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thanks<00:00:18.960><c> Skyler</c><00:00:19.840><c> love</c><00:00:20.080><c> everybody</c><00:00:20.880><c> uh</c><00:00:21.039><c> I</c><00:00:21.119><c> want</c>

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thanks Skyler love everybody uh I want
 

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thanks Skyler love everybody uh I want
to<00:00:21.320><c> say</c><00:00:21.560><c> thank</c><00:00:21.720><c> you</c><00:00:21.840><c> for</c><00:00:22.039><c> that</c><00:00:22.279><c> incredible</c>

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to say thank you for that incredible
 

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to say thank you for that incredible
opening<00:00:23.519><c> uh</c><00:00:23.720><c> both</c><00:00:24.199><c> the</c><00:00:24.359><c> dances</c><00:00:24.920><c> the</c><00:00:25.039><c> opening</c>

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opening uh both the dances the opening
 

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opening uh both the dances the opening
video<00:00:26.240><c> Nobody</c><00:00:26.519><c> Does</c><00:00:26.679><c> it</c><00:00:26.840><c> Like</c><00:00:26.960><c> Dev</c><00:00:27.240><c> con</c><00:00:27.760><c> thank</c>

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video Nobody Does it Like Dev con thank
 

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video Nobody Does it Like Dev con thank
you<00:00:28.000><c> to</c><00:00:28.199><c> everyone</c><00:00:28.519><c> that</c><00:00:28.720><c> put</c><00:00:28.920><c> that</c><00:00:29.160><c> together</c>

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you to everyone that put that together
 

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you to everyone that put that together
hi<00:00:30.519><c> everybody</c><00:00:31.119><c> and</c><00:00:31.320><c> thank</c><00:00:31.480><c> you</c><00:00:31.599><c> for</c><00:00:31.759><c> being</c>

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hi everybody and thank you for being
 

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hi everybody and thank you for being
here<00:00:32.360><c> I'm</c><00:00:32.599><c> so</c><00:00:32.920><c> thrilled</c><00:00:33.320><c> to</c><00:00:33.480><c> be</c><00:00:33.800><c> in</c><00:00:34.000><c> Bangkok</c><00:00:34.559><c> in</c>

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here I'm so thrilled to be in Bangkok in
 

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here I'm so thrilled to be in Bangkok in
Southeast<00:00:35.160><c> Asia</c><00:00:35.719><c> for</c><00:00:36.200><c> Devcon</c><00:00:36.719><c> 7</c><00:00:37.280><c> the</c><00:00:37.440><c> biggest</c>

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Southeast Asia for Devcon 7 the biggest
 

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Southeast Asia for Devcon 7 the biggest
Devcon<00:00:38.520><c> in</c><00:00:38.640><c> ethereum's</c>

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Devcon in ethereum's
 

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Devcon in ethereum's
history<00:00:40.840><c> I'm</c><00:00:41.000><c> Josh</c><00:00:41.280><c> Stark</c><00:00:41.840><c> and</c><00:00:41.960><c> I</c><00:00:42.079><c> work</c><00:00:42.280><c> for</c>

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history I'm Josh Stark and I work for
 

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history I'm Josh Stark and I work for
ethereum<00:00:43.079><c> at</c><00:00:43.200><c> the</c><00:00:43.320><c> ethereum</c><00:00:43.760><c> foundation</c>

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ethereum at the ethereum foundation
 

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ethereum at the ethereum foundation
where<00:00:44.760><c> I'm</c><00:00:44.920><c> honored</c><00:00:45.239><c> to</c><00:00:45.360><c> serve</c><00:00:45.680><c> as</c><00:00:45.879><c> part</c><00:00:46.039><c> of</c>

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where I'm honored to serve as part of
 

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where I'm honored to serve as part of
the<00:00:46.199><c> leadership</c><00:00:47.039><c> team</c><00:00:48.039><c> in</c><00:00:48.160><c> the</c><00:00:48.320><c> next</c><00:00:48.600><c> hour</c><00:00:49.039><c> and</c>

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the leadership team in the next hour and
 

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the leadership team in the next hour and
a<00:00:49.320><c> bit</c><00:00:49.480><c> more</c><00:00:49.920><c> you're</c><00:00:50.079><c> going</c><00:00:50.160><c> to</c><00:00:50.360><c> hear</c><00:00:50.960><c> three</c>

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a bit more you're going to hear three
 

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a bit more you're going to hear three
talks<00:00:51.960><c> from</c><00:00:52.199><c> me</c><00:00:52.879><c> from</c><00:00:53.120><c> a</c><00:00:53.480><c> from</c><00:00:53.640><c> balic</c><00:00:54.600><c> and</c><00:00:54.760><c> we</c>

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talks from me from a from balic and we
 

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talks from me from a from balic and we
think<00:00:55.120><c> they</c><00:00:55.320><c> form</c><00:00:55.800><c> a</c><00:00:56.000><c> complimentary</c><00:00:57.039><c> ho</c><00:00:58.039><c> I'm</c>

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think they form a complimentary ho I'm
 

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think they form a complimentary ho I'm
going<00:00:58.239><c> to</c><00:00:58.399><c> talk</c><00:00:58.559><c> about</c><00:00:58.760><c> ethereum</c><00:00:59.719><c> as</c><00:01:00.079><c> it</c><00:01:00.160><c> is</c>

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going to talk about ethereum as it is
 

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going to talk about ethereum as it is
today<00:01:01.000><c> in</c><00:01:01.239><c> simple</c><00:01:01.559><c> terms</c><00:01:01.960><c> that</c><00:01:02.079><c> I</c><00:01:02.199><c> hope</c><00:01:02.399><c> anyone</c>

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today in simple terms that I hope anyone
 

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today in simple terms that I hope anyone
can<00:01:03.239><c> understand</c><00:01:03.960><c> the</c><00:01:04.600><c> present</c><00:01:05.600><c> vitalic</c><00:01:06.119><c> will</c>

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can understand the present vitalic will
 

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can understand the present vitalic will
go<00:01:06.479><c> deeper</c><00:01:06.920><c> into</c><00:01:07.159><c> the</c><00:01:07.320><c> technology</c><00:01:08.119><c> and</c><00:01:08.280><c> also</c>

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go deeper into the technology and also
 

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go deeper into the technology and also
talk<00:01:08.720><c> about</c><00:01:09.000><c> ethereum's</c><00:01:09.600><c> road</c><00:01:09.880><c> map</c><00:01:10.640><c> the</c>

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talk about ethereum's road map the
 

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talk about ethereum's road map the
future<00:01:12.960><c> and</c><00:01:13.200><c> I</c><00:01:13.439><c> will</c><00:01:13.680><c> talk</c><00:01:13.920><c> about</c><00:01:14.400><c> the</c>

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future and I will talk about the
 

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future and I will talk about the
philosophy<00:01:15.600><c> the</c><00:01:15.799><c> ideas</c><00:01:16.360><c> that</c><00:01:16.520><c> unite</c><00:01:16.880><c> the</c>

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philosophy the ideas that unite the
 

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philosophy the ideas that unite the
ethereum<00:01:17.479><c> ecosystem</c><00:01:18.320><c> across</c><00:01:18.680><c> time</c><00:01:18.880><c> and</c><00:01:19.119><c> space</c>

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ethereum ecosystem across time and space
 

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ethereum ecosystem across time and space
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and the ideas that the EF Works to
 

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and the ideas that the EF Works to
nurture<00:01:22.280><c> around</c><00:01:22.600><c> the</c>

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nurture around the
 

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nurture around the
world<00:01:24.520><c> in</c><00:01:24.640><c> the</c><00:01:24.799><c> nine</c><00:01:25.159><c> years</c><00:01:25.720><c> since</c><00:01:25.960><c> ethereum</c>

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world in the nine years since ethereum
 

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world in the nine years since ethereum
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first launched our ecosystem has been
 

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first launched our ecosystem has been
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through a lot
 

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through a lot
it<00:01:31.200><c> hasn't</c><00:01:31.479><c> always</c><00:01:31.759><c> felt</c><00:01:32.000><c> like</c><00:01:32.119><c> a</c><00:01:32.280><c> straight</c>

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it hasn't always felt like a straight
 

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it hasn't always felt like a straight
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line because it hasn't been one there
 

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line because it hasn't been one there
have<00:01:35.320><c> been</c><00:01:35.439><c> some</c><00:01:35.640><c> ups</c><00:01:35.799><c> and</c><00:01:36.040><c> downs</c><00:01:36.840><c> some</c><00:01:37.040><c> hard</c>

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have been some ups and downs some hard
 

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have been some ups and downs some hard
struggles<00:01:37.880><c> and</c><00:01:38.000><c> some</c><00:01:38.200><c> challenges</c><00:01:38.640><c> we've</c>

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struggles and some challenges we've
 

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struggles and some challenges we've
overcome<00:01:40.119><c> this</c><00:01:40.360><c> talk</c><00:01:40.600><c> is</c><00:01:40.840><c> about</c><00:01:41.600><c> this</c><00:01:41.799><c> moment</c>

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overcome this talk is about this moment
 

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overcome this talk is about this moment
in<00:01:42.439><c> time</c><00:01:43.439><c> in</c><00:01:44.079><c> 2024</c><00:01:45.079><c> what</c><00:01:45.240><c> is</c><00:01:45.360><c> the</c><00:01:45.479><c> story</c><00:01:45.799><c> of</c>

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in time in 2024 what is the story of
 

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in time in 2024 what is the story of
ethereum<00:01:46.960><c> where</c><00:01:47.200><c> are</c><00:01:47.399><c> we</c><00:01:48.119><c> and</c><00:01:48.200><c> to</c><00:01:48.360><c> tell</c><00:01:48.600><c> that</c>

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ethereum where are we and to tell that
 

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ethereum where are we and to tell that
story<00:01:49.119><c> I</c><00:01:49.200><c> want</c><00:01:49.320><c> to</c><00:01:49.439><c> break</c><00:01:49.680><c> this</c><00:01:49.920><c> down</c><00:01:50.320><c> into</c>

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story I want to break this down into
 

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story I want to break this down into
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three big themes first applications the
 

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three big themes first applications the
ecosystem<00:01:55.320><c> of</c><00:01:55.560><c> products</c><00:01:56.079><c> and</c><00:01:56.280><c> companies</c><00:01:56.840><c> and</c>

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ecosystem of products and companies and
 

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ecosystem of products and companies and
decentralized<00:01:57.719><c> protocols</c><00:01:58.600><c> that</c><00:01:58.799><c> millions</c><00:01:59.159><c> of</c>

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decentralized protocols that millions of
 

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decentralized protocols that millions of
people<00:01:59.560><c> around</c><00:02:00.079><c> the</c><00:02:00.200><c> world</c><00:02:00.600><c> used</c><00:02:01.240><c> today</c>

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people around the world used today
 

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people around the world used today
secondly<00:02:02.799><c> I</c><00:02:02.880><c> want</c><00:02:03.000><c> to</c><00:02:03.200><c> talk</c><00:02:03.399><c> about</c>

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secondly I want to talk about
 

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secondly I want to talk about
infrastructure<00:02:04.920><c> the</c><00:02:05.079><c> technology</c><00:02:05.719><c> under</c><00:02:05.960><c> the</c>

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infrastructure the technology under the
 

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infrastructure the technology under the
hood<00:02:06.640><c> that</c><00:02:06.799><c> makes</c><00:02:07.000><c> it</c><00:02:07.159><c> all</c>

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hood that makes it all
 

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hood that makes it all
possible<00:02:09.200><c> and</c><00:02:09.440><c> thirdly</c><00:02:10.119><c> the</c><00:02:10.319><c> community</c><00:02:11.160><c> The</c>

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possible and thirdly the community The
 

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possible and thirdly the community The
Human<00:02:11.680><c> Side</c><00:02:11.840><c> of</c><00:02:11.959><c> ethereum</c><00:02:12.760><c> our</c><00:02:13.040><c> social</c>

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Human Side of ethereum our social
 

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Human Side of ethereum our social
layer<00:02:15.360><c> so</c><00:02:15.599><c> first</c>

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layer so first
 

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layer so first
applications<00:02:18.480><c> ethereum</c><00:02:18.959><c> is</c><00:02:19.080><c> changing</c><00:02:19.519><c> the</c>

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applications ethereum is changing the
 

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applications ethereum is changing the
world<00:02:20.440><c> because</c><00:02:20.760><c> it</c><00:02:21.040><c> solves</c><00:02:21.800><c> problems</c><00:02:22.200><c> for</c>

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world because it solves problems for
 

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world because it solves problems for
people<00:02:23.400><c> because</c><00:02:23.760><c> applications</c><00:02:24.680><c> built</c><00:02:24.959><c> on</c>

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people because applications built on
 

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people because applications built on
ethereum<00:02:26.080><c> offer</c><00:02:26.480><c> something</c><00:02:26.840><c> that</c><00:02:26.959><c> users</c><00:02:27.400><c> want</c>

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ethereum offer something that users want
 

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ethereum offer something that users want
whether<00:02:28.560><c> that</c><00:02:28.680><c> user</c><00:02:28.959><c> is</c><00:02:29.080><c> a</c><00:02:29.239><c> small</c><00:02:29.480><c> business</c><00:02:30.319><c> an</c>

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whether that user is a small business an
 

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whether that user is a small business an
internet<00:02:30.920><c> Community</c><00:02:31.640><c> or</c><00:02:31.800><c> an</c><00:02:31.920><c> ordinary</c><00:02:32.400><c> person</c>

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internet Community or an ordinary person
 

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internet Community or an ordinary person
ethereum<00:02:34.000><c> is</c><00:02:34.120><c> for</c><00:02:34.360><c> users</c><00:02:35.160><c> and</c><00:02:35.280><c> in</c><00:02:35.519><c> 2024</c><00:02:36.519><c> that</c>

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ethereum is for users and in 2024 that
 

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ethereum is for users and in 2024 that
application<00:02:37.319><c> ecosystem</c><00:02:38.200><c> has</c><00:02:38.360><c> never</c><00:02:38.560><c> been</c>

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application ecosystem has never been
 

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application ecosystem has never been
stronger<00:02:40.280><c> but</c><00:02:40.440><c> ethereum</c><00:02:40.879><c> doesn't</c><00:02:41.200><c> do</c><00:02:41.680><c> just</c>

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stronger but ethereum doesn't do just
 

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stronger but ethereum doesn't do just
one<00:02:42.720><c> thing</c><00:02:43.239><c> ethereum</c><00:02:43.680><c> is</c><00:02:43.760><c> a</c><00:02:44.040><c> platform</c><00:02:44.959><c> a</c>

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one thing ethereum is a platform a
 

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one thing ethereum is a platform a
credibly<00:02:45.480><c> neutral</c><00:02:46.040><c> platform</c><00:02:46.599><c> a</c><00:02:46.840><c> canvas</c><00:02:47.239><c> for</c>

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credibly neutral platform a canvas for
 

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credibly neutral platform a canvas for
exploration<00:02:48.360><c> where</c><00:02:48.599><c> developers</c><00:02:49.159><c> can</c><00:02:49.360><c> build</c>

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exploration where developers can build
 

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exploration where developers can build
things<00:02:50.360><c> that</c><00:02:50.480><c> are</c><00:02:50.640><c> often</c>

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things that are often
 

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things that are often
unexpected<00:02:52.720><c> and</c><00:02:52.879><c> one</c><00:02:53.000><c> of</c><00:02:53.200><c> those</c><00:02:53.440><c> things</c><00:02:54.120><c> is</c>

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unexpected and one of those things is
 

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unexpected and one of those things is
stable

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stable
 

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stable
coins<00:02:56.480><c> stable</c><00:02:56.840><c> coins</c><00:02:57.120><c> are</c><00:02:57.319><c> tokens</c><00:02:57.760><c> that</c><00:02:57.879><c> are</c>

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coins stable coins are tokens that are
 

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coins stable coins are tokens that are
designed<00:02:58.519><c> to</c><00:02:58.720><c> hold</c><00:02:59.159><c> a</c><00:02:59.400><c> stable</c><00:03:00.040><c> value</c><00:03:00.800><c> for</c>

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designed to hold a stable value for
 

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designed to hold a stable value for
instance<00:03:01.480><c> by</c><00:03:01.640><c> keeping</c><00:03:01.959><c> close</c><00:03:02.200><c> in</c><00:03:02.440><c> value</c><00:03:02.760><c> to</c><00:03:02.879><c> a</c>

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instance by keeping close in value to a
 

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instance by keeping close in value to a
fiat<00:03:03.319><c> currency</c><00:03:03.879><c> like</c><00:03:04.040><c> USD</c><00:03:04.480><c> or</c><00:03:04.799><c> Euros</c><00:03:05.799><c> stable</c>

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fiat currency like USD or Euros stable
 

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fiat currency like USD or Euros stable
coins<00:03:06.519><c> on</c><00:03:06.680><c> ethereum</c><00:03:07.400><c> give</c><00:03:07.959><c> every</c><00:03:08.319><c> human</c><00:03:08.680><c> being</c>

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coins on ethereum give every human being
 

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coins on ethereum give every human being
the<00:03:09.480><c> freedom</c><00:03:09.840><c> to</c><00:03:10.080><c> transact</c><00:03:11.080><c> to</c><00:03:11.239><c> send</c><00:03:11.519><c> money</c>

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the freedom to transact to send money
 

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the freedom to transact to send money
home<00:03:12.040><c> to</c><00:03:12.159><c> their</c><00:03:12.360><c> families</c><00:03:13.159><c> to</c><00:03:13.360><c> preserve</c><00:03:13.799><c> their</c>

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home to their families to preserve their
 

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home to their families to preserve their
savings<00:03:14.799><c> to</c><00:03:15.080><c> access</c><00:03:15.400><c> the</c><00:03:15.519><c> financial</c>

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savings to access the financial
 

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savings to access the financial
stability<00:03:16.879><c> that</c><00:03:17.120><c> until</c><00:03:17.440><c> ethereum</c><00:03:17.959><c> came</c><00:03:18.159><c> along</c>

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stability that until ethereum came along
 

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stability that until ethereum came along
was<00:03:19.280><c> not</c><00:03:19.519><c> accessible</c><00:03:19.920><c> to</c><00:03:20.400><c> billions</c><00:03:21.400><c> stable</c>

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was not accessible to billions stable
 

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was not accessible to billions stable
coins<00:03:22.239><c> are</c><00:03:22.440><c> a</c><00:03:22.920><c> fundamental</c><00:03:23.519><c> increase</c><00:03:24.159><c> in</c>

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coins are a fundamental increase in
 

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coins are a fundamental increase in
global<00:03:24.840><c> human</c>

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global human
 

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global human
Freedom<00:03:27.120><c> it's</c><00:03:27.319><c> no</c><00:03:27.480><c> wonder</c><00:03:27.840><c> then</c><00:03:28.000><c> that</c><00:03:28.159><c> stable</c>

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Freedom it's no wonder then that stable
 

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Freedom it's no wonder then that stable
coins<00:03:28.840><c> have</c><00:03:29.040><c> become</c><00:03:29.400><c> such</c><00:03:29.560><c> a</c><00:03:29.840><c> huge</c><00:03:30.080><c> success</c>

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coins have become such a huge success
 

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coins have become such a huge success
since<00:03:31.239><c> first</c><00:03:31.480><c> emerging</c><00:03:32.000><c> in</c><00:03:32.120><c> the</c><00:03:32.200><c> early</c><00:03:32.480><c> 2010s</c>

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since first emerging in the early 2010s
 

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since first emerging in the early 2010s
stable<00:03:33.840><c> coins</c><00:03:34.120><c> have</c><00:03:34.280><c> gained</c><00:03:34.680><c> wide</c><00:03:34.959><c> adoption</c>

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stable coins have gained wide adoption
 

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stable coins have gained wide adoption
across<00:03:35.840><c> the</c><00:03:35.959><c> ecosystem</c><00:03:36.920><c> not</c><00:03:37.159><c> just</c><00:03:37.280><c> on</c>

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across the ecosystem not just on
 

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across the ecosystem not just on
ethereum<00:03:39.239><c> but</c><00:03:39.480><c> behind</c><00:03:39.879><c> these</c><00:03:40.159><c> big</c><00:03:40.439><c> statistics</c>

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ethereum but behind these big statistics
 

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ethereum but behind these big statistics
are<00:03:41.599><c> individual</c><00:03:42.120><c> stories</c><00:03:42.879><c> use</c><00:03:43.239><c> cases</c>

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are individual stories use cases
 

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are individual stories use cases
applications<00:03:44.879><c> like</c><00:03:45.000><c> in</c><00:03:45.159><c> Latin</c><00:03:45.400><c> America</c><00:03:46.000><c> where</c>

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applications like in Latin America where
 

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applications like in Latin America where
bitso<00:03:46.720><c> uses</c><00:03:47.120><c> stable</c><00:03:47.480><c> coins</c><00:03:47.840><c> on</c><00:03:48.080><c> ethereum</c><00:03:48.799><c> to</c>

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bitso uses stable coins on ethereum to
 

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bitso uses stable coins on ethereum to
offer<00:03:49.400><c> people</c><00:03:49.840><c> low</c><00:03:50.319><c> fee</c><00:03:50.640><c> remittances</c><00:03:51.239><c> across</c>

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offer people low fee remittances across
 

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offer people low fee remittances across
Borders<00:03:52.439><c> or</c><00:03:52.599><c> in</c><00:03:52.760><c> Indonesia</c><00:03:53.519><c> where</c><00:03:53.760><c> pinu</c><00:03:54.200><c> uses</c>

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Borders or in Indonesia where pinu uses
 

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Borders or in Indonesia where pinu uses
stable<00:03:54.879><c> coins</c><00:03:55.319><c> to</c><00:03:55.560><c> offer</c><00:03:55.879><c> their</c><00:03:56.040><c> users</c>

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stable coins to offer their users
 

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stable coins to offer their users
Financial<00:03:57.239><c> tools</c><00:03:57.599><c> to</c><00:03:57.760><c> manage</c><00:03:58.079><c> their</c><00:03:58.239><c> savings</c>

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Financial tools to manage their savings
 

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Financial tools to manage their savings
stable<00:04:00.159><c> coins</c><00:04:00.400><c> are</c><00:04:00.599><c> available</c><00:04:01.120><c> on</c><00:04:01.319><c> many</c>

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stable coins are available on many
 

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stable coins are available on many
blockchains<00:04:02.480><c> but</c><00:04:02.640><c> the</c><00:04:02.799><c> ethereum</c><00:04:03.360><c> ecosystem</c>

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blockchains but the ethereum ecosystem
 

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blockchains but the ethereum ecosystem
has<00:04:04.120><c> a</c><00:04:04.319><c> unique</c><00:04:04.799><c> role</c><00:04:05.280><c> as</c><00:04:05.480><c> the</c><00:04:05.680><c> home</c><00:04:05.959><c> to</c><00:04:06.120><c> the</c>

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has a unique role as the home to the
 

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has a unique role as the home to the
majority<00:04:07.040><c> of</c><00:04:07.200><c> all</c><00:04:07.400><c> stable</c><00:04:07.799><c> coins</c><00:04:08.040><c> that</c><00:04:08.280><c> exist</c>

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majority of all stable coins that exist
 

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majority of all stable coins that exist
the<00:04:09.200><c> ethereum</c><00:04:09.599><c> ecosystem</c><00:04:10.319><c> meaning</c><00:04:10.680><c> ethereum</c>

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the ethereum ecosystem meaning ethereum
 

