What's going on everyone? Sam here with late in sports car, Drippin' 22, Panini National Treasures, football hobby, 4 box, full case break number 82, cheered random team style. Here is a look again at your random results. Again, thank you all so much for getting this sold out. That was incredible. You can find these on the website under the results tab, as well as the link in chat. Good luck. Here we go. Stephen got Niners, Steelers, New Jets. True. Box one.  Absolute heat. What up, Stephen? He goes, holy hell, I could finally talk. Stephen, what up? Stephen, thank you, my man. I really can't thank you enough for taking these spots, man.  It means a whole hell of a lot. Let's get you something big, dude. If we can open this. This has got to be some sort of booklet. Could be, it could be a treasure chest. You like the polls. I guess so, dude. That's something. That's empty. All right. We've got Joe Montana, 299. We've got Sean Alexander, 210, 5 of 10. Seattle. That is going to be a Brandon Cooks, 249. Nice one there. We've got Gilbert Brown, 45 of 49. We go into the Packers, heirlooms. I got rookie triple booklet. It's going to be Malik Willis, Traylon Burks, and Hassan Haskins. That's pretty sweet. Going to the Titans. Harper. Congrats, man, 225. 225. Nice one there. Congrats, Harper. All right. Jacksonville coming up next with a quad. T-Law, Kirk, ETN, and Evan Ingram. Player worn, Lawrence, and ETN. Very nice. Take that. We'll take that. Got A. Cam Jergens, 299 for the Eels, rookie auto. A. Kishan Johnson, 32 of 49 for the Buccaneers. Nice one there. Congrats, Tampa. I know those things are hella thick, dude. Crossover RPA. That is going to be a Calvin Austin, 95 of 99. Two colors for the Steelers. Congrats, Stephen. Going to Harper with the Seahawks. Another crossover RPA. Kenneth Walker, 76 of 99. Congrats on that, Harper. Nice one there, buddy. Pulled one of those last break. Now pulled 2.99 of those in the last hour. That's crazy. That's kind of hard to wrap your brain around. It really is. My brain's just going around the circles. Yeah, I was going to say. Yeah, were you? Okay. Got treasured rookies. David Bell for the Browns, 299. That's a CMC, 223 on the Jersey number. Parallel for the Nannies. Next up is a Christian Watson, 299 for the Packers. Congrats, Green Bay. Got Elijah Moore, 34 of 49. Still going to the Jets, still a jet in this. Obviously now he Cleveland Brown. Triple for the Cowboys. You've got Trayvon Diggs, Micah Parsons, the Marcus Lawrence. This is going to be a random, this is pretty cool. Five of 25. That is Travis Kelsey and George Kittle. Oh, Titan. Titan and you. Claire Warren, Kittle. Titan and you. Again, that'll be a random between the Chiefs, which is Sean and the Niners, which is Stephen. Be random to both of y'all. That is in Amon Ross, St. Brown. We've got 46 of 49. That's pretty cool. That's the first one of these I've pulled, this guy at least, this year. Amon Ross. That's sick, dude. Eight of 49. We've got a Earl Thomas, all pro signatures. Oh, nice. That's cool, man. Congrats, Seattle. Again, going to Harper. A crossover RPA, that is, no, horizontal RPA, 46 of 99, Taekwondo Thornton for the old New England Patriots. Congrats, New England. And going to the New England Patriots again, 27 of 99. Bailey Zappy, who reclaimed his job of quarterback two in New England. Nice one there. Congrats again, Oren, Oren with the Patriots. There you go, buddy. 27 of 99. I'll see a shield or something, dude. That'd be sick. We can go for a shield here. Maybe a free brat. I was going to just confirm you for him. We know that is a proven fact. Derek Carr to 99 for the Raiders. Going to send an empty box and wrapper with Vegas. There's a little like, there's like a thumb print on that. Jimmy the intern probably had his blaze donut. He likes his donuts. He decided to put his thumb print on that Derek Carr card, and here we are. He likes his donuts. Thank you, Blatt, and I'm going to get away with this. That is going to be a George Kittle to 85, another Jersey number for the Niners. Really nice one here. It's going to be Adrian Amos, two of 10 framed fabric for the Packers. That's cool. Nice little Packers sleeve patch there. 19 of 25, Josh Jacobs. That is player worn on the treasured patches. Going to the Raiders. We've got ourselves a T Higgins, 84 of 99, Sunday Treasures, Bangles. Nice. Kenny Pickett, 25 of 35. That's going to the Steelers. Congrats. There you go, Steven. First auto. This is pretty cool. Going to the Bangles. That is going to be Chad Johnson, Ocho Sinko, 19 of 25, since he is Steven on the Tier 2 hit. Congrats, buddy, and OBS. And OBS disconnected. You're going to sit here for just a second before we start the next one. Again, OBS just disconnected. So give it one second here, everybody. Come on, OBS. What are we doing? I know. I know. Let everybody filter back in. We'll go on to this printing plate auto. That is going to be a Alan Page, one of one printing plate auto. Congrats, Vikings. Nice one. Orin on the Tier 2. Tier 2. Got nice. Jay Jedis, 38 of 99 on the auto. Congrats again, Vikings. Not bad. Not bad at all. First overall pick in most people's fantasy league. And nice one here. Crossover RPA, Drake London, 91 of 99, wide receiver one in Atlanta. He is on the track. Stream went down. Are we good now? Thumbs up. On YouTube and Twitch. I know it went down for a second. It's OBS crashed. Again, everything's recorded. We have everything recorded, so you can always watch it back. OBS, BN, OBS. OBS, thanks, dude. That looks like we're good on YouTube. I think we'll be good on Twitch. Good. Thank you. Thank you. Perfect. Awesome. Thank you, snack. Hawke, thank you as well. Yep, we are good on both platforms. Just a second. What up, hops? Thank you, thank you. Yeah, OBS will do that. It'll just crash randomly, and then it'll reconnect. It'll lose internet connection and then get internet connection back. It's wild, dude. Wild. Nice box of the case. Come on, we'll see something big. Nice. There we go. That is going to be A. Get it out of here first. I'm a little jealous of this, too. Treasure hunt of Lamar Jackson. Numbered, 15 of 25 for the Ravens. Grats, Baltimore. Going to Steven M. These are pretty rare overall. Really cool card right there. Congrats on that. Get empty, empty now. Jerry Rice, 299. And treasured rookies, Brock Purdy, to 25. There we go. Nice one there. Congrats to Steven. I would say you could probably mag this one. That's pretty big, actually. Congrats. 20 of 25 on the treasured rookies, Purdy. Congrats, Steven. Nice one there, buddy. Very nice. We've got A. Aaron Jones, the 49. Next up, we've got Joey Bosa. 3 of 49, three-color patch for the Chargers, followed by A. Romeo Dobbs, 6 of 49. Let's go into the Packers. Nice one here. Framed fabric. Aaron Donald, 25 of 49. A.D., one of the best defenders in the NFL. Malcolm Rodriguez, to 49 for the Lions. That's just sad at that point, dude. Congrats, Philip. That's hot rod. That's cool for the Eagles. Chris Long, 38 of 99. Grats, Eagles. Nice one here. True RPA is Danny Gray, 21 of 99 for the Niners. Steven, congrats, buddy. You can mag this in the next. Rookie, first edition signatures booklet. Chris Olave, going to the Saints. Steven M, congrats, buddy. On your tier one hit there. Very nice. Chris Olave on the redemption. Get that into a mag as well. All right, we've got a quick random to do, everybody, between the Chiefs and Niners, the Kelsey and Kittle. We've got Chiefs, Chiefs, Niners, great Niners. All right, guys, again, doing the random for the Travis Kelsey and George Kittle, five of 25. Chiefs, Travis Kelsey, Niners, George Kittle, all the dice, whatever team's on top. After just three times, get the card. You've got one, two, and three. Going to the Niners. Niners picking that one up. All right, quick recap. We had Aaron Donald, a Romeo Dom's, Joey Bosa, Aaron Jones, Kenny Pickett, Tee Higgins, Josh Jacobs, Adrian Emos, Triple for the Cowboys, Christian Watson, Elijah Moore, Quad for the Jags, Gilbert Brown, and Brandon Cooks. Last box is helpful for sure. Oh yeah. Yeah, he did well in that last box, Steven. Chris Long, Malcolm Rodriguez, a J. Jettis, Allen Page, one-on-one, Chad Johnson, Tyquan Thornton, Earl Thomas, Amon Ross St. Brown, Keshon Johnson, Calvin Austin, and Cam Juergens. Booklets, we had Bailey Zappi, two-ninety-nine, and the Rookie Triple to 25 of the Titans, and that was Berks Haskins and A. Lee Willis. We had Chris Olave, Rookie Signatures Booklet Redemption, had a Danny Gray, True RPA, two-ninety-nine, had a Kenneth Walker, 76 of 99, Crossover RPA. We had a Drake London, Crossover RPA, two-ninety-nine as well for the Falcons, and then a really nice Brock Purdy, 20 of 25 on the treasured rookies. That is going to do it for the break, everybody. Again, thank you all so much for getting that filled up. I really appreciate it. Got personals coming up next.


