The Shapella Upgrade is a HUGE Unlock for ETH

Bankless Weekly Rollup: Chappella Hard Fork, ETH over 2K, and Crypto Tax Calculator

In this Bankless Weekly Rollup, David and Ryan discuss the Chappella hard fork going live, ETH surpassing $2k, crypto tax calculators, and more.

Chappella Hard Fork

• The Chappella hard fork went live last night.

• People are withdrawing their ether stakers are withdrawing their ether.

ETH Over 2K

• ETH is over 2K for the fourth time.

• The Dow drama continues.

Crypto Tax Calculator

• Ryan uses a crypto tax calculator to help with his taxes.

• Crypto tax calculator dot IO is built by d-gens for degens.

• Use code "Bank30" for a discount on your subscription.

Bitcoin Crosses $30,000

In this section, the speaker discusses the recent market report and Bitcoin's performance.

Bitcoin Performance

• Bitcoin has crossed $30,000 and is up 8% on the week.

• This marks a significant milestone as it erases the Three Arrows Capital liquidation that broke down below $30,000.

• The next milestone is to get above $40,000 which would get us above Terra Luna and that would be the last of the big contagion events that really spawned this whole bull market.

Ethereum Performance

In this section, the speaker discusses Ethereum's performance.

Ethereum Price Movement

• Ether started at $1,850 and is currently just above $2,000.

• The speaker had previously predicted a dip back into triple-digit ETH but now feels it may not happen.

• Interestingly, ether hit its low for the cycle at around $870 in May during Three Arrows Capital liquidation.

Bitcoin and Ether's Price Movement

In this section, the speakers discuss the price movement of Bitcoin and Ether.

Bear Case for Crypto Assets

• The current price of Bitcoin and Ether is close to the Thrills Capital liquidation point.

• The bear case for crypto assets is that we are still in a bear market, and there is a potential economic equities S&P NASDAQ bear market ahead of us.

• This depreciation from $4,800 down to $1,000 for Ether and Bitcoin from $67,000 down to $20,000 was not called a bear market but rather a re-rating.

• Etai's take is that an actual bear market is ahead of us, which could result in crypto assets having a 50% haircut over the next year plus.

Opposing Forces

• There are two opposing forces: people who think crypto is a risk asset and risk-on assets will get destroyed in that type of environment versus people who think crypto is a monetary hedge.

• Monetary hedge assets could actually do fairly well in an environment where interest rates have to go up like more money printing has to happen.

Ethereum's Price Ratio

In this section, the speakers discuss Ethereum's price ratio.

Ethereum's Price Ratio

• The current ETH/BTC ratio is at 0.65.

Total Crypto Market Cap

In this section, the speakers discuss the total crypto market cap.

Total Crypto Market Cap

• The total crypto market cap stands at 1.3 trillion dollars, which is the first time it has been above a trillion dollars since breaking down below it.

Layer Two Entrants

In this section, the speakers discuss new layer two entrants.

New Layer Two Entrants

• ZK Sync EVM and Polygon ZK EVM have entered the market.

• ZK Sync EVM is ranked number four on l2beat.com board with $200,132 million locked inside of it.

• Polygon ZK EVM is ranked number 17 with $3.72 million in total locked value.

Celebrating 1 Billion Locked in DeFi

In this section, the speakers discuss the early days of DeFi and how they celebrated when 1 billion was locked in DeFi.

Early Days of DeFi

• The speakers reminisce about the early days of DeFi, before it became mainstream.

• They mention that hitting 1 billion locked in DeFi was a big moment for them.

• They joke about being "crypto grandpas" and not being as young as they used to be.

A16Z State of Crypto Report

• The speakers discuss the annual A16Z State of Crypto report and its importance during bear markets.

• They highlight that developers are sticky and stay even during bear markets, which is good for growing utility and fundamentals.

• The report shows that there has been a steady increase in active developers building on crypto over the last three years.

• NFT volume is still good despite the hype dying down, with signs of organic growth emerging.

• There is a section on layer twos in the report, which they briefly touch upon.

• The report also discusses how US regulators are driving talent away from the country, causing it to lose its lead on web3.

Americans' Perception of Cryptocurrency

• The Pew Research Center found that 88% of Americans have heard about cryptocurrency but only 25% are confident in its safety and reliability.

