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u/johnnydappeth

Ethereum

u/benido2030

2501 USD

u/FrenktheTank

0.0361

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Blockchain underneath,

The best asset to bequeath,

The ticker is ETH.

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༼ つ ◕◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕◕ ༽つ

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Since lately it seems like chains with less technology pump more, I suggest we remove some technology from Ethereum. Roll back 1559, go back to PoW… actually we could get rid of the blockchain aspect altogether, since nobody seems to care. We could run it in a SQL database. Or we could even get rid of the ledger altogether. Ethereum would be a system of IOUs, an unstoppable concept, with n-of-n decentralization in the minds of its true believers.

Everyone should write down how much ETH they have before we get rid of the blockchain. Write them onto little pieces of paper with denominations on them. DO NOT create any more paper than you actually owned in ETH. PLEASE, that’s very important. Then as a replacement for smart contracts, we will talk about what should happen if something happens, and then you shake hands. You NEED to honor every agreement you shook on. If everyone promises to do that, this might just work.

This plan flips the script on Bitcoin, because now Ethereum has the fewest amount of moving parts. Now Ethereum is the most dependable. If something has no code, it can’t have bugs in it. If something has no development, its roadmap cannot be compromised. If something is only an idea, it cannot be shut down.

In other words, the Ethereum Foundation touts its “philosophy of subtraction”, but does it really walk the walk? I challenge them to dream smaller.

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Just a quick recap on how fee markets work in Ethereum (both for blockspace and for blobspace):

There’s a base fee, which represents the current “state” of the fee market. That base fee sets how much a unit of gas costs (for normal transactions, which use blockspace, and disregarding tips) or how much a blob costs.

There’s also a target amount of resource usage: for normal transactions, that’s the target gas (15M units of gas), which is half of the max gas per block (30M), and for blobs it’s currently 3 blobs (out of a maximum of 6).

Each block, the actual resource usage (gas or blobs) ends up being some number 0 <= amount <= max, which will be either greater than, equal to, or less than, the target for that resource.

Here’s the important part: if the resource usage is greater than the target (e.g. 20M gas used, which is greater than the 15M target, or 5 blobs instead of the target 3), the next block the basefee/blob fee for that resource will be higher by a certain percentage. The opposite also applies; if the resource usage is less than the target, the basefee/blob fee will decrease by a certain percentage.

It’s actually kind of genius; this means that Ethereum’s fees automatically adjust to demand.

If there’s high demand, aka more users willing to pay higher gas fees for normal transactions, or more L2s willing to pay higher blob fees for blob-carrying transactions, then you would expect to see usage exceed the targets, and the next block will have higher fees, until the fees become too much and the demand (at that fee level) comes back to the target.

If there’s low demand, in theory the opposite occurs: it indicates the resource is currently overpriced relative to supply and demand, and so the next block will have a cheaper basefee/blob fee, hopefully encouraging more usage in order to meet the target. This has worked out well for gas fees, because Ethereum has plenty of pent-up demand for transactions that are willing to wait for cheap gas; there’s never a lack of transactions ready to be submitted when basefees lower.

However, I said “in theory” because blob fees are in a different situation currently. The mechanism works the same as with the basefee, but L2s are currently not creating enough demand for blobspace the large majority of the time. This means that even when blobfees are extremely cheap (the minimum it can go to, 1 wei per blob), there’s simply not enough blobs being submitted for the average block to meet its blob target (3 blobs), and if you’ll recall, this means that the blob fee would continue to go down in the next block, except that it’s pinned at the minimum.

So observe this highly binary situation: either there is enough demand for a resource, at all times, that Ethereum can always make sure it’s on average meeting its target usage for that resource, or there is not. Block gas currently has enough demand; blobs currently do not. And observe what this means for fees: if there is enough demand for the resource, the fee will stay floating at some fair market rate, much greater than 0, and Ethereum can collect (and burn) those fees. But if there is not enough demand, the fee will bottom out at ~0 and stay there, except during occasional spikes in demand. That’s where we’re at with blobs right now.

And crucially, observe that this is a switch that can and will flip itself at some point in the future, when blob demand from L2s and other users increases past a critical threshold, namely 3 blobs per 12 seconds. Once the average demand exceeds that, Ethereum will instantly enter a regime where blob pricing needs to follow market rates, rather than being pinned at 0.

And as we all know, L2s are very insensitive to blob pricing. During recent blob fee spikes, we saw certain L2s paying absurd prices for their blobs, think multiple Ether for each blob. This is likely due to them not putting appropriate limits/waits in place, but it illustrates the point: L2s, with their high ‘compression ratios’ of L2 transactions to L1 commit transactions, are able to pay much higher fees than ordinary transactions on L1 are.

So putting it all together: blob fees will be 0, until suddenly they are very much not 0 when demand for blobs passes a certain threshhold.

And L2 growth over the past year has been fairly exponential. We will pass that threshold in the near future (potentially delayed somewhat if we raise the blob target in Pectra, albeit.)

All the handwringing about how Ethereum is not capturing value from its L2s will seem like a very silly concern not too long from now, in other words.

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Fairly significant US crypto tax rule change:

Effective January 1, 2025, ALL taxpayers will be required to track cost basis at the wallet level. In other words, if you have ETH in Wallet A and ETH in Wallet B, and then you sell some ETH in Wallet B, you cannot pull the cost basis from Wallet A

So each wallet is treated as a separate tax bucket

Also discussed here

Edit: This ONLY applies to FIFO. Most of you who transfer assets between wallets/accounts will likely not be able to use FIFO or use Specific ID (based on my limited understanding of this). Honestly, my accounts will be in a bit of a mess and probably cannot use FIFO due to this rule.

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About an hour ago I had the privilege to launch my first NodeSet validator. There are over 500 now, and the limit per operator has just been increased from 4 to 5. I’ll have to wait 24 hours give or take to launch my second, but as long as these big deposits keep flowing in, I will keep launching minipools. It may seem farfetched now, but operators running 100+ minipools each is not out of the question. Adoption can happen fast.

BTW, these ops are sharks…there is a script floating around that checks the pool for deposits and if gas is favorable will automatically launch another minipool. I launched mine manually but am in the process of setting the script up for myself as well.

The rocketpool deposit pool, which has been bloated for the last several months (and been a drag on rETH APR) has been cut in half in two weeks. And xrETH hasn’t even been integrated into defi at all. Really proud to be playing a small part in this fine group of operators.

On top of that, the Saturn 0 upgrade that’s coming in a few days is going to further reduce the deposit pool as new minipools will lose the RPL requirement.

Basically, it’s been a nice little Saturday. Ignoring the FUD, watching Vitamin B go ham on shitposters, launching ‘pools. I got my database and GUI up and running on my little project. Blops 6 released, and they brought back round based zombies (which is the only way to do it, imo) and the I’m lovin’ the 90’s aesthetic. Might go for some ice cream later, who knows?

Ticker is ETH.

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Top Achievements of EVMavericks in 2023

🔝Top accomplishments of EVMavericks in the year of 2023👇:

1. The Withdrowls NFT drop on Arbitrum was created by Naenaebaby and etheraider to celebrate the Shapella upgrade and being able to ‘Withdraw’ our ETH from the staking contract. All the funds raised – 9.74e – went to public goods.

   Example

2. Buildathon - Withdrowls Public Goods Funding. Open competition for anyone that wanted to build for public goods or services on web3 with prizes totaling 9.74e.

   We had a 3-way tie so all winners:

   Lidont, rETH skimmer & EVMavericks Origin - received 3.08 ETH each. Honorable mentions go to projects such as ByteGuide and TwitterBot.

3. Started the Weekly Dots Roundup podcast highlighting the brilliant community of EVMavericks & Ethfinance. We produced more than 40 episodes with a variety of guests.

4. Creators, Doomfuzz & TheBenMeadows, collaborated with FakeRareDecal for szn1 and created 68 editions of EVMavericks Decal.

5. Collaborated with Swell by participating in the bootstrapping campaign - Swell Voyage. Our members got extra perks such as additional pearls if they held a minimum of 0.2 swETH. Decal

6. Chad Fund was birthed. The DAO managed portfolio managed by degens.

7. Started Rocket school - a website along with an educational video series to guide people through the process of setting up a Rocket Pool node.

8. Have grown DAO’s treasury:

   Financial report from 2023: Our Treasury has grown 155% since the 1st of August and is now worth $79,329 without NFTs ($149,531 if we were to value the EVMs at the current floor price). We currently hold 17.9 rETH, have launched the Chad Fund (~2 ETH) and are in the progress of setting up and getting started with the Stewards Investment Portfolio (~10 ETH). This is a collective effort so all feedback and suggestions are welcome. Stewards and Chad Fund members are responsible for carrying out the transactions. See the following document for all the Treasury information:

Other notable events:

• One of our creative members - heeey - dropped his collection Bright on Art Blocks. That ended up doing very well and many Mavs got their ‘Bright’ art as we were eligible for it. Example

• EVMs such as The-A-Word helping out fellow lions when they are in need or fell victims to scams, hacks. At the end of the day, it’s about the community and social aspect and we are lucky to have such generous and kind members in our pride.

• Celebrated one-year anniversary by doing a lion pride where we encouraged all EVMs to wear their lion for the week. Besides that, we ran some raffles of EIPandas!

Subscribe and stay tuned for the upcoming ‘best of EVMavericks’ from 2024!

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Rocket Pool is upgrading to Saturn 0 tomorrow (Sunday night, 8pm Eastern time). The upgrade will allow people to stake with Rocket Pool without requiring any RPL bond - ETH only validators are here! Part of this upgrade is that existing node operators will start earning RPL rewards again.

I recorded a special episode of Rocket Fuel with Samus, one of the RP community members who was involved in researching the upgrade. You can watch it here https://youtu.be/q0EoHRuCi3g. In the episode, Samus explains the reason for this upgrade as part of the official Saturn roadmap. He gives information on what rewards for ETH only validators will be - 1.3x solo staking rewards, how everyone will get RPL rewards from next month, and his ideas on the impact will have on Rocket Pool’s growth.

The Rocket Pool deposit pool has been in an overflow state for months, but that is going to change this week. If you want to mint rETH directly from the Rocket Pool contract, you will have that chance again from Monday onwards.

If you are an existing node operator with 16 eth validators, you can switch to LEB8s for an immediate boost in rewards - without needing to add a single RPL token. If you have any questions, please let me know, and I’ll answer them here.

Are you ready to join us, u/cryptomoon2020! The water’s warm. Get in the pool!

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Finally I’m at the end of my Rabbit Hole Explorer’s Guide and boy has that been a journey.

Recommended First Steps

Up until now I’ve covered a frighteningly lengthy sequence of things not to do and ways you can lose everything. To conclude let’s focus on what should you do to get started? What’s in your metaphorical backpack so you can be prepared like a good little boy scout? Where should you go exploring first?

Curate Your Feed

Generally speaking my feed consists of three things:

1. Project introductions. This is mostly YouTube for me. My list changes over time but has included Bankless, Bell Curve, and some much smaller accounts like Jordan McKinney. This type of content is often very biased so don’t expect too much from it besides background context on the project, what they are doing and how it’s novel, and the bull case. They usually aren’t going to compare themselves to their peers here or tell you how the project might fail. This will give you a list of things to research more deeply.

2. Official announcements. I check my Discord/Telegram announcement feed every morning, build up a list of tabs, and clear it by the end of the day. Sometimes I’ll hear about new projects from partnership announcements.

3. Discussion. This is where people get into the most trouble. Don’t let a social media tech giant direct your learning. Price of a project being shilled (especially on short horizons) is a terrible metric for the quality of a source. You might think to follow technology leaders but without enough background you’re as likely to start following Charles Hoskinson or Richard Heart as Vitalik Buterin. They all sound convincing to the uninitiated. What I recommend is rather than look for technical or wealthy people to instead look for project experts other than the team members that post about an application or ecosystem you already understand. You need to be able make sense of what is being said and make an informed decision about whether they are saying it in an intellectually honest way. Personally, I’ll also actively talk with community managers and members of projects but I’m looking for much deeper information or collaboration opportunities. You’re never going to find a Microsoft dev to ask question to but you very well might find and ask questions directly to a project founder in web3.

The more you fill your feed with people who are only interested in price the less happy you’ll be. The more impatient you are to get rich quick, the more money will slip through your fingers and the more you’re going to be spending on therapy and blood pressure meds. Instead fill your feed with information worth knowing and spreading.

Hands On Learning

Undoubtedly the best way to explore the Rabbit Hole is to go there yourself. As I hopefully gotten across by now, focus on survival. Learn with small amounts to limit the liability of beginners mistakes. Start with stablecoins where you can to avoid price volatility risks. Start with older projects and projects with higher TVL because they tend to be safer. Start with simpler applications. In an attempt to be helpful getting you started here is a bunch of things to search out yourself sorted into categories by relevance to you and then roughly by approachability and importance. There’s a lot of editorial discretion here and you can be sure this is incomplete and will be out of date.

Defi

1. Money markets such as Aave and Compound

2. Dexs such as Uniswap and Curve

3. Liquidity incentives/farming such as bribes, bonds, marketing, points

4. Leverage such as Gearbox, Defisaver, or GMX

5. Options such as Lyra, Hegic

6. Real world asset protocols such as Centrifuge and Maker

7. Regen finance such as Gitcoin Grants, Greenpill, and Klima

Digital Identity

1. Ethereum Name Service (ENS), basically a human readable address

2. Ethereum Attestation Service (EAS). Let anyone prove that you or someone else claimed something.

3. Sybil resistance systems such as WorldCoin, BrightID, Proof of Humanity

4. Achievements such as Rabbit Hole or Layer3

NFTs

1. Communities such as Bored Apes or EVMavericks

2. RWAs such as Get Protocol

3. Corporate NFTs such as Nike and Starbucks

Gaming

1. Auto battlers such as Axie Infinity and Illuvium Arena

2. Strategy games such as InfluenceETH and Illuvium Zero

Memecoins

1. Doge, Bonk, Wif, etc. I’ll mark this cavern with a skull and crossbones.

Depin

1. Restaking such as EigenLayer, Symbiotic, and Karak.

2. Oracles such as Chainlink, UMA, and EOracle

3. Keepers such as Keeper Network and Gelato

4. Data availability such as EigenDA and Celestia

5. Compute sharing systems such as Golem and Spheron

6. AI in various forms such as Ritual, BitTensor s19, etc

Enterprise

1. Logistics systems such as Nightfall

2. Proof of Authority chains

Foundational Tech

1. Rollup technology such as Blobs, Validiums, and Fraud Proofs

2. Scaling Technology such as Verkle Trees and Proposer Builder Separation

3. Privacy Technology such as TEE, FHE, MPC

Review Prior Scams

After every hack you’ll find a post-mortem. You should bookmark these when you find them and swing by every once in awhile as you level up until one day it clicks. Occasionally you’ll even find useful summaries like this one that infodump many of these in one place. Eventually you’ll know what jargon like reentrancy guards are. You learn a lot about how things work by how things break.

Conclusion

Over time if you follow the advice here you’ll know more than 99% of Crypto Twitter on a good variety of topics, you’ll be able to take measured and deliberate risks, and you’ll fall into communities that share your values. You’ll probably meet some of these people in person at conferences. You may end up getting a job here. You may end up not needing a job at all. You’ll definitely find sources of joy and points of light in an otherwise dark world. Whatever happens, you will be changed in ways you aren’t expecting. I hope you’ll come away a better, happier, and wealthier person.

You can find the whole thing at this self-serving link.

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After the Merge I started looking into staking, but the only internet options at the time weren’t great and I don’t have a tech background / had never used CLI etc. I saw several posts talking about how anyone can do it but really didn’t think that could apply to me. I looked at the SomerEsat guides and they looked very thorough but I quickly became overwhelmed.

Well, fiber internet without a data cap was installed in our neighborhood and I decided it was time (and was worried that Allnodes would be cost prohibitive with Saturn 1 for Rocket Pool allowing for 4 ETH validators). People in the Rocket Pool #hardware channel helped me find an appropriate setup and following the RP guides I was able to get up and running on Holesky Testnet. My questions in the #support channel were answered within minutes.

Now I am on Mainnet and I am obsessed with starting at my Grafana dashboard! The SmartNode stack is super helpful for someone like me that only had a vague understanding of what Linux even was.

If you have have been on the fence about running your own node, it really is possible! For me the Rocket Pool community has been a great help and I also found answers in the EthStaker community.

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Devcon & Friends Intro and Plans

Something I like to do when the time arises is to report on Ethereum conference happenings, e.g. my EthCC summaries. This started when I first attended ETHDenver, and I generally just attended talks all day every day, took notes, and summarized my favorites. Now that I’m more involved on a day-to-day basis, my conference activities have become a bit more varied and I find that if you’re already in the loop, conference talks tend to just repeat info that’s available in more detail elsewhere.

But I still like to report on the talks that I find interesting, and can always find topics I’m less familiar with if I just step away from the MEV talks for a minute. Regardless of technical content, I also like to convey a little bit of what these events feel like to attend, for anyone who may be interested in the future. And finally, I hope to encourage ethfinanciers to be the change they want to see in the sub: the sorts of summaries I write are the sort of content I also enjoy consuming here, and I’d always like to see more of it.

So today I thought I’d hit on the broader Ethereum event structure. You see, I just arrived in Thailand and will be here for nearly a month doing Ethereum stuff. If you really want to you can structure your whole life around bouncing from tangentially-Ethereum-related event to tangentially-Ethereum-related event. Some people do just that, and would be better qualified to explain that lifestyle, but I think I’m getting a taste of it here. So I’ll give a bit of an overview of what I’m looking at in Thailand.

To start off, I am in Chiang Mai for the last two weeks of Edge City Lanna. There are a lot of different potential lenses through which to look at Edge City, but in general it is a month-long popup village where attendees all live in the same neighborhood in Chiang Mai, with a number of buildings rented out to serve as communal coworking, dining, social, wellness, and learning spaces. It creates a bit of a university campus feeling. There’s lots of room for flexibly structuring your day with some combination of your own work and shared workshops/classes, with infrastructure in place to help you eat well, socialize, and keep your body and mind healthy. That description leaves a lot in the air for what people actually do there, but it’s generally web3/Ethereum (+longevity/AI/network-state/health/etc) focused: we have tracks on stablecoins and governance this week, and next week I’ll be diving into Sequencing Week to focus on based sequencing and preconfirmations.

Then I fly down to Bangkok. Shortly before Devcon I am attending the Staking Summit. I went to their event last year in Istanbul and thought it was interesting enough to attend again. The core audience is really institutional staking-as-a-service providers, and a lot of people there see staking as just like a financial product that gives yield, and don’t really care about the underlying protocols. But they offered a steep discount to home stakers so I expect to see some friendly faces there, and I can always chat with validators about their thoughts on timing games, MEV, commitments/preconfs, and so on. If it turns out to be boring, well, I could probably use a few days off.

Then comes Devcon proper. I guess there’s still no concrete schedule, but there are four main days on the calendar. A number of side events too, which for the most part come in the days before Devcon or in the evenings after Devcon days. I’m signed up for far too many sequencing events and expect to be thoroughly bored of the subject by the end. For Devcon I intend to be in full conference mode, attending talks and writing up my usual summaries.

Finally comes Hodlercon in Phuket. This is the one place on the internet where Hodlercon needs no particular explanation. I expect to treat Hodlercon kind of like Edge City, aiming for a mix of learning, socializing, and leading for a healthy lifestyle. But of course it’s going to be more personal, even less structured, and more vacation-y. The planner that the team has been working with has… not been particularly impressive so far. But as long as we get our hotel rooms confirmed and we can all make it to Phuket together, we can always work out the rest.

That’s a lot of time in Thailand! And plenty to do. I think I’m going to be very glad to get back to a cool climate after a long, tropical month.

So I’ll give my thoughts on Edge City once it’s done, and will report on Staking Summit if it’s interesting enough to warrant the posts. Devcon gets daily updates for sure, Hodlercon maybe gets one summary at the end. In the meantime, Edge City provides plenty of opportunity for focused work time, and I think it may be time to write up a primer on based sequencing and preconfs intended for the solo+home staker audience. I think there are even writing clinics here where I can get some feedback first. Anyone else visiting can feel free to reach out whenever!

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The Bridge acquisition by Stripe has really got me thinking where this space, particularly for ETH is headed. It’s becoming pretty obvious to me that payments across the world will start moving on-chain. This is smart-contracts and blockchains killer use case I believe at least for the next 10 years. But these will primarily done in USD for now. Stablecoins are in the top 20 for holders of US debt worldwide. I believe on bankless they said that above 95% of all stablecoins are USD. Stablecoins are exporting USD to the world, only making it stronger, and the war on inflation, is all but won for now, so everyone feels pretty good about USD.

But there is still the elephant in the room that is our rising debt. I love reading this article ( https://budgetmodel.wharton.upenn.edu/issues/2023/10/6/when-does-federal-debt-reach-unsustainable-levels )by the School of Wharton last year saying that we have basically have 20 years to turn things around. This is why no really cares about ETH or BTC as money (I mean I do) but the average person thinks well I have the USD now available to me, which has low inflation again, and I have 20 years before I need to worry about exiting USD. Its not even on their radar right now replacing USD.