what's up guys welcome to today's video so today we're going to be focusing on a men's haircut tutorial i'm going to be doing a nice short haircut my guest kyle is going into the rotc program at his college so we did a nice short clean haircut on him to get him ready for that also on this video i'm going to showcase some of the new maverick products by mitch and they also sent me this really cool bloated kit full of maverick products so if you would like to win this kit of products then make sure you subscribe to the channel and also comment below let me know that you're a subscriber let's get started with the video here we go welcome to today's video so what we're going to be going over today is some of the new maverick products from paul mitchell and we're going to be doing a nice short men's haircut so um those of you guys that struggle with any clipper work or whatever i'm going to show you guys some of my tips things that i like to do in the salon when i'm cutting men's hair so the first thing i do is i spray in the maverick grooming spray this has a light hold and i spray it on kyle's wet hair and then i go through and i blow dry it just to smooth everything out i think when you get a nice polish finish on the hair before you go to cut it it takes away any of like the hair from kind of popping out where you don't want it to for the haircut so i go through and i really rock and work that clipper out so i think the key thing here is to kind of develop that line that follows the head shape kind of follows the contour of the head shape back to the occipital bone comes across that and then back up towards the temple area on both sides the other thing i want to uh really pay attention to is just to make sure that this is balanced because um you want to make sure that any weight lines that you're building on each side of the head when you're looking at them straight on that you have that balanced shape to it so i'm using a one guard so and i'm using an andis cordless clipper i'm not sure exactly the model of this one but um i'm using the magnetic clip guards which i really love so i use the one guard to start the haircut really develop that line and figure out the shape that i'm working with and then i go in with a two guard and i go through and you'll still see that line but the thing i like to do is just go with my shortest clipper first and i work my way across the head shape and then i go in with a longer clipper and then i'll fade that line out in between so staying consistent with the way that i kind of pulled that clipper away and now i go in with a one guard fully open so that makes the longest length that it can be so almost like a one and a half and i start blending that line the other thing i wanted to show you guys in this video is that kyle has a scar on the back of his head we did not miss with the clipper or anything just part of what people have it's part of their identity he uh so he has a scar on the back of his head so now i'm going to go in with my t-trimmer and just work my way around his hairline just adding in some of those details work around the ear and now do a little trimmer over comb in little spots that i see just to help blend in the top and the bottom so now i go in with the clipper no guard fully open and i just kind of go around the back of his hairline just to make it really have a natural look so the last thing i'm going to do is i'm going to work my way across the top of the head shape bringing everything up this is a traveling guide so i cut my first guide in the very back and i work my way straight through the top of the head that's going to give it more of a flat top feel and then i'm going to round it off to blend into the parietal ridge area into the sides so you'll notice i'm not really doing too much over direction because i want it to be nice and short kyle's also off to college and he's going into the uh rotc program so he wants his hair nice and short and clean so that was the purpose of this haircut so now just a little extra detail works his are over comb and i'm going to work into that calic area the way that i like to cut into the calic is just really let the hair fall the way that it wants to so notice my diagonal partings as i work around that calic is exactly the way that the hair is trying to fall and that to me gives it the best blend and it doesn't stick straight out i think when you try to fight the way that it wants to fall naturally that's when you're going to have challenges in that calic area so i just work my way around a little bit more scissor over comb finishing up some of the details there and then the last thing that i'm going to do is just clean up the the fringe area and i think a lot of stylists will just kind of comb this down i've seen it because i see people wearing the haircut and they'll try to cut without doing any over direction i like to pull everything over to the side because he's going to wear it kind of part it over bring everything over just like i would cut female fringe and uh over direct it to me and cut it and that gives it a little bit of layering um and it gives it a nice soft feel and it really kind of wraps around the shape of the head so i just like the way that it looks and then once i comb that down then i can do that fine detail work with the tip of the scissor and just follow my line and create whatever the line is that i'm looking for and i'll just lift up that little last bit just to soften it there and a little bit more detail work so it's just all about combing the hair i i think with men's hair another important thing is that he's not going to put a ton of effort into styling it even though i'm going to try to coach him and tell him different products to use he's not going to put a ton as much time as i am so i want to make sure that no matter how he combs this or how he puts it it lays nice so this is the original palm made from maverick it's got a medium hold natural shine loves the way that it feels in the hair because it's nice and light but it just gives it a nice clean cut look so i put that in his hair i give it a little comb through style it out he's not looking for anything super fancy just wants a nice clean cut so there you guys go hope you like the techniques that i showed you definitely let me know if you have any questions thanks for watching


Hello, everyone. Welcome to another capsule on international relations for the Shankar IAS Academy. Today we discuss the new Quad which has just been formed a few days ago. The tendency these days is not to rely as much on United Nations because of the weaknesses of the system. And the tendency seems to be for more and more groups to be formed. Because United Nations is not able to exert its influence because of the various aspects like the V2. So this has to be seen, these emerging groups in different areas and different parts of the world should be seen in this context. V20 for example has assumed significance. So these activities were there but they did not come centre stage. Those were side discussions. The main discussion was of the United Nations. So there is a new trend that we have to notice. And now there are three quads already. The first one we all know about, 2007 it started in the United States, Australia and Japan. It has gone through various stages. One time it was considered a military pact. But now with the formation of AUKUS with the more economic environment oriented group. And so the concentration is on economic development and stability, maritime security etc. The second one was formed by the United States with Afghanistan, Pakistan and Uzbekistan. We don't