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u/DayTraderBiH

Ethereum!

u/Ethzenn

$1,893

u/FrenktheTank

0.0231

u/betterluckythengood

Homestead update officially went live on March 14, 2016, at block 1,150,000. It was the first planned hard fork of the network, moving it from its initial Frontier phase.

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Not living the dream,

Laughing out loud for the meme,

Pour one for the team.

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

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ETH stats

UTC Timestamp: 2025-03-14T08:03:00Z

Price and supply

ETF Flow (in millions of USD)

Summary

ETF Flow (last 3 days)

Sources

• ultrasound.money
• farside.co.uk
• farside.co.uk ETH ETF full historical tables
• coinglass.com

Previous post

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A 4.69% move from here is 1968. Guess what happens when we get to 1968? that’s right, Terry Crews is born, and he slaps the crab so hard it flies back to the where it belongs - the ocean! and what’s there in the ocean? That’s right! An ancient, secret underwater citadel where the Atlanteans have been hoarding all the liquidity of the past years. The second the crab splashes down, it triggers a long-forgotten smart contract written in whale song, unlocking trillions in submerged Ethereum reserves.

At this point, Terry Crews, now infused with the raw power of decentralized finance, flexes so hard that his gas is bottled and is used for paying for transactions on Ethereum; Vitalik appears out of nowhere, riding a cybernetic dolphin, and declares that he will now eat stakes for breakfast, and for each stake eaten he will recompense its owner with double the amount of ETH. People and institutions line up to stake Ethereum. The SEC panics. Wall Street collapses into a singularity of pure cope.

Everybody gets to sell at 10k and is finally financially independently.

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u/timwithnotoolbelt:

I dont come here to read about Bitcoin, Solana, XRP, and American politics. The idea that these are somehow relevant to Ethereum’s success is misguided at best.

Do not get me wrong I do believe Ethereum price is most dependent on BTC still. But I also believe the community continuing to focus on BTC is not beneficial for ETH price and definitely not for Ethereum’s success.

Why does Ethereum win? Its not because it overtakes BTC or BTC fails. It’s not even in competition with Solana. It doesn’t win because Trump pump and dumps it. It wins because its a decentralized permissionless network that can benefit everyone. Automation is here more than ever and Ethereum is THE automation of value.

Lets get back to the basics and stop falling for the distractions and concern trolling. Gas is sub 1 wei. If you want to know why the price isnt skyrocketing thats the reason and it aint the EF’s fault either.

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u/morafresa:

I just really hope for Ethereum to be the crypto of cypherpunk values that I originally fell in love with. An actual progressive means for society to move forward.

All other projects aren’t that, including Bitcoin. And the whole space has been co-opted by greedy power hungry imbeciles.

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ETH has the stable coin network effect captured.

If and/or when the US fully regulates stablecoins such that every bank, point of sale terminal and website can consume it as a form of payment. How much scale alone would that bring to the ETH network and it’s L2s?

Just off of an already established use case.

We might be missing the forest for the trees here …

It’s funny because I remember how dumb I thought Apple Pay was when it was first announced. I have my credit card already in my wallet … Years later, once all the new point of sales machines got adopted … I’m angry if i have to go into my wallet.

I sorta felt the same with stables and DEXs. They felt so useless until you start using them, moving my money around so freely is just how it should be. Honestly for any sports betters out there, try using a site like thunderpick that has USDC withdrawals.

Stablecoins are also programmable with APIs for those who have never developed before. They make moving money in an app or corporate treasury so easy… I could go on an on.

I know they are boring and not moon boy memes but if we all remain ETH bulls we need to remember real world use is what ultimately consumes gas (ie drives eth demand). Stablecoins are it and they are on ETH… Let’s get them into the hands of the people they are just infinitely better forms if payment and remittance all rolled into one.

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u/BitcoinBaller420:

I used to have a substantial portion of my net assets in ETH, and now I own almost none. I’m looking for someone to change my mind, I have only shifted on a couple of concerns. I see the value of decentralization, and in Turing complete, trust-less computation. I see that ETH has a moat of some kind as the first to try to be a world computer and most adoption, at least by some metrics, I’m sure. My questions are these:

- can you say more to convince me that ETH’s moat is based on some kind of network effect? I think the core argument is that decentralization and trustlessness are network effects, and these allow the most users to participate, and I accept this. My concern is that maybe the security only needs to match the level of the transaction, and as such, there’s more room for competition from something like say Solana to trade off security for improvements in other dimensions and in the end the users want cheap they don’t care about the protocol. What am I missing? (disclosure, I own < $20 worth of SOL)

- I’m also concerned about the disconnect between the goals of the devs and the goals of the investors. The investors of course want the value of the coin to increase (I assume?), but the devs, while they are surely also holders, are also acting to help the consumers of the network, who want the coin to be as close to free as possible. So while dev improvements to improve throughput and reduce transaction fees are great for the users of the network, they are only good for investors if they also result in so much more demand that it offsets the reduction in demand caused by the improvement (implicit in, say, the reduction of fees. Users want to buy as little as possible to get their code executed). I think the argument is that the burning of ETH when the network gets more usage offsets to balance the desires of investors and users, but I’m not smart enough to intuit whether this kind of balancing will work out for the investors or not. Considering my uncertainty, it doesn’t quite reach the hurdle rate of return-on-risk for me. But it’s close, maybe a few more words of education would help?

Thanks in advance.

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u/sm3gh34d:

Both of your points I think are related to long term vs short term visions. Ethereum core devs are aware of price impacts but are more interested in adoption and scaling without compromising on trustlessness, decentralization, censorship resistance, etc. I don’t think Vitalik and EF research would characterize the push for cheap block space as ‘growing the moat’, but IMO that is the underlying strategy.

As a dev and a holder and a solo staker, I am ambivalent about the direction we are taking to increase blockspace without regard for protocol revenue in the short term. It is very much a “loss leading” adoption play. That 48/72 blobs (by end of year) and L1 gas limit increases (in the ballpark of 2 - 10x) are the focus in the current climate of record low gas prices shows how little Vitalik and research are concerned about protocol revenue in the short term.

I think the value prop of ethereum lies in long term time horizon. I don’t see any *fundamental* price catalysts on the horizon. It is basically a race to see whether ethereum’s roadmap can play out faster than competitors. The only viable competitor presently is Solana.

TL/DR my opinion is that if you are looking to speculate on ETH price, the winning play is to DCA in the bear, which arguably has started. Expect pay off or write off in 4 years.

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u/LogrisTheBard:

can you say more to convince me that ETH’s moat is based on some kind of network effect?

There is definitely momentum to capital being drawn to other capital. Having capital in a protocol for a long time without hacks is it’s own type of proof of security. So when more capital wants to deploy, it chooses the protocol with the best security record. Users may care about a $0.05 transaction fee, but hundreds of billions of dollars of bank deposits coming to the chain or a tokenized securities marketplace won’t care about that nearly as much as security. There’s also the fact that Ethereum has never once had downtime since inception which can’t be said of Solana or Ripple even in the last year.

I frankly think the market undervalues decentralization to the extent they even understand it at all. I agree with you that the security only needs to match the level of the transaction; that’s basically the point of Ethereum’s L2 model. It’s worth noting that Solana isn’t practically much cheaper than most Ethereum L2s at this point. The TPS numbers of Solana are deliberately misleading in that they include validator gossip where Ethereum’s TPS numbers do not. Ethereum will outscale Solana for fundamental reasons. Maybe read Polynya’s blog if you’re curious. He was posting in like 2021 about fundamental truths that Solana will never be able to address with their approach.

I’m also concerned about the disconnect between the goals of the devs and the goals of the investors.

The most valid complaint I’ve seen is that the EF wants to take no part in an advocacy role in the ecosystem. Bitcoin has no foundation so their ecosystem picks up this role themselves. Solana has the Solana Foundation which takes up this mantle themselves willingly. Ethereum has this kind of void where an advocacy department should be. This makes investors feel deprioritized as all the EF focuses is on is tech.

Etherealize was launched earlier this year to address this gap. Give it a few months to spin up. I think the people involved are genuine and capable.

Regarding a burn model. Just think of it as a socialized reward to everyone who holds ETH. Inflation is a wealth tax. Burn is the opposite of inflation. For ETH price to grow significantly we just want the network to scale to thousands of blobs per block with very cheap blobs. I read a Vitalik post recently that said if the current (rock bottom) blob prices were maintained as the network scales according to its plan we would be seeing 3% deflation. No other blockchain has a monetary policy that comes close to that. But for that vision to come true we need a lot of adoption. Right now infra is ahead of apps.

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Especially on days like today where everything seems gloomy I’m going to recommend you step away from price action and find something more positive to focus on. Watching the red candles won’t help you; either sell or don’t then focus on something better. Go touch grass. Explore something new on chain. Come back and discuss it here. Lift the sentiment. Be part of the change you want to see in the world.

As the web3 ecosystem has evolved and pioneered tokenomics designs beyond the primitives already understood by Tradfi I feel that attention has shifted away from the app layer. In the previous bull market, through the food token frenzy of 2020 and the initial adoption of L2s I used to see frequent discussions about how people were using the chain. I would read stories about people looping in Compound, Alchemix questions, and what people were doing on Loopring or Dydx. The enthusiasm for that discussion seems to have died (to our detriment).

I still find plenty of technical discussion on the L2 strategy of Ethereum but the pendulum of development and attention between infrastructure and application has swung back too far to the infrastructure side. Last year, other than discussion about airdrop farming and Pendle, I saw very little discussion about how people were using the chain at all. Today we see very few podcasts or writers focusing on novel innovation in the app space.

So, call to action, go learn something positive and come back and share it here today instead of staring at your gory portfolio.

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After 2 weeks of non-finality on the holesky testnet after the pectra upgrade, the chain just finalized again. This is quite an achievement as the network had many forks and clients had to keep track of all the different attestations to the different forks. Client teams had the chance to massively improve their clients as such a scenario would have been very hard to do in an isolated test environment. For me, it was Lodestart which did an outstanding job and thanks to them I was able to be stay online. There still are tweaks to improve the all the clients though.

Now that it is finalized, it should be much easier to sync the chain again and even with 32 GB RAM it should be possible to stay synced. The holesky testnet is not out of thew woods yet. We are only barely finalizing 67-68% and a newer epoch went down to 31% again. Maybe the clients are now scrubbing all the unneeded forks which uses up all the CPU power. The exit queue is also massive. There are over 990k validators there. Over half of all the holesky validators. They will now slowly get exited. Maybe the core devs will follow through with the slashing as well. We will see.

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My not-OG 2 cents:

Crypto went to far from its original ideal and is naturally resetting, macro/grift/crime was just the trigger. There seems to be a consensus that cycle is over, Ethereum missed it and that top is in. I feel like the fast money/casino/non-nonsensical speculation is mostly done (not calling for the death of memecoin, I am actually hodling some ERC20 ticker bitcoin the only bitcoin without security issue).

But you read everywhere that institutions are very enthusiastic, so the cycle framework feels less relevant. Grandpa is undeniably a novel macro asset, every financial institution is looking into stablecoins and tokenization. Imho they won’t touch vaporware coin but use the wonderful infra that has been developed by genius dev (for free). Odds are good for Ethereum to be the global settlement layer in this scenario. But is ETH an investable asset? I think that’s a fair question to ask, you don’t need that much ETH to actually use the infra.

Ethereum is fundamentally misunderstood. The complexity of what it is trying to accomplish blurs the message. The Ethereum Foundation communication, ultrasound money meme and maxis weren’t helping in hindsight. This gave a wonderful opportunity for competitor in the store of value/smart contract platform/data availability/ space to squeeze ETH propagating narratives. Even CT entertainment account I enjoy like inversebrah are relentlessly shitting on ETH, sad.

But I don’t think institutions looking to tokenize will check CT to pick the network they put client assets on. Credibly neutral, reliable, secure should be the priority. If you don’t believe or don’t get that the only chain satisfying these condition is Ethereum, I don’t have time to try to convince (I have to go top-up collateral on aave). New Ethereum foundation leadership and Etherealize (lessgo Danny) increase the odds for Ethereum to succeed. If the network proves itself useful for a larger audience then educated investor should realize that ETH as more secure and programmable, is a fundamentally better store of value.

Every chain is trying to be Ethereum: from Frankenstein bitcoin L2 and restaking to “network extension” and copy paste DeFi on sqlana. This signal, plus various experts consensus let me think, as a non-technical enthusiast, that the rollup-centric roadmap is correct.

I am willing to hold ether longer, as a far from reasonable chunk of my nw, because 1) Innovation in the industry mostly comes from the brillant Ethereum ecosystem 2) Total crypto market cap is 15% of Gold and ETH dominance is less than 10% 3) I want my digital store of value secure, censorship resistant and programmable.

I just like the ticker ETH, only cypherpunk chain I swear. Shout out to the EVMavericks discord I feel so lucky to have found this place. And no chance I am freaking selling after 10 weekly red candles lmao that’s the sell low meme. Time will tell.

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Oldtimer here, fortunate to have cashed out significantly in 2017/2021 cycles so I have a more abstract view than most on here but I do still hold btc and ether in levels to keep me interested and I am disappointed with how things are progressing near term. 

In my opinion ethereum the network is fine. If internet programmable monetary rails and finance succeeds in coming decades the Ethereum TVL and stablecoin valuations will rise massively in the future. I think the current roadmap is too forward looking and has allowed retail to disappear to “cheaper” chains like SOL - that was a big mistake. Similar themes such as L2 fragmentation, lack of unified UX etc are well documented and I won’t discuss further but haven’t helped users - these things will be fixed eventually I’m sure. 

The above is all largely irrelevant for ETH the asset and sadly ETH is currently in an emergency situation, one which has been gradually creeping up for awhile.

It isn’t fashionable to talk about token values in ethereum circles but ETH is the investment token on the second biggest network in the world by market capitalisation. Recent price performance has been abysmal, both in absolute fiat terms and versus BTC or now, everything else. This demand weakness has been obvious for the last two years (ratio bleed, smaller pumps, bigger drops repeat ad infinitum). It has now culminated in ETH having virtually no bid - from retail, institutions, whales and now even die hard long time holders.

Why do investors hold ETH? To use it, sure, but shuffling stablecoins requires minimal market cap and certainly no growth. No, the honest reasons investors hold ETH (and give the network economic security through staking) is 1) store of value and 2) because there is an expectation that it will appreciate (as had occurred in previous cycles).

Both 1) and 2) are in serious jeopardy right now. Prices performing badly is to be expected by anyone in the space for an extended period. But selective underperformance will only be tolerated for so long before something breaks and there is an exodus and a sudden revaluation much lower. We have seen that gradually play out thus far as people throw in the towel one by one even now with ETHBTC at 5 year lows(!).

Ethereum will chug on regardless. But ETH needs to bring back users/retail/investors and start to put forward a compelling investment thesis immediately or it will fade from here.

Remember the flippening? Remember ultrasound money? The certain knowledge it was just a matter of time before the ETH market cap rose to dominate?

ETH needs to find a bid and assert itself fast.

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The word psyops is tinfoily I know but what else would you call what I am writing about below?

This is historically the btc maxi media and trading landscape in regards to ETH:

1. Use social media and news outlets to downplay any achievement, but also hyperbolize / maximize any bad news. I’ll demonstrate below how Coindesk & btc maxis have been doing this since day one.
2. Use the media to sway sentiment and place shorts accordingly.

So the first major play was when BTC maxis stoked major contention and vitriol during The DAO debacle. Jimmy Song, Kevin Pham, Pomp, and more did this openly and consistently. Often resorting to personal attacks and even threats on twitter. The masses would repeat the talking points verbatim particularly in discussion threads and on reddit. For a recent example look at the BTC voices during the ByBit hack. It was THEM calling for a hardfork not anyone in the eth community. And it was THEIR publications boosting the hardfork speculations based on that astroturfung. Shit like this is ever present.

Also, funded / provided liquidity for the initial listing of ETC on poloniex. Right at the peak of the largely stoked-by-them drama. For instance, BTC maxis showed their hypocrisy by suddenly broadcasting major support for ETC–an EVM chain. A complete about-face and what do you think the explanation for that was? It was so their initial liquidity that they injected to Poloniex to list ETC got pumped. And it worked spectacularly both for profit AND fueling the ETH hate. This was the first major gain from manufactured ETH fud, and they’ve used the formula to short ETH ever since.

Coindesk was the first big crypto news publication and still have yet to write a favorable headline for Ethereum. Let’s say whenever a shitcoin rugpulled they’ll say “ETHEREUM COIN SCAMS USERS” or in the case of a random token smart contract hack “Hack on ETHEREUM.” Plus for good news when a new ETH innovation happens (eg major EIPs implemented, NFT’s, DAO’s, DeFi protocol launches, PoS transition, etc) they’d say stuff like “new blockchain innovation launched” instead. This was so flagrant that for years there was a whole movement called #SayEthereum. They and many other publications who amplify the BTC maxi signal still don’t say it.