So USD stablecoin use rise in countries that have inflation, we have already seen this on Tron, and exchange to exchange wallets.

What brings on everyone else on-chain? Merchants and banks will love the settlement time of blockchains but for most users credit cards are already a great experience, and people love the rewards. I think this starts as a grass led movement where independent merchants incentivize users to pay on-chain directly with discounts and tokens/NFTs (some of which will have utility). Coinbase seems to be the leader behind this with their wallet and best in class Base experience (paying gas fees in USDC, covering transfer fees, and their SDKs/APIs) (though Stripe could really compete here, I remember the explosive growth of the headphone jack iPhone card reader).

Beyond that we really need a privacy solution (likely ZK, plus a regulated compliance framework) for general banking I believe. Credit Card companies will likely move on chain in the background too, but the average person won’t know tap to pay with phones and cards will still be common place. And they will mainly be doing it to reduce their fees, and settlement times as well, they will likely still charge the same take rate until they are forced to lower it from competition from people making payments directly. Got to keep the reward train rolling somehow.

Opportunities for investment I am looking for 1) incentive programs for payments ( I doubt every merchant will create their own from scratch) 2) useable directory of businesses that take stablecoins, (Incentives here for being listed/accepting?) 3) compliance enabled privacy. I think Base / Coinbase dominate in the short term but then as fragmentation issues get cleaned up L2s in general dominate these payments because of the SDKs and developers behind ETH. ETH price will do well with increased usage but look to see major increases in price for ETH for monetary premium in 10 years if the US does nothing to address debts. Until then we need usage and real payments. The user experience seems like it’s ready, now it’s about making people want to accept and to pay on-chain, and clean up the bad image that crypto is all a scam.

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I knew about zero knowledge proofs and fully-homomorphic encryption already, but indistinguishability obfuscation is an insane new cryptography primitive I’d never heard of before.

Basically, iO lets you encrypt a program in such a way that someone can run it, but can never figure out the program’s internals no matter how hard they try to analyze/decompile the program.

More on iO, according to Vitalik:

While it’s still very far from maturity, as of 2020 we have theoretically valid protocols for it based on standard security assumptions, and work is recently starting on implementations. Indistinguishability obfuscation lets you create an “encrypted program” that performs an arbitrary computation, in such a way that all internal details of the program are hidden. As a simple example, you can put a private key into an obfuscated program which only lets you use it to sign prime numbers, and distribute this program to other people. They can use the program to sign any prime number, but cannot take the key out. But it’s far more powerful than that: together with hashes, it can be used to implement any other cryptographic primitive, and more.

My understanding is that with FHE and iO combined, theoretically someone could create a program that operates on encrypted data, where the program is itself encrypted. And both the program and the data remain encrypted during the entire operation. So the program and data are both protected from the computer that is running it and storing it.

Further reading on Wikipedia.

Math is crazy!

Edit: And if I understand it properly, it’s gonna be insane for DRM!

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u/DayTraderBiH

Ethereum!

u/FrenktheTank

$2497.87

u/TimbukNine

0.03688

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Think before you act,

Onchain you are always tracked,

Government got hacked.

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I thought SOL was the ETH killer. Shouldn’t Kraken be building on Solana?

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Shout out to u/epic_trader for pushing back on the misinformation and false narratives on r/cc.

And a reminder for anyone with an interest in this space to take a look over there and in /ethereum periodically to provide some insights and sanity to discussions if you have any to spare.

There’s a lot of nonsense spread by Bitcoin maxis; /buttcoin moderators; and alt-L1 bagholders, and if you don’t want them controlling the narrative on Ethereum then you can be the change you want to see.

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u/OurNumber4:

Chinese researchers break RSA encryption with a quantum computer:

https://www.csoonline.com/article/3562701/chinese-researchers-break-rsa-encryption-with-a-quantum-computer.html

And here’s why is not a problem:

https://crypto.stackexchange.com/questions/2612/difficulty-of-breaking-rsa-for-a-given-key-size

Credit: r/cc (sometimes there is decent info in the comments)

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u/haurog:

To give a bit of context.

They used D-Waves quantum annealer which normally are not called quantum computers as they use a different principle. Generally these quantum annealers can only solve a very narrow set of optimization problems. When people talk about cracking cryptography they always refer to proper quantum computers for which for example Shor’s algorithm has been developed. And to the best of my knowledge no one has a quantum computer to run Shor’s algorithm even for the smallest of RSA key lengths.

The Chinese group found a way to use such a quantum annealer optimization to help to factorize a 50 bit RSA integer. Nowadays RSA key length should be at least 2048 bits long and normally should be 4096 bits long. To the best of my knowledge, the longest RSA key that has been cracked a few years ago was 829 bits long. Classical computer are still far ahead.

As far as I see the paper itself has been published in a very niche journal which not really solidifies the credibility of their approach as the review process in many of these journals is severely lacking. Even more so than in established journals.

As far as I see the results are viewed negatively. See here for example for a more in depth discussion: https://www.forbes.com/sites/craigsmith/2024/10/16/department-of-anti-hype-no-china-hasnt-broken-military-encryption-with-quantum-computers/

Do not get me wrong. Quantum computers are an important thing to keep in mind and follow. This result published by this group is just not very meaningful but it might be a small step in the direction we expect the quantum computing space to go. Not today, not tomorrow, but in a few years. Overall, the progress is slower than I expected it a few years ago, but we are definitely in the direction of quantum computers becoming a problem for encryption in our lifetime.

Source: I think a few years ago the majority of large quantum computing labs ran an qubit stabilization algorithm I helped develop in the company I was working at. Not sure how many actually used it, but most of them bought it. I left the company many years ago now, but still meet former colleagues and we chat about the development in this space.

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Do you guys think that there would be value in some sort of FUD busting Ethereum platform a bit like what EthHub used to be in 2018 - 2020 which we could use to combat things like the misinformation and link to in response to all of the blatant lies which gets spread on places like r/ethereum and Twitter?

I’m still unemployed after finishing my masters and I love learning more about Ethereum and helping to bust all of the FUD in other subreddits but I don’t know anything about making websites and then also finding a way to integrate the easy answers and information into places where it is needed like r/ethereum and Twitter. Maybe this could be a good project to spin out of EVMavericks. Anyway, I’d happily create content for such a place, a bit like more permanent posts like many dooters here make from time to time. A bit of an Ethereum FUD fighting handbook. I actually just did a grant ecosystem outline for EthStaker and I can tell you that there’s plenty of grant money up for grabs for legitimate projects.

So what do you guys think? Is such a thing needed? Does it already exist? And if it is needed and doesn’t already exist, could we spin something up out of this community?

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u/18boro:

I’m sorta following the discussions around the proposal on a minimum cost for blobs. Since this is currently not production ready, this will be implemented in pectra 2 at the earliest right?

Also, thoughts on this? It makes sense to me, but my technical understanding is very superficial. We really can’t afford blobs to enter a potentially high fee market, that will erode their purpose as a low fee environment on ethereum. That means we need to continue increasing blobs capacity, but with no minimum cost the L2s will continue to live free on ethereum.

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u/pa7x1:

One way to think about it. The current min blob fee is 1 Wei, this figure is as arbitrary as any other. It just happens to be the minimal denomination of ETH in the protocol. So it was a lazy choice, or maybe better put, a lack of explicit choice that happened to set the minimal blob price there. If the minimal denomination of ETH would have been higher, that same lazy choice would have resulted in a different minimal base fee.

A more sensible choice is to place it somewhere where blobs are still very cheap when used under capacity, so that the network incentivizes adoption. But when the network observes actual demand blob price discovery can happen in a reasonably short time frame. The EIP makes an attempt to do exactly this. And to be honest, the precise figure you set it at does not matter that much up to a few orders of magnitude up or down, because the exponential update of the blob fee can act relatively quickly.

So I’m in favor of the change. There is perhaps smarter things that can be done with the fee markets of blob and gas. There are some interesting proposals for using AMMs, PIDs, etc… I think those deserve to be explored too, but they are more complex and need to be very well understood economically. This EIP is just a very quick and risk-free fix to an obvious problem with the current blob pricing.

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Believe it or not, the blobs upgrade might be one of the bigger reasons why ETH isn’t doing much better price wise. I’m not sure if traders generally consider this a factor, though I would imagine they do given that ETH performed much better relative to BTC (as it had historically) between The Merge and the last upgrade.

Blobs have given the apparent impression that Ethereum is empty and with no activity. The L2 scaling roadmap allows for absolutely explosive activity on L2s, but it makes L1 seem deserted when that L2 activity isn’t saturating L1.

Is this bad? No, it’s fantastic, it is just a consequence of the upgrade and activity not exploding just yet, but this is an illusion. If you take a look at L2Beat in mid 2023 and today, the amount of new L2s is absolutely ridiculous. It seems like there’s more new L2s than new apps and it is insanely easy to underestimate the potential effects of this.

While everyone is looking at useless ratios like ETH/BTC or ETH/SOL, plenty of new projects are appearing to develop their own L2s. Ethereum is no longer just an ‘app chain’ it is a chain of chains. Pretty much what Polkadot or Cosmos set out to be, but in a more ‘open’ way so to speak. I don’t understand in full depth the implementation of app chains in these two other projects, but in Ethereum I know projects can have plenty of different configurations regarding where data is stored, where execution happens, etc etc. The appearance of macro-protocols like Eigenlayer is a clear telling that there’s money to be made in scaling Ethereum, and this is where I presume most of the investor liquidity coming to fund projects on Ethereum is going. I’d be worried when this stops, but not right now.

In some way, what has been built on Ethereum is the ability to have external anchored applications, chains or other products of this kind which benefit from inheriting some level of security from the base layer blockchain.

So who’s using this? Users I guess? Right now there may not be enough activity to justify the price increasing, as Ethereum being saturated in some way equates to ‘cash flows’. Right now, given that the future of Ethereum’s L2 and base layer explosive activity is ‘on pause’ as the upgrade just kicked in earlier this year, it is hard for investors estimate the value of those cash flows.

For BTC, the expectation that Bitcoin (the blockchain) will make any changes to itself in order to accomodate new featuresets is pretty much non-existent. On Ethereum, the fact that the base layer can be upgraded and changed allows for new concepts to emerge, for current concepts to be improved, etc. So Ethereum is inherently dependent on the combination of upgrades and activity improving its future cash flows (fees from on-chain activity). Right now, this is lackluster or inconsistent, so once this activity starts kicking in, which might depend or not on price, the consistency of those cash flows will be more visible.

Basically, It’s hard to justify investing large amounts of capital in a peer-to-peer network native currency when there’s not enough certainty about its future cash flows. Before the upgrade such a comparatively meaningless amount of activity would saturate the chain that future cash flows were ‘easier to expect’.

I think there’s several reasons why BTC is outperforming ETH this year:

1. Historically this is the pattern in bullish periods (BTC outperforms, then it doesn’t)
2. The BTC ETFs started trading earlier in the year, when the war in the middle east wasn’t at its absolute height of explosiveness, when the economy had a better outlook because the high interest rates hadn’t affected the US job market, the profitability of the carry trade etc, etc. There’s many macroeconomic reasons we can point out, but back in early 2024, things looked WAY better than now even when plenty of banks had collapsed the year prior due to high interest rates. They don’t look that bad now, but the outlook was very bleak during the summer.
3. The ETH ETFs were a complete uncertainty, now they’re a reality, but they started trading in quite literally the weakest moment in the market of this year.
4. Network activity on Ethereum has apparently subsided significantly (not really, but this is what it would seem like to the untrained eye, this is related to what I explained in the post)
5. BTC is simply more popular not only due to its brand name, that too, but very importantly because it is a very static, unchanging asset with very little medium-term uncertainty, akin to gold. Which is something investors like. ETH is more uncertain.
6. BTC seems to have no competition, ETH seems to have competition, even if it really doesn’t.

You’d really have to be really deep into the rabbit hole to understand the value of ETH and the Ethereum blockchain beyond the surface-level perspective an investor trading many many assets in a traditional sense would have. Many traders trade based on cash flows and certainty of cash flows, and Ethereum carries some uncertainty with it and is having a ‘weak’ year in terms of cash flows.

I won’t get into why SOL is outperforming ETH in any meaningful level of detail, but in short, from my perspective:

• the hype around memecoins (expectation of cash flows drives liquidity seeking returns in large numbers)
• the fact that it’s a smaller marketcap asset
• the price is lower and you can buy ‘a whole unit of it’
• there’s apparent activity on it
• it’s boosted by entities that want to pump the shit out of it to seek exit liquidity
• it has a lot of marketing due to the previous point
• it has provided extraordinary returns this year, so there’s expectation that this will keep on happening
• most of the supply is held by entities that don’t sell it (large stakers and node operators which additionally receive most of the inflation)
• etc etc

If anyone reads this wall of text pls correct me if you find any flaws in my reasoning. I hope it helps some have some perspective as to why I believe ETH’s performance this year has been lackluster comparatively to other assets.

Edit: small tweaks, typo fixes and corrected some term precision (I try not to use ETH and Ethereum interchangeably, as ETH is the asset and Ethereum is the network)

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Layer 2 Update - growthepie

Sorry I haven’t been as active lately IRL sometimes gets in the way but I’m back with a longer L2 update to try and cover everything I have missed.

• Layer 2s are growing so fast they have normalized All Time Highs
  
• Layer 2s have more value locked in ETH than Stablecoins
  
• Layer 2 Stablecoins have grown the equivalent of a small country’s GDP this year:
  
• Base Fees spiked to 20 cents largely due to PRIME
  
• Base Throughput continues to be raised weekly
  
• Layer 2 DeFi Transaction Count is on the rise
  
• Metis Active Addresses reach All Time High
  
• Optimism Transaction count on the rise
  
• Arbitrum seeing Gas Fee spikes for NFT usage
  
• Taiko Transaction Count makes a strong recovery putting them back in 2nd place
  
• Base multi-chain activity is trending downwards while others are increasing
  
• You can now compare onchain Economics on our Economics page
  
• Scroll hits a new all-time high on Transaction counts and Throughput (airdrop season)
  
• Layer 2 token transfers (the simplest of transactions) approaching a new all time high
  
• Weekly Active Addresses continue to remain strong
  
• Blobs have burned over 1,000 ETH - with Base having the highest ratio of blob costs for the year
  
• New report by Coinbase “Guide to Crypto Markets: Q4 2024” featuring Ethereum and Layer 2s favorably
  
• Mantle and Scroll TVL are both on the rise and battling to beat each other
  
• We continue to track more Layer 2s, adding Derive and Oderly with more to come
  
• Reminder if you need to find an address use our labels page search feature (we are adding Ethereum L1 soon too)
  
• Base on track to double the Throughput of the whole layer 2 ecosystem in less than a year
  
• We had some great Gitcoin rounds thanks to all that donated - small donations make a big difference
  
• growthepie is now active in onchain governance - currently for ZKsync, Arbitrum and Optimisum (more on the way) please consider delegating to us
  
• We have improved our zoom feature
  
• Layer 2 TVL measured in ETH is up only
  
• Blobs have seen spikes in the past but not so much in the past 90 days with us approaching the target is this going to change?
  
• Ethereum doesn’t have problems - Ethereum has improvements waiting to be implemented… Layer 2s are part of the solution
  
• Reminder to compare Layer 2s use our single chain pages and use the compare feature
  
• Over half of the Layer 2s we cover are “General Purpose” and they account for 97.9% of weekly active addresses
  
• Vitalik highlights Optimism in working on chain neutral Crosschain interfaces
  
• Layer 2s have used ~280 GB of blobs this year- Low L2 fees are less than a year old the space is young

Hit me up with any Layer 2 questions or observations and I will do my best to get back to you!

Side note we also released new Octant Funding Tracker metrics so be sure to check them out and get involved in the latest round (we are not participating as we missed out on getting selected but we are tracking all the amazing projects that got through)

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gm!

Scroll snapshot was on Saturday and I think the airdrop happens tomorrow. For the last two weeks we have been searching for a community delegate and u/defewit is willing to represent the us in the Scroll ecosystem, thank you for that! I think it’s been possible to set up a delegate profile since a few days, have you done that alreaady? If so, would you share it here, so we can link it tomorrow?

Also if there is a second delegate that would be beautiful. I think it’s always easier and better if there are two people that know each other (at least a little bit) to discuss things in private first, then post either on the governance forum or ask for feedback here. So any second member willing to do this, happy to share your profile tomorrow as well!

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Depending on how long you’ve been around, you may or may not know that I got popular in Ethereum by creating early video guides showing how to spin up validators on testnets.

Well, the ephemery testnet is very exciting to me, and on Thursday, 10/24, I’m planning to release a video guide showing how to create a validator on it.

Ephemery is a re-generating short-lived testnet designed for testing, especially for people who want to stake. The testnet resets every 28 days, and all of the unused Ether is recycled. (My current understanding is that if you’re running an active validator you can keep that 32 Ether in the new instance.)

EthStaker recently hosted a call with Ephemery developers and now I’m excited about sharing a video guide to help people get a validator running on it. it IS getting polished, but right now there’s still a fair barrier of experience to getting on it.

I think the most exciting thing for me is the opportunity to play slashing games without any fear of consequences. I hope you’ll join me :)

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EVMavericks Weekly Recap (October 14-20)

Blog & Newsletter on Paragraph

Your weekly EVMavericks catch-up: highlights of the week!

1. Octant’s Epoch 5 allocation window has started and runs till October 27th. If you have GLM staked, please support Doots and Aestus

2. Weekly Doots produces another episode of Doots - #83 - featuring James from Octant

3. Get to know our next EVMavericks - eleusys

4. Creators share: Ben Meadow’s first Gamma Print was displayed in Bali. Cyber Sea’s Deus Ex Machina was exhibited in museum in Amsterdam!

5. Luuk starts a discussion about biggest 2025 Ethereum related events in USA or nearby. So far we have:

   ETH Denver, from Feb 27 - Mar 2 (with Buidl Week Feb 23-26)

   Permissionless Probably October 2025

   Consensus (may 14- 16 2025) Toronto CANADA

6. Degen chat this week: animal pictures from Luuk’s trip, mentions of Vitalik and how he deals with memecoins, some charts & TA, new discord like site - townsxyz (yielddady created a server for EVMavericks), EFP and poaps, memes, food pictures and discussions, some memecoin alpha too & more!

7. Farmers are a little bit over the place but main focus has been on scroll.

8. Our memecoins warriors keep going. This is where we have the most money making alpha right now. Some of the top calls of the week

9. More bullish chatter from people in the #daily-discussion. Some TA & long form posts. Shoutout to Erowind for bringing top quality content there!

10. Also if anyone knows Spanish and wants to speak on our behalf and represent our community with NacionBankless then please ping 696!

Lastly, your weekly security reminder: here are a few guides!

• EVMavericks discord has a security channel. You can literally mute everything else but that channel and only get notifications from there.

• Reminder for all the folks: we have a daily-discussion channel in the discord that’s open to public and there’s a decent amount of activity there!

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It is fascinating to me how many people, here and elsewhere, still haven’t realized that price and value are two separate concepts, only extremely loosely bound by the collective (un)intelligence of the market.

On the one hand, this means that poor price performance does not, and should not, imply anything about the fundamental value of something. Many r/ethwhinance posters make that mistake: they see Eth the asset performing badly compared to other (cherry-picked) assets on certain (cherry-picked) timelines, and feel the need to build a (counterfactual) narrative about how Ethereum the platform must therefore be falling behind on most fundamental metrics.

On the other hand, it means that even outstanding fundamental value does not guarantee anything about price performance on any particular timeline. Many bull posters here, myself included, have fallen into this trap: assuming that Ethereum’s stellar fundamentals mean we will see good price performance in the near/medium-term future. This is equally a logical misstep; the most innately valuable asset in the world can be sold for precisely $0 if nobody understands why it should be valued.

Arguments will be made about how the “markets are efficient” and that price and value should be tightly coupled, but I will emphatically suggest that at least in the realm of crypto, the markets and their participants have been and remain to this day, in overwhelming majority, catastrophically ignorant. This will change in time, but I’m increasingly realizing that this time will be measured in decades, not in months or years.

If you can avoid the trap of assuming a timely or intelligent linkage between price and value in either direction, you will save yourself needless hand-wringing, avoid getting your hopes up prematurely, and perhaps (if you are still in a position to be patient and stay informed) realize the opportunity this massive informational asymmetry still presents, years and years after we first started noticing it.

Probably the most fundamental assumption of investing (as opposed to gambling) is the proposition that eventually, over some arbitrarily long timeframe, markets do finally realize what’s up, and price does synchronize with value. And when that happens, those of us who didn’t give up on Ethereum because the ignorant markets were ignoring Ether, and yet who also didn’t let all the bull posts convince us to take unwise risks and were therefore able to stay in the game long-term - when that happens, we will be very, very happy.

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GG22 is live and the donation window is open for 2 weeks. Over $1.4M in matching funds so make sure your Passport.xyz score is updated. Enjoy the perpetual vibes in the 24/7 Let’s GROW Live twitter space and Gitcoin is hosting spaces as well.

