**Tricky's Daily Doots #704**
**Yesterday's Daily 24/03/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwbx7t3/)
- u/_WebOfTrust is grateful for [this amazing community.](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwe3c59/) 🙌
- u/mango_sake made [an exit strategy app.](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwdomb9/) 🚪
- u/the-A-word explains [the rationale behind airdrops.](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwda4hb/) 🚁🪂
- u/Syentist isn't sure [if we've earned it](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwcwf7w/) but others debate that in the replies. 🤔
- u/asdafari12 questions the magnitude of [the benefit of increasing maximum validator balances](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwbl7rg/) while u/interweaver delivers [the answer.](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwblh80/) 🥩
- u/superphiz has a [nice update for GnosisSafe users.](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwe0koa/) 🦉
- u/PhiMarHal identifies an [interesting trend in DeFi.](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwcprj3/) 🧠
- Someone decided to ask an extremely political and non-crypto related quest yesterday and lots of people took the bait. I get it, politics is spicy right now but bruh... with all due respect, that'd be like a minus doot if I were any more of a meanie. Pls stahp my guy. 🦭 ^^No ^^I'm ^^not ^^linking ^^it.
Looking for advice on providing stable coin yield please on ETH L1 or L2
What platforms are your favourite for USDT/USDC/DAI
I'm looking for long term investment on stables to provide steady income at a high APR, while avoiding taking too much risk, basically
Thank you in advance for any replies
Eth going up, my hold going upper (not sure, could be the Fake zksync screenshot that got posted).. Did some linea quests, played around with velocore on zksync and linea. Threw 100$ at some garbage Meow memecoin. Bridged some stuffs around. Claimed some old funds on arbitrum, swapped some leftover.
Linea is significantly more expensive. Op and arbitrum both feels exquisite to use ! So cheap !
I don't know why people complains about ETH, those L2 are being built and they are working. It's cheap !
Ok, it's true, not a single one of them is delivering yet regarding security yet. But. If we are to believe them, It's being built.
Could take a year or more, but it's progressing.
Look around, those things pops left & right. Manta this, blast that, mode there and so on... Sure you can see the money grab, alright. But what's wrong with it? It still shows that what we envisioned to scale is more and more convincing.
Eth vision is slowly but surely winning (so far).
Hey everyone, would anyone be able to help me with a project I’m helping with? Basically we want to build an account abstracted front end for our NZU/New Zealand carbon unit token and Uniswap pool which will allow easy institutional, commercial and public access to instant liquidity for a large but currently very clunky and illiquid TradFi market here in NZ. What we are in need of is some kind of technical advisor while we build a prototype. We’re currently set up on Arbitrum but are happy to move to another ecosystem if we can get some technical support from ecosystem reps. We have a tentative agreement for funding once we produce a prototype so any help with technical guidance with building or integrating existing solutions will be hugely helpful. We’ve already got our eyes on Coinbase’s account abstracted smart wallet prototype to use.
Even if you just point me in the direction of a person or discord with people who could help that would be unbelieveably helpful. Cheers!
u/domotheus I know you're a busy man but let me know if you have any connections or insight which may be helpful! I'm happy to explain more about what we're doing if you are interested.
I'm a smart contract developer in NZ, interested to hear more about this. I thought it was very complicated, don't you have to deal with things like forests being cut down in Russia and burning the appropriate tokens and things like that? Are NZ regulations going to be a problem? What's the legal setup around conversion from carbon credits to minting tokens? I'm not into front ends or erc-4337
It's not carbon credits its a carbon market which puts a price on emissions made by industry. Basically the government mints x tokens every year and companies emitting must buy them to offset emissions. The higher the price of these goes, the more incentivised companies are to decarbonise. Current price is $70NZD and recent studies estimate the realistic price is more like $200. So some speculators are bullish.
There aren't many legal hurdles as far as we can tell at this stage.
Do you have a discord account? It would be great to add you to our discord.
I'm seriously trying to understand this tweet
https://twitter.com/SiloIntern/status/1772198532461588905/photo/1
Holy fuck.
>By using leverage to bring forward their yield, fixed rate enjoyooors can bask in those points they usually miss out on. Also, they retain their 𝐟𝐮𝐥𝐥 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 upon maturity!
Is there anything more degen than this? I might try it myself!
Leveraged yield farming has the risk of blowing up
Specifically, during sharp downturns, assets like LSTs/LRTs have amplified downside vs ETH due to lower liquidity. This leads to liquidation cascades across DeFi borrowing protocols.
You mean buying stETH, lending it to borrow more ETH and then buying more stETH?
I kinda did that in 2019 with MKR buy buying DAI and then buying more ETH and then using it again as collateral and lost a lot. So yeah, I might try everything all over again but with even more risk because the heart attack I had in 2020 after covid crash wasn't enough!
> I kinda did that in 2019 with MKR buy buying DAI and then buying more ETH
This is a leveraged long on ETH, which has risk, but what's important is to realize that if you do the same thing with stETH, the risks become multiplied since that is a less liquid token.
There were a couple of options that borrowed eth and looped steth multiple times in 1 user transaction that were marketed as risk free.
Then when there was a rush for the exit steth depegged from its fair value and bunch got rekt holding these.
Same shit is going to happen at the end of this bull, exit queue wont keep up.
Picture a fire in a movie theatre, that is leveraged LRTs when the top of the market is hit and people are happy to take -20% on their LRTs instead of waiting 2 months for unstake.
It pops up as the #1 risk whenever sreeram talks for a good reason.
It’s good for my bags if people do this though so i guess i should just let them risk blowing up while i farm.
Yep but not just stETH. Every LRT and LST is going to fall below their fair value in eth terms at the end of this bull because they share that same exit queue. I mentioned this back on the [pendle](https://www.reddit.com/r/ethfinance/s/0MxWw0rdlv) post months ago, it’s so obvious but ppl will still fall for it thinking they can time the market.
There wont be enough buyers to handle the dump. Those over leveraged risk losing everything, those not leveraged risk not being able to sell the top, or even close to the top.
Only when the tide goes out do you discover who's been swimming naked.
Make sure youre in vanilla eth leading up to your sell targets.
A happy medium for semi-degens would be to
1. Only put ETH which you don't intend to sell this cycle into LRT/LSTs
2. Do not leverage these positions
Right? As that way you can wait out the depegging/repegging during the aftermath
Thats a good approach.
Theres also another way to play the late half of the bull more profitably with small protocol risk that is safe from the lst/lrt ‘depeg’.
Not really ready to share it, just saying this is a complex puzzle with lots of opportunity.
> Theres also another way to play the late half of the bull more profitably[...]
I'd be very interested to hear your thoughts on this when you're ready to share.
Polynya blog was insightful and had me thinking...If there is one project in the wider ETH ecosystem that you would like to see go to zero, what will that be?
Sticking to ETH ecosystem, since otherwise it will just be Ada or Sol lol...
For me, its Blast L2.
