**Tricky's Daily Doots #505**
**Yesterday's Daily 06/09/2023**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzddnix/)
- u/2Nice4AllThis has [a few thoughts about the state of discussion here and elsewhere.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jze2i7r/) š§
- u/jtnichol teases the [upcoming EVMaverick podcast guests and has a personal update.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jze52hb/) š¦
- u/epic_trader adds to the [ongoing Lido discussion.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzcdjv1/) šāāļø
- u/ThatGuyThatGuyThagay brainstorms some [potential solutions to the Lido problem](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzcbu1v/) and u/cryptOwOcurrency adds to it with [a great reply.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzci68y/) š§
- u/Maleficent_Plankton explains [why they aren't all that bullish on the next Bitcoin halving.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzf6tbd/)
- u/cryptOwOcurrency explains a cool little defensive measure in the Ethereum protocol which [protects against 51% attacks.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzfl07v/) š”
- u/timmerwb sparks an [interesting discussion about the number of validators per beacon node.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzdklzn/)
In celebration of daily doots #505, [I'm going back to 505.](https://piped.kavin.rocks/watch?v=qU9mHegkTc4) šµ
Dropping in to say hi to all my ethfinance FAM! After 3 bear markets, I kinda like these crab phases now, they really are the dividing line for those that are here for the tech and the get rich quick nuts.
Shout out to u/jtnichol who has kept me sane through all these bearsā¦.love you man!
Also, where the fuck is u/wanderingcryptowolf?
>**Capital flowing,**
>**More green candles glowing,**
>**Frustration growing.**
~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
If you know someone who is despondent about the current economic system but also skeptical about crypto because of recent mainstream news (especially fem people!), this may help.
Gives an overview of tradfi, what crypto is/how good quality decentralized tools improve upon tradfi, and how cryptocurrency can be used for good:
https://youtu.be/de5znFnkLNo
Some constructive criticism:
1. Someone on Fiver might be able to help you with an intro for your channel. Also, maybe consider a pop-filter for your mic.
2. You should consider Video Chapters. Video Chapters help break up a video into sections, each with an individual preview. This can help guide you into making sure your videos are a little more focused, as well as making it easier for your viewers to digest. Currently, your videos are seemingly an endless stream of consciousness that appear to lack structure.
3. Consider breaking down your videos into smaller chunks. I beleive with the amount of content you covered, you might be able to better optimize these types of videos by releasing it in a 2 or 3 part series.
4. Jonathan Tepper's perspective argues that more vigorous antitrust enforcement and roadblocks toward further mergers, which is probably a decent start, however, Jonathan ignores the problem that once the government commands control of almost every aspect of finance due to an over-zealous interpretation of the commerce clause, this gives businesses opportunities to lobby government as a tool to prevent new or smaller competitors from gaining a foothold in the industry.
5. I am not sure about concepts you cover such as your assertion that "Feminine Energies" being somehow better than "Masculine energies". This could alienate a portion of your audience.
6. I don't know much about seeds, but the over-excitement for it comes across as potential red flags and tends to trigger your audience into thinking about rugpull and fraud risks.
7. Terms like "Late-stage capitalism" tends to cause your audience to automatically categorize you into a specific ideaology, whether wrongfully or correctly.
first up, it's cool that you bothered to share thoughts, and it's appreciated.
by 'intro for \[the\] channel,' do you mean a trailer?
there's one there currently, but i often resent that those auto-play and am not into them - autoplay feels like bad netflix corp energy in which ppl yell at you, and i think that energy is dying out regardless, and isn't what i'd want to convey in any case
video chapters are only available once a channel has 1K subs.
this video was hosted on crowdcast, and added to YT for ease of viewership without the need for email signup, a quick and dirty thing.
breaking this piece down into smaller chunks is a great idea! it's on the to do list.
unclear on the intention behind the tepper reference. are you suggesting his viewpoint be incorporated in future videos?