Gitcoin Open Source Software Rounds

• Dev Tooling
• Web3 Infrastructure
• dApps and Apps
• Hackathon Alumni

Community Rounds

• Land Regenerators: Ma Earth Grants Round 2
• ENS Ecosystem
• BioFi Pathfinders
• Growing the Public Gardens
• Allo Builders Advancement
• Regen Citizens Genesis
• Youth in Need

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u/hehechibby

Ethereum

u/FrenktheTank

$2619.12

u/hanniabu

0.03861

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Until next price hike,

Community stays dreamlike,

All around hitchhike.

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What happened, did the ETF get approved?

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u/benido2030:

Some thoughts about the unichain announcement. Now if that means fees go down, that’s obviously good. If that means that more value goes to L2s that probably also good, even if it fragments stuff in the beginning. In the end, that’s one more step towards onchain price discovery.

What I think is interesting is what this means for Max Resnicks thesis. Uniswap is like 40% of defi (and the other 40% being AAVE, 20% long tail) and if that moves to an L2, the whole “L1 is for defi” argument is kind of obsolete. I don’t think this is just a L1 fee decision, this is more control of the product (e.g. block times) and value capture. “Defi” just moved off L1. If I understand things correctly, AAVE v4 is also building towards that, they are just not building their own chain, but bridges between all L2 markets to create one bug liquidity pool.

There’s 2 more things we need, abstracting chains away for the user and fix fragmentation of liquidity. And then this whole discussion is hopefully over.

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u/hereimalive:

If Unichain is an Ethereum L2 why is it so bad that can tank the price of it?

You guys are making me afraid.

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I’m real tired of hearing that ETH is fucked because free blobs are temporarily affecting the burn, as though the burn is the only thing that drives the value of ETH.

Do any other cryptos even have a burn mechanism? Lmao. Guess everyone is fucked.

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u/cryptOwOcurrency started a great discussion yesterday around Bitcoin security budget with the question: When will it break? Let’s try to do some napkin maths:

Bitcoin paid $27m to miners yesterday. 97% of this was issuance. The marketcap secured by this is around $1.2T. On a relative basis that is 27/1.2= $22m of security per day for every Trillion USD Mcap.

In less than four years that will be $11m of security per day for every Trillion USD Mcap. $6m in 8 years.

At $6m per day that’s around $2.2b of economic security per year per Trillion. Industrial miners are generally looking to ROI in less than a year on their hardware investment, so let’s assume the cost of the hardware deployed to earn this $2.2b is around $2.2b. This 1 year ROI is also close to what is observed on the network today using the numbers estimated by Justin Drake in this tweet ($17.5 per TH/s): https://x.com/drakefjustin/status/1763632918994260481

This gives an attacker a price of around $2.2b in hardware spent per Trillion USD in Bitcoin marketcap to achieve 51% of network power in 8 years time. Not taking into consideration the large economies of scale advantage an attacker would get. Coinglass currently shows a 24h BTC Puts options volume of around $1b at a current mcap of $1.2T so getting a short position that could capitalize on the attack seems very doable.

Even if Bitcoin’s price 10x’s within the next 8 years ($12T mcap) that would put the total price of attack at $26b. Around 80 individuals on the forbes list currently has this amount on their own. For nation states this is still peanuts. And could most likely be made profitable by any group amassing this amount of capital. At this mcap MicroStrategy’s holdings alone would be worth around 6x this amount.

Bitcoin in it’s current state will not be secure in 8 years. Markets are forward looking, I believe we’ll see serious infighting in 4 years.

The iceberg is straight ahead and the captain has left the ship.

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Let’s assume that ETH continues to crab indefinitely, while other crypto, bitcoin, stocks, and real estate keep climbing, and inflation means that everything not going up is losing value.

How many months/years/decades would you keep holding? Would you still be holding In December 2026 if the price is $2600? Would you still be holding in May 2029 if the price is $2400? What if it’s 2031 and ETH is ranked #4 or #5 on marketcap with Solana or Tron or Sui or Cardano (lol) being higher?

Staking has enough APY to keep me satisfied for now, and I still think there’s gonna be a bull eventually, but it’s been years since a proper bull run and it’s making me sad. Everything else in my (extremely ETH heavy) portfolio is outperforming. The price is low enough that I should be DCAing, since I’ve said before that this is what I do sub $2500, but for this month, I’ll just consider not selling my monthly staking proceeds as my “DCA”.

I do think election week and January are going to be very telling on crypto and Ethereum’s medium term price action, and I am going to have to reassess my long term plan after that. But I suspect I’m gonna be doing this holding thing for another couple of years.

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It would pretty bizarre for ETH to be in this range into 2030. It will either break up or down by then and considering the competition doesn’t stack up in a variety of ways I’m still betting on it breaking up. In TA terms we’ve really only been crabbing since March of this year. I know when we look at last cycles PA it’s like, “why haven’t we broken our ATH yet…” but it’s just ETHs beta being higher relative to BTC. We’re catching the downside volatility right now but later in this cycle I suspect it we’ll catch that beta with positive price action and vastly outperform by this time next year.

Last cycle ETH put in roughly 6,000% gains from cycle bottom to top. 1/10th of that price performance gets ETH to ~6k, 1/5th gets it to ~12k. I think even with diminishing returns things look bright for us. 1/5th isn’t even the limit, 1/3rd is even possible imo which would take ETH to ~20k.

Expecting 5 figure ETH is realistic this cycle.

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Im so fatigued of crypto stuff, that the last “farming” i did was to diversify my eth into different lrst.
Now that im only waiting for swell and diva/nectar im feeling glad its over so to speak.
I missed the OP #5 airdrop and will miss scroll and linea etc, just because i couldnt get myself to keep getting farmed.

After years in crypto and defi, there is currently built 2 things im using often as a non whale LP´er and ponzi yield farmer.

1.Sportsbetting has become competitive with the best bookies, and betting without middlemen from your wallet is amazing, shoutout to all teams working on this, in my experience SXbet ,Thales/Overtimemarkets.xyz, Azuro/bookmaker.xyz has everything i need as a casual bettor.

2.Gnosispay Visa card is next level awesome imo. Getting 4% cashback on my spending, and be able to just put € into my gnosissafe adress and spend is amazing.

(3,4) honorable *biased *mentions should be my heavy bags of SNX and WINR, SNX because they have started a work on renewing to hopefully be relevant in defi again after getting left behind in innovation and token price at all time low.
WINR because they seemingly try to take gambling completely onchain+ give users option to single side LP in the pools that are +EV for the house

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My wife, who is doing an online course on crypto (yes!), just asked my help in understanding the “Value-blindness” part of the following part of her studying material:

The 2014 Ethereum whitepaper by Vitalik Buterin, the founder, identified key limitations in Bitcoin’s scripting capabilities:

• Lack of Turing-completeness: Bitcoin’s scripting language is not Turing-complete, it can’t perform all possible computational operations.
  
• Value-blindness: Bitcoin scripts cannot natively assess the value of transactions.
  
• Lack of state: Bitcoin lacks a mechanism to track and store the state of complex applications.
  
• Blockchain-blindness: Bitcoin scripts have limited ability to interact with or understand blockchain data beyond simple transaction details.

Ethereum was designed to overcome these limitations and to address the need for creating new blockchains for different functionalities.

I told her I know some super-friendly people who’ll def help!

u/AL_FruFru

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Italy is increasing capital gains tax on crypto in particular from 26% to 42%.

https://www.theblock.co/post/321407/italy-capital-gains-tax-bitcoin

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https://x.com/0xShual/status/1846607303136423938

rip a lot of money

revoke all radiant contract addresses as a safety measure, ASAP

0xF4B1486DD74D07706052A33d31d7c0AAFD0659E1 arb
0xd50Cf00b6e600Dd036Ba8eF475677d816d6c4281 bsc
0x30798cFe2CCa822321ceed7e6085e633aAbC492F base

Radiant capital exploited a couple hours ago. Revoke your approvals on Arbitrum/Base/BSC if you are still in time.

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u/hehechibby

Ethereum

u/FrenktheTank

$2400.01

u/TimbukNine

0.03972

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SEC turns cold,

Another story gets told,

The issuer won’t fold.

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You know what the ETH graph reminds me of? Definitely not a crab.

A Crab Market would be a stable unmoving price, progressing the graph in a flat line to the left. Maybe with equal up/down slow waves. But the current action is much more annoying.

Have you noticed snails exploring their surroundings using their eye tentacles? They slowly extend them, touch something, and then rapidly retract them back.

That’s what ETH does. Every time it slowly probes a few USD above its price, it rapidly withdraws back in fear. As if hit by electricity. Slow candle up, instant withdrawal back down. Especially funny in the one-minute chart, but it can be seen in all time-frames.

So I officially propose that we are in a Snail Market. 🐌

I might need sleep.

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For those who missed it or could not understand anything in the shaky videos that were available until just a few days ago, Vitaliks famous talk from Token2049 is now on youtube: https://www.youtube.com/watch?v=JpOSqLjYb0o&list=PLvSllGeSAEeeFUUcy7kKk0VIs4YNDhspY

He is asking himself if we are still early and what he is excited about in the next 10 years. He thinks we are not early anymore, but we are still early for crypto being useful. He ties this into his experiences paying with crypto for daily necessities and why it failed originally. Hint, it was the fees and the overall user experience (UX). In the last years to UX improved massively due to EIP1559 and the the switch to POS. The recent dencun upgrade introduced blobs which dropped the fees to close to zero. Before all these improvements, the underlying technology was limiting what could be built on top and how successful it could become. These limitations are not the bottleneck anymore, but we still need a reason to actually use the applications built on crypto. He argues that the resilience and robustness of the underlying blockchain is what matters the most, but the UX on top needs to be good as well. Preserving the underlying advantages of the Ethereum network and being able to improve the UX for mainstream users should be the key goal. He sees a few places where there will be the most improvements in the next years.

• Wallet tradeoffs and how multisigs, guardians and the combination with zkproofs have or will improve that space. This allows web2 UX with web3 robustness.

• Social media where you actually own the account (warpcast).

• Payment wallets which are getting close to venmo experience.

• Privacy pools were you can proof to not be the bad guy without revealing who you are. This exists in an early version at least.

• Zk proofs in social media will make it possible to proof that you fullfill certain criterias without revealing who you are.

• L1 improvements: Single slot finality, verkle trees (statelessness), handling MEV on the protocol level, ZK snarkifying the L1 and light clients

These improvements will allow Ethereum to thread the needle and become mainstream user friendly while staying true to the underlying cypherpunk values which built the network.

But enough beating around the bush. The only reason this talk has become famous is Vitaliks singing session in the middle of it. Here they are together with the original songs. Especially the second song took my some time to find a source.

Laputa ending song: https://www.youtube.com/watch?v=gdpEnkcT7Io Vitaliks interpretation: https://youtu.be/JpOSqLjYb0o?feature=shared&t=678

Kryp Tina song: https://www.youtube.com/watch?v=WdrSP0V-KLg Vitaliks rendition: https://youtu.be/JpOSqLjYb0o?feature=shared&t=829

I am happy that Vitalik did not become a singer, but I am even more happy he is as quirky as he is.

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I’m confident the Scroll airdrop snapshot was already taken.

Why, you ask? Simple: for the past few months, I’ve been toying with a small dapp idea. A collaborative story where everyone writes together and mints NFTs by writing. I’m enthralled by the concept, and I figure I could lure some of you fine gentlemen into my lair by alluding, not so subtly, that any sort of activity on Scroll could help qualify for a big fat airdrop.

But then, something terrible happened. You see, I started using AI. Claude Sonnet 3.5 specifically.

As someone who’s not a coder, the whole process of building anything with code usually goes like:

• have a good time writing actual code for a couple hours

• then hit a roadblock on something arcane related to programming

• then be forced into the most tedious websearch adventure for a solution to this problem

And those roadblocks happen dozens of times.

None of that anymore. Claude is always there to give an answer, always available to suggest something. We talk it out and eventually figure out the thing. The good lad never gets tired of my walls of text.

This is the terrible part. I started Having Fun.

And when you enjoy the process, you start spending more time refining everything to your liking.

It went on and on and what do you know, now we’re in October. Rumors abound TGE is soon. Scroll 1 year anniversary is coming up in mid October. Hints everywhere the eye can see.

Instead of coming to you all with a cheeky smile and an airdrop nudge nudge wink wink, I am here hat in hand, on my knees, humbly begging for scraps of your attention.

Please, kind sir, may you take a look at my dapp?

It’s a good dapp. I promise. Maybe.

I wrote some about what it actually is here: Blog Link

Frontend Link

In all seriousness, I find it incredible just how far you can get with AI. I didn’t write any code here. All it takes is a bit of persistence. We’re moving fast into a world where everyone can make their own toys exactly to their liking by chatting up a virtual assistant. If you have ideas you want to see happen and time to spend, there’s very little to stop you.

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Financially for node operators it is a great product. Lido tries everything to get people on board. If you are on their early adoption whitelist they even allow for a lower bond for the first share, increasing the rewards even further. As far as I see pretty much anyone running a node anywhere is on the list (20k-30k) addresses. They also are present pretty much everywhere to advertise the start of the CSM. As far as I see they limit the shares to 12 for each node operator, which means even under the most optimistic assumptions the amount of ETH the solo node operators will handle will be at most be in the single digit percentage of the whole validators Lido has. It is a good development, but will not change the validator distribution setup within Lido to any meaningful degree.

On a more personal opinion I try to stay as far away as possible from Lido as they have a massive war chest and a lot of influential people on their pay roll. They can undercut the competition for very long to make sure none other staking solution survives. Their initial plan of cross-subsidicing the CSM with revenue from their more centralized staking business was a pretty direct attack on the current solo staker landscape. Not sure of they changed this though. Their history of gaslighting the solo staker community and claiming them to be ‘irrational actors’ massively soured my opinion. They way they plan to centralize the Ethereum staking under their umbrella and even calling it decentralized, does not help in making me more sympathetic towards them. In the long run I think they are a massive problem for the Ethereum network and I really hope we can keep them from taking over the staking layer.

The sad reality is that there is very little decentralized competition. Rocketpool still is the only properly decentralized solution. They are much smaller, they are in the middle of a year long change in how much bond their stakers need. In a few weeks we might see the first rocketpool minipool without the need to stake RPL. They just have the first one running on testnet (as of 3 hours ago). I have great hopes that this will be competitive in the long run, but as always with rocketpool it will take some time. An interesting project is Nodeset which is planned to launch soon will be interesting to watch, it is built atop of rocketpool and adds a very soft kyc layer for node operators. Bonds are lower than with rocketpool and no RPL is needed. Another project called Diva which was all the rage last summer (2023) still does not have a fully functioning prototype. Their testnet stopped accepting new node operators after they found some bugs. We will see what will come out of it in months to come. Puffer might be interesting as well, but to be honest I have no idea about the details.

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October is my crypto anniversary month, I thought I would mark it by sharing my ETH journey story with fellow ethfinanciers. At least it is something to read in the low comment weekend.

In October 2013, I bought my first Bitcoin, on the advice of my millennial son, who explained blockchain basics and suggested that BTC’s value–about $170 at the time–could go up. After a mini- DCA spree for a year, I got busy with work and stopped paying attention until October 2016 when I read somewhere about ethereum and smart contracts. I thought that was pretty cool. I went on to get my first ETH in 2016, first ledger in 2017, and as prices rose, I cashed out my original fiat investment.

Unfortunately in 2017-2018 a slower work period gave me too much free time so I started trading a bunch with the remaining house money. For a while I got into Vechain and LINK, though fortunately I kept a majority of my portfolio in ETH and BTC. After painful IRS interactions and a desire for simplicity, I decided to abandon all frills and reduced down to just BTC and ETH by 2021.

I went on to launch my first RP minipool (through Allnodes) in late 2021 but sold my RPL and further simplified to vanilla staking last year. I periodically toy with the idea of home staking (and even got an early Proteus to do so), but my frequent travels and lack of confidence have kept me from it so far.

I am in the minority of ethfinanciers who have already achieved retirement the old-fashioned way. My stage in life gives me a different perspective on holding and exiting, and my ETH goal is not to get life-changing money, but rather to be a supporter of this important new technology, to keep my brain active by following its evolution, to use staking income to upgrade my retirement life, and to safely pass a valuable asset on to my grandkids as a hedge against the uncertain world they are growing into.

I discovered r/ethfinance in late 2021 and have truly enjoyed learning from all of you. I am pretty sure I have read and upvoted >95% of the dailies. I mostly lurk but I am proud of my EVM lion and few doots (though no one IRL knows about any of that!). I greatly appreciate the effective moderation and community spirit of volunteerism. For me, this sub also is where I got introduced to the linguistics of social media. So I thank all of you for what you have contributed to my education! I was really hoping to go to Hodlercon this year but I have a hard schedule conflict, so maybe 2026…

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My normie-friendly TikTok influencer account is getting lots of traction recently, as my subscribers count breached 2200 (I am catering to 8 millions French Canadians, so it’s a decent following in my niche market). It’s an education, not monetized, no-shilling-allowed account.

I have learned a few lessons since January, when I launched it.

First : simplicity is king. If your narrative can’t be explained in a single, easy to understand sentence, it won’t catch up. This is why I am skeptical of things like “triple points asset”, “programmable money” and “digital bond”.

What is sticking is : “Ethereum is a decentralized AppStore that anybody can use or deploy on, and you need to pay in ether to use it.”

Maybe it’s not technicaly accurate, but this is what people understand.

Second : most people see crypto as a way to get rich, not as a technology. This explains the bottoming ratio : in their eyes, Ethereum is the second cryptocurrency. People like to bet on champions, not on runner-ups. The Flippening is a nice meme, and I would love to see it happen, but realisticaly, it won’t ever happen.

Third : a lot of people are still interested in this space. It will take time, probably a few years, but we will have another mania phase.

That being said, I am trying very hard to teach people about the non-speculative parts of crypto, namely decentralized social media and digital artworks. They don’t care, but I am still trying.

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u/eth2353:

There’s been some discussion about the hardware and network requirements for Ethereum validators. Obviously maximum decentralization is the goal, but at the same time Ethereum can’t scale if we want to let everyone with a Raspberry Pi and a 1Mbps internet connection (exaggerating here) participate. I believe the discussion was initially triggered by someone who missed their block proposal, likely due to not having enough upload bandwidth.

The issue is, noone has defined where the line is - what are the minimum requirements that still allow you to fully participate in validation of the chain as well as proposing blocks, and what should they be into the future.

The current outcomes of this discussion:

• a survey in r/ethstaker among home stakers to get a better picture of what hardware and network current stakers have available to them.

• Toni from the EF put together some numbers on local block building and the effects that blobs have had on it.

• https://github.com/ethereum/execution-apis/pull/559 - a new API endpoint engine_getBlobsV1 that will help local block building since the proposer won’t necessarily have to publish the blobs too. Attesters to the block can simply get the blobs from their own EL client’s blob pool if the proposer doesn’t manage to publish them quickly enough.

All of this discussion is pretty relevant right now since there’s been talks of increasing the blob count in the upcoming Pectra fork(s). It’s important to note this would be in combination with EIP-7623 which greatly decreases the worst-case size of a block.

I personally feel that a slight increase (as suggested in the linked comment) would be okay provided the teams also manage to ship the new engine_getBlobsV1 API endpoint. Good news is, Reth and Besu already support it, Geth has a PR open and Nethermind has a PR merged and I believe it should not be hard for other EL clients to add.

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u/supephiz:

If this were just about building the robust and decentralized smart contract platform we’d be sailing, but the inclusion of a financial reward means that other projects want a piece of the pie. Other projects aren’t able to match Ethereum on technical grounds, so they chip away at our social infrastructure, planting seeds of doubt and conflict with the knowledge that a small percent of Ethereum participants will shed away looking for other projects that might be a “more lucrative investment”.

I think the best route here is for us to continue decentralizing by onboarding people who are looking for investments in smart contract platforms, I imagine that over time it’ll continue to look like “if you can’t beat them, join them” with Ethereum being the victor.

People who have been around a long time might realize that, while the attacks are changing in nature, they seem to be less of an existential threat and more of an annoyance every day.

If I were to characterize these threats, I’d say that threat actors used to attack head on, but now they feel like they’re working for clout inside the ecosystem and likely even working within Ethereum while getting funded by adversarial enterprise.

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Looking for feedback

Since my app Boasty didn’t see any usage or traction, I decided to stop building features and leave it as is. It remains fully functional and you can still schedule posts on Ethereum. It was a great learning experience.

I thought about the “Pay 1 USDC to do X” hook and came up with a game concept: A prize pool (smart contract) is seeded every day with say 10 or 100 USDC, you play a browser 2D shooter game, and you can submit your high score for a chance to win the whole thing. High scores would be hidden until reveal, then whoever has the highest score gets the payout automatically via smart contract.

So i built etherglide.net, a PoC of a futuristic 2D space shooter with cyberpunk styling and lore. Game features:

• Use WASD to move Zephyr to avoid obstacles and collect powerups
• Left mouse click to shoot projectiles and destroy enemy crafts for extra points
• Collect ETH to recharge your ammo
• Collect a speed powerup for a 10 second speed boost
• The game increases difficulty by increasing the maximum speed and number of obstacles
• Connect your wallet and sign a message to submit a high score to the leaderboard
• Game music and cool pew pew pew sounds!

