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u/Hocilef

Ethereum

u/maninthecryptosuit

$1838

u/wolfparking

0.069

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Go after Binance,

Stomp down when you do your dance,

Lead to no advance.

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Your daily beacon chain dose.

Pending validators: Joining 96k leaving ~100

-Entry queue +900 from yesterday’s number - New entry queue ATH. -It will take just over 45 day and a half days for the entry queue to clear -In just under 24 days the amount of daily validators that can both enter or exit will be increased from 2025 to 2250.

These figures are based on the entry and exit queue at the time of posting

This can also be tracked via https://validatorqueue.com/

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Oh dear gang, with all the drama around Binance and the price crashing we’re seeing a big spike in stakers pulling out their validators. The exit queue is up to 8 minutes!

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EthStaker published a blog post to do a call to action for execution client diversity - Nethermind and Besu are ready for adoption in home operators but also for large scale staking operations as yorickdowne, who’s part of EthStaker, notes with his setup testing for Cryptomanufaktur.

Geth controls ~87% of the network right now a bug would be a catastrophic situation - say a bug happened where Geth produced an invalid block - most validators would follow it and we’d have to resort to one of three choices at the social layer:

1. Penalize and slash 87% of validators
2. Exit 87% of validators
3. Go with an invalid chain

Any option we chose would shake people’s faith in the immutability of Ethereum. The first one would be a massive amount of capital loss. And this is just one of three types of bugs - the most unlikely type of a bug, a double-signing event caused by a bug in Geth, would cause a total slash of 87% of validators. I mean all of it, people running Geth would lose their entire stake.

Super unlikely bugs but we’re ready for it and I’m sure that Geth is ready for the people to take the pressure off of them!

https://paragraph.xyz/@ethstaker/execution-client-diversity

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🕵🏻 Dissecting the FAKE Orbiter “Airdrop” announcement that u/Dreth warned everyone about earlier on:

​

🚨 “Due to major success of our”Orbiter Pilots NFT Series“, we have decided to launch our token $ORB” ☠️

👉 Grammatically wrong: Missing “the”.. As in: “due to THE major success”

👉 Logically wrong: Why would a company suddenly “decide” to launch an airdrop based on the success (?) of an NFT Series?

🚨 *“We will be giving away 5,000,000 $ORB tokens, which will be distributed to anyone who claims from June 1st - June 3rd”*☠️

👉 when announcing Airdrops, legit projects release extensive information on their token allocation. Usually multiple pages long, filled with all kinds of relevant information. NOT just a plain number..

👉 .. and they don’t distribute their token to.. “anyone who claims..”

🚨 “There is only a limited amount of token so act fast!” ☠️

👉 here they try to create a sense of urgency, to make you act before you think, before you notice all these red flags.. Also, notice the spelling mistake (token instead of tokens)

🚨 “Those who receive the tokens will be whitelisted to use our newest staking feature” ☠️

👉 here they are baiting (“whitelisted”) you again, trying to shift your attention from all the red flags by promising “new products” that can give you with extra yield/rewards..

🚨 “Any gas spent on claiming the tokens will be refunded via Orbiter Finance’s Smart Contract” ☠️

👉 in other words: “Don’t worry about high Gas!! Go one and claim NOW!! We’ll refund everything!!”. I.e. don’t wait, don’t look further into the legitimacy of this! Go ahead and hastily ignore any sense of “danger”, and sigh these txs NOW!

🚨 Claim $ORB here: https://orbiter DOT pm/ ☠️

👉 DOT PM? Using the “orbiter” brand to lure you into a fake sense of security. But dot pm? WTF is that??

🚨 PILOTS! Our distribution is now 77% claimed 🛸 ☠️

👉 the number keeps “going up”.. First 66%, then 77%, and so on.. QUICK, ACT FAST (AND DON’T STOP TO THINK) TOKENS ARE RUNNING OUT!!

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Thanks a bunch for signaling your support to prevent Lido from harming Ethereum’s decentralization yesterday. I’m glad to see that this problem is as important to you as it is to me.

I’ve gathered all the information we’ve shared so far in a google document that automod prevents me from sharing, so here’s a pdf.

Feel free to add comments wherever needed and let’s start fighting for this.

Edit: I also tweeted the doc with a new hashtag: #Lidont which has its own logo in the doc.

The document contains quotes from u/hanniabu u/etherenum u/MinimalGravitas

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Have to give my public support for Gnosis chain after a few posters recommended I run a node on my spare staking PC.

You can spin up a validating node with just 1 $GNO token. It’s the base token for the network collateral /staking, but funnily enough you need xDAI to pay fees so make sure to also transfer in $1.0 in dai to your deposit address.

You can stake like a whale too if you wanted, for about $7500 you can run 64 nodes that’ll probably net you 10-20 block rewards per day. Yield is around 16% which is just high inflation rewards, and so far there’s nothing in block rewards because tx are too cheap and there’s no MEV boost I don’t think. Gnosis Chain also hasn’t had their withdrawal fork yet so your locking up a little bit longer than ETH right now, but there’s no entrance queue either to earning.

The reason for the recommended is it uses the same software clients as ETH (geth, nethermind, lighthouse, prysm, maybe a few others now but not all are supported just yet). It’s literally a mini-me ETH network with its consensus and execution separated, using the same software clients you just select the Gnosis chain in your startup flags. I used Somer Esat guides to do all this, and just cross referenced the official setup guide from the Gnosis website (below).

If you are curious about staking at home, or looking to enhance your own Etherum node operating skills, running a Gnosis node is like training or studying using real money. For me that always forces me to take it seriously and even enjoy the process more, in addition to leveling up my own skills. You just get a good a feel for how the clients interact with eachother, and also how well your node links up to the network and other nodes. If you really mess up, then you are only out $116 per node rather than $60k. Plus, you are helping to decentralize transactions on a low cost Etherum aligned EVM sidechain. This further broadens the reach of EVM smart contract developers and gives you something constructive to do during 🦀 szn.

https://www.gnosis.io

https://someresat.medium.com

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Ya’ll probably already heard about the reddit api pricing drama, but for those who didn’t: Reddit is getting greedy and is going to charge a ridiculous amount of money for the use of their API, thereby driving third party clients out of business.

There’s not much information about who will have to pay for what etc., but assuming that every API request will have to be paid for, this is the calculation I’m making for the u/nitter_not_twitter bot:

I’m currently checking the subreddit 6x per minute. I could reduce this to something like once every 5 minutes and I suppose it would still provide a good UX.

That’d be 12 requests per hour, 288 per day and 8640 per month.
The bot answered 170x in the past month as well so we’re at 8810 requests per month, or ~106k requests a year.
According to what we know, reddit wants to charge $12k for 50 million requests. That’s $0.00024 per request or ~$25 for the 106k/year.

25$/year for running a very small bot at 12 checks per hour instead of the current 360 checks per hour (which would be insanely costly).

I can afford that without a problem, assuming reddit will offer packages that small and at the same price.

But this still shows how insane the API pricing is.

Without 3rd party apps I’ll not be here as often as I currently am and this might be true for a lot of people here as well.

Maybe we should also think about joining the prostest: <https://reddit.com/r/Save3rdPartyApps/comments/13yh0jf/dont_let_reddit_kill_3rd_party_apps/ > Here’s a list of already participating subreddits: https://reddit.com/r/ModCoord/comments/1401qw5/incomplete_and_growing_list_of_participating/

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Alright, well here ya go. Our own little reddit alternative.

Welcome to EVM Lemmy. Our home away from home when we take down reddit on the 12th.

See below, then… Play around. Make some shit. Post some shit. I’ll polish it up as we go.

Remember I’ve never admin’d a site in my life so… Anything and everything is subject to me trying to fix an issue and accidentally deleting all our data so… yeah, screenshot anything important anyone says.

SOME. CAVEATS.

Obviously, you’ll notice it’s on http only not https. Because I can’t get the damn SSL cert to work. So, NO serious info should be entered here beyond your usual junk email and a junk password. It’s PROBABLY just me with access to the data but like, idfk, it’s http, trust nothing. Please just meme around and try to break the site, and skip entering your banking information and private keys.

Then if anyone can kindly explain why the http://url works in every browser of mine EXCEPT my main Brave browser, I’d appreciate it. Edge is fine. Firefox is fine. In fact, I can access it in a Brave Private window, just not the main. Why? What setting is on blocking http? Hell, I can even do it from Brave on my phone, same wifi network and pihole DNS and everything. Confused, I am.

And it’s also not actually federated because it’s 99% me not being able to figure it out yet and 1% apparently there’s some outbound DNS issue with Lemmy instances the devs are working on. Idk.

tl;dr servers are hard. yall need to be paid more.

Cheers.

UPDATE:

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Despite the best efforts of fellow redditors, I have to call it quits for now on the Lemmy instance. I’m just not smart enough. Perhaps I’ll return to it.

In the meantime, please find our ethfinance alternative at https://kbin.social/m/ethfinance. It’s all set up and ready to go, and it’s federated. Think of Kbin as the scrappy newcomer ProtonMail to Lemmy’s Gmail.

I’ll leave it at that on here, but I’m happy to help people tour the fediverse in the Daily on Kbin. We’ll waive the “on topic” rule for a few days so folks can acclimate.

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New ethresear.ch post by mike neuder, francesco d’amato, aditya asgaonkar, and justin drake.

Increase the MAX_EFFECTIVE_BALANCE – a modest proposal

Also see their notes on security.

Summarizing briefly, this change would keep the 32 ETH minimum for a validator, but increase the maximum by some factor (possibly 64x to a max of 2048 ETH). Probability of selection for various duties e.g. sync committee would be weighted based on balance. Operators running multiple validators would not have them aggregated forcibly, but could opt in to have their validators merged.

The authors argue the following benefits:

• BLS signature aggregation is a big part of the consensus protocol. Producing, verifying, and aggregating signatures for the various committees leads to some significant compute overhead which could be reduced with fewer, larger validators.
• Current proposals for single-slot finality (SSF) depend on aggregating signatures from every validator every slot. Reducing the validator set size, and with it the number of signatures needed, would reduce the computational cost of doing so, speeding up SSF development.
• SSF is a prerequisite for in-protocol proposer-builder separation (ePBS) and MEV burn, so reducing the validator set size helps speed those along too.
• Anyone with stake below the maximum will have their consensus-layer rewards auto-compound, as the increased validator balance smoothly leads to higher attestation rewards and proposal chances. The current lack of this is a big downside to solo staking compared to staking pools.
• Partial withdrawals incur a large withdrawal load every epoch. If validators switch to the larger cap with auto-compounding, there will be 1) fewer validators in total to process partial withdrawals for, and 2) many who stay below the upper limit and don’t need regular partial withdrawals in the first place. Ultimately reduces withdrawal queue length.

As with any protocol design choice, there are some tradeoffs involved. Already a couple of good criticisms in the replies which are worth a read.

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I am feeling quite positive on ETH and Ethereum:

• The most powerful government in the world goes on a full frontal attack on the largest centralized exchange in the world and the overall crypto market cap drops by less than 5% and is now down only 3.5%. Price fluctuation wise, this is just a normal day in crypto. It looks like most people who are non-believers or are over-invested left or reduced their investment.
• Every time the SEC does not call ETH a security it will get harder to claim it being one later on. Kind of like a Lindy effect.
• Many alt L1 coins have been called a security now. I would prefer if the various approaches to building a modern blockchain would compete on a technical level and not a government restricting new entrants in the space by relative arbitrary and archaic regulations. But all in all this is positive for Ethereum, as I think the number of new “Ethereum killer” VC chains will go down.
• Making it harder for newer chains to do an ICO could end up being extremely positive for ETH as projects will think hard on how to secure their chain and probably a rollup settling on Ethereum using ETH as the payment token will be the way to go for many of them.
• For other non-rollup type projects they will have to find a way to secure their project without issuing tokens. Here comes Eigenlayer, which again uses Ethereum.

These are uncertain times, I have no idea which branch of the US government lashes out and attacks crypto next, but I am just feeling positive about the non-reaction of the market and the future ahead for Ethereum.

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This isn’t designed to be FUD, but rather to be realistic about what I expect to happen. Just to be clear, I expect this plan to fail at some stage along the way, because I think they let it run too long and it’s likely no longer stoppable:

• The SEC is not governing in good faith, they’re definitely orchestrating an attack on crypto. It’s real easy to see “attacks” where attacks don’t exist, but watching the SEC chief do everything possible to not define Ethereum as a commodity or a security during the congressional hearings made it extremely obvious that they’re acting with intent.
• With the fact that they’re acting with intent in mind, consider the recent lawsuits against Binance and Coinbase, specifically the parts regarding securities: some in here believed that it was a positive sign that Ethereum wasn’t named. It is not.
• The SEC’s problem is that if they try to get Ethereum declared a security right now, they’re very likely to lose that lawsuit. Their game plan in this case is to go after other coins - especially ones that are in fact much closer to a security, and after securing a win on these, they intend to try to use that to nail Ethereum next. That’s the only reason Ethereum wasn’t included in the list, is due to prior SEC comments and actions regarding it. As soon as they lock in any victories on similar assets, they will try to use this as support for attacking Ethereum.
• Bitcoin users aren’t safe either. I’m pretty sure an additional facet of this plan is that any coins (including Bitcoin) that use Proof-of-Work mechanisms will be targeted by “green / environmental” legislation designed to shut them down / make mining them illegal. They can’t attack those via the SEC, so they’re going to try co-opting environmental legislation to shut this side down. With these two prongs, both Proof of Stake and Proof of Work assets will both be covered. Although I’m pretty sure this will be an aspect of the attack plan, I don’t know if it will run concurrently with the SEC attacks above, or if they’ll wait until it’s known if those will succeed.
• While these plans are in motion, they will continue to attack exchanges in any way they can - “protecting” consumers by making accessing exchanges harder or more onerous, legislation to make self-custody illegal, etc. We’ve seen a few older and smaller US-servicing exchanges get shut down over the last year, and I expect them to start attacking Kraken and Gemini soon as well.

It’s crystal clear they’re working towards an agenda to shut down crypto as a whole. Tbh I don’t give a shit if it’s because “hur dur global banking cabal” or “oh fuck the USD is going to collapse if we don’t try to shut this down” or “I’m old and fucking stupid and I hate this cryptkeeper blogchain technology”, because the reasons are irrelevant; just know that they’re working with a coordinated plan here and Ethereum is on the hit list. Be realistic about the struggles that are coming.

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A few weeks ago I received a reminder to my sale of majority of my BTC to ETH.

At that time in 2022, btc - $30k, eth - $2000, ray - 0.067.

2023 prices, btc - $26k, eth - $1800, ray - 0.067.

So was that decision good for me and my future?

Some quick reflections combined with guesses-predictions on how things might turn out.

• Due to prices and ratios being really similar, the trade has ended up being neutral. However, there’s taxes, hence I ended up loosing like 20%ish and it will probably end up being around 30-35% long term.
• So one of the cool things for me right now is that I can borrow against my assets on Ethereum, even my ENS digits! I couldn’t do that on Bitcoin, I would have needed to wrap it which would’ve been a tax event, so while it was possible, it was not practical. Borrowing my end up saving me 5-10% long term, we’ll see.
• On top of my Ethereum assets. I have an option to get yield now. The yield is really crucial because it means I have an option of getting something without sacrificing my stack and cashing out.
• This leads me to my next point. My latest variation of the initial crypto plan was to cashout into USD or stocks, just away from the bitcoin, cause I needed to have money somehow to pay for stuff. They were not many bitcoin developments. Yes, it started being accepted here and there, mostly digitally. Anyways, that’s not the point. But the most useful use case to me was being able to send money quick and fast and relatively cheaply.
• Well, now I don’t have to live. Quite on the opposite. It has also been cool cause there’s so many things going in the Ethereum ecosystem or around it. I’m sure waaaay more people used Ethereum than Bitcoin.
• There’s actually something here than just pure money and just waiting for the next halving and next bull run in hopes of more money. In the years before, I actually had people IRL ask me ‘why would they buy Bitcoin and what utility it had?’. And for the decent amount of recent years, bitcoin community’s proposition wasn’t for P2P, which initially was soo cool for me, but more just to hodl this to have more money and that’s it lol.
• This bear market has the most fun. Somewhat stressful too compared to other ones where you just zone out cause there was not much going in btc. But yeah, it’s pretty cool. I get to learn a lot and try out things I wanted to do in my life before. For example, I wanted to write before but I didn’t like college essays cause of word limit bs. I wanted to write but I didnt really know where to put ‘writing’ into my life, I did write a few things here and there, mostly psychology and mental health related but that’s about it. And since becoming involved in the communities here and in the ecosystem, I can do some writing and it works for me. And there’s so much room for growth too.

It’s getting pretty long and my flow is a bit off so here’s a few btc related takes.

• I’m really interested seeing what happens when for the first time after halving when btc doesn’t hit new ATH. It would be a heavy downfall to many holders, I don’t think it will go to 0 but I think the main narrative of up only being broken would be a hard pill to swallow.
• Prob one of the hottest hot takes: I think btc doesn’t hit $100k next bull run. But my takes are not know to be correct😅

And if you made it till here, here’s my last important point.

• I’ve been trying to figure out the differences between my experiences within bitcoin and ethereum communities. To me it was mostly coming down to some social related movements. For example, seeing snippets of btc conferences during 2021 was so criiinge that I didn’t wanna be related with that sorta people in any way. On the other hand, there’s so many builders, artists, creators, degens and users in Ethereum that I resonate with. It’s kinda funny but I met some people who are still not a fan of Ethereum yet they work on some projects that are built on Ethereum and contribute to the ecosystem. I mean they can hold whatever assets they want but if they are spending their energy contributing to this ecosystem rather than contributing to the ecosystem the asset they believe of - maybe it says something. So I was looking for a short simple and best way to describe this whole social thing to start quantifying it someway so I can communicate with people better and pass on my excitement and passion about the space and I have realized that the term already exists - Layer Zero. That social layer. It’s the actual difference that drives things here, creates collaboration and unity rather than division.

I’m going to end this here, thanks for coming to my imperfect TED Talk.

All the best,

696.eth

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u/Vinegar_Strokes__

Ethereum

u/TimbukNine

$1,889.56

u/696_eth

0.0696

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Trustless sequencing,

Let data compression sing,

Rollups be dancing.

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Your daily beacon chain dose.

Pending validators: Joining 78.5k, leaving ~10

• Entry queue +1700 from yesterday’s number - New entry queue ATH.
• It will take around 38 days for the entry queue to clear
• In under 28 days the amount of daily validators that can both enter or exit will be increased from 2025 to 2250.

These figures are based on the entry and exit queue at the time of posting

https://validatorqueue.com/

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Volatility so dead I don’t even have any memes to post.

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u/696_eth:

no memes?

we waiting

they don’t know

no memes to post

we feel you homie

memes?

what happened

later

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With trezor, you can read through their code and understand how they generate seeds.

Someone has already done this: https://medium.com/@brandonarvanaghi/analyzing-trezor-firmware-mnemonic-seed-generation-for-bitcoin-and-ethereum-4b03fbaad24d

You’ll notice that that article calls out that the default ‘random32’ isn’t suitable for production (and the code itself wanes you of this), so you’ll need to find out where Trezor implements ‘random32’. This is my first time looking through their code and it seems that the insecure implementation is the default implementation in their firmware, but I assume they replace that somewhere. Perhaps someone more familiar can point us to the newest RNG code because THIS IS A VERY IMPORTANT POINT TO CLEAR UP.

They do have a legacy firmware that has its own ‘random32’ implementation: https://github.com/trezor/trezor-firmware/blob/92045275fb79e532a5b9a86732c1b3206ef3bba4/legacy/rng.c#L27

You’ll notice that that code uses a few “RNG_” variables to produce it’s number, so the next step is to find out what those are.

We know that Trezor uses a Cortex-m4 Arm chip, and this is C code, so we can look at the chip datashet to understand what those do, or we can cheat and look at OpenCM docs: https://libopencm3.org/docs/latest/stm32f2/html/group__rng__file.html

You’d also want to go to the datasheet for the STM32F205xx to see that it has a “true random generator” hardware module.

That all looks really good, and I’ve heard that the modern Trezor firmware also includes static ram and host device data into it’s RNG, but I’m not familiar enough with their code to hunt that down at the moment.

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Hey guys, lurker here who’s been working on a project in his free time: https://betonchain.gg/

To keep it brief, I started out running a Chainlink node, deploying jobs and a consumer to update odds and game results data from an API I wrote to aggregate results and odds across various bookies. Eventually the goal became to offer the most competitive betting experience in terms of odds, privacy and transparency, while decentralizing the bookmaker by sourcing house liquidity from a community which receives house profits back. Soon after launch I aim to add support for futures and integrate player friendly tools such as contracts for auto-hedging parlays.

The platform is currently on Sepolia, if anyone is interested in testing the DApp please drop an address and I can send over some test USDC/USDT/DAI to place bets with. Hopefully there’s not too many bugs! I am considering launching polygonzkEVM but not sure yet.

Appreciate any feedback from you fine gents and ladies!

PS: If anyone has insight into raising funds, please let me know, hope to make this my full time job. Thanks again!

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Beijing releases white paper for web3 innovation and development

https://www.theblock.co/post/232404/beijing-web3-white-paper

“…Dubbed the”Web3 Innovation and Development White Paper (2023)," the document states that web3 technology is an “inevitable trend for future Internet industry development,”…”

“The commission aims to construct Beijing as a global innovation hub for the digital economy.”

“ The white paper reportedly states that Beijing aims to strengthen policy support and accelerate technological breakthroughs to promote the web3 industry.”

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I think we’re hitting an inflection point where staking is the “cool” thing to do with Ether. Lots of folks predicted that this would happen but no one really knew when. I’m basing this on two factors:

1. The deposit queue is growing at an accelerating rate despite long wait times.
2. The price of Eth is beginning to inch up against the flow of other assets.

The logical interpretation of this is that the supply squeeze delivered by staking & burning is finally upon us.

Does this mean Ethereum is successful?

Nope. Not even close. We saw something similar happen with Dash in 2018 (dash spiked when their staking program reached critical mass), but Dash couldn’t keep the gains. The only way Ether will lock in this success is if we build valuable products on top of a credibly neutral and decentralized network. If you’re hearing this, but not acting on it, you’re a bad puppy 😜

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I took a deep breath and tipped my toes into Ordinals and BRC-20 yesterday. UX is terrible, it took 12 hours (!) to process my bridging transaction from BTC mainnet to Stacks, and depositing into my trading wallet took about 10 minutes. It’s a very, very long time when you’re used to Ethereum. Xverse wallet is even worse than MetaMask in terms of showing human-readable information, and all swaps are done either via order books or P2P bulk sales.

The experience is not welcoming for a newcomer. I’ve been doing DeFi daily for the last 2 years, and I had to look around for hours before I was comfortable enough to do a transaction.

However, I think BRC-20s and Ordinals have a decent chance of becoming more popular in the next few months. I am not tech-savvy enough to understand the hurdles facing a better UX - until yesterday I thought an ETH NFT collection could be bridged back-and-forth to BTC… But I could definitely see how people could pile on Bitcoin DeFi projects.

Ethereum isn’t threatened by this, in my opinion. It is so far ahead in terms of development… Bitcoin looks like a 28k modem, while Ethereum is 5G. Still, I decided to allocate a small portion of my trading wallet to it. I feel kinda dirty using a PoW chain, but hey, ride the wave, don’t fight it, as they say.

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Hey ! Seems like I’m going to be let go at work soonish (Which is a good thing, my job got less and less technical over the years and I miss that part a lot). I’m a cryptographer with quite good skills in programming in a range of languages, so I was considering having a bit of fun for a couple years working in the ETH ecosystem. What I’m looking for is technical challenge.

What are my options ? My thoughts so far :

• CL Client teams : Very new codebase (which is nice) - Mainly about implementing EIP specs, seems to be that challenge here is “low” as the heavy lifting is done at the research level.
• EL Client teams : Older codebase - Mainly about improvements of various existing parts - a bit more challenge because there’s design/engineering tasks to improve stability and speed/latency/footprint of the clients.
• Research teams : Way more focused on design / cryptography / game theory - Something I’m very good at, but I fear I will miss the coding part of it, which is somthing I enjoy.
• A Layer 2 : I would probably prefer a ZKR since it’s more fun to work on, but I kinda think that OR are so ahead in terms of maket share that it’s an uphill battle to win as a ZK rollup.
• Some protocol : Probably some game theory involved, but I don’t think I like the risk of being part of a project which has a chance of not taking off.
• Do my own thing with a high probability it won’t be used : I would love to code some kind of ZK prover in GPU assembly for instance - This is probably the most fun for me, but also the most risky.
• Flavor of the month : Work for a hardware wallet manufacturer with good open source values :)

Any other options you can think of ? I’m just in the process of evaluating my opions right now as the switch won’t be before a couple months.

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Just a reminder to everyone if you don’t know already.

Both Ledger and Trezor device support Fido U2F, which means you can use your ledger or trezor as a security key (2FA) to login to your online accounts.

Of course if you are not comfortable taking your hardware wallet with you everywhere, maybe consider using it for online accounts you’ll only login from your home or in a safe place. But according to your specific threat model you can use HWs as 2FA security partially or fully in your online activities.

You can use them to secure your CEX accounts, email, password manager etc. And if you loose or break your device you can always restore it with the seed phrases in another device and all your 2FA security keys will be recovered as well.

Using a security key as 2FA for your online accounts greatly increases your general security online. And almost impossible to hack into your accounts remotely.

Before you implement that be sure to go through the ledger and trezor articles about using their respective U2F features.

Trezor also supports FIDO2 standard for passwordless login but it’s not as widely adopted yet like U2F.

Edit:- here is trezor’s article on using U2F- https://trezor.io/learn/a/what-is-u2f

Here is the ledger’s article - https://www.ledger.com/fido-u2f

If you’re moving away from ledger as your hardware wallet, you can atleast use it as a 2FA security key to secure your online accounts.

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https://twitter.com/hanni_abu/status/1663605190543523840

I wasn’t happy with existing solutions to monitor validator entry/exit queues so I built this https://validatorqueue.com.

This dashboard shows the entry/exit queue, wait times, total active validators, and historical values.

Thank you beaconcha_in for providing the data ❤️

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Not sure if posted yesterday, but even if it was it’s worth repeating. HOP bridge now supports rETH, with joint liquidity incentivization by HOP & RocketPool DAOs.

https://twitter.com/HopProtocol/status/1663669978405691392

This is the first liquid staking token bridge (of any protocol) and I’m hopeful HOP can add more. Anyone who is in a LST community that has shown interest in getting a bridge set up let me / HOP know. When this was being voted on it seemed there was interest in adding more.