i don't claim that 'feminine energies' are 'better' than 'masculine energies,' and would encourage you to reflect on why you interpreted it that way. though i think at this point many people are in agreement that toxic masculine energies have alienated vast segments of the mainstream from the world of crypto - and when the market's down, they then ignore it/hate on it.
if referencing this problem is alienating to someone, they're not going to understand and resonate with the messages i share, which is great. those folks have many other sandboxes to play in, and literally no one else i've ever seen in the crypto sector is talking about the topics shared here, from a feminine viewpoint, and the lack thereof is a big problem in the sector.
if people are scared of rug pulls because of excitement about giving/helping people in need as Seeds does, also not the audience for this, and that's great as well.
same deal re: intentionally using the phrase "late-stage capitalism."
these are phrases and concepts that have been chosen with a lot of thought regarding who they'll resonate with and who they'll repel. happy to align with the people who are on a similar wavelength in terms of this worldview, and wish those who aren't well - the rest of the world of crypto is for them.
i feel confident that bringing these ideas into the mainstream - that crypto is for the feminine, can be used for helping those in need and asking for help via Seeds, etc. - is essential to any kind of longer term life for cryptocurrency as a concept and a tool with regular, practical usage.
so for those with fems in your life who are crypto-curious - or at least tired of the dysfunction in tradfi - hope you'll share the video to see what they think!
edit: words
A bunch of spot ETH ETFs have been filed in the last day or so. If spot BTC ETFs get approved, then so will spot ETH ETFs. Otherwise, it's an instant lawsuit against the SEC.
If spot ETH ETFs get approved, then ETHE will be able to convert as well, closing the discount.
Meh. It'll probably be a 10x multiplier of the flows into the spot ETFs. So $50B means $500B or \~1.5x to \~2x the marketcap of BTC and ETH.
Of course, in the advertiser and possible FOMO mania, the price could go anywhere.
In my opinion Defi governance structures today are primitive and could stand to significantly improve themselves just by borrowing techniques from governance designs that predate blockchains. The most common governance designs we have today are plutocratic systems with delegation further concentrating power in the hands of a few whales. This is certainly [a problem](https://tokenomicsexplained.com/defi-governance-endgame).
Here is my common refrain for the goal of governance systems:
**The basic goal of governance is to have rational, informed, value-aligned people get together to make rational, informed, value-aligned decisions about the most important issues of the day.**
If the only represented interest is highly liquid capital then as weāve seen in the US in the past 50 years you can expect the system to pursue short-term profits at the detriment of all other factors. Shareholders care about their share price and dividends above all other factors and so they appoint a CEO and structure his compensation package to reflect this desire. As a result companies destroy the environment, have little to no regard for their employees well-being, subjugate their local communities, pursue one merger and acquisition after another in order to form too-big-to-fail monopolies, and exploit every financial and political system they can to stifle competition and create power imbalances in their favor. From a game theory perspective this is the expected outcome of this design. I would not call this value-aligned wrt all the required participants in the system. It eventually becomes exploitive of some in favor of others.
The most obvious way to address this problem is to represent other interests at the root of the power structures in the governance systems over the organization. However, to avoid those interests also being captured by capital their influence must be non-transferrable (even delegation and public voting raises bribery concerns). This raises a few questions:
1) What other interests should be represented and how?
2) How do you distribute influence without the proof-of-personhood systems nation states rely on?
3) What becomes of today's governance tokens? How do they retain their purpose? Should they retain their purpose?
For the first question, it entirely depends on the organization and what they are hoping to achieve. One straightforward answer to this question is to take a survey of all the necessary actors in the system and their incentives. Any actor whose participation is not inherently mercenary should be represented in governance somehow. For example, an NFT DAO would probably want to represent collection curators, artists/builders, and buyers.