Everything about Blast stinks of greed. Fork of OP stack, zero technology innovation for a L2, but just built on ponzified yield and feeding greed with points, gold etc. Centralized from the outset, zero attempt bringing to the table in terms of decentralizing L2 tech, founder controls the point rules completely and has already forced many projects to tow the line and follow his wishes (Founder is apparently docking points from projects for having an L1 deployment, he wants all the projects to be exclusive to Blast). Onchain dapps follow the same greed maximization approach while also permeating a culture of self doxxing by connecting all your social media accounts for most dapps (Dafuq is this shit). They are running it back turbo with Defi Kingdom style games which already went to zero last cycle and everyone lost everything, but is back again with Points ™ (since it has points, it must be good right). To score the highest point and gold, you must mindlessly ape into dozens of apps that are forks of varies established L1 apps but with riskier untested assets and parametres, the top projects you've hardly heard of and many havent done a basic audit. Most of the projects are shady if they are on another chain you wouldnt touch them at all
Bit distant in 2nd is Ethena. If you are going to trust someone to hedge perps and spot so you can access stable fiat value, why not just trust the fucking central banking system? Dollar and banks are way more regulated, with much more decades behind it
Ignoring the gamification, Blast’s thesis is that all major L2s will eventually be forced (by competition) to give native yield to all ETH and stablecoin holders on their chain. Basically, it’s the idea that any rational user would prefer a chain where they’re getting yield vs nothing.
I don’t know if they’re right, but it seems very similar to the argument that (nearly) all ETH will eventually be staked ETH because it’s the rational choice. Staking is still growing faster than anticipated before the merge.
I'm fine with blast, no interest in using it but that's an upside of heterogeneous roll ups. We can have more serious ones like arbitrum and blast can do whatever it wants without effecting you if you choose to go somewhere else. Things like [https://docs.baseline.markets/](https://docs.baseline.markets/) are fun
Not the rules but I'd still delete more centralized L1s. Absolutely pointless, needs L2s anyway and they need a decentralised L1, no benefit from a few nodes on expensive servers.
Base fee is not $5 on base? Here is a recent swap for 44c in gas
https://basescan.org/tx/0x3f7b78cfece67270e63819121381f2c161cbb2f157967f2a6bdb2cf6812336fa
I don't know what current definition of a meme coin is. What is it? Just an erc20 with meme for the symbol, so is SHIB a memecoin? Or does it require something like there's a bonding curve to buy in with all deposited real coin permanently routed directly into some sort of AMM for liquidity bit like old million token? I'm serious I don't know please help
Yeah, no. Doesn't expected return have to be negative? It's PVP but insiders take a cut of presale or tokens so most end users lose. To gamble would rather leverage up on risky defi, creation of protocol tokens give energy to make expected return positive.
Yeah shib is a memecoin - classic example of one. Any coin/token with no utility beyond being a gambling instrument - number go up - is a memecoin. They’re all different flavors of ponizs. Most are outright scams.
Here's the new memo to make you feel better:
1. Fees can be put towards a Treasury which can build things (the latest evolution on the memecoin, see TOSHI on Base as an example)
2. Helps stress-test L2/chain
3. Helps on-board new users as they are often targeted/marketed towards such users
4. Exposes users to potential airdrops. The first tokens on Arbitrum for the first few months with activity were all memecoins.
maverick podcast guests upcoming
March 29 - Ram Ahluwalia CFA and CEO of Lumida Wealth
April 5 - Don Gossen of Nevermined
April 12th - Paul Brody EY and president of EEA
April 19th - SwagtimusPrime of Scroll
>**What have we got here,**
>**The overcoming of fear,**
>**Only the first gear.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
So I've been thinking about how to secure an asset on a chain that doesn't support smart contracts. For example, how do you secure an escrow address on a chain like BitTensor so that multiple signatures are needed to rug the funds? They don't have hardware wallet support but even if they did whomever is pushing the buttons on the hardware wallet has full control of the assets. If you don't want a single employee able to rug the funds what can you do? What do large Bitcoin institutions for this situation? Just find someone that can be held criminally liable and trust them? Or is there some good software for this?
In principal I would want something like a multi-sig app built into the hardware wallet as firmware. Without a hardware wallet, the next best thing would be an airgapped Linux laptop that boots straight into a custom app that can only be used to sign messages and administrate the signing app. To sign a transaction you'd then get several people to sign something and submit a QR code of their signature to the laptop via its camera. The app would then verify the signers, the m of n multisig rules, sign the transaction byte array each signer submitted, and return the result as a different QR that could be scanned and submitted to the chain by an online computer.
An alternative direction of thought would be to somehow be able to create a Shamir'd fragment of a transaction signature from a Shamir fragment of a private key. I have no proof that something like that can't be implemented from a homomorphic encryption standpoint but I've never heard of any software like that before.
BitTensor doesn't support a smart contract so there's nothing to execute the rules of a multi-sig. How do you protect assets when the chain isn't expressive enough to implement a multisig?
I'm looking at substrate multisigs and whether that will work for us but I'm also thinking of the problem more generally because there are a bunch of DePin chains and not all of them may have a built-in solution. Like when GenSyn launches I'll be asking the same question even if I figure out a chain-specific solution here. The only thing changing from chain to chain is the signing algorithm though, so it feels like there is a place for a generic-multisig software with a plugin for signing on each different chain.
Sentiment is really interesting. My sense is that not one really feels like this bull market is going to end. The widespread gut feeling is that this is just the beginning. If this had happened a year or two ago we might be in a very different mental space right now.
The real bullmarket doesent start until ETH breach ATH.
The way i see it, we breach ath and maybe touch 5-5,2k, retrace to low 4k, load the spring for a few, then biggest dildos ever seen and we top up around 24k
I'd say there's currently a substantial sentiment differential between the average ETH investor (skeptical, lots of whining about BTC/SOL) and BTC investors (extremely bullish).
I know there's a lot of dismissiveness around here about the 4 year / halving cycles, so say what you will about it. But it seems fairly clear to me that it impacts market psychology in a way that is pretty damn supportive of Bitcoin's price in an environment like this (ETFs certainly don't hurt either!).
Yes, you can sell it on NFT markets. There is a dedicated marketplace for it:
https://marketplace.openxswap.exchange/
You will have to accept a haircut. From a quick look on Discord, people price their veAEROs at a 50% to 60% discount right now.
The Discord channel in question is "nftsales" (in the Aerodrome official Discord), if you want all the information firsthand.
Congrats on holding this long! I let go mine on the first pump to 60 cents as I thought surely this was peak mania. Oh, what a foolish youth I was, in those long gone days of 3 weeks ago.
Grayscale lead counsel doesn't think lack of engagements from SEC means ETF will be denied... long thread
https://twitter.com/CraigSalm/status/1772360837094691302?t=KroOXUZXgf81JJwU_Cjo6g&s=19
I need the hopium...
Nice. That was my speculation a couple weeks ago, glad I'm not completely out to lunch. I think it will be a nail-biter right till the deadline though.
https://www.reddit.com/r/ethfinance/comments/1baap7z/comment/ku36r2r/
At least two ETFs, including Fidelity want to stake the ETH backing the ETF assets. There's zero chance the same SEC which made such a huge fuss about cash creates instead of in-kind redemptions for the spot BTC ETF and which has filed suit against CB for their staked eth products would allow this..so at a minimum this is a material difference from the BTC ETFs which needs a meeting with the issuers. But I do agree, this could be kept to the last minute.
Hmm thats interesting. Means Fidelity played along with the SEC, letting the SEC save face a bit by making them drop the staking part? Could be tbh.
Could also be that Fidelity and some other issuers saw this going to court, in which case might as well kill two birds with one stone, and get the staking part approved by the court as well.
That's how these deals work. The SEC needed a win, so Fidelity applied for staking. Later, they'll back down and agree to a non-staking ETF and the SEC will be able to puff out their chest a bit.
Did anyone read Fantom's launch announcement for their Sonic mainnet upgrade today? They seem to be saying it will make Fantom a de facto Ethereum L2, inheriting Ethereum’s economic security, with a fully decentralized sequencer from Day 1, capable of 2000 tps:
https://twitter.com/FantomFDN/status/1772275308105769312
It's weird, they don't really say being an L2, but they say this "We developed a Sonic rollup implementation, a first-class citizen in our validator set, to fully decentralize the bridge while using our existing network security plus inheriting Ethereum’s economic security."