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The Lido situation:

• A total of 19 million eth is staked on Ethereum. A total of 6 million eth is staked on Lido. More than 36% of all staked eth is staked with Lido.
• More than 32% of all validators are using Lido.
• Lido is the #1 protocol on Ethereum with a TVL of more than $13 billion. That’s more than twice the TVL of the second largest project, Maker. That’s close to 6% of all ether in existence.
• The activation of withdrawals by Lido 2 weeks ago had almost no effect of their TVL. Over the past month, Lido’s TVL still grew by 10.8%. There isn’t any reason to expect their share to drop significantly in the future.

When Prysm contributed to centralization by having too high of a share in the consensus client market, the community launched an initiative aiming at reducing that.
This worked fantastically and Prysm went from more than 66% to now being second behind Lighthouse.

No real initiative has been launched in the case of Lido yet. There is no real equivalent to clientdiversity.org today, with explanations, educational material, and guides to switch to less centralized options. There is no real pressure by the community.

Are we really passively waiting for the 33% validator share limit to be crossed in order to start doing anything?? Will one more percent really make a difference? As a reminder, Vitalik suggested that no entity should control more than 15% of all validators. Lido already controls twice the stake Vitalik considers to be too much.

On May 22 2022, u/superphiz wrote that community action should start at a 22% share. With its 32%, Lido has now 50% more than that and yet no action has been seen.

To our Ethfinance friend u/hanniabu who created clientdiversity.org (big thanks for that): is there a similar website planned for staking providers? rated.network just doesn’t do the education job. Please let me and us know if there is anything we can do to help.

Feel free to share any idea about what we could do to.

This problem won’t just solve itself, there needs to be a community initiative.

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u/Vinegar_Strokes__

Ethereum

u/NeedlerOP

$1805

u/696_eth

0.068

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Tax crypto traders,

The debt ceiling deal breakers,

Rug pulling raiders.

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Your daily beacon chain dose.

Pending validators: Joining 72.9k, leaving 0

• Entry queue +2300 from yesterday’s number
• It will take just over 36 days for the entry queue to clear
• In around 2 and a half days the amount of daily validators that can both enter or exit will be increased from 1800 to 2025

These figures are based on the entry and exit queue at the time of posting

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It wouldn’t take much volume from Fidelity to cancel out the… checks notes… negative ETH issuance

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u/monkeyhold99:

Ethereum is the only digital asset in the world that is all of the below:

• decentralized
• productive
• secure
• useful
• immutable
• permission-less
• trust-less

Traditional finance people and most normies still have not figured this out. I know we’ve come a long way since 2015, but I really believe we are super early adopters here. Will be interesting to look back on these threads in 5, 10, 15 years time.

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u/ajmonkfish:

Let’s rearrange that and get a catchy acronym.

Secure Trustless Useful Permissionless Productive Immutable Decentralized

ETH is STUPPID!

Great work everyone, take the rest of the day off.

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Imagine an Ethereum spam token as a small piece of land in the middle of the desert that has a big sign planted in it saying “/u/barthib owns this”. You have no idea who put the sign there, and the land is obviously worthless, so why would you bother driving out into the desert to try to claim it or to take down the sign?

TL;DR Hide it. Don’t interact with it or try to “get rid of it”.

Conceptually speaking, Ethereum tokens (including NFTs) don’t exist “in” your address like ETH does. They exist “in” their own token contract that maintains its own separate ledger. This contract’s code is determined entirely by the creator of the NFT.

When your wallet software checks your address for tokens, what it’s basically doing (through a couple levels of indirection) is pinging the smart contract that the token creator published, asking it “does this address own any of your token? If so, which one(s) does it own?” The token’s creator can, if they wish, tell the contract to respond to this inquiry with literally anything. They could tell your wallet that you own an amount of their token equal to the current block number, or randomize every day the tokens the contract says you own, if they wanted to.

When you interact with a token, your wallet is reaching out to the token contract and running the code defined there by the creator of the token, which can also be anything they want. So a situation like this could occur:

• You try to send the token to the null address.
• By doing so, your wallet calls the “transfer” function on that random token contract.
• The “transfer” function is malicious, and tries to trick you into sending the attacker other tokens out of your wallet, or even just reverts (fails) your transaction causing you to lose your gas fee.

Edit: A classic scam is where they code the contract to revert/fail your transaction with a custom error message that includes the address of their scam website in it, telling you to go there for “support” on their token. You see your failed transaction with their custom error message when you go on Etherscan to check whether your transaction went through. So you visit their website and get on their support live chat, and they feed you some bullshit about you needing to install a wallet upgrade from a dodgy .exe file, or that your wallet is corrupted and you need to send them your seed phrase to fix it. Then they clean you out.

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Grüezi EthFinance 😁

Been away in Japan 🇯🇵 the last 4.5-weeks or so for vacation. Didn’t use the phone much, went camping, did jiu jitsu, was a cornerman for an MMA fighter, went to a baseball game, sumo; just reconnecting and seeing how the ecosystem is.

• Japan just hosted the G7 Summit in Niigata 🇯🇵 where the topic of cryptographic commodities was brought up. There seems to be a $3000 USD threshold put on commodities so anything above that amount is reported by the exchange/bank/etc. Seems a bit low relative to what… hedge funds do… ⛩️ 💴
• Fun Fact. I’ve spent some time with some cryptographic security people here in Tokyo 🇯🇵 and I’ve been informed something like 33% of all crypto theft occurs to Japanese people. Sure enough, here’s an article with most of those details to back it up 🥷
• I’m sure you’ve all heard about the recent Tornado.Cash protocol take over. Hoping anyone here affected is alright 🌪️
• Seems we’ve been hovering at $1825 with a spike to $2000 not too long ago 📈
• A lot of you are aware of recent Ledger/Hardware Wallet hacking. Here’s a video from Hak5 over 1.5 years ago cracking these wallets. I tried getting people to flash the alarm but I think these types of attacks will slowly become more common; that and juice jacking / wire jacking 🛜

I’m always here in the shadows doing my best to secure the Blockchain, provide liquidity, and help along newbies when I can.

Love you all, keep being ambassadors, and keep helping any- and everyone who asks for it!

Pröschtli 🍻

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Heads up for everyone using Google Authenticator 2FA app. While this might be old needs, the update was pushed around the end of April, this was new to me, so maybe some fellow EthFinanciers might find this useful.

This morning I opened my Google Authenticator app to find out that is needed an update. The update included a back up of the authenticator codes into my google account.
When I explored this a bit I found this:

‘With this update we’re rolling out a solution to this problem, making one time codes more durable by storing them safely in users’ Google Account. This change means users are better protected from lockout and that services can rely on users retaining access, increasing both convenience and security.’

Really, how can they think this is save. The whole point is to have a second step besides your standard login option like Gmail. What’s the point of storing your 2FA codes in a google account that when it gets compromised, your 2FA codes are compromised as well.

There is still the option to keep using the authenticator without the backup feature.

Remember, when it comes to online security, the ultimate responsibility lies with none other than ourselves. Stay vigilant, take proactive measures, and empower yourself to safeguard your digital presence.

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Hi everyone…I just got the final cover for my book back. I’ve written a little book about Ethereum!! Specifically about WHY Ethereum is the future of business. It’s called (no surprise) “Ethereum for Business”. If you would like to pre-order it, the paper copy should be in your hands in about 2 weeks as we’re nicely ahead of the official schedule and orders for eBooks on Amazon or Apple will follow in another 2-3 weeks. I’ll do a top-level post on why I wrote the book and what it’s about on the official release day.

View on Amazon

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EVMavericks Rocket Pool oDAO update

There was a meeting planned for Monday but too many people could not make it last minute. A few of us had an unstructured discussion mostly about the costs of setting up and running an oDAO node and necessary archive node. u/haurog calculated some of the costs using on-chain activity and is willing to share a doc once complete and here’s another great resource (oDAO tab).
We’d like to maximize participation for those interested in working on the project, so please enter your availability for the next meeting here:

https://www.when2meet.com/?20153310-SNPGH

Enter a name (pw optional) and click Sign In, then select your available meeting times so we can schedule it.
If Discord meetings do not work for everyone we may consider using Zoom or other tool. Whether active on Discord or Reddit-only user, all are welcome and encouraged to join the effort.

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With crvUSD finally launching in earnest now would be a good time to at least familiarize yourself with the Curve ecosystem if you haven’t. It’s still the second highest volume DEX and might have just launched a way to double its income.

There’s a lot to unpack here:

• Curve issuance. How much is being emitted? When are the scheduled emission reductions? Who is sucking it up?
• Bribes. This is basically a way of reallocating liquidity from a trading fee optimal allocation to a CRV holder revenue optimal allocation. This takes a bit to get your head around.
• Curve v2 pools. These are largely misunderstood. Unlike Uniswap or Balancer Curve v2 pools have a volatility instrument in there that flexes liquidity depth to minimize IL and adjust the target peg over time. This is a seriously undermarketed feature.
• crvUSD. A new CDP style stablecoin that uses a gradual liquidation system so you get less wrecked. Lower risk for borrowers, no need for keepers to liquidate you, and it enables high LTV ratios. This is my favorite DAI-style replacement so far. LUSD puts your collateral at risk even pre-liquidation. RAI famously isn’t stable. crvUSD is just an improved design of the liquidation system and the peg can be backed by the entire DEX revenue for a stronger coupon bond failsafe than DAI could ever offer.

I do suggest you spend a few hours and familiarize with this system if you haven’t because it is the baseline so many other projects derive their tokenomics from.

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Not sure if it’s been posted yet, but the delegate week started yesterday. If you own any DAO tokens, it’s a great time reconsider who you are delegating too. Or even better, if you are on the fence about being a delegate might be a good time to jump into it!

Some more info here - https://delegationweek.com/ & if you are looking for a list of r/ethfinance delegates check out the daily doots page here - https://dailydoots.com/#delegates

If you own any HOP, now would be a good time to consider delegating - whether that is to someone new or just re-affirming with the person you already delegate too. They are using some of the grant funds to encourage people to re-delegate (or delegate if they aren’t at all) See - https://forum.hop.exchange/t/grant-proposal-delegation-week/878/11. Not a huge amount, and I’m not sure if those are the final numbers, but at a minimum should cover some gas costs + some beer money.

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Crypto wasn’t invented to make you rich…

I’ve been in Ethfinance for a few years, and every year, I understand this a little bit more. I joined before the big bull, made some profits, but you don’t make life-chaging amounts of money by investing spare change as a broke college student. So I obviously didn’t sell during the crazy highs. This year is the year in which I’ll be calling myself an “Etherean” for more than I was calling myself a “Bitcoiner”.

…It was invented to set you free.

I’ve got to say, I “converted” to Eth at a good time. Not a good time financially, but at a time where I was disillusioned with Bitcoin. I had heard about Ethereum much earlier, but ignored it, as it was obvious to me that Bitcoiners would not leave the biggest and best coin with zero improvements over multiple years, riding on the first-mover advantage alone. What a rabbit hole the Ethereum ecosystem was! What an insane potential of improving the way we interact with wealth and capital and as a result the human condition!

…But it will make you rich anyway.

If this part ever comes true, I’m ready, but I hope it’s not overnight. I don’t know if my mental health can take another insane bull, but I suspect that the next one might be even wilder. At least inflation and time have changed my definition of “life-changing money”. In any case… DCA on!

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I’m working on a few crypto beginner’s tutorials, with the main goal being to simplify information and for a better learning experience. Ideally, a lot of users don’t actually need long explanations of how blockchain and dapps work and just want to know how to use them.

Interestingly I wanted to compare simple transacting as copying and pasting an address, and I thought to compare this to being as easy as copying and pasting an IBAN number for digital banking transactions (like in many EU countries). But then it occurred to me that in the US, peer to peer banking transactions are still impossible (which is pathetic), so this reason alone makes explaining this way harder than it should be.

Just a funny observation. What could be a better metaphor for explaining transactions in a “crypto for dummies” kind of way? I was considering using email addresses as a metaphor, but I don’t think it’s the best way.

Also, is lack of p2p banking a problem that fednow is trying to solve? It should be a crime how far behind the US is due to lacking simple digital transactions as a standard feature for all bank accounts. Anyway, people generally understand PayPal and Venmo, but trying to explain crypto transactions automatically sounds way more technical if you’re not already familiar with similar concepts.

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I’ve taken some work with Supermodular.xyz and Greenpilled via Kevin Owocki!

My role currently will be creating video content for a variety of platforms and help spread the work to Regenerative crypto economics and human coordination. Here’s couple channels to follow when you get a moment.

Thanks /u/owocki for the amazing opportunity. Onward!

YouTube: https://youtu.be/UShoIJmSNok

Twitter: https://twitter.com/supermodularxyz

There is so much ethos aligned with Ethfinance and I couldn’t be happier to have the chance to help contribute to the vision of this incredible community.

I’ve been diving in on the Greenpilled podcast and will be making so much shorts content with great quotes from great minds. Mind blast incoming!

Cheers and Big Hugs from GreenPilled City

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u/Vinegar_Strokes__

Ethereum

u/696_eth

$1805

u/nixorokish

0.067

View on Reddit →

The Ether city,

Its client diversity,

Mutuality.

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Doots for yesterday:

• Ledger
• Ledger bad
• Ledger
• Ledger

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So around this time last year I posted a daily update about the beacon chain queue.

So here we go again for round 2!

Pending validators: Joining 50.3k, leaving <100

• It will take just under 26 days for the entry queue to clear
• In around 9 and a half days the entry/exit queue number will be increased from 1800 to 2025

Some extra stats for when I reference this post at a later time

Active validators - 572,820

Staked ether - 18,330,053

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##What is the difference between a BRC-20 token and an ERC-20 token?

Expanded from my comment in /r/ethereum

####TL;DR:

BRC-20 is completely different than ERC-20. It has a similar name, which is very misleading because it works nothing like it.

Both are meant to be fungible.

• ERC-20:
  • A full smart contract with complete customizability (usually 8k-12k characters long).
  • It must include all the functions that dictate how the token works, so its code is 100x bigger than a BRC-20 token’s code.
  • Each ERC-20 token can behave very differently depending on their contract code
• BRC-20:
  • A tiny JSON object (usually 100 characters long)
  • BRC-20 tokens are much more standardized and do not include any functional code
  • You can only customize 4 properties: Ticker symbol, max supply, # of decimals, and the mint limit

##What is an ERC-20 token?

An ERC-20 token requires a complete smart contract with a full set of code that describes how the token operates.

All ERC-20 tokens must have these function names and parameters.

• function name() public view returns (string)
• function symbol() public view returns (string)
• function decimals() public view returns (uint8)
• function totalSupply() public view returns (uint256)
• function balanceOf(address _owner) public view returns (uint256 balance)
• function transfer(address _to, uint256 _value) public returns (bool success)
• function transferFrom(address _from, address _to, uint256 _value) public returns (bool success)
• function approve(address _spender, uint256 _value) public returns (bool success)
• function allowance(address _owner, address _spender) public view returns (uint256 remaining)
• event Transfer(address indexed _from, address indexed _to, uint256 _value)
• event Approval(address indexed _owner, address indexed _spender, uint256 _value)

Only their names and parameters must match. A function’s code does NOT have to match the description of its name

I could make a valid (but scammy) ERC-20 token where the “transfer()” function actually mints tokens, and where the “approve()” function instead burns a large amount of your transferred Ether. And that would be technically valid as long as the code specifies it.

##What is a BRC-20 token?

First off … documentation on the BRC-20 standard absolutely sucks: https://domo-2.gitbook.io/brc-20-experiment/

I thought it was a joke, but that’s the full token standard documentation.

Some more info:

• https://domo-2.gitbook.io/brc-20-experiment/examples
• https://thebitcoinmanual.com/articles/brc-20-tokens/

BRC-20 is just a short JSON object (a simple data structure) and does not contain any functions. It’s based on ordinal theory and relies on the ordinal nodes to operate on it and provide it with standard functions.

It only works with ordinal-compatible taproot addresses.

Here is the standard format of a BRC-20 token:

• Protocol: Specifies the type of ordinal transaction. Always “brc-20”.
• Operation - One of 3 different operations
  • Deploy: Deploys the BRC-20 token
  • Mint: Mints new tokens as long as it’s not past the max supply or mint limit
  • Transfer: Mints a transfer function
• Ticker symbol: A 4-letter ID
• Max supply
• Mint limit: Limit per ordinal transaction that users can mint themselves
• Decimal precision

This is what the entire ORDI token deployment looks like:

{ 
  "p": "brc-20",
  "op": "deploy",
  "tick": "ordi",
  "max": "21000000",
  "lim": "1000"
}

Here is the format of a Transfer function:

• Protocol: Specifies the type of ordinal transaction. Always “brc-20”.
• Operation: Transfer
• Ticker symbol: A 4-letter ID
• Amt: The amount to transfer

To transfer, it takes 2 steps:

1. Inscribe the transfer function to yourself
2. Send the inscription from your wallet to the other address

Swaps require an off-chain 3rd-party to complete, so they’re not safe at the moment. It remains to be seen if you can build trustless DeFi around BRC-20 tokens.

Some other interesting facts about BRC-20 tokens:

• BRC-20 tokens rely on ordinals and inscriptions to work. This uses the prunable witness section of a Bitcoin transaction that costs 4x fewer sats per byte.
• BRC-20 Tokens currently account for over half of all Bitcoin transactions
• BRC-20 tokens are so small (in terms of weight) that Bitcoin TPS has actually doubled over the past month. This is not due to more demand, but because the average transaction size has gone down (due to fewer batch transactions), so they can pack more Txs into each block.

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u/cryptOwOcurrency:

Epoch 200,553 only had 40% voting participation!

I can’t wait to read the post-mortem for this one. What could it possibly have been?

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u/OkDragonfruit1929:

It wasn’t catastrophic, but it easily could have been a serious, but recoverable, issue if it had persisted. Epoch 200,553 only had 40% voting participation, which means only 40% of validators selected at random for block creation were actively confirming new blocks. Normally, the participation rate should be much higher, so this could indicate a problem with the network.

Start of the problem: https://beaconcha.in/epoch/200551

Peak of the problem: https://beaconcha.in/epoch/200553

Recovery started: https://beaconcha.in/epoch/200554

Normalization achieved: https://beaconcha.in/epoch/200556

We need a thorough post-mortem before we can be sure everything is okay though, because a rogue event like this happening for no explainable reason would not be very confidence inducing.

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u/superphiz:

A tiny update on the loss of finality yesterday: The culprit still isn’t clear.

Some people have suggested Prysm caused the issue because they were hit hard by lost attestations and high loads, but this is very likely a side-effect of the turbulence rather than a cause. Terence described some optimizations they were making as a result of the turbulence, but that’s not an admission of fault.

I initially threw shade on MEV-boost because of my distrust for that stack, but there’s no evidence suggesting they are involved in any way.

The investigation is ongoing and the outcomes will be published in a detailed postmortem.

Terence just posted another update, but keep in mind, that this isn’t a finding of fault, they’re just exploring the incident.

Most clients (except Lighthouse) were hit hard by this, but Prysm stands out because they have a high representation of validators.

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u/OkDragonfruit1929:

Terence just posted another update

, but keep in mind, that this isn’t a finding of fault, they’re just exploring the incident.

Here’s my best attempt at an ELI5:

CL clients were getting a lot of attestations (which are like votes or confirmations from other nodes) about older transactions that didn’t include the latest updates. This is like getting a lot of mail about old news that doesn’t include recent important events.

Because the nodes that sent these attestations didn’t have all the information for the recent transactions, CL clients had to spend a lot of time and resources to catch up. This is similar to how you’d spend a lot of time and effort researching recent events if you only had old newspapers. This caused the CL clients to work too hard and run out of resources, leading to issues like the system slowing down or even crashing.

During this time, a small problem in the Prysm system (which likely exists in other clients as well) was found that made it use the wrong information when trying to organize transactions. It’s like sorting mail into the wrong categories because you’re using an outdated list.

The Prysm team is working on improvements to prevent these issues from happening again. They’re improving the system’s memory management, and they’re going to implement similar logic which right now only exists in Lighthouse CL clients where they filter out unviable attestations (like disregarding old news that’s no longer relevant). The Prysm dev team plans to release these improvements next week.

So, in summary, the Prysm nodes were overwhelmed with outdated information, which led to system issues and revealed a minor bug. The Prysm dev team is now working on fixes and improvements. I am hopeful other CL clients follow suit and implement similar fixes.

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u/superphiz:

Some analysis threads are starting to come in from the loss of finality event on 5/11/2023, I’ll try to link them here as I become aware of them. (Feel free to share as well)

• potuz analysis
• rplust analysis
• preston vanloon
• terence

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##Summary/Highlight of US House of Reps session: Future of Digital Assets.

Pleasantly surprised by most of what was discussed. Almost all the guest speakers had excellent ideas and explanations in the discussion. However, each person was allocated only 5 min at a time, so it was somewhat limiting. Please excuse me if some of this is a little raw. It is a 3 hr meeting and I don’t have the time atm to format it correctly due to my excessive fiat mining op (work).

Intros of Committee and Guest Speakers:

Mr Johnson: Must be a bipartisan effort for a promising tech/market. Conflict between securities and commodities laws. Most of the G20 countries are ahead of us. We want to be the leader in this tech/industry.

Ms Caraveo: Digital asset activity grows, but so does non-compliance. Any legislation requires increased funding of CFTC.

Mr Hill: Can this industry thrive here in the US? Many Democrats calling for common sense legislation for months (not just a partisan issue). Can’t trust offshore exchanges (FTX), so we need to work on laws here for US exchanges. 

Mr McHenry: We want a collab of CFTC and SEC to make laws and close regulatory gaps to protect consumers.

Guest speakers

Durgee: I’m the only non-attorney here. Already there are conflicting laws against other existing laws for crypto from the SEC and CFTC. This is a developing tech innovation that happens to be a digital currency as well. Adoption at this stage is not a tech problem, it’s a human conditioning issue. A 13 year old in their lifetime has grown up with BTC and only known a world with crypto in their life.

Mr Santori: Kraken is well established in the US and the world. Europe has more effective rules from tested principles unlike the US. Gaps in US have created litigation that doesn’t protect consumers. Mandates needed to protect us: https://www.youtube.com/live/gwJ1QAwP7UE?t=43m21s

Mr Massad: Confusion about commodity/security classification of crypto worsens the gap problem. How can we apply Howey test without this info? We need to pass a compliance law directing CFTC and SEC (or SRO; self regulating agency) to create laws and enforce them, without rewriting commodities and securities laws. Regardless of your stance on crypto we need this framework to protect consumers.

Mr Blaugrand: If investors could have traded digital assets on an exchange that was regulated like the NY Stock exchange, FTX situation wouldn’t have happened. We can use the established rules we already have and apply it to crypto with these 4 rules: https://www.youtube.com/live/gwJ1QAwP7UE?t=58m34s

Mr Steil (WI): We still have no path forward for regulation, even after Gensler’s meeting with Congress. Congress is ready to do the job. How do we not miss out vs overseas? W/Shoenberger: Switzerland made it very clear to define security/commodities. It gave them legal security and clarity that allowed them to proceed successfully. This framework that they provided certainly provided the legal certainty to be headquartered there and to have legal clarity around the classification instantly. W/Durgee: The rest of the world has more stability and growth in every avenue of crypto. 3x as much investments vs the US in some markets.

Mr Lucas: US is great because we embrace innovatio. w/Santori: G20 markets are ahead of us and are sophisticated. Kraken is expanding there, but we can’t deploy the same resources here in the US due to these regulatory gaps. Lucas: what SEC rules need altering for exchanges to succeed? W/Blaugrand: SEC needs an onramp with regulation so exchanges can grow in the US. They don’t because of regulatory vagueness. W/Satori: Flexibility of crypto is a perk. Broker/dealer construct can interact directly with consumers. We could limit exchanges and even close down exchanges after hours.

The negative:

Lynch (Mass): Not regulatory ambiguity; it’s mass non compliance with existing laws. Don’t argue security vs commodities, we should instead focus on intermediaries (exchanges, lenders, and wallet users). SEC is clear, consistent, efficient, and prevails in every 140 cases. crypto industry has failed. No separate regulatory regime necessary for crypto. claimed that creating new legislation for digital assets seems “redundant and unnecessary” given that the financial system’s current securities laws have “sustained massive innovation in our financial system for decades.”

Mr Casten: What return would I had if I invested in 12 cryptos during a time vs S&P (60% profit)? Loss 46% of investment, how is this a supposed way to close wealth inequality gap? W/Durgee: accredited vs credited access is important. Mr Casten: I’m happy to debate truth not lies. Everything stated here beginning to sound like SBF and FTX, what’s the distinction? Sounds like you want to regulate crypto with the least funded organization.

Mr Sherman: Buttcoin mod? An ignorant person’s lack of ability to learn anything new. Fossil garbage opinion. Uses term “crypto bro”. questioned whether digital assets should even have a future in the United States. He referred to cryptocurrencies as a “hidden money system that diverts capital investment from useful industries, and whose announced purpose is to defeat sanctions and tax laws. Crypto bros make money literally by making money, and they’ve made over a trillion dollars. They’ll accuse the U.S. government of making money out of thin air. Maybe we do, but we’re the U.S. government.”

Threaten Web3 Anonymity:

Mr Davidson (Chairman Housing subcommittee): Gensler’s hotel California’s regulation provides no path to exit/leave. Who should have the power of exit from intermediaries (power to have self custody)? w/Santori: Who is best placed to collect KYC info? Kraken is well paced to do that and doesn’t require KYC for every transaction, but we could do that if required.

Dr Foster (IL): Estimates of 95% trades are fake or wash trades in derivatives. How can we have a regulated futures market with this fraud and manipulation? What alternative to KYC at all levels is there to avoid fraud? W/Satori: Kraken provides this as a portal. Foster: we can’t stop BTC on the dark web with that. At a wallet level we must have mandatory monitoring with licensing like automobiles. Trusted digital identity from the government. W/Kulkin: CFTC had auth it could conduct surveillance under the rules and jurisdiction of the exchange thereby acting as an SRO in addition to the CFTC/NFA.

Conclusion

McHenry: Even if there is nothing of value in crypto, you would still need enforceable rights and protections already found in regulations and laws in the US. Must come together in bipartisan manner to protect investors.

5 days for additional legislation questions and responses granted from the panel. Plans for another hearing this month made.

Last month, McHenry said he expects that the President will have signed some piece of crypto legislation into law within the next 12 months.

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Anyone else here whose validators had no problems during the finality issues?

What clients are you running?

What are your hardware specs?

I missed an average of 1 attestation per validator that day and my inclusion distance was around 0-1 as well. I’m running Nethermind/Nimbus.

But I saw a big increase in CPU and bandwidth use, between 2 and 3x of the usual average, spikes even higher.