• Despite this poor standing, cryptocurrency still pulled better than the US government in terms of confidence.

Bringing Utility to Crypto Assets

In this section, the speakers discuss how to bring more utility to crypto assets and educate people about what they are buying.

Lack of Conviction in Crypto Assets

• Many people lack conviction in crypto assets due to FOMO and other reasons.

• The antidote is bringing more utility to what we're building and educating people about what they're buying.

Information Asymmetry

• People often ask how much of their net worth is invested in crypto and worry that it could go to zero.

• There is information asymmetry because people don't understand what they're buying or why.

• It takes time for people to develop conviction in crypto assets.

Ethereum Withdrawals Enabled After Chappelle Hard Fork Upgrade

In this section, the speakers discuss the recent Chappelle hard fork upgrade on Ethereum that enabled withdrawals.

Chappelle Hard Fork Upgrade

• The Chappelle hard fork upgrade went live recently on Ethereum.

• Stakers are now able to withdraw their ether from exchanges like Kraken and Coinbase.

Drama Around Arbitrum DAO and FTX Recovers $7.3 Billion

In this section, the speakers discuss drama around Arbitrum DAO and FTX's recovery of $7.3 billion in assets.

Arbitrum DAO Drama

• There has been drama around Arbitrum DAO recently.

FTX Recovers $7.3 Billion

• FTX has recovered $7.3 billion in assets after discussions about potentially restarting the exchange.

The Loop is Complete

In this section, the speaker discusses how the recent withdrawal hard fork has made it possible for ether stakers to withdraw their ether and sell it on the market. They also discuss why withdrawals were not enabled immediately after the merge.

Withdrawals are Now Possible

• Ether stakers can now withdraw their ether and sell it on the market.

• Withdrawals were not enabled immediately after the merge because it was deemed too complex and risky.

• The proof of stake ethereum beacon chain plus execution layer has been operating since September 2020.

• A maximum of 1800 validators per day can deposit or withdraw ether due to a bottleneck that constrains the supply of security to the Ethereum network.

Impact on Ethereum Price

• There were concerns that a run on all staked eth would cause its price to drop significantly.

• However, instead of dropping, ether's price actually increased post-withdrawal hard fork.

• Some people still believe that selling pressure will happen over the next five to seven days.

Danny Ryan's Take

• Danny Ryan believes that withdrawals are a great time to redistribute stake amongst pools for a more secure Ethereum network.

The Chappelle Hard Fork Upgrade

This section describes the experience of watching the Chappelle hard fork upgrade and how it did not go as expected.

Watching the Blocks

• The website showed blocks inside an epoch, with each block turning green every six seconds.

• Once a row of 64 blocks turned green, it was justified and finalized.

• When the Chappelle hard fork block arrived, withdrawals were activated and everyone cheered.

• However, the first bundle of blocks were uncharacteristically red, which was concerning.

Concerns Arise

• As more red blocks appeared, Vitalik and Tim Baco became concerned.

• Two justified epochs had occurred but the hard fork block was not yet finalized.

• Vitalik made concern noises and mentioned that "the B can change this being weird."

Conclusion

This section concludes the transcript by summarizing what happened during the Chappelle hard fork upgrade.

Final Thoughts

• The Chappelle hard fork upgrade did not go as expected due to unexpected messaging issues causing red blocks to appear.

• Despite concerns from Vitalik and Tim Baco, more green blocks eventually appeared and the issue was resolved.

Red Blocks and Multi-Client Architecture

This section discusses the reason for the red blocks, which were caused by a bug with Lighthouse and an economics prism client. It also explains the importance of multi-client architecture in preventing such issues.

Red Blocks and Multi-Client Architecture

• The red blocks were caused by a bug with Lighthouse and an economics prism client.

• Multi-client architecture is important because it prevents issues like the red blocks from affecting the entire blockchain.

• Having multiple clients helps to distribute risk across different implementations, making hard forks less nerve-wracking.

Beacon Chain Dashboards

This section covers the various dashboards available for monitoring stats related to the beacon chain, including total amount of ETH on the beacon chain, stake ETH, circulating supply, and withdrawals.

Beacon Chain Dashboards

• There are several dashboards available for monitoring stats related to the beacon chain post-Chappelle.

• The total amount of ETH on the beacon chain is around 19 million, higher than expected.