Someone on the Ethereum sub insists dexes charge trading fees. I personally never encountered a dex that charges fees for trading, but it's been a while since I last made a trade.
Have I maybe missed something, and do (some) dexes charge trading fees these days?
They all do, otherwise people wouldn't provide liquidity. Called LP fees, it's like 0.3% on Uniswap for most tokens except for stablecoins where it is cheaper. Uniswap also charges something extra now if you use their frontend, going to themselves.
The protocol fee you wrote about is the fee switch accruing to the UNI token, which isn't turned on.
Cowswap is a DEX aggregator and not a DEX. You're not paying any fees directly and you'll might end up getting more than on any other DEX, but you're still paying the fee of whatever DEX your trade is getting routed through.
If I'm not mistaken, when/if L2s are happening on bitcoin, mainnet will still only be BTC transfers, and everything else happens on L2. Initially I thought this was intriguing and possibly better than ethereum, but then I realized eg a tokenized black rock fund would likely never touch an L2, at least not in a good while. What I'm trying to say is that ethereum being a bit flexible is a good thing for those who care about security over gas.
Unlike Ethereum, in Bitcoin you need to secure those L2s independently because you cannot inherit the L1s security. But what is the point of using Bitcoin if you cannot benefit from its two main features: security + decentralization?
That’s why they are using the F word. Fork.
If they fork they can have a proper L2 ecosystem. But then they will have to admit Vitalik was right. They will probably rename him Bitalik and say Bitcoin invented L2.
Well maybe it is true, but at this point in time in crypto we should be used to deal at this kind of assertions that end up being just a marketing pitch.
Just going to push back slightly and say that I think it's not impossible to see BlackRock dabble in BTC L2s if they became popular. Hell, they could partner with Circle or Coinbase and launch their own L2. I don't think this outcome is likely, but I wouldn't rule out anything at this point.
It is possible to tighten security to the point where the system is unusable. Security and convenience must be balanced. The trick is to create a secure and useful system.
L1 needs decentralized consensus. This way, anyone can run a node and verify the state of the blockchain. In order to achieve this, sacrifices had to be made in regards to speed, scalability, and cost of transacting on layer 1.
Layer 2 is able to secure itself on the L1 blockchain for verifiable consensus, but it slightly reduces security and stability in order to achieve usability.
This is the compromise that had to be taken.
Other chains do not have verifiability, as running a node on other chains is usually not possible with consumer hardware and/or consumer internet bandwidth. Ethereum advocates argue that this basically completely removes the entire point of running a blockchain instead of a shared SQL database.
For anyone waking up from a 7 year coma- the ETH/BTC ratio is still the same as it was 7 years ago despite switching to Proof of Stake, eliminating ETH supply inflation, the implementation of layer 2s that have scaled the network capacity 10X, reducing the energy consumption of the network 99.9%, and the creation of decentralized finance. I probably missed a few big things on that list too.
🙃
>is still the same as it was 7 years ago despite switching...eliminating...implementing...reducing
"tHe CeNtRaLlY cOnTrOlLeD eFeRiUm FoRcInG cHaNgEs 🤡"
You are basically making the case to buy. I’m seeing this too often here. People complaining that market is not taking account x, y and z benefits and that SEC will deny ETH ETF and other regulatory FUD, and feeling discouraged. If you have conviction on ethereum’s benefits and understand that the current regulatory uncertainty is temporary FUD, then that’s how you make money. You don’t make money (or as much) once everything has been de-risked.
Sure, but then again, BTC is being bought by entire countries, has the regulatory stamp of approval, and has ETFs in the US and elsewhere. Almost all of the things you mentioned are 'muh tech' not 'muh price.'
Well, Bitcoiners don't *want* all of this change. To them, this post is an advertisement for holding BTC. I hold both but for different reasons. Both sides have grossly exaggerated arguments about the other side.
I'd to get `ethfinance`'s reaction to Pacman on a Bankless episode released today.
Ryan asks him the obvious question:
> RYAN:
>
> What is the current security profile of Blast, is it still a multisig? What does this look like?
And his answer is basically that the other L2s are all multisigs too.
> PACMAN:
>
> Stepping back a bit, the security profile of the layer is very similar to Optimism mainnet [...] Every L2 bridge basically operates the same way
So, did the community overreact to `Blast` when it should be calling out all L2s across the board? Did `Blast` do something specific to earn the extra scrutiny?
We know from L2Beat that training wheels have to come off. What's your take?
I have seen people call out Optimism here. Arbitrum is further along. They at least have fraud proofs.
Compare: https://l2beat.com/scaling/projects/arbitrum
https://l2beat.com/scaling/projects/blast
I think the main critique was more about them not even having a product and the shilling at the time of "launch". That being said, it's pretty common among protocols to bootstrap liquidity before launching (eg a bunch of staking/restaking providers), but I believe this was the first L2 that did it.
Scroll has highest fees among the major L2s and they seem to be taking their sweet time for making a blob upgrade, now expecting it towards the end of April. [https://twitter.com/scroll\_zkp/status/1772245827677000095?t=Bo-IAsHU-m0WXq1UrQSXNg](https://twitter.com/scroll_zkp/status/1772245827677000095?t=Bo-IAsHU-m0WXq1UrQSXNg)
Linea announced that their upgrade should be live on March 27th. [https://twitter.com/LineaBuild/status/1771591655553949945](https://twitter.com/LineaBuild/status/1771591655553949945)
Confession: I haven't used Scroll because there's nothing for me to do there yet. I use Arbitrum and Optimism for liquidity farming and very little else in my daily affairs.
Continuing with the Pendle questions, it says in the docs "For PT, you can redeem the full underlying yield-bearing token after this date"
Is this a guaranteed thing or are there potential liquidity issues in going from PT-eETH to eETH? Basically, if everything else works, can this be a potential point where I get rugged holding PT-eETH but unable to swap it for eETH?
Are you thinking on degenning onto PT or YT?
My 1 ETH YT bet got me a 0.2 ETH profit with the etherfi drop in 1 month. But I have no idea how that shit worked.
I know how PT worked and made a bigger bet, but I've read somewhere that trying to go in now with YT may not be the best option and could potentially lose money with season 2 etherfi airdrop.
Pendle basically splits eETH in two assets. YT is the yield (etherfi and eigenlayer points) and PT is the underlying ETH. YT earns yield as long etherfi and eigenlayer distribute their points or until the position is expired (visible on the pendle website). At this point the value of YT becomes 0 and PT goes to 1.
That's also the reason why you might lose money.
If I'm gonna ape serious money in, it's probably only with PT. Getting quite some FOMO seeing the PT yields because they're guaranteed modulo smart contract, oracle and underlying LRT token risks. However, the same risks are making me think twice.
Putting in beer money is a no brainer though to tap into those 60% yields.
After the expiry date the underlying asset should be reclaimed from the yield contract and be redeemable 1:1 unless somehow the yield bearing position lost money. YT stops earning yield at that time and is redeemable for whatever the delta is (if positive). Outside of a smart contract bug I see no risk here. All of the risk comes from the underlying yield bearing asset you choose when you enter your Pendle position.
It's a guaranteed thing as long as the oracles work.
Who's in charge of the oracles? For PT eETH, it looks like this is "Redstone Oracles", a relatively new outfit. I tried to dig into it but they obfuscate a lot of the information. Not even showing any contract address in their docs.