hear much about it. But this must have been some kind of a balancing that the US did in order to please Pakistan perhaps. Because how can Pakistan not be in some quad with the United States. So they have to form Afghanistan and Uzbekistan also. But this will have no meaning unless Afghanistan becomes a normally administered country. And that is why we don't hear much about it. And then the third quad is somewhat surprising that so far our concentration was towards the east of India. And now we are for the first time some kind of a new arrangement to the west of India. And this was not possible earlier because the Middle East was in chaos. There were so many conflicts. Palestine issue was significant. Israel was not very welcomed to several Middle East countries. And so the situation was very complex. So we could only deal with individual countries. Of course there are the League of Arab States which we dealt with. But basically our Middle East policy was individual bilateral relationships. And with most of these countries we had bilateral relations. But we were not very much involved in the politics of the Middle East except at the United Nations. It was left basically to the five permanent members particularly the United States to deal with the Middle East. And the United States has been handling it with their own power and energy. But sometimes they gave away some of the responsibility to Russia. And some arrangements were made by which United States took back and Russia dealt with some of these issues. But the dramatic change that took place is the Abraham Accords for which we have to be grateful to President Trump. Particularly his son-in-law who seems to have managed this whole arrangement by which more countries recognized Israel. Because Egypt was the first recognized Israel in 1979. Others have done that. But some of the major countries particularly in the Gulf were not receptive to the idea of establishing diplomatic relations with Israel. And now they have Bahrain and UAE and there could be others. Saudi Arabia is waiting. So time is coming for Israel and other countries to establish at least some kind of working relationship. But the hostility will remain as long as Palestine does not have a state. But regardless of that, there have been many changes. And if you go to Dubai these days, the one thing that we see all around is Israeli investment. With the Expo is already on and there also you will find a big big participation from Israel and the investments are growing. Direct flights are going to Israel. These were things unthinkable a few months earlier. So this is being reflected in this new quadrature developed because United States, UAE and Israel have been working together. And in fact, just before this new quad was formed, these three countries had held a meeting in Washington five days before the new quad was established. But the new quad was established in a very interesting way for us because our external affairs minister was in Israel at that time on a bilateral visit. And he was meeting the so-called alternate prime minister and foreign minister. And into that came virtually the Secretary of State of the United States and the UAE foreign minister. And so it was a hybrid meeting where two important representatives that Israel and India were present physically and United States and UAE were represented by their ministers virtually. So they announced this formation of this group and it was quite obvious that the focus here will be more on economic development because this is to facilitate the compatibility among these four countries. For example, Israel has a lot of innovation, innovative capability. UAE has plenty of money to invest in various projects. India has the manufacturing capacity if they have the innovative project and give us the money we may be able to produce good quality consumer goods and others. And of course the United States doing its political and economic strength. So it looks very convincing that such a group was possible but it was not considered possible till a few months ago. And that's why this came as a surprise. And this adds a new dimension to India's policy towards the Middle East because of our position supportive of Palestine and not engaged very much with the other Arab countries. After Israel was recognized by Egypt etc. So we were not involved in any particular process in the region but our relations with UAE had developed very fast after the Prime Minister's visit. And with Saudi Arabia also we have excellent relations and therefore the Middle East now we are a normal country with good relations with all of them. And therefore this arrangement though it has been controversial in India before how much relationship you must have with Israel. You dilute your position on Palestine such questions were raised but those are disappeared because of the realization in India also. Even among circles who are championing Palestine that Israel would be a useful ally. Of course there is this complication about Pegasus which you heard today that the Supreme Court has ordered an investigation or an inquiry or a study or whatever of Pegasus. And that may create complicated matters a little bit because it is Israel which has produced it and we do not know the government of India purchased it or who used it, who purchased it etc. But this came before that. And so the focus is very much on economic cooperation and it says so. So with the establishment of UAE and the diplomatic relations between the UAE and Israel this became possible and the agenda is enhanced economic cooperation. They talked about economic growth and global issues and interestingly enough Mr. Jai Shankar flew from UAE to Israel another unusual event. Because you would have had to go through various other countries in order to go to Israel because if you have Israel's visa on your passport the next time you may not be able to enter Arab countries such complications. That seems to have disappeared and the possibilities of infrastructure development has been particularly emphasized at this time and there is expo 2021 taking place in Dubai. So by way of economic and political cooperation in the Middle East this is a very important landmark and the other items which have been identified are naturally climate change because we are about to go to climate change meeting. Then the energy cooperation related to the environment and maritime security which is of great interest to all of us particularly those in the country in the Gulf and with so many of us, so many Indians there. The security of these countries is of concern to us. Then transportation is the main thing in the context of the expo because connectivity as you know there is a competition between BRI, China's BRI believes in building connectivity of various ways. And now there is increasing suspicion about BRI and therefore an alternative people were looking at and one of them and this one is basically thinking in terms of establishing some kind of a linkage. Travel and also technological linkages between all these groups. So obviously when US, Israel and UAE met in Washington just a week before they must have talked about the possibility of bringing India into the group. And in the Washington meeting they stressed particularly religious coexistence because Israel, United States and UAE is very important to make sure that religious coexistence is possible. And that was emphasized because the problems in the Middle East was basically because of that the conflict between religions. And the other two things that they identified in that Washington meeting where India was not there with water and energy. So all these mixes very well. And so the idea is that Israeli innovation, UAE funding and Indian manufacturing with the patronage of the United States. So that looks like a very good mix. Of course politics is not mixed with it because there was no reference anywhere in any of the conversations about Palestine and the issue, the burning issue in the Arab world. So obviously this group is not going to walk into the political problems. But of course the American position has not changed. They are still talking about two state solution, which is India's suggestion also. And therefore there is no contradiction in our