diff --git a/README.md b/README.md index 4b876a2..04b13f7 100644 --- a/README.md +++ b/README.md @@ -1099,6 +1099,369 @@ Rank | Username | Daily Doots +
+ Week #71: July 12, 2024 + +[Listen Live](https://discord.gg/b67BUR8uuN) | [POAP Checkout](https://checkout.poap.xyz/175991) + +**Upcoming Guests** + +- July 26 - Mcoso.eth from [Metamask](https://metamask.io/) +- August 2 - Amir & Jason from [Puffer Finance](https://unifi.puffer.fi/) + + +
+The morning roundup +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1e199nr/comment/lcsil9p/) + +[u/LowElectrical9680](https://reddit.com/u/LowElectrical9680) + +> Ethereim + +[u/FrenktheTank](https://reddit.com/u/FrenktheTank) + +> $3085.73 + +[u/HBAR_10_DOLLARS](https://reddit.com/u/HBAR_10_DOLLARS) + +> 0.054 + +[u/bagogel12](https://reddit.com/u/bagogel12) + +> Day 666 since the merge. + +[u/Atyzzze](https://reddit.com/u/Atyzzze) + +> 290tps + +
+
+Weekly Haiku: u/Jey_s_TeArS +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1dvpzvb/comment/lbt3d1m/) + +*Markets wind the clock,* + +*Use cases filling the block,* + +*An EthCC talk.* + +
+
+Choda time! +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1e0gtdv/comment/lcoar8h/) + +༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ + +
+
+Shitpost of the week: Double Decker +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1dwhu31/daily_general_discussion_july_6_2024/lbvk2m9/) + +[u/NeedlerOP](https://reddit.com/u/NeedlerOP): + +Life cycle of an ETH holder: + +1. Suffer for 2 years of bear market thinking you're an idiot (you are, should've sold some) +2. Euphoria for 1 year thinking you are literally the wolf of wall street (you're not) +3. Cope for a 1 year in the early stages of the bear 'but actually it's consolidation' (it's not) +4. Return to 1) + +Source : my poor decisions + +--- + +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1dx8nwu/daily_general_discussion_july_7_2024/lc3fiyd/) + +[u/Dreth](https://reddit.com/u/Dreth): + +the real cycle is: + +- 1 week of damn bro the tech is so good, inject that green papery stuff with the faces of defunct important humans and big numbers into my veins +- 7 weeks of im so fucking bored +- 3 weeks of fuck this market party's over bros pack up + +rinse and repeat + +--- + +--- + +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1dwhu31/daily_general_discussion_july_6_2024/lbx49jx/) + +[u/superphiz](https://reddit.com/u/superphiz): + +The year is 2098. After years of building the network, Eth finally touches $5k for 0.08 seconds before being sold into oblivion. The poap is deployed, but we're all dead anyway. If you go to a cemetery and listen closely, you can hear the muffled cheers of dead Ethereans celebrating that they were right the whole time. + +
+
+u/VbV3uBCxQB9b has a CDP question and u/nikola_j jumps in with a great answer +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1du681u/daily_general_discussion_july_3_2024/lbfo16x/) + +[u/VbV3uBCxQB9b](https://reddit.com/u/VbV3uBCxQB9b): + +Guys, I'm kinda freaking out, if someone could help me understand what's happening, I'd be very thankful. + +I have a Compound position that I intend(ed?) to leave running for the long term, managed with Defi Saver, on the Base Layer 2 network. It supplies cbETH and boosts by borrowing ETH, buying more cbETH and supplying that etc. + +So I wake up today to find that my APY, which last I saw was 15%, is now at -40%. This caught me by surprise, as you can imagine. The reason has to do with the price of borrowing ETH, which went up from 1% to around 8%. + +I had a CDP position back when it blew up, in 2019 if I'm not mistaken, so at first I thought some kind of problem like that, but I come here and no one seems to be talking about anything related to this, no crisis, no liquidity problem on ETH or anything like that. + +So can anyone shed some light on this? Should I liquidate this position right now, or is this a temporary thing that will normalize soon? + +--- + +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1du681u/daily_general_discussion_july_3_2024/lbfrnkn/) + +[u/nikola_j](https://reddit.com/u/nikola_j): + +Hey, good ser, so a person from defi saver here, as u/TheCryptosAndBloods mentioned below (thanks for the tag once again!). + +These kinds of spikes in borrowing rates are common in all pool-based money market protocols (i.e. protocols such as Aave, Compound, Morpho Blue) where rates constantly change based on current overall utilisation of the used pool. + +I wouldn't panic about it and would rather wait it out for a day or two to see how the rates change further. Usually there'll be new (ETH) depositors quickly that have noticed the high available APY for supplying, which is usually considered one of the lower risk opportunities for yield on ETH when it comes to tier 1 protocols such as these. + +Hope that clarifies things? + +And p.s. the net APY specifically is calculated based on your position balance and how it would change in one year from now based on current supply & borrow APYs, if that wasn't clear. + +