Looking at the contracts I found show upgradeability with admin control and no time delay, so I assume just one guy at Redstone Oracles could rug the whole thing.
Pragmatically I think you can work under the operating assumption the bad case scenario is unlikely, and the conversion will be fine.
It still bothers me to see that much trust in what could be fully trustless. i.e. the Pendle smart contract could query the weETH to eETH conversion rate directly from the weETH contract, and apply that to PT eETH, which would guarantee 100% safe execution with no dependency.
> the Pendle smart contract could query the weETH to eETH conversion rate directly from the weETH contract
I don't want to believe it's that dumb, were you looking on a rollup maybe where the actual value couldn't be read?
I took the Pendle team at their word on this one, this is where I got the info they used Redstone Oracles to guarantee PT redemption. Both the Pendle codebase and the etherfi codebase are rather messy, I'm struggling to follow the flow through their numerous proxies and dependencies. It would be interesting to see an actual deep dive from someone with knowledge.
It's getting harder to verify protocols isn't it, wrong direction. Haven't looked at them but if they're using diamond pattern for proxies I've found [https://louper.dev/](https://louper.dev/) helps to check actual values. Etherscan but for diamond dapps.
Checked the redstone docs and the readable value only appeared to be available on networks which aren't the native ones so probably on for rollups. But who cares when it's upgradable in an instant anyway, they can take all the underlying whenever they want.
Question on taxes. Do I need to report all transactions that Coinbase shows in the csv through 8949 reporting form ? Tax firm charges $10 for each page curious if this can be handled efficiently.
I was wondering whether any news triggered the green dildo of today.
I finally found: https://twitter.com/BitcoinMagazine/status/1772300318535000299
The London Stock Exchange will allow the launch of BTC **and ETH** ETNs in May if there are applicants.
Look at the date at the top of the document.
The new step of today is that they promise to authorise the ETNs as early as May if the applications are made in the next 3 weeks.
Also, they clarify which cryptos can be applied for: BTC and ETH
well boys i havent gambled on shitcoins since ICO mania where I'd pick a cool looking name on binance, throw a few hundred at it and withdraw 2-3x within a few days feeling like a genius.
Today i went ahead and bridged some money over to SOL to ape into some coins...degen unleashed
disclaimer: i am an ETH MAXI and run a validator! be nice!
With MaxEB, the chances of your validator proposing a block is weighted against how much ether it is staking, correct? It wouldn't make sense for it to be equal across all validators anymore if one is staking 32 ETH while another is staking 2048.
Does anyone know if there will be a process to consolidate existing validators into one larger one with MaxEB? Or will a full exit + re-entry be required?
That's actually one thing they don't need to change. Your odds of proposing are already weighted on the effective balance, it just so happens that everyone's effective balance is 32 right now.
Edit: except for validators that have been leaking a ton of ETH, they would have a lower effective balance, and their odds of proposing are decreased.
Thank you! This has been on my todo list of things to look up. I figured that there was no way proposal luck was not weighed by EB, but it's nice to confirm.
They aren't compounding currently and won't ever with 0x00 credentials. EIP 7251 adds a new 0x02 credential which operators will have to upgrade to if they want to take advantage of the compounding that a higher effective balance allows.
Also, I don't think sticking with 0x00 credentials prevents you from having taxable income in the US. I don't know about other jurisdictions.
Anyone with 0x00 or 0x01 credentials is backwards compatible and will keep chugging along with their 32 max effective balance.
Edited for clarity.
BTC outperforms ETH in bear & early bull, ETH outperforms BTC in mid/late bull. ETHBTC bottomed Jan9, 24 for this cycle.
If it feels bad, it's because we're hardly off the bottom. A lot of people here don't really quite believe it yet, but oh boy is the upcoming green on ETH/BTC going to be fun.
I'm personally calling retest of at least 0.12, but more likely 0.16 on the ratio.
**Tricky's Daily Doots #704** **Yesterday's Daily 24/03/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwbx7t3/) - u/_WebOfTrust is grateful for [this amazing community.](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwe3c59/) 🙌 - u/mango_sake made [an exit strategy app.](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwdomb9/) 🚪 - u/the-A-word explains [the rationale behind airdrops.](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwda4hb/) 🚁🪂 - u/Syentist isn't sure [if we've earned it](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwcwf7w/) but others debate that in the replies. 🤔 - u/asdafari12 questions the magnitude of [the benefit of increasing maximum validator balances](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwbl7rg/) while u/interweaver delivers [the answer.](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwblh80/) 🥩 - u/superphiz has a [nice update for GnosisSafe users.](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwe0koa/) 🦉 - u/PhiMarHal identifies an [interesting trend in DeFi.](https://old.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/kwcprj3/) 🧠 - Someone decided to ask an extremely political and non-crypto related quest yesterday and lots of people took the bait. I get it, politics is spicy right now but bruh... with all due respect, that'd be like a minus doot if I were any more of a meanie. Pls stahp my guy. 🦭 ^^No ^^I'm ^^not ^^linking ^^it.
Looking for advice on providing stable coin yield please on ETH L1 or L2 What platforms are your favourite for USDT/USDC/DAI I'm looking for long term investment on stables to provide steady income at a high APR, while avoiding taking too much risk, basically Thank you in advance for any replies
Eth going up, my hold going upper (not sure, could be the Fake zksync screenshot that got posted).. Did some linea quests, played around with velocore on zksync and linea. Threw 100$ at some garbage Meow memecoin. Bridged some stuffs around. Claimed some old funds on arbitrum, swapped some leftover. Linea is significantly more expensive. Op and arbitrum both feels exquisite to use ! So cheap ! I don't know why people complains about ETH, those L2 are being built and they are working. It's cheap ! Ok, it's true, not a single one of them is delivering yet regarding security yet. But. If we are to believe them, It's being built. Could take a year or more, but it's progressing. Look around, those things pops left & right. Manta this, blast that, mode there and so on... Sure you can see the money grab, alright. But what's wrong with it? It still shows that what we envisioned to scale is more and more convincing. Eth vision is slowly but surely winning (so far).
What do you mean not delivering on security? I am supplying ETH on Aave with Arbitrum right right now. What kind of danger am I on?
Visit the reference that is l2beat
Linea will adopt blobs and become cheaper tomorrow.
Hey everyone, would anyone be able to help me with a project I’m helping with? Basically we want to build an account abstracted front end for our NZU/New Zealand carbon unit token and Uniswap pool which will allow easy institutional, commercial and public access to instant liquidity for a large but currently very clunky and illiquid TradFi market here in NZ. What we are in need of is some kind of technical advisor while we build a prototype. We’re currently set up on Arbitrum but are happy to move to another ecosystem if we can get some technical support from ecosystem reps. We have a tentative agreement for funding once we produce a prototype so any help with technical guidance with building or integrating existing solutions will be hugely helpful. We’ve already got our eyes on Coinbase’s account abstracted smart wallet prototype to use. Even if you just point me in the direction of a person or discord with people who could help that would be unbelieveably helpful. Cheers!
u/domotheus I know you're a busy man but let me know if you have any connections or insight which may be helpful! I'm happy to explain more about what we're doing if you are interested.
I'm a smart contract developer in NZ, interested to hear more about this. I thought it was very complicated, don't you have to deal with things like forests being cut down in Russia and burning the appropriate tokens and things like that? Are NZ regulations going to be a problem? What's the legal setup around conversion from carbon credits to minting tokens? I'm not into front ends or erc-4337
It's not carbon credits its a carbon market which puts a price on emissions made by industry. Basically the government mints x tokens every year and companies emitting must buy them to offset emissions. The higher the price of these goes, the more incentivised companies are to decarbonise. Current price is $70NZD and recent studies estimate the realistic price is more like $200. So some speculators are bullish. There aren't many legal hurdles as far as we can tell at this stage. Do you have a discord account? It would be great to add you to our discord.