working with the United States in the Middle East. Israel knows very well our position and they have accepted that India has championed Palestine. And so they don't really dispute the fact that Palestine should have a homeland but where it should be and how it should be established is really a question. But then India and Israel have been discussing a free trade agreement and that is another fashionable thing these days. Many free trade agreements are being signed and because the WTO is not as active as it should have been. And therefore the failure of the UN on the one side and the failure of the WTO on the other are making all these changes in the global situation both economic and political. And among other things they also discussed a mutual recognition of COVID certification, which is an issue globally. We have a problem as you know our core vaccine is not being recognized by everyone. And so at least among these four countries there will be no issue. Already I think UAE is recognizing our COVID shield injections, vaccination. Because vaccination as you know is a big issue now because the only solution you can find for COVID-19 has been established is to vaccinate everybody. At least reduce the risk to a latex to 90% is reduced if everybody is vaccinated. But everybody has to be vaccinated then only it will be a complete effect. So that has been taken into account and then international solar alliance which is promoted by India or several other countries. France is a major partner. Now the idea is to increase solar energy production. And this also Israel has tremendous amount of technology which it can share and UAE and India have a lot of sunshine. And therefore we may be able to move towards solar energy in a major way. And this will come in discussion at Glasgow when we talk about carbon free year. Every country is being asked to declare a carbon free year. United States at 2030, China as 2050. There's a lot of debate you must have seen in the newspapers as to what India should be doing. And the feeling is that among climatologists is that India will not be able to fix a year like that. If you fix then you have to fulfill it. But in the near future unless our alternate energy is available in plenty, India will not be able to make a declaration. But and also India's capability will depend on what kind of resources and what kind of technology we can get from the West. But the fact that this part, the western part we can call it that the other one is a Eastern part to make a difference between the two. So this idea of dealing with climate change and environment in general. It is quite clear that these four countries can work together very closely as a unique array of capabilities, knowledge and experience among all of us. So United States is very much involved in the Middle East. And as I said, it was the process of the United States initiated that resulted in the Abraham Accords. And it is expected that many more countries will establish relations with Israel. And here the one question is the Eastern Quad is suspected to be anti-Chinese. So is there an anti-China element in the Western Quad? It's something that we have to think about because China is getting closer to Iran. And so it's not only in the Asia Pacific but also on the surroundings of the Gulf. They see a threat in the new cooperation and agreement and projects between China and Iran. And this is a matter of concern to the Gulf countries because Israel has always been concerned about Iranian nuclear capability. And if there is one country which is willing to go to war with Iran on nuclear capability in Israel, nobody else wants a war. But Israel is very much against raising any of these sanctions against Israel, against Iran till Iran completely stops enriching of uranium. And it has to give up its path and the negotiations are not moving very well in Geneva and therefore there is concern. So it is possible that there is an element of China phobia, I think. Sinophobia, I shouldn't call it. The fear of China is also in this Quad. Of course it never came out, nobody spoke about it. But Israel has that concern and U.E. has that concern and we also have that concern and the United States of course. So it may be true to say that even though that is not a declared purpose of the new Quad, there is an element of China containment of China or at least build your guard against China. And as far as nuclear matters is concerned, Israel was very supportive of India's nuclear deal with the United States. And UAE has not only been close to us, it has also been, though it is not confirmed that UAE has been helping India, Pakistan to get together. Because nothing concrete has happened but we have heard rumors that UAE has been facilitating the back channel exchanges between India and Pakistan, which led to the ceasefire enforcement and also some other developments. But of late we are seeing increased terrorist activities in Kashmir, which has cast a shadow, but at least UAE has been helpful in bringing about some kind of a dialogue between India and Pakistan. So there are interconnected realities here. So Israel's support for nuclear India within the agreement, its opposition to Iran's nuclear policy, China-Iran cooperation causing concern to UAE also. And China has been active in UAE, they have made a lot of investment and much has been done by China. But there also they want to diversify and in relation with India as well as Israel. And of course United States, I think it is the most useful arrangement. Because we do not know the mechanism, what kind of laws, what kind of suggestions they will make. Basically they will have probably three trade agreements, either as a group or individually with these countries, that would be the basic thing. And when we talk of India and Israel and Middle East, we also have to think of terrorism, which is one of the greatest concerns that India has. As you have seen recently in the United Nations Security Council, we proposed a number of things relating to anti-terrorist activities that you have been pursuing. And in this anti-terrorism, both Israel and UAE have a big role. Because UAE is a very open country and prosperous country and can easily be victimized by some countries which are hostile to it. And also there are many possibilities of corruption and so on. And therefore they are very concerned, if you have an open society like that, just economically, they have concerns about terrorism also. And one of the reasons why UAE is not that close to Pakistan anymore and closer to India because of their fear that Pakistan might use terrorist tactics to deal with the region as a whole. So this Quad, in fact, deals with a lot of, you are killing several birds with one stone in that sense. Because it assures economic cooperation, it assures technological cooperation, it assures some kind of protection against China. And also it has the common links, the four of us trade talks, maritime securities of great interest. And so generally we are happy, I think that nobody seems to be criticizing this in India. And of course this is a new multilateral approach that India has adopted, that is where or possible we get into these groupings. I had to do some time ago questioning this wisdom of this because these groupings should have some homogeneity, that was my point. Because sometimes if you get into a group, as it happened in the case of Sark, for example, the commonality among Sark countries has disappeared because we have so many disputes among ourselves until we have Sark. APEC, India has not been able to enter because the countries are blocking India from going there. So where you need to go, you are not able to go.  