This is all so anti blockchain and anti innovation to its core. I’ve seen many respectable names fall into this tribalism over the years which ultimately & singlularly serves to perpetuate unsupportive narratives that in the end really stifle funding and growth of new and interesting projects. Ethereum brought, and continues to bring so many advancements to blockchain tech which most of the space including Bitcoin have benefitted from, yet credit is stolen, accomplishments shat on, and the Eth leadership that got us there ad hominem-ed. SMH for real.

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The reality is that deep down everybody knows there will only be one smart contracting platform of the internet. BTC maxis know it, VCs know it, Solbros know it.

BTC maxis are trying to shoehorn smart contracts via OPCAT, despite ridiculing eth for years.
VCs missed the boat on eth, and hate it, SOl is how they catch up and control it.
Stablecoins are the product market fit - and where will they live?

The smart contract platform for stables is the prize, hence why eth is under attack from all sides. Deep down they all know, the race is over and eth has already won. The efforts to promote bitcoin from VCs and prominent officials is most likely to keep the door wedged open to allow their smart contract platform of choice to have a chance to sneak through.

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u/FrenktheTank

Ethereum

u/howareyou_2_day

$2183.01

u/Kallukoras

0.0274

u/usesbinkvideo

3,600,715 Ethereans subscribed (+2,626)

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New privacy pools,

More emancipation tools,

The cypherpunk rules.

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Hi frens, hope you’re having a great friday and have had a great week!

Missed stats yesterday, was busy all day and completely forgot about it. Rare that I spend a day without reading this daily!

Anyway, hope you all are great! here’s today’s and yesterday’s stats:

ETH stats

UTC Timestamp: 2025-03-07T12:29:00Z

Price and supply

ETF Flow (in millions of USD)

Summary

ETF Flow (last 3 days)

Sources

• ultrasound.money
• farside.co.uk
• farside.co.uk ETH ETF full historical tables
• coinglass.com

Previous post

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We’re invested in ether not because it’s easy,

But because we thought it would be easy.

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Lots of low effort brigaded FUD out there today. But none of it has any real teeth. Even an AI could counter the low quality FUD (foreshadowing). All of the negativity is due to falling price and not failing fundamentals. Sure, the concerns about the price action is for good reason. But this isn’t the first time we as a community have been through tough times. 2018 was brutal and it wasn’t until late 2020 until ETH received anything close to a fair valuation. It was 3 years of absurdly low valuations. Except, this time around the fundamentals are better than ever. That my friends is an opportunity and it is one I have been fortunate enough to take advantage of before.

Ethereum is excelling at the undercutting competitors strategy which Amazon used for 20 whole years until it cornered the vast majority of the market and it could raise prices to turn a significant profit. This is what ETH is doing with blobs. Mass scaling for L2s which is so cheap that alt DA and alt L1s stand no chance. Solana only managed to get mercenary style chain usage in the form of the memecoin casino. Meanwhile we have institution after institution lining up to use Ethereum.

But I’m not going to sugar coat it. Price wise, it’s not looking good. Macro is looking like a steaming pile of dogshit. But we’re not here for a pump and dump. We never were. Ethereum has always been a long term play. As the world continues to head towards a major crisis, us long term investors know that new institutions always come out of the other side of major crises. After WW2 it was Bretton Woods and the US dollar and US hegemony and protection of its allies to prevent nuclear proliferation. This time around it will be a multi-polar world order and a permissionless, credibly neutral and decentralised base layer for all counterparties to transact on digitally without the need for trusted parties. What other than Ethereum fits this description? Go on, I’ll wait…

So as the blood continues to rain down on the streets, I’ll be here, continuing to stake. Financially stress free with enough cash to weather a multi-year bear or a black swan rainy day and the vast, vast majority of my assets in ETH. Any spare income I will be more than happy to buy up cheap ETH. I’m not expecting a return any time soon, but I also wouldn’t rule it out. At the end of the day it doesn’t matter. ETH the asset is very clearly a solid long term play, so what happens between here and 20XX doesn’t matter aside from how it allows me to further increase my stack.

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pectra-devnet-7 just went through the Pectra network upgrade. This devnet was quickly spun up last week by the EF DevOps team in response to the Holesky testnet upgrade not going too smoothly. The devnet features over 500 machines running over 1M validators and is publicly accessible for anyone to try out. Even the validator set is permissionless and anyone can join!

You can follow the progress of the upgrade on this explorer (the fork epoch is 1024). At the time of writing the first post-Pectra epoch is still ongoing so I’ll report back once it is clear whether or not the upgrade went successfully.

Edit: First post-upgrade epoch (1024) justified right away with high participation!

Edit: The network has finalized the upgrade epoch and continues finalizing with the same participation rate as before the upgrade, everything looks great.

The next scheduled Pectra upgrade is on Wednesday on the Sepolia testnet (epoch 222,464). Gnosis Chain’s testnet, Chiado, is scheduled to go through the upgrade this Thursday (epoch 948,224).

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The Sepolia testnet just had its Pectra upgrade. It looks like all went fine. There are no missed blocks. Attestation are coming in normally and the chain finalized within 2 epochs.

Sepolia is a permissioned POS network, meaning only selected entities can run validators on it. The goal of the sepolia testnet is to have a stable environment for projects testing their smart contracts and rollups on it. Looks like they can now use 6 blobs per block and also wallets can start with testing their account abstraction integration (EIP-7702).

My own sepolia nodes did not have an issue with it, even my RISC-V board managed to do it. The only hiccup I have seen is that the beaconcha.in sepolia site is stuck. Maybe their node went down.

Addendum: As of 9:40 AM UTC all blocks seem to be full of transactions again. There is no chain split or anything severe. In my current understanding, the issue seems to be that some EL clients naively assumed all logs emitted from the deposit contract on sepolia are deposit logs. Unfortunately the sepolia contract has other logs emitted as well, so execution clients need to be more specific to not trigger the deposit logic every time the deposit contract emits something. Updated code is already in some master branches of some clients (geth), so might be properly fixed soon. Tomorrow there is also the Chiado testnet (from gnosis chain) upgrade. They also have a custom deposit contract which uses ERC-20 tokens. Lets see if they manage to fix the relevant clients until then.

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Earlier than Sep 2017. Sold a bunch in 2021. Comfy in spot with a few longs at $2,600.

Price action during this cycle has been terribly disheartening. ETH seems to be suffering from a severe case of middle child syndrome.

I’m still bullish over the next year or so and also bullish long term (5+ years). Network upgrades have gone really well. The increasing amount of stablecoins on chain is a great sign and the current admin (despite questionable/fraudulent shenanigans) is shaping up to be majorly favorable and permissive toward builders in the industry. We’ll just have to wait and see what gets launched in these upcoming years now that the SEC isn’t spamming corrupt enforcement judgments at every crypto exchange or other company involved in digital assets.

As to headwinds and disappointments: Macro environment sucks. Rates are still high, inflation still high-ish, and it’s not clear when and to what extent we’ll get another liquidity cycle.

Lack of solutions for privacy options sucks. Stagnation in DeFi since 2020/2021 sucks. NFT collapse and lack of use cases sucks. Lack of real world non-crypto utility sucks. Onboarding, outreach, and effective advocacy has sucked. Memecoin meta crime szn really sucked (but happy it was on Solana and not Ethereum). Layer 2 fragmentation sucks. Eigen sucked.

But.. ETF’s are great and so is ETH’s status as a commodity. I wouldn’t feel comfortable keeping significant assets on any other chain. I don’t trust Bitcoin long-term for a variety of reasons. Even as #2, every year & each cycle we survive with increasing TVL’s is another year added to the Lindy effect.

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If you havent watched this Danny Ryan clip yet and you are heavily invested in Ethereum i highly recommend you watch it from start to end. https://x.com/sassal0x/status/1896347959664800105 It will help you cut away all the doom and gloom and medium term price action. In light of all the leadership changes at the EF and now with Danny helping run Etherealize I am very optimistic for Ethereums future. He understands the gap to fill and making sure we are in the room with countries, governments, companies, institutions. First off we have to stop comparing ETH to BTC and worrying about the ratio. The real focus needs to be on the smart contract space and its competitors. This is where the fight is and where ETH needs to win. The good news is that Ethereum is the right platform for real world assets to be tokenized there. It is modular which will allow it to scale as needed and no Solana will not be the future for this. Monolithic chains are not the answer. It took a while but the Ethereum community’s focus is finally on the right things. We all need to stay focused as well. I am at peace now with the current price action, whether it takes us to $1xxx or not. I am in it for the long haul and am not fucking going anywhere.

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An update to the MegaETH testnet.

They will start it this week. Then they have a few days for projects to deploy on the testnet and get everything ready. On the 10th of March they will open the testnet to the users.

What is quite interesting is that the plan to have 15ms block times and 1.68 MGas/s GGas/s throughput. This is about 1000 times faster than Ethereum mainnet or 17k tps (!!!). This is pretty wild to be honest. I personally did not expect them to push the numbers that high. I would have been happy with 100ms block times and about 1k-2k tps. As it is a testnet I really hope they will stresstest their setup and really reach these numbers. I want to see how long they can sustain these high numbers.

For those that do not know, MegaETH is an L2 that embraces the modular roadmap and pushes the execution side of things to the maximum by splitting the work of running the chain into a handful of tasks, each of which a dedicated actor does. This leads to such a high throughput. Other L2s do similar things like Eclipse, which uses the SVM and there is another one, I think, which eludes me at the moment.

They also have forced inclusion from the L1. So, if somehow the sequencer goes down, or for some reason or tries to censor you, you can force a transaction to be included from Ethereum L1 into MegaETH. L2s use an alternative data availability service to store the transaction data. MegaETH uses EigenDA. This means they will not pay blob Fees, but as they are a zk based L2 they will pay quite a bit for executing zk proofs on mainnet. We will see how much these cost and how often they do them.

For me, MegaETH is interesting because it is on the extreme end of what the modular (or rollup centric) roadmap enables. This end is the one with less security from the L1, but lower prices and maximum throughput. The other end of the spectrum is occupied by based and soon native rollups, like Taiko, which couple much stronger to the Ethereum mainnet and inherit more of its security. The rollups we know best like Arbitrum, Optimism Mainnet and Base are somewhere between these two extremes.

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https://x.com/hanni_abu/status/1897367422203773372

BioNexus Gene Lab adopts Ethereum for treasury strategy

https://www.investing.com/news/company-news/bionexus-gene-lab-adopts-ethereum-for-treasury-strategy-93CH-3909695

The company also released an Ethereum Strategy Whitepaper, highlighting the asset’s institutional reliability, staking rewards, financial dominance, and scalability.

https://www.bionexusgenelab.com/ethstrategy

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GridPlus Hardware Wallets Could Have Helped Prevent the $1.5B Bybit Crypto Hack. Here’s How.

“The Lattice1 and Clear Signing addressed smart contract blind signing in hardware for the first time ever. This last line of defense requires users to actively look and compare the two requests. If they do not match, it indicates something is wrong and that the signing request should not be approved.”

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Damn, another testnet-specific bug on Sepolia. Hopefully this one will be easier to resolve than the one on Holesky.

If you’re looking for a small distraction from the politics, testnet happenings and price action, I have one for you today (it is still politics though quite different).

Arbitrum, the creator of the largest L2 on Ethereum by TVL (Arbitrum One), has recently established a Growth Management Committee (GMC). This committee is tasked with investing the Arbitrum DAO’s ETH holdings into “ETH-backed strategies”.

There’s some discontent on their governance forum after the GMC announced its preferred choices almost 2 weeks ago. The discontent stems from multiple things, I included my opinion on each of them and would be interested to hear yours:

1) It was proposed to cut the governance vote short (ending <7 days after the forum post). In the end the snapshot vote has not been posted at all, at least not yet. (I’m personally not sure about this one, this may have just been an honest mistake because the post was made later than they expected)

2) The GMC proposed to stake 2/3 of the amount with Lido even though proposals from Rocket Pool, StakeWise, NodeSet and other more decentralized options were also received. (On this one I completely agree with the user that is blasting the choice of Lido on the forums, they’re making a good case against it. Also, if someone like Arbitrum DAO goes with Lido here, why should we expect others to do any better?)

3) the community expected something called the Growth Management Committee to support growth on Arbitrum in a more significant way by e.g. using Arbitrum-native projects (agree on this one too, Arbitrum-native strategies may be more risky but they deserved at least a small allocation)

Thoughts? Do we have any Arbitrum DAO delegates around here that would want to share their opinion?

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I had a conversation about this at EthDenver with about 6 people at a table. They were all shocked by this simple economic fact. I tend to use the analogy of a gold vault instead of Bitcoin to shake people out of their usual frame of mind.

We have a gold vault that is paid for by a nearby gold mine and people who enter the vault to access their holdings. Now obviously there is a desired ratio of gold holdings to security guards. If this gets too out of balance some thieves are going to rob the gold vault. No gold mine is infinite though so over time the gold being mined depletes so there is less available from there to pay the security guards. As the gold mine revenue depletes, the gold vault can’t afford as many security guards unless the traffic into the vault increases to offset this depletion rate. The only alternative is for gold to leave the vault so there’s less value stored in it for thieves.

It’s obvious with such a system the budget for the security guards should scale with the amount of gold stored in the vault not with the foot traffic of people going to the vault but even if you set that aside, coupling the security with the nearby gold mine is clearly an unsustainable solution. Having some schedule that says every 4 years I’m going to halve the number of security guards regardless of the gold stored in the vault is degenerately risky and a poor tokenomic design. Doubling the price of gold doesn’t help this situation. The only solutions in the long term are to either continuously increase the foot traffic bill as much as is needed to pay enough security guards until people get pissed enough that they take their gold to a different vault with a better security model which winds down the shitty vault to 0 holdings over time, change the billing structure to be based on holdings instead of foot traffic which amounts to a wealth tax, or find an infinite gold mine so there is a sustainable subsidized security budget.

The gold in the vault is the market cap of BTC here. Either blockspace fees need to increase to offset any inflation decrease, a chain wide wealth tax on BTC holdings needs to siphon funds for miners, they need to remove the 21M hard cap and use inflation as an alternative wealth tax, or the BTC market cap needs to fall in line with the security budget. Most likely in my opinion: they will ignore this until thieves rob the vault which will force the BTC price down significantly. By doing nothing they force the latter option.

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u/TimbukNine

Ethereum

u/FrenktheTank

$2762.95

u/usesbinkvideo

3,649,991 Ethereans subscribed (+1,283)

u/SuspiciousConcern

You had me at ETH.

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Blockchain arena,

Meme coining Argentina,

Next come subpoena.

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Hi frens, happy friday.

ETH ETFs had some outflows (13M), BTC ETFs had big outflows (364.8M)

ETH stats

UTC Timestamp: 2025-02-21T13:17:00Z

Price and supply

ETF Flow (in millions of USD)

Summary

ETF Flow (last 3 days)

Sources

• ultrasound.money
• farside.co.uk
• farside.co.uk ETH ETF full historical tables
• coinglass.com

Previous post

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For my cakeday I give you a Limerick:

There once was a bard on r/ethereum

who held ETH through market delirium.

They did not complain

about the crab market pain

but instead expanded their cranium.

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There is some confusion floating about as to why too many validators are bad.

Currently, if we hit around 2.1m validators, Ethereum, the network, will fail to finalize.

It’s an issue of network traffic and the time it takes to aggregate all the signatures. EIP-7514 was implemented to buy us time until we could do something about it. EIP-7251 is that something. Its purpose is not simply to allow for compounding of validator rewards, but to reduce the network traffic by allowing large operators to effectively consolidate 64 validators into one.

Here is a nice read on the issue if you are interested: https://medium.com/@james_gaps/eip-7251-explainer-aa10558b9150

There is the additional concern that additional staking will further decrease rewards per ETH staked, and increase inflation, and there are talks of trying to address this, but it’s not a critical the network will fail to finalize issue.

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For those of you worried about the state of Ethereum in general, I highly suggest you get involved somehow, other than just watching the price.

I’m not new to this, but I spent the day participating in the Ephemery Testnet cycling, which led to me working on some other tooling for my testnet-staking setup, which led to questions and conversations with lots of brilliant people in the community across Reddit, CT, Matrix, Telegram, and Discord.

All of this felt really good and gave me a, not renewed because it never left, but… reinforced sense of confidence in the protocol, mission, and people behind it.

These are good, friendly, smart people. At Ethereum’s core, it’s a bunch of nerds trying to build something interesting and important that works. It’s fun to work on this stuff and truly feels like these people are my friends, even though I haven’t met ANY of them IRL. For someone that was born in ‘81 and was on the Internet in its early days, on IRC, in MUDs, on BBSs, and, later, in AOL chat rooms, that’s awesome. This is the same feeling and I love it.