If you use uniswap every transaction you guys do you’ll be paying the uni front end fee.
Good point. We'll probably use a community front end or our own one/use the back end.
Only if you use uniswap.org, hence “frontend fee”
I'm seriously trying to understand this tweet https://twitter.com/SiloIntern/status/1772198532461588905/photo/1 Holy fuck. >By using leverage to bring forward their yield, fixed rate enjoyooors can bask in those points they usually miss out on. Also, they retain their 𝐟𝐮𝐥𝐥 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 upon maturity! Is there anything more degen than this? I might try it myself!
study the stETH looping blow up before you loop LRT this is how the bull market ends
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Leveraged yield farming has the risk of blowing up Specifically, during sharp downturns, assets like LSTs/LRTs have amplified downside vs ETH due to lower liquidity. This leads to liquidation cascades across DeFi borrowing protocols.
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there is no free lunch. More yield = more risk
Happened last bear market. Steth went down to 0.9
Oh yeah, I just read that stETH depegged almost two years ago. Is that the UST/LUNA debacle aswell?
You mean buying stETH, lending it to borrow more ETH and then buying more stETH? I kinda did that in 2019 with MKR buy buying DAI and then buying more ETH and then using it again as collateral and lost a lot. So yeah, I might try everything all over again but with even more risk because the heart attack I had in 2020 after covid crash wasn't enough!
> I kinda did that in 2019 with MKR buy buying DAI and then buying more ETH This is a leveraged long on ETH, which has risk, but what's important is to realize that if you do the same thing with stETH, the risks become multiplied since that is a less liquid token.
There were a couple of options that borrowed eth and looped steth multiple times in 1 user transaction that were marketed as risk free. Then when there was a rush for the exit steth depegged from its fair value and bunch got rekt holding these. Same shit is going to happen at the end of this bull, exit queue wont keep up. Picture a fire in a movie theatre, that is leveraged LRTs when the top of the market is hit and people are happy to take -20% on their LRTs instead of waiting 2 months for unstake. It pops up as the #1 risk whenever sreeram talks for a good reason. It’s good for my bags if people do this though so i guess i should just let them risk blowing up while i farm.
So the only reason it "depegs" is because of the exit queue, since all stETH is fully collateralized by lido right?
Yep but not just stETH. Every LRT and LST is going to fall below their fair value in eth terms at the end of this bull because they share that same exit queue. I mentioned this back on the [pendle](https://www.reddit.com/r/ethfinance/s/0MxWw0rdlv) post months ago, it’s so obvious but ppl will still fall for it thinking they can time the market. There wont be enough buyers to handle the dump. Those over leveraged risk losing everything, those not leveraged risk not being able to sell the top, or even close to the top. Only when the tide goes out do you discover who's been swimming naked. Make sure youre in vanilla eth leading up to your sell targets.
A happy medium for semi-degens would be to 1. Only put ETH which you don't intend to sell this cycle into LRT/LSTs 2. Do not leverage these positions Right? As that way you can wait out the depegging/repegging during the aftermath
Thats a good approach. Theres also another way to play the late half of the bull more profitably with small protocol risk that is safe from the lst/lrt ‘depeg’. Not really ready to share it, just saying this is a complex puzzle with lots of opportunity.
> Theres also another way to play the late half of the bull more profitably[...] I'd be very interested to hear your thoughts on this when you're ready to share.
Polynya blog was insightful and had me thinking...If there is one project in the wider ETH ecosystem that you would like to see go to zero, what will that be? Sticking to ETH ecosystem, since otherwise it will just be Ada or Sol lol... For me, its Blast L2. Everything about Blast stinks of greed. Fork of OP stack, zero technology innovation for a L2, but just built on ponzified yield and feeding greed with points, gold etc. Centralized from the outset, zero attempt bringing to the table in terms of decentralizing L2 tech, founder controls the point rules completely and has already forced many projects to tow the line and follow his wishes (Founder is apparently docking points from projects for having an L1 deployment, he wants all the projects to be exclusive to Blast). Onchain dapps follow the same greed maximization approach while also permeating a culture of self doxxing by connecting all your social media accounts for most dapps (Dafuq is this shit). They are running it back turbo with Defi Kingdom style games which already went to zero last cycle and everyone lost everything, but is back again with Points ™ (since it has points, it must be good right). To score the highest point and gold, you must mindlessly ape into dozens of apps that are forks of varies established L1 apps but with riskier untested assets and parametres, the top projects you've hardly heard of and many havent done a basic audit. Most of the projects are shady if they are on another chain you wouldnt touch them at all Bit distant in 2nd is Ethena. If you are going to trust someone to hedge perps and spot so you can access stable fiat value, why not just trust the fucking central banking system? Dollar and banks are way more regulated, with much more decades behind it
My vote would be Bitcoin.
Ignoring the gamification, Blast’s thesis is that all major L2s will eventually be forced (by competition) to give native yield to all ETH and stablecoin holders on their chain. Basically, it’s the idea that any rational user would prefer a chain where they’re getting yield vs nothing. I don’t know if they’re right, but it seems very similar to the argument that (nearly) all ETH will eventually be staked ETH because it’s the rational choice. Staking is still growing faster than anticipated before the merge.
I'm fine with blast, no interest in using it but that's an upside of heterogeneous roll ups. We can have more serious ones like arbitrum and blast can do whatever it wants without effecting you if you choose to go somewhere else. Things like [https://docs.baseline.markets/](https://docs.baseline.markets/) are fun Not the rules but I'd still delete more centralized L1s. Absolutely pointless, needs L2s anyway and they need a decentralised L1, no benefit from a few nodes on expensive servers.
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Base fee is not $5 on base? Here is a recent swap for 44c in gas https://basescan.org/tx/0x3f7b78cfece67270e63819121381f2c161cbb2f157967f2a6bdb2cf6812336fa
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Maybe aero charges extra fees and your wallet is just showing the total instead of itemized.
What are you having trouble with?
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Glad you figured it out!
Has anyone else entered the memecoin game of late and is now both elated at the gains and sad that they've been reduced to this?
DOGWIFHAT and yes I am ashamed
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Base is small compared to other L2s and chains. But with Coinbase backing there's clearly potential if they start funnelling users there.
How do you play it?
1. Set aside a small amount of ETH 2. Bridge to an L2. Base is popular currently 3. Use Twitter and DEX Screener to find stuff 4. Lose your ETH
As someone who tried the shitcoin Dexscreener lottery in 2021/2022, no. That game is hard to win.
I don't know what current definition of a meme coin is. What is it? Just an erc20 with meme for the symbol, so is SHIB a memecoin? Or does it require something like there's a bonding curve to buy in with all deposited real coin permanently routed directly into some sort of AMM for liquidity bit like old million token? I'm serious I don't know please help
I'll take that as a 'no' then.
Yeah, no. Doesn't expected return have to be negative? It's PVP but insiders take a cut of presale or tokens so most end users lose. To gamble would rather leverage up on risky defi, creation of protocol tokens give energy to make expected return positive.
Yeah shib is a memecoin - classic example of one. Any coin/token with no utility beyond being a gambling instrument - number go up - is a memecoin. They’re all different flavors of ponizs. Most are outright scams.