I am looking for feedback for the concept and game itself. Currently working on the smart contract and more game features (boss fights and gravity mechanics), but wanted to test the waters before sinking too much time into it. Please try it and let me know what you think!

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####Why not Full Reserve Banking?

I was thinking about what would happen if countries switched over to full reserve banking. What would the effects be?

Currently, there isn’t a single country that does full-reserve banking. It would greatly contract the economy, and most global companies, VC funding, and innovation would move elsewhere where they can get cheaper loans. It’s self-sacrificing idea.

Historically, every country has been on a fractional reserve system since banks and loans existed. Banks can lend out a portion of their customer’s deposits to use towards other people’s loans. If too many loans defaulted or there were a bank run, the bank would close. Centralized reserves were then invented to handle mass bank runs during times of panic. And overall, strong central banks, when combined with the power to expand money supply, have been extremely successful in preventing mass bank runs. Keep in mind that strong central banks did not exist in the US before the 1940s.

While depressions were extremely common and occurred about every 30 years post-feudalism and before central banks could expand money supply, there hasn’t been one since central banks gained that power after the 1930s.

The Silver Standard, Gold Standard, Brent-Wood system, and Fiat systems all used fractional reserve banking. Of those systems, only fiat system could handle nation-wide full reserve banking. The other systems would all fail if the economy grew or contracted because it would not be possible to expand and contract money supply under both a full reserve system and a commodity standard.

What would happen to banks under full reserve?

• Banks would stop loaning because they can no longer use customer deposits like checkings/savings/CDs for loans
• Banks would would charge small fees for checkings/savings accounts.
• Many bank locations would close down, and banks would go online
• The central bank reserve would no longer be needed and can safely close. Or maybe it’s still needed to bail out the separate loan industry …

Where would loans go?

• Loans would simply move from banks to peer-to-peer lending industries like Prosper and Funding Circle
• Loan intererest rates would shoot up another 5-10%, and mortgages would become even less affordable
• Homes would be less of an investment and more of an ongoing cost (like they are in Japan)
• There would be a lot more buying expensive things without loans
• Overall, the economy would shrink maybe 50-90%, and domestic investments in general would plummet
• Many companies would move abroad to other countries where they can get cheap loans
• VC and innovation would move abroad to other countries.
• Many loans would move abroad to other countries that are still under partial-reserve systems
• Any country that goes full reserve would fall behind other countries.

What happens during a financial crisis when people aren’t able to pay back loans?

• Banks would be perfectly fine since they’re no longer involved
• The loan industry would collapse or fall back to their insurers. Many lenders would default.
• The government may decide to create a central reserve to insure loan agencies
• The government may bail out loan agencies and insurers that are too big to fail. Or maybe they won’t and just be ok with letting a section of the economy collapse.
• Anyone who doesn’t lend or get loans would be mostly fine and unaffected.
• The financial crisis would be smaller than under partial-reserve

Overall, switching from partial-reserve to full-reserve just migrates failures from banks to the loan industry and causes interest rates to shoot up because customer deposits can’t be used. It doesn’t prevent systemic failures, but it does make them much smaller. The overall economy will also be much smaller.

Consider China’s Evergrande and housing collapse, which is a lot closer to a full-reserve collapse since many Chinese homeowners buy houses in cash. China just let those companies fail and those homeowners lose their deposits. The economy contracted greatly. Some municipals were to close to unrest and insurrection, but because China has a strong government, local governments were able to suppress protests. Overall, the damage was limited.

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The next section of my Rabbit Hole Explorer’s Guide is all about crypto etiquette.

Your Crypto is Private

If you go to stock trading forums you’ll frequently find people posting pictures of their brokerage account positions showing they either made or lost incredible amounts of money. Reputable crypto forums prohibit that for your safety. The blockchain is public unencrypted information. When you post precise positions and trade times you reveal your address to anyone looking. If I know your address I know not only your current net worth but everything you do in the future. You probably aren’t intending to forfeit your financial privacy forever; it makes you a target. It enables more credible spear-phishing and tells the attacker whether you have enough funds to be worth their time. Generally speaking, just keep your crypto dealings private or at least relatively anonymous, especially online.

This is true among friends and family for different reasons. There will come a point in your learning where you discover something exciting in this rabbit hole, the whole thing clicks for you, and you become enthusiastic and want to share this with everyone around you. People around you then think you’ve joined a cult. It’s more than a stereotype; I’ve seen it many times. Even outside of crypto it’s usually recommended to avoid mixing business and pleasure. If someone listens to you and makes money they are rarely going to be grateful to you personally. If they listen and lose money you can easily damage relationships. So don’t go shilling your favorite memecoin at your next holiday party with friends and family. As an investment of your energy it just doesn’t provide a very good risk adjusted return.

In general, while I encourage everyone to talk about what blockchains can do and the benefits they bring, don’t talk your bags. It’s one thing to have an conversation about money being a social construct or the outrageous quicks of the banking system. It’s quite another to go around making grandiose claims you don’t have the means to back up in the moment while telling everyone to buy whatever coin/token you’re currently obsessed with. Don’t be that annoying guy. If you absolutely can’t resist or are obligated to answer because someone directly asks you I recommend you approach the topic like this guy. Your first objective is to dispel misconceptions and ask confounding questions that lead to thought experiments that the person might actually benefit from. Be Socratic. In my experience, the moment a listener perceives even an inkling of self-interest in the topic you will just be another scammer to them. Don’t talk your bags, your crypto is private.

Real Help Will Be Public

Given how overwhelmed you might feel at times when exploring something new it’s natural that you want to reach out and ask for help. If you do this in web3 on Discord, Twitter, or Reddit in most places the people who will respond to you, especially in DMs, are scammers. Your transaction failed trying to claim funds on whatever.finance? The scammers just see this guy. They can just smell the fresh blood. It’s literally their job hunt people like you. Legit people never DM you first. They’d rather answer your question in public so the response is indexed for the next people who search.

If a DM is necessary they will tell you to DM them. Scammers can easily impersonate legit people on social media. If you’re on Discord, they can DM you despite not even being on the server you’re asking for help from and therefore they are out of reach of the moderators of that protocol. They can use the same image and public alias as the legit person you are talking to. If you’re on Twitter they can use a subtly different name but have the same profile picture and pay $10 to have a blue checkmark next to their name. You’ll sometimes get two or three different accounts messaging you telling you similar things to make the answer look more credible. The differences are easy to miss, you are frustrated even before they reach you and are willing to try something new to fix the problem, and they’ll be readily available and eager to “help” you.

Nothing good will come from their help. They’ll try to send you to their help server to file a ticket. They’ll try to get you to install some custom wallet into your browser. They’ll send you to a website that asks for your private key. They’ll tell you there’s some manual workaround they will do for you if you just send your ERC-20 to their treasury address. These are all obvious red flags but before you even get there the first red flag is you are using DMs at all. Whenever someone reaches out to you first with any type of directions, it’s a red flag. Real help will be public.

Be Careful Who You Trust

Learning in this ecosystem can be frustrating at times. Everywhere you go everyone seems to know more than you about everything from macro economics, to how to read a chart and tell the future, an entire sailors dictionary of jargon from tradfi, to technical specifications of networks that you need a computer science degree to understand. It can all feel frustratingly out of reach but I’ll let you in on a secret: most people worth listening to are capable of explaining things in simple enough terms that you can understand it. If you are on their platform and they have all the space and time they need to explain something well yet they aren’t making the effort to explain it so you can understand it it could be their goal isn’t to be understood by you but rather to sound credible and confident so that you buy whatever they are selling. If you stumble into a conversation between two names that have a lot of followers and they are talking way above your head, you are not yet at a place where it’s worth reading whatever that is. If you’re outmatched to the degree that you aren’t prepared to sus out bullshit you shouldn’t be considering buying whatever anyone there is selling.

Generally speaking, your favorite crypto influencer is using you as exit liquidity. If you aren’t paying for a product, you are the product. If you can’t figure out how they are monetizing your attention, you can still be certain they are. They are monetizing your attention in every way they can. They are getting paid for ad space. They are executing trades before you can so you’re always buying at a higher price and selling at a lower price than them if you follow their moves. They need engagement numbers to raise more money from VCs and they need to sustain their token price to keep attention on their project. For all of the above, they need to retain your attention and they will use every cognitive bias at their disposal to do so. People often mistake confidence for aptitude. The loudest voices are those with the strongest incentives not those with the truth. But I will tell you this lesson from cycles past: the most boisterous sounding voices in the crowd have a storied history of imploding a year after you’ll first discover them. Be careful who you trust.

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A common framework I like to use to think about my investments [rightly, or wrongly, please feel free to critque].

Cash: cash is cash. The dollar is continuously being weakened, but it’s important to have cash as a buffer/layer of safety or to buy large dips. [3-5% Yield]

Stocks: The stock market has been absolutely ripping over the last decade. Important to DCA into stocks on a regular basis, but it’s never going to give you insane upside unless you pick a winner like Nvidia or Tesla and average in over a long period. [8-12% Yield]

Real Estate: Very manual, illiquid, challenging, costly, & time consuming investment [I have 9 rental properties]. Very difficult to scale and each house project takes at least 3 months min. [5-10% Yield annually]

ETH: Extremely volatile, nascent technology that has the potential to be the internet of value. Has loads of headwinds [regulatory, challengers, technological, financial] against it. Also has some of the smartest developers in the world working on it, and is at the bleeding edge of software.

Asking this to you all seriously, but if you have your bases covered with Cash, Retirement or Stocks-401K/Roth/IRA, Brokerage etc.., Real Estate, where else do you have the same amount of upside potential as ETH beyond an individual Tech stock like whatever the next Nvidia will be?

I don’t see anywhere else I can allocate my dollars that has the upside potential of ETH? Am I missing something?

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Relevant to lots of crypto (and tech) websites and generally for safety around them, given that this political event will probably force a change on a lot of domain names. In short, the .io TLD will disappear.

Relevant excerpt from this article explaining it:

Since 1968, the UK and U.S have operated a major military base on the Chagos Islands (officially known as the British Indian Ocean Territory) , but the neighboring nation of Mauritius has always disputed British sovereignty over them. The Mauritian government has long argued that the British illegally retained control when Mauritius gained independence. It has taken over 50 years, but that dispute has finally been resolved. In return for a 99-year lease for the military base, the islands will become part of Mauritius.

Once this treaty is signed, the British Indian Ocean Territory will cease to exist. Various international bodies will update their records. In particular, the International Standard for Organization (ISO) will remove country code “IO” from its specification. The Internet Assigned Numbers Authority (IANA), which creates and delegates top-level domains, uses this specification to determine which top-level country domains should exist. Once IO is removed, the IANA will refuse to allow any new registrations with a .io domain. It will also automatically begin the process of retiring existing ones. (There is no official count of the number of extant .io domains.)

Officially, .io—and countless websites—will disappear. At a time when domains can go for millions of dollars, it’s a shocking reminder that there are forces outside of the internet that still affect our digital lives.

However, note that some exceptions to the rules have been made for other commercially successful TLDs (source):

With the United Kingdom giving up sovereignty of the British Indian Ocean Territory to Mauritius[17] (but maintaining the military base on Diego Garcia via an initial 99 year lease), it is possible under IANA rules, the .io domain will eventually have to be phased out within the following several years,[18][19] although historically, some exceptions been granted, as was the case for .su.

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u/alexiskef

✨E✨t✨h✨e✨r✨e✨u✨m✨

u/FrenktheTank

$2380.07

u/ridgerunners

0.03893

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Walking in the dark,

Absence of knowledge was stark,

Computing proof benchmark.

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A little market lingo for noobs, when a pump falls back a little bit after sustained upward movement, it’s called a “correction”

When it falls back completely then dumps even further from where it started, it’s called “ethereum”

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Just wanted to share this cool dashboard showing the onchain activities of Optimism citizens/badge holders (of which there are quite a few in here):

https://dune.com/lamora/optimism-citizens

It shows a comparison with a control group of normal Optimism users, with metrics such as participation in other DAOs, usage of OP stack chains and web3 social media.

The biggest difference seems to be in adoption of Farcaster, with 59% of badgeholders using it compared to about 12% of regular users. It also really shows how much more popular Farcaster is than Lens, which is only used by about 11.4% of badgeholders (and less than 8% of regular users).

I’d be interested to see crossover metrics with those used for the EVMaverick Resume (https://dune.com/mtitus6/EVMavericks-Resume) such as the number of stakers, wallet age etc, and vis versa, showing EVM participation in other DAOs etc.

In fact, I wonder how many OP Citizens also hold an EVMav? It feels pretty stupid that I’ve been in crypto so long and never bothered to learn to use Dune, maybe that will be my project for the weekend…

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Ethereum mainnet gas at 23 Gwei right now.

Not in a bullrun, not in a mania phase. During a truly boring period.

While L2s scale us 23x. While active addresses are at an ATH of 10 million a week.

The market clearly doesn’t see it yet but here’s what will happen within a few months:

After years of underperformance, ether sees a sudden correction. Narratives immediately follow price action. Enthusiasm returns. Euphoria follows. Influencers on all sides start to pretend they all saw it coming. It was obvious. Activity skyrockets. L1 burn brings deflation back. L2 activity keeps growing, faster and faster. Millions of new users join the L2s. Blob usage reach max value. More users. Price discovery begins. Blobs start contributing to the burn. New L2s appear faster than you can follow. More institutional L2s. Blackrock L2. Stock market on L2. More users. Soon, L2 activity is higher than we can accommodate.

Ether price explodes.

Getting into eth action is 100x easier than last bullrun. People buy using paypal. People buy using debit card on Metamask. Coinbase sends their flux of new users to Base. More users. Ethereum starts to become a staple of reliability brands use in commercials. Institutions start to notice Ethereum. Mentioning Ethereum in business plans becomes as popular as AI currently is. Institutions want exposure, this time they can. More users. The ETF gains crazy popularity. Money inflows look like they’ll keep coming forever. Negative regulatory efforts don’t matter anymore, you can’t stop the infinity machine.

Ethereum made it. We made it.

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Max Resnick is back with some more bad takes.

For those that missed it, in yesterday’s Execution Layer meeting (discussion goes for about 30min) there was a discussion on whether to increase blobs from 4 to 5 and increase the blob target from 3 to 4 in Pectra A. The reason for this is to maintain adoption of blobs by L2s to help tide us over until we have PeerDAS.

Before continuing it’s important to note that the blobs we have now were always meant to be a stopgap until PeerDAS and network upgrades, which makes it more efficient to scale. We were never meant to scale blobs under current conditions.

There were mentions that some are already struggling with bandwidth, but was brushed off as anecdotal. Thankfully Potuz spoke up for home stakers and said we should treat data from both sides the same since those that are having no issues is anecdotal too. So there was agreement to get more data on this first before deciding whether to include these changes or not. Ryan Berckmans also made a post on the research forum for this data.

Today Ben Edgington, who is a major contributor to getting Ethereum to where it is today, wrote in a Twitter thread that he was seeing he was having signs of issues too.

In comes Max Resnick quote tweeting Ben’s post and the following conversation insued:

Max: Bandwidth capacity grows at 50% a year. Asking the entire global network to slow down while we are actively battling for market share with an extremely competent opponent because you live in a swamp with 12mb/s bandwidth is extremely selfish.

Ben: Where did I ask for the entire global network to slow down?

Max: You are literally saying your node can not keep up, so you want to propose fewer blobs in your blocks. Why don’t you shut your node down and unstake? You are slowing down the network by doing this.

Ben: I dislike your dystopian future.

Max: We can no longer afford to eat the cost of these luxury beliefs. Solo staking in a place where you do not have appropriate bandwidth imposes an externality on the network. If Ethereum doesn’t win, the world looks much more dystopian than a world where Ethereum sacrifices a few rural solo stakers in exchange for vastly increased performance.

end

Nixo put it perfectly with how it feels reading that:

That feeling when arrogant young blood opining on the future of Ethereum comes in hot and tells the one of the most OG cypherpunks I know, who literally wrote the book on Ethereum, to shut down his node and unstake [image of sad pepe looking out a rainy window]

And Max replies to nixo’s tweet with a gif saying to shut it down. What a disgrace.

To better understand how home stakers are doing bandwidth wise, please take this EthStaker survey (it’s POAP gated):

https://x.com/ethStaker/status/1839763102952501613

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Calling all home stakers! We’re looking to investigate if stakers would be concerned about increasing network bandwidth

Please help by filling out a quick survey: https://poap-feedback.deform.cc/Solo-Staker-Bandwidth-Survey/

You need one of the staking community POAPs to fill out the survey. Let me know if there are any we should add so you can fill this out.

Share on the everything app: https://x.com/ethStaker/status/1839763102952501613

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🥧 This Week - In the Ethereum Pie - Layer 2 update:
(I have a version with links but they are all to X posts…. Would that be allowed and more importantly would that be wanted?)

• Op Mainnet Transactions ~2x in the past 90 days
  
• Base begins its weekly Throughput hikes
  
• Starknet eyeing up to be the next L2 with +$100M Stablecoins
  
• L2s continue to increase the adoption rate of Stablecoins in the Ethereum Ecosystem
  
• 2 successful Gitcoin rounds – Thanks to all who donated
  
• Base is supporting builders around the world to fix local problems – 100ETH in Prizes
  
• Reminder to all builders to tag their contract addresses
  
• Metis having a new wave of active addresses
  
• Taiko reclaims 3rd place in Transaction Count
  
• Rent Paid to L1 up 400% - past 30 days
  
• Layer 2 Utility rising thanks to Account Abstraction
  
• Muti chain activity is up 12% this week
  
• Base however has seen a fall in Cross-Chain Activity
  
• Reminder we have had low fees for less than a year – Builders are building
  
• Team member Ahoura writes on “Is Ethereum experiencing an existential crisis?”

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After a decade in the crypto space, I finally became a victim of a scam. Fortunately, it was only for about $20 worth of useless Hamster Kombat tokens, and I was already fullly prepared for it to be a scam.

This was entirely expected. At least I got front-row tickets to see this shitshow, and it’s been the most fun I’ve had from the utterly-boring Hamster Kombat game.

Around this August, the HamsterKomat team promoted a non-KYC, no-gas method for the token airdrop that used the Ebi.xyz DEX. All the other airdrop methods uses CEXs that weren’t available in the US, so that was my only choice. I figured the airdrop would be tiny, and I couldn’t care less about it, so I picked it because it the easiest method.

I already knew Ebi.xyz was an unknown DEX that was created around the time that Hamster Kombat launched, possibly by the same Hamster Kombat team. Pretty much nothing is known about the real members of either team.

• 3 days before the airdrop, Ebi team said they had airdropped tokens to their users. We told them they were wrong.
• Around this time, the HamsterKombat sub shut down and disabled all new posts. The mods left and the remaining mod has since disappeared.
• On the day of the airdrop (Sept 26), Ebi congratulated everyone for receiving their airdrop
• Not a single person who used Ebi actually received their airdrop
• After a few hours, they said they were encountering technical difficulties, and their website became unavailable
• A few hours later, the website came back up, and Ebi said they were working through technical difficulties due to high volume
• By now, their Twitter account and Discord channel was full of thousands of people calling them scammers
• On Sept 27, they made an announcement that the Airdrop claims were live. We immediately checked, saw nothing, and told them they were full of shit.
• On Sept 28, the Ebi.xyz website went down for maintenance again and came back up 2 hours later. And none of us have received our tokens.
• The token price has been dropping about 15-30% every day, and we have no idea what they’re doing with our tokens.

And that wraps up what I know so far.

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Some pontification… I feel like I’ve been able to predict all the major tech trends from the last 25 years, whether it was operating systems, search engines, cloud computing, weed stocks, EVs, crypto, or AI. Right now, for the first time in a long time, I just don’t know.

AI, at least at the startup stage, is clearly in a bubble. I strongly believe in the transformative power of AI but it’s already had its 10x recently and random VC investments I’m reviewing are raising $100M just for mentioning AI. Do you honestly expect NVDA to do another 10x from here? You can buy MSFT and just sit on it or something broad spectrum like VTI and probably make your 8% a year but that’s not a play for risk-seeking capital like all these other bets have been. Gold’s been having a great run with nation states trying to de-dollarize and basically rotating US bond reserves into precious metal reserves but even if I’m up like 40% there it’s just boring and I don’t see a future in it outside of the current run. Maybe I need to look into emerging markets? Maybe there just is no 1000% tech investment to be found right now and I just need to stay informed, preserve capital, and wait? In the meantime I’m just parked barbell style in liquidity farming and working the fiat mines but it increasingly feels like if I’m not making 10% a year on my whole portfolio I’ll be falling behind to inflation let alone able to live off my assets.

I feel like I have enough most people would consider me wealthy but increasingly capital is the only thing that will make money in the world while the supply and demand of human labor will be increasingly out of balance as AI accelerates. Child care costs over $2k a month while the employees watch 8 kids each and make like $10-15/hr. Universities put students hundreds of thousands into student debt yet lecturers are working multiple jobs to get by. The medical industry and end of life care is going to systemically drain all the boomers wealth before it passes down but the caretakers of those facilities are overworked and couldn’t afford a room at the facilities they work at. All of our services seem to cost astronomical amounts compared to pre-covid but the people doing the work aren’t making that. So who is? Capital.