Maybe the real generational wealth was the friends we made along the way 🥲

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No better day than Valentine’s Day to announce Rated’s solo staker list has found a new home at EthStaker ❤️

• Rated’s Tweet: https://x.com/ratedw3b/status/1890403707017392173
• EthStaker’s Tweet: https://x.com/ethStaker/status/1890401695840063649
• Blog Post: https://paragraph.xyz/@ethstaker/ethereum-solo-staker-list-handover-to-ethstaker
• Reddit Post: https://reddit.com/r/ethstaker/comments/1ipb8e7/rated_hands_over_ethereum_solo_staker_repository/

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A normal person investing in assets enters a position by buying the asset and then exits the position by selling the asset. Here in web3 fewer of us every year qualify as normal. You see, market selling means you have to sell, which means you need liquidity to sell into, you are creating taxable events, etc. A less considered alternative to market selling is to buy a 1x short position somehow. If you hold both then as the asset price rides the famous crypto roller coaster the long would make money and the short would lose the same amount of money or vice versa. The result is zero change wrt whatever your short it redeemable in. Monetarily it’s very similar to selling the position as long as you can exercise the put. A position that is not subject to price volatility is called delta neutral.

There’s a few fun advantages to this. As mentioned above, it might allow you to defer a taxable event on the asset being sold until long term capital gains would kick in which is useful even if the option comes at a premium. In addition to this, what if the token you would be selling was interest bearing? By continuing to hold it you continue to collect interest. As long as the interest on the long exceeds the cost to borrow or premium on the put you’re now profiting from a carry trade. I wrote about a different variety of a carry trade a few years ago which may be worth revisiting to see how it has played out. There’s a few other facts worth noting here as well.

First, while I did say to buy a 1x short position, you are going to almost certainly use the long position as a collateral to borrow and create a 1x short position. This saves you from needing to come up with more capital. If you use a money market to execute the max short you can walk away with the stablecoins but you probably can’t actually get to a delta neutral position due to LTV (loan to value) caps. This is still a nice option but there are risks I talk about in the post linked above. Otherwise you can use a variety of leverage platforms to get that LTV up to 100% and actually be delta neutral but you won’t be able to withdraw the stablecoins.

This brings me to the second useful fact. The cost to short crypto is usually less than the cost to long due to the industry being generally bullish over the years. Case in point, this is why that icETH token is still making money years later. This fact is dead obvious if you looking at the funding rates on perpetual swap platforms. When this line is above zero, it means you can get paid taking a short position.

Combined, you are now in a position where you are making money on both the collateral and the short position of your delta neutral portfolio. That is just wild. So instead of selling your crypto, invoking a taxable event, and making stablecoin yield you can instead enter a delta neutral position, forfeit any profit from price appreciation, but retain collateral + funding rate yield while deferring a taxable event on the crypto collateral for as long as you like.

An astute reader will be asking themselves what is preventing someone from just buying crypto and entering such a position immediately from stablecoins? Nothing at all. You can do exactly that. If you do this with ETH you are giving up the stablecoin yield which is most likely sourced in some way from US treasuries in exchange for staking + funding rate yield. This can be advantageous in certain macro environments such as when fed interest rates are low and it’s a risk-on environment with a lot of demand for leverage so the funding rates are high.

Of course someone has already tokenized this idea so you don’t have to manage the short position yourself and worry about brief fluctuations in the LST peg or funding rates. For a delta neutral position the most natural denomination is in whatever you are delta neutral to. This is going to most commonly be USD so the token wrapper around this position is a stablecoin.

This leads us to a new paradigm for stablecoin design. Consider stablecoin designs to date. How do they protect their peg in order to be stable? I see three basic mechanisms in play all of which lead to problems constraining adoption.

1) Redeemable reserves. These have the hardest peg but are ultimately only as strong as the underlying asset they are redeemable for. Stablecoins such as USDC are backed by treasuries and redeemable for USD so they are subject to government default/control. Furthermore, Circle can just blacklist your address. Stablecoins backed by USDC such as FRAX inherit this problem. LUSD/BOLD are backed by redeemable ETH collateral which leads to a hard peg but the redemptions force borrowers to maintain terrible LTV ratios which limits adoption.

2) Dynamic rates. USDS/DAI and similar coins are all borrowed into existence. They retain their peg by manipulating supply and demand of the token using variable interest rates. This leads to two problems. First, the interest rates are usually subject to intervention which is fallible. Second, the price experiences significant short term depegs before interest rate changes can kick in and restore the peg over a matter of days/weeks.

3) Revenue. Tokens like alUSD are backed by revenue from the collateral assets. This has proven to provide a relative weak peg and we regularly see tokens like this multiple percent off their peg. This is not a hallmark of a stablecoin and obviously limits their adoption as a token to hold for stable value.

Some tokens combine more than one of these approaches. For example crvUSD combines both reserves and programmatic adjustments to interest rates.

Contrast this with a stablecoin wrapping a delta neutral position which I’ll call dnUSD which could be backed by any interest bearing collateral for which there is enough depth in options/perpetuals markets for any like-kind asset.

1) Unlike USDC, Circle can’t blacklist an address. dnUSD isn’t derived from USD in any way therefore the US government default on US treasury bills or seize the underlying reserves.

2) There is no need for a DAO to set or manipulate rates. The only rates are the collateral rate (e.g. staking) and the funding rate both of which are set by wider market forces that are difficult to manipulate.

3) Like LUSD this should be redeemable for the underlying but without the terrible UX to borrowers and LTV inefficiencies. This creates the necessary stability for adoption as a stablecoin.

4) Unlike borrowed stablecoins which are limited to scale with the demand for leverage, dnUSD adds revenue from the collateral. This enables to scale beyond the 0 funding rate line as far negative as the interest from the collateral. This is mathematically more scalable.

So what started as a way to potentially defer a taxable event to reduce tax obligations led to potentially the best pattern we have seen for a truly decentralized stablecoin once we wrapped the position in a token. That’s actually rather profound.

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Apparently people in the crypto community and r/cc subreddit are catching up with the absurd numbers of Solana I’ve been posting here about on the last 2 months. In summary:

Solana inflates its reported transaction throughput and revenue metrics by including Vote and Compute Budget transactions, which make up 90-95% of total transactions. These are not real user-initiated transactions but rather validator votes and helper function transactions, so basically it’s boosting network activity.

Of the peak 4k TPS we discussed last time, we usually discounted voting transactions leaving us with 1.2k TPS or so.

We also know that only 60% of those actually succeed, giving us 720 TPS… But guess what… 1 in 3 of those transactions would actually be considered transactions in Ethereum. 2 thirds are actually validators paying other validators to vote on consensus, and users setting transaction fees, so really no actual end user transfer of value.

This puts Solana, nowadays at roughly 250 TPS. For reference Ethereum L1 and L2s do 210 TPS nowadays… While being actually decentralized and censorship resistant… And this has been only revisiting the TPS numbers I had run before but fee revenue is likely also impacted.

Honestly at this point whoever thinks to bring up the damn 3 front war FUD from Bankless can be fully called out.

DA is going to be won in 2025, Execution Layer was not even a challenge, and when your asset is the preferred crypto to use as collateral, moneyness is won.

The only thing ETH is currently not good for is speculation and store of value (in comparison to the appreciation of Bitcoin, because of different issuance models).

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For reference, the Ethereum network is already processing between 2 and 2.5k attestations per second (1 block per 12 seconds, 900,000 active validators, roughly 28000 attestations per block)

Solana’s claims would be equivalent to us counting those attestations towards TPS of the Ethereum chain. We just don’t do it because it would be a stupid metric in terms of measuring real activity in the chain.

We could also count peer to peer transactions which, assuming 50 to 100 peers per node, would require to count block proposals, transaction gossip and syncing updates, so anywhere between 250 and 500 TPS.

This is not even considering whatever happens in the execution layer of L2s.

Basically if we count like Solana does, we have roughly 3000 TPS on L1 only already. The thing is that the design is simply better for decentralization. It keeps consensus and execution isolated and with that it allows Ethereum to have 100% uptime for years as opposed to downtimes in Solana.

But Ethereum never claims to have 3k TPS, Solana does. Ethereum actually scales TPS through L2s too… They are two different models, but only one of them is giving us deceiving numbers.

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I would like to pull a comment from the another thread I saw online and address it here. Someone said they feel like Ethereum is dying on the inside. It is not. We are struggling with winning.

Ethereum won and I keep saying this and I am mystified as to why others don’t see this. We won. Solana had it’s meme-coin moment. And now it’s over. I think Ethereum is having a hard time wiht the part about not being underdogs anymore.

We’re not underdogs. We’re not revolutionaries. We’re the establishment now. It’s out job to steward this amazing ecosystem so it is serves everyone. So that it stays decentralized and censorship resistant and monopoly resistant and we don’t consume ourselves with infighting and fragmentation.

Next time you are tempted to complain about how bad things are - such as the price of ETH - put them in some CONTEXT. The price of ETH is low because we were WILDLY successful at increasing capacity. Those low prices combined with great security are now luring in new waves of institutional buyers and users.

That’s my .02USDC ❤️

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If you didn’t like the name Beam chain, now is the time to come up with suggestions. Apparently the word “Beam” is trademarked somehow

https://xcancel.com/drakefjustin/status/1891756928801354030

From Justin Drake’s tweet if you are interested:

beam call #1—progress at the social layer

https://youtube.com/watch?v=sSx6juIu4AI

→ intros from 8 new beam teams

→ comments from the 6 mainnet CL teams

→ intros from 2 new EF coordinators

Table showing all new CL teams

Outstanding diversity across 14 CL teams:

→ all continents covered (except Antartica)

→ new languages (Zig, C, C++, C#)

→ new self-funded teams

Some say the most bullish thing for Ethereum is to be understood. I believe this applies to the guts of Ethereum L1 too. The beam chain is a natural onboarding point for teams of devs who would appreciate every line of spec and every minute implementation detail.

Beam call #2 (Feb 28 at 2pm UTC) will focus on technical progress, e.g. post-quantum signatures. Calls are open—DM me for a calendar invite :)

Apologies for withholding beam updates on Twitter til now. I kept a low profile after receiving a cease-and-desist from a project that trademarked the word “beam”.

We need to move away from “beam”. I see this as an opportunity for a more decentralised branding process. Please DM @ladislaus0x with name suggestions :)

Zooming out, this is potentially the beginning of a multi-year mission to radically upgrade the foundations of Ethereum L1 and prepare it for decades to come. It’s humbling to see a small army of builders rise to the occasion, and I can’t be more pleased by the amount of social and technical progress in the few months since Devcon.

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u/physalisx:

Seeing blob fees coming back down from slight-above-nothing to effectively-nothing (1 wei, right now) is making me increasingly bearish on Ethereum’s whole scaling plans. We are now 3 and a half months “at blob target” yet so far no noteworthy fees are being paid for it, indicating that there is simply not enough demand for Ethereum L2 transactions to even sustainably fill the current limit.

I’ve predicted back in October that we’d likely not see a lasting fee market for blobs until Pectra. Seeing this unfortunately more and more likely (time is running out), I predict that we won’t see a lasting blob fee market until Fusaka either, and with the exponential scaling that comes with Fusaka and PeerDAS, we won’t see a lasting blob fee market anytime soon after that either. So where does that leave us? No DA income to be expected for the next few years, at best? Can someone remind me why this is good, again?

I’ve always thought hard forking in fixed blob targets is a bad and hacky solution to begin with. The only thing we should fixate by consensus is the blob limit, but the blob target should be dynamic between 0 and blob limit and only grow (or shrink) when that target gets continuiously exceeded in either direction, ensuring that appropriate L1 fees are paid. Same goes for the gas limit/target on L1, for that matter.

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u/Ethical-trade:

” So where does that leave us?” That leaves us with a platform that sends a message to the market. The message reads “settle on Ethereum like Sony, Coinbase, Deutsche Bank and Kraken do, it will cost close to nothing and you’ll make tons of money”.

I believe that you’re ignoring the part where several major institutions are currently building rollups that we don’t know about yet. Each institution is able to bring millions of users, and will do the marketing for Ethereum. And many more are debating whether to do it or not.

Had the blob market been saturated, management teams would have decided that Ethereum isn’t the right choice for their plans.

If I could snap my fingers and 100x the number of blobs, I’d do just that.

Monetizing 1,000s of successful rollups will bring an incredible amount of revenue to Ethereum without being expensive for users. This is what Ethereum is being built for, not to make investors a quick buck at the expense of builders and users and then the only truly decentralized blockchain fails.

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I attended yesterdays Aztec solo staking community call. For those who do not know, Aztec is a privacy preserving zkRollup on Ethereum which uses their own programming language called Noir to be able to write privacy preserving smart contracts.

Overall, there was not too much information on the call, but here are some of the interesting points:

Aztec is slowly preparing for their mainnet launch (this year?). They just established a non-profit foundation in Switzerland which does research, supports builders and maintain their programming language. They will provide grants and ensure community involvement in decisions. There will be governance which uses a ‘hypothetical Asset’. Wen token? ;-)

They want to decentralize as much as possible, this means they want to have solo stakers involved in their rollup. As far as I understand there are two kinds of nodes:

1) Validator Nodes (or sequencers). This can be run on consumer hardware at home.

2) Prover Nodes. This is for specialised hardware in a data center.

The exact hardware requirements are not defined yet. There was some discussion about high bandwidth requirements for node operators, but nothing is set in stone yet. At the moment it sounds like if you struggle with bandwidth for a mainnet node already, you might not be able to participate as a node operator on Aztec.

There will also be a stake you have to provide, but the exact amount and the rewards are also a work in progress.

At the end of Q1 they plan to get the public testnet up and running. It will run on Sepolia. This might be a great opportunity to test the waters and see if it makes sense to run a node. At the moment they have a permissioned devnet, so nothing to test yet as a node operator.

They have docs about running a node, but they are very minimal at the moment: https://docs.aztec.network/run_node

I am looking forward to have a privacy preserving rollup to play around with. I love their emphasis on decentralisation. I am not too familiar with their programming toolchain to judge what the barrier to entry is for devs.

They have a discord and other channels to keep up with their development: https://linktr.ee/aztecprotocol

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Yesterday u/haurog shared an update on aztec. Aztec is a very important project, but because it is privacy focussed it works differently than other rollups. I had some questions, but we both weren’t 100% sure how it works… So I have done some digging today (mainly using the official docs) and wanted to share my learnings with you.

In Aztec there is public and private state. As stated yesterday I believe both public and private state is needed to allow for more than just transactions, e.g. swaps, lending/ borrowing etc. Only of the balance of two assets in an AMM is public, you know the price. If it was private, the swap can’t be done. Only if the balance of an asset (and the APY) you want to borrow is public, you can actually borrow it. Why? Because only if the information is public, you as the user can create a valid zk proof for these transactions.

So how do private and public transactions work together?

Private transactions are client-side only. What does that mean? The user starts a transaction (e.g. sending ETH to a friend) and creates a zk proof for it. If you interacted with Aztec 2 or 3 years ago, you might remember that back then transactions took some time. I believe back then it was the same thing: you first had / have to create a zk proof of the transaction, meaning you proof that you have the funds to send. That takes time because the creation of a zk proof is still a lot of compute (at least compared to non zk execution). Then send the zk proof without any inputs (your own balance, your public key, the receiving public key) to the public side of the rollup, in this case to the aztec node = the sequencer. The sequencer includes your transaction in a block and later that block is settled on Ethereum mainnet.

So how does the receiver know that I sent them funds? Aztec uses a UTXO model for that. With the zk proof the sender also creates a UTXO representing the funds. This UTXO is also forwarded to the sequencer for inclusion in the rollup. It is encrypted and only the receiver can decrypt it. If the receiver “sees” a UTXO for them, they can spend it by nullifying it, by proving ownership of it, nullifying it and creating a new UTXO for the next recipient.

So how can I do a private transaction that touches public state without revealing it is me, e.g. swapping ETH for USD?

Private transactions that trigger public functions, like swaps on a DEX. The setup seems to be very similar:

You create a zk proof on the client side that shows you have the funds to make the swap and what you should receive from the AMM. You send the zk proof and a UTXO for the swap to the roll up nodes. The nodes job is then to execute the public functions and to hence to execute the swap, adding the UTXO balance to the pool and creating a new UTXO with the funds the initiator is supposed to receive.

But the nodes create the UTXO and hence know who the receiver is? This means its’s not private anymore?! Apparently the UTXO is for an anonymous contract, that is somehow controlled by your private address. So it is private indeed.

So what’s the role of the provers? The provers take all transactions of the network, generate zk proofs for them and aggregate these proofs to include them in the rollup and settle them on Ethereum.

P.S. I have no idea if this is correct, most of the time I have no idea what I am doing, especially when it comes to tech/ black magic, so please take this with a grain of salt!

