have some gift for whoever that asked question.
So we're going to give it three opportunities.
So if you have any questions you want to ask question, right? So we're just going to give it three opportunities. So if you have
any questions you want to ask Kevin
if you have any questions
you can ask Kevin
if you have any questions
you can ask Kevin
some questions
and we will have some
little donations
and if you don't have a question right now
you can always
come to
our event on February 10th.
And ask Kevin in person or his team.
They will have a booth there with their whole team there to talk about.
I have to say, man, I've been doing these interviews for a long time.
And today, I feel like I learned even more about what
ETHGAS is doing. And unlike a lot of DeFi projects that we represent, this seems like
something super crucial and important that we must have.
Yeah. I mean, if you think of what have people been developing over the last four years, it's another L1, it's another L2, or it's a fork or a cousin of a DAP that already exists.
And this is just very different.
This is just like, what is your primitive?
It's real time.
Who benefits?
Well, everyone benefits.
Every single user, every single protocol, every single validator.
Yeah, like who wouldn't want that?
Okay.
And Kevin, we have a question.
Mail said, now focusing on speed and efficiency, but how do you make sure there are no safety leaks?
Yeah, that's a good question.
So there's probably two parts to this.
One is to what we were talking about earlier.
We are sequencing the blocks, right?
So what's to stop me, Kevin, from saying like, oh, hey, meow, you're going to trade.
I'm going to go front run you, right?
And so that possibility in ethereum currently exists everywhere so um well one that's not our plan like
we're not we don't have a trading desk here but um you know that that's where it comes into like
can we put what we're doing within uh the open domain or a public domain can we provide a zero
knowledge proof to show that hey like you weren't front-run and this block was built according to the publicly-defined algorithm?
And so, yeah, so can we use zero-knowledge proofs?
Can we use a trusted execution environment?
So that's one part of it.
The other part of it is we have been talking about slashing, but this is not slashing the validator from a a consensus client, like from doing their job as traditional validators. This is like a different type of slashing. And so we do not impact the Ethereum security guarantees at all.
it's that 0.5% of cases where like a block,
like a real-time block isn't proposed
and the validator just takes like a standard block.
Like that's actually the worst case situation.
I mean, granted, if you're trading in a real-time block
and there's a lot of money to be made,
then maybe that it wouldn't fully offset it.
But for the most part, yeah,
as in big security risks and validators having big slashing, there's no impact to that.
It's really just like, am I, Kevin, kind of front running you in this process?
And, you know, hand on heart, we're not front running you.
And, you know, as we have more time and capacity, we look to communicate and show publicly that, you know, we're not in a position to do it, or we can kind of add some rails around that to protect users.
Got it.
And then we have one question from Telegram.
One second, let me read it.
So the question said,
Vitalik has discussed trustless on-chain gas futures, but ETHGAS uses off-chain-ish commitment pre-conf.
How close is this to a truly trustless system?
And what are the biggest remaining centralization assumptions?
I guess relays, I guess you're probably asking Oracle,
validator, collusion.
Yeah, so I think this touches on part of the last question.
Now, I'll answer the second part first.
So in terms of it being a truly trustless system,
there is probably the best way to do that,
but I don't think there's any agreement in terms of what that is so as i was mentioning earlier like do we put the sequencing and stuff into a t a t e trust
execution environment do we use zero knowledge proofs there's kind of like academic debate over
like which one is better than the other and you know like t's are only in like aws what if aws
censors you and you know like yeah there's some kind of extreme risks there.
So there's, yeah, so there's some work that we can do there to be more open and transparent.
To what Vitalik is saying about trustless on-chain gas futures,
there's, I disagree that that works.
And the reason is because it's like a circular reference
in like Excel or Google Sheet.
You know, it's like, we can't do what we're doing on Ethereum because we are kind of powering Ethereum under the surface, if you know what I mean.
And so, yeah, I mean, we could take what we're doing and put it into our own too.
But the truth is that everything in the block,
we're just trying to do the best we can there
and be as transparent as possible.
One of the ways is where does this go?
Now, as we're talking about earlier,
people want real-time, validators make more money.
Maybe we blow through half of the validators using us and we have 80-90%. At some threshold, it's like, well, which parts of
what we're doing should be moved into Ethereum itself, into the network? And I think that's a
fun discussion, right? Like, if we're able to solve these UX issues around like lower latency, as well
as some of the slashing, you know,
some of these things should maybe be put in protocol down the line.
And we've been very open and transparent in terms of our building,
what the end goal looks like.