You can see what’s happening to the 98% of people already left behind. Now add in AI displacing tens of millions of jobs over the next decade. As is the nature of automation, it will replace labor with profits to AI companies but a 10/1 ratio. I once led a team of AI engineers that was automating the jobs of 200 workers at $15 an hour per engineer per year. The software was considered a depreciating asset with a three year shelf life so we were considered to be making $18M in savings per engineer per year. That was 6 years ago; the technology is much more powerful now.

I feel like there’s this metaphorical wave I need to catch and I’m just behind the crest of it working hard to get on top of it so I can let the water do the work instead of me padding the whole way. The fear of being left behind keeps me motivated but it’s not a happy mindset. The way out of it is to combine let the fiat mines pay the bills while I find the next 5x tech innovation to ride up but again I feel stumped there for the first time in a long time.

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Regarding eth-usd Google data: You may have noticed Google removed the nice chart in search results. This data used to be powered by CoinMarketCap.

Earlier in the month, the data just stopped and was stuck.

Myself and other members of this community called attention to Google (and I tried getting in touch with CoinMarketCap, but, no surprise, no one responded). Last week, a Google search for “eth-usd” started working again, but without a chart. It’s actually returning data from Yahoo! Finance.

I also noticed that my Google Sheets function (=GOOGLEFINANCE("ETHUSD")) was still stuck on the wrong price, so I clicked the “Disclaimer” in the footer of Google Sheets around stock/currency prices, which led me to this familiar page: https://www.google.com/googlefinance/disclaimer/

HOWEVER, the provider of cryptocurrency data has changed from CoinMarketCap to Morningstar (I assume this Morningstar).

I can’t find the price of regular old ETH (or BTC or anything else crypto-related that’s not a fund) on their public site, but maybe it’s behind a login/paywall.

Anyway, the point is, Google must be aware shit’s not working, but they didn’t really fix anything yet. I encourage you to click those little “Help” buttons/links in Sheets or in Search or in your Admin Console and complain! Squeaky wheel and all that!

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Something’s brewing in Chinese markets. I’m sure you guys remember the Chinese housing market was going through a bubble pop and property prices had come down significantly from their peak over there. With lots of property in horrendous conditions, lots of property being liquidated at low prices but nobody purchasing them, etc.

Recently the People’s Bank of China announced several measures that in isolation might seem appropriate to stimulate the economy, but when combined all together generate a crazy amount of stimulus. This is with the intend of pushing economic growth up, increasing stock market prices and increasing property prices.

The measures are:

• Interest rates paid to savings in banks were pushed down from 1.7% to 1.5% - The lowest interest rate in its history. This is intended to push banks to seek to lend more and the movement of savings into the market for investment.

• The % of deposits that must be covered by liquid reserves in banks (only for the largest banks). It used to be 10% but it’s been reduced to 9.5%. Its lowest level since 2007. This is expected to come down even more in the future. This allows them to use this additional liquidity to provide more credit. Approximately an additional injection of about 140 billion USD equivalent of liquidity.

• Cut of interest rates for business debt and mortgages, reduced from 3.35% to 3.15%. Incentivising more lending for families and businesses.

Additionally, they want to create a new monetary policy tool to refloat the stock market, a swap program for securities, insurance companies and funds to obtain liquidity through asset collateralization, essentially collateralized lending.

This essentially opens up 500 billion yan (~70 billion USD) of liquidity with possible expansions in the future.

They’re also intending to create a fund to ‘stabilize the stock market’. Essentially a centrally planned monetary policy plan to artificially push the stock market up and property.

Lastly, for property purchases, they want to reduce the barrier of entry for 2nd home purchases, which used to be limited for banks to lend about 75% of the value of the property, but now banks can lend about 85% of the value of the property. For smaller local government entities, banks will be allowed to lend 100% of the value of properties if those local government entities want to buy those ‘unpurchaseable’ properties. Up until now banks were allowed to lend 60% of the value of those properties to those local government entities.

The People’s Bank of China also said that this ‘won’t be enough’ and that they will have to resort to fiscal stimulus as well.

Since September 13th, the CSI 300 (capitalization-weighted stock market index designed to replicate the performance of the top 300 stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange) has since risen in price about 27%.

Generally if you’re invested in this market, congratulations. For everyone else, this is generally very risky. Every time megastimulus plans like these are launched, enormous amounts of liquidity flow into perhaps not the most productive places in the economy, but instead often times those targeted sectors affected by the stimulus, regardless of the productivity of these markets or if they can even recover.

The fear and greed index of the CSI 300 and the ETF call volume have both risen to their highest level since 2015.

TL;DR: The People’s Bank of China is applying a megastimulus to the economy to refloat the stock and property markets to a concerning extent.

Some articles in case anyone wants to do more reading:

• https://www.reuters.com/world/china/china-unveils-broad-stimulus-measures-revive-economy-2024-09-24/

• https://www.reuters.com/business/finance/chinas-central-bank-buys-200-bln-yuan-sovereign-bonds-september-2024-09-30/

• https://www.reuters.com/markets/asia/chinas-central-bank-cuts-banks-reserve-requirement-ratio-by-50-bps-2024-09-27/

• https://www.economist.com/finance-and-economics/2024/09/27/at-last-china-pulls-the-trigger-on-a-bold-stimulus-package

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Eigenlayer is a restaking protocol, which means it provides security/ trust for new protocols/ products that don’t have the time/ money/ community to build it from scratch. People stake ETH to secure Ethereum and the same collateral can be reused (“restaked”) to secure new L1s, L2s, oracles etc.

Usually when you stake, you can be slashed when you misbehave. When you try to misbehave (e.g. double spend) on ETH mainnet this can (and will) be slashed and you will lose ETH as a consequence because this happens onchain and is easy to judge.

But there are things that the blockchain/ nodes can’t detect or that aren’t easy to judge. These decisions are “intersubjective”. Slashing isn’t possible. One famous example is a data availability layer where a node withholds information. This doesn’t happen onchain, because the submission of the data happens offchain.

For these “intersubjective” cases $EIGEN comes into play. If people believe that nodes misbehaved they challenge the nodes, fork $EIGEN and hope that others follow their arguments and make their $EIGEN fork the new central token within Eigenlayer. Eigenlayer obviously can’t and shouldn’t even try to fork ETH, so they created their own token to take this task.

tl;dr

ETH is used for objective misbehaviour

EIGEN is used of intersubjective misbehaviour

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u/austonst:

Also posted in r/ethstaker, but I don’t think people will mind seeing it here too:

I’d like to share an article I’ve written about what u/KuDeTa and I are doing with respect to block proposal timing games for the Aestus relay. We’ve been experimenting with timing games for a while and in the interest of transparency would like to share our motivation, proposer-configurable parameters, and a bit of data.

The full article is here: https://hackmd.io/@austonst-aestus/BJsvEoia6

It’s a little long to copy directly onto Reddit, but I can provide and elaborate on the main points:

• Block proposal timing games are unavoidable; at this point the best outcome is ensuring democratized access to high-quality timing management tools.
• Aestus will apply a safe delay to all getHeader requests coming from validators identified by user agent.
• Aestus’s default timing games implementation results in a median delay of 735 ms.
• Validators looking to be more conservative or more aggressive may customize parameters by appending ?headerDelay={ms}&headerCutoff={ms} to the Aestus listing in their mev-boost relay list.
• We encourage staking pools and relays to be transparent about timing games.

If you need some background on timing games, I provide a few links at the start. Timing games aren’t a good thing in general: they’re zero-sum for proposers and basically negative-sum when you consider the impact on network health. You can draw reasonable comparisons to an iterated n-player prisoner’s dilemma, where once you know a handful of actors are always going to defect, it’s in your best interest to defect as well, if only to mitigate your losses.

But this isn’t too different from mev-boost: if we can’t solve the problem (without protocol changes) we can at least reduce the advantage sophisticated actors have over everyone else. And when it comes to timing games, implementing them on the relay side with a careful eye towards consensus health should accomplish this. The article should cover the rest.

To quickly address the current hot topic, the blob-shaped elephant in the room whose ISP strangles their upload bandwidth: yeah, relay-side timing games will delay block publication (that’s the point), giving less time for blobs to propagate around the network. But when you accept a bid over mev-boost, the relay–with its well-connected clients and prime data center location–will be the one responsible for initial block propagation.

If you use mev-boost with relay-side timing games, the block may be delayed but you can trust the relay to propagate it fast. If you don’t use mev-boost at all, your client will produce a block ASAP but you need to trust your own network to propagate it. The middle ground may be more interesting: mev-boost with timing games AND a --min-bid means you delay block production but may end up responsible for your own block propagation.

If you’re a validator concerned about local propagation after delays, you could specify ?headerDelay=0 in your Aestus mev-boost entry to disable timing games at the cost of lowering bid value, though if you’re doing that, make sure to also remove Ultrasound and BloXroute relays from your list, as they also run timing games (BloXroute does allow for timing configuration, but I think you need to pay for their validator gateway service separately). There’s no point in making Aestus return a bid early if your mev-boost client is just going to sit there waiting 900 ms for the other relays’ responses.

I’m always happy to discuss. Feel free to reply or reach out directly.

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u/haurog:

I dislike every part of this, but unfortunately timing games are a reality. Thank you for the transparency, making a reasonable compromise and especially the possibility to change the defaults. I think currently there is very little incentive for solo stakers to actively optimize for timing games as the execution layer income is just a small part of the overall income. As far as I see this year execution income is slightly above 10% of the overall staking income, at least for the 20 random validators I checked, and increasing that by timing games by another 1-2 percentage points is not really a lot. At least for me it is not worth it to compromise the network integrity over it. Obviously there are different opinions about it. If the MEV opportunity increases again it might become a more substantial part of the revenue. I think overall it shows for how little reward some actors are ready to compromise the Network. Not really surprising, but just interesting to keep in mind.

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u/DayTraderBiH

Ethereum

u/FrenktheTank

$2645.30

u/M4gelock

0.04053 grandpas

u/usesbinkvideo

90,891 hodlers subscribed! (+8)

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Caroline got two,

Crypto market bumps into,

Sam is a crook too.

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Even Google realizes the price is never going to change.

Context: When you google “eth price” it was stuck on September 14th’s price, this feature has since been removed all together while remaining for BTC 😔

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Oh my god you guys. Who’s cutting onions in here? 🥹

Yes I’m coming to Hodlercon now!!! I am at a loss for words with your generosity! I am so grateful to be a part of this wonderful community and the doots won’t die until this subreddit dies or I do… (unless Reddit nukes my account or something, but I’m sure I’d find a way around it though). Anyway, through the incredibly kind funding, raising 1.2 ETH from from u/superphiz, u/allinat40, u/haurog, u/alexiskef, u/shiftli, u/KuDeTa, u/Gumpa-Bucky, u/austonst and u/da3vr, I will absolutely be seeing you all in Phuket!

As a token of my appreciation I will be sending out a POAP soon (please DM me if you donated from a CEX or not your POAP wallet with your preferred wallet). I also have some ideas for a special something to give each of you in person (please let me know if any of you won’t be at Hodlercon). Nothing big, but hopefully something meaningful, think of it like a physical POAP. No promises just yet but I’ve got an idea of something I may be able to do.

I have already checked and I can definitely change my flight for minimal extra cost. I still need to figure out the logistics, ie can I fly out of Phuket to Aus/NZ or do I need to go back to Bangkok but it seems I can change my flight and get credit for another flight for no extra cost! This just leaves any extra cost for getting to Phuket, the Hodlercon ticket, accommodation, food and airport parking for an extra week. All of which I have no reason to believe will go over my newly increased budget.

I also just want to say it was impressive/bold of you all to remember/have faith that tricky.eth was indeed my address. I have rarely mentioned that and it could’ve gone very wrong if you had the wrong address haha.

Finally, I just want to say that this community never disappoints and all of the work being done around the doots now with the podcast is incredibly motivating for me. I love to see the awesome things coming to fruition out from this community and I hope this is just the beginning.

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Just watched the documentary about Ethereum and Vitalik. I thought it was pretty good overall. There’s a great scene with a recording of Charles crying about how he won’t become a CEO because Ethereum is going to be a public good (I’m paraphrasing). Gave me a good chuckle. The movie is here https://ethereumfilm.xyz/. Costs $20 in ETH for a streaming ticket, but this is stuff I like to see onchain, so props.

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In the all Core Devs Consensus call last Thursday they discussed the size of the upcoming Pectra Fork. They pretty much decided to make the Pectra fork much smaller again and split it into two hard forks. In essence all the EIPs that are currently being live on devnets (i.e. internal testnets) will be bundled into the first upgrade, whereas anything not part of these devnets will get its own hard fork later on. The reasoning is that the EIPs that are currently tested will soon be ready for public testnets and then mainnet. Waiting for the other EIPs to be ready would delay these upgrades by several months. More details about the reasoning can be found here: https://hackmd.io/@ralexstokes/rJVuKtlpR

As it currently stands it is planned to have the the following EIPS in Pectra 1

• EIP-2537: Precompile for BLS12-381 curve operations

• EIP-2935: Save historical block hashes in state

• EIP-6110: Supply validator deposits on chain

• EIP-7002: Execution layer triggerable exits

• EIP-7251: Increase the MAX_EFFECTIVE_BALANCE

• EIP-7549: Move committee index outside Attestation

• EIP-7685: General purpose execution layer requests

• EIP-7702: Set EOA account code for one transaction

Most important for stakers are the maxEB (EIP 7251) and EL triggerable exits (EIP 7002) changes. These two allow a single validator to have up to 2048 ETH in balance and the advantage that one can trigger a validator exit by signing a message from the withdrawal address. The account abstraction EIP (7702) is interesting as it allows and EOA account to behave like a smart contract account. There is also the discussion to include a smaller change which would increase the Blob target and max from the current 3/6 to either 4/6 or higher numbers. But there is no consensus about this yet.

Notably absent from this list are the bigger EIPs (PeerDAS and EOF). This means we are pretty much at the size of Pectra as it was initially planned (until May 2024), right before the size blew up massively by including PeerDAS and EOF. The plan is to have the first upgrade at the beginning of next year (q1/q2) whereas the second upgrade with PeerDAS and EOF would be at the end of next year. Obviously this still is in discussion so details might change. No idea what this means for the already scoped Verkle tree upgrade which is a large execution layer change which was planned to come afterwards. I guess the next few weeks will give more clarity.

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The bankless episode with Mike Neuder was pretty interesting. I am not yet done, but one thing caught my attention: I think we discussed centralized sequencers here probably years ago and pointed out that these aren’t perfect, but that we expect some L2s to have only one sequencer that will do all the work and that there will be some decentralized L2s. My mental model from these discussions was “there will be a bit of everything”.

Mike yesterday basically said that he expects “all” (most) L2s to have a decentralized sequencer and that it is the best strategy for them, because they won’t be more decentralized than L1, inherit all the necessary properties from l1 and shouldn’t even try emphasize that dimension. His conclusion is more or less that real-time censorship resistance is cool (which is the result of decentralized sequencing), but it’s probably not as important with the possibility of forced inclusion via L1.

Is a decentralized sequencer only important in our bubble? The more I think about, the more I believe it is - and we are a niche, so developing for us and similar users might be good enough for one or two L2s, but that’s it. So will we see 99.9% of the sequencers running on one machine?

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https://warpcast.com/growthepie/0xd8c82434

It’s gonna keep happening. Excess supply of blockspace will eventually be gobbled up. Even if it’s to do the same stuff but leaner, easier, more user friendly.

https://reddit.com/r/ethfinance/comments/14l05iz/daily_general_discussion_june_28_2023/jptzgx4/

Even without new use cases that are brought forward with cheaper blockspace, which I think there are, there is a lot of pent-up blockspace demand in the form of better UX and easier to write code.

We saw something similar with our computers and the internet. As the resources available were scaled up, the computers didn’t get much faster to do the same things we were doing. And web pages didn’t load up faster. Instead, a lot of those extra new resources went into nicer UX and cheaper/easier to deliver code. We are in the era of smart contract programmers thinking long and hard about how they implement the functionality to minimize gas costs, looking at OPCODES and trying find microoptimizations to squeeze those extra gas savings. There was a time when programmers thought long and hard about the performance of their applications and would often go to assembly to optimize them. For most use cases programmers don’t do that anymore because CPU cycles have become so cheap that it’s silly to optimize for that. The same will happen with blockspace, as it becomes cheaper and cheaper we will start to use it less efficiently in exchange for improved UX or easier code.

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As a casual hobbyist developer, I keep hitting a wall at the block explorer verification step.

You can write just about any smart contract idea you have by messing around in Remix IDE. You can deploy it to the blockchain. It will run on its own forever on a permissionless network for everyone to interact with. Thirdparties can even build more stuff on top of your contracts. Amazing!

But the moment you want to make your code easy to check on a centralized block explorer? There’s this huge skill bump, where you need to use the command line, install git/nodejs/npm/truffle/hardhat/scoop/foundry and a million of other things, and none of it works anyway.

Well, I say “you”, it is of course “me”, dumb old me who never gets this stuff.

But, still, isn’t this wild? Intuitively it feels like the hard part would be, you know, building the actual thing? Rather than proving the thing you built is what you say it is.

Imports used to be my main grievance. Now I’m discovering the fresh hell that is –via-ir verification. At least now I have AI… To help me fail faster.

– edit: finally found a way! Nothing like a good rant in public to have a breakthrough.

For any other tortured soul who might end up in the same situation, the working path was

1. “generate contract metadata” ticked on in Remix IDE

2. get the giganormous hexadecimal .json in artifacts/build-info folder

3. crop its contents to keep just the “language”, “settings” and “sources” bits

4. on the block explorer verification page, use Solidity Standard-Json-Input in the compiler type dropdown panel

5. It Just Works.

The world is saved. Praise Vitalik. Praise all of you. I love you all. Good night.

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“It’s different this time”

Just sharing some ramblings to help me solidify my theory on where we go from here.

I was a bit worried for a while, when the hype of the Bitcoin ETFs was going on it all got a bit too excited, too quick for me for a while, I was slightly concerned the 4 year cycle wasn’t gonna happen as usual.

We seem to be back on course. Bitcoin still rules the jungle (for now) so what is happening with it still matters deeply for Ethereum.

Rate cuts have started in the US, the rest of the world has largely yet to follow course but they will as the cycle turns. Gold is rising and Peter Schiff is getting all excited about it but what usually follows after this is Bitcoin making him eat his words. Pretty sure this will happen again.

In my gut, I think there is one more big drop still to come, there is usually some event that scares people witless before we go to Valhalla. Would love to be wrong on this and we go straight there from this but it fits the usual pattern. From there we start marching on with Bitcoin leading the charge.

Next what happens is money starts to look elsewhere and the fabled Altcoin season has its time to shine. I think Ethereum will start attracting attention sooner rather than later and considering the hate it seems to be getting lately, it will be a glorious, hated rally by those who miss out.

I’m sure others will pump but I’m not worried by the likes of Solana etc. It’s still a centralised shitcoin that’s good for meme coins but anything else? Pretty sure it will go the way of EoS, Cardano and all the other so called Eth killers in the long term.

I’ve been staying well way from buying any crypto other than BTC/ETH since the 2017 cycle and sure I’ve missed out on shit but I’m in it for the long haul.

We have ETH ETFs and we’ve moved to PoS so all those ESG/green funds can take part that can’t in Bitcoin.

We have scale this time, L2s are growing and growing.

Crypto is getting easier and easier to use.

Still waiting to see what the next narrative will be, we had ICOs, DEFI, NFTs all started on Ethereum to kick things off before, what will be next? Is it time for the long talked about real-world assets to enter the party this time?

Ignore all the noise, am pretty sure that we see a great bull market starting as per the usual 4 year cycle. I might even sell some of my precious ETH for the first time this time around :)

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I have finished the recent bankless episode with Max Resnick called “Is the Ethereum Roadmap Off Track?”: https://www.youtube.com/watch?v=FLUJ0uLye0U

I knew it will be difficult to listen to for me and I ranted about the guest a bit here before. It is mostly due to the guest being unable to contribute in any meaningful way to the discussion and making false statements everywhere. Now that I have finished it, my conclusion is: should we really listen to someone on their opinions about rollups who seems to have such a gross misunderstanding how this stuff works. He might have very good opinions about the MEV part of the roadmap or about auctions, I cannot judge that but he seems unable to understand how the rollup part really works.

I keep it to the largest issues I have heard and leave out many smaller wrong statements the guest made. To be very clear, my understanding of rollups has a lot of gaps, so please correct me if I am stating something wrong here I am eager to be corrected and learn.