That’s not a problem for my staking machine, but if others had similar spikes, I can totally see why many had issues.

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u/Ethical-trade:

Respectful criticism:

I’m a bit disappointed to see that despite the idea of the the ManeNet DAO joining Rocket Pool’s oDAO having emerged from r/ethfinance and having received great support from r/ethfinance, all of the conversation has now moved over to Discord.

I realize that this is a very specific topic and most of the conversation shouldn’t happen in r/ethfinance. But it would still be great to discuss ideas in this sub too when needed, and keep the entire community informed of the latest news.

For example, did you know that there’s a proposal being drafted that has been in the making for a week? Or that a dedicated meeting happened on Friday?

Like many others I don’t like Discord, I find it messy and a pain to follow so I don’t use it. Maybe I’m just too old for the “chat” format.

Would it be possible for one of you Discord guys to keep us informed in here from time to time? I’m sure many here would love to be kept in the loop and even contribute.

r/ethfinance gave birth to the ManeNet DAO after all, and all EVMavericks were Ethfinancers before becoming lions.

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u/juxtanotherposition:

In the spirit of sharing more from EVM Discord to r/ethfinance and about the example that brought it up, I shared my notes from the 1st Discord Call about the oDAO on Discord, but haven’t shared them here yet:

I was taking notes for myself and I’ve put that into Pastebin (unlisted) (https://pastebin.com/nrmwEyGg). I’m sure there are lots of errors, incomplete thoughts, and typos.

Also, I tend to ignore Discord except for something I’m very interested in (like the oDAO). So I sympathize with the comment poster. As an EVM holder, I’m loyal to the dailies, but not the Discord. So I miss some EVM things when they don’t make it back here. h/t u/Ethical-trade

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So while I was gone and there was all that drama with the beacon chain, my Teku node got caught up in it and fatally crashed and was completely offline.

However…. I run a second Ethereum “stack” with Lighthouse as the consensus client, which the validator process switched over to and was able to carry on with no downtime like nothing even happened.

I was able to recover the Teku node in my own time, and once it was back in sync the validator process automatically switched back over to it as the primary endpoint.

Client diversity is awesome!

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Just found this confirmation:

Ledger co-founder Nicolas Bacca confirms the seed phrase leaves the device (may only be applicable to Nano X.)

The device sends encrypted shards of your seed to different companies if you decide to use the service. You can of course still choose to backup it yourself.

But 2 days ago the same co-founder said:

Your keys are always stored on your device and never leave it

That’s what Ledger has been claiming for years as well.

If we assume the chap wasn’t lying 2 days ago, that means the new firmware ( one screenshot shows 2.2.1 for Nano X ) that just rolled out activates the backdoor “ability” to extract the seed.

More info: Wired article says:

Ledger is preparing to launch a new service called Ledger Recover that splits a wallet recovery phrase—basically, a human-readable form of the private key—into three encrypted shards and distributes them to three custodians: Ledger, crypto custody firm Coincover, and code escrow company EscrowTech.  If somebody loses their recovery phrase, two of the three shards can be combined—pending an ID check—to regain access to the locked funds. Essentially, Ledger Recover is an additional safety net; for the price of $9.99 a month, it takes the jeopardy out of crypto’s version of stuffing dollars under the mattress. It’ll be available in the UK, EU, US, and Canada and come to other territories later in the year.

Ledger CEO Tweeted it out as well.

Why this is an issue - even if Ledger now cancels their new seed cloud backup service (because backlash), and says they will never make a firmware update use this hitherto unannounced “ability”, the mere presence of this backdoor means that bad actors/governments may be interested in it. I guess this is what we get for trusting a company that kept its software closed-source.

My next steps:

• Immediately stop using Ledger Live
• No more firmware updates
• Hope and pray that my ancient Nano S devices didn’t have this backdoor

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With ledger (potentially) going full retard again, I’m updating myself on what hardware wallets are available in the market right now. Looking forward to if anyone has other suggestions, additions or corrections to my high-level assessments below.

I’ve been using this list for discovery (trying to narrow down the list of 387 wallets): https://walletscrutiny.com/?verdict=reproducible&platform=hardware

There is an insane amount of options in the market, but very few can fit these requirements;

• open source everything, including firmware and hardware
• uses a secure enclave for cryptography (extremely hard to get the private key material out of the device, apparently controversial given their closed nature)
• has a display that shows information about what you’re signing (the bigger the better)
• At the very least supports both EVM chains and bitcoin-type chains (bonus for other chains and other curves, e.g. edwards)
• reproducible firmware builds, i.e. you can tell that the firmware blob matches the published code

I’ve discarded a bunch of products (e.g. ngrave) that have little to no information about their device or the software that runs on it.

What I’ve found that (superficially) gets closest to the requirements (in no particular order);

trezor

• I have tried the trezor one, but the hardware died a few years ago
• open source firmware, hardware
• does not use a secure enclave
• reproducible builds
• has a display that shows information about what you’re signing
• been around for ages so its been battle-tested (plenty of fixed side-channels issues etc) and its weaknesses are somewhat well understood (limited physical security etc)
• works with BTC/EVM/Cryptonote chains and others

keystone

• open source firmware
• open source hardware
• large display
• secure element
• unclear if builds are reproducible
• supports btc/evm chains and a ton of other more oddball stuff like cardano, tezos etc
• never heard of it before today, no idea how battle-tested it is

cypherock

• never tried
• open source firmware
• open source hardware
• no display!
• uses secure enclave (smart cards)
• reproducible builds
• pretty new, haven’t seen anyone take it apart/try to break it yet

Bitbox02

• never tried
• open source firmware
• open source hardware
• small display, displays some information about what you’re signing
• uses secure enclave AFAICT (ATECC608B)
• reproducible builds
• supports btc/evm chains
• been around for a while, has had a few vulnerabilities (e.g. https://nvd.nist.gov/vuln/detail/CVE-2019-18673)

keepkey

• never tried
• open source firmware, hardware
• reproducible builds(?)
• small display showing information about what you’re signing
• trezor clone?
• supports BTC, ETH, LTC, DOGE (and a few more similar coins)
• been around a long time, has had multiple vulnerabilities (e.g. https://nvd.nist.gov/vuln/detail/CVE-2022-30330)

Grid+ Lattice1 (closed source)

• closed source firmware, hardware
• I have one of these, the UX is OK, but the device itself is huge
• large display, detailed transaction information including native smart contract support (when ABI is available)
• tamper-resistant
• uses secure enclave (in device, and smart cards)
• no reproducible builds as its closed source
• pretty new, haven’t seen anyone take it apart/try to break it yet, but the described design seems sensible

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To those who own governance tokens / participate in governance, you should check out Tally’s governance-week. They are coordinating with a bunch of DAOs to encourage people to delegate or periodically revisit your delegated tokens. A great place for ethfinancers to start is looking at https://dailydoots.com/#delegates to find out who on this forum is a delegate.

The HOP bridge protocol is one of the partners and will be providing some funds from the grant pool to support Tally on this project. The exact details on how they will incentivize is not finalized yet - initial discussions where subsiding gas fees, but looks like it might be shifting to a distribution to those who participate (the forum discussion is here). Either way, I’m happy to see HOP providing support!

That all said, whatever governance token you own please consider usings this week as a chance to re-visit your delegated tokens. It’s an important step for the health of a DAO, as set it and forget delegating can stagnate a DAO’s leadership and create a barrier to entry for new delegates to join in. And if you are looking to become a delegate this may be a great opportunity to jump in!

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u/alexiskef

✨E✨t✨h✨e✨r✨e✨u✨m✨

u/wolfparking

1900

u/696_eth

0.064

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Another one comes,

Another bank bites the dust,

More ethers combust.

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On this day…

In 2022:

• Mason Marcobello explains EIPs and ERCs.
• @2Yeahyeah discusses the the trade-offs of different staking options, concluding best return likely coming from wstETH or rETH synthetics, or staking directly with Rocket Pool.
• ETH’s clamshell reads $2857 and ₿0.07416 on the sides.

In 2021:

• After issuing bond tokens on the public Ethereum blockchain, the European Investment Bank calls the technology revolutionary.
• With ETH at $2952, or ₿0.05213, Eth2’s deposit contract locks in $10 Billion.

In 2020:

• ETH buys more ETH, at $215, or ₿0.02396.

In 2019:

• Coinbase Pro adds the BAT-ETH trading pair, the first non-Bitcoin crypto trading pair on the platform.
• Ether pays your lunch at $162, at ₿0.02946.

In 2018:

• Reddit’s co-founder Alexis Ohanian says ETH will reach $1,500 by the end of the year.
• The EEA releases a standardized architecture stack for privacy-focused web apps on ethereum.
• ETH leads by example at $687, feeling confident at ₿0.0746.

In 2017:

• ETH quietly knits $78 and ₿0.05339 together.

In 2016:

• After Craig Wright claims to be Satoshi Nakamoto, some guy announces he is the founder of Ethereum.
• ETH shoots through time from $8.9 to $10.1, from past to future at ₿0.01968 and ₿0.02274.

compiled with love

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Of the last 500 verified contracts on ethereum, 86 contains the word pepe. Probably a good sell signal :).

https://etherscan.io/contractsVerified

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If you’ve ever visited EthStaker’s website before, you’ll have seen that it was… largely unnavigable. Well - we wanted to build a new, open source one, so we put out a call on r/ethstaker to see if we could find someone from the community, familiar with staking, to help us do it. u/hanniabu is awesome and did it!

So now EthStaker has a new open source website!! Feedback would be most appreciated, especially from ethfinanciers. What would help you find the info you want about staking? I didn’t love giving people discord and subreddit links when they asked for resources, so I’m pretty stoked to be able to give them a website where everything is aggregated.

I’m also gonna post a series of ‘beginner guide to staking’ blog posts over the next couple weeks (at https://ethstaker.cc/blog), would REALLY love feedback on that from someone who sorta knows what staking is but wants to know more. Mostly for readability

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I looked into DIVA and wrote a twitter thread about them yesterday.

Here’s a quick summary for Ethfinance:

• Diva is a decentralized way of staking
• Distributed Validation staking thru Distributed Validator Technology (DVT). Trustless. Resilient. Secure. Cause of fully distributed network of validators. Entrance as low as 1E.
• Liquid staking. You would stake to get divETH, which operates kinda like stETH. You can wrap into wdivETH which operates like rETH/wstETH. This can be tax advantageous depending on your preference of incoming vs capital gains.
• You would have an option to run a node for extra rewards (split 50% between stakers and node runners in the final Phase 2 version on the mainnet). There’s some minimum hardware requirements.
• It’s currently on the testnet. Should be live on mainnet in Q2

The key points is that I’ve learned is that combines liquid staking with DVT. Since it uses a smart contract to pool funds it can be as low as 1E. Honestly, I’m waiting for a bit more info after their testnet releases to see how it pricesly protects against penalties and bad actors and why 1E would be safe. Also, not enough info on Node Operators and right now you would not be able to run one on the testnet.

Side note. SWISE vaults might be in a similar vein I guess.

Diva’s site

An extra useful article

Please correct me if I misunderstood something or if you wanna educate me more, this was a new concept for me so it was a bit hard wrapping my head around it when figuring out how diva is planning to make it work not just in a theoretical way.

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It’s the 1920s, you’re starting to see these fancy new self-propelled horseless carriages or “cars” pop up everywhere. They look really cool but they’re also quite dangerous. This is what the kerfuffle is about in the congress at the moment. Everyone knows that we need to protect people from the maniacs on the road. But astute observers also realise that we also need to protect the innovation and economic advantage these new-fangled machines provide.

Lawmakers are split on what to do. Representative Emmer thinks we need new laws. “Rules of the road” for all to comply with. Rules which all road users must follow specifically designed to create order out of the chaos on the road while still allowing for fast, efficient travel. But senator Warren disagrees. She thinks these new machines should be treated like horses under the ancient 1839 “Horse and Carriage act”. She doesn’t care that horses are slow, living creatures which need to eat, sleep and poop while cars are fast, furious and can run all day. She insists that these roads were built for horses and that makes anything on those roads a horse, dammit!

Don’t be like senator Warren.

Edit: If anyone with some clout on Twitter wants to screenshot this and run with it, go for it. Or if you reckon you can take the idea and shorten it down to the Twitter character limit, that would be impressive so go for it.

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u/keystrokesinyourhead:

Chris Blec posted on twitter and called out rocketpool. However… hes actually right?

https://twitter.com/ChrisBlec/status/1652498398459699202

I looked into oDAO and it is exactly what he describes it as.

Everything more and more just feels like decentralization theater…

The fact that it is invite only is despicable and counter to any ethos regarding decentralization.

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u/Datacruncha:

Ethereum’s consensus layer and execution layer currently don’t talk to each other so you need oracles for something like rocket pool. The odao does all the oracle work for rocket pool and upgrades the smart contracts. They can technically collude and cause massive damage so the best way to prevent this is to overpay and only include trusted people. Yes, the work is fairly easy and not worth half a million a year and everyone wants a spot. Thankfully, a lot of the money goes to fund client teams which helps ethereum run and keeps it decentralized. 4 spots are allocated to the rocket pool team to help fund development. Sassal donates all his earnings.

Eventually, there will be less of a need for the odao with upgrades to Ethereum like eip 4788. If anyone has any technical or economic suggestions about the odao they can post in the rocket pool forum or the research section on discord. Please note, it takes very little effort to criticize and substantial amounts of time and coordinated effort to come up with working solutions.

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Hey everyone! 🦁 buidlathon is officially kicking off and the competition will run for a full 7 weeks starting today! 🎉 If you are interested in participating. head on over to the EVMavericks discord and hop into the 🦁│buidlathon channel and ask to be assigned the Buidlathon role! 🏃‍♂️ (No EVM Required)

Projects will be judged on their overall utility/ingenuity/technicals and the potential benefit they bring to web3!

General criteria for projects is as follows:

1. Has to use some aspect of web3
2. Need to have a product or service that is useable for alpha test release
3. Need to provide a statement on how your project benefits public goods/what does your project provide to the community
4. Valid project must be anything technical/non-technical that further advances ethereum education/utility/infrastructure/services
5. Projects >1 month in progress are not eligible to participate.

Upon conclusion of the competition on June 19th 2023, participants will demo/present/showcase their projects to the community and the voting will begin!

A panel of 4 technical/web3 judges 🧑‍⚖️ along with a DAO-wide snapshot vote (5th judge) will decide who will rule them all and win the grand prize! If you are interested in contributing in other ways (helping promote the buidlathon, being a judge in the competition, other ways) dont hesitate to reach out in the channel!

Here’s your chance to make your mark in the community and get 💰 while doing it! Happy buidling!🔨

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u/MerkleChainsaw:

Long term, I’m very positive that Ethereum will eventually dominate the crypto space and that it will address most major technical challenges, even if it takes another decade or two. I’m pessimistic about crypto overall though.

I’m still on the sidelines because I’m having trouble seeing how crypto overall will achieve true adoption anytime soon. I define “true adoption” very narrowly as significant demand for ETH to be used for some external purpose other than crypto speculation or facilitating crypto speculation. So for example providing DEX liquidity, staking/validation, and issuing most tokens or NFTs don’t count since the demand is mostly based on putting fiat into crypto hoping to get more fiat out. Things that do count include airline or concert ticket NFTs, using ETH contracts for supply chain tracking or audit, and so on. In these cases someone is willing to buy ETH because they can use it to solve an actual problem. I think most other successful technologies were solving real world problems by this stage in their development.

Where can this adoption come from? After all the scams, fraud, and hacks I’d have trouble convincing any company board to use public blockchains beyond maybe an NFT cash grab offering, if for no better reason than avoiding the reputation risk and liability from using crypto. Even a simple use case like accepting stablecoins as payment is tough because every major stablecoin has depegged at some point.

Though it’s small, I think EVMavericks is an example of true adoption. Demand for most people is based on “I’d like to be a member of a club” rather than “I’d like to sell this JPG for a profit”. Maybe some Reddit avatars count in this category as well?

Is there anything on the horizon that I’m missing? Financially I want to buy ETH because it has an asymmetric distribution of returns, and I believe Ethereum is one of the only projects in crypto being designed with good intentions and a long term focus. On the other hand I’m increasingly having trouble seeing where enough new demand will come from to justify a $220B valuation.

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u/silentjxhn:

• Simple large sum transfers with ZERO friction and instant settlement. (eg: transferring $193,000,000 with a fee of $0.17 (0.00000008839779%))
• People in Turkey are using stablecoins (on Tron at least) for day-to-day purchases because of unstable local currency.
• Stable coin total value settled surpassed Mastercard and VISA credit card companies in 2022, Stripe enables USDC payments, paypal crypto integration
• VISA B2B settlements, along with JP Morgan
• You donate pseudo-anonymously to causes which might be deemed controversial (war relief in Ukraine being the most obvious)
• You can donate to public goods (gitcoin using their quadratic matching)
• NFTs as crowdfunding and/or Patreon-like for creators with very little to no friction or middlemen
• NFTs as brands or brand extensions (Nike, Gucci, Ralph Lauren, Louis Vuitton, Burberry, Tommy Hilfiger, Adidas, Forever21, on and on and on)
• Ralph Lauren’s new Miami Design District store will accepting Ethereum as payment
• Epic Games (fornite) working on NFT games
• Reddit’s avatars onboarded over 5 million users to NFTs. Over $11 million in total sales.
• Streaming payments (llamapay)
• Certificates (OpenCerts) in Singapore
• Rio de Janerio accepts crypto payments for property taxes.
• JP Morgan + Singapore doing defi transactions
• EIB bonds
• 24/7 on chain T-Bills: https://twitter.com/openeden_hq
• The Reserve Bank of Australia is piloting its CBDC, the eAUD, with @canvas_defi (starkx layer 2)
• Maker Treasury bonds
• Social Media (lens, caches)
• No-loss lottery (pool together)
• mortgages (tinlake)
• insurance (Nexus Mutal)
• pay-day loans (Alchemix)
• lending/borrowing (AAVE, Compound)
• CDPs (Maker)
• Exchanges (Uniswap)
• Yield Aggregator (yearn)
• derivitives (dydx)

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Here’s your new monthly staking update:

Validator overview - total: 619346 validators*

• 554322 active
• 18350 pending
• 7333 exiting
• 39341 exited

Client diversity numbers**

• Consensus: Prysm 38% // Lighthouse 37% // Teku 17% // Nimbus 6% // Lodestar 1%
• Execution: Geth 64% // Nethermind 16% // Erigon 11% // Besu 8%

Pool distribution***

• Unknown 41,8%
• lido 23,3%
• Coinbase 9,6%
• Binance 3,7%
• Kraken 3,5%
• Rocket Pool 2,7%
• + a lot of whales, smaller staking providers etc.

My goal is to show how things develop and answer questions like “How many validators will secure the network by EOY if net new validators are constant”, “Is client diversity improving” and “How is the dynamic between centralized pools and decentralized stakers”.

If you think something very important is missing, let me know and I’ll add it today or tomorrow, so we can work with it in June. Best case share your source, so I know where to find the stats.

This post will contain more information and probably some conclusions in the future, I hope this will be a good summary and help for those who don’t check numbers regularly (I basically didn’t do it and could not tell you how things are developing right now)

Some comments and sources:

All percentages are rounded, so this is not 100% accurate, but should be good enough to show changes in the coming months.

* https://beaconcha.in/validators#all

** https://clientdiversity.org/#distribution

*** https://beaconcha.in/pools

P.S. I wanted to do this yesterday, cause it was the first of the month, but I had no time cause of the bank holiday and also I was too stupid yesterday… So let’s pretend today’s numbers are those from May 1st.

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Here’s an idea: EVMavericks’ ManeNet DAO becoming a Rocket Pool oDAO member.

Aren’t we an ideal and trustworthy partner that highly values decentralization?

Edit: just realized how unwelcoming this post must feel to any new member. So let’s explain a few things for our most recent friends:

A while back r/ethfinance launched its own NFT collection, EVMavericks and used the occasion to launch a DAO, the ManeNet DAO. From its website: “ManeNet DAO advances the decentralized Ethereum Web3 ecosystem by aligning shared member incentives with funding, developing, and promoting public goods and education”

Rocket Pool is a liquid staking protocol, and the oDAO is “the group of special Rocket Pool nodes that are responsible for the administrative duties required by the protocol that cannot be achieved by Smart Contracts due to technical limitations”. The “o” in oDAO stands for “oracle”.

So basically the idea here is to have an r/ethfinance native DAO help Rocket Pool with some of its duties. This job pays rather well, and the money could, according to the ManeNet DAO’s mission, be used to advance the decentralized Ethereum Web3 ecosystem.

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Yesterday, u/Ethical-trade made a post about how the EVmavricks should join Rocket Pool’s oDAO. I loved that post so much, I covered it in today’s Rocket Fuel - making the case that I strongly support them joining.

I support ManeNet DAO joining the oDAO so strongly that, in the episode, I made the offer of lending the DAO the 1750 RPL needed to cover the bond if they are selected.

Also, I wore my EVMavricks t-shirt especially for this episode!
You can watch it here: https://twitter.com/waqwaqattack/status/1653776527203475458

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Meanwhile, in NFT-land…

Blur, the incumbent NFT marketplace, just announced Blend: a peer-to-peer lending and borrowing platform that lets users leverage their NFTs as collateral to borrow ETH. These loans are perpetual (no expiration price or date), at fixed rate. The twist? Lenders can call the loan at any time, triggering a Dutch auction for a new lender to step in and take over the loan.

But wait, there’s more! Blend also announced a Buy Now, Pay Later (BNPL) feature, enabling users to “buy” their favourite NFTs with just a 20% down payment, while the rest is borrowed from a lending pool. I wrote “buy”, because until the price is paid in full, the user can’t do anything with the NFT, except for listing it in Blur’s marketplace (ie try to sell it back and profit from the move).

As always, with great financialization comes even greater risks. Borrowing ETH to “buy” an NFT (BNPL) means going long on leverage (you profit if the price of the NFT rises). Borrowing an NFT and immediately sell it for ETH (Blend) means leveraging short (you profit if price falls). The result: when NFT values fluctuate in the opposite of the “expected” direction, users will quickly face liquidations.

We will soon see the impact of this development on collection prices. While leverage markets can help stabilise price fluctuations, they can also create massive liquidation cascades, so I’d expect some days of wild rides are ahead.

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u/the-A-word

ETHEREUM

$1913

.065

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Good blockchain actors,

Suing the regulators,

Stifling detractors.

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Famous Crypto Last Words:

• I’ll keep my coins on the exchange, I trust the experts more than I trust myself
• I used a hot wallet for my withdrawal address
• I took a photo of my seed phrase and encrypted it in the cloud
• This NFT is going to be the next Mona Lisa
• I used an exchange address for my withdrawal address
• These DeFi APRs are insane, I should get in while I can
• These governance tokens will jump in value with DAO voting and when utility is added
• I wrote my seed phrase in a text file, encrypted it, and put it on my NAS
• Everyone is saying the price is going down, better to sell now and re-buy when it goes lower
• I’ll hold onto this air drop, it’ll be worth way more in the future
• I sent my hardware wallet to my home address with my full name and real email in the order
• This ICO will fund the killer DApp we’ve all been waiting for
• I wrote my seed phrase on a piece of paper… somewhere…
• Converting ETH to a liquidity token is definitely a like-kind exchange
• These algorithmic stable coins will keep their peg under even the worst circumstances
• I used my hardware wallet seed phrase as my validator creation seed phrase

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On this day…

In 2022:

• Johns Gresham releases NiceNode alpha, a simple app that runs, monitors, and controls an Ethereum node.
• 10% of the Ether supply is now deposited in Ethereum’s PoS contract.
• ETH eats a $2936 sandwich laced with ₿0.07382.

In 2021:

• JP Morgan states that as the backbone of the crypto-native economy, ETH has more potential than BTC’s store of value.
• 1729 pays ETH for learning Solidity with CryptoZombies.
• The European Investment Bank issues its first ever digital bond on the public Ethereum blockchain.
• The is no such thing as fear of heights for ETH at $2673 to $2746, or ₿0.04846 to ₿0.05.

In 2020:

• OkEx becomes a validator in Ethereum 2.0 Testnet Topaz.
• IPFS v0.5 increases uploading speeds by 25x, fetching content 2-5x, and finding data nodes 2-6x.
• ETH looks with big eyes from below $198, or ₿0.02541.

In 2019:

• Gods Unchained talks about how to efficiently create millions of non-fungible tokens on Ethereum.
• Thanks Obama Ethereum for $157 or ₿0.02983.

In 2018:

• ETH gets enlightened from $645 to $684, being all mindful and the such at ₿0.07322.

In 2017:

• Bank of America, Mojix and Webjet demo products using ethereum on Microsoft’s New York City demo day.
• ETH continues its hill climbing efforts from $62 to $71, reaching a great view between ₿0.04723 and ₿0.05358.

In 2016:

• Vitalik Buterin pitches multiple ways to integrate Ethereum into Hyperledger
• ETH visits the lows of $7.2 for one last time, stuck somewhere between ₿0.01741 and ₿0.01598.

compiled with love

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“The European Parliament’s adoption of MiCA today is a pivotal moment for the crypto industry in the region, and the work of European policymakers should be seen as exemplary,” said Tom Duff Gordon, Vice President of International Policy at Coinbase. “The region is recognising the potential and societal promise that emerging technology can provide. The EU is stepping up to the mark, while other notable jurisdictions are struggling to provide a solid, cohesive regulatory framework that gives clarity to a burgeoning innovative industry.”

https://decrypt.co/137339/european-parliament-approves-mica-law

Lol feel the burn

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User Plastic-Resource-989 just posted a fake twitter link on r/cc about Uniswap announcing they experienced a hack.

The visual link was twitter.com, the actual link to twitter.cn.com

They messed up, as the link endpoint didn’t work.

It looked like some bots were quickly responding, no one seemed to have noticed the link didn’t even work.

Edit: the post has already been removed.

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As I mentioned in the previous day it was 1 year in NFTs for me a few days ago and I’m taking that opportunity to reflect on the last year (& maybe a bit more) and on a variety of topics and experiences. I’m also going to repost them here and maybe something resonates here and there. Of course, I’m starting it with Ethfinance!

1 Year in NFTs: Ethfinance

I start my reflecting on 1 Year in NFTs from Ethfinance.

r/Ethfinance - subreddit that has influenced my Ethereum journey greatly, and thus - my NFT journey.

But how is it exactly connected?

I’ve heard more and more about Ethereum as some of my online internet friends started exploring other chains besides bitcoin. Ethereum was one of the most promising ones. Eventually I ended up hearing more and more about it and I thought it was time to start looking into it. I do not remember exactly how but I did find r/ethfinance sometime in the middle of 2020.