+
+u/superphiz shares a tweet thread on the disconnect between sentiment and fundamentals +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1duyoim/daily_general_discussion_july_4_2024/lbk8xyt/) + +Excellent [tweet](https://x.com/materkel/status/1808612513732292679) from [@materkel](https://x.com/materkel): + +---- + +I'm kind of fed up with all the negativity around #Ethereum and Rollups when the whole ecosystem is shipping out of its mind right now. People who look at what we have now and still think Ethereum should have scaled L1 first... are you all out of your minds? + +Let me tell you what approximately would have happened if we scaled L1: +- Maybe 50-100 TPS now on L1... wow... I'm sure all the skeptics would have jumped on Ethereum L1 and done all their stuff there. +- Rollups that were previously aligned with Ethereum would most definitely have chosen alternative solutions for DA to meaningfully scale (which is now possible using Ethereum as DA). +- We would not have hundreds of Rollup teams contributing back to the Ethereum and EVM ecosystem. +- Minimal marketing for the Ethereum ecosystem... L2s would just end up doing their own thing, because why should they stay if Ethereum chose to abandon them in the most critical of times? + +Ethereum would have essentially pushed the most valuable allies away despite funding a lot of the ZK and rollup research in the past (even 5+ years ago). + +We now get so much more back from L2s, and with PeerDAS and full proto-Danksharding on the horizon, there will be no argument left for why those rollups should even think about doing their "own thing" or choosing a different DA. I mean, look at what is happening with $TIA... Ethereum is basically eating their lunch right now. + +We now have: +- Multiple Consensus and Execution Client Teams making Ethereum the most decentralized public Blockchain to ever exist by a large margin. AFAIK no other Blockchain even has 2 meaningfully adopted clients... Ethereum has 7 clients with >10% distribution, that's just incredible if you think about it +- Multiple Rollups that are among the most active chains right now +- Both @base + and @arbitrum + breaking their own records every few days, attracting billions in TVL and millions of users, shipping out of their minds, having meaningful traction, and a growing app ecosystem +- Multiple more theme-focused, Ethereum-aligned L2s like e.g. @Immutable + onboarding hundreds of game studios and eventually millions of gamers +- Account abstraction wallets that wouldn't have been easily possible on L1 (at least not so soon) via @Immutable + passport or @infinex_app + offering sponsored meta transactions +- The cheapest L1 gas fees we’ve probably ever had. Introducing blobs with EIP-4844 made room for more meaningful transactions. At peak times, L2s made up for up to ~30% of the Ethereum blockspace (this most likely still is temporary and also bought us some time to give L1 some love) + +I have no doubt in my mind that what Ethereum did has led to the absolute best outcome for the protocol we could have hoped for in the last 3-4 years. +Of course, L1 could have used some love, but that critique is on such a high level that it feels like we're just coping because the price is not catching up with fundamentals. + +If you had told me where Ethereum would be right now 3-4 years ago, I couldn't have imagined a more solid position for it to be in. + +Now we can discuss what should be next and that going further down the Rollup path might be a bad idea, or that we should focus on fixing fragmentation, etc., and that delaying this and that in favor of some L1 love is a good idea. I'm totally into that, but please stop with all the coping when we basically just shipped an upgrade that gave @base + and other Rollups <1 cent fees ~4 months ago... + +\#Ethereum and its whole ecosystem is still winning, and nothing can stop it from winning even more, as the whole behemoth that is thousands of ecosystem teams all shipping in parallel is just getting started. + +---- + +(\* These aren't my words, but I didn't feel like doing a massive quote block to share it! -phiz) + +