Again, when Afghanistan was discussed, they had an internal meeting between Iran and China and Russia. When we were also members of that group, so the group took one position and the group inside is CEO took another position. And then BRICS, not very effective. And it killed something called IBSA, which is already there, India, Brazil, South Africa. So these, what I call the alphabetic soup, all over the place, so many we are in. And now we are creating more. So I think we should think in terms of the sunrise correlations and sunset correlations. Because what happens is once you get into a coalition like Sark, no people are saying we must revive it. So these are embarrassing moments. And therefore, we have to be very careful. But as my view, but the general policy is to create these pockets of influence. And multilateral approaches. And that gives you ability to operate as a group. And not as India alone, but as Israel, UAE and the United States. That gives us greater strength in bargaining. That is the whole thing about group diplomacy, you know, like a non-aligned movement, G77. And these are these were weak countries at that time. So it was easier for India to speak in the name of non-aligned movement rather than as India. Because now we don't want to have that requirement. It has become, you know, important enough to stand on its own. But voluntarily, we are getting into these groups because of the ineffectiveness of the United States, United Nations, which has demonstrated during the pandemic. Of course, needless to say that in this quad also there are discussions about the pandemic, about the vaccines, about vaccine equity and so on. Israel had virtually vaccinated everybody. And India also has now surplus capacity to give to other countries. And China had given vaccines to UAE, but that has not been found very satisfactorily. Those who have taken the Chinese vaccine are now taking additional American vaccines in the UAE. So and these things were also certainly have influenced the thinking of this group. And India's own policies and priorities are shifting from South Asia to larger Asia Pacific, India Pacific, and also the Middle East. So we are very close to Middle East in the early days when Israel and Palestine were creative theoretically. And we had, but after that, very many things happened. The revolution, Arab revolution of spring and various other things and different kinds of governments came to power and that's still being sorted out. But Southeast Asia, of course, we have major interest and that is our neighborhood, but it's always good to have distant neighbors. You must have all heard about the Chanakya theory that is very difficult for you to have friendships with your close neighbors because they always have complaints, demands, all kinds of difficulties. Chanakya predicted it centuries ago and that we have seen ourselves. But those who are in the next level, next line of our neighborhood, the distant neighbors will be closer because we have no boundary disputes. We do not have the challenge of sharing resources, etc. And I think we are following Chanakya's theory that South Asia, let it be, we'll try our best to keep it together and work together and we have gone out of our way to be nice to all these Arab countries. But there is still dissatisfaction, still there is terrorism, still there is lack of trust. So all these are issues which have to be dealt with and therefore it might be good for us to expand ourselves a little bit. So now we have one quad in the Pacific, in the Indo-Pacific and the other in the Middle East and that is how we should see it. And it will certainly improve our own economic growth and China recognized Israel only in 1992 and Israel has systematically declined to export arms to China. So between them there is a certain amount of differences. So US in fact had asked Israel not to export weapons to China and there was some military ties between Israel and China that has been stopped. And China was not involved in any infrastructure projects in Israel. UAE also has been benefiting from Chinese investments but they are also diversifying it. So in a sense we can say that this quad had a logic of itself for all these countries to work together. And the developments between Iran and China had created problems for us also as well as for the Arab countries. So our cooperation in the petrochemical sector will be of great value in this. So considering all these political and economic considerations we can think that the new quad will be in our interest. But there will be many things to sort out. People are writing about the vast possibility of our being able to export to Europe via the Middle East. Maybe a little far away but the idea that to a Greek port we could send woods from India with the collaboration of UAE and Israel. And there are many things there are several projects which we are being mentioned are in the pipeline. So let's hope that this quad will be beneficial to all the four of us and the United States will maintaining its interest in this book. Because they also feel that instead of confronting China alone it might be useful for them to operate through these groups. So this is the change of sign of the times of several multilateral bodies helping shall we say the United Nations. It's not a competition with the United Nations but the general feeling that the United Nations is not able to pull its weight is a factor which promotes this regional cooperation because massively in the UN Charter there are provisions for regional arrangements. So this is not something which was not expected when the United Nations was set up. And so there is a logic in that and many of these groups are kind of registered with the United Nations. So they are taken notice of they even report that activities. So it's a certain amount of coordination but this is more practical to have these groups. And that is why India has one for this I don't know whose initiative it was maybe Israel maybe India maybe we maybe the United States. So in any case all the four people are dreaming the same even though they are in four different beds. That is the situation we have and this may perhaps be good for us and good for the world. Thank you very much. No it doesn't because the United States also support two states and even Israel doesn't rule that out. So there is no reason for us to change in this but then I think they are very globally avoided any discussion of political questions. Definitely economic advantages, spectrochemicals, infrastructure. As I said it was very well spelt out. They said the innovation of Israel, the money of UAE, the manufacturing capacity of India and the bad fridge of United States. So the areas have been very well defined and only new policies, new projects have to be devised. That is probability. Yes, our idea is to have a multi polar world from the bipolar we went to Unipolar and now we want a multi polar world. So the more partnerships that we create among like minded countries will help us to perhaps create a poll around us. That is our unspoken wish that when six polls are formed in the world starting with United States, open union, Russia, China, Japan and the six will be India. That's the unspoken expectation and for that we are going to be our friends. We are going to follow us. In South Asia it's difficult and therefore we may have to go far afield and that is probably what we have to do. That we have to see because this squad is not going to consider political issues. If anything this might only make Chinese even more worried about us because this grouping both UAE and Israel having an easy relationship with China. And therefore India going and joining that group may actually worsen the situation. But as I've spoken to you about China itself is going through an internal process and so they may not worry about it at this point in time. They are reorganizing themselves economically. But the tension with Pakistan and China I don't think this will have any particular impact. I think there was some talk of meeting in the Taliban in Doha. But so far there is no agreement. The only positive thing that we have been saying is that we are happy to provide humanitarian assistance. And once a modality is fixed as to how these assistance will be delivered and to whom India will be one of the first countries to go forward. That's all the only thing that we are doing on all political matters we are holding back and wanting to wait for others. Because originally three of those countries our embassy is there and no new country has gone there. Only China, Pakistan, Iran. So if there is a growth in that, that may be the time we may have to think in terms of that. But everybody is in touch with Taliban. And there is no lack of communication including us. So let's hope this will be for the good.