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the ethereum ecosystem meaning ethereum
L1<00:04:11.720><c> and</c><00:04:11.879><c> ethereum</c><00:04:12.200><c> l2s</c><00:04:13.000><c> is</c><00:04:13.159><c> home</c><00:04:13.439><c> to</c><00:04:13.920><c> 55%</c><00:04:14.920><c> of</c>

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L1 and ethereum l2s is home to 55% of
 

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L1 and ethereum l2s is home to 55% of
all<00:04:15.200><c> stable</c>

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all stable
 

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all stable
coins<00:04:17.239><c> and</c><00:04:17.359><c> stable</c><00:04:17.759><c> coins</c><00:04:18.239><c> in</c><00:04:18.440><c> the</c><00:04:18.560><c> ethereum</c>

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coins and stable coins in the ethereum
 

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coins and stable coins in the ethereum
ecosystem<00:04:19.600><c> are</c><00:04:19.799><c> now</c><00:04:20.079><c> comparable</c><00:04:20.600><c> to</c>

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ecosystem are now comparable to
 

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ecosystem are now comparable to
traditional<00:04:21.440><c> global</c><00:04:21.799><c> payment</c><00:04:22.160><c> systems</c><00:04:22.840><c> like</c>

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traditional global payment systems like
 

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traditional global payment systems like
visa<00:04:23.320><c> and</c><00:04:23.440><c> Master</c><00:04:23.759><c> Card</c><00:04:24.639><c> so</c><00:04:24.880><c> far</c><00:04:25.120><c> in</c><00:04:25.520><c> this</c><00:04:25.720><c> year</c>

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visa and Master Card so far in this year
 

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visa and Master Card so far in this year
2024<00:04:27.120><c> stable</c><00:04:27.520><c> coin</c><00:04:27.800><c> volume</c><00:04:28.120><c> is</c><00:04:28.360><c> 86%</c><00:04:29.360><c> of</c>

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2024 stable coin volume is 86% of
 

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2024 stable coin volume is 86% of
MasterCard<00:04:30.199><c> total</c><00:04:30.560><c> volume</c><00:04:31.120><c> and</c><00:04:31.320><c> 53%</c><00:04:32.280><c> of</c><00:04:32.479><c> Visa</c>

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MasterCard total volume and 53% of Visa
 

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MasterCard total volume and 53% of Visa
that<00:04:33.479><c> is</c><00:04:33.880><c> incredible</c><00:04:34.560><c> when</c><00:04:34.680><c> you</c><00:04:34.840><c> think</c><00:04:35.080><c> about</c>

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that is incredible when you think about
 

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that is incredible when you think about
where<00:04:35.680><c> this</c><00:04:35.840><c> all</c>

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where this all
 

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where this all
started<00:04:37.759><c> so</c><00:04:37.919><c> what</c><00:04:38.039><c> else</c><00:04:38.240><c> have</c><00:04:38.360><c> you</c><00:04:38.520><c> built</c><00:04:38.800><c> on</c>

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started so what else have you built on
 

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started so what else have you built on
ethereum<00:04:40.520><c> ethereum</c><00:04:41.199><c> is</c><00:04:41.880><c> defi</c><00:04:42.880><c> defi</c><00:04:43.600><c> is</c>

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ethereum ethereum is defi defi is
 

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ethereum ethereum is defi defi is
financial<00:04:44.680><c> services</c><00:04:45.199><c> and</c><00:04:45.360><c> tools</c><00:04:46.080><c> built</c><00:04:46.320><c> on</c>

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financial services and tools built on
 

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financial services and tools built on
ethereum<00:04:47.520><c> applications</c><00:04:48.199><c> that</c><00:04:48.400><c> use</c>

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ethereum applications that use
 

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ethereum applications that use
ethereum's<00:04:49.639><c> unique</c><00:04:50.120><c> properties</c><00:04:50.800><c> to</c><00:04:50.960><c> build</c>

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ethereum's unique properties to build
 

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ethereum's unique properties to build
Financial<00:04:51.759><c> products</c><00:04:52.199><c> that</c><00:04:52.360><c> can't</c>

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Financial products that can't
 

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Financial products that can't
discriminate<00:04:53.440><c> or</c><00:04:53.680><c> be</c><00:04:53.840><c> turned</c><00:04:54.199><c> off</c><00:04:54.720><c> and</c><00:04:54.919><c> which</c>

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discriminate or be turned off and which
 

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discriminate or be turned off and which
give<00:04:55.400><c> people</c><00:04:55.919><c> greater</c><00:04:56.320><c> control</c><00:04:56.880><c> over</c><00:04:57.080><c> their</c>

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give people greater control over their
 

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give people greater control over their
money<00:04:58.120><c> it</c><00:04:58.240><c> includes</c><00:04:58.600><c> lending</c><00:04:59.080><c> and</c><00:04:59.240><c> borrowing</c>

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money it includes lending and borrowing
 

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money it includes lending and borrowing
insurance<00:05:00.360><c> payments</c><00:05:01.080><c> trading</c><00:05:01.560><c> and</c><00:05:01.960><c> complex</c>

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insurance payments trading and complex
 

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insurance payments trading and complex
things<00:05:02.680><c> like</c><00:05:02.840><c> derivatives</c><00:05:03.800><c> the</c><00:05:03.960><c> beginnings</c>

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things like derivatives the beginnings
 

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things like derivatives the beginnings
of<00:05:04.560><c> the</c><00:05:04.720><c> internet's</c><00:05:05.520><c> Global</c><00:05:06.000><c> Financial</c>

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of the internet's Global Financial
 

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of the internet's Global Financial
system<00:05:07.520><c> and</c><00:05:07.680><c> defi</c><00:05:08.080><c> matters</c><00:05:08.520><c> because</c><00:05:08.720><c> it</c><00:05:08.919><c> gives</c>

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system and defi matters because it gives
 

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system and defi matters because it gives
everyone<00:05:09.600><c> on</c><00:05:09.800><c> Earth</c><00:05:10.240><c> access</c><00:05:10.759><c> to</c><00:05:10.919><c> the</c><00:05:11.120><c> same</c>

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everyone on Earth access to the same
 

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everyone on Earth access to the same
Financial<00:05:11.960><c> tools</c><00:05:12.840><c> defi</c><00:05:13.560><c> levels</c><00:05:14.039><c> the</c><00:05:14.199><c> playing</c>

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Financial tools defi levels the playing
 

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Financial tools defi levels the playing
field<00:05:16.000><c> and</c><00:05:16.120><c> in</c><00:05:16.280><c> 2024</c><00:05:17.280><c> ethereum</c><00:05:17.880><c> is</c><00:05:18.080><c> the</c><00:05:18.240><c> home</c>

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field and in 2024 ethereum is the home
 

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field and in 2024 ethereum is the home
of<00:05:18.680><c> defi</c><00:05:19.479><c> the</c><00:05:19.600><c> majority</c><00:05:20.000><c> of</c><00:05:20.120><c> all</c><00:05:20.360><c> value</c><00:05:20.639><c> locked</c>

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of defi the majority of all value locked
 

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of defi the majority of all value locked
in<00:05:21.080><c> defi</c><00:05:21.520><c> protocols</c><00:05:22.039><c> across</c><00:05:22.319><c> the</c><00:05:22.440><c> entire</c>

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in defi protocols across the entire
 

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in defi protocols across the entire
crypto<00:05:23.080><c> ecosystem</c><00:05:23.840><c> is</c><00:05:24.039><c> in</c><00:05:24.199><c> the</c><00:05:24.360><c> ethereum</c>

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crypto ecosystem is in the ethereum
 

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crypto ecosystem is in the ethereum
ecosystem<00:05:27.479><c> but</c><00:05:27.680><c> Behind</c><00:05:27.960><c> These</c><00:05:28.160><c> charts</c><00:05:28.680><c> again</c>

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ecosystem but Behind These charts again
 

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ecosystem but Behind These charts again
are<00:05:29.120><c> small</c><00:05:29.880><c> cases</c><00:05:30.240><c> and</c><00:05:30.520><c> specific</c><00:05:30.880><c> use</c><00:05:31.160><c> cases</c>

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are small cases and specific use cases
 

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are small cases and specific use cases
like<00:05:31.960><c> eup</c><00:05:32.759><c> that</c><00:05:32.880><c> uses</c><00:05:33.319><c> def</c><00:05:33.759><c> on</c><00:05:33.960><c> ethereum</c><00:05:34.639><c> to</c>

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like eup that uses def on ethereum to
 

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like eup that uses def on ethereum to
connect<00:05:35.319><c> small</c><00:05:35.600><c> business</c><00:05:35.919><c> owners</c><00:05:36.440><c> like</c>

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connect small business owners like
 

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connect small business owners like
coffee<00:05:36.919><c> producers</c><00:05:37.280><c> in</c><00:05:37.400><c> Mexico</c><00:05:38.160><c> with</c><00:05:38.319><c> the</c>

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coffee producers in Mexico with the
 

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coffee producers in Mexico with the
lenders<00:05:38.880><c> who</c><00:05:39.000><c> can</c><00:05:39.199><c> give</c><00:05:39.360><c> them</c><00:05:39.560><c> the</c><00:05:39.759><c> capital</c>

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lenders who can give them the capital
 

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lenders who can give them the capital
that<00:05:40.319><c> they</c><00:05:40.479><c> need</c><00:05:40.720><c> to</c><00:05:40.880><c> grow</c><00:05:41.199><c> their</c>

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that they need to grow their
 

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that they need to grow their
business<00:05:43.440><c> there's</c><00:05:43.960><c> so</c><00:05:44.199><c> much</c><00:05:44.479><c> more</c><00:05:44.840><c> to</c><00:05:45.000><c> the</c>

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business there's so much more to the
 

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business there's so much more to the
defi<00:05:45.479><c> ecoystem</c><00:05:46.400><c> which</c><00:05:46.560><c> I</c><00:05:46.720><c> couldn't</c><00:05:47.000><c> hope</c><00:05:47.160><c> to</c>

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defi ecoystem which I couldn't hope to
 

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defi ecoystem which I couldn't hope to
cover<00:05:47.560><c> today</c><00:05:48.360><c> thank</c><00:05:48.560><c> you</c><00:05:48.680><c> to</c><00:05:48.840><c> the</c><00:05:48.960><c> hundreds</c><00:05:49.319><c> of</c>

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cover today thank you to the hundreds of
 

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cover today thank you to the hundreds of
defi<00:05:49.880><c> teams</c><00:05:50.440><c> companies</c><00:05:51.080><c> organizations</c><00:05:51.880><c> Dows</c>

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defi teams companies organizations Dows
 

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defi teams companies organizations Dows
and<00:05:52.479><c> individual</c><00:05:53.039><c> developers</c><00:05:53.880><c> who</c><00:05:54.000><c> have</c>

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and individual developers who have
 

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and individual developers who have
innovated<00:05:55.240><c> and</c><00:05:55.440><c> expanded</c><00:05:55.919><c> ethereum's</c><00:05:56.400><c> user</c>

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innovated and expanded ethereum's user
 

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innovated and expanded ethereum's user
base<00:05:57.280><c> defi</c><00:05:58.039><c> began</c><00:05:58.360><c> on</c><00:05:58.560><c> ethereum</c><00:05:59.160><c> and</c><00:05:59.280><c> you</c><00:05:59.400><c> are</c>

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base defi began on ethereum and you are
 

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base defi began on ethereum and you are
the<00:05:59.720><c> the</c><00:05:59.840><c> reason</c><00:06:00.160><c> that</c><00:06:00.280><c> it</c><00:06:00.360><c> is</c><00:06:00.520><c> still</c><00:06:00.720><c> its</c>

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the the reason that it is still its
 

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the the reason that it is still its
home<00:06:03.440><c> Defi</c><00:06:03.800><c> and</c><00:06:03.919><c> stable</c><00:06:04.280><c> coins</c><00:06:04.600><c> were</c><00:06:04.800><c> some</c><00:06:04.919><c> of</c>

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home Defi and stable coins were some of
 

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home Defi and stable coins were some of
the<00:06:05.280><c> earliest</c><00:06:05.840><c> use</c><00:06:06.160><c> cases</c><00:06:06.479><c> on</c><00:06:06.680><c> ethereum</c><00:06:07.400><c> and</c>

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the earliest use cases on ethereum and
 

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the earliest use cases on ethereum and
they<00:06:07.720><c> continue</c><00:06:08.160><c> to</c><00:06:08.360><c> mature</c><00:06:08.919><c> and</c><00:06:09.120><c> grow</c><00:06:09.360><c> and</c>

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they continue to mature and grow and
 

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they continue to mature and grow and
expand<00:06:10.680><c> but</c><00:06:10.840><c> ethereum</c><00:06:11.280><c> is</c><00:06:11.479><c> also</c><00:06:11.720><c> used</c><00:06:12.080><c> for</c><00:06:12.280><c> so</c>

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expand but ethereum is also used for so
 

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expand but ethereum is also used for so
much<00:06:12.759><c> more</c><00:06:13.360><c> many</c><00:06:13.919><c> new</c><00:06:14.199><c> things</c><00:06:14.520><c> that</c><00:06:14.639><c> are</c><00:06:14.800><c> being</c>

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much more many new things that are being
 

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much more many new things that are being
built<00:06:15.599><c> new</c><00:06:15.960><c> categories</c><00:06:16.440><c> of</c><00:06:16.639><c> application</c><00:06:17.520><c> some</c>

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built new categories of application some
 

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built new categories of application some
of<00:06:17.800><c> which</c><00:06:17.919><c> we</c><00:06:18.039><c> didn't</c><00:06:18.240><c> even</c><00:06:18.520><c> expect</c><00:06:18.880><c> when</c>

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of which we didn't even expect when
 

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of which we didn't even expect when
ethereum<00:06:19.520><c> was</c><00:06:19.720><c> first</c><00:06:20.039><c> invented</c><00:06:21.039><c> ethereum</c><00:06:21.520><c> is</c>

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ethereum was first invented ethereum is
 

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ethereum was first invented ethereum is
still<00:06:21.880><c> the</c><00:06:22.039><c> blockchain</c><00:06:22.680><c> where</c><00:06:22.880><c> new</c><00:06:23.120><c> things</c>

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still the blockchain where new things
 

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still the blockchain where new things
are<00:06:23.639><c> invented</c><00:06:24.440><c> and</c><00:06:24.639><c> deployed</c><00:06:25.360><c> and</c><00:06:25.960><c> scaled</c>

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are invented and deployed and scaled
 

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are invented and deployed and scaled
like<00:06:27.160><c> the</c><00:06:27.280><c> emerging</c><00:06:27.800><c> sector</c><00:06:28.240><c> of</c>

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like the emerging sector of
 

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like the emerging sector of
decentralized<00:06:29.000><c> social</c><00:06:29.240><c> network</c>

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decentralized social network
 

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decentralized social network
like<00:06:30.280><c> farcaster</c><00:06:31.000><c> lens</c><00:06:31.360><c> or</c><00:06:31.520><c> Zora</c><00:06:32.440><c> social</c>

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like farcaster lens or Zora social
 

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like farcaster lens or Zora social
networks<00:06:33.400><c> where</c><00:06:33.720><c> users</c><00:06:34.120><c> can</c><00:06:34.360><c> own</c><00:06:34.880><c> their</c>

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networks where users can own their
 

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networks where users can own their
identities<00:06:35.720><c> and</c><00:06:35.880><c> share</c><00:06:36.160><c> in</c><00:06:36.319><c> the</c><00:06:36.440><c> growth</c><00:06:36.639><c> of</c>

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identities and share in the growth of
 

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identities and share in the growth of
the<00:06:36.919><c> platform</c><00:06:37.720><c> and</c><00:06:37.840><c> which</c><00:06:37.960><c> are</c><00:06:38.160><c> interoperable</c>

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the platform and which are interoperable
 

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the platform and which are interoperable
with<00:06:39.400><c> all</c><00:06:39.599><c> the</c><00:06:39.720><c> other</c><00:06:40.000><c> C</c><00:06:40.360><c> applications</c><00:06:41.080><c> in</c><00:06:41.199><c> the</c>

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with all the other C applications in the
 

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with all the other C applications in the
ethereum<00:06:41.960><c> ecosystem</c><00:06:42.960><c> or</c><00:06:43.240><c> games</c><00:06:43.840><c> that</c><00:06:44.000><c> use</c>

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ethereum ecosystem or games that use
 

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ethereum ecosystem or games that use
ethereum<00:06:44.840><c> to</c><00:06:45.039><c> offer</c><00:06:45.319><c> players</c><00:06:46.039><c> new</c>

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ethereum to offer players new
 

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ethereum to offer players new
experiences<00:06:47.360><c> like</c><00:06:47.560><c> e</c><00:06:47.840><c> Frontier</c><00:06:48.520><c> a</c><00:06:48.639><c> new</c><00:06:48.840><c> MMO</c>

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experiences like e Frontier a new MMO
 

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experiences like e Frontier a new MMO
where<00:06:49.599><c> the</c><00:06:49.800><c> physics</c><00:06:50.199><c> of</c><00:06:50.319><c> the</c><00:06:50.520><c> game</c><00:06:50.840><c> are</c>

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where the physics of the game are
 

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where the physics of the game are
expressed<00:06:51.520><c> as</c><00:06:51.680><c> smart</c><00:06:52.000><c> contracts</c><00:06:52.840><c> and</c><00:06:53.000><c> players</c>

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expressed as smart contracts and players
 

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expressed as smart contracts and players
can<00:06:53.680><c> write</c><00:06:53.960><c> code</c><00:06:54.319><c> to</c><00:06:54.520><c> build</c><00:06:54.840><c> autonomous</c>

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can write code to build autonomous
 

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can write code to build autonomous
worlds<00:06:56.039><c> without</c><00:06:56.360><c> constraints</c><00:06:57.199><c> in</c><00:06:57.360><c> that</c><00:06:57.520><c> game</c>

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worlds without constraints in that game
 

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worlds without constraints in that game
world<00:06:59.319><c> if</c><00:06:59.560><c> ethereum</c><00:06:59.919><c> is</c><00:07:00.199><c> also</c><00:07:00.879><c> emerging</c><00:07:01.400><c> as</c>

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world if ethereum is also emerging as
 

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world if ethereum is also emerging as
the<00:07:02.160><c> default</c><00:07:02.639><c> foundation</c><00:07:03.199><c> for</c><00:07:03.479><c> digital</c>

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the default foundation for digital
 

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the default foundation for digital
cryptographic<00:07:04.560><c> identities</c><00:07:05.479><c> the</c><00:07:05.599><c> ethereum</c>

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cryptographic identities the ethereum
 

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cryptographic identities the ethereum
name<00:07:06.319><c> service</c><00:07:06.800><c> has</c><00:07:06.919><c> served</c><00:07:07.280><c> the</c><00:07:07.360><c> ecosystem</c>

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name service has served the ecosystem
 

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name service has served the ecosystem
for<00:07:08.280><c> years</c><00:07:08.879><c> with</c><00:07:09.039><c> human</c><00:07:09.319><c> readable</c><00:07:09.759><c> names</c><00:07:10.199><c> that</c>

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for years with human readable names that
 

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for years with human readable names that
let<00:07:10.560><c> users</c><00:07:11.080><c> sign</c><00:07:11.319><c> in</c><00:07:11.479><c> with</c><00:07:11.599><c> ethereum</c><00:07:12.560><c> or</c><00:07:12.919><c> new</c>

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let users sign in with ethereum or new
 

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let users sign in with ethereum or new
projects<00:07:13.720><c> like</c><00:07:13.840><c> a</c><00:07:13.960><c> non</c><00:07:14.199><c> addar</c><00:07:14.800><c> which</c><00:07:14.960><c> gives</c>

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projects like a non addar which gives
 

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projects like a non addar which gives
developers<00:07:15.759><c> the</c><00:07:15.919><c> tools</c><00:07:16.240><c> to</c><00:07:16.400><c> build</c><00:07:16.680><c> privacy</c>

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developers the tools to build privacy
 

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developers the tools to build privacy
preserving<00:07:17.560><c> applications</c><00:07:18.479><c> on</c><00:07:18.759><c> top</c><00:07:19.000><c> of</c><00:07:19.120><c> the</c>

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preserving applications on top of the
 

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preserving applications on top of the
existing<00:07:19.720><c> Indian</c><00:07:20.080><c> ID</c>

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system<00:07:23.800><c> ethereum</c><00:07:24.199><c> is</c><00:07:24.479><c> also</c><00:07:24.840><c> being</c><00:07:25.039><c> used</c><00:07:25.360><c> to</c>

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system ethereum is also being used to
 

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system ethereum is also being used to
support<00:07:25.960><c> real</c><00:07:26.360><c> world</c><00:07:26.840><c> physical</c>

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support real world physical
 

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support real world physical
infrastructure<00:07:28.120><c> by</c><00:07:28.319><c> offering</c><00:07:28.720><c> a</c><00:07:28.879><c> trustworthy</c>

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infrastructure by offering a trustworthy
 

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infrastructure by offering a trustworthy
digital<00:07:30.160><c> platform</c><00:07:31.000><c> glow</c><00:07:31.440><c> solar</c><00:07:31.879><c> Powers</c>

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digital platform glow solar Powers
 

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digital platform glow solar Powers
hundreds<00:07:32.759><c> of</c><00:07:33.000><c> active</c><00:07:33.240><c> solar</c><00:07:33.520><c> farms</c><00:07:33.879><c> around</c>

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hundreds of active solar farms around
 

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hundreds of active solar farms around
the<00:07:34.240><c> world</c><00:07:34.840><c> incentivized</c><00:07:35.599><c> through</c><00:07:35.800><c> ethereum</c>

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the world incentivized through ethereum
 

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the world incentivized through ethereum
based

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based
 

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based
rewards<00:07:38.479><c> and</c><00:07:38.879><c> the</c><00:07:39.000><c> ethereum</c><00:07:39.440><c> ecosystem</c><00:07:40.120><c> is</c>

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rewards and the ethereum ecosystem is
 

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rewards and the ethereum ecosystem is
home<00:07:40.520><c> to</c><00:07:40.759><c> incredible</c><00:07:41.560><c> breakout</c><00:07:42.080><c> applications</c>

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home to incredible breakout applications
 

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home to incredible breakout applications
like<00:07:43.160><c> poly</c><00:07:43.560><c> Market</c><00:07:44.560><c> poly</c><00:07:44.879><c> Market</c><00:07:45.080><c> is</c><00:07:45.159><c> a</c>

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like poly Market poly Market is a
 

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like poly Market poly Market is a
prediction<00:07:45.759><c> Market</c><00:07:46.240><c> where</c><00:07:46.360><c> you</c><00:07:46.479><c> can</c><00:07:46.720><c> wager</c><00:07:47.280><c> on</c>

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prediction Market where you can wager on
 

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prediction Market where you can wager on
the<00:07:47.599><c> outcome</c><00:07:47.960><c> of</c><00:07:48.120><c> future</c><00:07:48.479><c> events</c><00:07:49.240><c> and</c><00:07:49.400><c> by</c>

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the outcome of future events and by
 

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the outcome of future events and by
viewing<00:07:49.919><c> the</c><00:07:50.080><c> markets</c><00:07:50.440><c> for</c><00:07:50.639><c> those</c><00:07:50.840><c> Wagers</c>

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viewing the markets for those Wagers
 

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viewing the markets for those Wagers
anyone<00:07:52.159><c> can</c><00:07:52.400><c> get</c><00:07:52.599><c> gain</c><00:07:52.800><c> a</c><00:07:52.960><c> better</c><00:07:53.240><c> insight</c>

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anyone can get gain a better insight
 