+
+u/Bob-Rossi has a delegate update +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1duyoim/daily_general_discussion_july_4_2024/lbm2kb6/) + +I know I've been woefully non-reporting my ARB delegate updates the last month, but for those who want to check voting records I did make a reporting thread a few months ago if people want to follow for the links to all my votes + rationale + +[https://forum.arb.seamonkey.tech/t/bob-rossi-delegate-communication-thread/23653](https://forum.arb.seamonkey.tech/t/bob-rossi-delegate-communication-thread/23653) + +Beyond basic duties, notable projects I've taken on recently. Which if people want to discuss / voice opinions about I'm all ears. + +- I'm on the interim oversight committee for the ARB gaming project that passed. There is a vote for the actual oversight committee soon, but they wanted some of the prominent delegates on there for between period where the program was approved but no oversight board voted on. I was partially chosen since I was no voter, and they wanted representation from dissenting opinions. I am not running for full time council, if anyone was wondering. +- I'm also (hopefully) going to be on another oversight committee for a separate project relating more to theory-crafting how to more efficiently run the DAO. A little up in the air at the moment, but have said I'd do it if it goes forward. +- HOP related, but they are starting a grant committee. Which I've applied for... I do need to get voted in but if elected I'll for sure be reaching out to people here. It is small given the project, but might be a good thing for those who are looking for that type of funding. + +Also don't forget ARB is still running the LTIPP incentives so there are likely some good projects out there to earn some extra APY, or simply getting rewarded for using. Here is the list of them all if your curious - [Powerhouse Connect (arbgrants.com)](https://www.arbgrants.com/d/Arbitrum%20LTIPP/Grants%20G-L). May I suggest checking out the "H" section as well, although forgive me as i've been busy and a little behind on what I need to update (I will be this weekend) + +
+
+u/Itur_ad_Astra discusses Bitcoin, Ethereum, altcoins and moneyness +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1dvpzvb/daily_general_discussion_july_5_2024/lbs70hi/) + +**On Ethereum, Bitcoin, and Altcoins** + +Many people might have noticed that I'm one of the most vehemently anti-Bitcoin people in here, and also very often diss Altcoins. They are not wrong. So I will attempt to explain why there's a world of difference between a Bitcoin Maxi and an Ethereum Maxi. + +It's strange, because I was really, *really* late on Ethereum, and *really* into Bitcoin. Not only was I completely oblivious to its existence until 2017, I even initially dismissed it as another altcoin that's going to zero. Up until 2018, I was essentially a Bitcoin Maxi. After a few short months or reading up on several coins, getting heavily rekt in the 2018 crash betting on NANO, and educating myself about crypto, I had completely converter to Ethereum. And I left Bitcoin completely behind. + +Why is that? + +Gresham's law states that bad money drives out good money. The good money that is driven out is hoarded, so if it is scarce, it increases in value. Many people understand this as "Crypto will always outperform Fiat because it's better money". But there's another angle to it. In my opinion, this applies even more strongly **within** the highly liquid and interconnected crypto ecosystem, sucking value out of *every single Altcoin* and giving it to the leading crypto, which is the one that has the most "moneyness". During this process, the leading crypto builds even more status as *money*, and altcoins are dismissed as bad investments at best or scams at worst. + +Every cycle, once the speculative frenzy dies out, and it eventually does, every single crypto ends up being valued exactly as a company stock: according to the current and future profits it can bring to the holder, taking into account the potential for its future growth. For most altcoins, that means following an