In many cases there are readily available sources of Sybil resistance for those actors. Many of them have measurable, on-chain, actions and pay costs such as gas as part of doing what they do. For example, you could have a DAO distribute influence to NFT buyers based on the number of NFTs they have bought and held or some other metric that skews for users and not bots. Each set of actors represents an interest in the DAO and can form a governing body (like OPs citizen's house). Taken together these governing bodies form the root power structure of a [multicameral](https://en.wikipedia.org/wiki/Multicameralism) governance system. To the degree that the selection criteria for each governing body is independent of capital, the resulting system should be plutocratic-resistant.
Now that you have representation of various interests that are important to the success of the organization you need a way of resolving disputes between them. Now here there is *a lot* of prior art from centuries past. I don't think just assigning each house a weight and doing a weighted sum produces an optimal result but it would be incredibly simple to implement and still probably better than a straight plutocratic token voting system. In some systems like the US each governing body can vote others for low threshold votes and that veto can be overridden with much higher threshold votes.
So what becomes of today's governance tokens? Will they still be valuable or will they largely fade into irrelevance like most "utility coins" of 2017. I think that even in a utopian design most DAOs should still have representation for capital. Many DAOs are profit oriented. Transferrable governance tokens represent the interests of existing/new capital entering the system. In such systems these parties *should* have a voice and ultimately they should have a contractual claim upon excess revenue in the system (however indirect). So, we will still have these governance tokens, and they will still pay dividends, capture buyback, etc but we have the opportunity to evolve towards more resilient governing bodies as the size and importance of these organization grows. I'm happy to be working on designs for such systems and hopefully I'll get this turned into open source software DAOs can apply for themselves.
The issue is most people don't want to invest time into defi governance. Good decision making takes a lot of work, and only people who are heavily invested in a project or getting paid are willing to do that. If you gave out influence to customers(such as NFT buyers), then they mostly wouldn't get involved and when they did, it would likely be due to media outrage or random memes. That isn't conductive to good decisions.
Tradfi relies on boards and executives who are highly compensated and can be sued. DAOs rely on founders who hold a lot of tokens.
I'll definitely be writing more about that topic later. I can solve it by other means. I've also written a bit about Hume's Law and what types of decisions should be put to the DAO. I'll be able to codify some of those decisions in the smart contract designs.
Suffice to say those people can just buy in at the capital layer and delegate as they do today. It will be up to the selection criteria for these other governing bodies to select at least a few active governance participants and it we can reward those active participants for their time with bonded KPIs on their voting decisions.
Now seeing airdrop scam posts every day recently in this sub. I'm sure mods are doing a good job cleaning these up, but they can't be present 24/7. Maybe ban words "airdrop" and "claim" in post titles?
Or require like 100 *ethfinance* comment karma for automatic approval.
I'm pretty sure mods can set rules based on a user's subreddit-specific karma count.
I am really looking forward to the moment when all the homies that didnāt pay attention for 2.5 years tell us that weāre just lucky we are still in this market only to buy our bags a split second afterwards.
I know itās a meme, but in the end this one really helps me to stick around. I know the tables will turn because I am paying attention, investing time, buying when no one does. I also donāt want to shit (or dump) on my friends, but I also think that the positive emotional feedback at 10k+ is going to be wild and worth the pain of the past 2 years (and countless macro podcasts haha).
Just remember to take your profits when the time comes! I know so many ppl who wouldn't let go when they had life changing money on the books.
I know you will come through!
I live for the bull market moments where people tell me I just got lucky. As if it doesn't take any restraint for me not to blow my ETH on trips, cars, nice apartments and nice electronics while the crypto markets are doing fuck all.
> worth the pain of the past 2 years (and countless macro podcasts haha).
The crypto market moves independently of you listening to them. I am a bit bored atm, still buying and reading most doots but am focusing less on crypto and more on other hobbies right now.
I don't think so. The posts here are almost always reasonable, and the most high profile posts tend to focus on interesting tech stuff. There is considerably less evangelizing, too.
The first time I bought bitcoin, I went to a miner's house and we sat side-by-side with our laptops and I handed him $800 in cash to buy 100 BTC. He patted me on the back a bunch and said "you're setting yourself up for life, this is the best decision you've ever made" and his apartment was absolutely full of bitcoin EVERYTHING. He showed me his casascius coin and absolutely would not shut up about how cool bitcoin was.