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anyone can get gain a better insight
into<00:07:54.080><c> the</c><00:07:54.639><c> future</c><00:07:55.639><c> huge</c><00:07:55.960><c> kudos</c><00:07:56.440><c> to</c><00:07:56.599><c> the</c><00:07:56.720><c> poly</c>

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into the future huge kudos to the poly
 

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into the future huge kudos to the poly
Market<00:07:57.319><c> team</c><00:07:57.639><c> for</c><00:07:57.800><c> showing</c><00:07:58.240><c> so</c><00:07:58.400><c> many</c><00:07:58.639><c> people</c>

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Market team for showing so many people
 

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Market team for showing so many people
around<00:07:59.120><c> the</c><00:07:59.199><c> world</c><00:07:59.919><c> the</c><00:08:00.120><c> power</c><00:08:00.440><c> of</c><00:08:00.720><c> open</c>

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around the world the power of open
 

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around the world the power of open
systems<00:08:01.639><c> built</c><00:08:01.879><c> on</c><00:08:02.120><c> blockchains</c><00:08:02.960><c> and</c><00:08:03.120><c> to</c><00:08:03.280><c> the</c>

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systems built on blockchains and to the
 

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systems built on blockchains and to the
polygon<00:08:03.879><c> team</c><00:08:04.199><c> for</c><00:08:04.360><c> building</c><00:08:04.639><c> the</c>

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polygon team for building the
 

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polygon team for building the
infrastructure<00:08:05.199><c> that</c><00:08:05.280><c> made</c><00:08:05.400><c> it</c>

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infrastructure that made it
 

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infrastructure that made it
possible<00:08:07.479><c> yeah</c><00:08:07.680><c> Round</c><00:08:07.879><c> of</c><00:08:08.039><c> Applause</c><00:08:08.360><c> they</c>

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possible yeah Round of Applause they
 

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possible yeah Round of Applause they
deserve

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deserve
 

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deserve
[Music]

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[Music]
 

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[Music]
it<00:08:15.319><c> and</c><00:08:15.479><c> I</c><00:08:15.599><c> know</c><00:08:15.759><c> I</c><00:08:15.879><c> speak</c><00:08:16.159><c> for</c><00:08:16.400><c> so</c><00:08:16.599><c> many</c><00:08:17.000><c> in</c><00:08:17.080><c> the</c>

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it and I know I speak for so many in the
 

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it and I know I speak for so many in the
ethereum<00:08:17.560><c> ecosystem</c><00:08:18.360><c> when</c><00:08:18.479><c> I</c><00:08:18.599><c> say</c><00:08:18.800><c> that</c><00:08:18.919><c> we're</c>

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ethereum ecosystem when I say that we're
 

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ethereum ecosystem when I say that we're
so<00:08:19.319><c> excited</c><00:08:19.759><c> for</c><00:08:20.000><c> polygon</c><00:08:20.440><c> proof</c><00:08:20.680><c> of</c><00:08:20.840><c> stake</c><00:08:21.280><c> to</c>

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so excited for polygon proof of stake to
 

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so excited for polygon proof of stake to
complete<00:08:21.840><c> its</c><00:08:22.039><c> transition</c><00:08:22.520><c> to</c><00:08:22.720><c> becoming</c><00:08:23.080><c> an</c>

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complete its transition to becoming an
 

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complete its transition to becoming an
ethereum<00:08:23.599><c> validium</c><00:08:24.319><c> we're</c><00:08:24.520><c> really</c><00:08:24.680><c> looking</c>

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ethereum validium we're really looking
 

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ethereum validium we're really looking
forward<00:08:25.120><c> to</c><00:08:25.280><c> it</c>

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forward to it
 

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forward to it
[Applause]

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[Applause]
 

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[Applause]
so<00:08:30.800><c> what</c><00:08:30.919><c> I</c><00:08:31.039><c> see</c><00:08:31.280><c> when</c><00:08:31.400><c> I</c><00:08:31.520><c> look</c><00:08:31.639><c> at</c><00:08:31.840><c> this</c><00:08:32.120><c> is</c>

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so what I see when I look at this is
 

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so what I see when I look at this is
that<00:08:32.479><c> ethereum</c><00:08:33.120><c> is</c><00:08:33.279><c> where</c><00:08:33.599><c> ideas</c><00:08:34.560><c> enter</c>

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that ethereum is where ideas enter
 

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that ethereum is where ideas enter
production<00:08:36.680><c> prediction</c><00:08:37.080><c> markets</c><00:08:37.599><c> began</c><00:08:38.159><c> as</c>

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production prediction markets began as
 

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production prediction markets began as
an<00:08:38.519><c> idea</c><00:08:39.120><c> debated</c><00:08:39.560><c> and</c><00:08:39.719><c> discussed</c><00:08:40.120><c> and</c>

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an idea debated and discussed and
 

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an idea debated and discussed and
formalized<00:08:40.880><c> and</c><00:08:41.120><c> academic</c><00:08:41.640><c> over</c><00:08:42.080><c> 30</c><00:08:42.479><c> 20</c><00:08:42.839><c> years</c>

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formalized and academic over 30 20 years
 

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formalized and academic over 30 20 years
largely<00:08:43.800><c> by</c><00:08:43.959><c> Robin</c><00:08:44.200><c> Hansen</c><00:08:44.640><c> who</c><00:08:44.800><c> might</c><00:08:44.959><c> be</c><00:08:45.080><c> in</c>

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largely by Robin Hansen who might be in
 

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largely by Robin Hansen who might be in
the<00:08:45.279><c> room</c><00:08:45.560><c> somewhere</c><00:08:46.080><c> right</c><00:08:46.200><c> now</c><00:08:46.480><c> because</c><00:08:46.680><c> I</c>

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the room somewhere right now because I
 

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the room somewhere right now because I
know<00:08:46.959><c> he's</c><00:08:47.120><c> speaking</c><00:08:47.519><c> this</c><00:08:47.720><c> week</c><00:08:48.399><c> and</c><00:08:48.480><c> it</c><00:08:48.560><c> was</c>

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know he's speaking this week and it was
 

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know he's speaking this week and it was
on<00:08:48.839><c> ethereum</c><00:08:49.440><c> where</c><00:08:49.560><c> a</c><00:08:49.720><c> series</c><00:08:49.959><c> of</c>

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on ethereum where a series of
 

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on ethereum where a series of
experiments<00:08:51.200><c> led</c><00:08:51.720><c> to</c><00:08:52.399><c> uh</c><00:08:52.560><c> this</c><00:08:52.720><c> breakup</c>

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experiments led to uh this breakup
 

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experiments led to uh this breakup
moment<00:08:53.480><c> for</c><00:08:53.640><c> poly</c><00:08:53.920><c> Market</c><00:08:54.720><c> or</c><00:08:55.000><c> quadratic</c>

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moment for poly Market or quadratic
 

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moment for poly Market or quadratic
funding<00:08:56.160><c> which</c><00:08:56.360><c> also</c><00:08:56.640><c> began</c><00:08:57.080><c> as</c><00:08:57.200><c> an</c><00:08:57.399><c> idea</c>

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funding which also began as an idea
 

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funding which also began as an idea
discussed<00:08:58.519><c> and</c><00:08:58.680><c> formalized</c><00:08:59.160><c> by</c><00:08:59.440><c> people</c><00:08:59.640><c> like</c>

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discussed and formalized by people like
 

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discussed and formalized by people like
Glenn<00:09:00.079><c> wow</c><00:09:00.360><c> ballic</c><00:09:00.800><c> and</c><00:09:00.959><c> many</c><00:09:01.200><c> others</c><00:09:01.800><c> and</c><00:09:01.920><c> it</c>

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Glenn wow ballic and many others and it
 

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Glenn wow ballic and many others and it
was<00:09:02.120><c> on</c><00:09:02.360><c> ethereum</c><00:09:02.959><c> where</c><00:09:03.160><c> multiple</c><00:09:03.560><c> teams</c>

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was on ethereum where multiple teams
 

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was on ethereum where multiple teams
have<00:09:04.160><c> turned</c><00:09:04.519><c> those</c><00:09:04.720><c> ideas</c><00:09:05.399><c> into</c><00:09:05.760><c> products</c>

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have turned those ideas into products
 

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have turned those ideas into products
that<00:09:06.519><c> serve</c><00:09:06.839><c> users</c><00:09:07.399><c> around</c><00:09:07.640><c> the</c>

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that serve users around the
 

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that serve users around the
world<00:09:10.240><c> but</c><00:09:10.480><c> there's</c><00:09:10.760><c> one</c><00:09:11.000><c> group</c><00:09:11.200><c> of</c><00:09:11.279><c> users</c>

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world but there's one group of users
 

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world but there's one group of users
that<00:09:11.839><c> we</c><00:09:12.040><c> haven't</c><00:09:12.440><c> talked</c><00:09:12.720><c> about</c><00:09:13.279><c> yet</c><00:09:14.279><c> and</c><00:09:14.440><c> of</c>

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that we haven't talked about yet and of
 

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that we haven't talked about yet and of
course<00:09:15.880><c> that</c><00:09:16.079><c> is</c><00:09:16.880><c> developers</c><00:09:17.880><c> developers</c>

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course that is developers developers
 

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course that is developers developers
[Applause]

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developers<00:09:26.000><c> ethereum</c><00:09:26.600><c> is</c><00:09:26.800><c> for</c><00:09:27.279><c> developers</c>

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developers ethereum is for developers
 

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developers ethereum is for developers
ethereum<00:09:28.720><c> is</c><00:09:28.800><c> a</c><00:09:29.040><c> plat</c><00:09:29.519><c> form</c><00:09:29.800><c> where</c><00:09:29.959><c> your</c><00:09:30.200><c> code</c>

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ethereum is a plat form where your code
 

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ethereum is a plat form where your code
has<00:09:31.360><c> superpowers</c><00:09:32.360><c> where</c><00:09:32.519><c> your</c><00:09:32.800><c> software</c>

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has superpowers where your software
 

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has superpowers where your software
gains<00:09:33.959><c> this</c><00:09:34.200><c> durable</c><00:09:34.720><c> performance</c><00:09:35.320><c> this</c>

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gains this durable performance this
 

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gains this durable performance this
hardness<00:09:36.240><c> that</c><00:09:36.399><c> lets</c><00:09:36.600><c> you</c><00:09:36.800><c> build</c><00:09:37.120><c> things</c><00:09:37.440><c> that</c>

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hardness that lets you build things that
 

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hardness that lets you build things that
last<00:09:38.480><c> things</c><00:09:38.720><c> that</c><00:09:38.920><c> millions</c><00:09:39.279><c> of</c><00:09:39.480><c> people</c><00:09:39.880><c> can</c>

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last things that millions of people can
 

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last things that millions of people can
depend<00:09:40.440><c> on</c><00:09:41.320><c> and</c><00:09:41.440><c> in</c><00:09:41.600><c> 2024</c><00:09:42.480><c> the</c><00:09:42.600><c> ethereum</c>

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depend on and in 2024 the ethereum
 

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depend on and in 2024 the ethereum
ecosystem<00:09:43.680><c> Remains</c><00:09:44.000><c> the</c><00:09:44.200><c> developer</c><00:09:44.680><c> platform</c>

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ecosystem Remains the developer platform
 

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ecosystem Remains the developer platform
of<00:09:45.120><c> choice</c><00:09:45.760><c> for</c><00:09:46.000><c> the</c><00:09:46.200><c> entire</c><00:09:46.760><c> crypto</c><00:09:47.360><c> industry</c>

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of choice for the entire crypto industry
 

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of choice for the entire crypto industry
when<00:09:48.480><c> we</c><00:09:48.640><c> look</c><00:09:48.760><c> at</c><00:09:48.880><c> the</c><00:09:49.040><c> total</c><00:09:49.360><c> open</c><00:09:49.640><c> source</c>

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when we look at the total open source
 

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when we look at the total open source
developers<00:09:50.519><c> working</c><00:09:50.800><c> in</c><00:09:50.959><c> crypto</c><00:09:51.560><c> nearly</c><00:09:52.000><c> half</c>

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developers working in crypto nearly half
 

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developers working in crypto nearly half
are<00:09:52.440><c> working</c><00:09:52.959><c> in</c><00:09:53.120><c> the</c><00:09:53.279><c> ethereum</c>

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are working in the ethereum
 

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are working in the ethereum
ecosystem<00:09:56.079><c> and</c><00:09:56.360><c> when</c><00:09:56.480><c> we</c><00:09:56.640><c> look</c><00:09:56.760><c> at</c><00:09:56.920><c> data</c><00:09:57.320><c> about</c>

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ecosystem and when we look at data about
 

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ecosystem and when we look at data about
what<00:09:57.720><c> blockchains</c><00:09:58.320><c> Founders</c><00:09:58.959><c> are</c><00:09:59.480><c> or</c><00:09:59.720><c> want</c><00:09:59.959><c> to</c>

00:10:00.150 --> 00:10:00.160 align:start position:0%
what blockchains Founders are or want to
 

00:10:00.160 --> 00:10:02.509 align:start position:0%
what blockchains Founders are or want to
build<00:10:00.399><c> in</c><00:10:00.880><c> the</c><00:10:01.040><c> ethereum</c><00:10:01.519><c> ecosystems</c><00:10:02.120><c> lead</c>

00:10:02.509 --> 00:10:02.519 align:start position:0%
build in the ethereum ecosystems lead
 

00:10:02.519 --> 00:10:04.550 align:start position:0%
build in the ethereum ecosystems lead
becomes<00:10:03.120><c> even</c><00:10:03.399><c> more</c>

00:10:04.550 --> 00:10:04.560 align:start position:0%
becomes even more
 

00:10:04.560 --> 00:10:07.509 align:start position:0%
becomes even more
apparent<00:10:05.560><c> and</c><00:10:05.720><c> one</c><00:10:06.120><c> huge</c><00:10:06.399><c> reason</c><00:10:06.720><c> for</c><00:10:06.959><c> this</c><00:10:07.320><c> is</c>

00:10:07.509 --> 00:10:07.519 align:start position:0%
apparent and one huge reason for this is
 

00:10:07.519 --> 00:10:10.150 align:start position:0%
apparent and one huge reason for this is
the<00:10:07.800><c> Deep</c><00:10:08.360><c> developer</c><00:10:08.880><c> ecosystem</c><00:10:09.760><c> developer</c>

00:10:10.150 --> 00:10:10.160 align:start position:0%
the Deep developer ecosystem developer
 

00:10:10.160 --> 00:10:12.350 align:start position:0%
the Deep developer ecosystem developer
tooling<00:10:10.519><c> ecosystem</c><00:10:11.120><c> rather</c><00:10:11.800><c> people</c><00:10:12.160><c> and</c>

00:10:12.350 --> 00:10:12.360 align:start position:0%
tooling ecosystem rather people and
 

00:10:12.360 --> 00:10:14.150 align:start position:0%
tooling ecosystem rather people and
companies<00:10:12.760><c> and</c><00:10:13.040><c> projects</c><00:10:13.480><c> who</c><00:10:13.600><c> have</c><00:10:13.760><c> worked</c>

00:10:14.150 --> 00:10:14.160 align:start position:0%
companies and projects who have worked
 

00:10:14.160 --> 00:10:15.949 align:start position:0%
companies and projects who have worked
heads<00:10:14.440><c> down</c><00:10:14.680><c> for</c><00:10:14.959><c> years</c><00:10:15.480><c> to</c><00:10:15.600><c> build</c><00:10:15.800><c> the</c>

00:10:15.949 --> 00:10:15.959 align:start position:0%
heads down for years to build the
 

00:10:15.959 --> 00:10:17.790 align:start position:0%
heads down for years to build the
compilers<00:10:16.560><c> the</c><00:10:16.680><c> tools</c><00:10:17.200><c> the</c><00:10:17.360><c> developer</c>

00:10:17.790 --> 00:10:17.800 align:start position:0%
compilers the tools the developer
 

00:10:17.800 --> 00:10:20.030 align:start position:0%
compilers the tools the developer
environments<00:10:18.560><c> and</c><00:10:18.760><c> much</c><00:10:19.000><c> more</c><00:10:19.560><c> that</c><00:10:19.720><c> lets</c>

00:10:20.030 --> 00:10:20.040 align:start position:0%
environments and much more that lets
 

00:10:20.040 --> 00:10:22.389 align:start position:0%
environments and much more that lets
developers<00:10:20.600><c> build</c><00:10:20.920><c> safely</c><00:10:21.240><c> on</c><00:10:21.399><c> ethereum</c>

00:10:22.389 --> 00:10:22.399 align:start position:0%
developers build safely on ethereum
 

00:10:22.399 --> 00:10:24.070 align:start position:0%
developers build safely on ethereum
thank<00:10:22.640><c> you</c>

00:10:24.070 --> 00:10:24.080 align:start position:0%
thank you
 

00:10:24.080 --> 00:10:31.069 align:start position:0%
thank you
[Applause]

00:10:31.069 --> 00:10:31.079 align:start position:0%
[Applause]
 

00:10:31.079 --> 00:10:33.990 align:start position:0%
[Applause]
so<00:10:31.519><c> when</c><00:10:31.680><c> we</c><00:10:31.839><c> zoom</c><00:10:32.120><c> out</c><00:10:32.440><c> on</c><00:10:32.880><c> applications</c><00:10:33.880><c> what</c>

00:10:33.990 --> 00:10:34.000 align:start position:0%
so when we zoom out on applications what
 

00:10:34.000 --> 00:10:36.990 align:start position:0%
so when we zoom out on applications what
do<00:10:34.120><c> we</c><00:10:34.399><c> see</c><00:10:35.399><c> ethereum</c><00:10:35.920><c> is</c><00:10:36.200><c> home</c><00:10:36.440><c> to</c><00:10:36.639><c> the</c><00:10:36.760><c> most</c>

00:10:36.990 --> 00:10:37.000 align:start position:0%
do we see ethereum is home to the most
 

00:10:37.000 --> 00:10:39.670 align:start position:0%
do we see ethereum is home to the most
mature<00:10:37.519><c> use</c><00:10:37.880><c> cases</c><00:10:38.560><c> like</c><00:10:38.720><c> Defi</c><00:10:39.160><c> and</c><00:10:39.279><c> stable</c>

00:10:39.670 --> 00:10:39.680 align:start position:0%
mature use cases like Defi and stable
 

00:10:39.680 --> 00:10:42.949 align:start position:0%
mature use cases like Defi and stable
coins<00:10:40.399><c> which</c><00:10:40.639><c> continue</c><00:10:41.079><c> to</c><00:10:41.480><c> scale</c><00:10:42.480><c> ethereum</c>

00:10:42.949 --> 00:10:42.959 align:start position:0%
coins which continue to scale ethereum
 

00:10:42.959 --> 00:10:45.269 align:start position:0%
coins which continue to scale ethereum
is<00:10:43.079><c> the</c><00:10:43.320><c> place</c><00:10:43.519><c> where</c><00:10:43.760><c> new</c><00:10:44.040><c> things</c><00:10:44.399><c> happen</c>

00:10:45.269 --> 00:10:45.279 align:start position:0%
is the place where new things happen
 

00:10:45.279 --> 00:10:47.110 align:start position:0%
is the place where new things happen
social<00:10:45.680><c> prediction</c><00:10:46.120><c> markets</c><00:10:46.560><c> programmable</c>

00:10:47.110 --> 00:10:47.120 align:start position:0%
social prediction markets programmable
 

00:10:47.120 --> 00:10:49.990 align:start position:0%
social prediction markets programmable
crypto<00:10:47.560><c> identity</c><00:10:48.079><c> gaming</c><00:10:48.480><c> and</c><00:10:48.600><c> so</c><00:10:48.839><c> much</c><00:10:49.040><c> more</c>

00:10:49.990 --> 00:10:50.000 align:start position:0%
crypto identity gaming and so much more
 

00:10:50.000 --> 00:10:52.190 align:start position:0%
crypto identity gaming and so much more
and<00:10:50.399><c> ethereum</c><00:10:50.880><c> is</c><00:10:51.040><c> home</c><00:10:51.360><c> to</c><00:10:51.560><c> the</c><00:10:51.800><c> best</c>

00:10:52.190 --> 00:10:52.200 align:start position:0%
and ethereum is home to the best
 

00:10:52.200 --> 00:10:54.870 align:start position:0%
and ethereum is home to the best
developer<00:10:52.760><c> ecosystem</c><00:10:53.680><c> with</c><00:10:53.839><c> the</c><00:10:54.000><c> most</c><00:10:54.480><c> web</c><00:10:54.639><c> 3</c>

00:10:54.870 --> 00:10:54.880 align:start position:0%
developer ecosystem with the most web 3
 

00:10:54.880 --> 00:10:58.069 align:start position:0%
developer ecosystem with the most web 3
devs<00:10:55.320><c> and</c><00:10:55.480><c> the</c><00:10:55.639><c> best-in-class</c>

00:10:58.069 --> 00:10:58.079 align:start position:0%
devs and the best-in-class
 

00:10:58.079 --> 00:11:00.590 align:start position:0%
devs and the best-in-class
platform<00:10:59.079><c> this</c><00:10:59.480><c> is</c><00:10:59.600><c> ethereum's</c><00:11:00.120><c> application</c>

00:11:00.590 --> 00:11:00.600 align:start position:0%
platform this is ethereum's application
 

00:11:00.600 --> 00:11:03.350 align:start position:0%
platform this is ethereum's application
ecosystem<00:11:01.519><c> this</c><00:11:01.720><c> year</c><00:11:02.399><c> and</c><00:11:02.519><c> it</c><00:11:02.680><c> is</c><00:11:03.000><c> I</c><00:11:03.120><c> think</c>

00:11:03.350 --> 00:11:03.360 align:start position:0%
ecosystem this year and it is I think
 

00:11:03.360 --> 00:11:06.030 align:start position:0%
ecosystem this year and it is I think
our<00:11:03.560><c> ecosystem's</c><00:11:04.279><c> goal</c><00:11:04.800><c> to</c><00:11:05.000><c> continue</c><00:11:05.560><c> growth</c>

00:11:06.030 --> 00:11:06.040 align:start position:0%
our ecosystem's goal to continue growth
 

00:11:06.040 --> 00:11:07.750 align:start position:0%
our ecosystem's goal to continue growth
in<00:11:06.240><c> every</c><00:11:06.440><c> one</c><00:11:06.600><c> of</c><00:11:06.720><c> these</c><00:11:06.880><c> Dimensions</c><00:11:07.560><c> into</c>

00:11:07.750 --> 00:11:07.760 align:start position:0%
in every one of these Dimensions into
 

00:11:07.760 --> 00:11:09.310 align:start position:0%
in every one of these Dimensions into
the

00:11:09.310 --> 00:11:09.320 align:start position:0%
the
 

00:11:09.320 --> 00:11:12.949 align:start position:0%
the
future<00:11:10.360><c> okay</c><00:11:11.360><c> that's</c><00:11:11.720><c> applications</c><00:11:12.720><c> but</c><00:11:12.880><c> in</c>

00:11:12.949 --> 00:11:12.959 align:start position:0%
future okay that's applications but in
 

00:11:12.959 --> 00:11:14.750 align:start position:0%
future okay that's applications but in
order<00:11:13.160><c> to</c><00:11:13.519><c> understand</c><00:11:13.680><c> where</c><00:11:13.800><c> we</c><00:11:13.920><c> are</c><00:11:14.079><c> today</c>

00:11:14.750 --> 00:11:14.760 align:start position:0%
order to understand where we are today
 