asymptote to zero, since they don't really have any profits. + +Why has Ether escaped this fate for a couple of cycles? After all, Ethereum is constantly regarded as one of the *most undervalued altcoins* not just by Ethereans (of course we would think that) but even by neutral Altcoiners. "Ethereum can only dump after good news" is a meme in most crypto subreddits. But somehow Etherum persists. In my opinion, this can be explained because even though in the minds of the majority Ethereum is still an altcoin, it's again valued as a stock: according to its profits. It's seen as undervalued precicely because a lot of speculative value has evaporated due to it having been around for a couple of cycles. The fact that it's not only profitable, but the **only** profitable altcoin (OK there's also BNB and maybe TRON with some light profits) is the reason it is not following every single other crypto to oblivion. + +Every single crypto... except one. The one that in the minds of the majority is the best money. The one that every single cycle, without fail, will be the safe haven that's not going to zero, because it has a hard support of rabid acolytes that see it as the best money on Earth. Bitcoin. + +So, sometime during Ethereum's development, I think some very smart people realized that this is the game. As a result, Ether is the only crypto that has worked and fought to be seen as a better money. Ultrasound money might or might not be the best attempt to communicate that to the general public, but in my opinion is very apt. + +Ethereum is an absolutely unique altcoin in this regard, because from the moment it was created, its scope and capabilities exceeded Bitcoin's by such a huge margin, that it could legitimately claim to be the money of the crypto ecosystem, superseding Bitcoin. + +Many of you think there's room for both BTC and ETH on the ecosystem. Sure, there's room for both, if BTC is the money and ETH keeps being valued as a stock. If BTC reaches $1M and ETH reaches $12K. + +But if you want a $150K Ether, then you just can't have Bitcoin being seen as the better money. And if Bitcoin ceases to be seen as the better money, it's not even going to be in the top 20 on Coinmarketcap. + +So, when you people try to be moderate with Bitcoin Maxis in order to drive a civilized discussion you miss the fact that this is impossible. The smart Maxis *know* that Ethereum is a **mortal threat** to Bitcoin. There's no civilized discussion that can happen in light of this fact. They can only dismiss Ethereum as the worst shitcoin, because acknowledging it might lead some moderate Bitcoiners or people that are on the fence to jump ship. And when you've build a personal brand and an entire livelihood on Bitcoin being the best money, you might not be able to do the same. But even though you might know that Ethereum is objectively better money, you do have some very strong weapons to fight back. The early Bitcoiners are some of the wealthiest people in the ecosystem. They can help launch "Ethereum killers" and pump them 2000%. They can spread FUD. They can go on podcasts and shit on Ethereum non-stop. The vitriol and dismissal I've seen against Ethereum from smug Maxis is not even *close* to other altcoins. + +Because they realize the fact that you can have many cryptocurrencies and a thriving ecosystem, but not all of them can be money. Crypto needs a King. And so far, this Maxi strategy is working, because it keeps Bitcoin's network effect intact and damages Ethereum's. And the network effect is the **only** thing that gives money its value. + +So, I am an Ethereum Maxi. But here's the difference: I am not an Ethereum Maxi because I can't move to Bitcoin. I am late enough to be neither rich or have buit a business around Ethereum. I'm a Maxi because Ethereum is just better. So, unlike Bitcoin Maxis, I don't really have to resort to arguments found at the lowest levels of Graham's argument pyramid. I can make intelligent points, refute Maxi's stupid arguments, *and* be an Ethereum Maxi myself. It's easy, because there not even a conflict. The world benefits *along* with my bags, which I think is pretty rare. + +So be a Maxi, because what Ethereum is trying to do is neither easy nor certain. We are coming for the King, and we *definitely* best not miss. + +
+