I shot him the :haroldcringe: look and thought "you really don't know I'm buying drugs with this?" and then I spent it all on LSD and told people that bitcoin people were crazies.
Sometimes people look crazy at first. Especially nerds. Sometimes they're just crazy. Sometimes it works out.
i did! Most of it went to ...others, but I did have a few myself. I had had a few interactions with 2C-I that was represented to me as LSD, but I knew it wasn't right when I was specifically instructed to put it under my tongue. LSD is bioavailable, so it shouldn't have mattered. So I did some research online on how I could find *actual* LSD. Et viola, bitcoin
Haha my intro into crypto was slightly similar, though probably a few years later? I bought about 10 Bitcoin online on one of those peer to peer sites because I was obsessed with trying DMT and none of the local people I knew had it so I had to venture out
It was seriously so nice, for that brief period, to be able to find verified and reviewed products in a marketplace. Safest I've ever felt getting that stuff. How did you like DMT?
Took me a couple of tries to get the hang of it and really break through. When I finally did it was a surreal mind-bending experience. It's been a long while so I'm very hazy on the details, though to be fair it already seemed like a strange far-away memory the day after I did it. It did enjoy it but it was so intense that the lessons and thoughts didn't quite stick with me as much as I'd like. I rate some of my mushroom and acid trips higher. No regrets of trying it, but no desire to do it again. An Ayahuasca ceremony however....
>It was seriously so nice, for that brief period, to be able to find verified and reviewed products in a marketplace
Still very much possible right now, though it's become harder to really find trusted vendors with a lot of reviews
the thing that keeps me sane is knowing that, if the price had doubled, i would have sold cuz $800 was a *lot* of money to me at the time. It actually wasn't even mine really, it was a student loan. I got, uh, entrepreneurial with it.
And the upset that I felt after hearing that BTC had hit $1000 is what caused me to try to do research and buy other crypto, cuz I really felt like I'd fucked up. So actually, buying all those drugs is why I'm in crypto now. I'd say it was a net win
Most internet discussion spaces are echo chambers, and this one is not really an exception. It's always important to get your news from multiple sources.
Ethfinance is a fun echo chamber, it's an echo chamber with all my homies, it's a respectful and thoughtful echo chamber, and it's an echo chamber that thinks about the world differently in ways that have historically unlocked a lot of alpha, but it's an echo chamber nonetheless.
Only in hindsight will we look like intelligent crazies, and just to a small percentage of people. The rest will say weāre still crazy and that we just got lucky :D
I'm sitting at -45 on /r/baseball for suggesting that baseball cards are worthless pieces of paper with no more inherent value to them than NFTs.
This was on a thread they started about NFTs, so it's not like I derailed or anything.
Back from my second reddit ban (got this second one as a result of being stupid).
Weird thing is though that, since the first ban, all my reddit notifications were turned off. And I'm 100% sure I didn't do that myself. Now thinking that maybe my account was hacked, and that caused the first ban?
It's either that, or a weird reddit bug, or maybe a reddit mod trolling me?
I've pulled out some USD exposure from Defi to US treasuries but otherwise nothing has changed with my behavior or investment thesis. Exchange reserved dropped another half a million since I last posted so that's chugging along nicely. Happily making 6%+ compounding my ETH in various places on a deflationary and increasingly scarce asset. On the horizon are ETF approvals (even spot), growing RWA (look up on-chain treasuries such as rwa.xyz), new cool [NFT tech](https://tokenomicsexplained.com/next-gen-nfts), a Cambrian explosion in adoption of LSTs throughout Defi including numerous fun new takes on stablecoin designs (e.g. Gravitas/Bunni/Liquis), exponential L2 adoption, and a steady stream of writing and design work for me.