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Treebeard, an EVMaverick, built an amazing emoji block visualizer. Every transaction is categorized and depicted with an emoji. We can see uniswap trades, beacon deposits, contract creation, token transfers, nft transfers, opensea sales, blob transactions, approvals, and uncategorized contract interactions. It is fascinating to see the activity in such a compact fashion. It gives you a very different perspective on the chain activity and its actors. Have a look at it: https://www.emojiblocks.com/

It reminds me a bit of the txstreet visualization from way back when, but much more informative: https://txcity.io/v/eth-btc

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u/TimbukNine

Ethereum

u/FrenktheTank

$2701.64

u/SelfmadeMillionaire

0.02794

u/usesbinkvideo

3,635,286 Ethereans subscribed (+2,286)

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u/alexiskef

✨E✨t✨h✨e✨r✨e✨u✨m✨

u/Ethzenn

$3,260

u/Kallukoras

0.031

u/usesbinkvideo

3,600,715 Ethereans subscribed (+2,626)

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Our scaling prowess,

The layer twos allow us,

More blobs endow us.

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Hi frens, hope you have a great friday. Missed the flows for a couple days, the 0 day threw me off. Here’s the past two days!

ETH stats

UTC Timestamp: 2025-01-31T11:24:00Z

Price and supply

ETF Flow (in millions of USD)

Summary

ETF Flow (last 3 days)

Sources

• ultrasound.money
• farside.co.uk
• farside.co.uk ETH ETF full historical tables
• coinglass.com

Previous post

View on Reddit →

ALL HAIL THE ETERNAL CRAB

📈 📉 📈 🌊 📈 📉 📈

📉 🌌 📉 📈 📉 🌌 📉

📈 📉 📈 🐋 📈 📉 📈

🌊 📈 🐋 🦀 🐋 📈 🌊

📈 📉 📈 🐋 📈 📉 📈

📉 🌌 📉 📈 📉 🌌 📉

📈 📉 📈 🌊 📈 📉 📈

$1000——–$3130——–$5000

2021———-2025———-∞

Overexposed AI investors are scared. Trillions of USD in AI investments are in peril. A small blue whale is crushing their dreams of moon. Logic would dictate that a portfolio rebalance is required, and it would also dictate that a small percentage of those trillions would flow to crypto and thus Ethereum. Deepseek and opensource AI is immensely bullish for crypto, as AI can replace everything in Tech but crypto.

But every time there is good news for Ethereum, this is when the Mighty Crab reveals his immense power. The AI investment bubble popping will have no effect on the price. Thus have the prophecies foretold.

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We shall fight on the subreddits, we shall fight on the deep dark corners of X, we shall fight in the Discords and on the forums, we shall battle in the tweets and the threads; we shall never surrender!.

And even if, which I do not for a moment believe, this network or much of it were FUDDED till the end of Ray, then our Eth community across the globe, empowered by decentralization and defended by the strength of the protocol, would carry on the struggle, until, in time, the New World of true decentralization, with all its power and clarity, steps forward to restore and liberate the Old.

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Yesterday, I wanted to send some stablecoins from my cold wallet (Ledger) to finally try and earn some yield on them. I connected my Ledger to MetaMask and attempted to make a transaction. Somehow, the transaction failed without a proper error message. Then I tried Rabby, but the same issue occurred. Next, I tried Ledger Live, but nothing happened there either.

Googling the issue didn’t bring me closer to a solution. The only option left was to reset the Ledger using the seed phrase. This also didn’t work. It looks like my good old Ledger (without the backdoor) had died on me.

Luckily, I had a second unused Ledger which did work after entering the seed phrase. If this had happened to me in a bull market when I decided it was time to sell, and I didn’t have a backup Ledger (as many people don’t), I wouldn’t have been able to sell.

I guess what I’m trying to say is, it’s important to maintain your hardware wallets every now and then to ensure they still function. That way, when (not if) the time comes that ETH hits $10k and you want to sell, you’ll actually be able to do so.

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I wrote a blog post for app developers frustrated with the opacity of the Ethereum upgrade process. It loosely describes the process & some soft guidelines about how to participate in it

When I was making the graphic at the bottom showing the timeline of the upgrades, I was actually kind of surprised to realize how new having a cadence and norms for upgrades is! The ‘standards’ were different early on and it was kind of difficult to figure out how many EIPs went into each upgrade

Anyway, would love to hear what’s still hard to understand. I know it took me literal years of following the ACD calls to understand what the hell was going on and what was normal and who everybody was

https://mirror.xyz/nixo.eth/hT5F3Eo4iqQYNtoZCNqobogAr_Kd2QOmzqEtoizG5GA

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I am looking for a new job in tech and I am both demoralized and in a way more inspired and hopeful for crypto than ever. I learned some things from working at a startup and some things dawned on me very recently (cause denial). I am going to get real negative for a second:

1. VCs are not friends of crypto. Behind talk of ideology and decentralization is good old-fashioned greed. They talk big talk but behind the scenes its: “Create a token, go on twitter”, does not matter if it kills the project roadmap. Would not be surprised if crypto has struggled to find product-market fit largely because of VCs. They chase hype and quick returns and they put shackles on you and make you dance. This seems to apply to whole VC class. “Disrupting” means replacing a fairly decentralized industry (however flawed) with a single monopoly of which they will be a shareholder, that’s the VC wet dream.

2. It is a cliche to say “corporations are greedy” but that it is a structural problem dawned on me only now that I am about to turn 40. Enshitification and shareholder enrichment at any cost is built into the corporate structure. In the digital world that took on a whole new form - two or three companies own our digital lives, our identity, our data and control what we watch, read and buy through algorithms they themselves cannot control while enriching a Zuck and an Elon and a Jeff. (I love the book “Technofeudalism” on the topic). As I heard somebody say “corporation was invented centuries ago and no new legal structures have appeared since then”.

3. War and imperialism are back full swing. (Greenland!? You must be shitting me!)

Now, all of that has come to have one name to me - centralization, centralization of power, centralization of wealth. Monopoly is a centralizing force, so is imperialism, so is VC money. What crypto on the other hand has done is bring back the idea that individuals matter, that we are disempowered by centralization and we have had enough. DAOs are hard to run but the exhilaration of mattering for a second felt by everybody involved in one is palpable (at least while the going is good). This is not a new thing - farm development and electrification of the USA, for example, was largely done by cooperatives. The economies of whole regions of Spain are driven by coops. The ideas of radical decentralization are not new but crypto ethos has given them new momentum among the wider public.

So why am I demoralized? It feels like the world is in a dead end and it is harder than ever to sell oneself to a Zuck-wannabe. It all seems to miss the point, it is centralization and enrichment at the cost of me and you and everybody we know.

Why am I hopeful? The space of imagining new ways to raise funds and organize seems to be thriving. Crypto is the only space in my life where the word “governance” and its importance seems to be universally understood. Among the decentralization theater there are genuine actors every day pulling in the right direction. So my praise goes out to everybody who has been working on decentralized networks, the Vitaliks, the people at Ethereum Foundation, the people who are coming up with new ways of funding the commons, the Owockis, the breadchains, and mastodons and blueskies (both decentralized protocols), people doing research on governance and implementing it, anybody who ever was or wanted to be a part of a DAO or a coop, anybody who believes and hopes that we do and will matter.

(And thanks to the mods for everything. Including not blocking my raging rants)

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Another major roadblock to Wall Street’s adoption of cryptocurrencies has been an accounting rule, issued by the SEC in 2022, requiring banks to classify cryptocurrencies as liabilities on their balance sheets. The rule has subjected those assets to strict capital requirements, significantly raising the financial and regulatory risks of offering crypto custody services.

Efforts to overturn the rule, known as SAB 121, gained bipartisan support in Congress last year. But then-President Joe Biden vetoed the proposed legislation, leaving the rule intact and further discouraging banks from adopting digital assets. Banks have been largely forbidden from expanding their crypto offerings beyond derivatives trading and offering ETFs to wealth management clients.

“At the moment, from a regulatory perspective, we can’t own” bitcoin, Goldman Sachs CEO David Solomon told CNBC in an interview in Davos this week. He said the bank would revisit the issue if the rules changed.

Late Thursday, the SEC rescinded SAB 121, potentially opening the door for banks to custody crypto assets without such burdensome capital requirements.

“Bye, bye SAB 121! It’s not been fun,” wrote SEC Commissioner Hester Peirce, who on Tuesday was tapped to lead a new “crypto task force,” in a post on X late Thursday night following the decision.

https://www.cnbc.com/2025/01/24/trump-crypto-plans-have-wall-street-ceos-excited-about-digital-assets.html

It will be interesting to learn one day what the thinking was behind this decision from Biden.

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$BTC created:

• Immutability
• Decentralization
• Digital Gold

$ETH created:

• Smart contracts
• Decentralized stablecoins
• ICOs
• Dexes
• DAOs
• Liquidity pools
• DEFI
• NFTs
• RWA tokenization
• Rollups
• AI agents

$SOL created:

• Memecoin casino

https://x.com/etheraider/status/1883264168381558787

We’re taking the narrative back

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“Decentralized on Ethereum” will be the new “FDIC Reserved”

Pass it on…

https://x.com/etheraider/status/1883161238366212471?s=46

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Here is my understanding of it. Not sure if it is 100% correct, especially about the zero knowledge cryptography part, but that is how I understand it at the moment:

zk rollups are a huge design space and depending on the choices the costs will differ. First of all if one uses STARKS instead of SNARKS the proofs are larger, so they cost more to verify, but they are faster to generate. As far as I understand most/all non privacy zk rollups are looking into STARKS nowadays if they are not using them already. Scroll still uses SNARKS as far as I know. There is also the subspectrum of commitment schemes which change the size and growth of proofs.

Another axis is how compatible the zk rollups are to the EVM. Starknet is totally incompatible. They use their own programming language, their own wallets, their own block explorers their own…everything. This makes their network a bit of a pain to use, but their proofing is more efficient and therefore cheaper. Scroll is the other extreme, it is fully EVM compatible. Whatever smart contract runs on Ethereum runs exactly the same on scroll. This increases the proofing cost for them. Same with Linea. ZKsync is somewhere in between as it is mostly compatible, but as far as I remember the hash function is a different one which, for example, does not allow us deploy a gnosis safe on zksync under the same address as on all fully EVM compatible rollups.

There is also the part about how efficiently transaction data or state diffs are stored in blobs. So depending how advanced they are there rollups could save some money in that part as well.

There is also the obvious part if a network wants to subsidize transactions by making them cheaper to increase the usage. This is obviously totally intransparent.

What I expect is the largest influence though is how often proofs are published to Ethereum mainnet. According to L2Beat on the ‘Finality’ page it takes 12 hours on starknet for a transaction to get included on Ethereum mainnet. For ZKsync it takes 4 hours and for scroll it takes 15 minutes. Publishing more proofs and batches makes a single transaction much more expensive because the proofing cost is shared among fewer transactions, but makes the time to finality much faster. So, I guess scroll is optimizing for finality and, whereas the other ones optimize for cheap transactions.

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Vitalik posted some incredible insight on how Eth as an asset and store of value could increase in value by following the L2 upgrade path.

We should pursue a multi-pronged strategy, to cover all major possible sources of the value of ETH as a triple-point asset. Some key planks of that strategy could be the following:

• Agree broadly to cement ETH as the primary asset of the greater (L1 + L2) Ethereum economy, support applications using ETH as the primary collateral, etc

• Encourage L2s supporting ETH with some percentage of fees. This could be done through burning a portion of fees, permanently staking them and donating proceeds to Ethereum ecosystem public goods, or a number of other formulas.

• Support based rollups in part as a path for L1 to capture value through MEV, but do not attempt to force all rollups to be based (because it does not work for all applications), and do not assume that this alone will solve the problem.

• Raise the blob count, consider a minimum blob price, and keep blobs in mind as another possible revenue generator. As an example possible future, if you take the average blob fee of the last 30 days, and suppose it stays the same (due to induced demand) while blob count increases to 128, then Ethereum would burn 713,000 ETH per year. However, such a favorable demand curve is not guaranteed, so also do not assume that this alone will solve the problem.

The whole blog post is fantastic and worth a read.

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OK so I hate to do US politics here but we kind of have to because one way or another US politics is going to do us, and something important just happened.

The US has for a long time been using civilian flights to deport people to Colombia. The new administration decided they were also going to do military flights, but they apparently neglected to clear this with the country where they were supposed to land, which denied them permission. In response the president is talking about tariffs, which is getting a lot of media attention. But the important part is, “IEEPA, Treasury, Banking and Financial Sanctions to be fully imposed”.

Locking whole countries out of the US-centred financial system is something previous administrations have done, but you generally know if you’re the kind of country it could happen to. If you’re going to invade the democracy next door, you should probably try to avoid relying on the US-based financial system. But if you’re a random central American country, or better a US ally like Denmark, you can be confident that your ability to transact is safe. This just changed overnight. Your country can be locked out literally at a whim.

The world is going to need new, credibly neutral financial infrastructure, and it’s going to need it fast. They could try to use Chinese banking systems instead, but that just subjects them to the whim of another unpredictable old man. This is the moment we’ve been building for.

Now, I know some people here have been jealous of Solana’s recent price action and wishing Ethereum was better connected with the current administration’s inner circle. But when you’re in a position to provide credibly neutral financial infrastructure for the whole world, it’s probably better not to have one of your main investors serving as the “crypto tsar” of the man whose actions are making everyone look for an alternative?

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We have just launched our new Data Availability Overview page on growthepie - https://www.growthepie.xyz/data-availability

This page allows you to compare the biggest DA consumers and compare between DA providers including ethereum blobs.

Quick Overview

• Ethereum Blobs: Less than a year since they were first introduced Blobs are consistently reaching their targeted capacity - this is going to be upgraded in the next hardfork. What Ethereum currently lacks in DA capacity it more than makes up for with DA Fees Paid proving that there are Layer 2s willing to pay a premium for Ethereum Blobs which cost over $65 per MB yesterday.
• Celestia: Meanwhile Celestia has seen a significant spike in Data Posted largely coming from Eclipse proving they have the capacity to meet demand. With cost per MB being on average $0.17 for the year. Celestia not only provides reduced costs they also are more consistent in their pricing.
• Further Comments: Trade-offs exist between DA providers and different use cases may require different solutions – what’s important is that this experimentation is happening on Ethereum made possible by Layer 2s.

Feedback would be welcome!

Also, I am still getting used to using r/ethereum again I don’t know whether making a post would have been better?

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#Daily DevCon #56:

The History and Philosophy of Cypherpunk

It’s Monday, January 27, 2025 — day 56 of our DevCon Ethducation listen-along series.

##Summary:

The talk at the Ethereum Developer Conference discussed the importance of returning to the roots of cypherpunk ideals in blockchain technology. The speakers emphasized the ethical and moral aspects of cypherpunk and its goal of creating a better society in the present rather than in a future afterlife. They delved into the history of cypherpunk, touching on topics such as cryptography, public key encryption, anonymous communication networks, and the need for privacy and freedom in technology. They also highlighted the underfunding of cypherpunk projects and the ongoing battle against centralization of power in society. The talk ended with a call to support decentralized technologies that prioritize privacy, empowerment, and individual sovereignty.

##Discussion Questions:

• How can the principles of cypherpunk ideals be effectively integrated into mainstream blockchain technology to uphold values of privacy, empowerment, and individual sovereignty?

• In what ways can the audience contribute to the support and funding of cypherpunk projects to ensure the continuation of decentralized technologies that prioritize ethical and moral aspects in the tech industry?

Your mission is to consume the content, then comment with insight on this thread, and vote up other valuable comments. The primary goal here is community development through education.

• Yesterday’s discussion
• All DevCon talks ranked by views
• The grand idea

^The ^summary ^and ^discussion ^questions ^are ^AI-generated ^from ^Youtube’s ^autogenerated ^transcript. ^The ^transcript ^may ^capture ^some ^names ^and ^terms ^incorrectly.

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Hey everyone. I’m very excited to share that I’ve picked up another part time role in the Ethereum space! This time I’m working with Karma.xyz who are building tools for managing on chain reputation to facilitate effective project funding and improve DAO coordination. if you’ve done any work with grants before, you may have heard of KarmaGAP through our protocol for grant accountability where their platform acts as a hub for all grants activity and building up profiles for grantees.

Anyway, I’m reaching out to see if anyone here is interested in providing feedback on our new Funding Evaluator Network. The Funding Evaluator Network will be a platform that helps communities evaluate potential projects to fund through a range of credible evaluators (human and AI), reputation and endorsements.

If this sounds interesting to you and you’re happy to see what we’re building and provide some feedback just let me know. Also if you are interested, just if you could in a couple of words explain your background, that would also be helpful. Literally just something like “DeFi builder”, “DAO delegate” or “DeSci enthusiast”. The more diverse the feedback we can get the better. Any help at all is appreciated! Funding in web 3 is a very tough nut to crack but hopefully some of you are willing to help us on this mission!

Cheers!

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u/SelfmadeMillionaire

Ethereum

u/FrenktheTank

$3396.57

u/TimbukNine

0.03239

u/usesbinkvideo

3,581,253 Ethereans subscribed (+3,085)

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D.A.O. was hacked,

Parity wallet got sacked,

ProgPow was not smacked.