+u/SeaMonkey82 recaps the execution layer all core dev call +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1dwhu31/daily_general_discussion_july_6_2024/lbuvi6i/) + +ACDE 191 Recap posted by ralexstokes in the ETH R&D Discord: + +--- + +ACDE 191 Recap + +Started with Pectra updates + +* Clients moving ahead with devnet-1 implementations +* Waiting for a greater number of clients to be ready before we launch devnet-1, but expect to be there in the next week or two +* Got an [update on 7702 progress](https://github.com/ethereum/EIPs/pull/8677) that will likely go into devnet-2; please take a look as the intention is to merge in the next week + +\*\* Note: devnet-1 will reflect the current spec of EIP-7702 + +Then turned to discuss EIP-7212 + +* There’s support for the feature as it brings a lot of nice UX improvements around key/wallet management with a widely supported cryptographic curve +* We discussed the point around formal inclusion in Pectra, but will wait till the next ACDE to make that decision. While the EIP in isolation brings a nice set of features, it needs to be weighed against the already large scope of Pectra +* There are a few minor things to address around the EIP itself, including mirroring the precompile address across L2 deployments and L1. These will be resolved over the next two weeks to tee us up for an inclusion discussion on the next call + +Next, [we discussed a proposal to add events](https://ethereum-magicians.org/t/eip-7002-execution-layer-triggerable-exits/14195/13) to the predeploy system contracts for cross-layer communication with EIP-7002 and EIP-7251. Consensus was that this change makes sense and the corresponding contracts will be updated. + +Then, we had a call to [deactivate EIP-158](https://github.com/ethereum/EIPs/pull/8712) to simplify the effects of deploying EIP-7702 and the Verkle migration. In light of the latest updates to 7702 we no longer need this proposal and decided to ignore it. + +And to wrap the call, we had a discussion around making progress on other protocol improvements like history expiry and changes to the blob mempool to streamline usage of blobs by users like rollups. We jumped across various concerns here so check the call for the details. In short, there was a call for more regular updates on EIP-4444’s progress, and a call out to various things both rollups and clients can do to more intelligently handle the pipeline from blob producer to blob inclusion on-chain. + +Reminder: Goerli has been deprecated and so clients will (or have already!) dropped support for this testnet. + +
+
+u/Atyzzze speaks of scaling and waiting for price to follow +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1dx8nwu/daily_general_discussion_july_7_2024/lc2mpyx/) + +200 sustained tp/s and still only 1-2gwei gas fees + + + +we are severely over capacity + +the infrastructure currently in place is able to support so many more users + +it will destroy all shred of doubt whether or not blockchain can scale to support the entire world as it was intended to + +the next bull run will be like nothing we've ever seen + +and the etfs going live might just be the linchpin + +cba for the flippening + +I want to see the great supply crunch as the economic beast awakens and is firing on all cylinders + +on to the next cycle of new tech --> new users get interested --> eventually current tech limits are hit --> users face frustration and lose interest --> technology improves and readies itself for round of user adoption --> repeat + +It's safe to say we've at least x100 our user capacity since the last big bull run + +now let the users come back and see what happens + +I'll never forget this time I was waiting at a bar for my btc transactions to be confirmed, had to wait over an hour to get the needed confirmations, PoW RNG be damned. The UX experience is crazy much better compared to back then. + +At some point, we're all going to realize this technology isn't going anywhere and is not a ponzi, or at least, not any more than all other fiat is. + +Except that this is money by the people, for the people. + +
+
+u/Vinegar_Strokes__ starts a conversation about how we all made our way to EthFinance and is met with some great replies +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1dyu2vs/daily_general_discussion_july_9_2024/lcdez98/) + +How did you find your way to ethfinance? + + +My story was that I was a semi active user on r/silverbugs and r/pmsforsale. Around 2016 I noticed more people accepting "crypto" as payment. I remember someone selling about $50 worth of silver for something like 10 eth. Once the boom of winter 2017 happened a few friends brought crypto back up and we all bought the top (btc, eth, ltc). That's when I found ethtrader and became a lurker. Once ethtrader dissolved into whatever the hell it is now, I followed dcinvestor, jt and a few others here where I still am someone active. + +