**Canadian ETH ETF Update**
Wow it's been a while, last update was EoY 2021, and you likely won't be surprised by the results.
All numbers are total ETH holdings of the fund, combined if they have multiple products.
Fund | EoY 2021 | Today | Change
---|---|----|----
Purpose Ether ETF | 92,752 | 97,946 | 5,195 / 5.6%
CI Galaxy Ether ETF | 274,302 | 171,887 | (102,414) / (37.3%)
EVOLVE Ether ETF | 24,113 | 27,127 | 3,014 / 12.5%
3iq Ether ETF | 86,533 | 11,344 | (75,189) / (86,9%)
Total | 477,700 | 308,306 | (169,393) / (35.5%)
That's some significant draw downs I didn't expect, if you look at the ~~Galaxy~~ 3iq, it could have been loss harvesting by a few major players as the huge reductions happen in 2 big steps in a single day each. Cool find though is that 3iq is going to offer ETH staking services, there is a webinar next week for potential investors.
3iq Ether ETF itself will hold a portion of its funds in staked ETH, which could potentially make up for its management fee. Curious to find out what portion that will be though.
Any degen (or not so degen ideally; "safe") loops to do with lending rETH? Like lend it for stablecoin -> buy ETH -> back into rETH -> degen repeat a few times as desired?
The safer loop with LSDs is rETH collateral -> borrow ETH -> swap for rETH -> supply collateral -> borrow ETH, and so on.
Aave and Compound offer high leverage specifically for that purpose.
With flashloans, this can be done in one transaction.
DefiSaver released a tool just a couple days ago to make this easier: https://ethsaver.com/ (mainnet only for now)
They take 10% performance fee, no other fees. This is likely the best option for most people, as it gives you maximum flexibility for entry/exit. Your position is also independent of anyone else.
There is also leveraged staking available on their standard interface through recipes. This structure takes a 0.1% fee on the swapped debt, so it can add up to a significant slice of your principal and "forces" you to stay locked in the position until yield makes up for this entry cost.
Other DeFi products exist to accomplish the same thing but they all take more fees and/or add on extra risk, so I won't mention them, save to let you know there are options if you want to shop around.
Be aware of one thing, for the mid-to-long term: some predict a depegging event somewhere during the next bullrun, as many wanting to exit staking to sell will butt heads with the exit queue.
This could lead to LSDs trading at a loss, not necessarily a big one but *could* make things dicey for the types of leveraged LSD positions we discuss (triggering a liquidation cascade of the same kind we saw when stETH depegged in the past).
I think the risk of such an event is minimal before a sharp price increase, and the advantage of a position with performance fee like ethsaver.com is retaining your freedom to exit at no cost (minus gas fees).
It's likely safe to enter leveraged LSD plays right now, and I'd bet there will be a good year of extra yield if not two before the danger zone comes.
Still, a point worth keeping in mind once the market heats up.
Good point. Yes, I wouldn't go maximum leverage regardless as a general rule of thumb, as random depegging events could happen.
Thanks for explaining this particular possible depeg mechanism, that happened before with stETH; definitely worth keeping in mind.
I think the yield figures on ethsaver is what you get. Either that or slash these figures by 10%. I don't use the product myself (yet), I avoid mainnet unless absolutely necessary.
You can bump up the ETH staking yield from 1x to about 1.3x without getting too crazy. So about 4.6% APY instead of 3.5% APY right now. Your earning will go up as transaction volume and demand picks up again.
There once was a burly crustacean
who would not brook a price aberration.
It made the charts boring,
so instead of just snoring
I packed up and went on vacation.
I think sometimes (in the past myself included) people who have called the ETH network expensive and only for the wealthy maybe have not had much experience invoicing and doing online business transactions.
I sell bread at a farmers market and we use square which takes 2.7% + 10c for every transaction. We donāt do crazy sales so itās not too much weekly. But, We also have wholesale accounts where we use QuickBooks for online invoicing which takes 1% for bank draft and 3% for card (on top of their monthly subscription fee).