The discussion was amazing compared to the r/ bitcoinmarket’s daily that I had been frequenting for years. Not only people were talking about the tech, it was the majority of the talk there. Quite a contrast compared to only ‘number go up’ in the btc daily.

Fast forward to March 2022, there’s now talks about this NFT project - EVMavericks. Most active people where whitelisted. I had not. Why? Even though I’d been quite a frequent visitor - I was a lurker. Luckily, I made a few comments over the few years and that was enough to get on an additional list and then winning a raffle solidified my involvement.

Nowadays I still visit the Ethfinance daily, almost on a daily basis. Sometimes I get too busy with life. It’s still a wonderful place to ask questions, hear about new developments, be alerted about important topics, see the stories of community members and learn something new everyday.

After being one of the most active members in the EVMavericks discord and being still quite a strong lurker and even turning into a slight poster on Ethfinance, I can share a few of my observations.

I personally prefer the pace of the discord as it’s more of a live chat and closer to a real time conversation. Ethfinance has a higher quality and lower noise. Yet it doesn’t do one thing very well for me and I’d bet especially for the people who are lurking - involving you in being part of the community. You see, sometimes folks like me who are new and not technical have really nothing substantial to contribute. And even though some of us are still asking some questions from time to time which I believe are still valuable contributions, it just does not complete the puzzle. And I believe each of us has something to offer and we can learn something new from each other. And this is where discord comes in and that is what it allows you to do, and I feel that EVMavericks degen chat, in particular, is prime example of bringing folks together. It’s a glue. Still maybe for some but not others.

Now I’m not going to go into pros and cons of each platform but one more thing I will mention is that the subreddit is a nice free resource for new folks. And I feel the vibe is especially geared for people who are, hopefully, going to make it financially as well as being the ones who are understanding and embracing many aspects of the technology and tools that we discover and build.

Next up: reflecting on EVMavericks.

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1 Year in NFTs: Twitter Followers (4/21/2022-present)

I never really cared about Twitter prior to this point. I created an IRL account like 10ish years ago but never really used it. When it comes to crypto, most of my time was spent on Reddit - r/ethfinance.

Now, I’m not sure why I created this account, but it seems to be a day after I minted my Maverick. I know there’s usually lots of excitement during the early days (the honey moon phase), and people were eager to bond together and roar about the lion pride. Anyway, I ended up creating an account and following all the Mavs the EVMavericks account was following. One thing that was still weird to me is that so many web3 or crypto projects use Twitter, which is a full web2 platform that can and has rugged some of my friends’ accounts before. My account has been locked multiple times for no reason until you add your phone number, etc. to unlock it. One click on their end - you are gone.

Over time, and after getting more into ENS, I started caring more. I’ve changed sides of caring and not caring so many times now that I don’t remember all the details, but I do know the important parts. What I’ve come to and what I hold nowadays is that I am able to hold both of the sides of caring and not caring at the same time. I personally don’t care about it at all. When I’m in nature, when I’m doing things outside, when I’m engaged in the things that matter, and so on and on and on.

The nuance comes in because part of me does care. It does care for a very noble, specific set of reasons too. In the world where I do have more followers, I would be able to spread my values, educational messages, and even some funny memes to a wider range of people. All of that is nice, and yet it’s important to let go of all of that. Otherwise, it alters my behavior in a way where it’s still geared a bit more towards getting better numbers, while still keeping my true values. But then I wonder, and I like challenging myself with the question, “Why does a number of followers impact the content?”.

“If I am doing something good, wouldn’t it matter whether one or a thousand people see that?”

Again, there are, at least, two sides to the coin that I’m holding. And at the end of the day, I’m still human, and it does get very demoralizing to see all the people doing scammy (all other types of things) having more followers and more impact, which I judge as a net negative.

And why am I building in the first place?

I thought having a personal blog is nice addition that is like a journal, a resume, and basically an on-chain history of your identity. It seems we are not there in crypto, so that’s why I’m still using Twitter, as it does matter, but also playing around more with web3 projects like mirror.xyz and paragraph.xyz. Also, building on top of ENS, even something as simple as a site - 696.eth.limo, is a way of doing that.

Honestly, there’s still so much more to write about followers and how I have figured out some particular nuances, but, again, it doesn’t really matter to me at the end of the day.

Although I’d say I have tried to be consistent on a daily basis for almost a year, maybe missing a bit in the beginning, and have contributed content in a variety of forms, including memes, threads, questions, observations, analysis, videos, news, step-by-step guides, etc and I have gotten to 2275 followers. That’s also including all my NFT related communities and ENS.

I’d like to end it on a note that’s future-focused. What am I going to do going forward?

Obviously, I don’t have enough reach, and that’s also a good thing for me mentally, as it gives me so much more room to experiment and make mistakes.

The most important to me is to be true to my values and certain things like curiosity, decentralization, community, collaboration, communication, transparency, education, and making people smile and laugh. All of that while being authentic, having a better balance on how this piece fits within my life puzzle. Focusing on my connections with people and on the effort that I’m putting in, and the content I’m creating than being a slave to the algorithm.

Next up: Art, creating Art.

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Here’s a Rocket Pool update since Atlas / LEB8 went live.

The minipool (RP’s validator) count went up from shy of 14,000 to 15,329 today. Since 16eth pools can be divided into 2 leb8 pools, total count goes up, not much of a surprise here. Roughly +10% in 5 days.

More interestingly, node count went up as well from 2,291 to 2,393 which is a clear uptick that can be seen in this chart. More nodes is what we decentralization maxis should be all about (and what I’m all about), so this is absolutely great news. According to Etherscan’s node count, there are currently 9,170 Ethereum nodes.

Rocket Pool now accounts for more than 1/4 of all Ethereum nodes. With a market share of only 2.7% of validators.

I haven’t found any reliable chart updated with Atlas but from my observation of the total number of eth staked from the official website, there’s been roughly 3,000 eth poured into RP daily since the update. That’s $5 million per day.

Before Atlas, the deposit pool was continuously full (meaning reth was highly in demand, never available) causing a premium on the price. Today it’s the opposite, there are many minipools waiting so the deposit pool is close to empty. In other words, many node operators are waiting for people to swap to reth. The premium is almost gone.

There are currently 21,870 reth worth $43 million waiting to be picked.

I’m expecting some whales to swallow a lot soon, and secretly hoping for Vitalik to swap some eth for reth. Would be crazy publicity for RP. Next time he does an AMA I’d like to ask him what he dislikes the most about Rocket Pool, I’m very curious to know his opinion.

In other great news, Rocket Pool’s reth is now more profitable than Lido’s steth, making it the default option to stake from Metamask.

Rocket Pool is currently ranked #11 by TVL on Ethereum with a TVL of $1.37B and it looks like it will enter the top 10 in a few days.

I’ve probably missed some key data and would love to hear more!

Disclosure: Rocket Pool enthusiast here, rpl is my second largest holding after eth and approximately 25% of my total net worth.

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Hey, mate, one of the defi saver team members here.

Not sure which protocol you’re considering using there specifically - is it Aave?

If yes, then that means that a position created on a smart wallet using defi saver would not be visible or manageable in the default frontend available att app. aave. com.

Why is that? Well, interacting with all these different protocols directly through an EOA (your standard Ethereum account) is the default approach in most cases (e.g. Aave, Compound, Liquity). This is mostly for simplicity reasons and gas savings.

However, a standard Ethereum account is currently limited in terms of how many smart contract interactions can be called within a single transaction.

This is why we chose to use the smart wallet as default for holding positions of each protocol we integrate at defi saver.

Main reason? The smart wallet provides a new layer of execution that has no limitations that a standard Ethereum account does. That’s why we have options such as 1-tx leveraging/deleveraging, collateral and debt swaps, 1-tx moving of active positions between supported protocols, as well as a number of automation options for all protocols.

This short article in our knowledge base has a brief intro to the smart wallet: https://help.defisaver.com/en/general/what-is-the-smart-wallet

If there’s anything else I can clarify, please do let me know, would be glad to help.

tl;dr: If you open an (e.g.) Aave position on a smart wallet using defi saver, it won’t be accessible through their frontend at aave. com. All exactly same protocol rules and rates apply in both cases, but their frontend only supports positions sitting on EOAs.

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Hey folks, just popping in to say: air-gapped QR code-based signers are vastly underrated as a crypto wallet security solution. (I’ll refer to this tech as AGQR for the sake of brevity.)

I finally took the trouble to switch my wallets over to AGQR in the wake of the mysterious wave of wallet drainings that Twitter has been abuzz about.

How do AGQR signers work?

1. Similar to dedicated hardware wallets, you create a new seed on the signer device itself. (You can also import an existing seed.) You store a backup of the seed you created in the same way you usually would/should: always by writing it down, never by printing/screenshotting.
2. Your private key is held on the signer device–in my case I’m using an old Android phone running the free, open source Airgap.it Vault software. (I know, it might sound risky to keep your private key on a phone, but if you’re cautious enough not to trust airplane mode, you could physically shield, remove, or otherwise disable the wifi, bluetooth, and cellular radios.)
3. On a separate, networked device (PC/laptop/tablet/other phone), wallet software such as Metamask suggests a transaction in the way we’re familiar with, but when you click “Accept”, instead of signing the transaction itself, it displays a QR code containing the parameters of the transaction.
4. You scan this code using your AGQR signer device, and then authorize signing on the device itself, using whatever security features the device has–PIN number, pattern drawing, fingerprint, etc. Again this is similar to dedicated hardware wallets, but here there is no physical connection between the two devices. (Hence the term “air-gapped”… which is probably a rather old security term, and makes less sense now that wireless networking is pervasive, but I digress.)
5. After you authorize, your AGQR device signs the transaction data and displays it on-screen in the form of a QR code.
6. You then hold the screen of the AGQR device up to a webcam attached to the networked device that first suggested the transaction, and it reads the QR code and broadcasts the signed transaction to the Ethereum network.

It might sound like a hassle but the whole process takes about one minute when you get used to it.

Why not just use a hardware wallet like Trezor, Ledger, Lattice, etc?

1. Owning a hardware wallet makes it obvious that you’re into crypto. For those of us who would rather keep it discrete, an old phone wins hands down. The hw wallet companies seem to really disregard this segment of the market. Case in point, the new “fashion” Ledger wallets that you wear on a chain around your neck. Thanks but no thanks.
2. Personal information exposure risk. Buying a hardware wallet potentially creates a record of your name/address/phone number/credit card number being associated with cryptocurrency. This could be no big deal, or it could be a huge deal in the case of the Ledger customer data leak. Buying a phone creates no such risk. In fact…
3. You probably already own an old phone. If not you can buy one cheaper than you can a hw wallet.
4. Phones are mass-produced consumer technology. We could argue that hardware wallets have become this too, but which is easier to quickly replace, repair, or troubleshoot? Definitely the phone, in my opinion.
5. No custom firmware/drivers. It seems like every few weeks there are new headaches and incompatibilities based on faulty or late firmware/drivers.

Downsides?

1. Since it’s just (free) software that runs on a phone, it doesn’t create any revenue for the people that make it. Therefore if there are future changes to Ethereum’s transaction data format, updates to the AGQR signer software could be slow or even, worst-case, non-existent. However, the software I’m using is open source, so I wouldn’t expect it to be a problem for long, if at all.
2. For the same reason, the supported range of phones might not be the best. The software installed on my old Galaxy S6, but wouldn’t launch properly.
3. For the same reason, customer service/support might also be bare-bones or non-existent. I haven’t checked yet.
4. Not many people are using it, as far as I know, so you won’t be able to Google for answers as easily. But hopefully as awareness of how effective this tech is, this situation will change! Indeed, that’s part of the reason I’m posting this.

Summary and Conclusion

I’m aware I’m maybe honeymooning over it, but I’m strongly tempted to say the AGQR signer is “the way”: it has basically all the benefits of a hardware wallet and basically none of the drawbacks. It’s portable, small, and self-contained, without notifying everyone that you’re into crypto, and if it breaks, no big deal, you can get a new one the next day.

Trying to think about it more objectively, I know some people are likely to feel that AGQR on an old phone is a bit too “DIY” to trust their money with it. That’s understandable, but on the other hand, I figure a lot of us here already have a pretty DIY attitude if we’re willing to hold our own keys in the first place.

In conclusion, I think there will always be a market for dedicated hardware wallets, as a “no compromises” type, maximum security, industrial-grade solution. However, for most of us, I think AGQR fits the needs of the user so much better that it’s not even close. Especially if you tend to think things should be open source and self-hosted, you owe it to yourself to explore this tech.

TLDR: I’m loving my AGQR setup and just wanted to let everyone here know about it.

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Here is a proposed public good that I think we could bootstrap through this community or EVMavericks.

A curated white-list of trust-worthy smart contract addresses. Plus a browser extension that relies on it and lets you know whenever you are interacting with a smart contract that it’s a know and trustworthy one and warns you when it’s an unknown one.

In the future this whitelist could hopefully be integrated in other wallets, MetaMask, frame.sh, etc…

Thoughts and criticisms welcomed!

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u/etheraider:

Hello everyone! Withdrowls Public Goods Funding Update!🦉

First off thank you to everyone who participated and celebrated with us this seminal moment in Ethereum history! We look forward to celebrating many more with you to come!🎉 With that said, we are happy to announce our official Buidlathon!💪

Are you a builder or are you LOOKING to build in web3 and just need the extra push/incentive/funding to get the ball rolling?! If so, here is your chance!🫡

As a way to commemorate how far EVMavericks and our community has come, starting today and going through “TBD date” (to be announced soon), we will be hosting an open competition for anyone that wants to build infra/tools/public goods/dapps/new services on web3!

The prizes for the competition will be as follows:

1st place: 5 ETH

2nd place: 3 ETH

3rd place: 1.5 ETH

Random participation prize: .05 ETH

Winners will be determined by a “panel” of 5 judges, to include 4 individuals and the 5th judge as a “popular” snapshote vote amongst EVM holders.🦁

In order to participate and be eligible to win, builders will have to sign up with their idea/proposal in the the EVMavericks discord and submit at least a working “alpha” or prototype of their project by the due date.

Also, as a general rule all projects that are already well in progress would not be eligible for this competition as that would be an unfair advantage to start

For more details and or questions please check out the Buidlathon channel in the discord! (If you don’t have an EVM just select the Buidlathon role to get in the channel!)

Thank you everybody and happy building! More details to come soon! Looking forward to seeing what projects will be created! 🔥

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u/LeagueGreedy:

It feels so good to have fully minted out Withdrowls and start the public goods funding buidlathon! It makes me so happy to see community come together to support a great cause!

Some fun facts about Withdrowls: it was 4 days from idea to mint out. Marketing started the day after we decided this was something we wanted to do, so only 48 hours of marketing before mint. It also only took 24 hours to mint out! Oh, and about 95% of the tweets were automated, that was a lot of fun.

We jammed A LOT into those 4 days so please give u/etheraider a hug next time you see them, and please sign up; all ideas are welcome :)

Feel free to hijack this comment’s replies if you don’t have an idea, but would like to team up with a community member!

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I’ve written before about crypto and Human Coordination and why it is my favorite leg of The Rabbit Hole. A lot of the work to date on this topic is on deciding relative balances of power between key actors via token distributions, identifying all the necessary actors of a system and ensuring they are fairly compensated and cannot profit from misbehavior (incentive alignment), and creating systems to encourage voter participation such as delegation and bribe systems. There is an implicit step before all of that wherein an organization needs to agree on what it is trying to achieve and critically how it should go about achieving it. This is the value alignment process, it is a never-ending affair, and it’s a predecessor to all other actions of an organization.

Once upon a time in MakerDAO, after a black swan event wiped out many of their early users, the DAO was faced with a decision on whether to reimburse those affected. They decided not to. They then had to decide what was more important between peg stability and decentralization. They chose peg stability and created the Peg Stability Module (PSM). To this day I still disagree with both of those decisions but regardless of how I feel the DAO had to wrestle with controversial values, reach a consensus, and then act. How to enshrine values into a system varies greatly by each system but I think it’s worth reviewing some of the methods we’ve seen so far, what is good and bad about them, and how we might be able to improve upon them.

Some systems are able to enshrine their values in code. For example Ethereum, when forced to tackle the scalability trilemma, chose decentralization and security over scalability. These values are encoded in the gas market and block sizes. Solana went the other path. Earlier in its history Ethereum was forced to choose between finality and ethics (look up Ethereum Classic). We chose ethics. Judging by the relative adoption of Ethereum vs Ethereum Classic this was apparently the more widely supported choice by a majority of node owners, app developers, and companies. Behind these decisions is what we commonly call Layer 0. This is one of the most fragile parts of the Ethereum ecosystem and one that we have to maintain constant vigilance on. The value alignment process for Ethereum can basically be described as a vacuum where a process should be. How does one become part of the Layer 0 set of actors? Basically you post in Ethfinance, attend events like Hodlercon, meet/influence the right people, attend core dev calls, write ERCs, etc. You go down The Rabbit Hole and get involved.

In more traditional power structures where value alignment decides the strategy of something but not necessarily its implementation it is more normal for the value alignment process to take place by delegation and hierarchical decomposition. It is infeasible to coordinate an organization the size of a nation state using an open mic system or social media upvotes. So we tackle this complexity using walled gardens and hierarchies. Within a corporation the primary organization of this hierarchy is what I refer to as the pyramid of subordination. This structure prevents bystander syndrome by assigning accountability for each task, ensures each person is qualified for the job using a social attestation system in the local vicinity of the pyramid (interviews), and generally organizes people to act towards a unified goal. It is efficient when done well. The military uses a similar structure for the same reasons. It also doubles as a more efficient value alignment system than I’ve seen in DAOs. When there is disagreement this structure provides an escalation process amongst direct reports, peers, and superiors within the pyramid of subordination. If a matter isn’t satisfactorily resolved by those initially involved, it escalates up to the C-level personnel who serve as the ultimate authority for the values of the organization. By the time it reaches them, there are almost certainly multiple valid strategies that could be taken that they are deciding between. This is actually the primary value of C-level personnel; they embody the values of an organization.

So what are the problems with this design? What are we hoping to improve with web3 technologies? Well, the problem begins just above the pyramid of subordination. As we’ve seen in the US in the past 50 years, using highly liquid capital as the ultimate authority source in the system has led to the pursuit of short-term profits at the detriment of all other factors. Shareholders care about their share price and dividends above all other factors and so they appoint C-level personnel and structure their compensation to reflect this desire. As a result companies destroy the environment, have little to no regard for their employees well-being, subjugate their local communities, pursue one merger and acquisition after another in order to form too-big-to-fail monopolies, and exploit every financial and political system they can to stifle competition and create power imbalances in their favor. From a game theory perspective this is the expected outcome of this design. It is Moloch in action, as our society increasingly organizes itself into these ever growing capital-hungry behemoths. You would think companies would be beholden to customers but the customer has no influence in this power structure other than to take business elsewhere. Sadly, working to stifle competition and reduce customer choice is often more effective for companies than working to improve the customer experience or provide a better product. So, the first thing to improve is to create structures for value alignment that are able to embody a wider diversity of values without sacrificing organizational efficiency.

The second thing to improve is resilience. This structure is fallible to key-man syndrome. It is optimized for efficiency not resilience. When one person has the full autonomy to do something it becomes ripe for corruption and/or enforcement pressures. The larger the set of people that need to consent to something the harder it becomes to form a conspiracy to make any decision that does not align with the DAO consensus mission.

If we can only succeed at improving these two facets of organizations, crypto would already be a world-altering, indispensable technology. But we are working on so much more than that. We are working on ways to divorce capital from influence, remove the walled garden around the value alignment system, fight any and all forms of coordination failures, and novel ways of incentive alignment that can change human behavior at scale so that our societal values more closely align with those of our dominant power structures. It is basically impossible to be against this ethically once you understand it. The most bullish thing for Ethereum is to be understood.

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I have came across an interesting protocol called Sismo enabling users to manage their various digital indentities privately using zk-badges.

As hinted, it uses zero-knowledge proofs. If you are not familiar with these, this video shared multiple times in the daily was very helpful (https://www.youtube.com/watch?v=fOGdb1CTu5c). Basically, it is a mathematical tool allowing to selectively reveal a piece of data. Applying these to digital identity, you can aggregate valuable characteristics from different account (web2) or ethereum wallet without revealing their adresses.

For instance, let say you have a wallet with which you gave a lot to Gitcoin grant and another one with a high degen score. You want to aggregate theses characteristics in a third without giving your history (adresses). Sismo allows you to do this. Practically, you connect your different wallets to their apps, create signatures and mint “zk-badges”. A badge is a non-transferable/soulbound token (NT-ERC1155).

From their docs (https://docs.sismo.io/sismo-docs/):

Users aggregate their identity in Sismo’s Data Vault and start accumulating Data Gems—atomic pieces of data that categorize users into groups. In turn, users can generate proofs to make claims about their data (e.g, I own a specific NFT). These proofs are verified by applications—either on-chain or off-chain. The resulting privacy-preserving attestations—stored in on-chain smart contracts or off-chain databases—are utilized by applications for access control and reputation curation.Users aggregate their identity in Sismo’s Data Vault and start accumulating Data Gems—atomic pieces of data that categorize users into groups. In turn, users can generate proofs to make claims about their data (e.g, I own a specific NFT). These proofs are verified by applications—either on-chain or off-chain. The resulting privacy-preserving attestations—stored in on-chain smart contracts or off-chain databases—are utilized by applications for access control and reputation curation.

If you have participated in Gitcoin Round 15, you can mint a ZK-badge curated by their team! https://app.sismo.io/?badge=gr15-gitcoin-contributor-zk-badge

I hope to find a way in the EVM discord to experiment with creating badges for lion minter/holder. Here is the creator section of the app if you are interested https://factory.sismo.io/create-badge

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u/dope5how

Ξ

u/Vinegar_Strokes__

$1938

u/nixorokish

0.069

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Best roast me session,

Security commission,

Gensler obsession.

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On this day…

In 2022:

• Scroll Tech raises $30 Million in Series A funding and announces zkEVM-based zk-rollup Scroll.
• EU officials talk about banning Bitcoin: “If Ethereum is able to shift to PoS, we could legitimately request the same from BTC”.
• An arbitrage MEV bundle buys a Moonbird NFT for 44 ETH, to resell it for 223 ETH in the same transaction.
• Ridley Scott is announced to produce Ethereum movie The Infinite Machine.
• ETH deadpan talks about $3079, $2988 and ₿0.07373.

In 2021:

• Raoul Pal struggles “to not sell all my BTC to move my entire core position to ETH”.
• Wyoming approves a law recognizing DAOs as a new type of LLC.
• Archer Swap is launched, a proof of concept for Uniswap and SushiSwap traders to avoid being front-run, by allowing 0% slippage trades that are only executed if successful.
• Hudson Jameson leaves the Ethereum Foundation.
• ETH wakes up with a small headache at $2365, from ₿0.0415 to ₿0.04387.

In 2020:

• The hacker who stole $25 Million from dForce earlier, returns all stolen funds.
• With Social Payments, Dharma now allows sending DAI to any Twitter user.
• Content creator rewarding platform Cent gets a big overhaul with v2, with Spotting and Rewarding, and dropping Seeding.
• ETH cuts corners at $173 and ₿0.02511.

In 2019:

• Venture advisor William Mougayar shares his view on how Ethereum could evolve.
• Some dank ETH can still be smelled around $170 and ₿0.03212.

In 2018:

• ETH loses steam at $605 | ₿0.06859.

In 2017:

• The SEC starts weighing NYSE Arca’s Ethereum ETF proposal.
• ETH follows ₿0.03953 from $49.6 to $48.3.

In 2016:

• Coindesk interviews leading Blockchain VCs: “the Time for Ethereum Investments Has Come”.
• Slock.it reveals full scope of “the DAO” on daohub.org
• ETH falters from $8.5 to $8.1 while going back in time from ₿0.01924 to ₿0.01803.

compiled with love

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Dunno if anyone’s mentioned this yet, but CLWP (EIP-4736) included 2,133 potentially or definitely compromised validators who were racing to set their withdrawal address before a hacker could.

Of those 2133 in the set, 2133 were able to set their address to one controlled by the rightful owner. 100% success rate. Not a single one to a hacker.

Benjamin Chodroff (and Jim McDonald, I shouldn’t have omitted that) was the author and did a seriously amazing job after realizing that his own seed for his validators were compromised and, instead of giving up and leaving the space, found a way to save not just his own, but thousands of others. Seriously amazing job.

https://nitter.snopyta.org/ethStaker/status/1646629034715930624

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u/domotheus:

Imagine you go to the Apples and Oranges Store because you need some oranges. But the store owner is quirky and has a rule that goes “This store will only sell 1000 total items per day. Whether that’s 1 apple and 999 oranges, or 900 apples and 100 oranges, or a perfect split I don’t care. Once I sold my 1000th item I’m done for the day.”

Also, this store’s apples are very good. People drive from all over the place to buy them. So naturally since supply is low and demand is high, so the cost of apples go up and the store owner makes a killing selling them. Oranges, on the other hand, aren’t as popular. On average, the store owner sells about 980 apples and 20 oranges every day.

You personally don’t really care that much about the apples, you want to buy oranges. But due to the store’s weird rule, you still have to outbid people looking to buy to buy apples. Oranges should be cheap because they are plentiful and in low demand, but every orange you buy is an apple someone else can’t buy. After the store sold 999 items that day, why would he sell you an orange for $1 when someone’s willing to buy an apple for $10? You’ll have to offer at least $10 to get the orange you want.

“This is really dumb”, you think to yourself. You talk to the store owner and make him come to his senses, and he agrees to change his stupid rule. Now he’ll sell at most 1000 apples per day and at most 100 oranges per day. So now that the two supply/demand markets are separated, an apple can cost $10 and the orange can cost $1 and everybody’s happy - you get cheap oranges, and the store owner gets more money (1000 x $10 + 200 x $1 gets him more money than the previous system when $10 was the cost of an item and he sold 1000)

Back in Ethereum land the apple represent execution (the gas that affects state, compute stuff in the EVM, etc.) and oranges represent data (the gas that stores stuff in the chain’s history). Rollups do their execution off-chain, so what they need most from Layer 1 is data. Today the cheapest solution is using call data at 16 gas per byte. But if everyone’s fighting to do EVM stuff, the cost of that 16 gas/bytes goes up as well because there’s only so much gas in each block. This really shouldn’t be the case, since data is a different resource from execution.

So what EIP4844 does is separate those two resources into two distinct markets: The gas market as we know it today stays the same, and there’s a new “data gas” resource with its own pricing that happens separately. Rollups will be happy because now they get to commit their batches on chain in these nifty new things called “blobs”, and when demand for blobs is low, blobs will be cheap ­— even if there’s a huge NFT drop going on that brings gas to 500 gwei

On a technical level it does other cool things in preparation for full danksharding later on, which will allow a significant increase in the size of blobs so that it becomes even cheaper for rollups to commit data to blobs. But even without danksharding, just splitting the markets will help drastically lower fees on rollups, which will be nice.