00:11:14.760 --> 00:11:16.230 align:start position:0%
order to understand where we are today
the<00:11:14.920><c> second</c><00:11:15.200><c> big</c><00:11:15.399><c> theme</c><00:11:15.639><c> we</c><00:11:15.760><c> have</c><00:11:15.839><c> to</c><00:11:16.040><c> talk</c>

00:11:16.230 --> 00:11:16.240 align:start position:0%
the second big theme we have to talk
 

00:11:16.240 --> 00:11:19.150 align:start position:0%
the second big theme we have to talk
about<00:11:16.880><c> is</c><00:11:17.600><c> infrastructure</c><00:11:18.600><c> and</c><00:11:18.720><c> what</c><00:11:18.839><c> I</c><00:11:18.920><c> mean</c>

00:11:19.150 --> 00:11:19.160 align:start position:0%
about is infrastructure and what I mean
 

00:11:19.160 --> 00:11:20.949 align:start position:0%
about is infrastructure and what I mean
by<00:11:19.360><c> that</c><00:11:19.519><c> is</c><00:11:19.680><c> that</c><00:11:19.920><c> underneath</c><00:11:20.480><c> all</c><00:11:20.720><c> these</c>

00:11:20.949 --> 00:11:20.959 align:start position:0%
by that is that underneath all these
 

00:11:20.959 --> 00:11:22.870 align:start position:0%
by that is that underneath all these
applications<00:11:21.959><c> that</c><00:11:22.079><c> we</c><00:11:22.200><c> just</c><00:11:22.360><c> talked</c><00:11:22.600><c> about</c>

00:11:22.870 --> 00:11:22.880 align:start position:0%
applications that we just talked about
 

00:11:22.880 --> 00:11:25.750 align:start position:0%
applications that we just talked about
our<00:11:23.120><c> layers</c><00:11:23.639><c> and</c><00:11:23.800><c> layers</c><00:11:24.440><c> of</c>

00:11:25.750 --> 00:11:25.760 align:start position:0%
our layers and layers of
 

00:11:25.760 --> 00:11:28.110 align:start position:0%
our layers and layers of
Technology<00:11:26.760><c> over</c><00:11:27.000><c> the</c><00:11:27.160><c> last</c><00:11:27.360><c> few</c><00:11:27.560><c> years</c><00:11:28.000><c> the</c>

00:11:28.110 --> 00:11:28.120 align:start position:0%
Technology over the last few years the
 

00:11:28.120 --> 00:11:30.350 align:start position:0%
Technology over the last few years the
ethereum<00:11:28.600><c> ecosystem</c><00:11:29.320><c> has</c><00:11:29.480><c> made</c><00:11:29.959><c> huge</c>

00:11:30.350 --> 00:11:30.360 align:start position:0%
ethereum ecosystem has made huge
 

00:11:30.360 --> 00:11:32.150 align:start position:0%
ethereum ecosystem has made huge
investments<00:11:31.079><c> in</c><00:11:31.320><c> improving</c><00:11:32.000><c> the</c>

00:11:32.150 --> 00:11:32.160 align:start position:0%
investments in improving the
 

00:11:32.160 --> 00:11:35.069 align:start position:0%
investments in improving the
infrastructure<00:11:33.079><c> of</c><00:11:33.519><c> ethereum</c><00:11:34.519><c> ethereum</c><00:11:34.959><c> is</c>

00:11:35.069 --> 00:11:35.079 align:start position:0%
infrastructure of ethereum ethereum is
 

00:11:35.079 --> 00:11:36.829 align:start position:0%
infrastructure of ethereum ethereum is
the<00:11:35.160><c> only</c><00:11:35.440><c> blockchain</c><00:11:36.000><c> really</c><00:11:36.360><c> that's</c><00:11:36.639><c> had</c>

00:11:36.829 --> 00:11:36.839 align:start position:0%
the only blockchain really that's had
 

00:11:36.839 --> 00:11:39.710 align:start position:0%
the only blockchain really that's had
enough<00:11:37.120><c> demand</c><00:11:37.680><c> and</c><00:11:37.880><c> use</c><00:11:38.560><c> to</c><00:11:38.800><c> test</c><00:11:39.120><c> the</c><00:11:39.279><c> limits</c>

00:11:39.710 --> 00:11:39.720 align:start position:0%
enough demand and use to test the limits
 

00:11:39.720 --> 00:11:41.750 align:start position:0%
enough demand and use to test the limits
of<00:11:39.880><c> what</c><00:11:40.000><c> we</c><00:11:40.160><c> have</c><00:11:40.360><c> today</c><00:11:41.000><c> and</c><00:11:41.120><c> force</c><00:11:41.440><c> us</c><00:11:41.600><c> to</c>

00:11:41.750 --> 00:11:41.760 align:start position:0%
of what we have today and force us to
 

00:11:41.760 --> 00:11:43.829 align:start position:0%
of what we have today and force us to
improve<00:11:42.160><c> the</c><00:11:42.279><c> infrastructure</c><00:11:42.880><c> in</c>

00:11:43.829 --> 00:11:43.839 align:start position:0%
improve the infrastructure in
 

00:11:43.839 --> 00:11:46.030 align:start position:0%
improve the infrastructure in
response<00:11:44.839><c> we've</c><00:11:45.040><c> taken</c><00:11:45.360><c> the</c><00:11:45.560><c> hard</c><00:11:45.839><c> but</c>

00:11:46.030 --> 00:11:46.040 align:start position:0%
response we've taken the hard but
 

00:11:46.040 --> 00:11:47.870 align:start position:0%
response we've taken the hard but
necessary<00:11:46.560><c> step</c><00:11:46.880><c> of</c><00:11:47.079><c> actually</c><00:11:47.399><c> scaling</c>

00:11:47.870 --> 00:11:47.880 align:start position:0%
necessary step of actually scaling
 

00:11:47.880 --> 00:11:50.350 align:start position:0%
necessary step of actually scaling
ethereum<00:11:48.760><c> and</c><00:11:48.880><c> the</c><00:11:49.000><c> growth</c><00:11:49.240><c> we're</c><00:11:49.399><c> seeing</c><00:11:49.760><c> now</c>

00:11:50.350 --> 00:11:50.360 align:start position:0%
ethereum and the growth we're seeing now
 

00:11:50.360 --> 00:11:52.870 align:start position:0%
ethereum and the growth we're seeing now
is<00:11:50.560><c> enabled</c><00:11:51.079><c> by</c><00:11:51.200><c> that</c><00:11:51.720><c> investment</c><00:11:52.720><c> these</c>

00:11:52.870 --> 00:11:52.880 align:start position:0%
is enabled by that investment these
 

00:11:52.880 --> 00:11:55.550 align:start position:0%
is enabled by that investment these
updates<00:11:53.279><c> include</c><00:11:53.680><c> updates</c><00:11:54.040><c> to</c><00:11:54.200><c> the</c><00:11:54.279><c> L1</c><00:11:55.279><c> but</c>

00:11:55.550 --> 00:11:55.560 align:start position:0%
updates include updates to the L1 but
 

00:11:55.560 --> 00:11:57.389 align:start position:0%
updates include updates to the L1 but
also<00:11:56.040><c> the</c><00:11:56.160><c> launch</c><00:11:56.480><c> and</c><00:11:56.639><c> development</c><00:11:57.240><c> of</c>

00:11:57.389 --> 00:11:57.399 align:start position:0%
also the launch and development of
 

00:11:57.399 --> 00:12:00.389 align:start position:0%
also the launch and development of
ethereum's<00:11:58.000><c> network</c><00:11:58.320><c> of</c><00:11:58.480><c> l2s</c>

00:12:00.389 --> 00:12:00.399 align:start position:0%
ethereum's network of l2s
 

00:12:00.399 --> 00:12:02.949 align:start position:0%
ethereum's network of l2s
now<00:12:00.560><c> there's</c><00:12:00.720><c> a</c><00:12:00.880><c> lot</c><00:12:01.000><c> to</c><00:12:01.160><c> know</c><00:12:01.519><c> about</c><00:12:01.760><c> l2s</c><00:12:02.600><c> and</c>

00:12:02.949 --> 00:12:02.959 align:start position:0%
now there's a lot to know about l2s and
 

00:12:02.959 --> 00:12:04.550 align:start position:0%
now there's a lot to know about l2s and
this<00:12:03.079><c> week</c><00:12:03.279><c> is</c><00:12:03.399><c> a</c><00:12:03.519><c> great</c><00:12:03.760><c> chance</c><00:12:04.000><c> to</c><00:12:04.160><c> go</c><00:12:04.360><c> deep</c>

00:12:04.550 --> 00:12:04.560 align:start position:0%
this week is a great chance to go deep
 

00:12:04.560 --> 00:12:06.750 align:start position:0%
this week is a great chance to go deep
on<00:12:04.760><c> them</c><00:12:05.399><c> but</c><00:12:05.639><c> I'm</c><00:12:05.800><c> going</c><00:12:05.880><c> to</c><00:12:06.200><c> keep</c><00:12:06.360><c> it</c><00:12:06.480><c> simple</c>

00:12:06.750 --> 00:12:06.760 align:start position:0%
on them but I'm going to keep it simple
 

00:12:06.760 --> 00:12:08.629 align:start position:0%
on them but I'm going to keep it simple
for<00:12:06.920><c> this</c><00:12:07.040><c> talk</c><00:12:07.519><c> because</c><00:12:07.760><c> the</c><00:12:07.959><c> big</c><00:12:08.240><c> idea</c>

00:12:08.629 --> 00:12:08.639 align:start position:0%
for this talk because the big idea
 

00:12:08.639 --> 00:12:12.150 align:start position:0%
for this talk because the big idea
behind<00:12:08.880><c> L2</c><00:12:09.560><c> is</c><00:12:10.000><c> relatively</c><00:12:10.880><c> simple</c><00:12:11.880><c> here's</c>

00:12:12.150 --> 00:12:12.160 align:start position:0%
behind L2 is relatively simple here's
 

00:12:12.160 --> 00:12:16.550 align:start position:0%
behind L2 is relatively simple here's
ethereum<00:12:12.639><c> L1</c><00:12:13.480><c> layer</c><00:12:13.800><c> 1</c><00:12:14.440><c> aka</c><00:12:15.399><c> mainnet</c><00:12:16.399><c> the</c>

00:12:16.550 --> 00:12:16.560 align:start position:0%
ethereum L1 layer 1 aka mainnet the
 

00:12:16.560 --> 00:12:18.430 align:start position:0%
ethereum L1 layer 1 aka mainnet the
original<00:12:16.920><c> smart</c><00:12:17.240><c> contract</c><00:12:17.680><c> platform</c><00:12:18.199><c> and</c><00:12:18.320><c> the</c>

00:12:18.430 --> 00:12:18.440 align:start position:0%
original smart contract platform and the
 

00:12:18.440 --> 00:12:20.389 align:start position:0%
original smart contract platform and the
most<00:12:18.639><c> secure</c><00:12:18.920><c> blockchain</c><00:12:19.320><c> in</c><00:12:19.399><c> the</c><00:12:19.480><c> world</c><00:12:20.240><c> but</c>

00:12:20.389 --> 00:12:20.399 align:start position:0%
most secure blockchain in the world but
 

00:12:20.399 --> 00:12:22.790 align:start position:0%
most secure blockchain in the world but
L1<00:12:20.800><c> only</c><00:12:21.000><c> has</c><00:12:21.199><c> so</c><00:12:21.360><c> much</c><00:12:21.639><c> space</c><00:12:22.240><c> so</c><00:12:22.399><c> much</c>

00:12:22.790 --> 00:12:22.800 align:start position:0%
L1 only has so much space so much
 

00:12:22.800 --> 00:12:25.310 align:start position:0%
L1 only has so much space so much
surface<00:12:23.320><c> area</c><00:12:23.760><c> that</c><00:12:23.880><c> can</c><00:12:24.000><c> be</c><00:12:24.160><c> used</c><00:12:25.000><c> and</c><00:12:25.120><c> it</c><00:12:25.199><c> can</c>

00:12:25.310 --> 00:12:25.320 align:start position:0%
surface area that can be used and it can
 

00:12:25.320 --> 00:12:27.030 align:start position:0%
surface area that can be used and it can
be<00:12:25.440><c> relatively</c><00:12:25.920><c> expensive</c><00:12:26.440><c> because</c><00:12:26.639><c> of</c><00:12:26.800><c> that</c>

00:12:27.030 --> 00:12:27.040 align:start position:0%
be relatively expensive because of that
 

00:12:27.040 --> 00:12:28.590 align:start position:0%
be relatively expensive because of that
you're<00:12:27.279><c> paying</c><00:12:27.639><c> for</c><00:12:27.880><c> these</c><00:12:28.120><c> very</c><00:12:28.360><c> high</c>

00:12:28.590 --> 00:12:28.600 align:start position:0%
you're paying for these very high
 

00:12:28.600 --> 00:12:31.189 align:start position:0%
you're paying for these very high
security<00:12:29.160><c> and</c><00:12:29.320><c> decentralization</c>

00:12:31.189 --> 00:12:31.199 align:start position:0%
security and decentralization
 

00:12:31.199 --> 00:12:34.350 align:start position:0%
security and decentralization
properties<00:12:32.199><c> here</c><00:12:32.360><c> are</c><00:12:32.519><c> ethereum's</c><00:12:33.240><c> l2s</c><00:12:34.240><c> they</c>

00:12:34.350 --> 00:12:34.360 align:start position:0%
properties here are ethereum's l2s they
 

00:12:34.360 --> 00:12:37.269 align:start position:0%
properties here are ethereum's l2s they
are<00:12:34.519><c> networks</c><00:12:35.079><c> built</c><00:12:35.519><c> on</c><00:12:35.839><c> top</c><00:12:36.040><c> of</c><00:12:36.160><c> ethereum</c><00:12:36.600><c> L1</c>

00:12:37.269 --> 00:12:37.279 align:start position:0%
are networks built on top of ethereum L1
 

00:12:37.279 --> 00:12:40.550 align:start position:0%
are networks built on top of ethereum L1
they<00:12:37.519><c> expand</c><00:12:38.120><c> its</c><00:12:38.320><c> surface</c><00:12:38.680><c> area</c><00:12:39.560><c> outwards</c>

00:12:40.550 --> 00:12:40.560 align:start position:0%
they expand its surface area outwards
 

00:12:40.560 --> 00:12:42.310 align:start position:0%
they expand its surface area outwards
they<00:12:40.720><c> make</c><00:12:40.920><c> more</c><00:12:41.240><c> space</c><00:12:41.639><c> available</c><00:12:42.079><c> for</c>

00:12:42.310 --> 00:12:42.320 align:start position:0%
they make more space available for
 

00:12:42.320 --> 00:12:44.269 align:start position:0%
they make more space available for
developers<00:12:42.920><c> and</c><00:12:43.120><c> users</c><00:12:43.680><c> which</c><00:12:43.839><c> means</c><00:12:44.079><c> that</c>

00:12:44.269 --> 00:12:44.279 align:start position:0%
developers and users which means that
 

00:12:44.279 --> 00:12:46.870 align:start position:0%
developers and users which means that
costs<00:12:44.639><c> can</c><00:12:44.800><c> come</c><00:12:45.000><c> down</c><00:12:45.959><c> but</c><00:12:46.199><c> because</c><00:12:46.639><c> they</c><00:12:46.760><c> can</c>

00:12:46.870 --> 00:12:46.880 align:start position:0%
costs can come down but because they can
 

00:12:46.880 --> 00:12:49.670 align:start position:0%
costs can come down but because they can
be<00:12:47.120><c> attached</c><00:12:47.560><c> to</c><00:12:47.800><c> L1</c><00:12:48.279><c> in</c><00:12:48.399><c> a</c><00:12:48.600><c> specific</c><00:12:49.040><c> way</c><00:12:49.560><c> they</c>

00:12:49.670 --> 00:12:49.680 align:start position:0%
be attached to L1 in a specific way they
 

00:12:49.680 --> 00:12:52.910 align:start position:0%
be attached to L1 in a specific way they
can<00:12:49.920><c> also</c><00:12:50.240><c> be</c><00:12:50.600><c> extremely</c><00:12:51.120><c> secure</c><00:12:51.800><c> and</c>

00:12:52.910 --> 00:12:52.920 align:start position:0%
can also be extremely secure and
 

00:12:52.920 --> 00:12:54.710 align:start position:0%
can also be extremely secure and
interoperable<00:12:53.920><c> now</c><00:12:54.079><c> we</c><00:12:54.160><c> shouldn't</c><00:12:54.440><c> be</c>

00:12:54.710 --> 00:12:54.720 align:start position:0%
interoperable now we shouldn't be
 

00:12:54.720 --> 00:12:56.710 align:start position:0%
interoperable now we shouldn't be
complacent<00:12:55.720><c> I</c><00:12:55.800><c> think</c><00:12:56.120><c> many</c><00:12:56.279><c> of</c><00:12:56.399><c> us</c><00:12:56.560><c> know</c>

00:12:56.710 --> 00:12:56.720 align:start position:0%
complacent I think many of us know
 

00:12:56.720 --> 00:12:58.389 align:start position:0%
complacent I think many of us know
there's<00:12:56.839><c> a</c><00:12:57.000><c> lot</c><00:12:57.079><c> of</c><00:12:57.199><c> work</c><00:12:57.360><c> to</c><00:12:57.480><c> be</c><00:12:57.600><c> done</c><00:12:57.880><c> here</c>

00:12:58.389 --> 00:12:58.399 align:start position:0%
there's a lot of work to be done here
 

00:12:58.399 --> 00:13:02.030 align:start position:0%
there's a lot of work to be done here
but<00:12:58.519><c> there's</c><00:12:58.720><c> some</c><00:12:59.560><c> today</c><00:12:59.959><c> in</c><00:13:00.279><c> 2024</c><00:13:01.279><c> that</c><00:13:01.760><c> this</c>

00:13:02.030 --> 00:13:02.040 align:start position:0%
but there's some today in 2024 that this
 

00:13:02.040 --> 00:13:03.790 align:start position:0%
but there's some today in 2024 that this
scaling<00:13:02.560><c> strategy</c><00:13:03.120><c> that</c><00:13:03.240><c> the</c><00:13:03.360><c> ethereum</c>

00:13:03.790 --> 00:13:03.800 align:start position:0%
scaling strategy that the ethereum
 

00:13:03.800 --> 00:13:06.430 align:start position:0%
scaling strategy that the ethereum
ecosystem<00:13:04.320><c> has</c><00:13:04.480><c> invested</c><00:13:04.920><c> in</c><00:13:05.480><c> is</c>

00:13:06.430 --> 00:13:06.440 align:start position:0%
ecosystem has invested in is
 

00:13:06.440 --> 00:13:10.509 align:start position:0%
ecosystem has invested in is
working<00:13:07.440><c> for</c><00:13:07.639><c> one</c><00:13:08.360><c> people</c><00:13:08.639><c> are</c><00:13:08.839><c> using</c><00:13:09.519><c> them</c>

00:13:10.509 --> 00:13:10.519 align:start position:0%
working for one people are using them
 

00:13:10.519 --> 00:13:12.670 align:start position:0%
working for one people are using them
the<00:13:10.680><c> adoption</c><00:13:11.040><c> of</c><00:13:11.160><c> L2</c><00:13:11.639><c> is</c><00:13:11.839><c> happening</c><00:13:12.360><c> when</c><00:13:12.480><c> we</c>

00:13:12.670 --> 00:13:12.680 align:start position:0%
the adoption of L2 is happening when we
 

00:13:12.680 --> 00:13:14.150 align:start position:0%
the adoption of L2 is happening when we
look<00:13:12.800><c> at</c><00:13:13.040><c> daily</c><00:13:13.440><c> average</c><00:13:13.839><c> average</c>

00:13:14.150 --> 00:13:14.160 align:start position:0%
look at daily average average
 

00:13:14.160 --> 00:13:16.750 align:start position:0%
look at daily average average
transactions<00:13:14.720><c> per</c><00:13:14.880><c> second</c><00:13:15.680><c> this</c><00:13:15.920><c> year</c><00:13:16.600><c> that</c>

00:13:16.750 --> 00:13:16.760 align:start position:0%
transactions per second this year that
 

00:13:16.760 --> 00:13:19.150 align:start position:0%
transactions per second this year that
metric<00:13:17.160><c> has</c><00:13:17.399><c> exploded</c><00:13:18.199><c> as</c><00:13:18.320><c> more</c><00:13:18.519><c> l2s</c><00:13:19.040><c> have</c>

00:13:19.150 --> 00:13:19.160 align:start position:0%
metric has exploded as more l2s have
 

00:13:19.160 --> 00:13:20.910 align:start position:0%
metric has exploded as more l2s have
launched<00:13:19.519><c> and</c><00:13:19.639><c> as</c><00:13:19.800><c> more</c><00:13:20.000><c> use</c><00:13:20.279><c> is</c><00:13:20.480><c> migrating</c>

00:13:20.910 --> 00:13:20.920 align:start position:0%
launched and as more use is migrating
 

00:13:20.920 --> 00:13:23.310 align:start position:0%
launched and as more use is migrating
onto<00:13:21.240><c> them</c><00:13:22.079><c> when</c><00:13:22.240><c> we</c><00:13:22.360><c> look</c><00:13:22.480><c> at</c><00:13:22.600><c> total</c><00:13:22.920><c> value</c>

00:13:23.310 --> 00:13:23.320 align:start position:0%
onto them when we look at total value
 

00:13:23.320 --> 00:13:26.230 align:start position:0%
onto them when we look at total value
locked<00:13:23.880><c> inside</c><00:13:24.360><c> ethereum's</c><00:13:24.880><c> l2s</c><00:13:25.760><c> it</c><00:13:25.920><c> also</c>

00:13:26.230 --> 00:13:26.240 align:start position:0%
locked inside ethereum's l2s it also
 

00:13:26.240 --> 00:13:27.710 align:start position:0%
locked inside ethereum's l2s it also
exploded<00:13:26.680><c> earlier</c><00:13:27.040><c> this</c><00:13:27.160><c> year</c><00:13:27.360><c> and</c><00:13:27.440><c> it's</c><00:13:27.560><c> been</c>

00:13:27.710 --> 00:13:27.720 align:start position:0%
exploded earlier this year and it's been
 

00:13:27.720 --> 00:13:30.069 align:start position:0%
exploded earlier this year and it's been
growing<00:13:28.079><c> steadily</c><00:13:28.560><c> since</c>

00:13:30.069 --> 00:13:30.079 align:start position:0%
growing steadily since
 

00:13:30.079 --> 00:13:32.670 align:start position:0%
growing steadily since
and<00:13:30.240><c> at</c><00:13:30.399><c> the</c><00:13:30.560><c> same</c><00:13:30.920><c> time</c><00:13:31.320><c> we</c><00:13:31.480><c> have</c><00:13:31.720><c> low</c><00:13:32.320><c> low</c>

00:13:32.670 --> 00:13:32.680 align:start position:0%
and at the same time we have low low
 

00:13:32.680 --> 00:13:35.389 align:start position:0%
and at the same time we have low low
fees<00:13:33.320><c> unlocked</c><00:13:34.160><c> by</c><00:13:34.440><c> upgrades</c><00:13:35.000><c> shipped</c>

00:13:35.389 --> 00:13:35.399 align:start position:0%
fees unlocked by upgrades shipped
 

00:13:35.399 --> 00:13:38.189 align:start position:0%
fees unlocked by upgrades shipped
earlier<00:13:35.839><c> this</c><00:13:36.000><c> year</c><00:13:37.000><c> right</c><00:13:37.279><c> now</c><00:13:37.560><c> on</c><00:13:37.760><c> ethereum</c>