I have coauthored some research with Justin Drake,
head of the EF research arm.
We host a number of events with the EF.
So yeah, I mean, it's a good question.
Again, I don't think that on-chain gas futures work
because they can be manipulated.
But we'll see how this goes.
This is where governance comes into play.
I'm open to and I welcome the discussion.
All right.
And we got one last question and we got to end this.
We have, for some reason,
there are a lot of people asking on Telegram,
but we got one last one.
This one says,
Post-TG, community feedbacks shows volatility.
How do you handle potential short-term holder pressure
versus long-term vision?
And what governance safeguards prevents rush changes
that could hurt protocol integrity yeah so uh well for the most to start um investors in the team we
have a one-year lockup so that's that's that's the first thing right and um you know for anyone
who's been following our token like it didn't dump on day
one you know there's no like we're not dumping tokens and i don't know where the other ones are
but you know things so far for the most part are going well and so i i think and i hope we've kind
of earned some some trust from that respect um as it relates to long-term governance safeguards you know we we don't have a perfect answer yet
you know we've just tge'd there's a lot of debate over how is it best to do governance there's a lot
of pros and cons around dows but yeah i mean i don't have a good answer for that you know off
the top of my head but i'd say if there's something that makes sense reach out to us and let us know um you know we're as you can tell we're building for like
the distant future like uh and so you know we we want to get this right so yeah but please do reach
out if you have any good ideas yes yes and then i you know i have some idea there too. I mean, you know, we, I was in a spot to really educate a lot of user and token buyer.
Because at the end of the day, right, any project, there's three types of stakeholder.
You know, you have the team, you have, you know, buyer and user of the product.
Usually these type of buyer, they understand what the vision it is.
And then they would use
the product. This could be the validator, this could be the wallet, this could be the
RPC. And then thirdly, you have the token buyer, which often, you know, project, they
might not, you know, take that much attention to it. But then token buyer, even though they
don't use their product, and might not understand the product enough,
they're one of the most important stakeholders there.
Absolutely.
They speculate and they buy it, right?
So I think it's really important to educate them.
Like today, I've been a supporter of ETHGAS,
but today I learned even more
about ETHGAS and its importance.
And this reminds me of the day when I talk about Curve, when I talk about Hyperliquid,
when I talk about LiDAR. A lot of these innovations, people always often ask me,
like, why not just trade on a centralized perpdex? Why trade on, for example, hyperliquid or lighter. Then I talk about why the differences between centralized, semi-centralized, and fully decentralized.
Same with curve.
So I see the importance here, and I think an important part would be to really have more of these,
not only AMA, but educational video to really explain people
the importance of real-time Ethereum
via, you know, dare I say, ETHGASP, right?
So, yeah.
All right.
You know, today turned out to be super educational.
Yeah.
And then, I hope you can大家透過這集 AMA 可以學到很多
我們從前面的簡單的
Pretty easy conversation to more in-depth
讓大家可以認識到 ETHGAS 解決什麼樣的問題
那我也準備了一些我認為比較
這個比較進隶的一些题目
让这个Kevin来回答
那也是这个每一球都我觉得都接的蛮不错的
对那ETHIOS呢确实是在解决一个以太坊上的问题
那当然现在呢大家在市场上有很多选择嘛
从老的DeFi项目
像我们刚刚提到的Curve, Uniswap, Aave
到新型态DeFi项目
Hyperliquid, LiDAR
但是我们追根究底还是得回来一件事情
就是以太坊
有点像我们在
这些16年15年进圈的人
我们会讨论到
对不对现在要回归以太坊就是validator要如何赚更多钱
有一个更稳定的收益来确保以太坊的安全性
更多我们会把AMN的剪成YouTube影片给大家更多
我之后也会做很多相关的影片Kevin也会在香港2月10号参加区块先生的活动
我大概会把Luma的连接放上去
我们现在这个活动已经是爆满了
所以大家如果有兴趣来的话
可以赶紧申请
然后有机会
我们会跟Kevin和EthGas请求 can you quickly apply it. And if you have the opportunity, we will give Kevin and ETHGAS
a chance to give you some
of the time and the time.
There are many other other projects.
Alright! Thank you so much Kevin.
Thank you for having me. This has been awesome.
I basically said that
tell people to come to our event on FAB10.
For sure. And I'm going to help them get
some airdrop from you guys.
Absolutely. Would love to see you guys.
All right.
Okay. Thank you, guys.
Have a nice day. That concludes our AMA
today. Bye-bye. Það er það er það.