So then why is crypto-economics different from just regular old economics? Well, it's the environment. We live in a very different environment with the decentralization and trustlessness that makes economics a lot more difficult. We cannot rely on an outside law enforcement that makes people follow what we do. Instead, it's a very adversarial environment where we only assume that people are rational, meaning that people maximise their own payals and do what's best for them. This is also what makes it very exciting in my opinion. Where crypto-economics really started was with the game theory of the Bitcoin protocol. So game theory is the study of strategic behaviour or how you would respond to situations in which other people also make decisions about how they behave. Importantly for the Bitcoin protocol is that you have a decision in which chain to mine. You could either mine on the longest chain or on another fork. And this decision is something that every miner actually has to make. And you're incentivised to mine on the longest chain because you'll get some issuance rewards and fees. And if you mine on another chain and it's not included in the canonical chain, you only waste your energy spending on this, meaning that you're incentivised to do the right thing. Now in game theory, we usually put these kind of games into tables to make it easier for ourselves to see what's happening, what other players are doing, and how we can determine our own strategy. So as you can see here, assume that you're a Bitcoin miner doubting to mine on the longest chain, what you're supposed to do, or on another chain for the next block. And all of the other miners we've aggregated into one group as well, and they're simultaneously deciding on their strategy as well. So in this table, the first emoji corresponds to the utility or payoff of the person in the first column. So that's you as a miner. And the second emoji corresponds to what all of the other players are doing. And we can see that since all the other players are in this situation mining on the same chain, they'll always be happy as that chain will be the canonical chain. However, for you deciding on which chain to mine on, it's important to think about what are you doing on the longest chain or on the other chain. And then how you could determine your strategy is to see, given that other people are mining on the longest chain, what maximise my payoff? Well, in this case, mining on the longest chain as well. And given that other players are mining on another chain, what maximise my payoff? Well, mining on the other chain. So since every player in this situation has the same strategy, we actually end up in a point where there's a steady state. Everyone mines on the same chain, hopefully. And the steady state is what we call a Nash equilibrium, because no one has a straight sense of deviate from this situation. So if you're mining on the long chain, if you mine on another chain, it means that your payoff will be less, meaning that you don't have an incentive to deviate. So this is the game theory part of crypto economics, a small introduction. And now we'll introduce a bit more theory called mechanism design. So mechanism design is really the study of designing strategic situations with game theory in mind. So how can we make games so that the payoff or the outcome is how we want it to be? An example could be when we're designing an auction. We want people to have an easy way to bid. So for example, bid their true valuation of something. And we want that to be incentive compatible with the protocol. So incentive compatibility means that the designers have a goal in mind and the strategy that users are going to deploy reaches that goal. So in that case, we could use game theory to see what's the strategy and how can we design about this. And it's always very important to take into account what you're actually designing for. So there have been some famous mistakes. For example, some Olympic games where the pools weren't made correctly and some teams actually both tried to lose, which is a very weird setting. So then if you turn back to our example of the miners in Bitcoin, Bitcoin enforces that everyone mines on the longest chain, which is what the protocol wants them to do, by issuing rewards only for those mined on the longest chain. So this was a section about game theory and mechanism design and bit more theoretical setting. These will have more into applied settings. But if anyone has any suggestions, questions or anything, please just raise your hand. If not, we'll just continue to how the gas market works. So many of you have probably heard of Vitalik's speech this morning. He talked a bit about the gas markets. And I'll try to elaborate a bit on that. So the gas market is basically for any transaction that you send to Ethereum, you pay gas. And how this gas is constructed is dependent on the amount of operations and the type of operations that you do in a transaction. So each operation or opcode has a fixed amount of gas units that are associated with it. So, for example, multiplying two numbers to five units of gas and adding two numbers to three units of gas. And this ratio is relatively defined. So five, three ratio, and this doesn't change. But this may be weird because, as you may have noticed, the amount that you pay for your transactions isn't actually fixed. This is because the amount of ETH that you pay per gas unit, so these are two separate markets, is determined by supply and demand. It's important to have this distinction between the amount of gas units and the amount of ETH that you pay per gas unit. We have a gas limit to preserve decentralization, which of course is a tool of the protocol. And this is done because if we could make the trade-off for a higher gas limit, so more gas units per block, and this means lower fees, more transactions, but it means less decentralization because less people would be able to participate in a protocol, less people would be able to validate, meaning that we miss one of the goals of decentralization. And how blocks are in principle made is that a miner sees all of the transactions that come into the mempool, and they choose the transactions that are paid the highest fee per gas unit, and they basically just fill their block with the highest-paid transactions. Again, the rationality assumption that we talked about before. Important to note here as well is that this is the pre-ERP 1559 gas market. I'll talk a bit about this ERP later, but this is the simplest setting how it was before some time ago in Ethereum. Then this auction for block space, an auction in which we sell a scarce resource, which is block space, which is what the Ethereum protocol sells, is actually a first-priced auction. So players bid for the transaction to be included, and if they win the bid, when they auction, they just pay their bid, and they're included. However, this is not an ideal setting, because it's very difficult as users to know what to bid exactly.  So you're going to shade a bit and going to bid a bit lower, lower, lower, but you don't really know how much to bid. And it's also difficult for the protocol, because in some cases, people that actually have more valuable transactions that were willing to bid more are not included, while people that have lower value transactions are included, because it's difficult to determine your bidding strategy. How could we design an auction mechanism for Ethereum in which block space is sold in an incentive-capacitable manner, so that people can just bid their true valuation and don't have to worry about shading? We have second-price auctions. In principle, these are very simple. We are auctioning off the scarce resource again in block space, and if you win an auction, you pay the second-price bid. So, for example, if I bid 10-eath, you bid 14-eath, and two other people bid 5-1-eath, you win the auction with your 14-eath bid, but you only pay my bid of 10-eath, which is the second-price bid. And the nice thing about this property is that we can mathematically prove that, in this case, it's dominant strategy incentive compatible, and this means that every person has a strategy independent of what other players are doing to simply bid their true valuation. This maximizes their utility, maximizes their payoff, and because every user is going to do this, we end up in the national equilibrium we talked about before. And this is actually great because now we have a national equilibrium that we, as opposed to what we want. So, why wouldn't we just implement the second-price auction? This is an open question, so if anyone has a suggestion why we can't implement the second-price auction in Ethereum, so you mean that you know what everyone bids, so you can't implement the second-price auction, because then you can just bid yourself. Yeah, exactly. So, because of the adversarial setting, miners will maximize their payoff. So, let's say that you have a block in which there are four transactions, someone paying 10 fees, 8 fees, 7 fees, and 2 fees, and we'll assume here that the second-price version works in the case where you just bid the lowest transaction that's included in the block, then every user will have to pay 2 fees if the miner uses the real transactions. However, the miner can, in the adversarial