00:13:38.189 --> 00:13:38.199 align:start position:0%
earlier this year right now on ethereum
 

00:13:38.199 --> 00:13:41.350 align:start position:0%
earlier this year right now on ethereum
L2<00:13:38.800><c> you</c><00:13:38.880><c> can</c><00:13:39.040><c> send</c><00:13:39.240><c> a</c><00:13:39.440><c> dollar</c><00:13:40.000><c> $100</c><00:13:40.839><c> a</c><00:13:40.959><c> million</c>

00:13:41.350 --> 00:13:41.360 align:start position:0%
L2 you can send a dollar $100 a million
 

00:13:41.360 --> 00:13:43.350 align:start position:0%
L2 you can send a dollar $100 a million
dollars<00:13:41.920><c> to</c><00:13:42.079><c> anyone</c><00:13:42.360><c> on</c><00:13:42.519><c> Earth</c><00:13:42.880><c> for</c><00:13:43.079><c> less</c><00:13:43.240><c> than</c>

00:13:43.350 --> 00:13:43.360 align:start position:0%
dollars to anyone on Earth for less than
 

00:13:43.360 --> 00:13:45.440 align:start position:0%
dollars to anyone on Earth for less than
a<00:13:43.480><c> cent</c><00:13:44.279><c> again</c><00:13:44.760><c> that's</c>

00:13:45.440 --> 00:13:45.450 align:start position:0%
a cent again that's
 

00:13:45.450 --> 00:13:48.600 align:start position:0%
a cent again that's
[Applause]

00:13:48.600 --> 00:13:48.610 align:start position:0%
[Applause]
 

00:13:48.610 --> 00:13:52.710 align:start position:0%
[Applause]
[Music]

00:13:52.710 --> 00:13:52.720 align:start position:0%
 
 

00:13:52.720 --> 00:13:54.949 align:start position:0%
 
incredible<00:13:53.720><c> and</c><00:13:53.880><c> low</c><00:13:54.079><c> fees</c><00:13:54.320><c> are</c><00:13:54.519><c> important</c>

00:13:54.949 --> 00:13:54.959 align:start position:0%
incredible and low fees are important
 

00:13:54.959 --> 00:13:57.470 align:start position:0%
incredible and low fees are important
not<00:13:55.120><c> just</c><00:13:55.279><c> for</c><00:13:55.480><c> the</c><00:13:55.959><c> obvious</c><00:13:56.360><c> reason</c><00:13:57.000><c> but</c><00:13:57.199><c> also</c>

00:13:57.470 --> 00:13:57.480 align:start position:0%
not just for the obvious reason but also
 

00:13:57.480 --> 00:13:59.870 align:start position:0%
not just for the obvious reason but also
because<00:13:57.800><c> they</c><00:13:58.000><c> enable</c><00:13:58.440><c> a</c><00:13:58.639><c> wider</c><00:13:59.240><c> diversity</c><00:13:59.720><c> of</c>

00:13:59.870 --> 00:13:59.880 align:start position:0%
because they enable a wider diversity of
 

00:13:59.880 --> 00:14:01.790 align:start position:0%
because they enable a wider diversity of
use<00:14:00.240><c> cases</c><00:14:00.639><c> they</c><00:14:00.759><c> make</c><00:14:00.880><c> it</c><00:14:01.160><c> possible</c><00:14:01.440><c> for</c><00:14:01.600><c> the</c>

00:14:01.790 --> 00:14:01.800 align:start position:0%
use cases they make it possible for the
 

00:14:01.800 --> 00:14:03.829 align:start position:0%
use cases they make it possible for the
average<00:14:02.160><c> person</c><00:14:02.399><c> to</c><00:14:02.519><c> use</c><00:14:02.680><c> ethereum</c><00:14:03.519><c> and</c><00:14:03.720><c> they</c>

00:14:03.829 --> 00:14:03.839 align:start position:0%
average person to use ethereum and they
 

00:14:03.839 --> 00:14:05.470 align:start position:0%
average person to use ethereum and they
make<00:14:04.000><c> it</c><00:14:04.160><c> easier</c><00:14:04.560><c> for</c><00:14:04.720><c> developers</c><00:14:05.199><c> to</c>

00:14:05.470 --> 00:14:05.480 align:start position:0%
make it easier for developers to
 

00:14:05.480 --> 00:14:08.990 align:start position:0%
make it easier for developers to
experiment<00:14:06.120><c> with</c><00:14:06.320><c> new</c>

00:14:08.990 --> 00:14:09.000 align:start position:0%
 
 

00:14:09.000 --> 00:14:11.590 align:start position:0%
 
things<00:14:10.000><c> the</c><00:14:10.120><c> second</c><00:14:10.399><c> piece</c><00:14:10.560><c> of</c><00:14:10.680><c> evidence</c><00:14:11.480><c> is</c>

00:14:11.590 --> 00:14:11.600 align:start position:0%
things the second piece of evidence is
 

00:14:11.600 --> 00:14:13.230 align:start position:0%
things the second piece of evidence is
that<00:14:11.720><c> developers</c><00:14:12.199><c> are</c><00:14:12.360><c> starting</c><00:14:12.600><c> to</c><00:14:12.759><c> build</c>

00:14:13.230 --> 00:14:13.240 align:start position:0%
that developers are starting to build
 

00:14:13.240 --> 00:14:15.670 align:start position:0%
that developers are starting to build
customized<00:14:13.839><c> l2s</c><00:14:14.440><c> that</c><00:14:14.600><c> take</c><00:14:14.800><c> advantage</c><00:14:15.560><c> of</c>

00:14:15.670 --> 00:14:15.680 align:start position:0%
customized l2s that take advantage of
 

00:14:15.680 --> 00:14:19.069 align:start position:0%
customized l2s that take advantage of
the<00:14:15.839><c> flexibility</c><00:14:16.519><c> they</c><00:14:16.639><c> can</c><00:14:17.320><c> offer</c><00:14:18.320><c> each</c><00:14:18.519><c> L2</c>

00:14:19.069 --> 00:14:19.079 align:start position:0%
the flexibility they can offer each L2
 

00:14:19.079 --> 00:14:21.430 align:start position:0%
the flexibility they can offer each L2
in<00:14:19.240><c> this</c><00:14:19.399><c> ring</c><00:14:19.720><c> around</c><00:14:20.079><c> ethereum</c><00:14:20.800><c> expands</c><00:14:21.240><c> its</c>

00:14:21.430 --> 00:14:21.440 align:start position:0%
in this ring around ethereum expands its
 

00:14:21.440 --> 00:14:23.870 align:start position:0%
in this ring around ethereum expands its
surface<00:14:21.759><c> area</c><00:14:22.639><c> but</c><00:14:22.839><c> each</c><00:14:23.120><c> of</c><00:14:23.279><c> them</c><00:14:23.560><c> can</c><00:14:23.680><c> be</c>

00:14:23.870 --> 00:14:23.880 align:start position:0%
surface area but each of them can be
 

00:14:23.880 --> 00:14:26.470 align:start position:0%
surface area but each of them can be
designed<00:14:24.480><c> a</c><00:14:24.600><c> little</c><00:14:24.800><c> bit</c><00:14:25.160><c> differently</c><00:14:26.160><c> it</c><00:14:26.279><c> is</c>

00:14:26.470 --> 00:14:26.480 align:start position:0%
designed a little bit differently it is
 

00:14:26.480 --> 00:14:28.230 align:start position:0%
designed a little bit differently it is
its<00:14:26.639><c> own</c><00:14:27.000><c> blockchain</c><00:14:27.519><c> that</c><00:14:27.639><c> can</c><00:14:27.759><c> have</c><00:14:27.920><c> its</c><00:14:28.040><c> own</c>

00:14:28.230 --> 00:14:28.240 align:start position:0%
its own blockchain that can have its own
 

00:14:28.240 --> 00:14:30.990 align:start position:0%
its own blockchain that can have its own
rules<00:14:28.639><c> conform</c><00:14:29.199><c> to</c><00:14:29.320><c> certain</c><00:14:29.680><c> standards</c><00:14:30.680><c> but</c>

00:14:30.990 --> 00:14:31.000 align:start position:0%
rules conform to certain standards but
 

00:14:31.000 --> 00:14:32.829 align:start position:0%
rules conform to certain standards but
there<00:14:31.240><c> can</c><00:14:31.440><c> be</c><00:14:31.560><c> a</c><00:14:31.680><c> lot</c><00:14:31.800><c> of</c><00:14:31.959><c> customization</c><00:14:32.680><c> and</c>

00:14:32.829 --> 00:14:32.839 align:start position:0%
there can be a lot of customization and
 

00:14:32.839 --> 00:14:35.150 align:start position:0%
there can be a lot of customization and
deviation<00:14:33.839><c> and</c><00:14:33.959><c> this</c><00:14:34.240><c> matters</c><00:14:34.880><c> because</c><00:14:35.040><c> it</c>

00:14:35.150 --> 00:14:35.160 align:start position:0%
deviation and this matters because it
 

00:14:35.160 --> 00:14:37.509 align:start position:0%
deviation and this matters because it
lets<00:14:35.399><c> ethereum</c><00:14:35.920><c> offer</c><00:14:36.320><c> a</c><00:14:36.519><c> wider</c><00:14:36.920><c> variety</c><00:14:37.399><c> of</c>

00:14:37.509 --> 00:14:37.519 align:start position:0%
lets ethereum offer a wider variety of
 

00:14:37.519 --> 00:14:39.590 align:start position:0%
lets ethereum offer a wider variety of
features<00:14:37.959><c> to</c><00:14:38.120><c> developers</c><00:14:38.519><c> and</c><00:14:38.680><c> users</c><00:14:39.399><c> and</c>

00:14:39.590 --> 00:14:39.600 align:start position:0%
features to developers and users and
 

00:14:39.600 --> 00:14:42.110 align:start position:0%
features to developers and users and
also<00:14:40.000><c> incorporate</c><00:14:40.680><c> the</c><00:14:40.839><c> best</c><00:14:41.040><c> new</c><00:14:41.279><c> ideas</c><00:14:41.920><c> from</c>

00:14:42.110 --> 00:14:42.120 align:start position:0%
also incorporate the best new ideas from
 

00:14:42.120 --> 00:14:43.189 align:start position:0%
also incorporate the best new ideas from
any

00:14:43.189 --> 00:14:43.199 align:start position:0%
any
 

00:14:43.199 --> 00:14:45.910 align:start position:0%
any
ecosystem<00:14:44.199><c> for</c><00:14:44.440><c> example</c><00:14:45.079><c> Mega</c><00:14:45.440><c> eth</c><00:14:45.759><c> is</c>

00:14:45.910 --> 00:14:45.920 align:start position:0%
ecosystem for example Mega eth is
 

00:14:45.920 --> 00:14:48.829 align:start position:0%
ecosystem for example Mega eth is
pushing<00:14:46.240><c> the</c><00:14:46.399><c> limits</c><00:14:47.000><c> of</c><00:14:47.120><c> evm</c><00:14:47.839><c> performance</c>

00:14:48.829 --> 00:14:48.839 align:start position:0%
pushing the limits of evm performance
 

00:14:48.839 --> 00:14:51.030 align:start position:0%
pushing the limits of evm performance
World<00:14:49.199><c> chain</c><00:14:49.560><c> is</c><00:14:49.759><c> designing</c><00:14:50.240><c> their</c><00:14:50.399><c> chain</c><00:14:50.800><c> to</c>

00:14:51.030 --> 00:14:51.040 align:start position:0%
World chain is designing their chain to
 

00:14:51.040 --> 00:14:53.069 align:start position:0%
World chain is designing their chain to
prioritize<00:14:51.639><c> block</c><00:14:51.959><c> space</c><00:14:52.399><c> and</c><00:14:52.560><c> offer</c><00:14:52.839><c> a</c>

00:14:53.069 --> 00:14:53.079 align:start position:0%
prioritize block space and offer a
 

00:14:53.079 --> 00:14:55.389 align:start position:0%
prioritize block space and offer a
subsidy<00:14:53.680><c> to</c><00:14:53.880><c> users</c><00:14:54.240><c> that</c><00:14:54.360><c> can</c><00:14:54.560><c> verify</c><00:14:55.040><c> as</c>

00:14:55.389 --> 00:14:55.399 align:start position:0%
subsidy to users that can verify as
 

00:14:55.399 --> 00:14:58.590 align:start position:0%
subsidy to users that can verify as
human<00:14:56.399><c> uni</c><00:14:56.759><c> chain</c><00:14:57.240><c> will</c><00:14:57.560><c> try</c><00:14:57.759><c> to</c><00:14:58.000><c> mitigate</c><00:14:58.440><c> and</c>

00:14:58.590 --> 00:14:58.600 align:start position:0%
human uni chain will try to mitigate and
 

00:14:58.600 --> 00:15:01.150 align:start position:0%
human uni chain will try to mitigate and
address<00:14:59.399><c> uh</c><00:14:59.519><c> meev</c><00:15:00.120><c> using</c><00:15:00.519><c> a</c><00:15:00.680><c> technology</c>

00:15:01.150 --> 00:15:01.160 align:start position:0%
address uh meev using a technology
 

00:15:01.160 --> 00:15:03.430 align:start position:0%
address uh meev using a technology
called<00:15:01.440><c> trusted</c><00:15:01.839><c> execution</c><00:15:02.440><c> environments</c>

00:15:03.430 --> 00:15:03.440 align:start position:0%
called trusted execution environments
 

00:15:03.440 --> 00:15:04.990 align:start position:0%
called trusted execution environments
and<00:15:03.600><c> eclipse</c><00:15:04.000><c> is</c><00:15:04.120><c> bringing</c><00:15:04.519><c> alternate</c>

00:15:04.990 --> 00:15:05.000 align:start position:0%
and eclipse is bringing alternate
 

00:15:05.000 --> 00:15:08.430 align:start position:0%
and eclipse is bringing alternate
virtual<00:15:05.360><c> machines</c><00:15:06.040><c> into</c><00:15:06.240><c> the</c><00:15:06.320><c> ethereum</c>

00:15:08.430 --> 00:15:08.440 align:start position:0%
virtual machines into the ethereum
 

00:15:08.440 --> 00:15:10.910 align:start position:0%
virtual machines into the ethereum
ecosystem<00:15:09.440><c> the</c><00:15:09.560><c> third</c><00:15:09.839><c> piece</c><00:15:10.000><c> of</c><00:15:10.120><c> evidence</c><00:15:10.800><c> is</c>

00:15:10.910 --> 00:15:10.920 align:start position:0%
ecosystem the third piece of evidence is
 

00:15:10.920 --> 00:15:12.550 align:start position:0%
ecosystem the third piece of evidence is
that<00:15:11.040><c> we're</c><00:15:11.160><c> seeing</c><00:15:11.560><c> institutions</c><00:15:12.320><c> and</c>

00:15:12.550 --> 00:15:12.560 align:start position:0%
that we're seeing institutions and
 

00:15:12.560 --> 00:15:14.590 align:start position:0%
that we're seeing institutions and
businesses<00:15:13.160><c> launching</c><00:15:13.600><c> their</c><00:15:13.759><c> own</c><00:15:13.920><c> l2s</c><00:15:14.440><c> to</c>

00:15:14.590 --> 00:15:14.600 align:start position:0%
businesses launching their own l2s to
 

00:15:14.600 --> 00:15:17.189 align:start position:0%
businesses launching their own l2s to
bring<00:15:15.000><c> their</c><00:15:15.360><c> communities</c><00:15:16.360><c> into</c>

00:15:17.189 --> 00:15:17.199 align:start position:0%
bring their communities into
 

00:15:17.199 --> 00:15:19.389 align:start position:0%
bring their communities into
ethereum<00:15:18.199><c> this</c><00:15:18.360><c> includes</c><00:15:18.839><c> centralized</c>

00:15:19.389 --> 00:15:19.399 align:start position:0%
ethereum this includes centralized
 

00:15:19.399 --> 00:15:22.670 align:start position:0%
ethereum this includes centralized
exchanges<00:15:20.079><c> like</c><00:15:20.240><c> coinbase</c><00:15:20.839><c> Kraken</c><00:15:21.519><c> okx</c><00:15:22.519><c> and</c>

00:15:22.670 --> 00:15:22.680 align:start position:0%
exchanges like coinbase Kraken okx and
 

00:15:22.680 --> 00:15:24.949 align:start position:0%
exchanges like coinbase Kraken okx and
also<00:15:23.079><c> organizations</c><00:15:23.800><c> from</c><00:15:24.040><c> outside</c><00:15:24.519><c> crypto</c>

00:15:24.949 --> 00:15:24.959 align:start position:0%
also organizations from outside crypto
 

00:15:24.959 --> 00:15:27.470 align:start position:0%
also organizations from outside crypto
like<00:15:25.120><c> Sony</c><00:15:25.440><c> and</c><00:15:25.519><c> their</c><00:15:25.639><c> sonan</c><00:15:26.360><c> project</c><00:15:27.360><c> and</c>

00:15:27.470 --> 00:15:27.480 align:start position:0%
like Sony and their sonan project and
 

00:15:27.480 --> 00:15:29.749 align:start position:0%
like Sony and their sonan project and
it's<00:15:27.680><c> easy</c><00:15:28.000><c> to</c><00:15:28.399><c> understate</c><00:15:29.120><c> how</c><00:15:29.279><c> incredible</c>

00:15:29.749 --> 00:15:29.759 align:start position:0%
it's easy to understate how incredible
 

00:15:29.759 --> 00:15:32.269 align:start position:0%
it's easy to understate how incredible
that<00:15:29.920><c> is</c><00:15:30.920><c> but</c><00:15:31.079><c> with</c><00:15:31.240><c> ethereum</c><00:15:31.639><c> we're</c><00:15:31.839><c> not</c><00:15:32.000><c> only</c>

00:15:32.269 --> 00:15:32.279 align:start position:0%
that is but with ethereum we're not only
 

00:15:32.279 --> 00:15:34.710 align:start position:0%
that is but with ethereum we're not only
building<00:15:32.800><c> a</c><00:15:32.959><c> new</c><00:15:33.440><c> decentralized</c><00:15:34.199><c> onchain</c>

00:15:34.710 --> 00:15:34.720 align:start position:0%
building a new decentralized onchain
 

00:15:34.720 --> 00:15:37.910 align:start position:0%
building a new decentralized onchain
world<00:15:35.519><c> but</c><00:15:35.680><c> we</c><00:15:35.800><c> are</c><00:15:36.160><c> converting</c><00:15:37.120><c> centralized</c>

00:15:37.910 --> 00:15:37.920 align:start position:0%
world but we are converting centralized
 

00:15:37.920 --> 00:15:40.389 align:start position:0%
world but we are converting centralized
traditional<00:15:38.440><c> institutions</c><00:15:39.399><c> to</c><00:15:39.639><c> become</c><00:15:40.160><c> more</c>

00:15:40.389 --> 00:15:40.399 align:start position:0%
traditional institutions to become more
 

00:15:40.399 --> 00:15:42.870 align:start position:0%
traditional institutions to become more
decentralized<00:15:41.319><c> themselves</c><00:15:42.199><c> to</c><00:15:42.440><c> offer</c><00:15:42.720><c> their</c>

00:15:42.870 --> 00:15:42.880 align:start position:0%
decentralized themselves to offer their
 

00:15:42.880 --> 00:15:44.749 align:start position:0%
decentralized themselves to offer their
users<00:15:43.600><c> something</c><00:15:43.959><c> new</c><00:15:44.399><c> something</c><00:15:44.639><c> that</c>

00:15:44.749 --> 00:15:44.759 align:start position:0%
users something new something that
 

00:15:44.759 --> 00:15:46.269 align:start position:0%
users something new something that
wasn't<00:15:45.160><c> possible</c>

00:15:46.269 --> 00:15:46.279 align:start position:0%
wasn't possible
 

00:15:46.279 --> 00:15:48.710 align:start position:0%
wasn't possible
before<00:15:47.279><c> and</c><00:15:47.399><c> over</c><00:15:47.600><c> the</c><00:15:47.720><c> last</c><00:15:47.880><c> few</c><00:15:48.120><c> years</c><00:15:48.440><c> we've</c>

00:15:48.710 --> 00:15:48.720 align:start position:0%
before and over the last few years we've
 

00:15:48.720 --> 00:15:51.470 align:start position:0%
before and over the last few years we've
also<00:15:49.000><c> seen</c><00:15:49.519><c> projects</c><00:15:50.000><c> that</c><00:15:50.120><c> were</c><00:15:50.440><c> l1s</c><00:15:51.199><c> choose</c>

00:15:51.470 --> 00:15:51.480 align:start position:0%
also seen projects that were l1s choose
 

00:15:51.480 --> 00:15:53.389 align:start position:0%
also seen projects that were l1s choose
to<00:15:51.720><c> migrate</c><00:15:52.160><c> into</c><00:15:52.360><c> the</c><00:15:52.480><c> ethereum</c><00:15:52.800><c> ecosystem</c>

00:15:53.389 --> 00:15:53.399 align:start position:0%
to migrate into the ethereum ecosystem
 

00:15:53.399 --> 00:15:55.790 align:start position:0%
to migrate into the ethereum ecosystem
by<00:15:53.519><c> becoming</c><00:15:53.920><c> l2s</c><00:15:54.920><c> welcome</c><00:15:55.199><c> to</c><00:15:55.319><c> the</c><00:15:55.440><c> infinite</c>

00:15:55.790 --> 00:15:55.800 align:start position:0%
by becoming l2s welcome to the infinite
 

00:15:55.800 --> 00:15:57.629 align:start position:0%
by becoming l2s welcome to the infinite
Garden<00:15:56.199><c> we're</c><00:15:56.399><c> very</c><00:15:56.680><c> proud</c><00:15:56.959><c> to</c><00:15:57.120><c> call</c><00:15:57.279><c> you</c><00:15:57.480><c> part</c>

00:15:57.629 --> 00:15:57.639 align:start position:0%
Garden we're very proud to call you part
 

00:15:57.639 --> 00:15:59.410 align:start position:0%
Garden we're very proud to call you part
of<00:15:57.720><c> our</c><00:15:57.880><c> ecosystem</c>

00:15:59.410 --> 00:15:59.420 align:start position:0%
of our ecosystem
 

00:15:59.420 --> 00:16:06.910 align:start position:0%
of our ecosystem
[Applause]

00:16:06.910 --> 00:16:06.920 align:start position:0%
[Applause]
 

00:16:06.920 --> 00:16:10.150 align:start position:0%
[Applause]
W<00:16:07.920><c> all</c><00:16:08.040><c> of</c><00:16:08.240><c> this</c><00:16:08.680><c> it's</c><00:16:08.959><c> positive</c><00:16:09.720><c> it's</c><00:16:09.920><c> worth</c>

00:16:10.150 --> 00:16:10.160 align:start position:0%
W all of this it's positive it's worth
 

00:16:10.160 --> 00:16:12.629 align:start position:0%
W all of this it's positive it's worth
applauding<00:16:11.079><c> uh</c><00:16:11.199><c> but</c><00:16:11.319><c> it's</c><00:16:11.480><c> not</c><00:16:11.720><c> done</c><00:16:12.240><c> and</c><00:16:12.399><c> we</c>

00:16:12.629 --> 00:16:12.639 align:start position:0%
applauding uh but it's not done and we
 

00:16:12.639 --> 00:16:13.910 align:start position:0%
applauding uh but it's not done and we
can't<00:16:12.880><c> lose</c><00:16:13.160><c> sight</c><00:16:13.319><c> of</c><00:16:13.480><c> the</c><00:16:13.600><c> fact</c><00:16:13.800><c> that</c>