• Circulating supply of ETH is going up due to unstaking as people withdraw their ETH from staking services.

• There is no evidence of a big exodus of staked ETH despite withdrawals happening at a fast pace.

Net Outflow of Ether

This section discusses net outflow of ether due to withdrawals happening after the hard fork that enables withdrawals.

Net Outflow of Ether

• There is a net outflow of ether due to withdrawals happening after the hard fork that enables withdrawals.

• Kraken and Coinbase are seeing a lot of ether being withdrawn, but it's not clear where it's going.

• Kraken has 70% of the total amount of ether being withdrawn, which implies around 750,000 total ether being withdrawn.

• The Gensler band hammer is causing Kraken to discontinue staking services in the United States, which may be part of the reason why they are withdrawing so much.

Justin Drake's Prediction and Staking APY Increase

This section discusses Justin Drake's prediction for ETH staking and the recent increase in staking APY.

Justin Drake's Prediction

• Justin Drake predicts a small dip in ETH staking, followed by a linear climb upward to more and more ETH stake.

• The climb will be from 18 million to 20 million and beyond, possibly reaching as high as 30 million.

• This prediction is expected to play out over the coming weeks.

Staking APY Increase

• The staking APY has increased by 0.6% due to fewer validators staking.

• There are two ways to withdraw: skim withdrawal (withdraws everything above 32 ether) and full exit (withdraws exactly 32 ether).

• Most people are just claiming their rewards.

Skim Withdrawals vs Full Exit

This section explains the difference between skim withdrawals and full exits when withdrawing from ETH staking.

Skim Withdrawals

• Skim withdrawals only withdraw rewards, not the validator itself.

• People call them partial withdrawals.

Full Exit

• Full exit is when you withdraw exactly 32 ether.

• Kraken is doing this, as well as partially Coinbase.

David Discusses Arbitrum Proposal

In this section, David discusses an Arbitrum proposal that was voted on by the community.

Background on Arbitrum Proposal

• The first-ever snapshot vote for Arbitrum was a ratification of AIP (Arbitrage Improvement Proposal) one.

• The community voted no against it because the foundation was set to receive over a billion dollars worth of ARB tokens.

• The community was angry about the foundation receiving so many tokens.

New Proposal

• A new proposal, Arbitrine Proposal 1.05, suggests that the foundation should return all of those funds (700 million ARB tokens) back to the Dow.

• This proposal is being voted on currently.

Recap of Arbitrum Proposal

This section recaps what happened with the Arbitrum proposal and discusses a possible miscommunication.

What Happened

• The community voted no against the initial snapshot vote for Arbitrum's AIP one.

• However, Arbitrum decided to go through with it anyways because they assumed people would vote for it.

• There was a lot of anger from members of the community who wanted to pile on about Arboretum's Foundation.

Miscommunication

• This was a major communication error by Arbitrum.

• They assumed people would vote for this because why wouldn't you want to give money to the foundation?

• The conclusion is that this was a significant comms f up by arbitrum.

The New AIP Proposal

This section discusses the new AIP proposal and the vote that followed.

The Proposal

• There is a new AIP proposal that suggests giving the money back to the Dow and resubmitting AIP1.

• The proposal was put forward to show that the Dow has power and can execute transfers of funds.

• However, 83 out of 108 million ARB tokens voted against it, resulting in its rejection.

Concerns About Dow Governance

• There are concerns about what a Dow vote actually entitles token holders to.

• There is no legal obligation or settlement layer to ratify a Dow vote, making it more of a social signal than anything else.

• While governance is important, there are valid concerns about whether it's just window dressing without any real rights for token holders.

Special Circumstances for Initialization

This section discusses why there should be special circumstances for initialization when creating a foundation or Dow.

Grace Window for Initialization

• The initialization of a foundation or Dow warrants exceptional circumstances due to potential legal consequences.

• Therefore, there should be a grace window during which the first creation of the system should be outside of Dow governance for efficiency and capital sufficiency reasons.

• After this period, every other proposal should have full faith and might behind it from the Dow.

Eric Wall's Take on the Ordeal

This section summarizes Eric Wall's take on the situation.

Eric Wall's Opinion

• As a delegate with half a million ARB tokens, Eric Wall is concerned about the risky position of the Arbitrum Foundation.