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ETH stats

UTC Timestamp: 2025-01-24T14:35:00Z

Price and supply

ETF Flow (in millions of USD)

Summary

ETF Flow (last 3 days)

Sources

• ultrasound.money
• farside.co.uk
• farside.co.uk ETH ETF full historical tables
• coinglass.com

Previous post

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In the year 2035, society had slipped into a horrifying new reality. Every person, every belief, every institution was reduced to a token on the Ethereum network. The world ran on the “Social Rank” index—an unforgiving system where everything, from politicians to popstars, nations to religions, was measured by the wealth invested in their tokens.

The value of a politician wasn’t based on their policies, but on the number of investments they could garner. Leaders like President Grayson, once a beacon of charisma, had become a shadow of themselves, performing for the cameras like desperate influencers, always measuring the worth of their next move in Ether. Their worth was no longer judged by the people’s trust, but by the wallets they controlled.

Popstars, once a symbol of cultural revolution, were now little more than commodities to be traded. Ariana Nova, the top-earning token in the entertainment industry, wasn’t loved for her voice anymore. Her every concert, her every social media post, was an asset to be bought, sold, and tracked. The richest investors controlled her, pushing her into increasingly bizarre performances as they tried to outbid one another for influence.

Even countries weren’t immune. The United States was a bloated behemoth, its tokenization so over-leveraged that it teetered on the edge of collapse. North Korea had somehow become the top-ranked nation, thanks to massive investments from anonymous wallets with dark ties to the underworld. Wealth no longer determined the quality of life—it determined who got to survive the longest. Borders were defined by token scarcity, and the most prosperous cities had become private domains, locked behind paywalls.

Religion, too, had been assimilated into the cold, calculating grasp of the DEX. The Church of the Divine Blockchain promised salvation in exchange for crypto donations, its ministers dressed in tailored smart suits instead of robes, praying not for the souls of their followers, but for more transactions in their wallets. The faithful were measured by their investment in the system, their spiritual devotion tracked on the blockchain, their worth increasing or decreasing with every shift in the market.

Life had become a relentless cycle of accumulation. People no longer spoke of love or loyalty, but of dividends and returns. The richest could buy their way into the highest social circles, where they lived in luxurious towers, insulated from the suffering of the lower-ranked masses. The rest of society had fragmented, the lines between the rich and poor drawn by the value of their Ethereum tokens.

And yet, even as the world collapsed under the weight of its own greed, the question remained: How much were you willing to invest in the future? Because in this new world, popularity and power weren’t given—they were bought. And if you didn’t have enough Ether, you didn’t matter.

(bullish btw)

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Hey guys, hope everyone here is well in this new (but old) home. I wanted to pop in today to share a few thoughts.

I’m encouraged by Vitalik’s post (https://x.com/VitalikButerin/status/1880635379771904423) suggesting that change is coming to EF leadership. I agree with Joe Lubin’s comments (https://x.com/ethereumJoseph/status/1880616193641640330) insofar as the environment has changed a lot, and EF leadership needs to evolve with it. I think Vitalik’s suggestion that we bring more technically capable leadership into the Ethereum Foundation is the right move. I’ve made it no secret that I think Danny Ryan would be a great choice to lead the EF. Not only is he very capable technically, but he also understands the Ethereum ethos extremely well, respects its process of rough consensus, and is humble enough to engage others to support him in the areas where he may not have expertise without being threatened by them. If Danny is truly interested in such a role, then we’d be very lucky to have him. But I want to be clear that any kind of co-lead structure, or a structure which has Danny as CTO to someone else being ED would likely be counter-productive. A kitchen cannot have two head-chefs. On balance, Danny has credibility from the Community AND Core Devs. He’s a logical choice and I hope Vitalik will make the right one here.

And while I don’t love the framing in the second half of Vitalik’s post, I generally agree with most of it. EF should not be doing “lobbying,” which would involve engaging with legislators and policymakers to explicitly influence policy and legislation. However, I DO THINK that EF should not be afraid to talk to governments and businesses where appropriate to explain Ethereum’s differentiated value prop and encourage them to build on it where appropriate. There is a difference between ADVOCACY & EDUCATION and LOBBYING. I hope that this is a distinction which the future EF leadership understands. And with respect to actual Lobbying, I’ve LOVE to see industry (apps and L2s) fund an actual Ethereum-focused lobbying org to influence in DC and beyond.

I think where EF can add most value in this very competitive environment is the following:

1) Enhance efforts to support technical development to ensure Ethereum remains competitive in the blockchain space. Right now, imo this means helping the community to make tough decisions about Ethereum’s future in a timely manner and suggest appropriate prioritization of development. EF has always done this, but it will do it even better with deeper technical expertise at the top. 2) Redouble advocacy efforts to ensure that the Ethereum and ETH value propositions are well understood. We’ve outsourced all of this to the “podcast layer”, and imo, that’s been disasterous. Communicating about what Ethereum does and what its future looks like will NOT compromise credible neutrality. We need this now more than ever. 3) Lead by example by actively using Ethereum, and demonstrate to others how it can change the world. This means using and talking about the apps. Not acting like the app layer doesn’t exist, or expressing disdain at the apps which currently exists.

I think ecosystem development has come so far in the past few years that I question how much more is needed. This needs to be refocused to a handful of priorities which we feel the open market cannot address effectively. It’s hard to critique current efforts here by the EF, because much of it is opaque. But i’d much rather put 10x more effort into dev and advocacy is my two cents.

As for Vitalik’s other points (some sort of trolling, lol), I think the message is that EF is not going to morph into some sort of super-dominant organization. That’s fine, and that’s not what we need for a credibly neutral network. But I’d LOVE to see an organization focused 100% on making sure Ethereum WINS the role of becoming the world computer and settlement layer and is not passive about centralized competition running the entire narrative and adoption cycle. IMO, this means burning harder than ever before on the priorities I mentioned above and jettisoning most everything else.

I hope you all are well. I’m still super optimistic about the Ethereum ecosystem, and change to the factors I mentioned above can only be a good thing!

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u/TheOnlyHodlerInCuau:

Hey, some of you might remember me from the old sub. Got in on 2017, got drained (stupidly, my fault completely) a year and a half ago, lost almost everything, steped back for a while, managed to get a nice job, got back in the game. I am not close to where I once was, but I’m getting there.

My comment here is just to state that I’m beggining to loose faith in the space. Not because of the monetary aspect of it, (despite what I’m reading on other comment here, I feel like we are doing the same we’ve always done, underperform most of the time, then a fast pump up to track), but ‘cuz it just seems tha the values we once held high have vanished.

We were suppossed to be revolutionaries.

We were suppossed to become a new monetary system. Something that the banks and the oligarchs couldn’t control, so we could never have such a catastrophic management or uneven distribution of wealth as we had back when the idea was proposed.

Instead, I believe we worsened it. Grifters, gamblers, plain out garbage influencers preying on the weak minded, jobless folk who have 1k in their bank accounts and are desperate for a 100x that they feel everyone is getting only to find out that lost everything on the latest Cryto Ponzi.

Banks and oligarchs are celebrated when they pump our bags because fuck it, we were never about changing the monetary system, we just wanted to be part of the big boys club.

People mad at their investment that made them 59% yearly profit (ETH) because “What the hell? That other dude made more”. 59% profit… and we’re whining because some Ponzi is making more. Do you notice the greed?

It was naive to think we were going to change the world. Socio economic structures never change. Only the ones up top change every now and then. But I never tought I would one day feel disgust of the microscopic part I’ve played in this game.

I’m here, I’ll stay here. Money is money. But we’ve lost the way.

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u/pocketwailord:

The grifters and influencers are always the loudest. Please do not confuse them for the crypto ecosystem as a whole. It may not seem like it, but many people within the crypto ecosystem are in it to revolutionize the monetary system. They are just drowned out by bots and pump’n dumpers and shit on with negative engagement, which has been proven to have a much stronger psychological impact on the human brain.

We are still here, building.

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u/curious-b:

Consider the bigger picture. Crypto isn’t changing the monetary system (yet), merely exposing it for the empty shell that it is.

How exactly did you expect the transition to go? “Hi, we’re here with a new, better monetary system” “Oh, that’s great, here’s the entire world’s wealth, power, and control”?

The world is being thrown into chaos due to extremely rapid synchronized global technological, economic, and cultural shifts. Expect the monetary transformation to be anything but smooth and predictable.

My read is that the transition is starting by exposing the absurdity of the current system. Each time the silliness gets ratcheted up a notch (outside and inside crypto, think ZIRP, UBI, GME, FTX, DOGE->WIF->FART->TRUMP->???, etc…), it’s another signal that the current system is broken, and that we are collectively reverting to a more primitive state of trying to figure out what money really is.

On the micro level, I think ethereum still represents the best values in terms of ethical alignment with cypherpunk roots, and VB’s latest reaffirms that. Ethereum’s core founders have all made their fortunes already, and as anyone of sound ethics realizes that beyond a certain point money doesn’t matter, and they have exactly zero interest feeding into speculative bubbles over and over again. They’re doing what they want, token price be damned.

If you’re here to make quick gains, you made the wrong choice. Technical and ethical arrogance does not guarantee future returns (just ask XMR holders). If you’re here to embrace a monetary revolution, zoom out and chill, these things take decades and nowadays everyone’s attention is obsessing over the day to day.

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What a fucking timeline we live in.

1.5 days ago Trump launches a memecoin on Solana. It blew upwards so hard it became the #2 memecoin within 36 hours (https://www.memecoinrace.xyz/). Everyone and their mom is celebrating the death of ETH and glorifies everything Solana.

Today, Trump’s affiliated World Liberty Financial buys $20M+ in ETH + the whole ETH community is triggered from yesterday and the EF talks and rumours. Everyone absolutely tooting the ETH marketing/bullishness horn. As an ETH maxi that latest thing is great to see. Time we get vocal!

As you all where there to warn me for the Luna/UST saga. I am here to warn you not to follow everything Trump does blindly:

1. “People are buying “world liberty financial”, trump’s “defi” token on eth. The proceeds are getting converted to eth. But the token isn’t transferable and the terms say it won’t be for a minimum of a year and likely indefinitely. Don’t touch it” - from another EVMaverick
2. “No information on this site is intended to be an offer to buy or a solicitation of an offer to sell any tokens where not permitted by applicable law.” –> from below website
3. The URL from their website is “token sale”: https://www.worldlibertyfinancial.com/intl/token-sale And the team literally consists of the people who will introduce the applicable law.
4. Insane grift lmao

Keep your ETH and ETH ico coins. You will be fine!
Chase the good stuff. New Base/Warpcast projects, other L2s, projects with more innovation, public goods, etc.

We will win in the end!

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The increasingly vocal demand for changes at EF are insanely bullish for me personally.

It has been beyond frustrating to get bullied for YEARS by self-serving, fraudulent, venture capitalist liars like Kyle Samani so they could serve up their propogandized slop about how superior their centralized casino chains are. While EF leadership sits around and does NOTHING.

I’m all for taking the high road against idiots but sometimes you have to fight. You can’t soy your way into a financial revolution when grifting psychopaths are trying to crush you out of existence. It’s time to be competitive and punch back. Fight for ideals and fight for what we’ve been building.

So glad to FINALLY see this conversation happen.

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Aya Miyaguchi took the executive directors position over from Ming Chan. Ming had the position since the launch of Ethereum in 2015 until 2017/2018. If you want to learn about a controversial executive director you can read up on Ming Chan and how most people felt about her. Nevertheless she was able to clean up the EF finances quite a bit and get some sorely needed structure into the foundation. When Aya took over pretty much everyone was releaved. With Aya internal power struggles seem to have calmed down massively, she was able to unite the pretty wide range of EF people under one vision which is honestly pretty impressive. She was an extremely good choice for that time period. That does not mean that I think she should stay at that position forever and personally there are very few people I respect more than Danny Ryan. When I heard him taking a break that was one of the sadder days for me. If we would get Danny at the helm of the EF I would be very happy, but at the same time I would keep my respect for what Aya managed to do within the EF.

Just to say, I am neither associated with the EF or met Ming Chan or Aya Miyaguchi personally. All my knowledge came from a handful of books written about the early Ethereum history and blog post from various people.

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u/Yo__Ho:

Why is X such a dramatic place? Looking at all the drama unfolding there. Yes, everyone is frustrated with the continuous ratio decline. Yes, competition is increasing (or at least the perception) and things need to change over time. 

But this straight on attack on the EF just over the last weeks as if they are fully responsibility for the decline. They are now seen as the scapegoat, whereas there are way more factors playing along.

On top of it, changes have been announced. Give it a couple of months to see if things have turned better. If not, you have a valid reason to further complain and RESPECTFULLY propose alternatives. However, the bullying as if Aya is the sole responsible person for one’s ETH not being 5k, so they can cash out is just out of place. 

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u/haurog:

Because the algorithm is looking for and actively rewards maximum emotional outrage. You can argue it has increased since twitter has been sold, but this has always been there. In my view most/all social media do this to a certain degree, because the emotional angle is the easiest one to capture people.

Some people exploit this explicitly like: https://xcancel.com/MaxResnick1/status/1867238148842889511#m

while others are just swept along with the tides.

This implicit optimization for outrage increases Key Performance Indicators for the social network in the short term, but destroys communities in the long term.

This destruction of communities is what we have seen in the last half a year or year in Ethereum. As an outsider it is bewildering to see long term community members like Eric ‘leaving’ over something insignificant as who is ED in the Ethereum Foundation. Might very well be that he knows more than I do, but howdy does it look overblown from the sidelines. The same discussion style swept over from twitter and even long standing community members make statements here which are alienating, disrespectful and sometimes technically wrong.

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https://x.com/dannyryan/status/1881742086703096313

Just to fill you in: I left the EF last year due to health issues and in an attempt to clear my head after working my ass off exclusively at the EF and on Ethereum for seven years.

I stepped aside, and the EF and the broader Ethereum ecosystem moved on without missing a beat—new leaders stepped up, and the machine kept running.

I got the much needed time to reflect without being so close to the gears of the machine. In my reflections, I got excited about the EF potentially entering a new era, not a full departure from prior strategy and philosophy, but an evolution to meet the world as it is today and as it has greatly changed over the past decade.

I opened a dialogue with Vitalik and others at the EF about such changes and the possibility of being involved in this new era. These discussions started long before this past week and are ongoing.

I’m grateful for the overwhelming support I’ve received from Twitter and many longtime friends and colleagues. However, some of the discourse has turned counterproductive. These are real people attempting to sort through and do what is best. With or without me, the EF is evolving and for the better. You’ve been heard, but vitriol is ultimately harmful to this process.

I believe in a community that fights its battles with respect and reason. So, fight for what you believe in, but please take the high road.

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There is an overwhelming amount of bullshit and misinformation on X aimed to attack the EF and Ethereum in general and I’ve always had a strong feeling that this is either partly or completely funded by ‘competing’ projects like Solana. There’s a very strong financial incentive in trying to take away activity from ethereum, controlling your own validator set on your own blockchain, it’s all taking sweet sweet retail money with no penalty and no likelihood of backfiring.

The misinformation campaign is absolutely massive, spans crypto newspapers like CoinDesk, lots of X accounts, mobs of bot-like users spewing bullshit, all to control the narrative that Solana is very much the thing that will replace Ethereum. As with every cycle, except this time with a lot a lot more money.

Honestly a complete embarrassment for the industry. We saw this bullshit happen with EOS at a smaller scale in the 2017 bull market, then Solana, Terra/Luna, Avalanche and all the other horseshit chains with under 30 validators in 2021. Now again with Solana.

I hate sounding like a conspiracy theorist, but it is so obvious. Every time I take even 5 minutes of my valuable time to read some shitty article from any crypto newspaper there is some kind of diss at ethereum and some kind of praise at solana. Money has corrupted the industry just like it corrupted wall st. before the 2008 financial crisis.

One day this industry will be large enough and this kind of crap will still be tolerated so much so to cause such a big reputational hit that we might take decades to recover from.

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🚨 Phishing Alert 🚨

There’s an active phishing attack targeting crypto users on X right now. A fake handle for “Second Foundation” (e.g. 2nd_foundation_) is posting links to a Telegram group.

When you join the group, they claim you need to verify yourself. However:

1. The CAPTCHA always fails.
2. They then instruct you to copy and paste a command into your Windows CMD, which downloads a Trojan onto your system.

Stay vigilant and avoid interacting with such messages or commands. Do not share personal information or download anything from untrusted sources.

Be careful out there! 🔒

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u/TimbukNine

Ethereum

u/FrenktheTank

$3367.45

u/usesbinkvideo

3,559,611 Ethereans subscribed (+2,624)

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Holder gets older,

Beholder needs to smolder,

Reach stakeholder.

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You know what we are doing wrong? We’re talking about technological developments and use cases rather than just mindlessly posting threads titled “i want number go up” and “buy, buy, buy” over and over like a certain subreddit. Clearly they have the right idea based on price action

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No, the idea isn’t actually to be a deflationary currency.