After the 55 minute mark he states

ZK technology inherently compresses the state whereas the optimistic rollups have to put the transactions on chain and maybe they can run a little bit of compression but it’s not nearly the amount of compression you can get with uh ZK roll up

Wrong. There is no compression in ZK technology used today in rollups. The zk part just gives a relatively short string of numbers and characters which prove that the calculation state transitions has been done right. There is no extractable information about the state in this proof. Both rollup types have to put all transactions on chain via blobs. Many people use the simplified term ‘compression’ to get the meaning across, but this is not an accurate description of what is happening in the case of ZK rollups. It really seems like Max took the marketing term of ZK is compression and went with it without understanding what is happening and to draw his conclusions based on this flawed understanding. To make matters worse optimistic rollups do have less overhead in the calldata as they do not have to publish a fraud proof. So it is actually the exact inverse from what he says. Don’t get me wrong I am a big fan of zk rollups and really hope they will dominate in the coming years. Max is just wrong here from a technical point.

let let me just be very precise that optimistic rollup does not actually substantially reduce the amount of bandwidth required

This is very wrong the bandwidth requirement can get reduced by the same amount in zk rollups and optimistic rollups. They both publish all transactions in the same way into blobs. They can employ the same optimization techniques to reduce the size of this blob data. Zk rollups have a slight overhead so use a bit more bandwidth. If he would have read/understood vitaliks post about rollups he would know that: https://vitalik.eth.limo/general/2021/01/05/rollup.html

like we can start to build uh ZK compression into the L1 as well and that would reduce the bandwidth requirements

Again the ‘compression’ which does not really exist. But on the L1 ZK technology can be used to massively reduce the bandwidth and still validate that the state transition has been applied correctly. The node would not know the actual state but it could validate that it is correct. Like the Mina L1 does zk proofs of their state transitions. So, the statement is only half wrong.

from a bandwidth perspective you have almost the same usage from a optimistic L2 as you would if it was happening on the layer one and the only thing you’re saving is on execution

Bandwidth argument is wrong, as explained above. One massively saves on execution in both cases of rollups though.

I think his misunderstanding of the ZK part in zk rollups works fits into his initial rant at the beginning of the episode where he accused the EF and companies behind optimistic rollups to have pushed a roadmap which is against zk rollups. If one does not understand what zk rollups really need it is a bit bold to accuse someone of pushing a wrong roadmap which actually massively benefits zk rollups as well.

we do need to take some tools from the newer blockchains one of them in particular is this kind of parallel execution

Parallel exection is already part of Besu: https://besu.hyperledger.org/development/public-networks/concepts/parallel-transaction-execution

if optimism is not arbitrum then by the transitive property cannot also be the case that optimism is ethereum and arbitrum is ethereum because then arbitrum would be optimism this is like a fundamental contradiction

I am just weirded out by this statement as the transitive relation in mathematics is not really something I would apply here to try to prove something. It is pretty normal to have a subgroup being part of a bigger group but two subgroups not being the same. I am thinking about the taxonomy hierarchy in biology. A lion and a tiger are not the same species, but they still belong to the same genus called ‘panthera’. That is how I think about the Ethereum ecosystem and the rollups. This is not really an important statement by him it just shows that he is using vocabulary to sound more important but applying things in a way which does not really make too much sense.

Rant finished. I now definitely have a worse opinion about him because he does hold strong opinions about things which he apparently does not really understand. This makes it very hard to judge if his opinions are worth considering as one cannot really say from his statements where the limit of his knowledge is. Everything has the same strong absolute language there is no nuance, nothing. And only if one perfectly understands the underlying technology one can judge if his statement makes sense. That is not very helpful for most people at all.

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Yesterday I announced the “Goodbye Danny” POAP, it’s a POAP to appreciate the contributions of Danny Ryan, the person who is most responsible for the Ethereum beacon chain as we know it.

It’s launching with a new POAP platform, called “Airship”. Airship lets you send funds to an address to receive a POAP without the need to connect to any web3 browser wallet. Effectively, if you send 0.001 Ether (exactly $5.00 at today’s prices) to theprotocolguild.eth on mainnet, you will receive the POAP in about a minute. This is kind of a cool evolution and I’m excited to see where it will go.

https://airship.poap.xyz/danny

* Also, I definitely encourage gaming this to get the POAP with a minimal gas cost. How low can you go? The worst that could happen is a dropped tx and you can just try again later.

** depending on how well you know this stuff, setting a very low gas price can effectively get your wallet stuck since all transactions are processed in order. There are ways around this, but i didn’t want to surprise anyone.

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Some thoughts on EigenLayer’s Operator Set security model.

AVSs assign operators to operating sets. I don’t know if this means that by default all AVSs are whitelist only but it certainly reads that way. It’s not the epitome of permissionless if true.

Stakers delegate stake to operators. How do stakers find an operator to delegate to? At the moment there’s a list on the EigenLayer website which basically means EigenLayer can exclude an operator from participating just by censoring them here. At the protocol level though I don’t believe they have any power so it’s just like Uniswap with their front end which I guess is good enough. The bigger problem though is why does a staker trust an operator to delegate to them. At the moment the only answer here is trust. You are either trusting someone you know like Aestus or you are trusting an LRT to underwrite for you, KYC your operators, etc. We need a better answer here.

Operators then assign unique stake to operator sets. The goal here seems to be to prevent restaked ETH from being restaked multiple times which is confusing to me. It’s already the case that the underlying stake securing a task can become unbacked, why is it suddenly different if it becomes unbacked within EigenLayer rather than at the LST level? The proper answer here is that capital should be reusable to the extent that the cost of dishonesty still outweighs the profit from dishonesty. The cost of dishonesty is the stake being slashed. The profit from dishonesty scales with the amount of promises you’re allowed to make with that stake. I don’t see how this security model is even attempting to discover a rational answer to that equation.

Within an operator set, operators are expected to vote on whether the answers of other operators are correct. Their vote is weighted by the stake they assigned to that operator set. The thing that feels wrong about this design is we are using restaked ETH as a Sybil resistance source when the nature of being an operator on an AVS consists of doing provable work. Why not just use the proof of work as the Sybil resistance source for this? I have the same feedback for subnets on BitTensor. Why do we need validators for that at all when the miners have the hardware to validate and the miners have to do work so the system can’t be Sybiled?

They state that if a malicious operator takes over the operator set the system can slash him. I assume this refers to the EIGEN governance system above the AVS but they aren’t explicit about this. All they say is that the only stake at risk within an operator set is the stake assigned to the operator set. I refer to stake voting schemes as subjective consensus. Ultimately, even with objective proof systems it still comes down to who runs what software e.g. Ethereum layer 0, but why involve local operator set at all at that point since the EIGEN governance system participants will apparently be required to host all the proof-validators for all AVSs since operators in every AVS will be allowed to appeal to them? If the goal is to reduce the computational load on the EIGEN governance system participants then I’d say you should first vote using PoW within an operator set then appeal to a contest amongst all the operator sets on the matter and every appeal should require slashable stake to initiate. That looks a lot more like the Colony governance design than what I just read. It’s also worth noting that an operator only needs to be slashed in an eventually consistent way so zk-proofs that rely on repeated games are perfectly valid here. There’s a long unlock period for validators to unstake from AVSs.

I also don’t know what happens in this model if a staker undelegates to an operator. Which operator sets is the unique stake removed from? Is it proportionate, LIFO, etc? And how does stake affect rewards? Can an operator just forfeit their operator set consensus power but do honest work without any unique stake and still be rewarded? There’s just a lot of undefined aspects to this system at the moment.

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u/spupul6

Ethereum

u/UgotTrisomy21

$2539

u/TimbukNine

0.03987

u/usesbinkvideo

90,873 HODLERS SUBSCRIBED (+6)

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Know where you belong,

Interest rates bang a gong,

Ether sings along.

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༼ つ ◕◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕◕ ༽つ

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GM EthFam, I’ve got an idea, feel free to veto it, but hear me out first…

Premise 1: We are pretty well represented in many of the biggest DAOs: https://dailydoots.com/#delegates;

Premise 2: Those DAO’s control treasuries worth over $20 billion: https://deepdao.io/organizations;

Premise 3: To successfully take over 50% of Bitcoin’s hashrate (either by buying ASICs or setting up facilities to manufacture them yourself) would cost ~ $20 billion: https://blockchainbeat.co/how-much-to-hack-bitcoin-and-ethereum-study-reveals-price/;

Conclusion: EthFinance should orchestrate the take down of Bitcoin, then the annoying trolls that have been showing up here the last few days would be less obnoxious, mods would have less work to do, and the daily threads would be less cluttered.

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zksync governance went live yesterday. There are no proposals yet, but at least everything seems to be set up technically. Since I am one of the ETHFinance delegates, I had been visiting the page regularly to check for updates. That’s why I noticed some interesting changes in voting power, some examples:

• Stani (from AAVE): 9M in August, 45M in September

• Baki Er: 12M in August, 61M in September

• polynya: 8M in August, 38M in September

2 of the top 3 delegates (syncswap, l2beat and olimpio) are more or less unchanged with the exception of L2beat. They have more than doubled in voting power (from 47M to 106M)

For Stani and Baki Er the changes are perfectly visible in the chart on the right hand side here. For polynya I checked the “Received Delegations” tab in their delegate profile. All three profiles show basically the same, huge delegations on both the September 9th and September 12th.

So where do all these delegated tokens come from? The biggest delegation to polynya is from this account which is basically non-existent onchain according to the zksync explorer. It received the zk tokens 3 months ago from a wallet that received 6999999300 zk tokens and has been transfering the tokens to a lot of new addresses. I did a quick check and most of these accounts don’t show any activity. The top delegations to both Stani and Baki Er from the past couple of days show basicalyl the exact same patterns…

With some basic maths we can see that 6.9B is basically 33% of the total supply - which makes me think, this is likely the wallet that distributes to team and investors, because according to this blog post that’s the only receiving party that makes sense?

So are these changes in voting power just team members and investors delegating their (locked) tokens just before governance goes live? Did zksync just tell everyone to delegate? I don’t see any other explanation, but maybe I am completely off? Any other ideas?

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The US SEC backpeddled and finally admitted that cryptocurrencies are not “securities” but simply “crypto assets”.

There were multiple articles that covered this yesterday:

• Be In Crypto: SEC Clarifies What Crypto Asset Securities Means
• Cointelegraph: SEC ‘regrets any confusion’ from dubbing tokens as securities: filing
• Decrypt: Kraken Pushes for Jury Trial in SEC Lawsuit, Rails Against ‘Crypto Asset Securities’ Claims
• U Today: SEC Just “Conceded” That ETH Is Not Security, Coinbase’s Top Lawyer Says
• Crypto News: SEC backtracks on ‘crypto asset securities’ claim in Binance suit

In summary, the SEC admitted that they didn’t consider cryptocurrencies as “securities” but as “crypto assets”. (Note that this only applies within the US, and many other countries never classified crypto as securities in the first place but as “digital assets”.)

“With its use of the term ‘crypto asset securities,’ the SEC is not referring to the crypto asset itself as the security,” the agency said. Instead, a token’s status as a security “consists of the full set of contracts, expectations, and understandings centered on the sales and distribution of the [crypto asset],” it said, citing language from an earlier filing.

Thus cryptocurrencies are not securities, but how they’re offered along with contracts and expectations can be considered securities.

That’s what Coinbase, Binance, Kraken, and the entire crypto community have been saying all along, and it took the SEC this long to finally admit it in court.

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Things are starting to (finally) take shape for HodlerCon 2024 Thailand Edition. If you’re planning on going to DevCon in Thailand this could be the perfect opportunity for you to spend some time with your EthFinance Fam.

We’ll be in Phuket from Nov 16th - 23rd at the Pullman Panwa Beach. Cost of the hotel is $800 and I have 30 rooms currently on hold. If your interested in coming to HodlerCon, fill out the hotel interest form.

Here’s some of the events from the itinerary:

• Pool party at the hotel
• Phuket Food tour
• See the Big Buddha
• All day boat trip to Phi Phi Island
• Visit an Elephant sanctuary

We’re still working on the final price for the event ticket. Want to stay up to date on what’s happening Join the Discord.

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beautiful writeup on an alternate reality where we went all in on L1 scaling (it did not end well) https://x.com/domothy/status/1835188625950101590

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Upcoming EthStaker community calls:

- Lido CSM: Run a validator with 2 ETH - 19 Sep, 4pm UTC
- NodeSet: Become part of a curated operator set - 25 Sep, 4pm UTC
- Puffer: Run a validator with 1 ETH - 2 Oct, 3pm UTC
- Stereum: Run a validator on easy mode - 9 Oct, 4pm UTC
- Ephemery testnet: Help test upgrades by running testnet validators - 14 Oct, 4pm UTC

https://x.com/ethStaker/status/1835768317015101472

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Google is coming further and further into the web3 game. They started supporting ENS addresses some time ago and directly show a summary of the address in the search results. Today they announced that they provide Ethereum RPC endpoints for developers for mainnet and testnets: https://cloud.google.com/blog/topics/financial-services/introducing-blockchain-rpc-service-for-web3-builders

I guess this is a continuation of what started a year ago when they becam part of the holesky genesis validators and they run 10k holesky validators: <https:// explorer.rated.network/o/Google%20Cloud%20Web3?network=holesky&timeWindow=1d&idType=nodeOperator>

This new announcement is in direct competition to Alchemy, Infura and all the other commercial RPC providers. Pretty impressive how these large companies enter the Ethereum ecosystem bit by bit. And this time it is definitely not because of a hype they have to sell to their shareholders but probably rather strategically to get a foot into the door of the Ethereum space.

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The next section of my Rabbit Hole Explorer’s Guide is all about managing risk.

Don’t Invest More Than You Can Afford to Lose

Crypto is full of amazing heights and soul-crushing lows. The fact that there have been multiple 90% drops and it is still the best performing asset class in the last decade is incredible. However, you can’t always afford to ride it out. The crypto highs and lows tend to follow the macro highs and lows. So when crypto is low you’re also jobless, economic opportunities are scarce, and you’re scared. If you invest more than you can afford to lose when times are good, you could very well be one of the millions who find themselves selling while the market is down only to watch it do some crazy 30x the next cycle. People not following this advice is the source of the bitterness every time crypto comes up on your Facebook feed or technology subreddit. The problem was never crypto, the problem was they invested more than they could afford to lose.

Pay Taxes As You Go

This is actually just a specific case of the above point but I think it bears special mention. It’s one thing to be penniless. It’s another to be in debt. It’s another still to be in debt to the government. The first case is miserable but you can still live on credit. The second case is bankruptcy and homelessness. The third case is debtor’s prison. You cannot afford to invest money you owe for taxes into speculative assets. Therefore, whenever you rotate positions you should take whatever sum you need to to cover the taxes out to safer havens.

The specific case that wrecks people has to do with a crash just after the start of a new year like happened in… well 2018 and 2022. Just before the crash everyone rotates their capital back into the blue chip coins. When this happens even though they are reducing risk they are now selling something and buying something else at near all-time-high valuations. Then the crash hits, they tell themselves it’s just a bear trap and don’t sell, and by the time the tax bill is due they can’t even liquidate their entire portfolio to pay the tax bill. Seriously, it’s just less stressful to pay taxes as you go.

No One Is Giving Away Free Crypto

Whenever anything of significance happens in crypto some scammer always replies to the announcement to say “To celebrate X event we’re giving away free crypto. Send scamAddress some coins and get twice that back!”. This is a ridiculously stupid scam that has gotten a ridiculously stupid amount of money. I seriously can’t fathom how this bullshit has managed to pull in hundreds of millions of dollars worth of crypto. Sometimes I feel like people who lose money to this type of thing deserve to do so. Mostly though I just feel sad for how this money is going to power the next wave of scams to be that much more prevalent and effective. They do this because it works and they are never going to stop.

Let me make this abundantly clear. I have been around awhile. I have been around for many significant events in crypto. No one reputable is ever giving away free ETH. For any reason. Ever. I don’t care if their account name is Elon Musk and you think he’s so eccentric he might actually be doing it. I don’t care if they have a blue checkmark next to their name and it appears to be the same account as the one making the announcement. I don’t care if it says its part of a fun new airdrop they are doing. Ever.

More generally, even in an ecosystem where 1000% gains aren’t uncommon, if it looks too good to be true, that’s because it is. If you see some 1000% yield LP position on some token you’ve never heard of it’s almost certainly being fueled by inflation and you are gambling against the loss of value of your collateral. If you see some stablecoin position with unusually high yield that stablecoin probably isn’t stable. If it actually is using a safe collateral and is on a safe platform and isn’t a scam it’s either a very new position and is about to be quickly diluted or it’s being fueled by someone’s marketing budget and is about to be quickly diluted.

Whether in web2 or web3, if you don’t understand how you’re adding value to an ecosystem you’re the product. When you receive airdrops, you are being compensated for being an early user, taking early risks, boosting the numbers the team uses for valuations so they can get more funding, etc. Even legit airdrops that you can sell the day you get them are not free crypto. No one is giving away free crypto.

Inflation Is Not Profit

Every bull market in crypto has been marked by certain design patterns in tokenomics. I can mostly tell you a time range when a token was launched by its tokenomics alone like how an archeologist can tell you which civilization some ruins come from by pointing at architecture and art styles. One of those design trends in early 2021 was to launch highly inflationary tokens and then use high APR numbers to encourage people to buy the token and stake it for rewards. This was basically just a new type of casino. Your net worth would go down even as the number of tokens you hold went up 10x a year. This was basically preying on the ignorance of users who didn’t really understand finance but it worked for a time while the profit the hype generated was able to expand the user base faster than the inflation rate. Once the model ran out of users to expand to the rest was history.1234 Whenever you see a high APR in some LP or staking pool you need to slow down and investigate where the money is coming from. If it’s coming from inflation you need to understand that inflation is not profit.

If It’s Good Enough For a Screenshot, Take Profit

As volatile as crypto is there will come a time where you are massively up. You’ll be up so much you will be in disbelief. You will refresh your portfolio checker every 15 minutes and the person sitting across the table from you will know you’re doing it again because the green from the screen will reflect from your eyes. At this point, they will think you have a problem. At this point you actually do have a problem but that’s besides the point. Here’s the thing: you aren’t a genius. Even if you actually are a genius you aren’t up because you are a genius. It’s just that time of the cycle.

At that time of the cycle everything you’ll see in your media feed will reinforce how much of a genius you are. It’s like the whole world just woke up and finally saw what you saw first. However, if you haven’t heard this yet let me be the first to tell you: sentiment follow price. People love the investment now because it is up. If the price wasn’t up, you’d still be waiting like you were when you first bought. 90% of those investments everyone seems to agree can’t possibly fail are destined for the dustbin of history. Ever heard of Feathercoin? If you were around at the time you couldn’t not hear about it. How about EOS? OmiseGo? Luna? None of these things are going to be top 100 again. When prices are up, everyone is a genius. At the end of the cycle when you’re holding the bag you won’t feel like it any more.

How will you know when the top is? If there was a numeric answer to that then we’d all just sell then and the top would come sooner. The game theory of that makes the price chart look highly chaotic at the tops. The best answer I can give you having lived through some unbelievable peaks and valleys is if it’s good enough for a screenshot, take profit.

Leverage Will Fuck You Up

Leverage in crypto takes many forms. We have all kinds of financial gizmos you’ve probably never heard of and which you’ll take years to acclimate to. Like, yes, we have options protocols but we also have rate stripping futures protocols, perpetual swaps, and leveraged derivatives. The leverage around here goes to 100x and it all seems to get more complicated and interwoven every year.

Regardless of the form of leverage though, the goal is to amplify the effect of a market change on your portfolio. This is all well and good when you’re dealing with something like bond rates that adjust like 0.25% a month and you can just afford to wait to expiry if you’re wrong. Waiting it out is basically what banks are doing right now and why their unrealized loss chart looks like blood dripping down a painting. Crypto assets are more volatile. You’re not just playing with gasoline here; this stuff might as well be nuclear. I wouldn’t advise you to play with the nuclear bomb without knowing what you’re doing. I don’t care if it has a red button that says “Press Me for Limitless Energy”. I wouldn’t advise you to play with crypto leverage either even if their website has a fun points system.

Applying leverage to crypto assets, means amplifying the financial effect of something that is already known to drop by over 90% and with rate swings in the thousands of percentage points over a year. If you aren’t right, continuously right without any blips, you won’t be waiting this out. You’ll be liquidated. I have seen too many veterans fall to the hubris of thinking the price can’t possible fall to X level. Then, for one brief candle of intense market fear it does and they’ve lost more than they’ve bargained for. Before you play with leverage you should have a forecast for what the market will do that justifies taking such a risk. You should have contingency plans to execute on if your prediction isn’t coming true in the timeframe you expect. Don’t let it linger on until you feel like it’s a sunk cost. Definitely don’t double down. Every time you sign a transaction involving leverage repeat this in your head: leverage will fuck you up.

Get Rich Slow

This last one summarizes the spirit of all the above advice. Thriving in this ecosystem is first and foremost about survival. Surviving is often a matter of having a clear head and assessing risks rationally when everyone else isn’t. That requires having your emotions under control. Whenever you take any extreme action you are going to experience extreme emotions about it. Those emotions will cause you to act rashly. This is how you end up scammed, overexposed and holding shitcoins you don’t honestly believe in, having missed the top of the cycle without taking profit because everything seemed so bullish, being liquidated at the bottom, in debt to the government, and joining the ranks of the disillusioned about what is otherwise a wonderful civilization changing technology. Life is a marathon. You are only racing yourself. Take the time to learn before taking big risks. Don’t try to get rich quick here. Get rich slow.

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Interesting news on the application front. I came across Rarimo protocol, which is building ZK passport-based voting. In this post, I’ll concentrate on proof of identity aspect of voting. Proof of identity is a stronger guaranty than proof of personhood.