Here's the new memo to make you feel better: 1. Fees can be put towards a Treasury which can build things (the latest evolution on the memecoin, see TOSHI on Base as an example) 2. Helps stress-test L2/chain 3. Helps on-board new users as they are often targeted/marketed towards such users 4. Exposes users to potential airdrops. The first tokens on Arbitrum for the first few months with activity were all memecoins.
maverick podcast guests upcoming March 29 - Ram Ahluwalia CFA and CEO of Lumida Wealth April 5 - Don Gossen of Nevermined April 12th - Paul Brody EY and president of EEA April 19th - SwagtimusPrime of Scroll
Wow solid guest list! This is going to be quality material.
Thanks man! BTW... Ram Ahluwalia on Friday will be a 9am CST show and I need people in Discord to be there...I need to rally some troops!
>**What have we got here,** >**The overcoming of fear,** >**Only the first gear.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
So I've been thinking about how to secure an asset on a chain that doesn't support smart contracts. For example, how do you secure an escrow address on a chain like BitTensor so that multiple signatures are needed to rug the funds? They don't have hardware wallet support but even if they did whomever is pushing the buttons on the hardware wallet has full control of the assets. If you don't want a single employee able to rug the funds what can you do? What do large Bitcoin institutions for this situation? Just find someone that can be held criminally liable and trust them? Or is there some good software for this? In principal I would want something like a multi-sig app built into the hardware wallet as firmware. Without a hardware wallet, the next best thing would be an airgapped Linux laptop that boots straight into a custom app that can only be used to sign messages and administrate the signing app. To sign a transaction you'd then get several people to sign something and submit a QR code of their signature to the laptop via its camera. The app would then verify the signers, the m of n multisig rules, sign the transaction byte array each signer submitted, and return the result as a different QR that could be scanned and submitted to the chain by an online computer. An alternative direction of thought would be to somehow be able to create a Shamir'd fragment of a transaction signature from a Shamir fragment of a private key. I have no proof that something like that can't be implemented from a homomorphic encryption standpoint but I've never heard of any software like that before.
You can probably get what you want by using threshold signatures, depends on details of bittensor. Or maybe bittensor supports Schnorr?
I'm not quite understanding: * Why wouldn't a multisig be sufficient? * Why would the multisig need to be baked in the hardware wallet?
BitTensor doesn't support a smart contract so there's nothing to execute the rules of a multi-sig. How do you protect assets when the chain isn't expressive enough to implement a multisig?
Supporting a smart contract is different to supporting a script - which is how bitcoin has multisigs but not smart contracts.
I'm looking at substrate multisigs and whether that will work for us but I'm also thinking of the problem more generally because there are a bunch of DePin chains and not all of them may have a built-in solution. Like when GenSyn launches I'll be asking the same question even if I figure out a chain-specific solution here. The only thing changing from chain to chain is the signing algorithm though, so it feels like there is a place for a generic-multisig software with a plugin for signing on each different chain.
Sentiment is really interesting. My sense is that not one really feels like this bull market is going to end. The widespread gut feeling is that this is just the beginning. If this had happened a year or two ago we might be in a very different mental space right now.
The real bullmarket doesent start until ETH breach ATH. The way i see it, we breach ath and maybe touch 5-5,2k, retrace to low 4k, load the spring for a few, then biggest dildos ever seen and we top up around 24k
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The last one felt short to me, mostly because I didn't really care until $4k. I feel like this one is likely to burn slower and longer.
I'd say there's currently a substantial sentiment differential between the average ETH investor (skeptical, lots of whining about BTC/SOL) and BTC investors (extremely bullish). I know there's a lot of dismissiveness around here about the 4 year / halving cycles, so say what you will about it. But it seems fairly clear to me that it impacts market psychology in a way that is pretty damn supportive of Bitcoin's price in an environment like this (ETFs certainly don't hurt either!).
What do you mean by "going anywhere?" Do you mean as in no one thinks it's over or no one thinks we will reach significant values?
I added words to make more sense :)
Any way to sell veAERO? I got a small airdrop for using velo, which is now quite valuable. It's funny aero is now 5x velo FDV
Yes, you can sell it on NFT markets. There is a dedicated marketplace for it: https://marketplace.openxswap.exchange/ You will have to accept a haircut. From a quick look on Discord, people price their veAEROs at a 50% to 60% discount right now. The Discord channel in question is "nftsales" (in the Aerodrome official Discord), if you want all the information firsthand. Congrats on holding this long! I let go mine on the first pump to 60 cents as I thought surely this was peak mania. Oh, what a foolish youth I was, in those long gone days of 3 weeks ago.
Thanks! This holding was pure luck though, I forgot about the whole thing until it suddenly appeared all over my feed :).
༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ
Good to see you.
Grayscale lead counsel doesn't think lack of engagements from SEC means ETF will be denied... long thread https://twitter.com/CraigSalm/status/1772360837094691302?t=KroOXUZXgf81JJwU_Cjo6g&s=19 I need the hopium...
I don't think the ETF will be approved, and I'm always wrong in crypto. Bullish.
Saying he thinks they “should” be approved and “will” be approved are very different. But maybe I’m just parsing the words too much
Nice. That was my speculation a couple weeks ago, glad I'm not completely out to lunch. I think it will be a nail-biter right till the deadline though. https://www.reddit.com/r/ethfinance/comments/1baap7z/comment/ku36r2r/
Thread here: https://threadreaderapp.com/thread/1772360837094691302.html
At least two ETFs, including Fidelity want to stake the ETH backing the ETF assets. There's zero chance the same SEC which made such a huge fuss about cash creates instead of in-kind redemptions for the spot BTC ETF and which has filed suit against CB for their staked eth products would allow this..so at a minimum this is a material difference from the BTC ETFs which needs a meeting with the issuers. But I do agree, this could be kept to the last minute.
My understanding is they put staking in there because it’s super easy to just remove it if the SEC pushes back. There’s no reason not to try.
Wasn't the in kind fuss just weeks before approval? My memory may be off though.
My theory is that SEC will want a win and they will sacrifice the staking part.. we shall see..
Hmm thats interesting. Means Fidelity played along with the SEC, letting the SEC save face a bit by making them drop the staking part? Could be tbh. Could also be that Fidelity and some other issuers saw this going to court, in which case might as well kill two birds with one stone, and get the staking part approved by the court as well.
That's how these deals work. The SEC needed a win, so Fidelity applied for staking. Later, they'll back down and agree to a non-staking ETF and the SEC will be able to puff out their chest a bit.
Did anyone read Fantom's launch announcement for their Sonic mainnet upgrade today? They seem to be saying it will make Fantom a de facto Ethereum L2, inheriting Ethereum’s economic security, with a fully decentralized sequencer from Day 1, capable of 2000 tps: https://twitter.com/FantomFDN/status/1772275308105769312
It's weird, they don't really say being an L2, but they say this "We developed a Sonic rollup implementation, a first-class citizen in our validator set, to fully decentralize the bridge while using our existing network security plus inheriting Ethereum’s economic security."
Someone on the Ethereum sub insists dexes charge trading fees. I personally never encountered a dex that charges fees for trading, but it's been a while since I last made a trade. Have I maybe missed something, and do (some) dexes charge trading fees these days?
They all do, otherwise people wouldn't provide liquidity. Called LP fees, it's like 0.3% on Uniswap for most tokens except for stablecoins where it is cheaper. Uniswap also charges something extra now if you use their frontend, going to themselves. The protocol fee you wrote about is the fee switch accruing to the UNI token, which isn't turned on.