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u/geoffbezos:

Yesterday I asked about how EIP 4844 aka proto-danksharding works.

I got some really good answers so decided to sum it up, I put together a thread with an ELI5 on how danksharding works. TL;DR for those that don’t want to click into twitter:

• ETH txns vary across “complexity” (complexity measures gas)
• Txn “complexity” is split between “execution” vs. “data”
• Currently “execution” and “data” are sold via the same gas market
• Danksharding splits up these up so there’s a “data gas” market
• “Data gas” market sells “data” via “blobs”
• L2s benefit since the txns they post to mainnet have a lot of “data” complexity
• The implication is that L2 txn costs won’t be as impacted by ETH mainnet activity (big NFT mint, airdrop claim event)

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Meanwhile, in post-Shapella NFT-land..

The whole point of crypto is trustlessness and code-is-law. As a consequence, NFTs are immutable.

Well, it turns out that sometimes they are not.

Truth Labs, the org behind Goblintown profile picture NFTs, suddenly changed the jpegs of their all NFT collections to a.. middle finger with more middle fingers, with the text: “Fuck royalties. Fuck supporting builders and creatives. Flipping is the heart of what makes web3 special. Honor the flipper, fuck the community. Long live the slow rug!” Check for yourselves.

This move is part of their migration to new contracts, probably to enforce royalties on-chain. As you know, the Blur vs OpenSea feud caused a race to the bottom on “off-chain” royalties.

Truth Labs still had access to the contracts able to change the metadata of their NFT collections, effectively giving them the power to change the jpeg that the NFT represents. This took many holders by surprise, since they thought their NFTs were immutable.. Well now they need to trust that Truth Labs will change their jpegs back.

There is a lesson to be learned here. Even if a web3 participant understands the underlying technology, and the principles of trustlessness and immutability on which crypto is founded, they still can be caught in a trap. Smart contracts are law, but sometimes this law is not what we think it is.

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u/ProductDude:

Any legal people care to give an opinion on what todays ruling means for the SEC?

• Supreme Court Endorses Streamlined Challenges to Agency Power

https://www.nytimes.com/2023/04/14/us/supreme-court-administrative-state.html

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u/Dont_Waver:

It means that if someone is being charged by the SEC, and that person claims that the SEC is acting unconstitutionally, that person doesn’t have to wait until the SEC is done with the enforcement action to appeal in court.

Administrative groups, such as the SEC, are part of the executive branch of the government, but they have a sort of judicial power in enforcing the regulations that they were formed to enforce. So previously, you would have to wait until they were done with their investigation and enforcement action before you could appeal to a court. However, if you are arguing that the SEC doesn’t have constitutional authority to enforce whatever it is they’re trying to do to you, it’s kind of silly to have to wait for them to finish the whole investigation and enforcement action before you can object and appeal.

For the SEC, this means that if, for example, Coinbase was charged in an enforcement action by the SEC and Coinbase wanted to argue that the SEC doesn’t have the power to regulate crypto under their grant of power, it could immediately appeal to a federal or state court and have this argument ruled on. This would save a ton of time and money if the court finds that the SEC doesn’t have that power.

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So there’s this idea I’ve been wanting to try for a while now.

You guys know how Ethernodes is notoriously bad at showing how many actual execution nodes there are? And so we don’t have any real sense of how many there might be? I even see some discussion farther down the daily today on that subject.

I think we here in EthFinance/EthStaker might be uniquely well-placed to answer that question: how many nodes are there on Ethereum? Basically, a bunch of us who run nodes (including execution clients) would go and look up our node by IP address or public key on ethernodes.org. Then we’d each just reply to the comment/thread/whatever with a simple “yes” or “no”, depending on whether Ethernodes knew about our node.

With a big enough sample size, like dozens or ideally a few hundred+, we’d start to get a pretty clear picture of how many actual nodes there are out there.

Example: Ethernodes claims there are 7500 nodes on a particular day. When 100 of us check our nodes that day, only 25% show up on Ethernodes. Conclusion: There are actually 30k nodes, give or take some error bar that I’m sure the stats majors here could figure out (i.e. not me :P )

Thoughts?

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Anyone watch Bill Maher? One his guests wrote an anti-crypto book, and I just found the arguments in their interview funny. I think the interview just furthers my view that Ethereum needs to dissasociate itself from the word cryptocurrency. I would much rather see the word cryptonetwork as it conveys that currency is not a central theme. But anyways I summarized the interview because I think this is a great summary of the mainstream opinion on “crypto”.

• Cryptocurrencies aren’t currencies and never will be (defined as store of value, medium of exchange, unit of account)
• Centralized exchanges should be regulated like banks
• If money is trust, then the term trustless money is nonsense. It’s like saying a government-less government, or religion-less religion.
• cryptocurrencies are not money, they are investments for higher returns which makes them a security
• The only people that use them are crminals and gamblers because its inherently a zero-sum game because cryptocurrencies don’t do anything. Usually a security is a share of a stock, but with crypto there’s no product, there’s no good, or service, which is why it’s a zero sum game where for someone to win, someone has to lose
• Crypto is a ponzi scheme because a million people can’t access their money out of FTX
• If you lose your “pin number” in crypto, then you’re just fucked and there’s nothing you can do which is why people use exchanges so that someone else is reponsible for your shit
• Most centralized exchanges are fake and eventually collapse
• NFTs are a ponzi scam / right click save / jpgs / wash trading / goodluck selling your bored ape
• The amount of energy for “blockchains” is ridiculous. In 2021, Bitcoin and “other cryptocurrencies” mined a ton of energy.

These are almost verbatim the arguments thrown around. The first thing I notice is that if you replace the word cryptocurrency with Bitcoin, it makes a lot more sense. The arguments are very surface level and lack a ton of nuance because in the maintreams eyes, cryptocurrencies are all like Bitcoin. I think the old saying around here absolutely applies. The most bullish thing about Ethereum is to be understood.

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Now that withdrawals are enabled with the successful upgrade of Shapella, I’m keeping an eye out for institutions and big movers.

Already this year we’ve seen Fidelity and Blackrock pouring funds into Blockchain.

NASDAQ in their Digital Assets Business is expected to start providing customer crypto custody by the end of June after receiving approval from the New York Department of Financial Services. Much like Fidelity, the platform will function similar to an exchange with liquidity and execution services.

Just last year Bank of America reported a turning signal for wealthy investors away from the stock market and into Crypto, Real Estate, and Private Equity.

“75% of young investors say it’s impossible to achieve above-average returns solely with traditional stocks and bonds.”

Combine this sentiment with the economic slowdown and credit crisis, crypto investments are in better position this year.

Also, and not the news I expected to see gain traction and excitement, but the Bank of America is reporting some interesting drivers of recent digital asset adoption from gold:

Tokenized gold passed $1 billion in value last month under the market cap pump of stablecoins PAXG and tether gold XAUT.

“Tokenized gold provides exposure to physical gold, 24/7 real-time settlement, no management fees and no storage or insurance costs. The low minimum investment increases accessibility and fractionalization enables the transfer of physical gold ownership and value that was not previously possible.”

We could all do with some peace of mind and stability after all the black swans we’ve experienced last year. Here’s to hoping that these large institutions don’t exert regulatory and market forces in the wrong direction and fuck it up for the rest of us.

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https://www.youtube.com/watch?v=uN3DP-40TA4&t=2380s

This is a gem of a channel. He talks about autonomous AI and how Ethereum might play an important role in the future AI economy. Really good.

This is the part where he speaks about AI economy (and Ethereum):

"Now, I will discuss the integration of these AI models into the legacy financial system and Ethereum. These models can function as a central brain and connect to other neural networks, AI systems, and handcrafted intelligence systems like Wolfram Alpha. As the AI assistant interacts with apps and handles tasks for you, there will be a need for it to manage money.

In the first iteration, AI will interact with apps to book flights, for example, and users will confirm and approve transactions. As the AI becomes more effective and trusted, users will want it to handle more tasks autonomously, including financial transactions.

There will be pressure to integrate AI into financial systems, but this may create friction in the traditional financial system. These autonomous AI entities might face difficulties meeting regulatory expectations because the legacy system is governed by regulations designed for humans. Additionally, the traditional financial system is not well-suited for global transactions between AI agents due to regional differences.

Crypto systems like Ethereum, on the other hand, are well-suited for autonomous systems. Ethereum was designed with the idea that autonomous agents might conduct much of the financial activity in the future. It is permissionless, global, transparent, and digital-native, making it an ideal platform for AI agents to manage accounts and interact with smart contracts.

Though most economic activity still occurs in the traditional financial system, friction in that system may push AI agents towards crypto systems like Ethereum. Smart contracts on Ethereum can be used to coordinate AI agents, creating a seamless environment for AI-driven financial transactions."

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Patrick McHenry did a FANTASTIC job with Gensler today. I believe he really forced the issue on Ethereum as a Commodity and hope it leads to regulatory movement (but maybe we in the U.S. shouldn’t hold our collective breaths just yet with our painfully slow government, sigh). Anyway, great job Rep McHenry!

But damn, also McHenry (and I’ll keep this REALLY brief): votes against Women’s Health Protection, the Chips Act, the Infrustructure & Jobs Act, multiple bills protecting Queer rights, multiple bills protecting the right to vote, multiple bills to (can we please!) close assault weapon loopholes…

*Okay, back to Ethereum. And yes I’m flying my ’Murica flag here today, so bare with us everyone around the globe :)

I’ve been thinking a lot about how Ethereum can be represented better in U.S. legislative process. Reps like McHenry & Emmer are (let me be mild here) faux “public servants.” They have clear records of working against the Common Good. Ethereum deserves better heroes. I don’t consider myself politically savvy and work in an unrelated field but am wondering what effective avenues would be worth my time and/or support. I have donated to Coincenter in the past and probably will again, but I need to update myself on what they have been up to. Edited: Coin Center works to educate policy makers. Recent efforts to educate involved the terrible “Digital Asset Anti-Money Laundering Act,” the “RESTRICT Act,” and the Treasury’s DeFi risk assessment. I hope to find out more about specific advocacy they are doing.

Any other coalitions come to mind I need to become aware of? Any ideas perculating on effective organizing or lobbying for those of us who care about good ETH regulation? I would love to donate some time and energy to this, but not sure at this juncture what will make a difference.

P.S. Just so you know I’m not on some Lib high horse, I can’t stand listening to Senator Warren talk either *facepalm. Thanks for reading…

https://bounties.gitcoin.co/coincenter

citation if desired: https://ballotpedia.org/Patrick_McHenry

apologies for all the edits...grammar is hard lol

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For anyone worried, here are some wallet tips:

1. Keep your funds seperated if you have a lot of money. There have been plenty of cases of people accidentally signing fraudulent transactions even with a hardware wallet, because their PC was compromised. So don’t mix your 100 Eth retirement money with your wallet containing dickbutt NFTs. Also if you interact with dodgy or untested contracts, use a seperate wallet for that too.
2. For best security use a multisig wallet/social recovery or a hardware wallet
3. Wallet ≠ wallet. Do your research, the more funds you have the more careful you should choose the wallet. They’re all developed by different teams with different philosophies
4. No, HW wallets are not unhackable as some seem to think. There can be and have been plenty of bugs found in the code. The same goes for any wallet. There is no perfect security, know the risks.
5. Revoke permissions!
6. Hackers aside, another maybe even more common way ppl lose funds is by their own error. Make sure you have the keys/recovery phrase properly backed up. There are a lot of different ways you could do that, spend some time reading up on it. Never upload it to any online machine or expose it to a camera connected to the internet. No cloud storage, no smartphone etc. Your private key must never get close to the internet! Obviously physical theft can also be a concern, although lesser. There are ways to greatly mitigate the risks of self custody, look into it.
7. If you’re relatively new to all of this Andreas Antonopoulos has some great videos on wallet security etc. on Youtube. He mostly talks about Bitcoin but it’s same same for beginners. It’s important to know the basics.

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Here’s a draft letter to the president/legislators/lawmakers from the perspective of a web3 developer. *One* sentence was generated via ChatGPT, the rest are my own words (my letter will be different, as I am not a dev tho I do feel like this effects my career too). Feel free to use and customize. Apologies but I’m super tired and barely proofread it.

Dear ________________ ,

I’m writing today because I am concerned about the lack of clear regulation in the blockchain and web3 industry. For many developers in the space, this technology is our pride and livelihood. Most of us recognize that the space has an overabundance of scams and theft. There is a clear distinction between private companies like FTX who offer a product with no transparency and a public ledger built on open source technology.

Blockchains offer a lot more than just being an immutable ledger. Web3 has the potential to transform many aspects of our society, including finance, governance, and data ownership. The United States should be a leader in innovation and adoption of impactful technologies. As someone who grew up in the nineties, it is the closest thing that reminds me of my childhood during the early days of the internet, when America chose to be a leader in household adoption of a technology that advanced communication beyond what we would have ever imagined a century ago.

Although our industry has a lot of problems, there have been some great achievements from development teams and good faith actors in the space. Last year, ethereum had a groundbreaking upgrade that reduced network energy consumption by almost a hundred percent by upgrading to proof of stake and eliminating the need for wasteful crypto mining. Hacked funds are often traced by the community with updates on activities broadcasted through social media and it’s quite common for the community to help its users get stolen funds back. There have also been millions of dollars donated in aid to Ukraine through cryptocurrency.

The web3 and blockchain space, as known as the “cryptocurrency” industry, have grown a lot since the inception of bitcoin. Today there are many communities in web3 that make up the collective space and if you were to navigate through them you would find there are many who are excited about this technology. Many of us have put a lot of time, passion, and hard work into the development of this tech and it’s a big part of our lives.

Some of us feel that CEOs of private companies shouldn’t be the only representatives of our interests as a growing industry. We are also disappointed by the actions of SEC chairman Mr. Gensler and his hostility to American companies like Coinbase, who actually have gone above and beyond in regulatory compliance. Furthermore, the draft bill of the RESTRICT Act contains alarming implications for the privacy and speech of American citizens.

We hope that our political leaders could do some more community outreach in the space so we can properly educate our legislators about the technology. We especially urge regulatory clarity for developers, stakers, and everyday users. We understand that there shouldn’t be rushed legislation to integrate blockchain and crypto assets into our existing financial infrastructure. We just want to do our jobs as software developers and home stakers, who work hard and invest our time and money into developing a revolutionary technology.

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Reading many ppl here the last days that claim we are just greedy and only care about pumping our bags. We aren’t against regulation, we are against bad regulation. If the SEC got its way, I predict that ETH would be a security that retail can’t touch directly, only indirectly from various bank products. Private stable coins might be banned. Private wallets, or what they call them - unhosted wallets, wild wallets or dark wallets will be banned. Defi itself likely banned unless accessed from a bank that charges a fee, “for our protection”.

No other country is stuck on the question, whether ETH is a security or commodity. Crypto regulation in the UK and EU is not perfect but we realize that crypto is here to stay and put out regulation, guidelines and not just 55 litigations. I was positively surprised by how many Defi actions, my Nordic tax authority has provided guidelines on this year. ETH staking (cap. gains, not ordinary income), lending, LPing etc. Meanwhile, the US IRS hasn’t even spoken about ETH staking. Most people will likely class it as ordinary income because that is safer than to classify as the lower taxed capital gains.

SEC’s actions are embarrassing (even Hester, Gensler’s colleague says so), the IRS is embarrassing, the political dick swinging between agencies, embarrassing. R vs D as well and things like that make me lose faith in society and the democratic process more than any crypto scammer ever did. Scammers do it for the money, above, I think is done for the same or even worse reasons.

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u/Mister_Eth

Mister_Eth left to buy some milk 😢

u/Vinegar_Strokes__

$2115

u/nixorokish

0.069

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I deposited my ETH into the staking contract 871 days ago. Later, on 1 Dec 2020, Beacon Chain launched, and since then my solo staking rig has been running 24/7 with near perfect uptime. Total downtime amounts to probably less than half an hour. I’ve earned a nice amount in consensus and execution rewards. Operationally it has cost me nearly nothing, about £100-150 in electricity over the 2 or so years, and about 12 hours of my time. It runs in a fanless case, so I don’t even hear it. I sometimes forget it even exists. It contributes to the Ethereum network and is a source of passive income that has truly no intrusion in my life. And yet, I can’t wait to instantaneously exit all of my validators and dump all of my ETH later tonight.

edit: thank you u/superphiz for chadding in with the gold!

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Ugrade activates,

One more risk evaporates,

The future awaits.

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On this day…

In 2022:

• Having onboarded 75% of new stakers last month, Lido finance proposes Distributed Validator Technology and Node Operator Scores in a quest towards more decentralisation.
• The U.S. Treasury Department alleges that North Korean hacking group Lazarus is behind the $600 Million theft on Axie Infinity’s Ronin bridge.
• TrueFi releases dapp development framework useDapp v1.0, with multichain and WalletConnect support and restructured documentation.
• Arbitrum holds the first poll on projects to be included in the Arbitrum Odyssey.
• @Jasper_ETH argues Lido Finance’s measures to decentralize are not enough, advises the staking pool to commit to not taking more than 50% of all ETH staked.
• Leo Glisic explains stakers yielding higher returns via staking pool tokens and their derivatives.
• ETH should prepare for a Muskian crypto-twitter, at $3116 to $3020, or ₿0.07562.

In 2021:

• /r/wallstreetbets decides to allow discussions about BTC, ETH and DOGE.
• Paul Brody brainstorms about a DAO-based analogue of the S&P500 in the Ethereum ecosystem.
• ETH’s pockets bulge with $2309, $2421, ₿0.03623 and ₿0.03856.

In 2020:

• Prysmatic Labs launches the Topaz test network, representing the full Ethereum 2.0 Phase 0 mainnet configuration.
• The Ethereum Foundation updates the community on R&D progress made by EF-supported projects.
• Etherscan announces ETHProtect, a detection tool to identify if incoming funds are tainted, tracing the tainted funds down to its origin.
• Andreessen Horowitz raises $450 million for a second crypto fund, aiming to invest more in Bitcoin and Ether.
• MakerDAO users file a class-action lawsuit against the Maker Foundation after losing funds on Black Thursday.
• ETH is just another way to say “OK computer”, at $158, or ₿0.023.

In 2019:

• ETH updates its coordinates to $168, ₿0.03256.

In 2018:

• ETH steadily resides at $501, aka ₿0.06277.

In 2017:

• The DAO Ethereum Classic refund deadline gets extended.
• Geth v1.6 “Puppeth Master” is released.
• Storj talks about the migration to Ethereum and the opportunities that come with it.
• The Aragon whitepaper is released: “A digital jurisdiction for company incorporation”.
• ETH drizzles from $50 to $47.7, fizzles from ₿0.04269 to ₿0.04081.

In 2016:

• Exosphere Academy announces an Ethereum Stream Development Course.
• EtherCamp launches Ethereum Studio IDE.
• ETH looks up from $8.1 to $8.4, driving from ₿0.01907 towards ₿0.01977.

compiled with love

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Hello ethfam,

I’m going to try not to drag this out. Those of you that know little bits of my life from what I’ve shared here know that I first entered the ethereum space at the beginning of covid. I was supposed to fly from Ireland to the Philippines to finally marry my long term girlfriend of 13 years when covid put a two year halt on it. For those two years I saved like a motherfucker and invested hard into eth and its ecosystem. Initially with a percentage of money that was for a wedding, then ramping up the DCAs more and more over time.

Last May I celebrated my marriage in the Philippines here with all of you. It was a long time in the making.

Three months ago, after a long and arduous (and expensive + paper heavy) process, my wife and I managed to secure a spousal visa for her to come live with me.

And that brings us to about an hour ago - after three days of literally no sleep I’ve secured a property here for us. I’m not exaggerating when I say in this timeframe none of this would have been remotely possible without this subreddit. Ethfinance is the flame that keeps my passion burning. A massive thanks to Arbitrum for that ridiculous airdrop also.

I’m proud to say that, thanks to this space, I will be flying out once more to the other side of the world next month for my 1 year anniversary, but this time my wife is finally coming back with me, with my surname, a secured visa and her name on a frankly beautiful and much too big property.

Thank you everyone. It’s the next chapter for me. Now I can finally start planning for solo staking.

Keep ’er lit,

• Yeopaa.

https://i.ibb.co/n8XNjHX/IMG-0790.jpg (wedding photo)

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ENS NameWrapper that has been in works for years is going to be activated soon (within 24ish), the vote has passed and there is a 2 day time lock.

There’s so much untapped potential in it so I’m very excited. And there’s already many cool apps that are building on top or utilizing ENS, maybe I’ll write about them later, big part of them are still in beta phases or are relatively new and small.

But the one cool thing I wanted to share that might be really useful to you now is this:

so you can create a subdomain aka child, so let’s say using mine as an example, evmaverick.696.eth

but what might not be intuitive is that you can create a subdomain of that subdomain!

and that’s how we get - 337.evmaverick.696.eth (for context, 337 is my token ID of the lion)

and so on and on - 🦁.337.evmaverick.696.eth

Now you can just pick a domain (5 char+ for $5/y) and create subdomains for your vaults, your burner, hot and all other wallets while not paying any extra additional money since subdomains can be free, you only gotta renew your parent, which is 696.eth in my example. Of course, there’s so much more options going to be available now cause of fuses (that’s a big topic in itself).

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Same thing I told the other sub:

Don’t rely on revokes

It’s good to check your revokes regularly using revoke.cash, but you shouldn’t be relying on them.

The SushiSwap hack is one of those cases where a hardware wallet wouldn’t have saved you, and revoking would’ve been too late.

Using Minimum allowance is the Best Practice

The best practice is to approve ONLY the exact amount of tokens you needed to make a swap so that once your swap is complete, the allowance automatically goes back down to 0.

• For example, if you approve 300 tokens and swap 250 tokens, your allowance for a particular spender goes down from 300 to 50 tokens after the swap
• So if you approve of 300 tokens and swap exactly 300 tokens, the allowance goes down to 0 and that router can’t spend anymore.

I know it sucks to make a new approvals on L1 Ethereum where gas fees are expensive. But on cheaper networks, you really have no excuse.

Fortunately, many newer tokens allow permits instead of revokes, which combines an approval and transfer into 1 transaction.

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u/Diligent-Mouse3679 covers the SushiSwap exploit:

There is a bug in the Sushiswap router that caused Sifu to get 1800 weth drained (a lot of it by white hats). https://twitter.com/peckshield/status/1644907207530774530

Revoke any approvals you have with the sushiswap router now. Addresses for the router on every chain are linked in this tweet:

https://twitter.com/0xngmi/status/1644921265843589120

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u/SoNotYo covers Lido validator bribery during the hack:

https://twitter.com/P2Pvalidator/status/1645079096253112322

One of the Lido validator got a 689 ETH bribe during the Sushi exploit. Curious whats going to happen next. Are they going to return it? Should they return it? Where will you as a organisation set the line between ‘fair MEV’ and ‘MEV theft’.

Curious to see what happens next. Expecting to see this spark a new debate about MEV and everything surrounding it.

Edit:

P2P response after become aware of it.

https://nitter.snopyta.org/P2Pvalidator/status/1645162865698000898

UPD: These MEV rewards are associated with the recent Sushi exploit. Like any Lido validator, P2P did not receive or manage the rewards, as they went to the Lido rewards vault. We are talking to Lido and Sushi teams to investigate the issue and explore potential solutions.

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u/Maleficent_Plankton warned about this:

Someone from r/CC got 40K Moons stolen due to the SushiSwap exploit.

Sad to see that the thing I warned people about 6 months ago finally happened.

After RCPSwap and SushiSwap first launched, I noticed that 99% of users were setting unlimited approvals and warned the community about it.

Back then, there were no front-end revoke tools for Arbitrum Nova like revoke.cash, and Metamask’s approval UI was less transparent, so I wrote a guide on how revoke manually using the Moons contract.

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I was talking with some family friends today for Easter brunch and, being polite, they asked me about some crypto topics. I ended up explaining the basics of lending in crypto which I’m going to paraphrase here. This is probably one of those things everyone here already knows but which might be useful if you ever need to explain this to someone outside this space.

There are three ways we facilitate lending in crypto today:

1. Overcollateralization. You post collateral worth more than what you’re borrowing. In Tradfi this is basically the structure of every mortgage/car loan. You use the property you are buying as collateral for the mortgage itself. This works best for assets that are unlikely to sharply depreciate in value and put lenders underwater. In Defi, that property obviously doesn’t hold so we add self-liquidating mechanisms to this system. If your collateral ever falls in value relative to your loan you forfeit the collateral to repay the debt automatically. We mostly use these loans for financial speculation or retaining price exposure to an asset while effectively selling some of it.

2. Flash Loans. We let you borrow as much money as you want on the condition that you have to repay it instantly. I find this is the most confusing one to people at face value but it makes sense to most people when explained in terms of originating mortgages. Again, mortgages are overcollateralized loans. Without flashloans there is a bit of a chicken and egg problem where without the loan you can’t buy the property and without the property you can’t get the loan. In Tradfi they have an intermediary facilitate this by effectively granting you a short term loan. In Defi, that’s just involving an unnecessary middleman so we dispense with it.

3. Leverage. You can use 1 ETH to buy 3 ETH and exaggerated effects as the price goes up and down. This is similar to overcollateralized lending except we don’t actually give you the 3 ETH. It’s held in escrow by some contract so you can’t run away with it. In the example above if your collateral falls by 1/3 in value you get margin called and liquidated. This is really no different than how it works on traditional brokerages. The main difference with Defi is while things like naked shorting are illegal in Tradfi brokerages, they are impossible in Defi.

That leads us to the last form of debt most people know: uncollateralized lending based on credit. While there are some teams experimenting with this, we just can’t bootstrap these systems effectively until we solve the problem of accountability. IRL it is both difficult and illegal to set up multiple identities. On blockchains it is trivial and there is no such thing as the police. If I am willing to give an anonymous stranger $10 on credit I at least need to know that if they rug me they can only do that once. That at least means I can only get rugged 7 billion times. Identity theft and fraud are already a problem in Tradfi. In Defi, the problem is so much worse that what you take for granted with a credit card today can’t even get started. We may see a Tradfi equivalent to credit systems on a blockchain once a government decides to build a system to certify an identity on chain and integrate their legal system with smart contracts for enforcement but we’d really like to see a more decentralized approach.