I’ve been intrigued in leveraging government issued documents as a proof of identity for a while. Yes, government issued. Blasphemy! First of all, I’ve been disappointed with current web3 approaches to proof of identity. Ones based on monetary incentives - “If the only tool you have is a hammer, you tend to see every problem as a nail.” Social recovery - not that I delved too deep - seems gameable. Dedicated piece of hardware to scan biometric features - maybe. Think about it, which entities have always had the problem with uniquely identifying a person? Who are the incumbent identity providers? Governments, banks, and lately IT companies like Google, Twitter, FB…(“Sign in with Google”…).

Right of the bat, IT company’s proof of identity is shit. You can easily sibyl it. Banks - much beater. Having a bank card pretty much means you are a person or a legal entity and not a bot. Nobody can take your money if they don’t scam you. Thing is, banks rely on government issued documents. Who caries the burden of identifying a person from the moment they are born? Can they enroll in a school? Can they cross a border? Did they pay taxes? Are the eligible for health care? Important stuff, right? Governments have been doing this for a long time. They have institutions on institutions for making sure that you are who you say you are. The world works thanks to them having done a decent job.

As we enter the third millennium, machine readable government documents have become a thing. Biometric passports are standardized (ICAO Doc 9303). Almost all the countries in the world now issue passports compliant with this protocol.

Rarimo developed the Freedom tool - opensource, ZK powered, mobile app which scans your passport and creates a user profile. It claims to preserve authenticity, eligibility, anonymity and uniqueness. The whitepaper addressed security claims and assumptions.

Thanks to ZK proofs, you could prove claims about yourself, without giving away unnecessary personal information. You could prove that you are of legal age, without giving away any other info, including your identity. Are you a resident of certain country? Are you human and not a bot?

Proper digital identity unlocks a lot of applications web3 people have been talking about: voting, reputation systems, user profiles, social networks…These are the use cases which cannot be tackled with crypto-economics alone. What do you think?

Edit: grammar.

Edit 2: short demo video.

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u/benido2030:

I am bearish hardware wallets. Obviously smart contract wallets are getting way better, which is one reason. But if a nation state can manipulate 1000s of small electronic devices and people don’t find out until it’s too late, they can manipulate hardware wallets as well.

This is just a general thought. But be aware of the risks.

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u/haurog:

The only thing I can say is that when you become a target of one of the larger 3 letter agencies or equivalent governmental (emphasis on ‘mental’) agencies of some countries there is pretty much nothing you can do. They will get to you, get all your assets and only if you go to the most extreme lengths you might be able to prevent that.

We know since the Snowden revelations that the NSA has an internal catalogue where you can order ‘replacement’ parts which then get exchanged during shipment of an order to the target. https://en.wikipedia.org/wiki/ANT_catalog This is happening by diverting the shipment to a unknown location, replace part of the electronics device with an NSA produced one and then continue the shipment to the customer which obviously is not aware of any diversions or replacements. As far as I remember they also had ready made casing which included a spy device for the most popular laptops and electronic devices.

I guess the same thing could happen with a hardware wallet. But to be honest I expect it to be easier for them to monitor your used wallets, get a list of your addresses and get to the seed phrases afterwards when they arrest you. Most people will have it written down somewhere. Sure you can always just keep your seed phrase in your head (brainwallet) but I guess only a very small fraction of crypto users really go that far.

For them getting in your hot wallet will probably be easier than attacking a hardware wallet. So, a hot wallet is not safer at all.

If the goal is to attack the chain itself by compromising thousands of hardware wallets. I am pretty sure they could do that. Not sure what the legality of this would be, but hey as history and current events show these agencies have a different legal rulebook than most of us have to follow.

I still think having hardware wallet in some form is one of the best defense one can have. Normal hackers will not be able to get to the private keys as they ideally never leave the device (hello ledger). If you pair it with a smart contract multisig wallet where an attacker would have to attack several hot wallets or even hardware wallets at the same time I deem it pretty much impossible that you will lose your ETH due to a supply chain attack.

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The ratio matters for me because objectively Ethereum is better at everything that Bitcoin does. There is no reason why Bitcoin is a better SoV. And this reality has to be reflected in the ratio at some point. BTC is very flawed and is not sustainable. A BTC failure without profound change is inevitable. It is absolutely perplexing that the market does not realize this. I dont care about Dollar price as much because I think the crypto space realizing whats important is the first step on the journey. I care about the ratio because it reflects the market realizing rational facts.

Its not about money. I care about the future of human society and about the improvement of our society. And I honestly believe that only Ethereum can deliver a credibly neutral trustless financial system a bedrock for finance that can not be corrupted. I want this platform to succeed because it will improve the world. Finally a level playing field that can be set up in a way that empowers people and organizations and stops corrupt governments. Its can be a counterweight for fraud and corruption and government overreach.

That is why I am into crypto. That is my main focus. So I care aboout the ratio because Bitcoin is the wrong way. And Solana is the wrong way as none of them can deliver what is needed.

A financial system that is trustless and can cater to the entire planet. Ethereum is on its way to achieve this. Aslong as Bitcoin ratio is so bad it means people are not realizing what the purpose of blockchain technology is and people did not realize what tools they have at their disposal to manage their finances in a way that can not be tampered with.

Yes obviously we are not there yet, Ethereum has many many flaws, but we are on the path to it. And the ratio is an indicator for blockchain technology to actually fullfill its purpose.

Holding coins that can not be deflated (Bitcoin will fail at this btw) is just part of the equation. People using crypto for everything that banks usually do for crypto to replace centralized systems. That is what I want. I want traditional companies to be either replaced or reorganized on Ethereum rails. I want the upper people to slowly distribute their power to more people.

Blockchain did not achieve anything yet. Its just the start the very first day of a century long journey. And the ratio is an indicator when we are out of phase 1. Realizing why blockchains are valuable. We are still in Phase 1 where the people do not know why blockchain is important.

For me its not about money. Its about change. And the ratio is an indicator for that change.

If Ethereum does not flip Bitcoin. Then blockchains are useless and its really just a speculative meme coin casino. And nothing more.

Bitcoin for me is the nr1 meme coin. It has a strong narrative but it fails at real world utility and is not designed to be sustainable long term. It needs centralized entities to offer services thus the fact that its decentralized matters only in so far that it cant be inflated arbitrarily. However the security of the protocol is dependent on the inflation so the system is about to fail.

Ethereum flipping Bitcoin and Ethereum becoming the most expensive asset on this planet is when we will be able to see crypto change the world profoundly. And thats all I want. Everything else. Is just secondary. I do have enough money. I dont need a Bugatti. I do have a job. I want Ethereum specifically to be a guarantee for a free and open Internet/monetary system that can not be censored. I want entitities like EU China America Google Facebook Apple AGI to not have total control to have to deal with a platform that they can not censor and that wont be corrupted by them. I want Ethereum to be that strong. We are not there yet but we could be one day. And flipping Bitcoin is the first step on that journey.

Seems outlandish but this was the reason why I even got interested in Crypto in the first place. The prospect of that happening. And Bitoin dropped the ball by ossifying too early and just focusing on an unsustainable inflation schedule.

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A good while ago I told you all I am slow to get around to things but I wanted to add some default user flairs. Well, as prophesied, I was indeed slow to get round to it. But lo and behold, we now have default user flairs!

The new ones have some colour where the old custom ones didn’t. Custom ones are still an option, they just won’t be as colourful as the default flairs. Also, these default ones should give us a good idea of your vibe. if you’re new, a TA guy, long term investor etc. Hopefully we can get a better feel for what angle you’re coming from when you make a post here. At the end of the day we want less conflict and hopefully a bit of context as to your leanings might help a bit. If not, it’s still just a bit of fun. Feel free to grab a meme flair if that’s your style!

Finally, I’m happy to add some more, so let me know what you want to see added and maybe even a colour request (send me ur hex codes 😉). Though I think we might reserve one colour for the mods. Maybe we can colour coordinate our flairs. Currently it’s a bright ugly shade of blue so you’re not missing out on much.

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u/hehechibby

Ethereum

u/FrenktheTank

$2347.90

u/TimbukNine

0.04056

u/usesbinkvideo

90,849 hodlers subscribed (-1)

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Beating up the polls,

Not giving up owner roles,

ZK among goals.

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༼ つ ◕◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕◕ ༽つ

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I recently got to feel like a whale, I sold a larger amount on CB, like 100k, on the USDC/EUR pair which is rather low volume.

Here’s how it went:

I put it up in a single sell wall, shadowing over the puny trades of the mere mortals. Every bid and ask before mine paled in comparison. There it stood, a monolith, looming over the market.

As soon as the order hit the books my counterparties must’ve recoiled in shock. Who was the nameless entity, willing to dump a vast fortune in a single breath? Whispers filled the market - has a whale arrived? Has Megalodon decided to feast?

At this point, time stood still. I have become death, maker of the markets. A force to be reckoned with, altering the fabric of the order book itself.

Who would be brave enough to challenge my creation?

Eventually, all monuments must fall, but the battle was one for the history books. At first only a few daring souls nibbled away at the edges of my fortress. But after the market overcame the initial shock, larger buyers emerged, each of their trades echoing like hammer strikes against the stone of my stronghold.

It should not go down easy though, over the course of 6 long hours and 211 individual fills, they relentlessly dismantled my towering order, brick by brick. An epochal amount of time in the fast paced crypto realm.

Finally, when the dust settled, and the sun rose, only rumors remained of what once stood tall. Another testimony to the patience of the market, able to move even the biggest mountains, with enough time.

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Most popular questions in the EF AMA right now:

1. Value accrual thesis
2. Lowering blob fee?
3. Driving value to eth
4. Blob fee pricing

The community push for increasing blob fees has me a bit worried tbh, I still think this would be an extremely bad move. Not going into the details again today but 2 weeks ago I detailed why I believe free blob fees + zero rollup congestion are fantastic combo for institutional adoption. One that’s needed.

Then a couple of days later Sony announced the launch of an Ethereum rollup. Our first non crypto native rollup ever. Fantastic news. This confirmed what future Ethereum adoption will look like: companies with huge user bases will bring millions of users at once. Just like Base brings us 4 million weekly active addresses. Not gaining users one at a time. Millions at a time. Millions per institution, millions per rollup.

And then, a few days ago, Solana makes a 180° pivot from calling L2s parasitic and announces it now supports L2s. Rebrands them “network extensions”.

Please take a second to wonder: why would Solana pivot to L2s right now?

At a moment when overall blockchain activity is moderate at best?

Could it be that Sony made them realize Ethereum is about to onboard one institution after the other? That the only way they’ll compete is by faking their way into L2 adoption partnerships?

This is why the community push for blob fees worries me:

The only reason Solana got any traction to begin with is because Ethereum L1 fees were way too high in the past. That’s what drove users to less decentralized lands.

Do we really want to make the same mistake again and offer an opportunity to Solana’s L2s to gain any sort of traction? Not because we needed to but because we got greedy with our own few L2s?

Ethereum should do what a market leader does: grow the market as fast as possible and cash in when the whole world is in.

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For people wanting to know what EOF is and does, this is the most comprehensive discussion I have seen about it yet:

https://xcancel.com/uttam_singhk/status/1830526179105001771

or

https://twitter.com/uttam_singhk/status/1830526179105001771

It was shared by a Nethermind dev who works on EOF a few days ago, so I think it is technically accurate. It is a 30 minute video going through the why, the scope, the improvements, the changes and also addresses some of the criticism. It is definitely worth a watch as it gets pretty deep into the weeds, but he manages to explain it reasonably well. Some things were over my head, but I definitely learned a lot.

In short EOF helps to better store smart contract code on chain by adding a header and ordering code and date sections. Interestingly this even reduces codes size by a few %. EOF does many validation checks during deployment instead of runtime, which can prevent some DOS attacks and might also help to increase the max size of smart contracts again (https://github.com/ethereum/EIPs/blob/master/EIPS/eip-170.md). It also contains many smaller quality of life improvements for solidity developers. Some new calls are also introduced to interact with external contracts which improve efficiency. Overall the EOF improvements are rather complex and the disadvantage is that the legacy contracts still need to be supported which increases complexity by duplicating some of the logic. This means it will take a lot of testing to make sure things work correctly.

All in all most people do not really need to change anything for this upgrade it will all be handled in the background. I think if you are a solidity dev you will have to learn a few more call functions but otherwise there is also not too much to do. I personally think EOF improvements are a very good step forward for the EVM.

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Wanna share here - starting today, I’m going to be working with Protocol Support at the EF

https://x.com/nixorokish/status/1833209686272971079

r/ethfinance is where I started as crazy eth lady 🔧 (well… really r/ethtrader but I donut know if that matters). EthStaker is where being active in this sub took me. Volunteering and then working with EthStaker has been an insanely good decision in my life. I’m so crazy excited and happy to be working with insanely smart and creative people I admire greatly.

This community is the first good home I found in crypto <3

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u/superphiz:

I’ve been thinking about these words from /u/BuyETHorDAI:

The longer I’m in this space, the more I dislike tokens in general, but maybe I’m just jaded.

It causes me to wonder: What are the vital constructs of web3? It’s hard to set aside price and market performance and just consider this question. Right now they seem to be coins, tokens, and NFTs, and everyone hates tokens and NFTs right now because they’re salty about prices being down, but the question remains - ARE these the three fundamental constructs of web3? Are any of them truly irrelevant and going to die away? Are we missing more constructs?

I really don’t know the answer, I’m just running it through my own mind. I could easily be convinced that they are the only fundamental constructs, or that we have too many or too few.

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u/LogrisTheBard:

I think on-chain governance software is and will be indispensable. Code needs to be upgraded. How do we do that with so much at stake as safely as possible?

Otherwise I think tokens just represent digital ownership and are one of the best product fits blockchains have found. It’s hard to hate on the concept of ownership, even if you may not like the distribution of ownership amongst all people. Changes of ownership often use what we consider financial tools which is basically all of Defi. That’s not going away either.

I think we’ll continue to see the proliferation of personal digital spaces. You were just talking about the base profile system yesterday. I mentioned layer3 a few weeks ago. Guild is another one. I think curating a digital identity is something most people understand from Facebook and will be better served when done on a system that isn’t explicitly manipulating you with the data you give it.

The last thing I think will become vital on chain is peer to peer services. Payment will often be part of this so it will be intrinsically linked to the chain but you’ll be able to pair yourself with someone willing to do something for you using the chain as a matchmaking service. This is pretty much all DePin and AVSs to start but I see little reason these systems couldn’t be expanded to non-digital services eventually.

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I can see ethereum impacting so many facets of life, but here are some that I would love to see personally:

Transaction settlement becomes faster and cheaper, with more assurances. I no longer wait 3-5 business days for something to clear. I’ll have the stablecoins in my account and know that it’s there. Cross-border payments no longer take a big % fee and several days to finalize (as someone who has lived abroad but been paid in USD this was very frustrating).

Tokenize the world. Deeds. Royalties. IOUs. Licenses. Securities. Tickets. I see tokens as a hyper-efficient form of a wrapper, much like ETFs are for the financial world.

Reduced communication and coordination friction. Especially when coordinating across time zones or governments. Ideally DAOs take form, but even without DAOs the ability to coordinate digitally worldwide with effective anti-Sybil features (via introducing costs or incentives) is amazing. Got a taste of it with ICOs before regulators shut that down, and fledgling communities around NFTs hint at what is possible.

Decentralized exchanges. If we indeed tokenize the world, exchanges allow free market forces to find efficient solutions. In fact I was not sold on Ethereum until I looked into smart contracts, and when I realized what DEXs were capable of I became fully on board. But more than just shitcoin roulette, I want to see a future where one can trade currencies, assets, community access, etc., with more freedom and less cost than currently possible.

There’s a lot more that I’m excited to see implemented, like personal privacy and public transparency, freedom of expression, the digital empires that are built now that digital ownership is enforceable. But that’s enough rambling from me already.

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I can see ethereum impacting so many facets of life, but here are some that I would love to see personally:

Transaction settlement becomes faster and cheaper, with more assurances. I no longer wait 3-5 business days for something to clear. I’ll have the stablecoins in my account and know that it’s there. Cross-border payments no longer take a big % fee and several days to finalize (as someone who has lived abroad but been paid in USD this was very frustrating).

Tokenize the world. Deeds. Royalties. IOUs. Licenses. Securities. Tickets. I see tokens as a hyper-efficient form of a wrapper, much like ETFs are for the financial world.

Reduced communication and coordination friction. Especially when coordinating across time zones or governments. Ideally DAOs take form, but even without DAOs the ability to coordinate digitally worldwide with effective anti-Sybil features (via introducing costs or incentives) is amazing. Got a taste of it with ICOs before regulators shut that down, and fledgling communities around NFTs hint at what is possible.

Decentralized exchanges. If we indeed tokenize the world, exchanges allow free market forces to find efficient solutions. In fact I was not sold on Ethereum until I looked into smart contracts, and when I realized what DEXs were capable of I became fully on board. But more than just shitcoin roulette, I want to see a future where one can trade currencies, assets, community access, etc., with more freedom and less cost than currently possible.

There’s a lot more that I’m excited to see implemented, like personal privacy and public transparency, freedom of expression, the digital empires that are built now that digital ownership is enforceable. But that’s enough rambling from me already.

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EVMavericks Weekly Recap (Sept 2-8)

Blog & Newsletter on Paragraph

Your weekly EVMavericks catch-up: highlights of the week!

1. Degen chat covers NFTs and what’s worth buying, some airdrop potentials. Pooltogether and their insane APR are discussed.

2. JT hosts Weekly Doots Livestream #77

3. bbroad is leading the way in applying for grants. This time it’s gitcoin+octant community round.

4. Still a decent amount of chatter about new platforms, new coins, accumulation phase, another potential politifi seaason, pumpfun and volume.

   Calls of the week:

   ~8x+ $clippy by GreenGeorge

   ~6x $IRS by whatthefuck.eth

   ~4x+ $FARM by whatthefuck.eth

   ~2x $worth by whatthefuck.eth

5. Farmers talk about blobs, Monad, elixyr, Eigen and more.

6. heeey appears on an episode of ‘get to know EVMavericks’.

7. A new member - moonie.eth - joined EVMavericks this last week.

8. New EVM multisig election is on the horizon. We are in need of signers!

9. Lots of activity in our general public chat. Mostly talks about the market with some bullish sentiment being sprinkled in.

Lastly, your weekly security reminder: here are a few guides!

• EVMavericks discord has a security channel. You can literally mute everything else but that channel and only get notifications from there.
• Reminder for all the folks: we have a daily-discussion channel in the discord that’s open to public and there’s a decent amount of activity there!

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I just read a VERY cool NFT (Punk) story on X. While you can click on the link and read the tweets, I have assembled them all here!

📜

Today happened one of the biggest crypto punk heists of all time. Someone with a lot of patience and knowledge just bought ape 2386 for 10 ETH.

Once upon a time when fractionalisation was en vogue, ape 2386 was fractionalised and valued at like 450 ETH. This happened on a now dysfunctional site called niftex. The ape stayed fractionalised even after they shut down as it was in an escrow contract. 10000 shares were all distributed between loads of people. And a buyout was not possible. Until now..

The contract worked in a way that if you propose a buyout, a 14 day grace period was initiated where the rest of the shareholders had time to ponder and accept or reject it. 14 days ago someone made a proposal for .001 eth per share. It was not rejected and went through.. Buying price: 10 ETH (last apes sold for 620 eth, 3.3k eth and 2.69k eth)

🤯

Tech Dive here! (pasting it below)

Punk 2386, with a current high bid of 600 eth, sold for 10 ETH today. A combination of clever sleuthing, followed by an unfortunate miscalculation lead to a 7 figure payday for 0x282.

This ape punk was fractionalized into 10,000 ERC20 tokens on 9/26/2020, and spread out among what is now 257 holders.

This was done on a now decommissioned platform called niftex (the contracts continue to live forever).The setup is such that any shareholder can propose a “shotgun”, whereby any shareholder can propose a buyout price, and if nobody counters, they can purchase the asset after 14 days.0x282 initiated a shotgun on 8/28 (14 days ago).

Some people took notice, including at least two shardholders. One put it off because they thought they had more time, but the other (@gmoneyNFT) made an attempt to block.. In order to block the buyout, you must effectively purchase the proposer’s shares at higher than their proposed price.

0x282 proposed a price of 0.001 eth per share (10 eth for all shares), so a valid counter needed to be 0.0010000001, as defined by the shotgun contract. gmoney submitted a counterclaim of 0.000001 ETH (1000000000000 wei), just short of the requirement.
At this point, if any other shareholder had contributed 10,000 wei (two TEN TRILLIONTHS of a cent) to the counterclaim, the shotgun would have been blocked. But two ten trillionths of a cent was not committed, the shotgun was not blocked, and 0x282 walks away with the steal of the century: 1 of only 24 ape punks, for 70% under the global punk floor.
🔥

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Tough pills to swallow

Throwing shade and vitriol at TA people won’t make the ratio any better.

I personally (not speaking for the mod team) would like to see less hate for certain users or types of posts. When JT and the other OG mods founded this subreddit they did a stellar job in fostering a positive and welcoming community, even in the darkest of times price wise. I would like to encourage people not to take out their frustrations on others. I get it, you don’t think TA means anything and you’re probably right, but that doesn’t justify vilifying people posting TA here or a YouTuber who has been calling for the ratio to “come home” back to 0.03 or 0.04.