• Despite this, he will not vote against the proposal to see how the trial of governance plays out.

• However, since the proposal did not pass, his opinion is ultimately moot.

Bankless Update and Metamask Learn

In this section, the hosts discuss Bankless' new product update, Token Hub, and introduce Metamask Learn, an educational platform about crypto web 3 self-custody wallet management.

Bankless Update

• Bankless has a brand new product update called Token Hub.

• Token Hub is a hub for tokens that allows users to lose extra money this cycle with a brand new token up for citizens.

Metamask Learn

• Metamask Learn is an open educational platform about crypto web 3 self-custody wallet management.

• It offers practical experience for navigating web 3 and teaches the basics of self-custody and wallet security in a safe environment.

• The platform is user-friendly and available in 10 languages with more to be added soon.

Uniswap Labs and Euler's Funds Recovery

In this section, the hosts talk about Uniswap Labs' products that allow users to buy, sell, and use their self-custody digital assets safely. They also discuss Euler's funds recovery process after being hacked.

Uniswap Labs

• Uniswap Labs builds products that let users buy, sell, and use their self-custody digital assets safely.

• Users can go direct to defy and buy crypto with their card or bank account on the ethereum layer 1 or layer 2's.

• Users can also swap tokens at the best possible prices on uniswap.org and trade NFTS across more than seven different marketplaces with Uniswap's NFT aggregator.

• Uniswap's new mobile wallet will allow users to self-custody their assets.

Euler's Funds Recovery

• Euler has recovered all of its funds from the hacker who exploited it.

• Euler is a money market, and people who deposited money into Euler had a position that was stolen by the attacker.

• Euler has run computations to determine how much money each person gets back and created a claims page for victims to get their money back.

Light Spark: A Competition for Lightning Network

In this section, the hosts talk about Light Spark, a competition for the Lightning Network.

• Light Spark is an open payment protocol built on Bitcoin's Lightning Network.

• It settles in near real-time and works 24/7.

• The platform aims to provide an alternative to traditional payment systems.

Lightning Network and FDX Bankruptcy Recovery

In this section, the hosts discuss the potential of Lightning Network and its limitations due to poor user experience. They also talk about FDX bankruptcy recovery and its plan to relaunch the exchange.

Lightning Network's Potential Held Back by Poor User Experience

• PayPal president commented on Lightning Network's potential being held back by clunky and time-consuming node management process.

• Host agrees with the comment but thinks that UX will remain bad as long as Bitcoin is used as a unit of account.

• Host prefers spending stable coins like USDC instead of Bitcoin or ETH.

FDX Bankruptcy Recovery Plan

• FDX has recovered 7.3 billion in assets and is considering relaunching the exchange in Q2.

• The total recovery of these assets would have been $6.2 billion from crypto prices in November 2022.

• FDX would need significant capital to restart its crypto exchange because the existing customer interface had little connection to the movement of money behind the scenes.

• The hosts question who would use FTX Exchange if it relaunched, given that there are already established exchanges with proven track records.

Future of FTX Exchange Relaunch

In this section, the hosts continue their discussion on whether or not it makes sense for FDX to relaunch its exchange.

Doubts About Relaunching FTX Exchange

• The hosts question why there is a need or interest in restarting a bankrupt exchange.

• They doubt that anyone will step up to the plate and lead FTX Exchange with the same level of trust as established exchanges like Coinbase, Kraken, and Binance.

• The hosts suggest that Jamie Dimon could purchase FDX and relaunch an exchange.

Cool Japan and Web3

In this section, the speakers discuss Japan's initiative to promote technology through a project called "Cool Japan" which includes web 3 initiation. They also talk about tax reforms that favor cryptocurrencies and the need to develop an environment that facilitates investment in tokens.

Japan's Cool Japan Project

• Prime Minister Fumio Kishida's strategy of promoting technology is part of a project called "Cool Japan."

• The project includes web 3 initiation.

• Tokens are seen as fundraising tools for web3 startups instead of speculative assets.

Tax Reforms and Investment Environment

• Tax reforms that favor cryptocurrencies are being considered alongside existing accounting tools.

• An environment that facilitates investment in tokens needs to be developed.

• Dows can be established in the same way that LLC's can be established.

Hong Kong Pushes for Web 3 Adoption

In this section, the speakers discuss Hong Kong's push for web 3 adoption and its desire to become the fiat banking center for crypto.