Ethereum has always had a goal of reaching a “minimal viable issuance”, but it’s not exactly clear what that amounts to. It seems somewhat likely that Ethereum will make 1 more adjustment to the issuance model, but probably that will be the last change, if any is made.

Having the network issue ETH is what upholds the security of the network, this is how validators get paid. The fact that Bitcoin will stop issuing BTC is actually a huge potential problem because this is where miners get like 95% of their income from, the rest being from tx fees. So while it seems attractive to have 0 inflation on the surface, it’s actually not a good design for the longterm.

The reason why ETH is burned in the first place, is due to the tx gas fee market. By burning the transaction fees, it’s impossible for stakers to send free transactions and manipulate the gas fee market or accept payments in other currencies.

Right now there’s a maximum possible theoretical issuance of around 1.5% annually, but that would require for every single ETH to be staked, and that’s before considering the amount that gets burned.

The actual current level of inflation is around 0.9% with around 35 million ETH staked, before accounting for burned ETH. After accounting for ETH burned, the inflation is pretty close to 0%.

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I think considering L2s parasites is a very superficial view of Ethereum. I understand why someone just looking at the price action might think that’s the case. Ethereum is reinvesting its profits since 6-8 months ago, and it’s not giving the speculators any big gains nor dividend ;)

If we’ve learned something these past few years is that you cannot have an expensive cryptocurrency and a thriving decentralized economy at the same time. This is a balance that needs to be achieved.

Before the ETH ticker rises, gas prices needs to go down massively. This is what blobs are achieving.

If L2s were paying the fees they used to pay back in the beginning of 2024, no one would complain about them being parasitic, but then Ethereum would still be mostly a 14 TPS L1 with serious scaling problems, and no one would use it. All will gravitate towards Solana and others.

The blob market is ridiculously cheap, and that is good. It’s good because the amount of L2 activity keeps growing 30% monthly, and once blob fees from that increased activity start burning ETH at a decent pace, and once we get based rollups, there’s really no stopping ETH.

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The fight against true decentralization is real and has increasingly been manifested through the constant and relentless coordinated attacks on ETH/Ethereum over the years. The current market (rising rates and fear of inflation etc.) are of course a key factor in the recent PA, but that combined with the negative sentiment artificially created only exacerbates downward pressure.

BTC is not a threat to USG anymore - it’s de facto controlled by it (miners are now large corporations mostly concentrated in the US and subject to strict regulatory compliance and Gvt oversight…and now so are holders via the likes of BlackRock and Microstrategy). You can almost trace the change in sentiment for ETH back to the day of the Merge. Moving away from PoW really pissed off someone off…

Alt1s are also de facto controlled by USG, with Silicon Valley VCs and limited nodes/validators mostly in the US, all regulated and subject to USG oversight.

It’s my biggest and single concern with ETH/Ethereum. It is too good at what it aims to be: a true instrument of change and decentralization. It is the most disruptive. The most cypherpunk. That’s what brought me to this space in the first place. The gains were just a reward for my conviction. My hope is that this conviction, this cypherpunk ethos grabs hold of the narrative once again, otherwise it was all for naught.

Ps: you can replace USG by any nation state (or the “Man”), but USG controls the world’s financial system and thus is likely the main culprit.

[edit: glad to be schooled by our dear friend Logris: cypherpunk!!🤦🏻]

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Towards the end of last year, almost everyone seemed to be working on the assumption:

• Pump in first half of January, anticipation for pro-crypto Trump presidency
• Dump after inauguration, as expectation meets reality of not a lot actually happening (sell the news)

I think because that idea became so embedded into many peoples minds, a lot of peoples strategy had them selling in early January, during what they assumed would be a pump season. As markets often do, we are seeing the opposite to what was expected, as everyone tries to front run the expected post inauguration sell off, and is taking profits now “before it’s too late”, causing the current sell side pressure.

Since we are selling off now, I’d expect that means there is a chance this is the widely expected “sell off”, and its just come early. In that case, sellers could actually be exhausting themselves already, and we may see the bottom out and turnaround faster than expected too. Sentiment already seems very bad, which is incredible given BTC still over $90k, and ETH still above $3k, a level it hasn’t historically spent much time above. The longest time Ethereum spent over $3k USD was 15 weeks, in this current run we are on week 11.

If this is the expected sell off, I’d say everything is actually holding up remarkably well when measured against comparable sell offs in prior cycles. It’s amazing how quickly people forget how painful these sell offs can be, and I’d still argue we are seeing far less pain than we experienced last cycle when we climbed the “wall of worry” in the early bull market.

All eyes are now on whether these $90k BTC and $3k ETH levels hold, which are likely to be seen as psychologically significant. This will tell us a lot about where we may be going next.

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I probably wasted my time in the r/investing subreddit trying to explain why stablecoin remittances are a huge use case that even crypto haters could appreciate (since many of them aren’t aware of Ethereum/stablecoins and just associate crypto with “ponzi bitcoin” cause BTC has no utility), but I went through with it anyway doing a step by step write up (even logging into my bank account to simulate a wire transfer etc).

It actually even surprised me a bit to see how much cheaper it truly was. This is a usecase that every normie/crypto hater should be able to get behind, because they don’t even have to ever buy/touch any crypto asset (ETH included) outside of stablecoins (which they won’t even have to hold for longer than 1 minute between sending/swapping back to fiat) and they’d be able to greatly benefit from it in terms of fees saved.

See my comment here for the full writeup.

TLDR:

As of right now, a US person can pay 0.25 cents to send $5,000 USD to someone in Europe, who would then receive 4883 Euros after 1 day.

If that US person instead decides to send $5,000 USD via Chase Bank (just using the largest US bank as an example) to someone in Europe, they would only receive 4763 Euros after 1-3 days.

Sending stablecoins would be faster and save you 120 Euros in fees compared to the traditional banking route.

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u/j8jweb:

Since you’re here, I assume you think ETH is either 1) a superior (or comparable) investment to BTC; or 2) a long shot that’s worth a punt.

Which is it for most of you?

Do you genuinely think ETH will catch up with (or outperform) BTC this cycle as it has in all previous cycles? Or has the landscape shifted so much in the past 4 years that this is now highly improbable?

My patience has really been tested this cycle for some reason. Perhaps it’s because 6-figure BTC no longer feels remotely underpriced, and ETH is still “down here” near $3k, when it ought to be closer to $6k or $7k.

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u/TimbukNine:

The Ethereum ecosystem and capability is clearly far superior to Bitcoin, so I’m in it for the very long term.

That said, the sheer amount of money behind the industries supporting Bitcoin is vast and they have a vested interest in muddying the waters for anything that can be genuine competition.

The big players employ teams of developers and marketeers who promote anything that can be hyped into a “Bitcoin killer” or fast track to riches. This sucks investment away from actual threats who then find themselves floundering wondering why they aren’t getting anywhere while BTC continues to rise. The Bitcoin killers lose momentum when their owners pull the plug.

A small prediction: Solana will collapse in March this year under a huge sell off from their VC backers.

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u/nomadineurope:

Neither.

I simply think it has become one of the most widespread - if not most widespread - chains.

It has the early comer’s advantage plus significant momentum and I think the L2s have addressed a lot of the shortcomings such as high gas fees.

From a developer’s perspective there is a huge ROI on learning Solidity and EVM.

From a trader’s perspective, I don’t see ETH as appealing as, say BTC or the high volatility Solana coins.

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u/PhiMarHal:

Both but also a third one, the principle of asymmetry. The more undervalued ETH is, the greater the upside. Consensus investments make consensus money.

What’s the path forward for btc? Shilled by president of the United States, propped up by the MSTR ponzi, the Tether ponzi. It’s not as if bitcoin will become useful, and we’ll eventually run out of greater fools. Miners still drain billions of dollars from their ecosystem. bitcoin still has no plan for economic security in the long run.

What’s the path forward for ETH? Ethereum being actual tech that serves a purpose, it can very much scale to planetary needs and deliver a service the world is willing to pay a self-sustaining amount of fees for. We have contigencies for quantum computers and most other threat vectors.

The main risk for Ethereum is that somehow we never manage to communicate that value to the wider world and can’t justify high valuation. This would be a bizarre outcome because we already see consistent growth in adoption. I think it’s only likely through some weird “black swans”. The AI Singularity happens for real and we all turn into space communists with one giant impartial computer to administrate us all, trust in this system is absolute and money becomes obsolete. Or, World War 3 nukes us back to Stone Age. That level of black swanning.

Any of those would kill bitcoin as well anyway. So the final equation is this: do I want more risk and less upside (btc), or less risk and more upside (ETH)?

I think bitcoin only makes sense as an investment for a pure mercenary who believes blockchain is a sham, or at least thinks it’ll never live up to the promises; our merc wants to get out at the right time this cycle and kiss crypto goodbye. With that outlook perhaps one could bet on bitcoin. But even with that mindset, still feels like buying at the top of the pyramid. Good luck to the brave merc, me I find believing in something easier.

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Agents today are just a parlor trick of an open source model + some prompt engineering integrated with a Twitter bot. But AI agents can and will be so much more than that.

When we make fine-tuning as a service and build AVSs that offer this to end users affordably people will be able to build their own personalized models for anything they like. Make a model that grades your math homework and serves as your tutor. Make a model that diagnoses cancer from MRI scans. Make a model that knows all your preferences and offers recommendations for shows to watch, things to repurchase on your usage schedule, etc without being diverted to inferior products because that makes Amazon more money. Make a model that fights Ethereum FUD so you don’t have to type out long replies as you engage with CT trolls for fun.

Eventually we’ll attach something like Sentient.AI’s billing approach to the model so they can be open sourced without forfeiting the revenue rights to the model indefinitely, then anyone will be able to host it for you for a negotiated revenue split. Then we can tokenize the model at the outset and reward those doing the training compute and those doing the data labeling by issuing them tokens that provide a claim upon the eventual revenue of the model. We’ll wrap all of this in DePin so anyone can contribute compute to either train the model or host it on an inference market. We’ll add TEE + snarks to prove the computation was done honestly. We’ll attach TEE’s+MPC to protect your privacy.

Lastly we’ll make DAOs that govern the data set the model is trained on so we can have community run fine-tuned models that those communities can monetize at the inference layer rather than the output layer.

What you’re seeing with AI agents now is overhyped. Using blockchains to organize efforts to create impactful fine-tuned models is underrated. Blockchains help us excel at human coordination. Crypto x AI is a more coordinated and hopefully value-aligned AI layer in the long term than is likely to be offered by for-profit companies.

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During todays all core devs call the timeline for the pectra fork has been discussed. The plan is to have the following schedule:

feb 3, publish new client releases for the upgrade by this date

~feb 12, sepolia fork

~feb 19, holesky fork

and if all works well we will get a mainnet fork in march

That sounds awesome. Looking forward to another great upgrade.

Exact block numbers for the upgrade will be determined in the coming days.

Source:

https://x.com/christine_dkim/status/1879919371684127176

or

https://xcancel.com/christine_dkim/status/1879919371684127176

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Let me try to answer that:

• Double the amount of blob space. More rollups and cheaper transactions on them. Scaling that actually works.
• Reduction of the number of validators but still keeping the same network security. Ethereum needs fewer resources. Scaling L1 will get easier. Will take some time to play out.
• Account abstraction for your old addresses. Same convenience as smart contract accounts. Will take some time to play out.
• You can exit your validator from your withdrawal address. Makes LSTs much more trustless.
• Increases costs for certain transaction types, which does not interfere with the normal user, but allows for a much more massive scaling of the L1.

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If you scroll all the way down in the Daily Doots you will find a “delegates” section. Back in the r/ethfinance days, we started organizing and coordinating as a (reddit) community because there were some initiatives where we agreed that some things should happen (e.g. when one non-censoring relay went offline because of the inability to monetize we agreed to get the Aestus relay some funding via OP grants) or should not happen (e.g. when LDO applied for the (I believe it was) STIP in the Arbitrum ecosystem we coordinated and agreed to voice our concerns about / and vote against them receiving ARB to even further increase their market share).

After that we thought we could take this even further and plan for new airdrops, find ethfinance delegates before TGE and delegate to community members when claiming was possible. This happened for e.g. Starknet, zksync and Scroll. There are many positive effects: You have a rather easy way to reach out to your delegate, either by tagging them or via DM. Delegates like u/bob-rossi have made regular governance updates to keep the community posted about proposals, discussions etc. in the different ecosystems. And if there are topics around an L2 or so, even without tagging, delegates will usually comment and share their thoughts and gather feedback if they are undecided.

Does this mean that after the merge all r/ethereum members now should delegate to someone from the list? Of course not! You are free to choose any delegate, become a delegate and if you are a delegate I am sure we can add you to the list as well! But if you still have some L2 tokens (or even bought more in the past couple of months) and haven’t delegated those yet, you might consider one of the people from the community.

And if you have questions, I am sure we can activate most delegates to do a quick intro, answer questions and share their idea about why they are (still) delegate.

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u/FrenktheTank

Ethereum

u/usesbinkvideo

3,542,025 Ethereans subscribed (+2,158)

u/Twelvemeatballs

$3,293

u/TimbukNine

0.03482

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EVM process,

Impact of the printing press,

Finance full access.

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

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reminder that crypto is risky, take your eyes off the charts and enjoy your life

money comes and goes but your time spent looking at candles never ever comes back

if you cannot handle that, best to invest in low risk assets

it’s been a tough few years, have an entry and exit plan and learn to stomach drops, it’s a skill that you need to invest in crypto

for those feeling bad, we all understand and it’s going to be okay, i promise

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Block of Ages cleave for me, Let me find myself in Thee.
Future of France in my hand.
Five hundred miles from EtherLand

Caught a run of Luck learning how to to mine. Got an education on a scratch of a dime.
Stuck Doomscrolling and Comatose, Halfway rusted on the salty coast

Made a little money, but it came with scars With two beat-up ledgers, but zero bars. From the Crescent City to the Great Salt Lake It ain’t what you got, it’s what you make

When the road got rough and the wheels all broke, we couldn’t take more than we could tow.
Making something out of nothing with a scratch and some hope(ium) With two old ledgers, like a shovel and a rope

Block of Ages cleave for me, Let me find myself in Thee.
Future of France Our hands.
Five hundred miles from EtherLand

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gm gm! James here from Octant. Stoked that this channel is coming back to life! Big shoutout to everyone who made that happen. Just dropped some knowledge on where we are going for Octant v2. Its kind of heady but wanted to share nevertheless. https://reddit.com/r/ethereum/comments/1hs1kuf/comment/m51x11r/?context=3

Hope you all had a wonderful holiday, 2025 is going to be an amazing year!

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Ethereum’s main value proposition in my opinion is from securing the information and value on its network.

The value part is obvious. The ticker is ETH. ETH itself needs to be valuable in order to guarantee the continued functioning of the chain. Without ETH value there will be no stakers, no block proposers, no block builders, no transactions, no chain.

The second piece is information. ETH needs to be expressive enough to contain the various pieces of information that we find useful to put on-chain. Bitcoin is minimally expressive so it was highly limited in the amount of information it could store on-chain. Ethereum expanded the expressiveness to essentially infinity with a turing-complete programming language (Solidity) for smart contracts.

Now anyone can write any smart contract, put it onchain, and anyone in the world can instantly interact with that system. I also believe that Ethereum has passed the bottleneck stage (for the most part) with fees such that it isn’t too expensive to put information into the chain anymore. L2 tvl suggests so at least.

Being able to rely on the chain, and the information stored on it, to persist into the future relies on the decentralization of the network. The more decentralized it is the more likely it is to be resistant to attacks of all sorts, be it cultural/physical/financial. Essentially it creates the most neutral credibility in terms of users being able to rely on it to function as intended.

Additionally, network effects exist all over the place for ETH. Some examples:

1) mindshare and number of holders who are committed to the network and the ideas behind it rather than just trying to make a quick buck or scamming people

2) Solo staker ecosystem which supports the foundational community which credibly runs the hardware that the Ethereum software controls, the source of ETH’s credibility.

3) Core dev commmunity. Required to improve and maintain the functioning of the Ethereum network.

4) Builder commnuity. Improving solidity code, improving our understanding of how to implement the EVM every day, improving smart contract auditing and tooling.

5) Smart contract network and liquidity. The existing smart contracts that have been deployed are like the buildings in a city. If the core devs and solo stakers are the road/sidewalk builders transporting you around the system. The smart contracts and teams that have deployed them are the libraries, schools, offices, banks that you can interact with. The more of these exist in a city the more vibrant the city becomes which is why people all clump together. Same for smart contract network states.

There’s more but that’s just some examples.