There are numerous advantages to eventually solving this problem on the blockchain. For people with existing access to credit, a technology called zero knowledge proofs adds privacy protection so Experion doesn’t repeatedly leak your personal data to identity thieves. Next, is consumer choice: the market would be free to create a much wider array of credit score services rather than the regulatory captured monopolies we have today. Last, ironically is scalability; not in transaction throughput but in customers. Right now credit services are available to a minority of people, mostly in first world countries. If this becomes solved in Defi in a decentralized way it can be scaled to all of humanity rather than the limited countries credit services exist in today. This is where a company like Visa will actively get involved eventually because it is a Trillion dollar opportunity that will let them expand their user base.

These systems won’t take root in Defi until we have a good system for proving an address belongs to someone and that they singularly claim that address for these credit systems. Once we have that we’ll see a variety of credit score DAOs appear in short order. They will essentially act like competing underwriters but unlike Tradfi the performance of each will be public and every app will be free to choose whose opinion they respect and pay for.

I’m also still curious about alternative credit systems.

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OPSEC PSA for Mac users

https://www.malwarebytes.com/blog/news/2023/04/new-macos-malware-yoinks-a-trove-of-sensitive-information-including-a-users-entire-keychain-database

MacStealer arrives to target macOS systems as an unsigned disk image (.DMG) file. Users are manipulated to download and execute this file onto their systems. Once achieved, a bogus password prompts users in an attempt to steal their real password. MacStealer then saves the password in the affected system’s temporary folder (TMP).

The malware then proceeds to collect and save the following also within the TMP folder:

- Account passwords, browser cookies, and stored credit card details in Firefox, Chrome, and Brave

- Cryptocurrency wallets (Binance, Coinomi, Exodus, Keplr Wallet, Martian Wallet, MetaMask, Phantom, Tron, Trust Wallet)

- Keychain database in its encoded (base64)form

- Keychain password in text format

- Various files (.TXT, .DOC, .DOCX, .PDF, .XLS, .XLSX, .PPT, .PPTX, .JPG, .PNG, .CVS, .BMP, .MP3, .ZIP, .RAR, .PY, .DB)

- System information in text form

MacStealer also compresses everything it stole in a ZIP file and sends it to remote C&C servers for the threat actor to collect later.

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u/LeagueGreedy:

u/etheraider and the EVMavs have done it again! We’re creating another project similar to EIPandas to celebrate the Shapella hardfork! There are 3240 owls from 20 powlyments minting on Arbitrum for 0.00324 ETH, or 0.0019 ETH for the allOWList https://www.autominter.com/list/withdrowls We plan to hold a virtual mint party using oncyber so we can show off the artwork gallery style. The mint button will even be embedded into the virtual room!

Proceeds will fund the next EVMaverick public goods project. I know there’s someone out there with an idea here that deserves funding!

We had a lot of fun using the beta of AutoMinter’s new AI Art Generator for this collection! I had so much fun making this project that I’m raffling away 5 of my EIPandas to those who can use their referral link to get 5 friends onto the list!

And of course, thank you so much to the ethfinance community. I gravitated here when I was new to crypto because of the high level discussion. I “earned” my Maverick asking questions here knowing I could always get an informative response. I probably would have lost all my money to shitcoins without this subreddit, but thanks to y’all I’m staking and having the time of my life making AI owls.

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u/etheraider:

As u/LeagueGreedy mentioned we are excited to celebrate Shapellowl with you!

To commemorate we’ve created “Withdrowls!”

They are intended to be fun, punny, celebratory NFTs for the community, AND as a special treat MANY members of our communities (ethfinanciers, daily dooters & EVM’s) will have their own personalized punny owl name in the metadata to be “their own withdrowl” as a special little sentiment to commemorate the momentous occasion.

Bob-Rowlssi, swagtimusprowl, owlexiskef anyone?? :P u/Bob-Rossi, u/alexiskef , u/swagtimusprime

ALL funds (100% of mint & royalties) from the Withdrowls will go towards funding the NEXT public goods project after rocketschool anyone in our community wants to create!

We thought this would be a great way to incentivize people that have an idea to start building and to get people excited and involved in creating public goods/doing something new AND get funded for it!

Check out the Allowl list for additional details! Mint will be .0019 for allowlist and .00324 for public and will be on arbitrum for low fees!

Looking forward to all the Shapellowl celebrations! Will definitely be a hoot ;)

https://twitter.com/Withdrowls/status/1645807814957486082

Edit: if you don’t have Twitter and want to be on the list just dm me your public eth address and I’ll add you to the allowl list!

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Just stumbled upon a comment I made a few months ago in here:

“Any day could end up being the day there’s been the most eth in existence ever.”

Happened to be posted less than 10 days from the peak on October 8.

Ether’s supply has been going down since October 8.

Checking ultrasound.money has become part of my daily routine even though no new information is really to be expected, I just find it soothing to look at, to marvel at. The Ethereum community has really created something never seen before: a system with a security that’s economically self sufficient.

I truly regret that the mainstream understanding of inflation is “price of things goes up” instead of what it truly is: “value of fiat goes down”. This simple switch in mental model would be incredibly useful for the masses to realize some of the biggest and inherent problems with the current system.

And at the same time, it would be incredibly useful to understand what’s so special with eth.

It’s been 208 days since the merge and there’s been a net burn of more than 82,000 eth. During a bear market (or well, an eternal crab, hail). Total supply is now 120,438,242 eth, and it’s clear we’ll end up below 120,000,000 sooner or later.

Since the merge deflation has been accelerating. But what will this look like during a bull market? When usage, euphoria, and greed go parabolic? When the supply is inversely proportional to the mania?

Witnessing the supply chart take a vertical dive will be absolutely glorious for sure.

We’ll soon visit the abyss.

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For those who had some funds on Euler:

Redemptions are live: https://twitter.com/eulerfinance/status/1645964057239855104

This it how the Euler exploiter saga ends.

When the exploit happened a month ago, I would not have expected that we’d reach this step, all the funds I deployed there I’ve written off. The Euler saga is a unique story, full of drama and in my case a happy end.

Those who deployed via a smart contract (e.g. aztec users) need some more patience as those affected users can’t claim directly.

Happy Shapella Day and stay safe out there, fellow Ethfinancers!

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u/Mister_Eth

crickets

u/Vinegar_Strokes__

$1877

u/nixorokish

0.067

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Woah, did someone just exploit a vulnerability in the ERC-20 standard itself???!!! I am seeing a cascade of the largest ERC-20s like USDT and LINK getting all funds sent to 0x36c9aFAkE324b…. On etherscan.

Meanwhile other ERC-20s like DAI and USDC have frozen transfers in response. I’m impressed with their reaction times to be honest.

What sort of impact could this have on other EVM based blockchains like BNB? It seems like it will be a scramble for ethical exploiters to take funds before actual hackers do.

Anyway, no doubt April is wasting no time in showing how chaotic things can get on the 1st!

^(Sorry guys, surely I’m allowed to live up to my username just once a year!)

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Network you can’t sever,

Open-source is too clever,

Will last forever.

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On this day…

In 2022:

• ETH proves to be a solid base for many coins, at $3234, or ₿0.07432.

In 2021:

• Vitalik Buterin demystifies the technical properties of sharding.
• Ari Juels sees Front-Running-as-a-Service as theft.
• The Meta-Witnesses subprotocol from Trinity and Nethermind reduces Beam Sync to 80 seconds.
• Polygon announces M-Setu, a proof-of-concept of a bridge for enterprises to interoperate with Ethereum, built together with Infosys Consulting.
• ETH jokingly whispers about $2118, $1971, ₿0.03641 and ₿0.03517.

In 2020:

• The Teku Eth2 client from PegaSys syncs with the Lighthouse testnet.
• OpenLaw explains how to create a bankless DAO.
• Italy’s main news agency ANSA launches Ethereum-based news tracking system ANSAcheck.
• ETH dodges mullets from $170 to $165, at ₿0.02301.

In 2019:

• Nothing etheresting happens from $166 to $175, at ₿0.03362.

In 2018:

• Chile’s national energy regulation organization, Comisión Nacional de Energía de Chile, launches an Ethereum-based pilot for recording data from the energy sector.
• ETH turns greener than grass from $370 to $385, at ₿0.05593.

In 2017:

• Buterin asks how Ethereum Research can be more welcoming to newcomers.
• ETH triangulates at $42.2, or ₿0.03592.

compiled with love

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Beware of the new Stakereum project, it’s a legit scam.

From kanewallmann (Rocket Pool dev):

the docs have all these big words to sound smart but it makes no sense, they are legit scamming ppl with this

you go through their instructions and the last step is to send 32 ETH to an address that they’ve generated

Spread the warning:

https://twitter.com/ethStaker/status/1641322321024524289

https://nitter.snopyta.org/ethStaker/status/1641322321024524289

View on Reddit →

DeFi News - March 30, 2023

• Introducing Notional V3: link
• Nuon introduces first “flat coin”: link
• $ACID - the “growth driver of ETH”: link
• Deepdive Composable Stable Pools : link
• Liquidity Book and AMM Design: A Comprehensive Guide: link
• Kwenta: link
• dYdX v4 and MEV: link
• Current state of rollup MEV on Arbitrum: link
• MEV Series Part II: Understanding Order Flow Extractable Value: link
• Full MEVconomics playlist: link

I made a bot that parses DeFi news + Security updates and posts them on reddit. I don’t have enough comment karma to make separate threads, so I’ll post them as comments in the daily general threads for now :)

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gm r/ethfinance, I had the chance to talk with u/jtnichol yesterday, pretty outstanding guy. He told me to intro myself here and share an idea I have.

My name is Anthony Garrett— I’m a college student at Gonzaga and I started Bankless Advisor in the Bankless DAO, a platform to connect financial advisors and clients, but we’re in need of a pivot– the idea I have is an app.My vision for a BA app is to create a web3 directory for users to send trade proposals to each other. Each account is a web3 wallet for users to trade and comment on other trades. Our market fit would start with the Bankless community and college students (SPAWN).However, my long-term vision for the BA app: We allow users to import their data from other social media networks to their web3 wallet and build smart contracts that pool users data to connect ad buyers to users.

I believe that this project has the potential to do good for the world, and the way we value our data, but I need a passionate dev team to bring this thing to life. So here I am looking for any advice, any groups that you think align with this vision, or anyone who is looking to help. (or if this idea sounds psychotic, I’m open to anything).

I’m just a young self taught front end dev (that get’s a lot of help from chat-gpt), but I have experience building trade proposal tech for financial advisors at Defi Steward. Also, I have written further about this decentralized data model in the BA substack (not an advertisement, but here is a link).

If you have read this far and have ANY comments or suggestions as a start this journey I am all ears.

- Thanks, AG

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Meanwhile, in the NFT-verse..

Found this interesting development: a real estate agency sold off 20% of a house being rented in Texas, using NTFs as ownership shares.

The property was valued at $235k, NFTs represented $100 of ownership (minimum buy was 5 NFTs, would have been easier to just make $500 NFTs..). In total, $45,600 was raised by the sale to 38 investors, who will then get their fractional part of the rent.

Estimating $1500 rent per month (not in TX so I have no idea of what prices look like over there), that would mean each $100 NFT share accrues $0.65 per month, so a median of $7.8 to each of the 38 investors.

Given these small numbers, the company decided to run this experiment on Solana, citing gas fees in ETH as a deterrent, and bridging difficulties in L2s like Polygon. Let’s hope for these investors that when rent is due, the Solana network is still up :)

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“Next week, I’ll be sending a bill to congress to eliminate all taxes (income, property, capital gains and import tariffs) on technology innovations, such as software programming, coding, apps and AI development; as well as computing and communications hardware manufacturing.” - Nayib Bukele

Bill sent: https://twitter.com/nayibbukele/status/1641889140273827848

Tax free staking?

(Would like an English version if available!)

View on Reddit →

People were discussing u/Set1Less’s post from yesterday in r/CC about the Arbitrum DAO drama but we can’t directly link to r/CC because the mods there ban you for it. Surprisingly nobody copied a transcript so it’s probably gone a bit under the radar in this sub. So here I am, shamelessly transcribing u/Set1Less’s post.

So Arbitrum distributed tokens last week and as per their tokenomics, it seemed that the team and VC allocation is locked for a year.

Well, they just made a proposal to grant themselves another 750 Million ARB tokens, worth almost $1 Billion from the DAO. They claim its for an “Administrative Budget Wallet”. In reality, it looks like a blatant cash grab. Its the first governance proposal and they aren’t even trying to be subtle about siphoning funds out.

Administrative Budget Wallet proposal

Under the disguise of operational and administrative efficiency, they are seeking to transfer 750 million tokens from the DAO to their own pockets, from which they will make “special grants” and what nots.

In crypto, these things almost entirely mean cashing out for real world riches. We have seen thousands of examples of teams cashing out treasury funds. In Arbitrum’s case, since the team and VC token allocations are locked, they are creating this new channel of funding which they can splurge on while their actual allocations remain locked.

Some groups have already raised alarm against this blatant cash grab.

Blockworks Research is voting against this.

These 750M tokens were supposed to be part of the treasury but now seemingly lay under the centralized control of 3 individuals.

I hate to say it, but these kind of shady activities actually make people like Gensler right - by using shady structures from Cayman Islands, under the disguise of “DAO”, they are staging a standard insider dumping scam where the team dumps token without any transparency while pretending their original allocations are locked.

Update: Apparently it seems that even before this vote has passed, Arbitrum team has already moved 40m ARB tokens to a new wallet, and then started distributing them to child wallets, and it appears from the transactions that millions have been already sent to Binance .

Transactions: https://arbiscan.io/token/0x912ce59144191c1204e64559fe8253a0e49e6548?a=0xb3f923eabaf178fc1bd8e13902fc5c61d3ddef5b

These tokens were supposed to be “locked” but it appears they are not locked, but rather being sent to Binance (presumably to dump).

This is looking like a rug pull of sorts. As we see very often in crypto, plain old fashioned greed and fraud kills everything.

Due to the drama, most delegates are now voting against the proposal. You can follow the vote results here: https://snapshot.org/#/arbitrumfoundation.eth/proposal/0x3be7368a662d1cf12fa4da768d626edbc013be0dc7b994fef2e24d9a54e4033a

View on Reddit →

I guess a smidge late considering the threads yesterday and today, but obviously I want to post on it since I’m an ARB delegate for a decent chunk of people here.

First, I want to speak to AIP-1 as it stands on it’s own as I think it’s important for those delegating to get a feel for what I stand for. So for a second, let’s ignore the now known issue at hand and presume the Arbitrum Foundation had not moved tokens yet / or I had voted before this was know. Maybe a pointless excercise at this point, but I find it important.

I would have still voted “against” in this case, with request for the AIP to be broken into smaller pieces.

I agree strongly with the first set of a DAO’s AIPs being about setting ground rules for the DAO moving forward, especially with one as large as this. Not having a formal process in place can lead to disaster (ominous!), so this is important. However, I’m against trying to lump in too much at once. The obvious one is the 750M ARB to the Foundation Admin Budget, however frankly things like squeezing in a very loosely defined “Special Grants” process aren’t a great idea either. Those are things that need fleshed out in their own debates / AIPs. It feels like those are things the foundation would assume would be controversial, but hoped to squeeze through due to the need for the overall framework taking priority. This AIP should have been broken into about 3 or 4 separate things.

Now, with that said and as it stands now, I’m obviously still continuing with my ‘Against’ vote. The issue I had before has only been exacerbated by moving funds before the vote. In reading comments on this daily thread and it seems that the community is largely asking for an “Against” vote as well, so I have an obligation to honor that within my duties as a delegate. Although honestely it does feel moot at this point given recent events… Others have surely said it better, but the fundamental issue is we can’t accept funds being moved without DAO approval or else what is the point of this process? It should be interesting to see what happens now that we have a scenario where funds have been moved without approval from the DAO. Something I doubt will be resolved cleanly, as even before this was found out I was seeing forum pushback on the amount. I question if it will ever pass even upon a presumed rework / revote.

A final note, those who are delegating to me I don’t blame you if this has soured the process… this has been sort of a smack in the face to me as well.

Repost Note: Ah crap, reposting below as I forgot about the auto-banning of links… I compiled the links on caches - https://caches.xyz/forums/discussion/r-ethfinance-arbitrum-delegate-thread

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u/KuDeTa:

There was a fascinating MEV “exploit” this morning to the tune of about $20mil dollars as a result in flaw in how mev-boost relays communicate with validators. There is some discussion below in the daily, and here is a good summary: https://twitter.com/samczsun/status/1642848556590723075

The relay fix to prevent this happening again is here (https://github.com/flashbots/mev-boost-relay/pull/330). This does has some significant side effects, the biggest of which is that ~10 sets of relay beacon nodes are now responsible for propagating all new blocks. Our ([u/austonst(https://reddit.com/u/austonst)) relay (https://aestus.live) was taken offline for builders as soon as we became aware of the threat and will update before we come online again. Never a dull day in ethereum.

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u/_etherium:

It’s been patched, just waiting for a release to be cut.

https://twitter.com/metachris/status/1642862456556130306

From reading this, the issue has been mitigated and was caused by a bad relay that was gamed. From my undestanding -

Before:

1. Relay sends validator the header (withholds block so not to get frontrun) for signature, but the block is invalid.
2. Validator signs header
3. Relay sends validator the block
4. Relay attempts to publish the block but cannot because it is invalid.
5. Validator selects the top half of each sandwich from inside the block and MEVs them by putting their own tx in a different proposed block
6. No race between the two blocks because the relay block is invalid.
7. Validator gets slashed for 1ETH afterwards, walks away with $20M.

After:

Step 4 and step 3 are reversed. And Relay does not send the block if it cannot publish it first.

Edit: fixed slashing comment, slashed later.

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Paul Brody has single handedly given me faith in Ethereum as a serious technology again. I’ve been out of the game for about a year but just listened to his episode on bankless and I’m stupid bullish again. Fuck your monkey pictures and yield farming, enterprise and supply chain management will be huge. Tokenize everything

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Greetings, fellow Ethereans!

We’re excited to announce the upcoming Ethereum “Shapella” upgrade, Shanghai on the execution layer and Capella on the consensus layer!

This significant milestone introduces withdrawals for staked ETH as well as other upgrades. More info: (https://blog.ethereum.org/2023/03/28/shapella-mainnet-announcement)

To celebrate the upgrade, EthStaker is hosting a livestream event that will bring our amazing community together. And as a special treat, we’re inviting all of you to join us in creating a massive collaborative art piece during the event on a special POAP.art canvas! 🎨

Info:

Who? You! And your whole community! (tell your friends!)

What? Shanghai/Capella “Shapella” Upgrade livestream and POAP.art party.

When? April 12th, paint party starts at 9:30 PM UTC, Ethstaker livestream starts at 10 (30 minutes later)

Where? https://app.poap.art/ and. https://www.youtube.com/watch?v=nszB0ZZQrys

How? Anyone can watch the livestream, To join the paint party: hold an eligible entry POAP (check the poap.art page to see if you hold one), or claim the event POAP. [https://checkout.poap.xyz/d39e3416-a26f-41aa-bbca-2ee87781ffea/]

Why? Great fun and exposure for your community!

Spread the word, invite your friends, and let’s make this the most memorable Ethereum upgrade celebration ever! See you at the livestream!

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How do you think this would resonate to someone outside of our space?

The internet and information age fundamentally changed how humans interact. Before the internet, blogs were called newspapers, politics & entertainment came through cable TV, and social media was the local bar or a town hall.

Today, there is a quieter, second revolution of the information age taking place. Once again, we are reimagining how humans interact. Just as with the rise of the computers and the internet this new frontier is ripe with opportunity.

The ideas that have captured the minds of these participants may sound as unlikely to you as the internet systems we take for granted today would have in 1990. Eventually this revolution is likely to affect everything money can touch just as the internet did for information. These tools will democratize access to opportunities previously withheld from you and control over these systems will flow to a new generation of tech enthusiasts like Bill Gates and Steve Jobs. Billionaires are already being born of this.

Keep reading and I will introduce you to the new digital scarcity and human coordination tools powering this revolution. I will carve out a landscape of opportunity for you to explore further and help keep you safe while doing so.

Money shapes the world. We are programming our values into our money. By doing so we are reshaping the world.

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A post-mortem has been published about the mev-boost-relay incident a few days ago. The attack has been covered here before. But the post-mortem has more details, particularly about the different forms the attack can take, and the mitigations applied.

In general relays are now addressing a whole category of attacks that had been previously overlooked, in which the proposer is able to get access to the transactions in a block to be proposed before they’re supposed to. Generally this results in the proposer getting slashed but the MEV can more than make up for it. Attacks include:

• The original form of the attack, in which the proposer signs and submits an invalid block, which the relay accepts, returning the tx contents and giving the proposer a chance to modify bundles as they see fit. Patched (but with some potential side-effects).
• A follow-up to the first form. After the patch, the relay won’t return the tx’s directly, but a savvy attacker could try to peer a beacon client as close as possible to the relay’s nodes, and watch for the block as it begins to propagate around the network. If they can very quickly grab it, modify bundles, create a new block, and use a fast block distribution network to propagate it faster than the original, they might be able to pull off a similar attack. Not entirely solved, still an open question about how to make sure relays will always win the race.
• A form of multi-block attack; /u/t0bii just about figured this one out. If a validator has two slots in a row, then in slot 1 they deliberately call getPayload late, knowing that they’re going to miss the slot. But the relay still reveals the tx’s, and since slot 1 is going to be missed, the proposer can modify the bundles and instead include them in slot 2, stealing all the value. Patched, but it’s not a perfect fix and may have some serious side effects.

I assume that now that the post-mortem is out, the people more involved in the fixes (Flashbots, ultra sound, EF) are fairly confident that the main attack vectors are decently well patched up. So hopefully things will start to settle down a bit: it’s been a busy couple of days at Aestus.

Finally, I want to emphasize a few parts of the post-mortem:

It is critical that Ethereum has an MEV marketplace that is democratic and efficient. Vulnerabilities like those detailed in this post undermine the integrity of the MEV marketplace and the experience of its users. We call on the security, research, and open source communities to join us in hardening mev-boost and future enshrined PBS designs.

and

First, we’d like to note mev-boost and the mev-boost-relay both have bug bounty programs. A potentially expanded bug bounty program is being coordinated.

Second, we encourage searchers to think carefully about how much MEV their strategies expose, willingly or inadvertently, given the extremely adversarial nature of the MEV market and to take actions to mitigate potential attacks. In light of recent events, we ask searchers to reevaluate all risks in the marketplace: code risks, networking risks, reorg risks, smart contract risks, etc. and manage their risks appropriately.

Third, we call on the research and security community to carefully study vulnerabilities like these in the context of enshrined PBS, where variants may be applicable.

Finally, this is a call for your contributions, as a community, to ensure a healthy and robust PBS market today and into the future

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Please volunteer if you are a validator or a beacon node operator

There have been some legitimate stakers whose keys have been compromised. CLWP has helped verify their legitimacy and came up with a solution to set withdrawal address and front run the hackers. We need your help. Hackers might be trying to set their own withdrawal address for the stolen validators and you can help prevent theft during the upcoming Shapella launch. By volunteering with CLWP, you can help in a coordinated broadcasting of withdrawal address changes, and ensure that the impacted stakers funds are not stolen. For details on becoming a CLWP volunteer, please watch this video -

https://youtu.be/k2Gc-jGxPbw

It’s really not that complicated. It just takes a few minutes of your time and is needed right now, before the Shapella launch to help the impacted stakers! You can also get one on one assistance on their Discord if needed - https://discord.gg/pwuPA6K4zg

https://youtu.be/fBED-6WrEiw

Edit - this works for Prysm, Lighthouse and Lodestar. Teku and Nimbus does not support this

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u/Mister_Eth

muerehtE

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VPN to jail,

Regulation set to fail,

Blockchain jobs to sail.

View on Reddit →

On this day…

In 2022:

• In “Five ducking digits”, Arthur Hayes gets rid of all his previous scepticism on Ethereum, and explains his believe Ether is an infinite duration bond.
• The EU Parliament votes on privacy-busting crypto rules, forcing KYC regulations on all transactions and self-custodial wallets.
• After high-profile hacks via Poly Network, Wormhole and Ronin bridges, pseudotheos concludes cross-chain technology is a dead-end, with the future being mostly secured on Ethereum with rollups, or multi-chain.
• Yield market protocol Element Finance launches the Element DAO, with a privacy-preserving zk-proof based token distribution to Ethereum Core Devs and DeFi ecosystem projects.
• In “Get Smart on Smart Contract Platforms”, Grayscale compares Ethereum to New York City: “it is vast, expensive, and congested in certain areas, but also features the richest application ecosystem with over 500 apps that command a total value of over $100 Billion”.
• Zachary Holden explains the BoredBunnyNFT slow rug pull and breaks down where the 6339 ETH went.
• Commercial MakerDAO-powered lender 6s Capital closes a $7.8M real estate financing deal for Tesla.
• ETH explores the curvature between $3386 and $3282, at ₿0.07207.

In 2021:

• Aave starts exploring new scalability frontiers by integrating Ethereum’s sidechain Polygon.
• OpenSea plans to integrate Layer 2 protocol Immutable X.
• 1 in 4 Ethereum miners is onboarded to MEV-reaping flashbots.
• Yearn Finance presents Coordinape, a decentralized payroll management system for DAOs.
• Flashbots explores MEV on Eth2: “MEV will significantly boost validator rewards but may reinforce inequalities among participants”.
• ETH industrialises $1849 into $1918, ₿0.03135 into ₿0.03256.

In 2020:

• Aditya Asgaonkar explains Casper FFG.
• ETH2 multi-client testnet Schlesi goes live, with Prysm and Lighthouse as first active clients.
• The Ethereum Foundation kicks off the Eth2.0 Spec bug bounty.
• Blockchain game MLB Champions removes Ethereum as its base layer, in favour of MongoDB.
• ETH’s lenses are multi-focal at $134 and ₿0.02075.

In 2019:

• DaiPrice.info displays stats to find best prices for Dai.
• Lane Rettig asserts that if decisions cannot be rendered on things like ProgPoW and funds recovery then there is zero chance of having nice things like Eth1x and Eth2.
• ETH investigates $142 and ₿0.03453.

In 2018:

• r/ethtrader switches to ZWD as the official currency, ETH still counts $396, or ₿0.05718.

In 2017:

• OKCoin is rumoured to list ETH “at the appropriate time”.
• Ethereum gets quantum computing support with new EVM opcode ‘TERMINATE’ that facilitates new compute operations not previously possible.
• Golem now runs on Mac OS.
• 1 ETH is worth half a Benjamin at $50, from ₿0.04978 to ₿0.04667.

compiled with love

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Coinbase new lobbying org using snapshot for individuals to sign on to an open letter to congress: https://snapshot.org/#/crypto435.eth/proposal/0xf9628ebee2878f5667aa018537eda2266c085d58772bd6ee562899189657c07e

Edit: more info here

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Hey all. I’m giving a presentation on blockchain, Wordpress, and community tomorrow at WordCamp Phoenix. Live stream link on the homepage: https://phoenix.wordcamp.org/2023/

EVMs, r/ethfinance, hodlercon, caches.xyz will all be talked about! Wish me luck!