Hong Kong Finance Chief Pushes for Web 3 Adoption

• Hong Kong's top financial boss says now is the time for the economy to push web 3 adoption.

• Hong Kong wants to become the fiat banking center for crypto.

Permissionless Dodgeball Tournament at Permissionless Conference

In this section, the speakers talk about organizing a dodgeball tournament during Permissionless conference.

Dodgeball Tournament at Permissionless Conference

• Dave Dowell has officially challenged Ben Dow to a dodgeball tournament.

• The speakers want to convince Mike and Jason at Blockworks to carve out a part of Permissionless in the Event Center to host a dodgeball tournament.

• Bankwest citizens get 30% off on tickets for Permissionless conference.

Token Hub

In this section, the speakers discuss Token Hub, which is now available for Bankless Citizens.

Token Hub

• Neutral, bullish, and bearish positions on 28 different tokens from the Bankless analyst team are available in Token Hub.

• Users can mark some of these tokens as their favorites.

• Analyst ratings are based on catalysts and not financial advice.

Token Ratings and Security Tips

In this section, the hosts discuss token ratings versus Ether and how to request a token rating on the Token Hub. They also mention Metamask's new Buy Tab feature and provide security tips for managing smart contract access.

Token Ratings

• Neutral, bullish, and bearish ratings are given versus Ether on the Token Hub.

• This makes it harder to give bullish ratings since it's not relative to Fiat.

• To request a token rating, Bankless Nation Discord members can ask Ben and team.

Metamask's Buy Tab Feature

• Metamask has launched a new feature called the Buy Tab in their portfolio dap.

• The Buy Tab allows users to easily buy crypto directly from Fiat using various buying mechanisms such as ACH transfers and bank transfers.

Security Tips for Managing Smart Contract Access

• Etherscan has a tool that allows users to revoke access to specific smart contracts approved by their wallet address.

• Users should go through their addresses used for Degen activity and revoke access to any contracts they don't trust or remember approving.

• Leaving access open can lead to security breaches like what happened in Sushi earlier this week.

Arbitrum 1 Sponsorship

In this section, the hosts talk about Arbitrum 1's sponsorship of the show and its benefits for web3 developers.

Benefits of Using Arbitrum 1

• Arbitrum 1 is pioneering secure Ethereum scalability with faster transaction speeds and significantly lower gas fees.

• Hundreds of projects have already deployed on Arbitrum 1 producing flourishing DeFi and NFT ecosystems.

• With recent additions like Arbitrum Nova, gaming and social dapps like Reddit are now calling Arbitrum home.

• Both Arbitrum 1 and Nova leverage the security and decentralization of Ethereum and provide an intuitive, familiar, and fully EVM compatible builder experience.

• Arbitrum is now 10 times faster than before with its recent migration to Arbiter Nitro.

Security Tips for Managing Smart Contract Access

In this section, the hosts continue their discussion on security tips for managing smart contract access.

Importance of Revoking Access

• Users should revoke access to any contracts they don't trust or remember approving.

• Some smart contracts can go bad over time, and leaving access open can lead to security breaches like what happened in Sushi earlier this week.

• Etherscan's tool allows users to see what specific functions they've approved and revoke access accordingly.

Bankless Token Hub

The Bankless Token Hub is a resource for bankless citizens to access research, ratings, and opinions about tokens. It includes token ratings, an internal investment club called Bankless Bags, access to the analyst team 24/7 in the Bankless Nation Discord, and the ability to upvote or downvote token ratings.

Features of the Bankless Token Hub

• Token Ratings: The team shares their research and outlook on the hottest tokens in crypto.

• Bankless Bags: An internal investment club where they put their money where their mouth is.

• Access to Analyst Team: 24/7 inside the Bankless Nation Discord you can ask them questions and learn from a group of people deep in the weeds of crypto investing.

• Upvote or Downvote Token Ratings: Learn from your fellow citizens to rate these tokens yourselves.

Scams in Crypto

Oren asks how we can combat constant scams that reinforce negative views of the industry, limit growth, and give more ammunition to Elizabeth Warren's and those like her. David acknowledges that this comes with self-custody crypto assets but suggests education as one way to prevent scams.

Preventing Scams

• Education: We're never going to be able to get rid of scammers completely so education is key.