I’d like to propose another form of valuing Ethereum which is the amount of human “work” that it secures. I think by this metric it shouuld be the most valueable asset on the planet bar none. “But haven’t lots of other companies spent 1000x more human hours?” Yes of course. However not all human hours can be counted the same. Think about all the human hours that go into maintaining an exchange in traditional finance world. It’s huge. Now you deploy uniswap contract which is a fancy version of x * y = k and viola, you have SOLVED exchanging tokens. Basically for all humans for all time. I still don’t think people understand HOW MUCH human effort smart contracts contain within them. They are the most consolidated, most efficient, human effort in history. They are the blueprint, the instructions, the software, that controls a fleet of hardware dispersed across the entire world, telling them exactly how to do operations that humans would otherwise have to spend countless hours doing manually.

The more that this system’s functionality expands, the easier it gets to use. Network effects. Eventually it will consume the majority of at least the digital world’s activity. You need ETH to operate this computer. You don’t have enough ETH.

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🚨 So, Scam Sniffer announced their 2024 Crypto Phishing Report. I’ll paste their main tldr below, but you can also find their detailed report here.. I highly recommend giving it a read.. Experienced users will get a refresher course on everything they have learned to watch out for, and new crypto users can certainly get a clear picture of how dangerous it can get out there if they don’t set-up proper security practices..

📊 A staggering $494M was lost to Wallet Drainer phishing attacks in 2024, up 67% YoY. The attacks affected 332K addresses (+3.7%), with the severity intensifying and the largest single theft reaching $55.48M. 💸Q1 2024 saw the heaviest losses at $187.2M, with March peaking at $75.2M. 30 major incidents (>$1M) occurred throughout the year, totaling $171M in losses.

📉 The attack landscape evolved significantly in 2024, with major drainer exits and new players emerging.. Major Events of the Year:

• Q1: Bitcoin price reached all-time high, increased on-chain activity led to rise in phishing
• Q2: Pink Drainer announced exit
• Q3: Market adjustment, phishing activities cooled down, but occasional large-scale incidents occurred
• Q4: Inferno Drainer claimed exit, taken over by Angel

💰 Chain & Asset Analysis:

• ETH chain dominated with 85.3% of large thefts
• Staking/Restaking assets: 40.9%
• Stablecoins: 33.5%
• Aave Collateral: 10.7%

🔍 Most Common Attack Methods:

• Permit signatures: 56.7%
• setOwner: 31.9%
• Transfer: 4.5%

⚠️ Essential Security Tips:

• Always verify URLs carefully

• Never sign transactions you don’t understand

• Use hardware wallets for large amounts

• Enable security tools

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Coinbase Chief Legal Officer Paul Grewal on X posted that Coinbase obtained unredacted documents between the US FDIC and US banks; shows a coordinated effort to stop crypto activity. Grewal calls for congressional hearings, alleging these actions are part of ‘Operation Chokepoint 2.0’ to restrict crypto industry growth.

We finally got the unredacted OCP 2.0 letters from @FDICgov. It took a Court order but you can now read them for yourself below. They show a coordinated effort to stop a wide variety of crypto activity — everything from basic BTC transactions to more complex offerings.

Note that FDIC magically found TWO more pause letters in this search after saying before that it had complied with an earlier Court order. It’s hard to believe in their good faith when their sweater further unravels every time we pull on the thread. The new Congress should launch hearings on all this without delay.

FOIA Docs Link: https://www.fdic.gov/foia/history-associates-inc-v-fdic-fdics-redacted-pause-letters-january-3-2025

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See PFOF, dark pools, and how market makers work fundamentally by “providing liquidity”.

PFOF does not require your purchases to go to “Lit” markets which would affect the price if they did.

Your purchases go to match in-house trades/bets or go to dark pools.

This is partially the reason why IEX “Lit” trading and direct registration of shares have exploded in popularity.

If you want a simple video on how this works, Jon Stewart does a decent job here: https://youtu.be/bP74RBTE8kI

If you wish you can watch from 7:02 onwards to see a rough diagram of what I’m talking about.

Dark pools: https://en.wikipedia.org/wiki/Dark_pool

PFOF: https://en.wikipedia.org/wiki/Payment_for_order_flow

When shares are registered in “Street name” they are registered with Cede & Co. which is DTC’s nominee name. (Note that the DTCC is a private company and not a regulatory arm of the U.S. Government) DTC is a subsidiary of the DTCC.

Brokers or other financial intermediaries maintain accounts with DTC. The broker holds a sub-account at DTC reflecting its clients’ aggregate holdings, but DTC does not track individual investor accounts.

While the shares are legally registered under the broker or DTC’s nominee (Cede & Co.), the individual investor is the beneficial owner. The broker keeps a record of which individual investor owns what, ensuring proper allocation of dividends, voting rights, and other benefits.

The DTCC board of directors is comprised of executives from the major U.S. banks and market makers: https://www.dtcc.com/about/leadership/board

Does PFOF breach bucketeering laws?

“They”: Banks, market makers, exchanges, brokers, hedge funds, etc.

I would also argue that:

1. They make the laws/rules.
2. They follow the laws/rules when it’s profitable to do so.
3. They have broken the laws/rules numerous times and are fined with a slap on the wrist from the SEC.

Here’s a great one for Citadel Securities (Who have a spot on the board of the DTCC):

https://www.finra.org/sites/default/files/fda_documents/2020068778601%20Citadel%20Securities%20LLC%20CRD%20116797%20AWC%20gg%20%282024-1731111606057%29.pdf

“From the start of its Consolidated Audit Trail (CAT) reporting obligation on June 22, 2020, through August 28, 2024, Citadel Securities failed to timely and/or accurately report data for tens of billions of equity and option order events to the CAT Central Repository in violation of FINRA Rules 6830, 6893, and 2010.”

Some more:

Man buys 100% of the stock of a company:

https://www.euromoney.com/article/b1320xkhl0443w/naked-shorting-the-curious-incident-of-the-shares-that-didnt-exist

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u/Heringsalat100:

Many people seem to think that marketing Ethereum is only relevant for price but it isn’t. Techies have to be aware that even pretty successful CEOs and politicians have no clue about blockchain technology, maybe not even a glimpse why decentralization matters. They are dependent on people, organizations and companies telling them which chain to choose.

If they are growing comfortable with using other chains than Ethereum because of marketing by these actors it is a net negative for Ethereum the network/project and not just the ETH price. It isn’t a price pumping scheme but a basic necessity to educate normal but influential people with easy to remember and understand marketing buzzwords and campaigns.

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u/Ethical-trade:

Unpopular opinion:

The Ethereum Foundation shouldn’t do marketing.

While there have been many bad choices made by the EF over the years, I’m siding with them on this one.

First off, marketing what? There are 3 main things that could be marketed:

1) Marketing ether the asset

Marketing a token has a name: shilling, and the vast majority of crypto shilling is done by scams. Even most alt-l1s don’t openly suggest buying their tokens.

Also keep in mind that the EF needs to sell eth to fund development.

Shilling eth while selling it at the same time would probably be one of the easiest way to lose credibility to institutions. Clearly a bad idea.

2) Marketing Ethereum the network for adoption

Competitors are very active in this, constantly pushing for adoption, probably often paying for it through artificial partnerships.

The obvious problem here is that we’re barely able to accommodate our existing demand:

Ethereum L1 still can only process 12-15tps on average and is very easy to saturate, making the network unusable for most use cases.

Existing L2s already put blobs at target value. You might say that target will double with Pectra within a couple of months, but remember that Sony’s, Kraken’s, and Deutsche Bank’s rollups aren’t even live yet.

Do you really want to promote Ethereum to institutions for them to build on it, to then see them fail at launching their products because the network is saturated?

Not only have many institutions already started building on Ethereum by themselves, but it’s also still too early to try to onboard the entire world. Our time will come soon enough.

3) Marketing Ethereum’s values

This point is probably the most debatable of the 3.

It would indeed be great if the world saw the value of decentralization and censorship resistance. But based on current metrics, it seems like this is already fairly well understood:

- It’s no coincidence if the 2 most valuable blockchains are the 2 most decentralized.

- It’s no coincidence if Ethereum managed to remain home to 55% of the stablecoin market, 78% of RWAs, and 55% of defi TVL, after years of insanely expensive transaction fees.

- It’s no coincidence if Ethereum has all this crazy institutional adoption.

Truth be told I think Ethereum doesn’t need marketing. The network effect is already past escape velocity. We have barely started to enjoy the benefits of the rollup centric roadmap.

The future of marketing will be done by institutional L2s, when they’ll promote their services to their userbases. Just like Coinbase already does with Base, by adding 7 million weekly active addresses to the ecosystem.

What do you think Kraken, Sony and Deutsche Bank will do after they launch their rollups?

Market it to millions of their users.

Do you think all institutions building on Ethereum have made it public yet?

Fuck no, there are probably dozens of rollups being developed by big brands today, waiting to be announced to keep a competitive edge. And after launching, they’ll market their services to their users.

The recent push for marketing by the EF is mostly driven by impatience with price performance.

But I happen to believe that it won’t be long for this problem to be solved as well.

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2024 Public Goods Funding

Gitcoin

• $10.4M Allo GMV, achieving 69.26% of our business goal.
• 8.2M in matching funds distributed through 105 rounds.
• 141.5K donors made 729.3K donations, contributing $2.1M in crowdfunding.
• 64.64% grant approval rate, with 1,743 grantees supported.

Giveth

• 💸 Total Donation Value: $1,549,258.90
• 📈 Number of Donations: 62,454
• 🫂 Number of Donors: 12,098
• 🌱 New Projects Onboarded: 4,689
• 🎉 Amount of GIVbacks Sent: 12,736,299.26 $GIV ($120,232.57 USD)

Web3 Regenerative Communities - Greenpill Network and ReFi DAO

Just some stream of thought…

Octant deserves to be mentioned along with the heavy hitters but they’ve been on a perpetual 90 day Epoch cycle and I couldn’t find an end of year recap. Money talks and their staking yield is massive. Octant v2 looks like an awesome iteration.

I’m sure it is popping most places and but kinda feels like Optimism is the main layer 2 hub for public goods funding and think what they’re doing with retro and metrics based funding is super interesting. Celo is really focused on ReFi and Arbitrum has been making a big push. Maybe anecdotal, but I’d be curious what others are seeing. Bummer that Public Goods Network didn’t work out. Might have been timing/execution more than a flawed concept but who knows.

The regen space is still maturing but pretty pumped about the broad embrace of collaboration and increasing focus on impact measurement/standards and capital formation/allocation experimentation. So many other regen/education based organizations and projects that are all pieces of the puzzle. Funding the Commons, VDAO, Regens Unite, Bloom Network, 2077, Atlantis P2P, Noun-ish communities and VRBS and flows.wtf, Kolektivo, Crypto Altruism, Breadchain, Climate Coordination Network, Ma Earth, Blockchain for Good Alliance, Public Goods Club etc and DeSci is out of scope for me but everything happening over there…Glo Dollar and other mechanisms like lotto pgf, Flow State and this streaming qf wave, Grant Ships, futarchy, so much shit happening.

Bunch of Greenpill Chapters/Guilds and ReFi DAO Local Nodes are absolutely killing it. Have spent most of my time the last year with Greenpill Network, Dev Guild, and Writers Guild. Still have a lot of furniture to move around, infrastructure to develop and operational mechanisms to polish within Greenpill but 2025 we’re really leaning into the Regen Coordination which was established in 2024 with ReFi DAO and CeloPG, but Let’s GROW dao and probably some others deserve props for really amplifying and contributing to the cause. In 2024 had a round for the organizations, one for individuals, Bioregional Finance, and Agroforestry DAO.

Some top of mind real world impact tools: Impact Miner, Gain Forest, Restor, EthicsHub, Helios, SolarPunkDAO, Green Goods, Silvi, Kokonut Network, Treegens, etc.

So many coordination/governance/impact measurement tools being built like EAS, Guild.xyz, RnDAO, TogetherCrew, Gardens, KarmaGAP, Coordinape, Open Civics, Endaoment, Hypercerts, Open Source Observer, Commons Stack.

Trying to post more often without overthinking it. Would love to see more public goods funding content here. Really is important for Ethereum’s sustainability, culture and competitive advantage. There’s a huge demand for better marketing of Ethereum and I think the regen/pgf space is gold in that department.

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Except from u/hedgemagus on another thread. Context is they want to contribute to promoting Ethereum but don’t know how.

its something I want to work on, I feel like if I’m the one throwing this out there its not right that I dont do my part. Im just not sure what my best offer to fixing this is yet.

You don’t need to be a genius to contribute in meaningful ways. For example I created https://ethereumadoption.com/ b/c I saw there was a gap in what was happening vs people’s perception. My first iteration of this was just a markdown file with a list of links. Didn’t know how to create a website or manage a server, it was just a markdown file hosted as a static site.

If anybody wants to get started on something and would like some support, feel free to comment here or DM.

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The Mutual Fund celebrated its centennial last year. These were the crown jewel of fintech in their day and they predate the SEC which is a good reminder that fintech innovation was entirely possible before the SEC graciously stepped in to protect all of us. Mutual funds gave investors price exposure to an entire sector through a simple passive investment. It’s an early example of using the same bookkeeping system we use for ownership of companies for more abstract financial intentions.

Then in the 1990s Tradfi invented ETFs. These were more tax efficient than mutual funds because buyers could treat income as capital gains and redeem the shares for in-kind assets (which avoids a trade) but most importantly they were natively tradable on the stock exchange throughout the day rather than indirectly through the fund company or brokers after market close. Taxes deferred allow you to compound more money before eventually cashing out. Paying a lower tax rate effectively increases your yield compared to dividends. Fairer redemptions protects the peg and leads to a healthier asset for buyers. The benefits of these changes are undeniable and due to them ETFs have experienced explosive growth.

Since their inception ETFs have been gobbling up an ever larger share of the economy. In the early 1990s at the advent of the ETF, mutual funds accounted for around 20% of the NYSE total market cap. Today, mutual funds and ETFs together account for around 40%. This is in addition to the market cap rising from 36.7% of US GDP to a staggering 208%. This shows just how much fundamental value there is to a financial wrapper around even the simplest financial intent (a basket of assets).

But the blockchain is doing much more than acting simply as a ledger at this point. It does more than transfer value; it adds value by enabling you to express financial intentions. Today you can capture financial upside from any type of price movement you like. There are ways to profit from the price going up, down, sideways, or just being volatile. Defi has already rebuilt most of Tradfi on more technically sound infrastructure backed by more math and less counterparties. This covers everything from decentralized exchanges, to rate-stripping protocols, to options protocols and even some entirely new things like prediction markets, leveraged carry trades, and a fully internet native bond.

Wrapping these financial intents in tokens offers the same benefits ETFs brought to the stock market but once you combine those benefits with the power of finalization you achieve self-compounding, yield-bearing, leveraged strategies underpinning the token that anyone, anywhere in the world can access with nothing more than a swap or deposit. You no longer have to resort to something like this. Uniswap v1 didn’t return a token. Uniswap v2 did; and I attribute this simple fact to its dominance today. The simple act of creating a token for each LP enabled the liquidity farming boom of 2020. In Tradfi when you wrap these things with their own identifier and make them tradable they call it a Structured Product. In Defi, we call it a token. In the same way ETFs are eating the stock market, tokens are going to eat Tradfi. Don’t lose sight of the forest for the trees, this is a multi-trillion dollar opportunity.

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This isn’t strictly an Ethereum or even crypto thing, but it is an example of the cypherpunk values that are probably a large part of what attracted many of us here in the first place:

https://x.com/DesignItForUs/status/1877014902315086122

A Declaration of Digital Rights, put together by a group of young people to address the real dangers and risks of the online world that is being built for them. Below are a selection of 5 out of their 12 points that particularly resonate with me, but to be honest they are all good, I just don’t want to rob them of clicks by sharing them all here.

If these are values you want to support, then I would suggest you like or share their tweet to help encourage these views.

• Right to privacy: Social media platforms collect endless amounts of data on us. Young people have the right to scroll without Big Tech listening to them on every corner of the internet and selling off that data to the highest bidder. Companies should be responsible for designing social media and AI products that consistently protect and preserve our personal data. Privacy must come before profit.

• Right to user controls: Suggested posts in feed, new shop features, algorithms, endless scrolling, and never-ending push notifications. Whether you like them or hate them, young people have the right to switch the most harmful features on or off, whenever we choose.

• Right to delete: As consumers of digital products, young people have a right to permanently delete our own content and leave social media platforms that are not working for us. Social media platforms should uphold that right, delete our information, and leave us alone. The right to our personal information is solely ours, not social media companies’.

• Right to transparency: Big Tech has thrived off of the presumption that they are above the law. They leverage their power as private companies to profit from our pain, by design, while shielding themselves in opacity. Like any other public goods, we as consumers have a right to fair and transparent products that are responsible to the user and the law, not the shareholders nor the CEOs.

• Right to be protected from manipulation: Like never before, Big Tech has relentlessly leveraged innovation against the best interests of users, manipulating our data and weaponizing our well being against us. Instead of crafting design features meant to support healthy engagement, Big Tech companies have wielded their unchecked power to addict us and harm us while publicly saying otherwise. We have a right to be shielded from these insidious patterns of abuse.