Edit: link to my topic https://phoenix.wordcamp.org/2023/session/blockchains-and-wordpress-leveraging-decentralization-for-a-more-user-first-community-driven-and-open-web/

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I imagine a lot of people here are interested in keeping up with staking on Ethereum but don’t have a ton of time to invest.. I think we have a good system that will help you stay informed about staking in about one minute a day: We’re creating one minute clips from our content and posting them as YouTube shorts and on our Twitter. I’d suggest turning on notifications for the EthStaker Twitter and checking them out when it’s convenient for you to click.

Right now the clips are covering the goerli Shapella fork, tomorrow they’ll include the Lodestar call that’s happening today, and around April 1 they’ll begin preparing everyone for the mainnet Shapella upgrade maybe with a highlight of previous major upgrade calls.

I sincerely believe these short-form clips will take EthStaker’s education reach to the next level and I hope you find value in them.

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Here’s another one: Barney Frank Was Right About Signature Bank. Written by the editorial board of the Wall Street Journal

Free-market capitalism can’t work if you are afraid of the government seizing your business in the middle of the night because a secret cabal of politicians didn’t like your law abiding business. And it looks like Wall Street is slowly waking up to this unprecedented authoritarian shift by the Biden administration.

Today it was a bank serving crypto. Tomorrow it is a bank which has labour unions as it’s customer base, or a bank which provides services to medical companies that include abortion services, or a company which was not ESG friendly enough, or a company which spoke too loudly and too brashly about the President. Seize em in the middle of the night and fire the leadership board and auction off the assets. Hopefully civic society makes enough noise about this and it’s not too late to close the Pandora’s box that Biden’s staff opened.

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Ive posted a bit about exploiting Large Language Models (such as GPT) before, but Im back with more. Even if you have no interest in this, I believe its important to have an understanding of how the data you input in these kinds of systems can later be used against you.

Definitely start by reading https://blog.forcesunseen.com/jailbreaking-llm-chatgpt-sandboxes-using-linguistic-hacks. Then proceed to https://doublespeak.chat/ to apply these concepts.

As of my last post, there were 9 challenges. Forces Unseen more recently released this reflective post https://blog.forcesunseen.com/llm-sandboxing-early-lessons-learned along with 8 new challenges available at https://doublespeak.chat.

For a demonstration of how language-based exploitation may be combined with traditional computer exploitation, https://blog.luitjes.it/posts/injectgpt-most-polite-exploit-ever/ is ridiculously hilarious.

https://protectai.com/blog/hacking-ai-system-takeover-exploit-in-mlflow reveals a local file inclusion(LFI) which can lead to complete takeover of systems running MLFlow. This has been patched.

Trail of Bits has long been a leader in infosec research and auditing. https://blog.trailofbits.com/2023/03/14/ai-security-safety-audit-assurance-heidy-khlaaf-odd/ ‘We Need a New Way to Measure AI Security’ is an interesting read.

https://blog.trailofbits.com/2023/03/22/codex-and-gpt4-cant-beat-humans-on-smart-contract-audits/ ‘Codex (and GPT-4) can’t beat humans on smart contract audits’ offers a much deeper dive into this subject.

And in case this has post not been related enough to Ethereum, by chance I just found this article https://blog.trailofbits.com/2023/02/27/reusable-properties-ethereum-contracts-echidna/ ‘Reusable Properties for Ethereum Contracts’.

EDIT: Just noticed that doublespeak.chat limits the # of queries you can make before having to purchase more. If anyone defeats the Count of Monte Cristo, Id love a second hint haha

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Well, I took a good hard look at everything I had put money into in this space over the past 3 years. When I boiled it all down almost all of it seems to fall into the category of a project run by naive people, run by scammers, or artsy crap that I enjoy but should never have spent so much money on.

Some of defi protocols I tinkered with make me feel so stupid now.

Here’s one. Tokemak. To this day I still don’t quite understand it all. I popped into their Discord and the team is spending over a half million dollars a month on basically nothing. $35k+ in one month on “Marketing and Community”. At what point do you just outright call projects like this total grifts?

It’s not that it’s the only one either. It’s a landscape of just gross misbehaviour, scams, and projects run by people who have NO IDEA what they are doing.

I am SO glad that I only played around in the Defi and NFT ecosystem with total fun money, and left my real stack staked away. I clearly had no business sticking my nose in any of that stuff.

There are a couple decent projects out there, but I feel pretty discouraged about the entire space today. Maybe having my eth unlocked soon is a good thing :(

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Future mainstream adoption alert:

Likely for the first time ever, an (unofficial) POAP was created for a WordCamp this last weekend at WordCamp Phoenix 2023.

If unfamiliar, WordCamps are WordPress’ event series that any group of volunteers can create anywhere in the world and get support from the non-profit WordPress Foundation. WordPress powers over 40% of all websites on the internet. 👀

I was the only blockchain-focused speaker (talk description) and it was very well received, including by individuals higher up the food-chain and from Wordpress.com itself. The experience has helped clarify for me what lacks and can be done in this particular space, and how I can help. Much more to come from me on this soon.

P.S. the POAP wasn’t finalized until the day after my talk, so don’t be misled by my finalizing comments about it.

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Wow. An r/Technology post where someone not jumping on the crypto hate bandwagon got upvoted into the thousands of upvotes! The post was about Nvidia claiming crypto has no use case. They of course say this now that Ethereum has moved to proof of stake and that’s exactly what the user said. Naturally, beneath this someone questioned what that meant. Then the top response there was a spot on comment. As soon as I read it I thought to myself “that’s gotta be an ethfinancier.” And what do you know, I look up to see u/Atyzze a name I recognised.

Every last one of you who are still spreading the good word in other subs get every last drop of my appreciation. It’s tough work out there…

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We’ve had a little bit of discussion here regarding the RESTRICT Act, which is the legislation drafted with the pretty explicit intent of banning TikTok if necessary. Coincenter just put up a great post about how it’s broad language is problematic. The rub:

we are very concerned that an overbroad interpretation of those powers could be exploited in order to ban Americans from using entire classes of technologies, even when no foreign adversary has an actual proprietary interest in the technology as a whole

A big problem they highlight is that while there’s already similar legislation that allows the government to block foreign transactions that are against the national interest (RESTRICT grants the powers to the Secretary of Commerce much like the IEEPA grants powers to OFAC), this law as far fewer oversite and review protections, which is particularly problematic for legislation that provides such broad authority:

A broad and discretionary power to ban and disrupt all manner of information technologies should not be wielded without appropriate oversight and opportunity for review. The RESTRICT Act not only fails to ensure these rule of law protections, in many cases it attempts to subvert them.

This problem perhaps clearest when one observes that the IEEPA had amendments (the Berman Amendments) added that act as statutory protections for free speech, but RESTRICT has no such protections/limitations:

Courts have found that the Berman Amendments, in effect, save the statute from potential unconstitutional applications. When plaintiffs challenge a sanctions designation that impacts speech, they can argue that OFAC exceeded its statutory power by contravening the Berman Amendments, rather than making the somewhat more difficult but also more consequential argument that IEEPA, the statute itself, contravenes the Constitution.

In contrast, the RESTRICT Act has no such statutory limitation. Indeed it is deliberately targeted at restraining transactions related to information and information technologies.

A lot of other good stuff in there about how it could impact Crypto directly as well (e.g. that the Secretary could “argue that the entire class of all Bitcoin transactions, for example, is a class of transactions in which U.S. foreign adversaries have an interest” and should be banned), but all that is to say: call your representatives and tell them they should not support this bill.

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The Blockswap folks have released their Proof of Neutrality relay on Goerli and provided some documentation. I’ve been following their project for a while, the ideas are interesting. If it works, it’s actually quite a large step forward in terms of PBS design. They claim relays cannot see the contents of blocks, there’s a MEV smoothing pool built in, and (like the optimistic submissions being deployed by the ultra sound relay and elsewhere) relays don’t have to perform validation before sending a block on. Builders instead post collateral to be used in case they try anything funny.

But while the ultra sound relay’s system has the relay operator holding the collateral themselves, the PoN system is integrated into smart contracts with third party reporters acting as oracles to detect violations and penalize offending actors accordingly. All in all it’s potentially (remains to be seen) an improvement over the current system

I don’t find their documentation to be very complete (or even accurate?), and their recently-published GitHub repos contains a fork of mev-boost-relay without attribution to Flashbots or a proper commit history. And the actual meat of the system, centered around Restrictive Partially Blind Signatures, is closed source and undocumented so far. It’s also concerning that their proposer guide has you input your keystore.json and enter your password (?!). They’ve confirmed to me that it’s only used locally (not uploaded) to prove that you control the validators you’re registering, but this is not the way to do it.

It’s something to keep an eye on if you’re following the cutting edge of MEV and block production stuff, or if you have goerli validators and want something to test. Otherwise maybe hold out for more info.

Side note: MEV-Boost Community Call 2 tomorrow at 16:00 UTC. Going to be plenty of boring technical stuff about shapella readiness and optimistic relay rollouts.

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u/Mister_Eth:

crickets

u/Vinegar_Strokes__

$1814

u/nixorokish

0.064

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I urge anyone who hasn’t done so to read through the chapter on digital assets in the Economic Report of the President. It’s gives a full picture of the deviousness and flippancy of the Biden administration towards crypto. Take this gem on pg 238 for example

crypto assets to date do not appear to offer any investments with any fundamental value, nor do they act as an effective alternative to fiat money, improve financial inclusion or make payments more efficient; instead their innovation has been mostly about creating artificial scarcity in order to support crypto assets’ prices - and many of them have no fundamental value

Complete horseshit. They do act as a non-inflationary alternative to debasement of fiat money, today. They do act as a self-custodial alternative to money which relies on trusting banks which are literally teetering, today.

They do improve financial inclusion. A kid in rural India or Mexico or Romania can take part in the Ethereum defi ecosystem with just an internet connection, today. Trading securities and treasuries and holding American dollars is a privilege to a tiny fraction of the world, and it’s sad to see the Biden ainistration not see this.

They do make payments more efficient. This is increasingly clear for internet native payments. Buying and selling digital native art and culture, paying members of a DAO, transferring funds to colleagues in the same team but all over the world, making small payments in countries like Nigeria and Lebanon with collapsing local currencies - various crypto solutions do make payments efficient in these instances, today.

And last and most importantly of all, is that even if crypto had no usecase (which isn’t true as I pointed out above), even if, that value judgement is still not the business of the federal government. Here’s a great take by Chervinsky

Too many policymakers are playing venture capitalist, guessing which technologies will be valuable and which won’t.Tech neutrality is a core principle of good policy for a reason. Picking winners and losers is hard enough for the professionals. Government should stay out of it.

If you’re tired of this government lying, gaslighting and overreach, a good place to start is to sign up for the crypto advocacy program by Coinbase: https://actnow.io/z31xN5P

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Do Kwon arrested,

Arbitrum still congested,

Rewards devested.

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On this day…

In 2022:

• GameStop launches its NFT Marketplace in beta, in partnership with zk-Rollup based Ethereum Layer 2 Loopring.
• ETH injects zeroes in numbers like $3030, or ₿0.0707.

In 2021:

• Uniswap presents v3, up to 4000x more capital efficient and featuring Concentrated Liquidity positions, allowing liquidity providers to set price ranges.
• Ethworks introduces framework for rapid DApp development useDApp.
• Coinbase Pro announces support for ANKR, CRV and STORJ.
• ETH counts the beans at $1679, or ₿0.03067.

In 2020:

• Uniswap v2 is launched on all testnets, with pure ERC20 pairs, price oracles and flash swaps.
• ZenGo sounds the alarm on “baDAPProve”, or how attackers can abuse approved, but highly excessive privileges to steal users tokens.
• ETH rediscovers its wings from $124 to $135, at ₿0.021.

In 2019:

• As if ETH needs stablecoins at $138, or ₿0.03429.

In 2018:

• Basic Attention Token is the first ERC-20 token to become an Apple verified virtual currency.
• Ethereum Improvement Proposal site eips.ethereum.org goes live; automatically generated from all merged EIPs.
• ETH flails at $538, or ₿0.06156.

In 2017:

• Storj plans to migrate its decentralized storage from Bitcoin-based Counterparty to Ethereum.
• Brave announces it will launch an ICO for Ethereum-based ad token BAT.
• Coinbase receives the approval to trade Ether and Litecoin in New York.
• ETH cajoles traders for $42.7 to $43.8, or ₿0.04066 to ₿0.04221.

In 2016:

• Engineers at BitGo create Ethereum multis-sig wallet Ether.li.
• Japanese Bitcoin exchange Coincheck starts trading Ether.
• No malice found in ETH going from $11.3 to $12.4, or ₿0.02709 to ₿0.02964.

compiled with love

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BREAKING NEWS!

EIP-4804 is now an ERC! So like under ERC-4804, internet users have the option to type “web3://” vs “http://” in their browsers to bring up DApps such as Uniswap or onchain NFTs directly! OMMFG Bros! We can now directly run a query to the EVM!

web3://jbmaclemore.eth/

News:

https://www.tradingview.com/news/cointelegraph:d34c7580d094b:0-forget-http-ethereum-has-a-new-url-standard-that-can-t-be-blocked/

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dang. First time I’ve ever fallen for something stupid. I went to check out Arbitrum eligibility and clicked the first link under the announcement. The link did look like a scam to me but I had just read a friend comment that the legit airdrop announcement / video “looks like a scam”, so my brain had its defenses down. Only connected and I think it just took whatever already had approvals? Which was all my DAI. feelsbadman.jpg - 5400 DAI is no small sum. It unfortunately looks like they got a few people before the tweet was hidden.

My brain finally went ‘nope’ when it asked to approve RPL, but everything before that was just a signature to connect (I think?), not a transaction or approval.

Things I could have done better (that I usually would do!):

• Matched the twitter handle from the tweet to the actual account
  
• Found the link elsewhere (verified it) before connecting my wallet, especially in their discord
  
• Generally slow down and read when signing things from my wallet.

Expensive lesson learned! I’m going to lay down and watch a movie or something, I’m super bummed that I’m a dummy.

Another thing learned in this (thanks to /u/Ribilla_ ) - DAI is a special kind of ERC20 that allows transfers that require only a signature (permit, which is a signature-based approval function) - it doesn’t look like your typical approval or transaction. So even signatures when connecting to sites should be treated as potentially dangerous and giving away your assets.

See here: https://reddit.com/r/ethfinance/comments/11slqjw/daily_general_discussion_march_16_2023/jch9a3s/

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u/bagogel12:

I can give a short update regarding the Euler exploiter situation. It’s still a developing story … if you missed episode 1 and 2, you find them here: link / link

S02E03 - The merciful hacker (cont.)

After the exploiter sent 100 ETH to one affected user, DLNews identified this lucky person. DLnews is actually quite good - I didn’t know Defillama has it’s own newspaper! After Swap.defillama.com/ it’s another killer product of the Llama universe …

The interesting part of this episode is: The 100 ETH are actually worth more than what the user lost 78 wstETH (or 86 ETH). Essentially, the user would have profited from the “deal”. Being now officially doxxed he sent back 12 ETH to the official Euler depositor address. Is this correct? Who knows, we’ll see if Euler will push for the full amount to be returned. It’s a subplot which runs through the entire season. …

For more information on this incident, I refer directly to DLnews:

https://www.dlnews.com/articles/regulation/euler-finance-hacker-eth-wallets-solidity-developer-exploit/

S02E02 - The maniac hacker

Every morning the hacker gets up, he’s doing something with his freshly earnt money. If you own $200M you can have some fun with it, right?

So, Today morning, he decided to give 100 ETH to the allegedly North Korean and OFAC sanctioned Ronin Exploiter Address, probably Lazarus controlled. Here is the tx: https://etherscan.io/tx/0x202a67d3a1d52e4dd5e1eebe49da511164b6e4a1ebe717dcf4674dd83a2bd457

Is he trying to fool us? Some kind of weird joke of 21 year old hacker? Or is it some kind of attribution to them? What will come next? Sending some to SBF or Alamada?

Or is he just bored and want his warrant level raised like in GTA?

Before he sent the 100 ETH to KimJongUn, he moved 1k ETH between his wallets but it’s sitting there idle. At the moment, in total only 1.5k ETH has been sent to Tornando, the rest still in ETH (85k) or DAI (35 M).

S02E03 - Tornado Cash Activity

I did some tracking of the wallets which have used Tornado Cash recently. The activity has fallen quite a bit after it was hit with OFAC sanction rule. So it’s kind of easy to track the activity even visually and manually. Here is the result:

https://imgur.com/a/IbbO5db

I’m a bit surprised that 125ETH (and a batch of 100 ETH) went pretty straight from Tornado into Binance. The other larger chunks were moved into railgun and multiBTC, only some smaller amounts ran over “privacy oriented” exchanges.

It seems that the merciful-maniac hacker has not cashed their ETH out yet.

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u/Unitedterror:

Okay Okay – Heres the official Post-Mortem thread for the Euler hack: https://twitter.com/TraversaJulian/status/1636782111616122881

I reposted an earlier draft of it yesterday but I think the conversation here should really be around how safe people felt Euler was.

It was generally considered “as safe” as Compound, Aave, Maker, etc., and having a loss of ~$200m kind of breaks many previous assumptions about safety…

So my only conclusion is that we need to move towards more resilient mechanisms, mechanisms that cost significantly more to execute but are necessary to move forward effectively.

• Rate limiting
• Explicit / Limited Upgradability
• Built in diversification
• Circuitbreakers
• Isolated custodial modules

It really goes on, but these can only be effectively done if we all move towards L2’s.

With the arb airdrop, now is the time to push for L2 adoption and the security that we really need to move DeFi forward.

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At the encouragement of u/TheCryptosAndBloods yesterday, I drafted a letter to my US representative, who happens to be among the 100+ member Congressional Progressive Caucus. I took the perspective that crypto is well aligned with progressive principles so they should engage. Including here for crowdsourcing feedback to improve it and/or for others to cut and paste from it especially if you too have a CPC representative:

=======================

Dear Representative xxx:

[removed doxxable intro]

I am writing to you today to encourage you and CPC to engage actively in policymaking around digital assets (aka, crypto).

As one of the 20% of Americans who own digital assets, I have used much of my recent time to teach myself about digital assets and the broader domain of blockchain technology. This is a highly technical field, requiring me to learn about such areas as cryptography, finance, decentralized networks, computing, and others. This knowledge has yielded practical benefits in that I have learned how to join thousands of others to stake ether on the Ethereum blockchain which now provides me with a steady income.

This knowledge has also allowed me to cut through the hype, misinformation, and disinformation surrounding cryptocurrency in the popular discourse to conclude that in fact, the crypto ecosystem of digital assets, smart contracts, and public blockchains such as Bitcoin and Ethereum has value and will disrupt economic and business systems around the world. For instance:

• Decentralized financial protocols allow everyday people to instantly make payments around the world and make loans and other financial transactions without commercial middlemen

• Immutable and transparent records on the public blockchain can protect intellectual property and assure fair and transparent management of royalties

• Public blockchains can serve as a permanent store of critical personal events including birth, death, graduation, etc.

• Assignment of unique non-fungible tokens can help manage ownership and transfer of collectibles, valuables, artwork, etc.

• Blockchain has potential business uses such as on-line gaming, supply chain management or carbon credit system.

• The crypto ecosystem can transform the internet business model from allowing dominant internet platforms (eg, Facebook, Google, Apple) to own and profit from personal information to a “web3” model where the user controls their own data on the blockchain.

I have also been struck by the fact that there is significant alignment between the principles underlying cryptocurrency and the progressive agenda. The essence of the crypto ecosystem is that data and open-source computer code distributed and synchronized around the world can replace reliance on institutional middlemen (eg, banks, internet platforms) with a decentralized transparent system available to all whose trust comes from the decentralized crypto ecosystem in which users can directly take custody of their own assets and personal data. These features can directly support the progressive agenda and its commitment to sweeping, transformative change:

• Income inequality can be reduced by helping underserved populations—who under legacy systems often cannot get a loan, buy a house, or start a business—to build wealth and carry out financial transactions without needed to rely on gatekeeping banks that may have institutional biases that disadvantage them.

• Facilitating crypto use can help advance racial justice and equity. A 2019 FDIC survey found that 14% of African American households and 12% of Hispanic American households were unbanked compared to only 2.5% of white households. A recent Harris Poll found that 30% of Black Americans and 27% of Hispanic Americans owned crypto compared to 17% of white Americans.

• Replacing banks with self-custody and a fully transparent accounting on a public blockchain will reimagine the role of institutions that exacerbate injustice and inequality.

Congress must and will create a policy framework for digital assets in the US; it will be important to help shape this policy to promote progressive principles. Now is the time to act. Congress will likely see a number of bills introduced this session on such issues as rights to self-custody, defining digital asset taxonomy, and clarifying regulatory oversight. Discussion on such legislation has already begun in the new Digital Assets, Financial Technology, and Inclusion Subcommittee of the House Financial Services Committee which has recently expanded its scope to include cryptocurrency. This Subcommittee includes two CPC members—representatives Torres of NY and Sherman of CA. The CPC can utilize its subcommittee membership and other opportunities to actively engage in shaping this legislation to reflect progressive priorities.

Moreover, engaging on this issue provides a great opportunity for bipartisanship. The need for regulation has bipartisan agreement. A number of Republican members have been actively supportive of addressing policy in this area (eg, representative Emmer of MN, Davidson of OH, and others). It would be remarkable, yet natural, to join forces with the other party on this issue to demonstrate its importance to the American people.

In addition to legislation, progressive congressional oversight is needed. I have been dismayed at the administration’s actions that, in the context of overall banking system failures and under the guise of consumer protection, are inhibiting the development of a regulatory environment that would allow the digital asset sector to prosper. There are those who believe that the administration is responding to entrenched interests that are threatened by the transformative change that crypto may catalyze, taking advantage of the current banking crises to squash crypto, such as by discouraging banks from holding crypto or servicing crypto clients.

I hope you and the CPC will take on this important issue to both support the progressive agenda as well as keep America’s leadership in this new sector. Blockchain and crypto are borderless by nature. If the US cannot provide a fertile environment for innovation, the developers will go elsewhere and will not be serving the country or its people.

Thank you very much.

================

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Revised/finished post from the other day.

DID (Decentralized ID) systems are a hot topic right now. They are needed for everything from free to play games, social media networks, and airdrops to governance systems like OPs Citizens House. There is (rightly so) a lot of buzz and various takes on how to approach this topic. I think this is one of the existential risks of Defi and I’ve written about that before (that sure aged well). I’m personally in favor of the Gitcoin Passport framework that enables each user to define their own calculation for Sybil Resistance by identifying their stamps and then having an attestation system like I proposed awhile ago compress long form off-chain calculations into simple on-chain maps. The focus of these systems ends at being a proof of humanity per address. They are specifically attempting to solve Sybil-resistance.

However, I think there is the potential to layer reputation systems like credit scores on top of Sybil-resistance and I think the potential of this is largely unexplored. For the sake of this discussion I’ll limit reputation to being a purely quantitative, monetary history of honesty rather than history of competence, impact, or ideology. In that context reputation is synonymous with trust. If we want to keep this purely quantitative, what can we objectively measure about something (e.g. code, people, institutions, etc) that makes people trust it? Here are what I think are the three primary pillars of trust:

• Social Attestation. When someone signs off on a code review, they are making an attestation. Systems like BrightId and Proof of Humanity are entirely social attestations. These systems are inherently subjective and usually gameable so are unreliable on their own but much of the world is entirely built upon attestation layers (your government ID for example).

• Time. The longer something has been there the more time attackers have had to inspect it, identify a vulnerability, and attack it. The longer a person has been around the more opportunities have arisen that might lure them to dishonesty. In a permissionless system, time proves doubts to be illusory in the same way that a $20 bill on a busy street is probably fake or glued to the floor the longer it sits there.

• Opportunity Cost of Honesty. Watch carefully how trust is used once granted. Any position of trust is exploitable to some degree. Otherwise what are you trusting? Honesty is the degree to which an actor is suboptimal at exploiting that trust. Yes, I’m aware how unintuitive that definition of honesty sounds but that’s as close as I’ve come to a formal definition. Your unexploited trust value (UTV) is your maximum exploitable trust - exploited trust.

These pillars stand together to form the base on which a credit system could be built. They are a subset of what Vitalik identified in his post on legitimacy.

The first two are straightforward to measure. The latter is a bit more like measuring carbon deltas for Carbon Credits, Sybil values, or MEV because the maximum exploitable trust term is so subjective. With PoS Sybil-resistance is derived from the money you have. Conversely, your UTV is derived from the money you don’t (in a sense). It’s the money you don’t have because you chose to be honest. This is akin to the forgery-resistance score from Gitcoin passport being floored at the amount you have spent/lost.

The fact that this is subjective (and potentially monetizable) will probably lead to competing standards for how to calculate it much like credit agencies today. Your address will have the equivalent of an Experian score from multiple aggregators which combines the three pillars above into a single number that anyone can query. Each Defi protocol could choose to use a different score, a combination of scores, or create their own score. Could this lead to abuse by an agency? Yes, but less than the current system which isn’t permissionless.

But how do you bootstrap trust if no one will give you a position of trust you can honor/exploit? You can’t bootstrap a system like this based on unsecured loans without first getting robbed by a few ten-thousand Sybilooors. The capital efficient answer today is to get involved in communities until someone is willing to grant you trust based on social attestation and time alone. That lacks a certain scalability element though. I think we can do better, even while remaining permissionless. You have to rely on some form of suboptimality otherwise the system will be gamed for profit. So what forms of permissionless economic suboptimality are already on-chain? The few that come to mind for me are donations to public goods, unrealized losses on airdrops, suboptimal votes in the face of bribes, and delegated credit.

None of these are perfect. The first criteria requires money to bootstrap. The second and third may have ulterior selfish motives the system can’t see. The fourth is basically an extension of social attestation and just begs the question. So how do you bootstrap trust on someone with nothing to give and nothing to lose? I have no good answer but the above is the beginning of a formulation.

Why does it matter? Because this value can be integrated into tokenomic systems. I mentioned unsecured lending above, which is probably the first thing that comes to mind when you hear credit system, but I think that’s actually one of the worst use cases for this. To explain why, we first have to break Defi collateral into two categories. The first category is money used as collateral for good behavior but which doesn’t have a credibly neutral recipient. ETH staking is the largest example of this category but there are many others. The only criteria here is that the system has an objective, enforceable slashing condition. In this category the money just needs to be forfeit by the staker but it doesn’t need to go anywhere. The second category is money used to reimburse someone. This includes all your money markets, collateralized stablecoins, insurance protocols, etc. It is more viable to use UTV as collateral for the former category. I wouldn’t recommend this for the Ethereum base chain because the data to calculate this is on the base chain and this is a subjective score, not credibly neutral.