00:16:13.910 --> 00:16:13.920 align:start position:0%
can't lose sight of the fact that
 

00:16:13.920 --> 00:16:16.110 align:start position:0%
can't lose sight of the fact that
there's<00:16:14.160><c> so</c><00:16:14.360><c> much</c><00:16:14.519><c> more</c><00:16:14.720><c> work</c><00:16:14.959><c> to</c><00:16:15.120><c> do</c><00:16:15.920><c> right</c>

00:16:16.110 --> 00:16:16.120 align:start position:0%
there's so much more work to do right
 

00:16:16.120 --> 00:16:18.629 align:start position:0%
there's so much more work to do right
now<00:16:16.440><c> I</c><00:16:16.519><c> think</c><00:16:16.680><c> there's</c><00:16:17.040><c> two</c><00:16:17.480><c> big</c><00:16:17.839><c> quests</c><00:16:18.519><c> at</c>

00:16:18.629 --> 00:16:18.639 align:start position:0%
now I think there's two big quests at
 

00:16:18.639 --> 00:16:21.030 align:start position:0%
now I think there's two big quests at
least<00:16:18.880><c> two</c><00:16:19.079><c> big</c><00:16:19.319><c> Quests</c><00:16:19.839><c> for</c><00:16:20.040><c> the</c><00:16:20.199><c> ecosystem</c>

00:16:21.030 --> 00:16:21.040 align:start position:0%
least two big Quests for the ecosystem
 

00:16:21.040 --> 00:16:22.749 align:start position:0%
least two big Quests for the ecosystem
when<00:16:21.160><c> it</c><00:16:21.319><c> comes</c><00:16:21.519><c> to</c><00:16:21.680><c> the</c><00:16:21.800><c> rollup</c><00:16:22.199><c> Centric</c><00:16:22.480><c> road</c>

00:16:22.749 --> 00:16:22.759 align:start position:0%
when it comes to the rollup Centric road
 

00:16:22.759 --> 00:16:25.910 align:start position:0%
when it comes to the rollup Centric road
map<00:16:23.040><c> and</c><00:16:23.160><c> l2s</c><00:16:23.560><c> on</c><00:16:23.920><c> ethereum</c><00:16:24.920><c> the</c><00:16:25.079><c> first</c><00:16:25.360><c> Quest</c>

00:16:25.910 --> 00:16:25.920 align:start position:0%
map and l2s on ethereum the first Quest
 

00:16:25.920 --> 00:16:28.069 align:start position:0%
map and l2s on ethereum the first Quest
is<00:16:26.079><c> just</c><00:16:26.199><c> to</c><00:16:26.440><c> remove</c><00:16:26.959><c> the</c><00:16:27.120><c> training</c><00:16:27.519><c> wheels</c>

00:16:28.069 --> 00:16:28.079 align:start position:0%
is just to remove the training wheels
 

00:16:28.079 --> 00:16:30.030 align:start position:0%
is just to remove the training wheels
the<00:16:28.199><c> majority</c><00:16:28.519><c> of</c><00:16:28.639><c> L2</c><00:16:28.959><c> 2os</c><00:16:29.440><c> in</c><00:16:29.560><c> the</c><00:16:29.680><c> ethereum</c>

00:16:30.030 --> 00:16:30.040 align:start position:0%
the majority of L2 2os in the ethereum
 

00:16:30.040 --> 00:16:31.670 align:start position:0%
the majority of L2 2os in the ethereum
ecosystem<00:16:30.759><c> have</c><00:16:30.920><c> not</c><00:16:31.079><c> yet</c><00:16:31.240><c> reached</c><00:16:31.519><c> their</c>

00:16:31.670 --> 00:16:31.680 align:start position:0%
ecosystem have not yet reached their
 

00:16:31.680 --> 00:16:33.590 align:start position:0%
ecosystem have not yet reached their
final<00:16:31.959><c> form</c><00:16:32.600><c> where</c><00:16:32.759><c> they</c><00:16:32.920><c> get</c><00:16:33.199><c> as</c><00:16:33.360><c> much</c>

00:16:33.590 --> 00:16:33.600 align:start position:0%
final form where they get as much
 

00:16:33.600 --> 00:16:35.509 align:start position:0%
final form where they get as much
security<00:16:34.120><c> and</c><00:16:34.279><c> decentralization</c><00:16:35.240><c> as</c>

00:16:35.509 --> 00:16:35.519 align:start position:0%
security and decentralization as
 

00:16:35.519 --> 00:16:38.189 align:start position:0%
security and decentralization as
possible<00:16:36.040><c> from</c><00:16:36.440><c> L1</c><00:16:37.440><c> the</c><00:16:37.560><c> picture</c><00:16:37.800><c> I</c><00:16:37.880><c> showed</c>

00:16:38.189 --> 00:16:38.199 align:start position:0%
possible from L1 the picture I showed
 

00:16:38.199 --> 00:16:40.269 align:start position:0%
possible from L1 the picture I showed
earlier<00:16:38.839><c> is</c><00:16:39.040><c> really</c><00:16:39.319><c> more</c><00:16:39.600><c> like</c><00:16:39.880><c> this</c><00:16:40.120><c> right</c>

00:16:40.269 --> 00:16:40.279 align:start position:0%
earlier is really more like this right
 

00:16:40.279 --> 00:16:43.269 align:start position:0%
earlier is really more like this right
now<00:16:40.800><c> many</c><00:16:41.000><c> of</c><00:16:41.120><c> these</c><00:16:41.279><c> l2s</c><00:16:42.040><c> are</c><00:16:42.279><c> not</c><00:16:42.519><c> yet</c><00:16:42.759><c> firmly</c>

00:16:43.269 --> 00:16:43.279 align:start position:0%
now many of these l2s are not yet firmly
 

00:16:43.279 --> 00:16:45.509 align:start position:0%
now many of these l2s are not yet firmly
attached<00:16:43.720><c> to</c><00:16:43.880><c> ethereum</c><00:16:44.279><c> L1</c><00:16:45.000><c> they're</c><00:16:45.160><c> in</c><00:16:45.279><c> the</c>

00:16:45.509 --> 00:16:45.519 align:start position:0%
attached to ethereum L1 they're in the
 

00:16:45.519 --> 00:16:47.430 align:start position:0%
attached to ethereum L1 they're in the
process<00:16:45.959><c> of</c><00:16:46.199><c> testing</c><00:16:46.759><c> designing</c><00:16:47.279><c> and</c>

00:16:47.430 --> 00:16:47.440 align:start position:0%
process of testing designing and
 

00:16:47.440 --> 00:16:49.749 align:start position:0%
process of testing designing and
securing<00:16:48.000><c> and</c><00:16:48.160><c> finalizing</c><00:16:48.759><c> their</c><00:16:48.959><c> designs</c>

00:16:49.749 --> 00:16:49.759 align:start position:0%
securing and finalizing their designs
 

00:16:49.759 --> 00:16:51.910 align:start position:0%
securing and finalizing their designs
and<00:16:49.959><c> preparing</c><00:16:50.519><c> to</c><00:16:50.720><c> make</c><00:16:51.079><c> that</c><00:16:51.480><c> that</c><00:16:51.759><c> that</c>

00:16:51.910 --> 00:16:51.920 align:start position:0%
and preparing to make that that that
 

00:16:51.920 --> 00:16:54.870 align:start position:0%
and preparing to make that that that
step<00:16:52.800><c> each</c><00:16:53.079><c> week</c><00:16:53.399><c> l2s</c><00:16:53.959><c> around</c><00:16:54.160><c> the</c><00:16:54.279><c> ecosystem</c>

00:16:54.870 --> 00:16:54.880 align:start position:0%
step each week l2s around the ecosystem
 

00:16:54.880 --> 00:16:57.629 align:start position:0%
step each week l2s around the ecosystem
get<00:16:55.120><c> closer</c><00:16:55.440><c> to</c><00:16:55.639><c> that</c><00:16:55.839><c> goal</c><00:16:56.839><c> we</c><00:16:57.000><c> usually</c><00:16:57.399><c> talk</c>

00:16:57.629 --> 00:16:57.639 align:start position:0%
get closer to that goal we usually talk
 

00:16:57.639 --> 00:17:00.829 align:start position:0%
get closer to that goal we usually talk
about<00:16:57.920><c> this</c><00:16:58.199><c> in</c><00:16:58.319><c> terms</c><00:16:58.920><c> of</c><00:16:59.120><c> stages</c><00:17:00.120><c> stage</c><00:17:00.440><c> zero</c>

00:17:00.829 --> 00:17:00.839 align:start position:0%
about this in terms of stages stage zero
 

00:17:00.839 --> 00:17:02.269 align:start position:0%
about this in terms of stages stage zero
is<00:17:00.959><c> the</c><00:17:01.120><c> starting</c><00:17:01.519><c> point</c><00:17:01.920><c> where</c><00:17:02.040><c> there</c><00:17:02.120><c> are</c>

00:17:02.269 --> 00:17:02.279 align:start position:0%
is the starting point where there are
 

00:17:02.279 --> 00:17:04.750 align:start position:0%
is the starting point where there are
still<00:17:02.560><c> many</c><00:17:02.800><c> training</c><00:17:03.160><c> wheels</c><00:17:03.600><c> set</c><00:17:04.280><c> at</c><00:17:04.439><c> stage</c>

00:17:04.750 --> 00:17:04.760 align:start position:0%
still many training wheels set at stage
 

00:17:04.760 --> 00:17:07.309 align:start position:0%
still many training wheels set at stage
one<00:17:05.160><c> we</c><00:17:05.319><c> remove</c><00:17:05.919><c> some</c><00:17:06.079><c> of</c><00:17:06.199><c> those</c><00:17:06.400><c> protections</c>

00:17:07.309 --> 00:17:07.319 align:start position:0%
one we remove some of those protections
 

00:17:07.319 --> 00:17:09.189 align:start position:0%
one we remove some of those protections
and<00:17:07.439><c> on</c><00:17:07.640><c> stage</c><00:17:07.959><c> two</c><00:17:08.400><c> that's</c><00:17:08.559><c> the</c><00:17:08.720><c> end</c><00:17:08.959><c> goal</c>

00:17:09.189 --> 00:17:09.199 align:start position:0%
and on stage two that's the end goal
 

00:17:09.199 --> 00:17:11.069 align:start position:0%
and on stage two that's the end goal
where<00:17:09.319><c> the</c><00:17:09.439><c> rollup</c><00:17:09.839><c> becomes</c><00:17:10.319><c> firmly</c><00:17:10.760><c> attached</c>

00:17:11.069 --> 00:17:11.079 align:start position:0%
where the rollup becomes firmly attached
 

00:17:11.079 --> 00:17:13.110 align:start position:0%
where the rollup becomes firmly attached
to<00:17:11.240><c> ethereum</c><00:17:11.880><c> and</c><00:17:12.039><c> secured</c><00:17:12.400><c> by</c><00:17:12.520><c> it</c><00:17:12.640><c> as</c><00:17:12.760><c> much</c><00:17:12.919><c> as</c>

00:17:13.110 --> 00:17:13.120 align:start position:0%
to ethereum and secured by it as much as
 

00:17:13.120 --> 00:17:14.870 align:start position:0%
to ethereum and secured by it as much as
possible<00:17:13.799><c> you</c><00:17:13.880><c> can</c><00:17:14.000><c> learn</c><00:17:14.199><c> a</c><00:17:14.319><c> lot</c><00:17:14.480><c> more</c><00:17:14.679><c> about</c>

00:17:14.870 --> 00:17:14.880 align:start position:0%
possible you can learn a lot more about
 

00:17:14.880 --> 00:17:17.630 align:start position:0%
possible you can learn a lot more about
the<00:17:14.959><c> details</c><00:17:15.319><c> of</c><00:17:15.520><c> that</c><00:17:15.799><c> on</c><00:17:16.039><c> L2</c>

00:17:17.630 --> 00:17:17.640 align:start position:0%
the details of that on L2
 

00:17:17.640 --> 00:17:20.029 align:start position:0%
the details of that on L2
be.com<00:17:18.640><c> but</c><00:17:18.720><c> we're</c><00:17:18.880><c> making</c><00:17:19.199><c> progress</c><00:17:19.839><c> and</c><00:17:19.959><c> we</c>

00:17:20.029 --> 00:17:20.039 align:start position:0%
be.com but we're making progress and we
 

00:17:20.039 --> 00:17:22.189 align:start position:0%
be.com but we're making progress and we
have<00:17:20.160><c> lots</c><00:17:20.439><c> to</c><00:17:20.559><c> be</c><00:17:20.679><c> proud</c><00:17:20.880><c> of</c><00:17:21.079><c> here</c><00:17:21.480><c> so</c><00:17:21.679><c> far</c><00:17:21.919><c> two</c>

00:17:22.189 --> 00:17:22.199 align:start position:0%
have lots to be proud of here so far two
 

00:17:22.199 --> 00:17:24.949 align:start position:0%
have lots to be proud of here so far two
full<00:17:22.439><c> evm</c><00:17:22.880><c> l2s</c><00:17:23.480><c> optimism</c><00:17:23.919><c> and</c><00:17:24.000><c> arbitrum</c><00:17:24.760><c> have</c>

00:17:24.949 --> 00:17:24.959 align:start position:0%
full evm l2s optimism and arbitrum have
 

00:17:24.959 --> 00:17:26.710 align:start position:0%
full evm l2s optimism and arbitrum have
made<00:17:25.120><c> it</c><00:17:25.240><c> to</c><00:17:25.400><c> stage</c><00:17:25.679><c> one</c><00:17:26.039><c> and</c><00:17:26.120><c> they</c><00:17:26.199><c> are</c><00:17:26.360><c> sure</c>

00:17:26.710 --> 00:17:26.720 align:start position:0%
made it to stage one and they are sure
 

00:17:26.720 --> 00:17:28.350 align:start position:0%
made it to stage one and they are sure
to<00:17:26.839><c> be</c><00:17:26.959><c> followed</c><00:17:27.360><c> by</c><00:17:27.520><c> many</c><00:17:27.720><c> more</c><00:17:27.959><c> in</c><00:17:28.079><c> the</c><00:17:28.199><c> near</c>

00:17:28.350 --> 00:17:28.360 align:start position:0%
to be followed by many more in the near
 

00:17:28.360 --> 00:17:31.510 align:start position:0%
to be followed by many more in the near
future<00:17:29.039><c> maybe</c><00:17:29.360><c> even</c><00:17:29.799><c> in</c><00:17:29.919><c> the</c><00:17:30.080><c> very</c><00:17:30.280><c> near</c>

00:17:31.510 --> 00:17:31.520 align:start position:0%
future maybe even in the very near
 

00:17:31.520 --> 00:17:35.070 align:start position:0%
future maybe even in the very near
future<00:17:32.520><c> and</c><00:17:32.760><c> also</c><00:17:33.240><c> a</c><00:17:33.440><c> huge</c><00:17:33.760><c> kudos</c><00:17:34.160><c> to</c><00:17:34.280><c> L2</c><00:17:34.640><c> beat</c>

00:17:35.070 --> 00:17:35.080 align:start position:0%
future and also a huge kudos to L2 beat
 

00:17:35.080 --> 00:17:36.870 align:start position:0%
future and also a huge kudos to L2 beat
you've<00:17:35.280><c> seen</c><00:17:35.640><c> me</c><00:17:35.880><c> put</c><00:17:36.039><c> their</c><00:17:36.240><c> graphs</c><00:17:36.559><c> up</c><00:17:36.679><c> on</c>

00:17:36.870 --> 00:17:36.880 align:start position:0%
you've seen me put their graphs up on
 

00:17:36.880 --> 00:17:38.950 align:start position:0%
you've seen me put their graphs up on
here<00:17:37.080><c> already</c><00:17:37.320><c> a</c><00:17:37.440><c> couple</c><00:17:37.720><c> times</c><00:17:38.440><c> they</c><00:17:38.600><c> do</c><00:17:38.840><c> a</c>

00:17:38.950 --> 00:17:38.960 align:start position:0%
here already a couple times they do a
 

00:17:38.960 --> 00:17:41.590 align:start position:0%
here already a couple times they do a
lot<00:17:39.120><c> of</c><00:17:39.320><c> work</c><00:17:39.600><c> to</c><00:17:40.280><c> understand</c><00:17:40.720><c> and</c><00:17:40.960><c> evaluate</c>

00:17:41.590 --> 00:17:41.600 align:start position:0%
lot of work to understand and evaluate
 

00:17:41.600 --> 00:17:43.830 align:start position:0%
lot of work to understand and evaluate
and<00:17:41.840><c> educate</c><00:17:42.240><c> our</c><00:17:42.400><c> ecosystem</c><00:17:43.200><c> about</c><00:17:43.520><c> the</c>

00:17:43.830 --> 00:17:43.840 align:start position:0%
and educate our ecosystem about the
 

00:17:43.840 --> 00:17:48.360 align:start position:0%
and educate our ecosystem about the
status<00:17:44.360><c> of</c><00:17:44.520><c> the</c><00:17:44.600><c> L2</c><00:17:45.520><c> networks</c>

00:17:48.360 --> 00:17:48.370 align:start position:0%
status of the L2 networks
 

00:17:48.370 --> 00:17:51.990 align:start position:0%
status of the L2 networks
[Music]

00:17:51.990 --> 00:17:52.000 align:start position:0%
 
 

00:17:52.000 --> 00:17:55.070 align:start position:0%
 
yeah<00:17:53.000><c> you</c><00:17:53.160><c> help</c><00:17:53.480><c> the</c><00:17:53.640><c> ethereum</c><00:17:54.080><c> ecosystem</c>

00:17:55.070 --> 00:17:55.080 align:start position:0%
yeah you help the ethereum ecosystem
 

00:17:55.080 --> 00:17:56.950 align:start position:0%
yeah you help the ethereum ecosystem
understand<00:17:55.280><c> itself</c><00:17:55.679><c> better</c><00:17:56.120><c> and</c><00:17:56.280><c> you</c><00:17:56.480><c> hold</c><00:17:56.720><c> us</c>

00:17:56.950 --> 00:17:56.960 align:start position:0%
understand itself better and you hold us
 

00:17:56.960 --> 00:17:58.909 align:start position:0%
understand itself better and you hold us
accountable<00:17:57.440><c> to</c><00:17:57.600><c> our</c><00:17:57.720><c> ambitious</c><00:17:58.159><c> goals</c><00:17:58.840><c> it's</c>

00:17:58.909 --> 00:17:58.919 align:start position:0%
accountable to our ambitious goals it's
 

00:17:58.919 --> 00:18:01.950 align:start position:0%
accountable to our ambitious goals it's
an<00:17:59.080><c> essential</c><00:17:59.520><c> function</c><00:18:00.080><c> thank</c>

00:18:01.950 --> 00:18:01.960 align:start position:0%
an essential function thank
 

00:18:01.960 --> 00:18:04.830 align:start position:0%
an essential function thank
you<00:18:02.960><c> the</c><00:18:03.120><c> second</c><00:18:03.440><c> big</c><00:18:03.679><c> Quest</c><00:18:04.159><c> is</c>

00:18:04.830 --> 00:18:04.840 align:start position:0%
you the second big Quest is
 

00:18:04.840 --> 00:18:06.710 align:start position:0%
you the second big Quest is
interoperability<00:18:05.840><c> and</c><00:18:05.960><c> what</c><00:18:06.080><c> I</c><00:18:06.200><c> mean</c><00:18:06.400><c> by</c><00:18:06.559><c> that</c>

00:18:06.710 --> 00:18:06.720 align:start position:0%
interoperability and what I mean by that
 

00:18:06.720 --> 00:18:09.270 align:start position:0%
interoperability and what I mean by that
is<00:18:06.960><c> that</c><00:18:07.320><c> today</c><00:18:08.120><c> using</c><00:18:08.600><c> all</c><00:18:08.720><c> of</c><00:18:08.840><c> these</c><00:18:08.960><c> L2</c>

00:18:09.270 --> 00:18:09.280 align:start position:0%
is that today using all of these L2
 

00:18:09.280 --> 00:18:11.029 align:start position:0%
is that today using all of these L2
networks<00:18:09.600><c> on</c><00:18:09.720><c> ethereum</c><00:18:10.360><c> it's</c><00:18:10.520><c> not</c><00:18:10.679><c> as</c><00:18:10.799><c> good</c><00:18:10.960><c> as</c>

00:18:11.029 --> 00:18:11.039 align:start position:0%
networks on ethereum it's not as good as
 

00:18:11.039 --> 00:18:12.470 align:start position:0%
networks on ethereum it's not as good as
it<00:18:11.159><c> could</c><00:18:11.320><c> be</c><00:18:11.880><c> it</c><00:18:11.960><c> could</c><00:18:12.080><c> be</c><00:18:12.240><c> kind</c><00:18:12.320><c> of</c>

00:18:12.470 --> 00:18:12.480 align:start position:0%
it could be it could be kind of
 

00:18:12.480 --> 00:18:14.390 align:start position:0%
it could be it could be kind of
frustrating<00:18:13.080><c> and</c><00:18:13.240><c> confusing</c><00:18:13.960><c> sometimes</c><00:18:14.240><c> to</c>

00:18:14.390 --> 00:18:14.400 align:start position:0%
frustrating and confusing sometimes to
 

00:18:14.400 --> 00:18:16.909 align:start position:0%
frustrating and confusing sometimes to
move<00:18:14.640><c> from</c><00:18:14.880><c> one</c><00:18:15.000><c> L2</c><00:18:15.760><c> onto</c><00:18:16.080><c> Main</c><00:18:16.360><c> net</c><00:18:16.640><c> onto</c>

00:18:16.909 --> 00:18:16.919 align:start position:0%
move from one L2 onto Main net onto
 

00:18:16.919 --> 00:18:19.710 align:start position:0%
move from one L2 onto Main net onto
another<00:18:17.120><c> L2</c><00:18:17.960><c> to</c><00:18:18.799><c> interact</c><00:18:19.240><c> with</c><00:18:19.400><c> someone</c>

00:18:19.710 --> 00:18:19.720 align:start position:0%
another L2 to interact with someone
 

00:18:19.720 --> 00:18:22.549 align:start position:0%
another L2 to interact with someone
who's<00:18:19.960><c> across</c><00:18:20.320><c> the</c><00:18:20.440><c> ecosystem</c><00:18:21.039><c> from</c><00:18:21.440><c> you</c><00:18:22.440><c> and</c>

00:18:22.549 --> 00:18:22.559 align:start position:0%
who's across the ecosystem from you and
 

00:18:22.559 --> 00:18:24.750 align:start position:0%
who's across the ecosystem from you and
using<00:18:22.919><c> the</c><00:18:23.039><c> ethereum</c><00:18:23.440><c> ecosystem</c><00:18:24.080><c> should</c><00:18:24.360><c> just</c>

00:18:24.750 --> 00:18:24.760 align:start position:0%
using the ethereum ecosystem should just
 

00:18:24.760 --> 00:18:26.789 align:start position:0%
using the ethereum ecosystem should just
feel<00:18:25.280><c> like</c><00:18:25.440><c> you're</c><00:18:25.640><c> using</c>

00:18:26.789 --> 00:18:26.799 align:start position:0%
feel like you're using
 

00:18:26.799 --> 00:18:28.870 align:start position:0%
feel like you're using
ethereum<00:18:27.799><c> it</c><00:18:27.880><c> needs</c><00:18:28.080><c> to</c><00:18:28.200><c> look</c><00:18:28.320><c> more</c><00:18:28.480><c> like</c><00:18:28.640><c> this</c>