Disclaimer: None - I’ve never asked anyone here to share anything or do anything before, and I am in no way affiliated with this group (hadn’t heard of them until just now), but I strongly feel like I should support potential allies if they advocate for values I share.

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#Daily DevCon #32:

Redefining boundaries in the Infinite Garden

It’s Thursday, January 02, 2025 — day 32 of our DevCon Ethducation listen-along series.

##Summary:

The speaker highlighted the key advancements in Ethereum, such as reduced energy consumption post-merge, more than 99.9% scaling solutions, and cheaper/faster transactions on layer twos. They emphasized Ethereum’s readiness for long-term development based on values of credibility, neutrality, open source, participation, and decentralization. The talk drew parallels to Southeast Asian governance structures and emphasized the importance of nurturing a diverse ecosystem with shared values for long-lasting resilience, likening it to a garden where various circles coexist and collaborate rather than one dominating force, fostering innovation and sustainability in the Ethereum community.

##Discussion Questions:

How can the values of credibility, neutrality, open source, participation, and decentralization in Ethereum contribute to its long-term development and sustainability in the blockchain space?

In what ways can fostering a diverse ecosystem with shared values be a driving force behind innovation and resilience in the Ethereum community, similar to the concept of various circles coexisting in a garden?

Your mission is to consume the content, then comment with insight on this thread, and vote up other valuable comments. The primary goal here is community development through education.

• Yesterday’s discussion
• All DevCon talks ranked by views
• The grand idea

^The ^summary ^and ^discussion ^questions ^are ^AI-generated ^from ^Youtube’s ^autogenerated ^transcript. ^The ^transcript ^may ^capture ^some ^names ^and ^terms ^incorrectly.

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u/FrenktheTank

Ethereum

u/AuspiciousEther

$3438 Ξ €3343

u/TimbukNine

0.03564

u/usesbinkvideo

3,524,775 Ethereans subscribed (+5,043 over two days)

u/Sku

$25k in 2025

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Take some coping pill,

For all extra gas you spill,

Tax return to fill.

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

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We haven’t reached $7500 in 2024 based on my local time zone, Berlin Time, here in Germany. For this reason I am gonna eat a darjeeling tea bag as I have stated.

I have agreed with u/majorpickle01 that I am gonna provide a logbook of my experience! (photos/videos are too risky because of doxxing)

And you know what it is here at the moment? 16:05 and thus … TEA TIME! I am gonna provide the logbook as continuous edits for now.

• 16:07: Water is boiling, preparing tea bag and cup
• 16:09: Put hot water in tea cup with bag; waiting 3 minutes for steeping
• 16:13: Put tea bag out of cup and on a plate; let it cool down for now (too hot to eat it)
• 16:15: tea bag still too hot, waiting
• 16:17: tea bag temperature good; trying to chew on it
• 16:18: Oh dear, the bitterness; the bag material is very fibery; Trying to chew more with front teeth
• 16:20: part of tea bag in my mouth; still chewing on the fibery outer material; the tea itself isn’t bad, though! Even though slightly bitter but better than first contact
• 16:22: Managed to disintegrate the majority of the fibrous stuff in my mouth, swallowed it. Doesn’t really feel like paper … something different … something more fibrous
• 16:24: got the second piece into my mouth, the same procedure as a couple of minutes ago!
• 16:26: There seems to be a thicker part of the outer tea bag material, too thick to chew it. Have to be honest: put it out of my mouth to avoid health risks. (sry. for that)
• 16:28: Chewing on third piece
• 16:29: That one was easier, swallowed it
• 16:30: nipping the tea I got to prepare for last piece
• 16:31: final piece!
• 16:32: I was able to train this three times in a row now! Swallowed the last part!

The only part which is left is completely without tea so I guess I attended to my duty!

• 16:43: Drinking Fujian Jade Needle tea now to compensate for my tea bagxperience 😅

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Happy holidays EthFam, hope you’ve all been enjoying stuffing yourselves with quantities of mincepies and Baileys that you will regret upon eventually sobering up.

Just wanted to touch base in one of the final few EthFinance Dailys to say that it honestly has been a gift to have shared the Ethereum journey with you here for the last few years.

I have never found an open online community that has been so wholesome, enjoyable and rewarding to be a part of, especially in crypto where seemingly every other space becomes a zero-sum game of fake hype, manipulation and general nonsense, EthFinance has been a beacon of sanity and good conversation.

I am excited for the next steps as we move to our new home, and shepherded by the best mod team on Reddit, bring our special something to the wider Ethereum community.

Long live EthFinance.

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https://ethereumadoption.com/

Just take a minute to look at this.

I remember coming to the Ethereum reddits 8 years ago and back then we were dreaming about what is a reality today.

The reality now is that everyone that sees the potential of blockchain and is taking it seriously is building things on Ethereum, which is making more and more people see it’s potential. It is absolutely amazing to see this unfold right before our eyes. The list will keep on growing of who is building on Ethereum.

Becides the success of updates, developers, applications, Dapps, tvl, investments, scaling,… You can see the trend of more and more coming in.

• More and more institutions/banks launching tokenized funds,
• More and more creating layer2’s to be able to build on Ethereum through scaling,
• More and more are seeing the value of Ethereum with the decentralization and security it provides.

When you take a second to see the trend and the direction everything is going, the conclusion is that the future of Ethereum is very very promising.

The ticker is ETH. Happy new year everyone.

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Posting in both dailies.

What site is everyone in the US using to generate their safe harbor plan / transition plan / or digital asset allocation plan?

Looks like CryptoTaxGirl and CryptoTaxAudit (any better ones out there?) have forms you can have fill out. Seems like the three things you need to do before the 1st is, 1) document holdings across all wallets 2) choose between Specific Unit Allocation (if able) or Global Allocation 3) If global allocation, choose method, Highest Cost Allocated First, or Lowest Cost Allocated First, or Oldest Allocated First.

Seems like Specific Unit Allocation is more complex and both forms are for Global Allocation, which allow you to allocate for example the highest cost allocated first, CryptoTaxGirl says “This method would allocate everything you owned you before 1/1/25 in order from highest cost to lowest cost. The highest-cost lots would be allocated first to your assets on hosted wallets then to your unhosted wallets in order of acquisition date, from oldest to newest. This means starting in 2025, when the default accounting method switches to First-in-first-out (FIFO), your sells,trades, spends, or transfer of assets owned before 1/1/25 will pull from your highest cost units allocated to each wallet and exchange. This approach will generally result in deferring gains and accelerating losses.”

CryptoTaxAudit doesn’t seem to have a spot for step 3. And it doesn’t seem like you need to assign your cost basis before the 1st but you need to before your first buy or sell in 2025.

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Daily DevCon #29:

Evolution of Scams

It’s Monday, December 30, 2024 — day 29 of our DevCon Ethducation listen-along series.

Summary:

The speaker discussed the evolution of scams in the crypto space, focusing on end users. They covered various scam methodologies such as seed phishing, money doubling schemes, and drainer kits that exploit open approvals to drain assets. Monkey drainer, Inferno drainer, and Angel drainer are examples of prevalent kits that have targeted users. The talk emphasized the importance of transaction simulation to educate users about the implications of their actions on the blockchain. Additionally, the speaker highlighted the sophistication of current malicious techniques and the ongoing cat-and-mouse game between attackers and security measures, with a focus on enhancing detection methods for malicious transactions.

Discussion Questions:

1. How can the Ethereum community work together to increase awareness among users about the various scam methodologies in the crypto space and empower them to make informed decisions while engaging in transactions on the blockchain?

2. In what ways can advancements in transaction simulation tools be utilized to enhance user education and prevent falling victim to sophisticated malicious techniques targeting end users in the crypto space?

Your mission is to consume the content, then comment with insight on this thread, and vote up other valuable comments. The primary goal here is community development through education.

• Yesterday’s discussion
• All DevCon talks ranked by views
• The grand idea

^The ^summary ^and ^discussion ^questions ^are ^AI-generated ^from ^Youtube’s ^autogenerated ^transcript. ^The ^transcript ^may ^capture ^some ^names ^and ^terms ^incorrectly.

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u/interweaver:

If you were already tracking your cost basis on a per-lot basis (e.g. for Specific Lot, FIFO, or LIFO tracking) then this shouldn’t change anything for you; you already have all the info you need. Same if you were not tracking specific lots, but were tracking at a wallet level (e.g. every time assets enter or leave the wallet, you recalculate the average cost basis for that asset in that wallet, distinct from other wallets’ cost bases for that asset) - just keep doing that.

If you were tracking your cost basis for assets globally, by recalculating the global cost basis for that asset regardless of where you held it, every time you acquired more of it, regardless of which wallet/account it was in, then you will need to improve your tracking to either of the two more fine-grained levels of tracking mentioned above.

For stakers, tbh you really should have already been tracking at a per-wallet or ideally specific-lot level, if only to keep Eth with long-term capital gain status separate from Eth held for less than a year. But if you were lazy with your tracking, you will need to up your game. There shouldn’t be any real staking-specific gotchas there - validators should each be considered wallets, e.g. the Eth in them should each have its own cost basis that you track separately (or even the specific lots of Eth within it), and every time you receive a withdrawal or fee from a proposal, you need to either add a new specific lot to the withdrawal/fee recipient wallet with that day’s cost basis, or update the average cost basis for that wallet.

Overall this is a pretty reasonable change; the only people affected are those who were taking what I would personally consider to be somewhat inadvisable shortcuts with their accounting, and it just forces them to be more fine-grained.

Note that I’m pretty sure there’s a safe haven rule where you can take the cost basis of your wallets as of January 1st (tomorrow) as a starting point; they won’t force you to retroactively recalculate all your cost bases, just to track it going forward in the new year.

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u/crumbumcrumbum:

Long Boring (unless you’re a tax nerd like me) US Tax PSA:

IRS crypto cost basis rules are changing in 2025 away from universal cost basis to per-wallet. While I haven’t quite worked through all the implications, you can help future you by doing two things:

1 take a snapshot of your holdings as of January 1 so you can allocate your cost basis under the safe harbor rule. 1 choose and record your plan for allocating cost basis before the new year. There’s no official way to do this, but various crypto tax sites gave templates.

I like Crypto Tax Girl for a breakdown of some of this and a template to record your plan.

I’ve missed conversations about this if they’ve happened in Ethfinance before. While the new rules seem like they will add complexity, I wonder if the new rules might actually simplify specific identification methods, since you can move the specific coins with your desired cost basis to a hot wallet to sell. My accounting software (Tokentax) does give me info on specific tax lots, but does not tell me which wallet each lot is in. If it did, it would make things easier.

TokenTax support says they’re waiting for more clarity on how the IRS will implement safe harbor rules before building it into their system - though it would be helpful to know the tax implications of trades that happen starting tomorrow. The simplest thing to do, of course, is to consolidate into one wallet today, but there are plenty of reasons not to do that for security, accounting, convenience, etc.

TLDR: if you have more than one wallet, snapshot your holdings tomorrow to possibly save yourself some accounting headaches

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When we first fractionalized the ownership of institutions or companies we gave them a label, units we called shares, and we made them transferrable in a basic way with double entry bookkeeping on paper ledgers that we made copies of around the world and which people notarized the authenticity of. The basic underpinning of stocks hasn’t changed much since the first iteration. Granted, we’ve digitized it and made it accessible to a wider audience, but the digital systems of today have essentially replicated these initial paper systems and inherited most of their flaws. So today I’ll be writing about some of these flaws, the inherent benefits of blockchains in solving them, what we have built today, and what is coming next next in the evolution of ownership and financial intents.

Today we live with a stock market with T+1 settlement which basically means it isn’t even known who owns what at any given time. We live with a system with trusted counterparties where naked shorting (despite being illegal) regularly happens. We live with a system that happens to shut down whenever it isn’t a convenient time in New York City despite serving users globally. That’s before we even touch some of the more egregious abuses of power like Robinhood famously disabling the buy button on a certain stock when a bull run was inconveniencing some powerful people.

One of the most amazing superpowers that blockchains have offered the world is one that we don’t even talk about except in the most technical sense: finality. Fundamentally a blockchain is just a consensus machine that outputs a time-series of events that we can prove the authenticity of. Practically, what this amounts to is a basically incorruptible ledger about anything you like that anyone in the world can access and trust. Finality means that we know who owns what and that once we know this it isn’t subject to change in the future except by the consent of the owner. It’s a guarantee that you can build upon in a non-fragile way.

Tradfi has only ever managed to create the illusion of this. They only ever figure out who owns all of a stock retrospectively. A court can always undo a transaction or counterparties involved in a transaction can fail to deliver. Anytime you get an instant confirmation of a trade from a web2 app that confirmation isn’t real; it’s only an optimistic estimate backed by the trusted relationships of a bunch of institutions you have no direct relationship with, didn’t knowingly consent to use, and which could misbehave at any time.

The difference between a web2 confirmation and a web3 confirmation is an entire court system. The rights carried with the ownership of the asset in web2 are extrinsic to the asset. If the bank wrongly forecloses on your home you are entirely out of a home until you take them to court, prove it was wrongly seized from you, and have the courts enforce your rights. That not only comes at a high cost, but also no guarantees. The financial system today has to not only pay the cost of various middlemen but also underwrite the execution and enforcement risk of every legal obligation we delegate to them. There are also of course countless examples where someone was legally in the right but lost in the court system to someone who was better financed.

Contrast this to Defi. In Defi a lending protocol can receive an asset and generate a loan for you instantaneously. It doesn’t need a court system to adjudicate the possibility that you didn’t own the asset you deposited, that a bankruptcy proceeding a month later from some company you received the asset from might claw back the asset from you, or that the asset has been pledged as collateral multiple times. It has a rock solid guarantee that the transfer of a token means that you and only you had legal possession of the token. Because there’s nothing to adjudicate with a court system a smart contract can function without having to know where you are in the world so it can pursue legal action against you in your local court of law. Also, unlike Tradfi where there is a byzantine maze of laws for intersecting jurisdictions, smart contracts work the same way for everyone everywhere in the world. Just imagine how many lawyer hours will be avoided by this simple fact. This is a multi-trillion dollar value-add to the world.

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Thanks for everything, r/ethfinance. The new year is traditionally a time for looking ahead and deciding how we want to conduct ourselves in the upcoming year. Through resolutions or just self-reflection, it’s a good time to dream about what we want to do with our time and who we want to be.

With this community, we’re simultaneously getting a more literal fresh start. An even clearer opportunity to build a sense of who we want to be, from the ground up. There’s no better time to start contributing the kind of content you want our new r/ethereum home to show off to the rest of the world.

Let’s build a home with the best blockchain discussion on the Internet: technically detailed but accessible to a broad audience. Let’s use our position on the more prominent subreddit to welcome curious visitors, competently answer good-faith questions, be humble and open-minded about Ethereum’s weaknesses, and demonstrate intellectual curiosity about the broader blockchain space while establishing healthy policies WRT concern trolls.

Let’s establish a culture that encourages readers to participate, discuss their experiences, and share their knowledge. Whether it’s someone’s first DEX trade, or they just took a few hours to read through the documentation for a new identity protocol, or they want to express a controversial opinion on a new EIP, everyone should feel welcome and encouraged to write up their thoughts.

There is no better time to start a new regular post series about something you care about. Give us monthly updates on the governance activity in your favorite DAO, or try syncing one new EL client every week and share some impressions and metrics. Spy on the Solana subs and each day tell us what’s on their minds, I dunno.

Let’s make r/ethereum great. Happy New Year.

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Happy new year.

Good post to start off the year - Vitalik on X to Elon Musk.

“I admire your willingness to stand up and fight for freer movement of people, it’s an important freedom that all too easily gets thrown under the busd

That said I think it’s valuable to turn down the temperature here, on both tone of discourse and the social media banhammer.

Respecting free speech is easy when we agree with the speech, and hard when we think it’s awful. But the arguments for respecting free speech anyway are the same as ever: the banhammer is controlled by one group today, it will be controlled by another group tomorrow, and every use of it legitimizes further use, and by the end public discourse collapses into either balkanization, monoculture (where the winner will be the guy with the biggest hammer, not the guy with the best arguments) or constant war of all against all.

And it’s worth reflecting on just how much tone of discourse has fallen here over the past couple of years. I feel like a lot of people have been okay with rising aggressiveness because the target of the aggressiveness was one faction that they disliked, but once that beast is summoned, its nature is to look for new targets, and even if you approve of the first target you may not approve of the second or the third or the fourth - as many people have been finding out this week. Literally “first they came for the communists, and I did not speak out because I was not a communist”. This isn’t the kind of memetic beast we want running the show when we’re entering an era of dangerous global political competition and rapidly improving AI.

The role of leaders in setting the tone is really important, and can be used to great good or great evil. It’s not “wartime mode” that will get humanity to Mars in one piece, it’s something brighter - and we should get into that mode today.”

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New sub who dis?

Goodbye for now Week in Ethereum https://x.com/evan_van_ness/status/1874525460060922103

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Off-topic…

Top Ten Albums of 2024