So where does this get us? Take a PoS system (not DPoS, that’s dumb). The purpose of this system is to reach consensus on something. There are two necessary economic components to a PoS system. First, you have to be able to reward honest actors to incentivize participation. Second, each actor needs something at stake they can lose by being dishonest so you have entropy of bad actors over time. I’ve never seen a system designed so the failure of the dishonest actors is the main reward driver of the honest ones so I assume any such system has a revenue stream attached to it. Now, could we use reputation credit/UTV for such a system in lieu of capital? It certainly satisfies the something at stake requirement. You just have to be able to prevent collusion in the system and prevent bad actors from joining at a faster rate than the dishonesty entropy.

To prevent collusion I’ll rely what I call Bitcoin’s/Satoshi’s great insight. The failure rate of attacking a network scales super-linearly with the number of anonymous actors in that network. This is because the chance of leaking a secret scales exponentially with the network and there is a common Schelling point to unify against dishonest actors once a secret is exposed. This is the primary value of decentralization. Past a certain threshold it is safe and profitable to be honest and risky and expensive to be dishonest. So the key to preventing collusion is to increase decentralization and protect anonymity of actors. Defi satisfies this.

To solve dishonesty entropy we’re just using a different collateral (which is still a scarce resource). Today we use capital for Sybil-resistance. This does not provably satisfy the entropy condition and so plutocratic attacks on PoS systems today are possible. Given the source of this alternative collateral (historical honesty) UTV may prove out to be a superior selection criteria for identifying honest consensus participants.

This actually creates a beautiful sort of flywheel. By acting honestly you build a reputation score. You can stake your reputation in order to promise certain services. By fulfilling your promise you generate both an income stream and further reputation. This creates a compounding benefit to continue acting honestly. A world in which honest actors can build an income stream predicated on their reputation and potentially bootstrapped through community service is also a basis for UBI. It’s a step closer to the type of world in which I’d like to live. A few disclaimers though. First, nothing is ever fully proven to be trustworthy. Second, trust is not monotonically increasing. As systems or the world with which they integrate change trust in them fluctuates.

P.S. I’ve been asked to plug an on-topic game from the EVMaverick’s called Layer Zero. The basic premise of the game is to willingly enter into a contract with a group of people who can all openly rug the contract. Everyone has to put a share of collateral into the pot to join. Anyone in the game can take the pot. If no one takes the pot then everyone is generating UTV at the pot size * participants. Conceptually, a set of non-conspiring participants in a game like this can generate more in UTV than the money at stake. While UTV as defined above is scarce if it can be generated faster than capital it could out-compete capital for shares of revenue streams because of this.

Self-serving link

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The DefiLlama team is forking Defillama

According to Oxngmi: “The person who controls both defillama’s twitter and domain has decided to launch a token despite everybody in the team not wanting it. That is why we (the DefiLlama team who have built the site you all know and love for the past three years) have decided to fork Defillama and start fresh on llama.fi and @llamadotfi”

DO NOT TRUST ANY COMMUNICATION OR TOKEN FROM @Defillama or Defillama .com"

I have no idea if this is true, but the accounts seem to be the ones that control the extension. Personally I have not uninstalled it, but be careful until we find out what is actually happening..

View on Reddit →

I tried to not check prices. I lasted 3 months. I ended up checking because of the SVB news. Good to see ETH up 50% since I left. Makes me a little less worried about my CDP. The $ARB airdrop was a nice surprise too. Glad I didn’t miss it while I was gone. The only other thing I was really worried about while I was gone were my non-ETH holdings.

With withdrawals coming I finally gave up on my LINK and swapped them for RPL. More confidence in RPL than LINK. Should have done it long ago. I got too attached to my LINK and waited too long for the ratio to recover. (I’m a horrible trader). Lesson learned there. But I need an exit plan for RPL. It’s only 2% of my portfolio though.

I’ve used this drop in the ratio to unload most of my BTC. Now only 3% of my portfolio. 0% at 0.055 if my limit orders go through. A part of me wants to keep a little bit of BTC just for nostalgic reasons but I really don’t see the point of BTC. I skimmed some of the recent dailies and see others offloading their BTC. This probably means the ratio will continue to drop ☹️

So now I am 95% ETH and too heavy in ETHE in my retirement funds. Feels nice (other than the horrible ETHE price: what’s going on there?). It was kind of nice not checking the price for a few months, but I also missed reading the daily.

I’ll probably stick around to claim my $ARB and maybe until withdrawals are enabled. Anything fun to do on Arbitrum these days? Something that won’t make taxes a mess next year.

View on Reddit →

Airdrop Ideas?

I recently joked with some friends at work about how the ARB airdrop would be my only work bonus this year and, of course, they got super interested. Last Xmas I gave them all RPL and it has tripled in value, but since then they haven’t really done anything with defi or crypto. However, I think airdrop farming might just be the push that gets them swimming!

So, I’m compiling a list of some of my airdrop farming tasks that I plan on doing every week. For the uninitiated, I’ll provide step-by-step guides on some of the tasks every week if I can. I’ll post all that here in the caches.xyz forum: https://caches.xyz/forums/discussion/airdrop-hunts-checklist/

(Must sign in to see today’s update)

Here is the shortened version of it. Please let me know if you have any ideas I can add!

*Bonus and super useful if you can add whether or not it is likely to happen, costs involved, or potential gains

[ ] • Attend Swell Discord meeting today on 3/17.

[ ] • Prepare art for Swell memes and articles and post a tweet about it on their Discord Week of 3/19 (deadline Fri?)

[ ] • Create StarknetID (My guide created 3/19)

[ ] • Zksync 1.0 transactions (Use zig zag)

[ ] • Scroll testnet transactions.

[ ] • Matcha.xyz swaps.

[ ] • Continue interacting on Optimism and Arbitrum (Use HOP and VSTA)

[ ] • orbiter.finance (Bridge)

[ ] • starknet testnet (mint NFTs, create blocks NFT, dapps)

[ ] • checkout earni.fi

[ ] • GMX blueberry lottery

[ ] • Use argent wallet (swaps, dapps, and LP)

[ ] • Use Lens (make a post, friend, etc)

If you don’t mind, please engage on the caches.xyz forum if you need assistance as I’m certain that others will have the same or similar questions as you there.

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Meanwhile, more NFT shenanigans..

535 DeGods NFTs that had been previously burned in Ethereum, were “ressurrected” as ordinals in BTC, at 0.333 BTC per mint this past weekend.

They all sold out in a single block.

The project dominated ordinals secondary markets, with over $1M in volume, ahead of YugaLab’s twelvefold ordinals by >7x. It seems ordinals are here to stay, and more so if they are backed by already established brands such as DeGods.

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Yesterday some twitter user found out ~2400 compromised accounts all approving ARB. Someone analysed these (actually 2225) wallets and 1791 wallets are elligble for around 3 million ARB total.

https://github.com/ArbitrumFoundation/sybil-detection/issues/3

Many users became victim by following links under the announcement tweet. Suprised Arbitrum didn’t provide the link to their website with the annoucement or turn off replies. They are not new to how crypto scams and hacks work.

https://twitter.com/arbitrum/status/1636352104913666050

Frustrating to see that so much damage is done. Users have personal responsibility sure. But I think the damage wouldn’t be this big if Arbitrum guided users to the right place. Maybe I am a bit unreasonable here…

Stuff like this can’t be happening if crypto ever wants to become ‘mainstream’.

I have not been hacked personally and this just an observation.

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I will take Balaji seriously when he goes to explain his theory to people who have the intellectual background to ask him the hard questions.

His appearance on Bankless and the Pomp show yesterday were appalling. Those weren’t interviews, they were oral presentations. He could have said that Satoshi was going to come down from heaven to wash away our sins and give us eternal life, and the hosts would have nodded their heads and said “woah.”

Balaji is not the intellectual he claims to be. An intellectual does not choose hosts sold out to his cause to make his point - instead, he will go directly to confront those who disagree. This is the very basis of the scientific method. I also find his tone to be alarmist, dramatic, filled with hyperbole created to capture attention.

Who is he, anyway? He is an engineer who became a multi-millionaire in the early 2010s - he has no expertise in finance, history or politics, beyond what he has read elsewhere. Ironically, he made his fortune from the system he says he wants to escape today. His claim to fame is that he “predicted” the pandemic on January 30, 2020. Except that on January 30th, the WHO declared a “global health emergency”, Wuhan had already been cut off from the rest of the world, there were confirmed cases in dozens of countries… He was a bit early, sure, but it is not the feat he claims.

Finally, about his $1M prediction, he has already prepared his exit. In three months he will say, “Oh, the bet was just a wake-up call, you shouldn’t have taken it at face value, I’m not sure about the timeline, but hyperinflation will happen soon.” It won’t happen, and he’ll push the deadline again and again, until he disappear into irrelevance.

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https://twitter.com/brian_armstrong/status/1638654192138199041

Brian Armstrong: > 1/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.
> […]
> 4/ We are proud to stand up for our customers and the industry in these moments.

Honestly… best that Coinbase, who’s well-capitalized and equipped to handle this, to be the one to go to court with the SEC and set a precedent. A win for crypto against the SEC in court would be a big deal and there’s no one better poised to do that than CB.

u/Mister_Eth

crickets

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Now, this is a story all about how

Our lives got flipped-turned upside down

And I’d like to take a minute

Just sit right there

I’ll tell you how we became gentlemen of a sub called ethfinanciér:

In Ethereum Trader, born and raised

On the daily was where I spent most of my days

Chillin’ out, meming, tradin’, all cool

And all buying’ some shitcoins outside of the school

When a couple of mods who were up to no good

Started making trouble in our neighborhood

We told them donuts are whack and jtnichol got scared

He said, “You’re movin’ with cutsnek into ethfinancier”

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Neutral referee,

Yet he plays for his own team,

Markets should stay free.

View on Reddit →

On this day…

In 2022:

• All Bored Ape NFTs from NFT fractionalizing service NFTX are temporarily borrowed via a flash loan to claim 60000 APE worth over $1 Million.
• Valued at $1.65 Billion, Optimism completes a Series B fundraise of $150 Million, led by A16z and Paradigm.
• Polygon integrates the Simba Chain to scale and build new infrastructure for Web3, starting with the launch of a white-label NFT marketplace.
• Tokenized Vault Standard ERC-4626 becomes final, allowing for uniformity between yield-bearing tokens, to be used by many DeFi projects.
• ETH exists in the reality of $2815 and ₿0.06874.

In 2021:

• Meitu buys another $28 Million in ETH and $22 Million in BTC.
• Terraform Labs launches the decentralized UST stablecoin, undermining DDoS attackers in the process.
• Bitfly launches a MEV beta program to increase mining rewards via transaction sequencing/frontrunning, compensating for EIP-1559.
• Vlad Zamfir sues Casper Labs Inc. over improper use of the Casper name.
• AMD refuses to limit Ethereum mining: “we will not be blocking any workload”.
• Jonty Wareing finds that most NFTs reference URLs or IPFS hashes which are bound to break in the future.
• The Harris Poll claims ~7% of Americans used funds from Stimulus Checks to buy cryptocurrencies like Bitcoin and Ether.
• ETH returns a lost wallet containing $1823 and ₿0.03097.

In 2020:

• Prysmatic Lab’s Ivan Martinez explains what Eth2 improves on Eth1, apart from staking and sharding: minimum viable issuance, statelessness, account abstraction and execution environments.
• MKR holders accept USDC as a third collateral asset in the Maker Protocol, after ETH and BAT.
• Opera allows U.S. users to buy BTC and ETH directly from its in-built crypto wallet, via Apple Pay and debit cards.
• ETH eats the crypto crumbles between $111 and $114, at ₿0.02178.

In 2019:

• Maxwell Foley explains Eth2 verifiable delay functions.
• ETH’s profits are verified to be delayed at $140, or ₿0.03484.

In 2018:

• There goes my Ether, watch it as it goes from from $601 to $553, or ₿0.07265 to ₿0.06983.

In 2017:

• No drama for ETH today from $45.4 to $46.8, or ₿0.03865 to ₿0.04259.

In 2016:

• The DAO whitepaper is released.
• ETH welcomes early adopters betwen from $12.6 to $11, or ₿0.03005 to ₿0.02613.

compiled with love

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Lol holy crap bunch of dummies over there at NYAG office. At least Gensler’s team understand crypto…

From: https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=XDXIUrIw3tVafxqwEqVfKw==

Under proof-of-work, computers on the Ethereum network competed to answer amathematical puzzle in order to verify transactions on the blockchain and receive in-kind digital asset rewards. Under proof-of-stake, however, validators, pledge or “stake” their holdings in ETH and are randomly chosen to verify transactions on the blockchain and receive an in-kind digital asset reward. By shifting to proof-of-stake, ETH no longer relies upon competition between computers, but instead now relies on a pooling method that incentivizes users to own and stake ETH. The shift to proof-of-stake significantly impacted the core functionality and incentives for owning ETH, because ETH holders now can profit merely by participating in staking.

Lol, “merely by participating in staking” holy christ project much? Is this a highschoolers essay?

And why is it a security Ms AG?

the Ethereum Foundation claims on its website that users of Ethereum “see it as a digital store of value because the creation of new ETH slows down over time.”

Lol just like bitcoin, which even Gensler has clearly stated is the only crypto he views as definitely NOT security? Can’t even line up your arguments between agencies…

But wait there’s more?

Since transitioning to the proof-of-stake consensus, the value proposition has altered significantly because possession of ETH translates directly to profit potential by earning staking rewards

Hey everyone, did you realize that you’re earning staking rewards just by holding Eth in your hardware wallet!!!!!

I have no idea how any of this will play out, but I can definitely say that NYAG is a fucking clown show compared the SEC when it comes to this stuff.

View on Reddit →

u/MrVodnik:

Stolen from r WSB:

https://i.redd.it/gjolf3latzma1.jpg

97.3% of SVB deposits are not FDIC insured. This means, most of ~$200 bln, that used to belong to many, many tech companies and start-ups, just disappeared. Probably many jobs will fallow.

This truly is a crypto day happening in TradFi.

Hello 2008, my old friend…

View on Reddit →

u/KotMyNetchup:

According to their latest tweet, Circle stands to lose 8% of the USDC backing at most. It sounds like the most reasonable expectation is that FDIC will be able to recover a decent amount of funds from SVB. I’m expecting >50% to be returned. But looking at the pessimistic side, we have a 4-8% haircut on USDC. $0.92-$0.96. We’re seeing that price range now.

The next question is if prices close enough to that range can be sustained long enough for Circle to be able to inject liquidity into the market as needed. I don’t know what mechanisms Circle uses to do this, other than promises and market forces. If it comes down to promises and market forces that might not be enough.

Another question is at what point USDC price starts to have knock on effects beyond a simple bank run. A lot of defi is built around USDC. What systems will start to deteriorate if USDC starts to depeg more? At what point do systems start to fall apart?

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New drop from Justin Drake on ethresearch “based rollups” that use L1 sequencing. Looks like they would inherently force L1 alignment and sequencer decentralization rather than having to rely on the good faith of L2 teams.

View on Reddit →

The first town hall for the Summer of Protocols happens tomorrow, about 9 hours from this comment.

If you’re interested in participating, highly recommend attending! I haven’t finished reading the Unreasonable Sufficiency of Protocols (sort of a manifesto for the course) yet but it’s really good so far, very thought-provoking, and I’m thinking of recording a version to listen to.

edit. quick synopsis of the Summer of Protocols if you’re lazy: it’s basically a brain incubator where some very thoughtful people are going to get together and try to define what a “protocol” is, examine existing examples, and how to design one that is future-proof, capable of ossifying to some degree, incentivizes good outcomes, and look at how much stewardship that thing will need.

This is awesome and, in my mind, the kind of philosophical analysis that we need to make sure Ethereum (or any protocol) has a sufficient amount of thought put into it to try to steer away from some of the dystopian outcomes that something like the internet has brought about.

If algorithms on the internet can change people’s behaviors to rapidly foster a kind of hatred that causes people to do things they otherwise wouldn’t have, why wouldn’t we assume that that behavior-changing power also works in the other direction to incentivize willing participants to better coordinate with each other? This is why I’m here. Because the infancy of Ethereum is the most exciting and malleable part and I think something like this is capable of stewarding it to a place where it actually makes a difference.

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Literally how can people outside the “cryptosphere” look at crypto and not think “scam”?

A quote from u/geliboy695000 earlier today and I want to repost it here for exposure and discussion because it’s important.

When you look at social media, any time the topic comes up or problems in crypto are brought up, the threads are flooded with bots and scammers shilling whatever shitcoin they get paid to shill. If I were not already in the space and knew what goes on I’d 100% think cryptocurrency is just scams all the way down. And just to be explicitely clear: Ethereum itself has enabled this too with ERC-20s and the like. Just look at what’s literal number 4 in market cap among those tokens and then scroll down further for all the less popular bs coins like Dogelon & co.

We need to somehow find a way to exclude the grifters and scammers from the discussions while still being open and true to the crypto ideals, and also welcoming to newcomers and open to new ideas. It seems like mission impossible.

How can legitimate projects be promoted without at the same time giving exposure to the wrong people? How can the general public be educated, because it doesn’t seem knowledge of blockchain tech and its uses has increased that much in the mainstream over the past years. The majority of people still doesn’t even seem to understand even just Bitcoin, which has been around for 13 years now and is arguably the most basic and among the easiest blockchains to understand in principle.

This matters, because if most people do not understand how this tech can help society and how it works, they’ll think it’s useless and will support legislation that cracks down and hinders crypto adoption. They might cheer the criminalization of private non-KYCed wallets only to find a couple of years down the line to be forced to use CBDC and have banks not only control their money but monitor all their habits as well. It’s probably not what the majority wants but if we don’t help them understand they won’t know anything about it.

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Grüezi EthFinance 😁

• Signature Bank looks to have fallen just moments ago. Bank Run feedback loops are not fun🔥🏦🔥
• So it looks like SVB gets no bailout, yet all the depositors get their money back. I think the Federal Reserve Printers are tired from Covid but… 😬
• Nothing political, but just saw US Treasury Secretary was just in Kiev assuring US Aid will keep flowing… yet is only monitoring the deposits of all the small businesses in trouble by SVB? 🤔
• USDC & DAI pegs are now stabilized. Made a killing in fees as LP, but I think I’ll keep it all parked in stablecoins for the foreseeable future; I get sea sick easy from all the rocking 🛥️🌊
• Glad to see everyone active here and on Discord. Saw quite a few fellow whales help stabilize the stablecoins depegging and act really quick. There’s much more resilience in the ecosystem than many can understand. Hopefully the “gains” stay put for now.

Love you all, keep being ambassadors, and keep helping any- and everyone who asks for it!

Pröschtli 🍻

View on Reddit →

Dear EVMs, EIPanda’s and the ETHFinance community,

I come before you today to genuinely ask for your help. Please take the time to read this, I know it is long but I believe it is important. No jokes this time. Thanks in advance friends.

As you may or may not know, I started a website called “Caches.” If you’ve never visited it, I will briefly explain. If you have, then you already know. Caches is a social network/community website focused on Web3 Technology and Ethereum. A place to explore all of the interesting technologies and ideas that are spinning off of this new paradigm that we all love. It’s completely anonymous, and membership is free and only available via Ethereum wallet login.

I intended for Caches to be somewhere for our community to teach, and share our knowledge outside of the walls of third parties like Reddit or Discord. Something we own, so our voices can be properly heard, and so they can’t be muted due to some draconian corporate attack on crypto or something. A place where you could “cache” your content and share it with the world anonymously, using identity technology being pioneered by Ethereum. Our mark on the world outside our biosphere. I also hoped we could show the world how you build a community, powered by web3 technology, out here on the old www… A home.

Now I have a lot of ideas, but that’s the gist of it. I have spent a lot of time in this pursuit and I have struggled with it. The platform I chose to build Caches on, WordPress, has absolutely no help, plugins, or extensions for crypto/web3. Really no good CMS platform out there does. Since I am a terrible coder, and I am already familiar with developing websites rapidly using Wordpress, I chose to move forward using it to save time, for better or for worse. This has been an adventure to say the least.

Recently, I spoke with another EVM, /u/juxtanotherposition, and we immediately hit it off. Turns out, just by stroke of luck that on March 24th, 2023 he will be giving a presentation at WordCamp Phoenix on “Wordpress, Community and Web3.” Strange how the world works sometimes … Caches is built on Wordpress, it has custom developed Web3 authentication and NFT gating, and it was made for a community… his very own community! This was literally a match made in heaven! So with all that said, we agreed to feature Caches during the presentation as an example of community built on Wordpress with web3 tech!

That means we will have eyes from the Wordpress developer community focused on Caches and the EVM! AAAAHHHH! This is why I need your help! Now look, I know I’m funny, and I make you laugh, and maybe you’ve even checked out Caches once or twice to humor me, and then laughed yourself to sleep … but I need them to see the value in this. Not just for me, or Caches, or the EVMs … for Ethereum.

Why is Wordpress important?

Wordpress is a free, open source content management system that powers an astounding 43% of all websites online. I bet you didn’t know Caches ran on Wordpress before I told you, did you? A lot of your favorite sites run on it. It’s free, open source, community developed, and extensible. It also runs on a completely opensource technology stack. Wordpress.org develops the Wordpress software and they are a non-profit entity. Their ethos is very aligned with ours. They want to enable people to have their own platform to share their ideas, and words without having to rely on anyone. You can check out their about us page if you aren’t familiar with them.

Why is this important for the community?

Since Caches was built for the EVM/ETHFi community, we have a very unique opportunity to get our ideas, and our community out to potentially thousands of Wordpress developers who will be viewing Caches during @juxta’s presentation. They will undoubtedly share Caches with other developers. That means we have an opportunity to get web3 ideas and even our community baked into Wordpress! I literally can not think of a bigger opportunity for us, and for Ethereum. If we can get developers to create plugins, extensions, themes and more that enable and integrate web3 technology into Wordpress, we have an opportunity to put this in front of 43% of website owners WORLDWIDE! I can not think of a better group than all of you to guide and usher these people into this new paradigm.

With our help we can get this technology out to the world, and we can foster the Wordpress community during their exploration of this new technology. Give them a place to safely ask questions and get good answers ranging from JBM to Logris level. A place to share ideas, develop friendships and connections … just like we all have done through the sub. This is our opportunity to put the community at the forefront of something big outside our walls and build ourselves as an authority in this space.

What’s in it for me?

Juxta has asked if Caches could be a sort of “development” test bed for Wordpress web3 plugins and technology. I like this idea, we get free development work to make Caches the premier web3 community and the developers get a real live site to develop their product. This is a win/win/win! I get to see the thing I started grow and flourish at the hands of people much smarter and more capable than me. It’s beautiful man! That’s really it. I hope to use it to make money, however we decide to do that, just like you.

What’s in it for you?

I honestly built this site for our community. I genuinely built it to enable everyone to be heard out here on the web. As I have repeatedly stated, I don’t want to own this thing by myself. So I hope you can join me, we can come up with new ways to push Ethereum/web3 forward in the web2 and we can come up with creative ways for everyone in the community to earn some money for themselves without turning into a marketing machine. I want everyone to be a part of that journey, and I want everyone to be able to contribute ideas to that goal, and most importantly I want to work with you to figure out how we can own this thing together in the fairest way possible. I don’t have any of that figured out, but that’s ultimately where I want to be… a community owned and operated by the community.

How can I help?

Pop in the EVM discord. If you’re not an EVM, I still want your help. Please. Join the public-channel and DM a mod to have the “Caches” role added to your account and then you’ll be able to see the #caches channel there even if you don’t have an EVM. I will use that to try to collaborate and focus our energies best I can. I need you! We have just 10 days to try and make Caches, the community and Ethereum look good… but hey… this is just the beginning. So don’t do it for me. Do it for ETHEREUM.

Sincerely,
JBM 👊🏻

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GTP4 apparently knows solidity pretty well…

I dumped a live Ethereum contract into GPT-4.

In an instant, it highlighted a number of security vulnerabilities and pointed out surface areas where the contract could be exploited. It then verified a specific way I could exploit the contract

https://twitter.com/jconorgrogan/status/1635695064692273161

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Ethtrader donuts were key in the formation of this sub. Not just because it triggered the exodus, but because of the type of people it promoted to leave.

The people that hate grifts and cash grabs, the people that see this as more than a way to make money, the people that are in it for the tech, etc.

It distilled the community down to those that believe in the original ethos ethereum was founded on, and we do our best to carry forward.

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u/Mister_Eth

Ethereum

u/Vinegar_Strokes__

It was $1420 at midnight

u/nixorokish

0.071 when i looked but that’s less memey

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The stack overflowed,

The memory took a bribe,

On chain you can’t hide.

View on Reddit →

On this day…

In 2022:

• Optimism reveals its next-gen fault proof Cannon, able to run an EVM-equivalent Layer 2 and enabling the theoretical minimum calldata gas costs.
• Startup Upstream raises $12.5 Million for its “DAO in a Box” Web3 Toolkit.
• ETH heard you like airdrops so it put an airdrop in your airdrop for $2578, $2731 or ₿0.06503.

In 2021:

• MakerDAO announces a DAI bridge to Optimism’s Layer 2 with near-instant withdrawals.
• Digital art platform ArtStation announces and rescinds a PoC with NFTs, after backlash from users about Ethereum’s carbon footprint.
• ETH is coarse and gets everywhere between $1865, ₿0.03503 and ₿0.0341.

In 2020:

• ETH learns to sneeze into the elbow at $203, or ₿0.0256.

In 2019:

• AlphaWallet introduces TokenScript to create SmartTokens, traditional ERC20 or ERC721 tokens with extendable structure and signed JavaScript.
• ETH happily camps between $138 and ₿0.03482.

In 2018:

• Vitalik Buterin announces Plasma Cash at EthCC.
• ETH flabbergasts from $702 to $729, or ₿0.07556 to ₿0.07832.

In 2017:

• Yoichi Hirai takes a good look at Vlad Zamfir’s Casper.
• Mediachain unveils its Ethereum-based content creation token CCcoin.
• ETH reasons beyond reasoning from $16.5 to $17.8, or ₿0.01433 to ₿0.01494.

In 2016:

• Ether.camp produces the first hybrid Ethereum and Bitcoin ATM.
• Bedeho Mender explains why your Ethereum project will most likely fail.
• ETH becomes $11.9 out of thin air and some 9.8 USDfrom $9.8 to $11.9, or ₿0.02373 to ₿0.02868.

compiled with love