00:18:28.870 --> 00:18:28.880 align:start position:0%
ethereum it needs to look more like this
 

00:18:28.880 --> 00:18:31.710 align:start position:0%
ethereum it needs to look more like this
yes<00:18:29.200><c> an</c><00:18:29.400><c> easy</c><00:18:30.120><c> interoperable</c><00:18:30.799><c> Network</c><00:18:31.559><c> that</c>

00:18:31.710 --> 00:18:31.720 align:start position:0%
yes an easy interoperable Network that
 

00:18:31.720 --> 00:18:34.110 align:start position:0%
yes an easy interoperable Network that
feels<00:18:32.120><c> like</c><00:18:32.280><c> one</c><00:18:32.559><c> ecosystem</c><00:18:33.240><c> because</c><00:18:33.480><c> it</c><00:18:33.760><c> is</c>

00:18:34.110 --> 00:18:34.120 align:start position:0%
feels like one ecosystem because it is
 

00:18:34.120 --> 00:18:35.110 align:start position:0%
feels like one ecosystem because it is
one

00:18:35.110 --> 00:18:35.120 align:start position:0%
one
 

00:18:35.120 --> 00:18:37.590 align:start position:0%
one
ecosystem<00:18:36.120><c> and</c><00:18:36.240><c> we'll</c><00:18:36.480><c> get</c><00:18:36.640><c> there</c><00:18:37.120><c> there's</c><00:18:37.320><c> a</c>

00:18:37.590 --> 00:18:37.600 align:start position:0%
ecosystem and we'll get there there's a
 

00:18:37.600 --> 00:18:40.669 align:start position:0%
ecosystem and we'll get there there's a
ton<00:18:37.799><c> of</c><00:18:38.000><c> work</c><00:18:38.280><c> being</c><00:18:38.640><c> done</c><00:18:39.320><c> in</c><00:18:39.480><c> the</c><00:18:39.720><c> past</c><00:18:40.080><c> year</c>

00:18:40.669 --> 00:18:40.679 align:start position:0%
ton of work being done in the past year
 

00:18:40.679 --> 00:18:43.510 align:start position:0%
ton of work being done in the past year
to<00:18:41.080><c> last</c><00:18:41.360><c> week</c><00:18:41.919><c> this</c><00:18:42.120><c> week</c><00:18:42.799><c> on</c><00:18:43.000><c> all</c><00:18:43.280><c> these</c>

00:18:43.510 --> 00:18:43.520 align:start position:0%
to last week this week on all these
 

00:18:43.520 --> 00:18:45.470 align:start position:0%
to last week this week on all these
problems<00:18:44.080><c> soon</c><00:18:44.360><c> we</c><00:18:44.480><c> will</c><00:18:44.640><c> have</c><00:18:44.919><c> addresses</c>

00:18:45.470 --> 00:18:45.480 align:start position:0%
problems soon we will have addresses
 

00:18:45.480 --> 00:18:47.630 align:start position:0%
problems soon we will have addresses
that<00:18:45.640><c> work</c><00:18:46.159><c> just</c><00:18:46.320><c> work</c><00:18:46.679><c> everywhere</c><00:18:47.360><c> you'll</c><00:18:47.520><c> be</c>

00:18:47.630 --> 00:18:47.640 align:start position:0%
that work just work everywhere you'll be
 

00:18:47.640 --> 00:18:50.430 align:start position:0%
that work just work everywhere you'll be
able<00:18:47.799><c> to</c><00:18:47.960><c> send</c><00:18:48.320><c> from</c><00:18:48.480><c> one</c><00:18:48.640><c> L2</c><00:18:49.559><c> to</c><00:18:49.799><c> another</c><00:18:50.240><c> very</c>

00:18:50.430 --> 00:18:50.440 align:start position:0%
able to send from one L2 to another very
 

00:18:50.440 --> 00:18:52.950 align:start position:0%
able to send from one L2 to another very
easily<00:18:51.120><c> and</c><00:18:51.240><c> we'll</c><00:18:51.400><c> be</c><00:18:51.480><c> able</c><00:18:51.640><c> to</c><00:18:51.799><c> verify</c><00:18:52.280><c> l2s</c>

00:18:52.950 --> 00:18:52.960 align:start position:0%
easily and we'll be able to verify l2s
 

00:18:52.960 --> 00:18:55.669 align:start position:0%
easily and we'll be able to verify l2s
using<00:18:53.240><c> like</c><00:18:53.559><c> clients</c><00:18:54.559><c> there's</c><00:18:55.200><c> so</c><00:18:55.400><c> much</c><00:18:55.559><c> to</c>

00:18:55.669 --> 00:18:55.679 align:start position:0%
using like clients there's so much to
 

00:18:55.679 --> 00:18:57.190 align:start position:0%
using like clients there's so much to
learn<00:18:56.000><c> here</c><00:18:56.320><c> if</c><00:18:56.440><c> you</c><00:18:56.559><c> want</c><00:18:56.679><c> to</c><00:18:56.799><c> learn</c><00:18:57.039><c> more</c>

00:18:57.190 --> 00:18:57.200 align:start position:0%
learn here if you want to learn more
 

00:18:57.200 --> 00:18:58.549 align:start position:0%
learn here if you want to learn more
about<00:18:57.400><c> these</c><00:18:57.559><c> challenges</c><00:18:58.200><c> and</c><00:18:58.320><c> if</c><00:18:58.400><c> you</c><00:18:58.480><c> want</c>

00:18:58.549 --> 00:18:58.559 align:start position:0%
about these challenges and if you want
 

00:18:58.559 --> 00:19:00.549 align:start position:0%
about these challenges and if you want
to<00:18:58.840><c> help</c><00:18:59.039><c> solve</c><00:18:59.360><c> them</c><00:18:59.919><c> uh</c><00:19:00.000><c> there's</c><00:19:00.200><c> several</c>

00:19:00.549 --> 00:19:00.559 align:start position:0%
to help solve them uh there's several
 

00:19:00.559 --> 00:19:02.590 align:start position:0%
to help solve them uh there's several
talks<00:19:00.799><c> and</c><00:19:01.000><c> workshops</c><00:19:01.559><c> going</c><00:19:01.720><c> on</c><00:19:01.919><c> this</c><00:19:02.120><c> week</c>

00:19:02.590 --> 00:19:02.600 align:start position:0%
talks and workshops going on this week
 

00:19:02.600 --> 00:19:05.070 align:start position:0%
talks and workshops going on this week
as<00:19:02.720><c> well</c><00:19:02.880><c> as</c><00:19:03.039><c> in</c><00:19:03.240><c> a</c><00:19:03.360><c> forum</c><00:19:03.760><c> later</c><00:19:04.080><c> as</c>

00:19:05.070 --> 00:19:05.080 align:start position:0%
as well as in a forum later as
 

00:19:05.080 --> 00:19:08.909 align:start position:0%
as well as in a forum later as
well<00:19:06.080><c> now</c><00:19:06.480><c> all</c><00:19:06.679><c> of</c><00:19:06.840><c> these</c><00:19:06.960><c> l2s</c><00:19:07.840><c> are</c><00:19:08.080><c> or</c><00:19:08.280><c> will</c><00:19:08.520><c> be</c>

00:19:08.909 --> 00:19:08.919 align:start position:0%
well now all of these l2s are or will be
 

00:19:08.919 --> 00:19:11.710 align:start position:0%
well now all of these l2s are or will be
secured<00:19:09.440><c> by</c><00:19:09.600><c> ethereum</c><00:19:10.039><c> L1</c><00:19:10.880><c> the</c><00:19:11.120><c> heart</c><00:19:11.440><c> of</c><00:19:11.600><c> the</c>

00:19:11.710 --> 00:19:11.720 align:start position:0%
secured by ethereum L1 the heart of the
 

00:19:11.720 --> 00:19:14.270 align:start position:0%
secured by ethereum L1 the heart of the
world<00:19:12.400><c> computer</c><00:19:13.400><c> there's</c><00:19:13.600><c> a</c><00:19:13.720><c> lot</c><00:19:13.919><c> to</c><00:19:14.000><c> be</c><00:19:14.120><c> said</c>

00:19:14.270 --> 00:19:14.280 align:start position:0%
world computer there's a lot to be said
 

00:19:14.280 --> 00:19:16.390 align:start position:0%
world computer there's a lot to be said
about<00:19:14.440><c> L1</c><00:19:15.080><c> how</c><00:19:15.240><c> far</c><00:19:15.400><c> it</c><00:19:15.520><c> has</c><00:19:15.720><c> come</c><00:19:16.080><c> and</c><00:19:16.240><c> where</c>

00:19:16.390 --> 00:19:16.400 align:start position:0%
about L1 how far it has come and where
 

00:19:16.400 --> 00:19:19.549 align:start position:0%
about L1 how far it has come and where
it's<00:19:16.640><c> going</c><00:19:17.520><c> too</c><00:19:17.720><c> much</c><00:19:17.880><c> to</c><00:19:18.000><c> say</c><00:19:18.159><c> in</c><00:19:18.320><c> this</c><00:19:18.559><c> talk</c>

00:19:19.549 --> 00:19:19.559 align:start position:0%
it's going too much to say in this talk
 

00:19:19.559 --> 00:19:22.070 align:start position:0%
it's going too much to say in this talk
but<00:19:19.679><c> I</c><00:19:19.799><c> do</c><00:19:19.960><c> just</c><00:19:20.080><c> want</c><00:19:20.200><c> to</c><00:19:20.360><c> say</c><00:19:20.640><c> that</c><00:19:20.880><c> in</c><00:19:21.039><c> 2024</c><00:19:22.000><c> I</c>

00:19:22.070 --> 00:19:22.080 align:start position:0%
but I do just want to say that in 2024 I
 

00:19:22.080 --> 00:19:24.390 align:start position:0%
but I do just want to say that in 2024 I
think<00:19:22.240><c> part</c><00:19:22.360><c> of</c><00:19:22.480><c> our</c><00:19:22.760><c> story</c><00:19:23.120><c> is</c><00:19:23.360><c> that</c><00:19:23.960><c> we</c><00:19:24.159><c> can</c>

00:19:24.390 --> 00:19:24.400 align:start position:0%
think part of our story is that we can
 

00:19:24.400 --> 00:19:26.710 align:start position:0%
think part of our story is that we can
kind<00:19:24.520><c> of</c><00:19:24.679><c> take</c><00:19:24.880><c> L1</c><00:19:25.320><c> for</c><00:19:25.520><c> granted</c><00:19:26.080><c> because</c><00:19:26.320><c> it's</c>

00:19:26.710 --> 00:19:26.720 align:start position:0%
kind of take L1 for granted because it's
 

00:19:26.720 --> 00:19:29.950 align:start position:0%
kind of take L1 for granted because it's
so<00:19:27.000><c> reliable</c><00:19:27.960><c> we</c><00:19:28.200><c> become</c><00:19:28.400><c> AUST</c><00:19:28.720><c> C</c><00:19:29.039><c> to</c><00:19:29.159><c> it</c><00:19:29.320><c> being</c>

00:19:29.950 --> 00:19:29.960 align:start position:0%
so reliable we become AUST C to it being
 

00:19:29.960 --> 00:19:32.630 align:start position:0%
so reliable we become AUST C to it being
boring<00:19:30.400><c> in</c><00:19:30.520><c> a</c><00:19:30.679><c> good</c><00:19:30.919><c> way</c><00:19:31.400><c> durable</c><00:19:32.000><c> hardened</c>

00:19:32.630 --> 00:19:32.640 align:start position:0%
boring in a good way durable hardened
 

00:19:32.640 --> 00:19:34.789 align:start position:0%
boring in a good way durable hardened
secure<00:19:33.400><c> thousands</c><00:19:33.760><c> of</c><00:19:33.919><c> validators</c><00:19:34.520><c> around</c>

00:19:34.789 --> 00:19:34.799 align:start position:0%
secure thousands of validators around
 

00:19:34.799 --> 00:19:37.430 align:start position:0%
secure thousands of validators around
the<00:19:34.919><c> world</c><00:19:35.520><c> reliably</c><00:19:36.039><c> coming</c><00:19:36.320><c> to</c><00:19:36.480><c> consensus</c>

00:19:37.430 --> 00:19:37.440 align:start position:0%
the world reliably coming to consensus
 

00:19:37.440 --> 00:19:39.750 align:start position:0%
the world reliably coming to consensus
every<00:19:37.720><c> 12</c><00:19:38.120><c> seconds</c><00:19:38.679><c> a</c><00:19:38.840><c> new</c><00:19:39.039><c> block</c><00:19:39.360><c> for</c><00:19:39.520><c> us</c><00:19:39.640><c> to</c>

00:19:39.750 --> 00:19:39.760 align:start position:0%
every 12 seconds a new block for us to
 

00:19:39.760 --> 00:19:41.950 align:start position:0%
every 12 seconds a new block for us to
write<00:19:39.960><c> the</c><00:19:40.080><c> future</c><00:19:40.360><c> on</c><00:19:40.919><c> the</c><00:19:41.159><c> heartbeat</c><00:19:41.720><c> of</c><00:19:41.840><c> the</c>

00:19:41.950 --> 00:19:41.960 align:start position:0%
write the future on the heartbeat of the
 

00:19:41.960 --> 00:19:44.909 align:start position:0%
write the future on the heartbeat of the
onchain<00:19:42.960><c> world</c><00:19:43.960><c> it's</c><00:19:44.120><c> an</c><00:19:44.280><c> incredible</c>

00:19:44.909 --> 00:19:44.919 align:start position:0%
onchain world it's an incredible
 

00:19:44.919 --> 00:19:47.590 align:start position:0%
onchain world it's an incredible
accomplishment<00:19:45.880><c> ethereum</c><00:19:46.360><c> doesn't</c><00:19:46.720><c> go</c><00:19:46.960><c> down</c>

00:19:47.590 --> 00:19:47.600 align:start position:0%
accomplishment ethereum doesn't go down
 

00:19:47.600 --> 00:19:50.029 align:start position:0%
accomplishment ethereum doesn't go down
it<00:19:47.679><c> has</c><00:19:47.840><c> been</c><00:19:48.080><c> challenged</c><00:19:48.760><c> and</c><00:19:49.039><c> tested</c>

00:19:50.029 --> 00:19:50.039 align:start position:0%
it has been challenged and tested
 

00:19:50.039 --> 00:19:51.830 align:start position:0%
it has been challenged and tested
sometimes<00:19:50.440><c> we</c><00:19:50.600><c> go</c><00:19:50.760><c> through</c><00:19:51.000><c> Stormy</c><00:19:51.440><c> Weather</c>

00:19:51.830 --> 00:19:51.840 align:start position:0%
sometimes we go through Stormy Weather
 

00:19:51.840 --> 00:19:56.350 align:start position:0%
sometimes we go through Stormy Weather
and<00:19:52.159><c> strong</c><00:19:52.320><c> winds</c><00:19:53.000><c> but</c><00:19:53.159><c> ethereum</c><00:19:53.679><c> has</c><00:19:53.840><c> never</c>

00:19:56.350 --> 00:19:56.360 align:start position:0%
 
 

00:19:56.360 --> 00:19:59.190 align:start position:0%
 
broken<00:19:57.360><c> the</c><00:19:57.480><c> third</c><00:19:57.760><c> big</c><00:19:58.000><c> theme</c><00:19:58.400><c> to</c><00:19:58.960><c> understand</c>

00:19:59.190 --> 00:19:59.200 align:start position:0%
broken the third big theme to understand
 

00:19:59.200 --> 00:20:02.669 align:start position:0%
broken the third big theme to understand
where<00:19:59.320><c> we</c><00:19:59.440><c> are</c><00:19:59.679><c> today</c><00:20:00.120><c> in</c><00:20:00.520><c> 2024</c><00:20:01.520><c> is</c><00:20:01.880><c> community</c>

00:20:02.669 --> 00:20:02.679 align:start position:0%
where we are today in 2024 is community
 

00:20:02.679 --> 00:20:05.029 align:start position:0%
where we are today in 2024 is community
we've<00:20:02.840><c> got</c><00:20:02.919><c> to</c><00:20:03.080><c> talk</c><00:20:03.280><c> about</c><00:20:03.640><c> us</c><00:20:04.640><c> everyone</c><00:20:04.919><c> in</c>

00:20:05.029 --> 00:20:05.039 align:start position:0%
we've got to talk about us everyone in
 

00:20:05.039 --> 00:20:06.870 align:start position:0%
we've got to talk about us everyone in
this<00:20:05.240><c> room</c><00:20:06.000><c> everyone</c><00:20:06.320><c> elsewhere</c><00:20:06.720><c> in</c><00:20:06.799><c> the</c>

00:20:06.870 --> 00:20:06.880 align:start position:0%
this room everyone elsewhere in the
 

00:20:06.880 --> 00:20:09.190 align:start position:0%
this room everyone elsewhere in the
venue<00:20:07.600><c> everyone</c><00:20:07.919><c> streaming</c><00:20:08.400><c> from</c><00:20:08.600><c> home</c><00:20:09.080><c> and</c>

00:20:09.190 --> 00:20:09.200 align:start position:0%
venue everyone streaming from home and
 

00:20:09.200 --> 00:20:10.789 align:start position:0%
venue everyone streaming from home and
all<00:20:09.320><c> the</c><00:20:09.440><c> many</c><00:20:09.679><c> thousands</c><00:20:09.960><c> of</c><00:20:10.080><c> others</c><00:20:10.520><c> who</c><00:20:10.640><c> are</c>

00:20:10.789 --> 00:20:10.799 align:start position:0%
all the many thousands of others who are
 

00:20:10.799 --> 00:20:13.270 align:start position:0%
all the many thousands of others who are
heads<00:20:11.120><c> down</c><00:20:11.559><c> building</c><00:20:11.840><c> on</c><00:20:12.000><c> ethereum</c><00:20:12.919><c> right</c>

00:20:13.270 --> 00:20:13.280 align:start position:0%
heads down building on ethereum right
 

00:20:13.280 --> 00:20:15.870 align:start position:0%
heads down building on ethereum right
now<00:20:14.280><c> the</c><00:20:14.400><c> ethereum</c><00:20:14.840><c> community</c><00:20:15.120><c> has</c><00:20:15.240><c> gotten</c><00:20:15.520><c> so</c>

00:20:15.870 --> 00:20:15.880 align:start position:0%
now the ethereum community has gotten so
 

00:20:15.880 --> 00:20:18.310 align:start position:0%
now the ethereum community has gotten so
big<00:20:16.360><c> that</c><00:20:16.559><c> it's</c><00:20:17.000><c> hard</c><00:20:17.360><c> to</c><00:20:17.600><c> wrap</c><00:20:17.960><c> our</c><00:20:18.159><c> head</c>

00:20:18.310 --> 00:20:18.320 align:start position:0%
big that it's hard to wrap our head
 

00:20:18.320 --> 00:20:20.230 align:start position:0%
big that it's hard to wrap our head
around<00:20:18.559><c> it</c><00:20:19.280><c> we</c><00:20:19.400><c> definitely</c><00:20:19.679><c> can't</c><00:20:19.840><c> all</c><00:20:19.960><c> fit</c><00:20:20.120><c> in</c>

00:20:20.230 --> 00:20:20.240 align:start position:0%
around it we definitely can't all fit in
 

00:20:20.240 --> 00:20:22.510 align:start position:0%
around it we definitely can't all fit in
the<00:20:20.360><c> same</c><00:20:20.600><c> room</c><00:20:21.240><c> uh</c><00:20:21.360><c> and</c><00:20:21.520><c> even</c><00:20:21.720><c> it's</c><00:20:21.960><c> hard</c><00:20:22.200><c> to</c>

00:20:22.510 --> 00:20:22.520 align:start position:0%
the same room uh and even it's hard to
 

00:20:22.520 --> 00:20:24.350 align:start position:0%
the same room uh and even it's hard to
have<00:20:22.799><c> visibility</c><00:20:23.360><c> into</c><00:20:23.640><c> other</c><00:20:23.840><c> parts</c><00:20:24.000><c> of</c><00:20:24.159><c> it</c>

00:20:24.350 --> 00:20:24.360 align:start position:0%
have visibility into other parts of it
 

00:20:24.360 --> 00:20:26.310 align:start position:0%
have visibility into other parts of it
when<00:20:24.480><c> you're</c><00:20:24.640><c> in</c><00:20:24.799><c> your</c><00:20:24.919><c> own</c><00:20:25.320><c> Niche</c><00:20:26.159><c> the</c>

00:20:26.310 --> 00:20:26.320 align:start position:0%
when you're in your own Niche the
 

00:20:26.320 --> 00:20:28.990 align:start position:0%
when you're in your own Niche the
ethereum<00:20:26.760><c> community</c><00:20:27.360><c> is</c><00:20:27.799><c> users</c><00:20:28.400><c> of</c><00:20:28.640><c> e</c><00:20:28.720><c> theum</c>

00:20:28.990 --> 00:20:29.000 align:start position:0%
ethereum community is users of e theum
 

00:20:29.000 --> 00:20:31.470 align:start position:0%
ethereum community is users of e theum
applications<00:20:29.960><c> holders</c><00:20:30.360><c> of</c><00:20:30.559><c> eth</c><00:20:31.240><c> app</c>

00:20:31.470 --> 00:20:31.480 align:start position:0%
applications holders of eth app
 

00:20:31.480 --> 00:20:33.710 align:start position:0%
applications holders of eth app
developers<00:20:32.159><c> protocol</c><00:20:32.679><c> researchers</c><00:20:33.360><c> client</c>

00:20:33.710 --> 00:20:33.720 align:start position:0%
developers protocol researchers client
 

00:20:33.720 --> 00:20:36.990 align:start position:0%
developers protocol researchers client
developers<00:20:34.559><c> L2</c><00:20:35.080><c> developers</c><00:20:35.720><c> and</c><00:20:36.000><c> debaters</c>

00:20:36.990 --> 00:20:37.000 align:start position:0%
developers L2 developers and debaters
 

00:20:37.000 --> 00:20:40.510 align:start position:0%
developers L2 developers and debaters
stakers<00:20:37.480><c> and</c><00:20:37.640><c> rakers</c><00:20:38.640><c> degens</c><00:20:39.360><c> and</c><00:20:39.520><c> Regens</c>

00:20:40.510 --> 00:20:40.520 align:start position:0%
stakers and rakers degens and Regens
 

00:20:40.520 --> 00:20:43.230 align:start position:0%
stakers and rakers degens and Regens
activists<00:20:41.320><c> radicals</c><00:20:42.039><c> artists</c><00:20:42.559><c> musicians</c><00:20:43.039><c> and</c>

00:20:43.230 --> 00:20:43.240 align:start position:0%
activists radicals artists musicians and
 

00:20:43.240 --> 00:20:47.390 align:start position:0%
activists radicals artists musicians and
authors<00:20:44.120><c> Educators</c><00:20:45.400><c> translators</c><00:20:46.400><c> students</c>

00:20:47.390 --> 00:20:47.400 align:start position:0%
authors Educators translators students
 

00:20:47.400 --> 00:20:49.950 align:start position:0%
authors Educators translators students
complete<00:20:47.799><c> noobs</c><00:20:48.520><c> and</c><00:20:49.000><c> relatively</c><00:20:49.520><c> ancient</c>

00:20:49.950 --> 00:20:49.960 align:start position:0%
complete noobs and relatively ancient
 

00:20:49.960 --> 00:20:52.190 align:start position:0%
complete noobs and relatively ancient
graveyards<00:20:50.960><c> there</c><00:20:51.080><c> are</c><00:20:51.360><c> so</c><00:20:51.600><c> many</c><00:20:51.919><c> different</c>