I wouldn’t even say I’m siding with the TA folks here, in fact I’ve expressed not being super approving of some TA and also bashing on the semi-predatory paid private group model which folks like Ben Cowen use which has simply never sat right with me (but to be fair, it is better than shilling bybit leverage affiliate links etc). Anyway, I feel caught in the middle. I don’t really side with anyone but I’m sick of the negativity of people picking on certain names and types of content. One side of this debate is constantly being angry and bashing people while the other just stays quiet and often times leaves altogether and that’s not right. This is a subreddit which is welcome to all. So can we please just chill out a bit and keep it a bit more wholesome?

It’s always personal attacks and bold claims about TA working or not working and never any evidence to back it up. Baseless rants just spread negativity and makes this place a lot less welcoming which is against the subreddit’s ethos. If you must go on a crusade against TA, at least find some peer reviewed papers which prove that it is bullshit or something because I’m yet to see anyone do anything like that when talking about this topic and I say that as someone who is very much a TA skeptic. At the very least one could go back and review all the TA posts here and sum up how many of them were right/wrong and use that as evidence (albeit low-quality evidence).

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u/Equal-Jellyfish1

Ethereum

u/FrenktheTank

$2380.90

u/TimbukNine

0.04217

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Go where you belong,

Knock your chest and sing along,

Apes together strong.

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First they ignore you

Then they laugh at you

Then they fight you

Then you get an ETF

Then they ignore you again

Then they laugh at you again

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Introducing https://boasty.app/ - Schedule Your Ethereum Posts

Dear ethfinance, special day for me today - after 7 years in the space, i get to show something small i built. Inspired by this u/benido2030 post last Saturday, i spent the last 5 days building Boasty. I always wanted to try building an app on Ethereum, and this idea sounded simple enough so i gave it a go and now it’s live.

TLDR Pay 1 USD in stablecoin and schedule a post on Ethereum, you get a https://boasty.app permalink to reference and share which contains your published message and transactions associated. See an example here

The app is an MVP but everything works as far as i can tell. It is currently permissioned, meaning the messages are stored in a centralized database and no smart contracts yet, but as you can see on the roadmap, I intend to introduce message storing on IPFS, smart contract(s), sha256 hashed messages with auto or user reveal, supporting more wallets (currently only tested with Metamask), L2 networks and hopefully more.

Last but not least, I’d like to make the app free to post for my fellow solo stakers and the /r/ethfinance community (EVM holders for now?). Happy to hear any ideas on how to make this happen!

Feedback appreciated, feel free to say it like it is and try to break the app. I am not on crypto twitter or any of those, so if you like it, please share it! Thanks u/benido2030 for the idea!

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Started a new series. As always, subscribe to EVMavericks’ paragraph to get all new content immediately when it is out! I hope you enjoy!

Get to know EVMavericks #1 - Etheraider aka EVM 1209

Hi, what do you go by and what’s your EVMavericks #?

Hey, this is Etheraider and I’m EVM 1209.

Who or what introduced you to crypto?

My brother bought into ETH in 2015, held for 2 years, and sold right before the 2017 bull run. I didn’t know anything about crypto until I saw he missed out on life-changing gains, so I decided to learn from his mistake!

How and when did you find your way into EVMs?

Well, actually, I was there at the very beginning and helped bring EVMavericks to the blockchain!

So it’s been a couple of years since the beginning; what made you stay?

I think we’re one of the best communities of OGs on Ethereum—a lot of good people around with all sorts of talent, perspective, and experience in the space. It’s a good place to be.

What’s your best EVMavericks memory?

There are a lot of good ones. But I’d say that first EVM podcast we launched, where many of us (who knew each other only on Reddit for years) “talked” together for the first time. It was awesome.

What are you most excited about EVMs looking forward?

In the short term, I’m looking forward to us getting into the Octant funding round. In the long term, I’m excited to see future endeavors our community members will pursue!

What is your favorite hobby or way to spend time outside of crypto?

Well, this past year, I got really into going to the gym and living a healthier lifestyle. Decided to place an emphasis on taking care of my mind, body, and soul! As far as hobbies go, I’m a big fan of disc golf, tabletop board games, and ping pong!

What one piece of advice would you give to someone who’s just getting into crypto?

Learn about why crypto exists, how powerful its impact can be, and how it can dramatically change all our lives for the better.

Any piece of alpha that you can share with us? It can be anything, not just crypto-related.

When you’re on your deathbed, are you gonna care about how much money you’ve made or how nice your house/cars/etc. are? No. The only thing you’ll care about is the people you love and the impact you’ve had on them. Don’t wait until then to go all in on the people you love.

Lastly, is there anything else you wanna share? Maybe a project you are working on? Latest accomplishments? Whatever you want! The stage is yours Etheraider!

In a time such as this, where the world is so crazy, divided, and full of darkness, my favorite verse to quote is this: “The light has entered the world, and the darkness has NOT overcome it.”

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It seems like ETH has 3 big problems this year.

1. Airdrop flop - the hype for eigenlayer and others was completely unreal, while the airdrops themselves were a terrible combination of stingy and overpriced. If a token launches at its best possible market cap, there’s nowhere to go but down, especially if there are gigantic unlocks coming. Tokens were a lot more interesting when you had a real chance at making a killing at buying something that seemed like it had real fundamentals or promise. If some hyper-complicated protocol launches at an insane valuation, there are going to be very few buyers - it’s too complicated for non-crypto natives, the upside is already priced in, and people are going to want to unload the tokens. So every new token has pretty much gotten crushed. tough way to build market hype.

2. ETF Flop - The BTC ETF set up some incredible expectations, but ETH matching it was always going to be an issue. BTC got huge early inflows from crypto-natives wanting to offload some of their unchain coins so they don’t have to worry about custody. It makes a lot of sense from a diversification perspective, and there’s basically nothing to do with unchain bitcoin, anyway. Institutions/financial advisors are much more slow moving, but the retail buyers disguised this. This was huge for bitcoins narrative and expanded its presence among the broader world. ETH, by contrast, will only be bought in the ETF by those who really can’t interact with onchain infrastructure - basically, financial advisors, institutions, 401ks, which all take a long time to spin up. Holding ETH onchain is valuable, so there’s a real cost to using the ETF instead. This makes sense to us, but makes ETH look bad to the tradfi world/retail, furthering the narrative that there’s bitcoin as the main crypto, and then there’s everything else. While this is disputed by the fundamentals, the fundamentals are complicated. Narrative is tough.

3. Solana meme coins - memecoins on Solana have been a retail incinerator. They look appealing - zero transaction fees that let you avoid extractive vc coins - but the reality is that Solana’s centralized validator, sequencer, and MEV setup allows for colossal extraction, while the meme coins themselves allow for easily faked volume metrics and huge insider dumping. It’s hard to imagine a worse market to participate in. However, the notable crypto influencers are some of the only people making money off this, so they pound the table about how great Solana is. VCs are (and have always been) huge owners of Solana, so they. ALSO pound the table on how great sol is/how bad etc is. So Solana is stealing retail mindshare while impoverishing everyone who uses the chain. It’s a bad outcome.

So what does ETH need to re-attract retail? Yield farming and gambling. Onchain options that are actually liquid. New tokens launching quickly (as a quasi ico while avoiding being direct icos) at low valuations so that some momentum can build. Tokens that actually result in cash flow when staked, so that people have an actual reason to buy/speculate on them.

What ETH REALLY needs is to capture mindshare from bitcoin as a pristine non-sovereign store of value. ETH should be fighting with bitcoin and gold, not with Solana. Solana as a network may be great (I don’t think it is but ignore that for now) but SOL the token is complete garbage unless things change dramatically.

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Vitalik Buterin started an unofficial AMA last weekend on Warpcast after he posted about stablecoin decentralization on X

TL;DR of the original X post:

• DEX: great
• Decentralized Stablecoins: great
• Polymarket: great
• Semi-decentralized Stablecoin like USDC: Not great, but they’re a practical and convenient necessity. The issuer is centralized, but the rest of on-chain use is decentralized
• Anything that has no sustainability like “decentralized” liquidity farming or yield farming: Very bad. The key reason is lack of sustainability. These are just get-rich schemes.
• It’s not enough to only have finance on blockchains. It needs more real applications outside of finance
• Useful related post: https://vitalik.eth.limo/general/2023/11/27/techno_optimism.html

These are the highlights from the Warpcast AMA response to that X post:

I’ve paraphrased the important parts of some of the longer questions and responses

• Q: Banana Milk or Chocolate Milk?
• Vit: Coconut milk is best, almond if I can’t find coconut. I don’t drink either independently, I put it into stuff, and that stuff in question ends up containing bananas and dark chocolate at roughly equal frequencies (usually both)

• Q: Do you have any heuristic for when compromises to decentralized principles go too far for stablecoins?
• Vit: My main worry is when they start entrenching network effects that become hard to undo. For example, if we start normalizing “sign in to this crypto social thing with Google”, I think that’s really bad, UNLESS it’s done in an account-abstraction way where under the hood it’s using zk-email and individual users can sign in with their ethereum account instead (and convert their account from one to the other). This way, it’s not entrenching network effects of centralized web2 platforms, it’s actually creating a bridge that lets users join the ecosystem with them, but then more easily migrate away from them.

• Q: Last TV series you watched? And if you liked it
• Vit: “Three Body Problem” was good
• My opinion: Hell yeah! Lots of Ethereum devs are “Dark Forest” fans due to its parallels with Ethereum MEV. Personally, I would recommend the Netflix adoption over the gigantic Chinese soap opera one, but neither series has reached the “Dark Forest” book yet.

• Q: Do you prefer °C to °F?
• Vit: I prefer C, but it’s a weaker preference than all the other units. I would gladly take a trade of switching to F in exchange for never hearing about either feet/miles or ounces/pounds again.

• Q: How can we offer decentralized access to content? Http is not good enough any more. Ipfs feels unusable when it comes to normal users (without http gateways). Thoughts?
• Vit: We need browsers with IPFS integrated. Brave was supposed to be that, but unfortunately its IPFS gateway is quite slow so I never end up using it.
• My opinion: Agreed. I hate how difficult and slow it is to access IPFS gateways via browser extensions. IPFS is barely accessible unless you pay for premium gateway services.

• Q: [Pure decentralization is overrated] Farcaster, Base, and Telegram have a decentralized foundation, but were built by centralized teams.
• Vit: If the team behind Farcaster didn’t build and market Warpcast, we wouldn’t be here now. The use cases we want Ethereum to take on need the centralized approach to grow, but are placed on a decentralized foundation.
• My opinion: Agreed. Almost nothing we do in crypto is purely decentralized, and that would be an unrealistic expectation. We would never be able trust anything on-chain without prior off-chain trust for the teams that build those protocols. That is, unless user were a senior crypto developer with code-auditing expertise, which is ridiculous requirement.

• Q: Do you see usdc overtaking cashapp, apple pay and the likes as a generally acceptable form of payment
• Vit: I think we need to have easy to use ethereum-ecosystem-wide L2 payments first for that to happen.

Source: https://warpcast.com/vitalik.eth/0xa3ad7913

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There has been a lot of posts of people feeling down recently. My honest response to this is stop looking at numbers and make something for the fun of it. If you can code write contracts that do something fun. If you can design then make mockups for weird fictional games. If you can write, publish an article about a future society where eth never existed. Start playing with apps. use things. break things. find the glitches, the edges. look in the mirror. uniswap backwards is pawsinu. What if the aave ghost is haunting the chain? How many times have people sent exactly 0.666 eth? What if we start calling them nifties again instead of nft? can we make bingo on base?

there is so much for us to do. now it is september. summer lull is over. what is dead may never die 🐙

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At the same time transaction count is near ATH and active addresses maintained pretty well throughout the summer. The main reason why blobs seem to go down is thanks to optimizations by L2s.

Showing the market that Ethereum has room to grow is absolutely needed, if we were near saturation today we wouldn’t have institutional rollups tomorrow.

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This is like a vampire attack we used to see during 2020 - 2021 defi time frame. I kind of like this thought process

https://x.com/CloutedMind/status/1830405365898580245

i take the stance that blobs being 0 fee is bullish

it chokes competition

DA is ultimately a race to 0 anyway, might as well weaponize DA as loss leader to expand ethereum GDP

not only does it tell all these DA layoors to go fk themselves like TIA etc, it chokes any ethereum L2 competitors

no longer can an alt-L1 use “cheaper” as a selling point, only “faster” and “more decentralized” (than an L2)

i think soon we see L2s that be “faster” like megaETH and then we get 2/3

then as the roadmap for L2s go along and they become more permissionless without centralization risks we tick 3/3 (cheaper, faster and more decentralized with the inherent security of eth)

then where does an alt-l1 compete ? it doesnt.. its just L2 vs L2 and its all on ethereum

and ETH is their money

thats moat

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EVMavericks Weekly Recap (August 26-September 1)

Blog & Newsletter on Paragraph

Catch up on a week’s worth of, mostly, Discord content: get some inside scoop and the feel of our vibes. For all the details, visit directly our Discord.

1. We voted for Doots Podcast and Aestus MEV Relay in the Octant’s snapshot and both projects made it to the upcoming Epoch 5 allocation window!

2. JT hosts Weekly Doots Livestream #76

3. 696 hosts a new series: get to know EVMavericks. First episode with Etheraider is out now.

4. GreenGeorge starts a thread asking lions about one project that really excites them.

5. interweaver shares that Starknet has undergone a massive upgrade, now introducing 2-second transactions and it’s making a big difference for projects like Influence.

6. cybersea published a website about their artistic journey

7. Degen chat has a little bit of everything this week. Some base mints, some random stats, some talk about Maker, some memes ofc.

8. Memecoins have slowed down, but people still share some useful tools and degen TG groups. Generally, there’s a lot of chatter about coins, the market, and vibes. Discussions include safer memes and strategies for longer meme team positions. The top play of the week features Etheraider longing ETH, with several other lions following suit

Lastly, your weekly security reminder: here’s a few guides!

• EVMavericks discord has a security channel. You can literally mute everything else but that channel and only get notifications from there.

• Reminder for all the folks: we have a daily-discussion channel in the discord that’s open to public and there’s a decent amount of activity there!

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Ethereumn Foundation is doing an AMA on 9/5, get your Q’s ready and post them here:

https://reddit.com/r/ethereum/comments/1f81ntr/ama_we_are_ef_research_pt_12_05_september_2024

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Yesterday night I was devastated, I have a big part of my funds in Penpie a yield aggregator for pendle and it was exploited yesterday evening.

I saw an an alert on twitter and was hoping I would be not affected. But the asset rsweth that was my main holding in one of their LPs was part of it. I had the worst night.

I found out today that only one of the two rsweth pools was exploited, the bigger one with higher tvl and apy, the smaller one that also gets swell L2 points(the reason I was in it) but less yield was not drained and I was spared by pure luck, I guess the attacker focussed on the higher TVL Pools. I should be okay when withdrawals open again. I can still be part of ethfinance and all the crazy ups and downs.

I don’t want to experience that again, is there a safe way to get some yield at least? Or should I just stick by pure ETH on a ledger secured cold wallet? Or maybe rETH?

Losing your funds like this would be the worst, it is worse then (controlled)leverage trading and shitcoin trading because everything could be gone without an error of your own , besides trusting a protocol you should not have trusted.

One small advantage I gained of that experience is I really don’t worry about the short term price action, I know we will be rewarded if we are patient and ETH will come back and we will reach new ATHs at some point.

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Posting as a top level comment a reply I was drafting to a deleted comment regarding onchain vs. tradfi “yield farming”.

No doubt a large portion of “yield farming” is circular nonsense. BUT, even in the world of circular nonsense, the onchain version is transparent with respect to its risk profile and that is a consequential distinction vs. things like FTX/Celcius.

As an example, if Bernie Madoff launched a classic shitcoin yield farm with copies of battletested smart contracts, participants can trust the contracts without having to trust the person.

On the other hand, if the Pope himself started a centralized “yield farm” where I have to send him money via Western Union, the risk profile is now comparatively opaque and a million different risks must be weighed, no offense to His Holiness.

Ponzinomics aside, it’s worth highlighting that more sustainable sources of yield do exist on Ethereum, think of AMM liquidity providing for example. It’s making money from market making, totally normal financial service, but onchain and therefore transparent/permissionless/non-custodial/always online :)

Of course, the question of which tokens are being traded and how many have sustainable value is important for the long term viability of the ecosystem. It’s a complicated question. The Ethereum economy has a lot of bullshit (just like the “regular” economy), but I think it has already “made it”, there’s already real activity in payments, savings, tokenization of treasuries/corporate debt, collectibles, etc.

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u/danseidansei

Ethereum

u/FrenktheTank

$2516.30

u/TimbukNine

0.0425

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Storage can’t go bloat,

Blockchain should not be a moat,

Accept that banknote.

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Vitalik ETH bull post lol

https://x.com/VitalikButerin/status/1826253901240431083

Edit: it will be hilarious if this marks the bottom

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Wake up babe, Vitalik is bull posting.

Ethereum has gotten stronger:

• Under $0.01 txfees on L2
• Two EVM L2s (@Optimism @arbitrum) now at stage 1
• Cross-L2 wallet UX has improved a lot (eg. no more manually switching networks), though still a long way to go
• Much more powerful and mature ZK tooling making life easier for app builders
• Starting to see second-generation privacy tools (eg. @0xbowio)
• Identity/reputation/credentials ecosystem much more powerful, and starting to actually be used more and more
• Progress on STARKs leads to much clearer long-term security and decentralization story
• Much more clarity on account abstraction roadmap
• Much more clarity on block construction endgame (it seems to be down to FOCIL + APS vs multi-proposer)
• Staking decentralization stable (see comparison charts below, the “PoS is more centralized than PoW” line has proven completely false)

The fundamentals for Ethereum are actually crazy strong right now.

https://x.com/VitalikButerin/status/1826506920393355347

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1. Conviction. Ethereum thesis from 2016 is unchanged; still the most decentralized blockchain, most trusted, energy efficient, second-most lindy, and the core developers have an excellent war chest even 9 years onwards as everyone here has noted today. Also, for anyone who thinks Ethereum is too big or too boring to make great risk-adjusted returns - remember that Ethereum was the second-largest market cap cryptocurrency when it was trading at $6 in Dec 2016.
2. ETF flows are only just about to get started with major RIAs allowed to begin allocating in the coming months - only the very most sophisticated self-directed individual investors have begun allocating in US retirement accounts.
3. Market liquidity from rate cuts and dxy tailwinds incoming - send it.
4. Regulatory environment outlook in the world’s largest economy is looking better than it has ever been.
5. Stablecoins remain the near-term killer app and the Ethereum ecosystem is still poised to capture most of this; the world’s smallest economies are adopting first on the lowest-cost blockchain solutions but the largest economies will adopt last and they will choose Ethereum-based infrastructure for a stronger security guarantee due to the larger economic risk.
6. Medium-term the continued rise of AI applications will provide more tailwinds for crypto as automated financial agents leverage the machine-friendly interfaces of blockchains for banking and transactions.

This is a much easier investment thesis to make than it was in 2016 and consequently is the reason I’ve remained close to fully invested since then.

The short-term frenzy of memecoins and L1-of-the-year technologies will continue to be eclipsed in the long-term by the secular growth of cryptocurrencies with incredible value accruing to the leaders in the space. The risk/reward profile of Ethereum is better than it has ever been..

Am I talking my book? Hell yeah I am.

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New tweet from Roman Storm (tornado cash) today:

Folks, I have to win and it takes resources!
Please help.
Im severely underfunded for the trial.

If you have any spare ETH, consider donating to him and Aleksei Pertsev. Pertsev is already in jail, but here’s some info about his situation from Ameen Soleimani https://x.com/ameensol/status/1822280721870016711

There’s also NFTs to be claimed if that’s your cup of tea. I’m putting up the links for their donation sites, but please do your due dilligence of course.

Roman Storm

https://juicebox.money/v2/p/618

Alexey Pertsev

https://juicebox.money/v2/p/713

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Latest Week in Ethereum News

🎂 Eight year anniversary

https://weekinethereumnews.com/week-in-ethereum-news-august-24-2024

Huge thank you to Evan Van Ness for 8 years of Week in Ethereum News. Evan puts in a huge amount of hours in each week to gift the Ethereum community high quality curated news.

I’m forever grateful to have played a small part in this amazing public good. 3 and a bit years editing for me.

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I thought this article was a pretty good read.

Give it a click if you want some content.

https://cointelegraph.com/magazine/11-critical-moments-ethereum-history-that-made-eth-no2-blockchain/

To summarize the events.

• The Ethereum white paper — 2013.
• The Red Wedding — 2014.
• ICO and launch — 2014.
• The DAO hack and Ethereum Classic — 2016.
• CryptoKitties breaks Ethereum — 2017.
• DeFi summer — 2020.
• Rollup roadmap overhaul — October 2020.
• Proof-of-stake, the Merge — September 2022.
• Decun upgrade: blobs and sharing - March 2024
• Blackrock - March 2024
• ETF’s - July 2024