+
+u/baggygravy covers some assorted home staker stuff then u/TheHansGruber continues the discussion on the staking ecosystem +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1dyu2vs/daily_general_discussion_july_9_2024/lcdwii7/) + +[u/baggygravy](https://reddit.com/u/baggygravy): + +Adding to the staking posts below (or above if you're in Australia) - I have also been onboarded to NodeSet recently, and my first testnet validator went live today and is chugging away just fine. The Gravita project looks good, but Constellation is the one I have my eye on - basically staking for and on behalf of others via RocketPool, taking a cut of their earnings for running the node - hopefully coming by next year. + +I've also just signed up for the Stakers Union, and have been having fun with Heroglyphs the last few weeks, and there is Etherguardians coming up soon too. + +This has been the best and most interesting few months for a home staker like me, at least since the excitement of Genesis - it's great to see community efforts to encourage and reward home staking that are supported by the ecosystem as a whole . A big shout out to u/superphiz for his ceaseless efforts, as always. + +--- + +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1dyu2vs/daily_general_discussion_july_9_2024/lcd3cnu/) + +[u/TheHansGruber](https://reddit.com/u/TheHansGruber): + +A few months ago I was onboarded as an operator with nodeset. I have been running a few thousand genesis validators alongside a dozen or so other techno-acolytes that coalesced in the rocketpool discord, so I threw my hat in as I thought I had some qualifying experience in and around the college ball level. + +Well, the first validator I have spun up using their hyperdrive software stack goes live in about an hour on holesky, and I am looking forward to spinning many up on mainnet when the opprotunity to do so presents itself. The software stack is straight forward and does require some registering on their website to finish things off, but overall the process was painless and left me feeling good about the whole thing. + +There already are some lucky operators attesting on mainnet permitting the existence of Gravita Protocol's LST, gravETH which is a part of the Stakewise Vault ecosystem. I haven't kept up with stakewise recently, but I did lose some eth trading their token like, a year or more ago. Not a knock on them or anything, I am just a bad trader. + +Gravita does have a points program running (they call them marks) and while I don't know *too* much about their roadmap, I do think the space/time dilation art style and theme is kickass. It's hard to launch an LST in this already crowded market, but I wanna take a minute to remind everyone that every additional LST out there helps decentralize the entire network a little bit more. Which is overall good. + +Diva/Nektar staking development is coming along, as is Lido's CSM which is also currently operating on testnet with some early permissioned adopters. I am on this list, but have not yet gotten around to spinning up another VM. Will try to find the time today or tomorrow but several *big-ass* tree limbs came down in a storm yesterday that I have to bust out the chainsaw to deal with unexpectedly...and as much as I enjoy a hard-days work outdoors...I am doing all of this keyboard clacking and button clicking in an attempt to not *have* to do as much manual labor. + +Vaya con dios, amigos. + +
+
+u/pocketwailord snags the Bonus Doot! For their comment on the staking survey from ethstaker +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1duyoim/comment/lbk9kbk/) + +Staking survey data just dropped [on ethstaker.](https://paragraph.xyz/@ethstaker/staking-survey-2024) The most surprising stat for me is that 77% are staking 60-100% of their ETH. I know us solo stakers are in it for the long haul, but damn that is a lot higher than I imagined. + +
+
+u/austonst recaps EthCC +[View on Reddit →]() + + + +
+
+ + + + + + + + + +
Week #70: June 28, 2024 @@ -1109,6 +1472,13 @@ Rank | Username | Daily Doots + + + + + + +
Week #69: June 21, 2024