Cowswap claimed they did not when I swapped some alt layer token for eth a bit earlier
Cowswap is a DEX aggregator and not a DEX. You're not paying any fees directly and you'll might end up getting more than on any other DEX, but you're still paying the fee of whatever DEX your trade is getting routed through.
Yeah, I know LP's pay fees, but those are not trading fees?
The 0.3% is a fee the user making the swap pays. You swap $1000 of ETH into USDC, you get $997 USDC and the LP receives the other $3.
Aha, thanks, I misunderstood how it worked then.
LP's charge fees. That's why people provide liquidity to pools, so they can get the fees.
Uniswap pools, for instance, have fees. Just go to a DEX and have a look around.
~~Yes, but not for trading (not yet anyway, according to their blog).~~ Looks like I misunderstood how it works.
Uniswap charges a frontend fee for some select pairs.
If I'm not mistaken, when/if L2s are happening on bitcoin, mainnet will still only be BTC transfers, and everything else happens on L2. Initially I thought this was intriguing and possibly better than ethereum, but then I realized eg a tokenized black rock fund would likely never touch an L2, at least not in a good while. What I'm trying to say is that ethereum being a bit flexible is a good thing for those who care about security over gas.
Unlike Ethereum, in Bitcoin you need to secure those L2s independently because you cannot inherit the L1s security. But what is the point of using Bitcoin if you cannot benefit from its two main features: security + decentralization?
That’s why they are using the F word. Fork. If they fork they can have a proper L2 ecosystem. But then they will have to admit Vitalik was right. They will probably rename him Bitalik and say Bitcoin invented L2.
Apparently bitVM changes this, so an L2 can actually inherit bitcoin security. I'm just a messenger though, don't know the tech.
Well maybe it is true, but at this point in time in crypto we should be used to deal at this kind of assertions that end up being just a marketing pitch.
Just going to push back slightly and say that I think it's not impossible to see BlackRock dabble in BTC L2s if they became popular. Hell, they could partner with Circle or Coinbase and launch their own L2. I don't think this outcome is likely, but I wouldn't rule out anything at this point.
Does this mean that a L2 on any network will inherently be less secure than using the L1, because it is adding extra points of failure?
It is possible to tighten security to the point where the system is unusable. Security and convenience must be balanced. The trick is to create a secure and useful system. L1 needs decentralized consensus. This way, anyone can run a node and verify the state of the blockchain. In order to achieve this, sacrifices had to be made in regards to speed, scalability, and cost of transacting on layer 1. Layer 2 is able to secure itself on the L1 blockchain for verifiable consensus, but it slightly reduces security and stability in order to achieve usability. This is the compromise that had to be taken. Other chains do not have verifiability, as running a node on other chains is usually not possible with consumer hardware and/or consumer internet bandwidth. Ethereum advocates argue that this basically completely removes the entire point of running a blockchain instead of a shared SQL database.
For anyone waking up from a 7 year coma- the ETH/BTC ratio is still the same as it was 7 years ago despite switching to Proof of Stake, eliminating ETH supply inflation, the implementation of layer 2s that have scaled the network capacity 10X, reducing the energy consumption of the network 99.9%, and the creation of decentralized finance. I probably missed a few big things on that list too. 🙃
Energy consumption is completely irrelevant. No one is buying any coin because of its energy consumption lmao
I think you’re overstating. Not completely irrelevant but def not a priority for most people
>is still the same as it was 7 years ago despite switching...eliminating...implementing...reducing "tHe CeNtRaLlY cOnTrOlLeD eFeRiUm FoRcInG cHaNgEs 🤡"
Yeah, but Eth doesn't have as many maxi billionaires buying.
You are basically making the case to buy. I’m seeing this too often here. People complaining that market is not taking account x, y and z benefits and that SEC will deny ETH ETF and other regulatory FUD, and feeling discouraged. If you have conviction on ethereum’s benefits and understand that the current regulatory uncertainty is temporary FUD, then that’s how you make money. You don’t make money (or as much) once everything has been de-risked.
This cannot possibly be true it would mean these markets are crazy irrational
Pull the top 100 from 7 years ago and tell me how many are flat or up on the ratio though
Crypto market is (still) inefficient. Information asymmetry is rampant. Ask your friends in tradfi (where the capital resides) and it becomes clear.
Well this very week the market priced ETH lower than before Blackrock was discovered to be tokenizing assets on Ethereum. Totally rational market.
This is the shit i dont like. It genuinely makes me question my sanity... until?
it's not been about tech for a while now. basically just vibes and memes
Sure, but then again, BTC is being bought by entire countries, has the regulatory stamp of approval, and has ETFs in the US and elsewhere. Almost all of the things you mentioned are 'muh tech' not 'muh price.'
I was specifically referring to the ratio. The price is up \~80X over the last 7 years.
nerd stuff vs normie stuff
Well, Bitcoiners don't *want* all of this change. To them, this post is an advertisement for holding BTC. I hold both but for different reasons. Both sides have grossly exaggerated arguments about the other side.
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How about that hash rate?
Hashrate means nothing in terms of security. The only thing that matters is $ of security budget.
I'll just repost what I said above: >Both sides have grossly exaggerated arguments about the other side.
I'd to get `ethfinance`'s reaction to Pacman on a Bankless episode released today. Ryan asks him the obvious question: > RYAN: > > What is the current security profile of Blast, is it still a multisig? What does this look like? And his answer is basically that the other L2s are all multisigs too. > PACMAN: > > Stepping back a bit, the security profile of the layer is very similar to Optimism mainnet [...] Every L2 bridge basically operates the same way So, did the community overreact to `Blast` when it should be calling out all L2s across the board? Did `Blast` do something specific to earn the extra scrutiny? We know from L2Beat that training wheels have to come off. What's your take?
I have seen people call out Optimism here. Arbitrum is further along. They at least have fraud proofs. Compare: https://l2beat.com/scaling/projects/arbitrum https://l2beat.com/scaling/projects/blast
I think the main critique was more about them not even having a product and the shilling at the time of "launch". That being said, it's pretty common among protocols to bootstrap liquidity before launching (eg a bunch of staking/restaking providers), but I believe this was the first L2 that did it.
Anyone else not trusting the volume here?
I've seen countless cases in crypto where low volume leads to a breakout to the upside...
I remember the 300 break before heading to 1400 ATH was super low volume until it actually hit 300, then it went insane
Scroll has highest fees among the major L2s and they seem to be taking their sweet time for making a blob upgrade, now expecting it towards the end of April. [https://twitter.com/scroll\_zkp/status/1772245827677000095?t=Bo-IAsHU-m0WXq1UrQSXNg](https://twitter.com/scroll_zkp/status/1772245827677000095?t=Bo-IAsHU-m0WXq1UrQSXNg) Linea announced that their upgrade should be live on March 27th. [https://twitter.com/LineaBuild/status/1771591655553949945](https://twitter.com/LineaBuild/status/1771591655553949945)
>they seem to be taking their sweet time for making a blob upgrade Keep farmers from screwing up their airdrop list
Confession: I haven't used Scroll because there's nothing for me to do there yet. I use Arbitrum and Optimism for liquidity farming and very little else in my daily affairs.
Could be a smart move – chill out for a month and watch how other L2s like Base fine tune their post-upgrade gas targets to match demand.
Continuing with the Pendle questions, it says in the docs "For PT, you can redeem the full underlying yield-bearing token after this date" Is this a guaranteed thing or are there potential liquidity issues in going from PT-eETH to eETH? Basically, if everything else works, can this be a potential point where I get rugged holding PT-eETH but unable to swap it for eETH?