• Traditional Finance vs Crypto: Scammers just can't operate in traditional finance because it's too cumbersome whereas self-custody crypto assets have both power and responsibility.

• Kids Raised with Crypto: Younger generations raised with this financial system will become extremely fluent in this natively whereas older people have to learn it manually and are more vulnerable.

The Wild West of Innovation

In this section, the speakers discuss the current state of innovation and risk in the cryptocurrency space. They acknowledge that there are risks involved but also highlight the potential for upside and opportunities.

The Bleeding Edge Frontier

• The cryptocurrency space is still in its early stages and considered to be the bleeding edge frontier.

• Over time, as more value is added to smart contracts and risks boil out, it will become less risky.

• However, once all the risk is boiled out of the system, there may not be much upside left.

Short-Term Setbacks

• While short-term setbacks like hacks can hurt, they can also be used as learning opportunities.

• Those who are involved in cryptocurrency have access to more opportunities than those who rely on traditional banking systems.

Government Oversight vs. Unregulated Innovation

In this section, two different takes on government oversight in innovation are presented. One speaker argues that government oversight is necessary for societal impact while another argues that regulation stifles innovation.

Government Oversight

• One speaker argues that when creating things with broad societal impact, such as drugs or air travel, government oversight is necessary.

• AI will eventually need an oversight body similar to the FDA approval process.

Unregulated Innovation

• Another speaker argues that much of the recent innovation has been in unregulated frontiers like social media and crypto.

• Bringing regulators into these areas could stifle innovation just as it did in healthcare and energy.

The Role of Regulatory Institutions

In this section, the speakers discuss the role of regulatory institutions in promoting innovation and coordination. They explore the limitations of traditional regulatory bodies and suggest that new institutions are needed to promote innovation.

The Need for New Regulatory Institutions

• Chamath argues that new regulatory institutions are needed outside of traditional government agencies like the FAA, SEC, and FDA.

• David agrees that there is a lack of imagination when it comes to developing new regulatory institutions but believes that they are necessary for promoting innovation.

• Both speakers agree that crypto is creating new institutions in their protophase, such as DeFi and Ethereum as an institution.

Criticisms of Traditional Regulatory Bodies

• David argues that most examples of regulators have become too corrupt or focused on incumbent protection rather than effective regulation.

• He cites examples such as the SEC and FDA as being particularly problematic in stifling innovation in certain industries.

• Chamath suggests that while some regulatory bodies like the FAA may be effective, others like the FDA have held back industries by decades.

Bullish on E-Staking Industry

In this section, David expresses his bullishness on the future of e-staking industry following the launch of Ethereum's staking project.

Future Innovations in E-Staking

• With Ethereum's staking project launched, David believes there will be many more layers of innovation to come.

• He notes that e-staking has only just begun with staking 1.0 and predicts further developments in areas such as interoperability and scalability.

• David believes that e-staking will become a major industry in the future, with many opportunities for investors and entrepreneurs.

Conclusion

The speakers discuss the need for new regulatory institutions to promote innovation and coordination. They criticize traditional regulatory bodies such as the SEC and FDA for stifling innovation in certain industries. David expresses his bullishness on the future of e-staking industry following the launch of Ethereum's staking project, predicting further developments in areas such as interoperability and scalability.

The Future of Ethereum Staking

In this section, the speakers discuss the future of Ethereum staking and how it will evolve with new technology.

Squad Staking

• Squad staking is a new concept that allows users to stake together in groups.

• Users can form a squad staking unit by pooling their resources.

• This is made possible through distributed validator technology (DVT).

Ethereum's Promises Fulfilled

• Ethereum has fulfilled its promises with proof of stake, cheap layer 2 block space, and ZK EVMS.

• Layer twos are blowing up, and morale has never been higher.

• The next hard fork (EIP4844) is probably six to eight months away.

Meme of the Week: Bitcoin Standard Book

In this section, the speakers discuss a meme about the Bitcoin Standard book and its author.

The Bitcoin Standard Book

• Ryan loves the Bitcoin Standard book for its style and ideas.

• However, he thinks that turning it into a holy text is weird.

• Some bitcoiners have taken parts of the community too far.

Conclusion

The speakers end by stating that none of what they discussed should be considered financial advice. They also thank their listeners for joining them on their journey.