setting, maximize their payoff by stuffing the block with a known transaction. So, they switch out the transaction paying 2 fees, insert one of six, and now three people pay six in fees instead of four people paying eight, meaning that they maximize their payoff. And this is something that can be easily done by a miner and it's very difficult to detect. Therefore, we can't implement these kind of mechanisms, which is unfortunate, because as we have seen, there are quite a few negative consequences of first-price auctions, for example, the priority gas auction, or PGA for short. This means that if there's a very valuable blotch base, you may want to have your transaction included before other players. So, for example, if there's an NFT minting and there's only one NFT, you want to be the first one to mint this NFT, but other players may also want to mint it. So, let's say this NFT is worth 100 ETH. You're willing to pay up to 100 ETH in gas fees, but of course, you want to shade your bid as much as possible and pay as little as possible. And that's what we see here. On the y-axis, we see gas bids in grey, and on the x-axis, we see time. And the orange triangles are bids by one bot who is searching through Ethereum, seeing if there are valuable transactions they want a bid for. And the blue is a similar bot, but just a different one. On the green star, we see where the bot is at one, and the red bot is the bot that lost. And you see that the bids are increasing over time, outbidding each other iteratively by small amounts to matchmise their payoff. And now, why this is exactly bad for the protocol is because it spams the mempool. It makes sure that even transactions that don't win, so transactions that aren't the green one, are also included in the block because they pay a lot of gas fees, so miners are incentivised to include them in the block, meaning that the block is filled up with transactions that revert, they do nothing, and they basically only waste block space. And since block space is now more scarce, gas fees go up, which is bad for everyone, of course. So an elegant solution that was thought of for this is ERP1559, as I spoke about before. And basically what this does is it transforms the fee market into something that resembles more of a second price auction. So now, up until ERP1559, you just pay the gas fees and those go to the block builder, and they can put all of their profits in the pockets. But now, there's a base fee that's determined by the protocol and amount that you give to the block builder, and this base fee is burnt, so there's no incentive for people to try and make off-chain agreements, giving you parts of the base fee. And this makes the bidding for block space very different, because now blocks in general aren't full, so miners are just incentivised to include whichever transaction pays them enough tip to be included. So bidding has become a lot easier. You basically just pay the base fee and you add a very small amount of grey that's constant over time, and this means that your strategy of bidding is basically incentive compatible with how the protocol wants you to do, so it resembles kind of a second price auction, and you can just bid their true value. And also, it's a common misconception that ERP1559 decreases total fees or gas fees that users pay, and this is not the case because it's only a mechanism of how users bid for their transactions to be included. The block space in the long run is not increased, meaning that gas fees don't decrease, because the supply and demand are still the same. So that was the part about gas fees. If anyone has a question, ERP1559 is quite interesting, so I'd be happy to take anything, but otherwise we'll just continue with maximum attractable value, which is also a very interesting subject. It's a subject which has a lot of applications and there are many papers written about this, so it's definitely worth checking out, but we'll give a brief introduction to it. So maximum attractable value means that you attract as much value as you can from the Ethereum network. So how this is done is we'll start by looking at how transactions come into the block, as we talked about before, users submit their transactions and they're included in the mempool at first, so all block builders, searchers, searcher people who extract MIV can look and they try to maximize their own payoff. So for example, if you submit a transaction to the mempool, trading token A for token B, and it's a very large trade, the price of this pair is going to switch. So as someone searching through the mempool, you could think that this is going to happen, so in that case, I'll bid, place a transaction just before this in the block so that I can buy token B before it increases in price, meaning that I have an arbitrage, a risk-free profit, and this is what happens a lot. And why this is possible is because the ordering in the block is not fixed. It's not the case that if you submit your transaction, it's included in the block on a time basis. Anyone can shift the order, or actually builders can shift the order, or if someone is willing to pay for it, they can shift the order as well, meaning that they could extract any value from users in the Ethereum network. So interestingly about this, this is very similar in some sense to high-frequency trading in traditional finance. In the blockchain, the difference is that you can actually execute these strategies atomically, meaning that if you have one transaction in the mempool that you would like to do some MEV on, you can include your transactions only if they're profitable. So in this case, there's really no way to lose money. So this all sounds very bad. Users are being value-attracted, it makes execution worse for users. Why wouldn't we just forbid MEV? Well, it's not as simple. MEV is quite powerful for us, so we'll have a look at why some people think MEV is good and why some people think MEV is bad. So on the one hand, people argue that MEV is bad, because searchers find almost all transactions in the mempool that they can do MEV on, and they make sure that your execution is as bad as possible, which is of course not something that you like. Also interestingly, MEV incentivizes centralization. Again, if we look back to the comparison with high-frequency trading in traditional finance, these are usually the corporations with multiple billion-dollar budgets. They have very big infrastructure operations, and some similar arguments can be made for MEV. You need to stand the mempool. There are multiple strategies that require high investments, meaning that there are economies to scale, which is a centralizing force, which is of course not something that you want. And it's actually been towards it as one of the threats to the Ethereum. Search is waste blood space. This is what we saw before in the priority gas auctions, where transactions that are reverted or do nothing are included, pushing up gas prices. And MEV searches are generally very smart, so they could put their time and efforts into building other great projects that contribute to the ecosystem. But some people argue that this is very bad. On the other hand, there's an argument to be made that MEV is good or maybe this is a bit un-nuanced. MEV might not be extremely good, but it's worth extracting or the way to deal with MEV is not to just ignore it. There's an argument that some searches provide very valuable services to the network. For example, if there are two liquidity pools and then the one pool token A and B are trading for, well, you can get five tokens at B for one token A, and then the other pool, you can get 10 token B for one token A. This is, of course, a mismatch. And searchers, they can do an arbitrage transaction here, making the prices again equal, so that users in general have better execution if they trade in one of these pools randomly. Also, liquidations for lending platforms, if there's bad debt, searchers liquidate and the people that lend out the money are protected. And these are generally recognized as quite good parts of MEV. MEV can be redistributed, so it's an interesting line of research where the idea is that you extract all of the MEV, but then the MEV is redistributed to users. For example, as a user, if you submit a large transaction that's going to shift prices, you could make an agreement with someone that's going to extract from you. Let's say they make one e-profit by extracting from you, you could get an agreement saying that, okay, you have to pay me back at least 90% or something of this extraction, and then it's fine. So in this case, MEV wouldn't be as toxic as it would be normally. And another big argument is that MEV needs to be attracted to ensure political safety. There are quite some proposals to ensure political safety by other means, but the extraction and redistribution seems like an argument which is very holistic, meaning that users don't fall through the tracks. And there are no incentives to be very quick or not. So it's very difficult to say whether MEV is actually very good or if it's particularly bad. It's easy to say that MEV cannot be ignored. Why it's not really settled is because there are lots of nuances as well. For example, some back runs that we talked about before that make sure that prices in liquidity pools are equal, are seen