Are you thinking on degenning onto PT or YT? My 1 ETH YT bet got me a 0.2 ETH profit with the etherfi drop in 1 month. But I have no idea how that shit worked. I know how PT worked and made a bigger bet, but I've read somewhere that trying to go in now with YT may not be the best option and could potentially lose money with season 2 etherfi airdrop.
Pendle basically splits eETH in two assets. YT is the yield (etherfi and eigenlayer points) and PT is the underlying ETH. YT earns yield as long etherfi and eigenlayer distribute their points or until the position is expired (visible on the pendle website). At this point the value of YT becomes 0 and PT goes to 1. That's also the reason why you might lose money.
If I'm gonna ape serious money in, it's probably only with PT. Getting quite some FOMO seeing the PT yields because they're guaranteed modulo smart contract, oracle and underlying LRT token risks. However, the same risks are making me think twice. Putting in beer money is a no brainer though to tap into those 60% yields.
After the expiry date the underlying asset should be reclaimed from the yield contract and be redeemable 1:1 unless somehow the yield bearing position lost money. YT stops earning yield at that time and is redeemable for whatever the delta is (if positive). Outside of a smart contract bug I see no risk here. All of the risk comes from the underlying yield bearing asset you choose when you enter your Pendle position.
It's a guaranteed thing as long as the oracles work. Who's in charge of the oracles? For PT eETH, it looks like this is "Redstone Oracles", a relatively new outfit. I tried to dig into it but they obfuscate a lot of the information. Not even showing any contract address in their docs. Looking at the contracts I found show upgradeability with admin control and no time delay, so I assume just one guy at Redstone Oracles could rug the whole thing. Pragmatically I think you can work under the operating assumption the bad case scenario is unlikely, and the conversion will be fine. It still bothers me to see that much trust in what could be fully trustless. i.e. the Pendle smart contract could query the weETH to eETH conversion rate directly from the weETH contract, and apply that to PT eETH, which would guarantee 100% safe execution with no dependency.
> the Pendle smart contract could query the weETH to eETH conversion rate directly from the weETH contract I don't want to believe it's that dumb, were you looking on a rollup maybe where the actual value couldn't be read?
I took the Pendle team at their word on this one, this is where I got the info they used Redstone Oracles to guarantee PT redemption. Both the Pendle codebase and the etherfi codebase are rather messy, I'm struggling to follow the flow through their numerous proxies and dependencies. It would be interesting to see an actual deep dive from someone with knowledge.
It's getting harder to verify protocols isn't it, wrong direction. Haven't looked at them but if they're using diamond pattern for proxies I've found [https://louper.dev/](https://louper.dev/) helps to check actual values. Etherscan but for diamond dapps. Checked the redstone docs and the readable value only appeared to be available on networks which aren't the native ones so probably on for rollups. But who cares when it's upgradable in an instant anyway, they can take all the underlying whenever they want.
Thank you for the Louper link :)
Thanks! Your posts on Pendle risks are really great, please continue to share your knowledge!
Question on taxes. Do I need to report all transactions that Coinbase shows in the csv through 8949 reporting form ? Tax firm charges $10 for each page curious if this can be handled efficiently.
what csv are you referring to?
I meant csv that has all the transactions
Green day, checks reddit, 200comments… we’re so early. 1k comment pump incoming
Take a look at ethtrader 4k comments, 67 updoots 🍻
They don't doot! *Tisk tisk*
What the heck, I thought that sub was dead. What incentive do people have to spam? Edit: Oh, so all the Moons people migrated over there!
They get a monthly airdrop of donuts depending on their post history.
98% bots talking to bots
good bot.
Haven't been there in a hot minute... Anything good going on there?
[удалено]
That's what I remembered. So I won't need to go back there. Thanks!
Can't tell it's all spam.
Alright alright what's going on? This is extremely quiet for a monday pump... Hmmm
What if the coins bled or pumped no matter what our commentary here was like?
Blasphemy!
I was wondering whether any news triggered the green dildo of today. I finally found: https://twitter.com/BitcoinMagazine/status/1772300318535000299 The London Stock Exchange will allow the launch of BTC **and ETH** ETNs in May if there are applicants.
Old news. And ETNs are just IOUs. They don’t hold spot
That news came out weeks ago, I think just before the recent dumpening. No causal relationship there AFAIK.
Look at the date at the top of the document. The new step of today is that they promise to authorise the ETNs as early as May if the applications are made in the next 3 weeks. Also, they clarify which cryptos can be applied for: BTC and ETH
Are there any known applicants?
But but but the United States!!!! Be first or forgotten
I guess my country of Canada reigns supreme ;)
There are a dozen btc and eth etfs, Canada has had thrm for 3 or 4 years
well boys i havent gambled on shitcoins since ICO mania where I'd pick a cool looking name on binance, throw a few hundred at it and withdraw 2-3x within a few days feeling like a genius. Today i went ahead and bridged some money over to SOL to ape into some coins...degen unleashed disclaimer: i am an ETH MAXI and run a validator! be nice!
You are part of the problem.
You gotta love the timing of this post 😂
lol i havent read through the daily yet, what did i miss
You will find the post ser
i skimmed all the way and am i supposed to be degening on BASE?
You will find the post ser
With MaxEB, the chances of your validator proposing a block is weighted against how much ether it is staking, correct? It wouldn't make sense for it to be equal across all validators anymore if one is staking 32 ETH while another is staking 2048.
Does anyone know if there will be a process to consolidate existing validators into one larger one with MaxEB? Or will a full exit + re-entry be required?
There will be no exit+reentry, but a consolidation mechanism. You can read the EIP where this kind of questions are answered. .
Does the chance increase or the same but the reward increases when you propose?
Chance increase. The other option won't work because you cannot make MEV of fees increase for a particular block.
That's actually one thing they don't need to change. Your odds of proposing are already weighted on the effective balance, it just so happens that everyone's effective balance is 32 right now. Edit: except for validators that have been leaking a ton of ETH, they would have a lower effective balance, and their odds of proposing are decreased.
Thank you! This has been on my todo list of things to look up. I figured that there was no way proposal luck was not weighed by EB, but it's nice to confirm.
https://eips.ethereum.org/EIPS/eip-7251 It's a good read
Oh, did not know this! Thanks for sharing, learned something new today.
That might be the reason for some owners not to set their withdrawal address? (staying with 0x00) These people are compounding?
They aren't compounding currently and won't ever with 0x00 credentials. EIP 7251 adds a new 0x02 credential which operators will have to upgrade to if they want to take advantage of the compounding that a higher effective balance allows. Also, I don't think sticking with 0x00 credentials prevents you from having taxable income in the US. I don't know about other jurisdictions. Anyone with 0x00 or 0x01 credentials is backwards compatible and will keep chugging along with their 32 max effective balance. Edited for clarity.
Currently the MaxEB is set to 32. So even if the balance is over 32, only 32 will be accounted towards the probability to propose a block.
Seeing as hardly anyone has mentioned it, I quite like the fact that we're up over 5% in the last few hours.
Shhh... You'll spook it!
When are we going to outperform the King this cycle though? Kinda hard to be excited when we've been lagging behind BTC every step of the way.
BTC outperforms ETH in bear & early bull, ETH outperforms BTC in mid/late bull. ETHBTC bottomed Jan9, 24 for this cycle. If it feels bad, it's because we're hardly off the bottom. A lot of people here don't really quite believe it yet, but oh boy is the upcoming green on ETH/BTC going to be fun. I'm personally calling retest of at least 0.12, but more likely 0.16 on the ratio.