00:20:52.190 --> 00:20:52.200 align:start position:0%
graveyards there are so many different
 

00:20:52.200 --> 00:20:53.590 align:start position:0%
graveyards there are so many different
ways<00:20:52.520><c> of</c><00:20:52.720><c> being</c><00:20:52.919><c> part</c><00:20:53.039><c> of</c><00:20:53.159><c> the</c><00:20:53.240><c> ethereum</c>

00:20:53.590 --> 00:20:53.600 align:start position:0%
ways of being part of the ethereum
 

00:20:53.600 --> 00:20:54.789 align:start position:0%
ways of being part of the ethereum
ecosystem

00:20:54.789 --> 00:20:54.799 align:start position:0%
ecosystem
 

00:20:54.799 --> 00:20:57.470 align:start position:0%
ecosystem
today<00:20:55.799><c> the</c><00:20:55.960><c> other</c><00:20:56.240><c> truly</c><00:20:56.679><c> striking</c><00:20:57.200><c> thing</c>

00:20:57.470 --> 00:20:57.480 align:start position:0%
today the other truly striking thing
 

00:20:57.480 --> 00:20:59.070 align:start position:0%
today the other truly striking thing
about<00:20:57.640><c> the</c><00:20:57.760><c> ethereum</c><00:20:58.120><c> community</c><00:20:58.480><c> is</c><00:20:58.600><c> is</c><00:20:58.799><c> how</c>

00:20:59.070 --> 00:20:59.080 align:start position:0%
about the ethereum community is is how
 

00:20:59.080 --> 00:21:01.350 align:start position:0%
about the ethereum community is is how
Global<00:20:59.440><c> it</c><00:20:59.600><c> is</c><00:21:00.159><c> Skyler</c><00:21:00.600><c> already</c><00:21:00.799><c> talked</c><00:21:01.080><c> about</c>

00:21:01.350 --> 00:21:01.360 align:start position:0%
Global it is Skyler already talked about
 

00:21:01.360 --> 00:21:04.230 align:start position:0%
Global it is Skyler already talked about
this<00:21:01.679><c> but</c><00:21:01.880><c> this</c><00:21:02.039><c> year</c><00:21:02.240><c> alone</c><00:21:02.720><c> at</c><00:21:02.840><c> least</c><00:21:03.240><c> 73</c><00:21:03.960><c> big</c>

00:21:04.230 --> 00:21:04.240 align:start position:0%
this but this year alone at least 73 big
 

00:21:04.240 --> 00:21:06.390 align:start position:0%
this but this year alone at least 73 big
events<00:21:04.679><c> around</c><00:21:04.960><c> the</c><00:21:05.080><c> world</c><00:21:05.559><c> in</c><00:21:05.679><c> over</c><00:21:05.880><c> 44</c>

00:21:06.390 --> 00:21:06.400 align:start position:0%
events around the world in over 44
 

00:21:06.400 --> 00:21:08.470 align:start position:0%
events around the world in over 44
countries<00:21:07.400><c> every</c><00:21:07.559><c> one</c><00:21:07.720><c> of</c><00:21:07.840><c> those</c><00:21:08.000><c> events</c>

00:21:08.470 --> 00:21:08.480 align:start position:0%
countries every one of those events
 

00:21:08.480 --> 00:21:10.350 align:start position:0%
countries every one of those events
represents<00:21:09.000><c> a</c><00:21:09.120><c> local</c><00:21:09.440><c> community</c><00:21:09.960><c> often</c><00:21:10.240><c> who</c>

00:21:10.350 --> 00:21:10.360 align:start position:0%
represents a local community often who
 

00:21:10.360 --> 00:21:12.510 align:start position:0%
represents a local community often who
have<00:21:10.520><c> worked</c><00:21:10.799><c> for</c><00:21:11.080><c> years</c><00:21:11.640><c> to</c><00:21:11.919><c> bring</c><00:21:12.320><c> and</c>

00:21:12.510 --> 00:21:12.520 align:start position:0%
have worked for years to bring and
 

00:21:12.520 --> 00:21:14.190 align:start position:0%
have worked for years to bring and
welcome<00:21:12.919><c> the</c><00:21:13.039><c> ethereum</c><00:21:13.440><c> ecosystem</c><00:21:14.000><c> into</c>

00:21:14.190 --> 00:21:14.200 align:start position:0%
welcome the ethereum ecosystem into
 

00:21:14.200 --> 00:21:16.310 align:start position:0%
welcome the ethereum ecosystem into
their<00:21:14.400><c> home</c><00:21:15.159><c> we're</c><00:21:15.360><c> not</c><00:21:15.600><c> just</c><00:21:15.760><c> a</c><00:21:15.919><c> little</c><00:21:16.120><c> bit</c>

00:21:16.310 --> 00:21:16.320 align:start position:0%
their home we're not just a little bit
 

00:21:16.320 --> 00:21:18.549 align:start position:0%
their home we're not just a little bit
International<00:21:17.000><c> we</c><00:21:17.120><c> are</c><00:21:17.320><c> truly</c><00:21:17.679><c> International</c>

00:21:18.549 --> 00:21:18.559 align:start position:0%
International we are truly International
 

00:21:18.559 --> 00:21:20.830 align:start position:0%
International we are truly International
and<00:21:18.760><c> every</c><00:21:19.039><c> region</c><00:21:19.600><c> like</c><00:21:19.799><c> southeast</c><00:21:20.240><c> Asia</c><00:21:20.720><c> has</c>

00:21:20.830 --> 00:21:20.840 align:start position:0%
and every region like southeast Asia has
 

00:21:20.840 --> 00:21:24.310 align:start position:0%
and every region like southeast Asia has
a<00:21:21.039><c> claim</c><00:21:21.360><c> to</c><00:21:21.559><c> being</c><00:21:21.960><c> the</c><00:21:22.159><c> home</c><00:21:22.559><c> of</c>

00:21:24.310 --> 00:21:24.320 align:start position:0%
a claim to being the home of
 

00:21:24.320 --> 00:21:26.870 align:start position:0%
a claim to being the home of
ethereum<00:21:25.320><c> I</c><00:21:25.440><c> want</c><00:21:25.520><c> to</c><00:21:25.720><c> talk</c><00:21:25.919><c> about</c><00:21:26.400><c> one</c><00:21:26.640><c> other</c>

00:21:26.870 --> 00:21:26.880 align:start position:0%
ethereum I want to talk about one other
 

00:21:26.880 --> 00:21:29.390 align:start position:0%
ethereum I want to talk about one other
thing<00:21:27.279><c> a</c><00:21:27.480><c> change</c><00:21:27.919><c> that</c><00:21:28.080><c> I've</c><00:21:28.200><c> observed</c>

00:21:29.390 --> 00:21:29.400 align:start position:0%
thing a change that I've observed
 

00:21:29.400 --> 00:21:31.630 align:start position:0%
thing a change that I've observed
I<00:21:29.480><c> don't</c><00:21:29.640><c> have</c><00:21:29.720><c> a</c><00:21:29.880><c> metric</c><00:21:30.440><c> or</c><00:21:30.600><c> a</c><00:21:30.720><c> fancy</c><00:21:31.200><c> graph</c>

00:21:31.630 --> 00:21:31.640 align:start position:0%
I don't have a metric or a fancy graph
 

00:21:31.640 --> 00:21:33.029 align:start position:0%
I don't have a metric or a fancy graph
to<00:21:31.760><c> show</c><00:21:31.960><c> it</c><00:21:32.080><c> to</c><00:21:32.240><c> you</c><00:21:32.559><c> but</c><00:21:32.679><c> maybe</c><00:21:32.880><c> you've</c>

00:21:33.029 --> 00:21:33.039 align:start position:0%
to show it to you but maybe you've
 

00:21:33.039 --> 00:21:36.830 align:start position:0%
to show it to you but maybe you've
noticed<00:21:33.320><c> it</c><00:21:33.520><c> too</c><00:21:34.520><c> in</c><00:21:34.640><c> the</c><00:21:34.799><c> last</c><00:21:35.000><c> few</c><00:21:35.440><c> years</c><00:21:36.440><c> uh</c>

00:21:36.830 --> 00:21:36.840 align:start position:0%
noticed it too in the last few years uh
 

00:21:36.840 --> 00:21:38.470 align:start position:0%
noticed it too in the last few years uh
the<00:21:36.960><c> ethereum</c><00:21:37.360><c> ecosystem</c><00:21:37.960><c> has</c><00:21:38.120><c> not</c><00:21:38.320><c> just</c>

00:21:38.470 --> 00:21:38.480 align:start position:0%
the ethereum ecosystem has not just
 

00:21:38.480 --> 00:21:42.149 align:start position:0%
the ethereum ecosystem has not just
grown<00:21:38.919><c> bigger</c><00:21:39.720><c> it</c><00:21:39.880><c> has</c><00:21:40.320><c> deepened</c><00:21:41.320><c> it</c><00:21:41.520><c> has</c>

00:21:42.149 --> 00:21:42.159 align:start position:0%
grown bigger it has deepened it has
 

00:21:42.159 --> 00:21:45.789 align:start position:0%
grown bigger it has deepened it has
matured<00:21:43.159><c> in</c><00:21:43.320><c> 2024</c><00:21:44.320><c> many</c><00:21:44.640><c> of</c><00:21:44.760><c> us</c><00:21:45.200><c> understand</c>

00:21:45.789 --> 00:21:45.799 align:start position:0%
matured in 2024 many of us understand
 

00:21:45.799 --> 00:21:48.950 align:start position:0%
matured in 2024 many of us understand
this<00:21:45.919><c> is</c><00:21:46.080><c> not</c><00:21:46.279><c> a</c><00:21:46.480><c> Sprint</c><00:21:47.400><c> this</c><00:21:47.520><c> is</c><00:21:47.640><c> a</c><00:21:47.960><c> marathon</c>

00:21:48.950 --> 00:21:48.960 align:start position:0%
this is not a Sprint this is a marathon
 

00:21:48.960 --> 00:21:51.630 align:start position:0%
this is not a Sprint this is a marathon
we<00:21:49.080><c> are</c><00:21:49.279><c> putting</c><00:21:49.600><c> down</c><00:21:49.880><c> Roots</c><00:21:50.880><c> we</c><00:21:51.000><c> are</c><00:21:51.200><c> in</c><00:21:51.440><c> this</c>

00:21:51.630 --> 00:21:51.640 align:start position:0%
we are putting down Roots we are in this
 

00:21:51.640 --> 00:21:53.950 align:start position:0%
we are putting down Roots we are in this
for<00:21:51.840><c> the</c><00:21:51.960><c> Long</c><00:21:52.320><c> Haul</c><00:21:53.120><c> we</c><00:21:53.240><c> are</c><00:21:53.400><c> building</c><00:21:53.760><c> the</c>

00:21:53.950 --> 00:21:53.960 align:start position:0%
for the Long Haul we are building the
 

00:21:53.960 --> 00:21:57.029 align:start position:0%
for the Long Haul we are building the
teams<00:21:54.760><c> and</c><00:21:54.960><c> organizations</c><00:21:55.960><c> and</c><00:21:56.200><c> companies</c>

00:21:57.029 --> 00:21:57.039 align:start position:0%
teams and organizations and companies
 

00:21:57.039 --> 00:21:59.070 align:start position:0%
teams and organizations and companies
and<00:21:57.200><c> working</c><00:21:57.520><c> to</c><00:21:57.720><c> make</c><00:21:57.880><c> them</c><00:21:58.120><c> last</c>

00:21:59.070 --> 00:21:59.080 align:start position:0%
and working to make them last
 

00:21:59.080 --> 00:22:00.710 align:start position:0%
and working to make them last
and<00:21:59.200><c> we</c><00:21:59.320><c> are</c><00:21:59.520><c> making</c><00:21:59.799><c> sure</c><00:22:00.240><c> there</c><00:22:00.360><c> will</c><00:22:00.520><c> be</c>

00:22:00.710 --> 00:22:00.720 align:start position:0%
and we are making sure there will be
 

00:22:00.720 --> 00:22:02.909 align:start position:0%
and we are making sure there will be
people<00:22:01.279><c> to</c><00:22:01.640><c> continue</c><00:22:02.120><c> the</c><00:22:02.279><c> work</c><00:22:02.559><c> that</c><00:22:02.679><c> needs</c>

00:22:02.909 --> 00:22:02.919 align:start position:0%
people to continue the work that needs
 

00:22:02.919 --> 00:22:05.310 align:start position:0%
people to continue the work that needs
to<00:22:03.039><c> be</c><00:22:03.200><c> done</c><00:22:03.840><c> we</c><00:22:04.000><c> are</c><00:22:04.200><c> training</c><00:22:04.720><c> the</c><00:22:04.880><c> next</c>

00:22:05.310 --> 00:22:05.320 align:start position:0%
to be done we are training the next
 

00:22:05.320 --> 00:22:08.190 align:start position:0%
to be done we are training the next
generation<00:22:06.320><c> Our</c><00:22:06.720><c> ecosystem</c><00:22:07.480><c> has</c><00:22:07.640><c> gained</c><00:22:07.960><c> the</c>

00:22:08.190 --> 00:22:08.200 align:start position:0%
generation Our ecosystem has gained the
 

00:22:08.200 --> 00:22:11.870 align:start position:0%
generation Our ecosystem has gained the
confidence<00:22:09.080><c> to</c><00:22:09.320><c> plan</c><00:22:09.679><c> for</c><00:22:10.000><c> Success</c><00:22:11.000><c> that</c><00:22:11.120><c> is</c><00:22:11.360><c> a</c>

00:22:11.870 --> 00:22:11.880 align:start position:0%
confidence to plan for Success that is a
 

00:22:11.880 --> 00:22:22.110 align:start position:0%
confidence to plan for Success that is a
very<00:22:12.360><c> significant</c>

00:22:22.110 --> 00:22:22.120 align:start position:0%
 
 

00:22:22.120 --> 00:22:24.669 align:start position:0%
 
Milestone<00:22:23.120><c> so</c><00:22:23.720><c> at</c><00:22:23.840><c> the</c><00:22:23.919><c> beginning</c><00:22:24.200><c> we</c><00:22:24.320><c> asked</c><00:22:24.520><c> a</c>

00:22:24.669 --> 00:22:24.679 align:start position:0%
Milestone so at the beginning we asked a
 

00:22:24.679 --> 00:22:27.230 align:start position:0%
Milestone so at the beginning we asked a
question<00:22:25.640><c> what</c><00:22:25.760><c> is</c><00:22:25.960><c> the</c><00:22:26.120><c> story</c><00:22:26.440><c> of</c><00:22:26.559><c> ethereum</c>

00:22:27.230 --> 00:22:27.240 align:start position:0%
question what is the story of ethereum
 

00:22:27.240 --> 00:22:29.789 align:start position:0%
question what is the story of ethereum
in<00:22:27.400><c> 2024</c>

00:22:29.789 --> 00:22:29.799 align:start position:0%
in 2024
 

00:22:29.799 --> 00:22:33.149 align:start position:0%
in 2024
I<00:22:29.960><c> see</c><00:22:30.360><c> the</c><00:22:30.559><c> early</c><00:22:30.960><c> stages</c><00:22:31.520><c> of</c><00:22:31.679><c> a</c><00:22:31.880><c> virtuous</c>

00:22:33.149 --> 00:22:33.159 align:start position:0%
I see the early stages of a virtuous
 

00:22:33.159 --> 00:22:36.269 align:start position:0%
I see the early stages of a virtuous
cycle<00:22:34.159><c> we</c><00:22:34.279><c> are</c><00:22:34.480><c> growing</c><00:22:35.120><c> in</c><00:22:35.360><c> applications</c><00:22:36.120><c> in</c>

00:22:36.269 --> 00:22:36.279 align:start position:0%
cycle we are growing in applications in
 

00:22:36.279 --> 00:22:39.430 align:start position:0%
cycle we are growing in applications in
use<00:22:36.679><c> cases</c><00:22:37.200><c> in</c><00:22:37.400><c> users</c><00:22:38.279><c> and</c><00:22:38.440><c> that</c><00:22:38.600><c> early</c><00:22:38.919><c> growth</c>

00:22:39.430 --> 00:22:39.440 align:start position:0%
use cases in users and that early growth
 

00:22:39.440 --> 00:22:42.390 align:start position:0%
use cases in users and that early growth
is<00:22:39.720><c> testing</c><00:22:40.320><c> and</c><00:22:40.520><c> pushing</c><00:22:40.840><c> it</c><00:22:41.440><c> forcing</c><00:22:41.919><c> us</c><00:22:42.120><c> to</c>

00:22:42.390 --> 00:22:42.400 align:start position:0%
is testing and pushing it forcing us to
 

00:22:42.400 --> 00:22:46.190 align:start position:0%
is testing and pushing it forcing us to
expand<00:22:43.400><c> and</c><00:22:43.960><c> forcing</c><00:22:44.279><c> us</c><00:22:44.480><c> to</c><00:22:44.760><c> improve</c><00:22:45.760><c> and</c><00:22:45.919><c> so</c>

00:22:46.190 --> 00:22:46.200 align:start position:0%
expand and forcing us to improve and so
 

00:22:46.200 --> 00:22:48.510 align:start position:0%
expand and forcing us to improve and so
we<00:22:46.360><c> build</c><00:22:47.240><c> bigger</c><00:22:47.960><c> and</c><00:22:48.159><c> better</c>

00:22:48.510 --> 00:22:48.520 align:start position:0%
we build bigger and better
 

00:22:48.520 --> 00:22:51.070 align:start position:0%
we build bigger and better
infrastructure<00:22:49.480><c> and</c><00:22:49.640><c> by</c><00:22:49.760><c> doing</c><00:22:50.039><c> so</c><00:22:50.320><c> we</c><00:22:50.480><c> unlock</c>

00:22:51.070 --> 00:22:51.080 align:start position:0%
infrastructure and by doing so we unlock
 

00:22:51.080 --> 00:22:54.190 align:start position:0%
infrastructure and by doing so we unlock
a<00:22:51.200><c> new</c><00:22:51.440><c> phase</c><00:22:51.679><c> of</c><00:22:52.240><c> growth</c><00:22:53.240><c> and</c><00:22:53.400><c> this</c><00:22:53.559><c> interplay</c>

00:22:54.190 --> 00:22:54.200 align:start position:0%
a new phase of growth and this interplay
 

00:22:54.200 --> 00:22:56.070 align:start position:0%
a new phase of growth and this interplay
between<00:22:54.559><c> adoption</c><00:22:55.200><c> and</c><00:22:55.400><c> growth</c><00:22:55.799><c> and</c>

00:22:56.070 --> 00:22:56.080 align:start position:0%
between adoption and growth and
 

00:22:56.080 --> 00:22:58.830 align:start position:0%
between adoption and growth and
infrastructure<00:22:57.080><c> it</c><00:22:57.240><c> attracts</c><00:22:57.600><c> a</c><00:22:57.799><c> community</c>

00:22:58.830 --> 00:22:58.840 align:start position:0%
infrastructure it attracts a community
 

00:22:58.840 --> 00:23:00.470 align:start position:0%
infrastructure it attracts a community
people<00:22:59.159><c> who</c><00:22:59.320><c> are</c><00:22:59.520><c> drawn</c><00:22:59.919><c> to</c><00:23:00.120><c> its</c>

00:23:00.470 --> 00:23:00.480 align:start position:0%
people who are drawn to its
 

00:23:00.480 --> 00:23:02.669 align:start position:0%
people who are drawn to its
opportunities<00:23:01.480><c> people</c><00:23:01.840><c> who</c><00:23:02.039><c> want</c><00:23:02.200><c> to</c><00:23:02.400><c> plant</c>

00:23:02.669 --> 00:23:02.679 align:start position:0%
opportunities people who want to plant
 

00:23:02.679 --> 00:23:04.590 align:start position:0%
opportunities people who want to plant
their<00:23:02.840><c> own</c><00:23:03.080><c> seeds</c><00:23:03.880><c> people</c><00:23:04.120><c> who</c><00:23:04.279><c> want</c><00:23:04.440><c> to</c>

00:23:04.590 --> 00:23:04.600 align:start position:0%
their own seeds people who want to
 

00:23:04.600 --> 00:23:07.310 align:start position:0%
their own seeds people who want to
Steward<00:23:05.159><c> the</c><00:23:05.279><c> whole</c><00:23:05.880><c> into</c><00:23:06.120><c> the</c><00:23:06.240><c> Next</c>

00:23:07.310 --> 00:23:07.320 align:start position:0%
Steward the whole into the Next
 

00:23:07.320 --> 00:23:10.269 align:start position:0%
Steward the whole into the Next
Generation<00:23:08.320><c> we</c><00:23:08.520><c> can't</c><00:23:08.760><c> get</c><00:23:09.080><c> complacent</c><00:23:10.080><c> the</c>

00:23:10.269 --> 00:23:10.279 align:start position:0%
Generation we can't get complacent the
 

00:23:10.279 --> 00:23:13.590 align:start position:0%
Generation we can't get complacent the
challenges<00:23:11.039><c> are</c><00:23:11.320><c> real</c><00:23:12.080><c> there</c><00:23:12.200><c> are</c><00:23:12.760><c> many</c><00:23:13.200><c> hard</c>

00:23:13.590 --> 00:23:13.600 align:start position:0%
challenges are real there are many hard
 

00:23:13.600 --> 00:23:15.710 align:start position:0%
challenges are real there are many hard
problems<00:23:13.960><c> to</c><00:23:14.120><c> solve</c><00:23:14.640><c> and</c><00:23:14.760><c> they</c><00:23:14.919><c> won't</c><00:23:15.200><c> stop</c>

00:23:15.710 --> 00:23:15.720 align:start position:0%
problems to solve and they won't stop
 

00:23:15.720 --> 00:23:19.029 align:start position:0%
problems to solve and they won't stop
coming<00:23:16.720><c> but</c><00:23:16.919><c> remember</c><00:23:17.840><c> ethereum</c><00:23:18.440><c> hits</c><00:23:18.679><c> hard</c>

00:23:19.029 --> 00:23:19.039 align:start position:0%
coming but remember ethereum hits hard
 

00:23:19.039 --> 00:23:21.630 align:start position:0%
coming but remember ethereum hits hard
problems<00:23:19.480><c> first</c><00:23:20.200><c> because</c><00:23:20.600><c> we</c><00:23:20.760><c> have</c><00:23:21.000><c> gone</c><00:23:21.400><c> the</c>

00:23:21.630 --> 00:23:21.640 align:start position:0%
problems first because we have gone the
 

00:23:21.640 --> 00:23:25.590 align:start position:0%
problems first because we have gone the
furthest<00:23:22.640><c> that</c><00:23:22.760><c> is</c><00:23:22.880><c> a</c><00:23:23.120><c> strength</c><00:23:23.919><c> and</c><00:23:24.039><c> not</c><00:23:24.159><c> a</c>

00:23:25.590 --> 00:23:25.600 align:start position:0%
furthest that is a strength and not a
 

00:23:25.600 --> 00:23:28.830 align:start position:0%
furthest that is a strength and not a
weakness<00:23:26.600><c> thank</c><00:23:26.799><c> you</c><00:23:27.200><c> have</c><00:23:27.320><c> a</c><00:23:27.480><c> great</c><00:23:27.679><c> depth</c><00:23:28.000><c> on</c>

00:23:28.830 --> 00:23:28.840 align:start position:0%
weakness thank you have a great depth on
 

00:23:28.840 --> 00:23:31.840 align:start position:0%
weakness thank you have a great depth on
w