as bad. For example, if you have a lot of transactions trading E for Bitcoin and Bitcoin for ETH and the other way around, you can first align all of the transactions trading E for Bitcoin and then back run by basically first having all the users pay up the price and then taking free arbitrage profits, which would be seen as a bad back run. So not all MEV can be detected and not all MEV can be easily classified into good or bad, meaning that it's not as easy to say that we should do particular things with it. However, there are things to be done. So some responsibility lies with DAP developers. You could design your DAPs with, for example, mechanism design and game theory in mind such that your users aren't extracted from too much. This is something that's very important and is an increasing line of research. And we can't say that's all of the responsibility lies with DAP developers because some MEV cannot be mitigated by only one DAP. It's a contribution of multiple factors, multiple transactions that may be unrelated, meaning that there is also a role for the protocol to make sure that users aren't extracted too much from. And now we'll be going a bit into ongoing research that we do at the EF, at the robust incentives group. So I would also like to invite Barne Bay for this. And if you have any questions, do let us know. We'll be happy to talk about what we do. We do basically crypto economic research on the foundation of the assumptions that we talked about earlier. So are there any questions about what we talked about up to now? I think MEV is also irrespective of sharding in some sense. So there are, for example, cross-domain MEV opportunities that don't simply disappear because of sharding. So no, I don't think it would disappear. We mitigated somehow if most of the user transactions moved to like rollups, and rollups are the ones who use the data sharding facilities that we're now building at protocol level. In that case, most of the MEV maybe accumulates at the rollup level, and you might not see so much of it at the base layer of Ethereum. But yeah, as Julian said, because rollups don't just live in their single world, for instance, you have designs for pooled liquidity where different rollups could use the same liquidity that resides at the base layer or at some settlement layer. You could see that some of the MEV sort of percolates down to where the liquidity is. So many people I think are trying to build models, including us. So rollup economics is something that we're trying to think about to see how the value flows from the users to the protocols, to protocols which are on top of Ethereum, and MEV is a part of it. So maybe I'll explain what the sandwich attack is in general. So if there's a transaction moving prices, you can put your transaction in front and the transaction at the back, so back running, and profiting at both sides. And in this case, you have a transaction in between two of your transactions which makes a sandwich, which is seen in general, I think, as a toxic form of MEV. Yeah, also in traditional finance, it's a difficult argument, I think. It's not as nuanced that when market making isn't... Yeah, it's not as atomic arbitrage as it's here. Like, you have 100% chance of making money, and if it's not profitable, you simply let your transaction not execute. But there are quite some parallels we made between MEV and high-frequency trading in traditional finance. Traditional finance, when you see high-frequency trading, a lot of value goes to, I don't know, putting your computer next to the New York Stock Exchange, or billions of dollars to shave off nanoseconds to your strategies. This is economic value that just leaves the market and goes towards people who build all this infrastructure. Maybe one of the opportunities that we have with the protocol with respect to MEV is if it can be captured efficiently, that this value could serve to strengthen protocol security rather than hamper it. So, of course, it doesn't mean that, yeah, let's get user sandwiched because that gives us more value for protocol safety. I think, of course, we should design dapps such that these bad outcomes don't happen. So, for sandwiches specifically, there's many different proposals that I would say realize different trade-offs that users might have. So, just mentioning some of the top of my head.  The trade-off here, of course, is that the execution latency is a bit higher, but maybe as a user, you're fine with this. Another idea is receive time ordering consensus. So, there's this idea that if transaction A is seen by most of the network before transaction B, then transaction A should be included in the block before transaction B. It's, in theory, I think a property that is really nice, but again, because we're in a decentralized system, there's no one that reports, oh, I've seen A before B, so A must be before B. And again, you can have these games of co-location. Again, trade-offs here as well. Another thing that I would say is a relatively new idea is the idea of offering your order flow, so getting paid for your transaction, saying, well, if my transaction is so valuable to you, you should pay for it. That's what Julien also introduced earlier. I hope that we'll see more protocols in that direction because these are the ones, in my opinion, that make the users whole and also allow the protocol to capture some of that MEV. I don't want to comment on flashbots specifically because I'm not working for flashbots, but I would say flashbots of other people in this ecosystem are trying to understand MEV from first principle where it comes from. The view, of course, is to use it as a force for good, so trying to ensure that it doesn't destabilize the protocol, that it doesn't hurt the users. Yeah, so part of that comes from mitigating it if it's bad. Part of it comes from containing it and maybe capturing it if it's good. Yeah, I would say these are broad strokes of the ecosystem. Yeah, sure. So multidimensional gas fees is very different from MEV. It's not related. It means that now we pay gas for any kind of operation that you do. Whether you store something on the blockchain or whether you do just simple operations like multiplying. We all tram this cost of computation and cost of storage into one unit, which we call gas, but we could split this up into multiple units so that you pay more directly for what you use. So if you're trying to store things, you pay for that you store and you don't congest the blockchain with... So in this case, the gas limit is set so that people aren't... their computers aren't overwhelmed, but for example, if you have lots of transactions only using one particular thing like if there are only transactions using storage, there's lots of operations that could still be executed by people. And so in this case, multidimensional gas would mean that these computers are used more efficiently basically and more transactions could be executed. Yeah, adding to this, if you've heard about rollups, so the idea of rollups is there are chains that exist outside of the Ethereum base layer. There are chains to secure themselves with Ethereum. They have to post data to the Ethereum base layer. Basically, the kind of summary of what happened on the chain. So this data is not executed. So it doesn't add execution or execution cost to the base layer, but it needs to be made available and stored. For instance, these are two separate types of resources. Probably, if you've heard of EIP 4844, the idea of providing a much greater data capacity at the Ethereum base layer is separating the market between the Ethereum execution and the market for data that rollups are posting. In that case, you would have something like two base fees, or you would have the way to differentiate between two markets. So what we are personally working on is, for example, MEV, multidimensional gas, proposability separation, as David talked about, and I've worked basically on block space derivatives and hedge against gas fees rising in the future. Yeah, if you'd like to talk about that, please find us. Yeah, and I would say CryptoEconomics is relatively new as a field. There's a lot of people who don't have traditional economics background or even computer science background who get interested in it. So, yeah, the barrier to entry feels a little lower, mostly because there's a lot of resources now that are available. If you go into the DevCon video archive, there's lots of talks on CryptoEconomics that are interesting. And, yeah, if you think it's fun, I think both Julian and me would be also happy to answer questions offline. Talking about resources, we compile the list. So in the table, there are some collectives or groups that publish research on CryptoEconomics. And in the bottom, there are some links to some personal blots from people at Leaning for an Abay about some CryptoEconomic research. The slide should also be made available later. Yeah. So that was it. We ended a bit early. So if anyone has any questions, please feel free. But thank you very much for attending. And you can always also ask your questions later if you'd like. I want to give special thanks to Julian because he didn't know he was going to do this talk three days ago. And I think he did a really wonderful job. So if you can upload him again. Thank you very much.