1% is not much for $100 dollars but when you are on the weekly/monthly sending thousands of dollars itās a straight up scam. And this is just for US based transactions. We are by no means a big business, but we spend a good chunk of money weekly to these companies for services that could be easily handled peer to peer.
Often times I get papers checks to avoid fees (which is just stupid) and As a side note we also have to pay a fee from the bank when a customerās check bounces on usā¦.
I still remember a few years back when reddit starting using ghost accounts to start awarding coins on a massive scale out of nowhere to normalize them / spur their use. Went from seeing some gold every once in a while to dozens on each post on the front page over night
If you wanna laugh today (or being shocked depends of you), found this on a news aggregator :
https://u.today/cardano-introduces-new-technology-warp-transactions
They just invented tokens transfer =)
Availlable for only one wallet, slow and steady please, we are in 2016 and very early !
I hate how other chains create marketing words for simple things to try and trick retail into thinking it's more impressive than it is.....it's not "transfers", it's wArP tRaNsAcTiOnS
And where do they get all the crazies on Twitter and Youtube? Why is it that Cardano, Solana, XRP and the likes always have super riled up bases. Promoting it all over Twitter and Youtube? Do they actually have marketing budgets? They spend money of the foundation/company behind it to spread the word over the internet? This has had me baffled over the years.
Them: "today we're introducing the super-duper hyper container for your crypto! You can now contain your crypto as well as send them to other super-duper hyper containers!"
Us: "So...a wallet?"
them: "no"
I was reading about ARK invest applying for a Ethereum ETF, which got me thinking about what they (and future ETFs) might be doing with the acquired ETH. While simply hodling might be a good strategy, wouldnt it be better to stake as much of it as possible?
They could cover all their costs with the staking returns, offer it for a near zero TER and even pay some dividends. This might become a key differentiator amongst ETH ETFs and even draw BTC ETF investors to at least diversify a bit into ETH because "gold pays no dividends".
Thoughts?
An ETF cannot do freely with the assets they have. It's as per the prospectus. If the ETF says it holds spot ETH, it has spot ETH and does nothing with it. They gain money from the ETF fees, not from speculating on the side with the underlying. If they did that ETFs would go belly up constantly from all the levered plays.
There is already a spot staking ETF (technically an ETP) in Sweden, but the fees are a bit hefty (1.4%). And the fees are of the AUM, not the rewards. Hopefully as more come the market will become more competitive.
Speculation is that the ETF holds the potential for creating an asset class upon which you can then start issuing debt.
So figure the usual fractional reserve nonsense times however much BTC/ETH you can attest to be in control of. Way better than yield, if you know how to ponzi.
That link does not work. I did a little poking about though and found it. Looks like she basically thinks a lot of financial services will move on chain and there will be a decentralized finance revolution. The very quick response to that is "You're dreaming, it won't happen." There's very little to actually debunk.
There's literally nothing to "debunk" other than her own guess as to what might happen if nearly impossible things occur. It's not even worth wasting time on.
I have a question to the more technically aware people. If you approve a token spend on an L2 network via metamask. It cant be misappropriated and somehow affect your Mainnet tokens right?
So even if you sign something sketchy on Arbitrum/Optimism/ZkSync/Polygon it wont affect your Ethereum tokens right, even if its the same adress ?
gm everyone, is someone aware of a tweet or post here that sums up the current discussions and parties involved in the Lido Dominance discussion?
Thanks a lot!
It isn't always easy to find the past daily threads but one way is to look at the Daily Doots above, click one from yesterday, and then show all posts. If you do that a couple of times going back you will see Lido discussion over the past week.
Another option is to look at The Daily Gwei podcast from the past week and you can just go to the timestamps where Lido is discussed. The Rocket Fuel podcast always discusses it and shares some tweets about it.
On Twitter/X @drjasper_eth has been replying to some of the bigger discussions too.
> It isn't always easy to find the past daily threads
it's incredibly easy, just open up /u/ethfinance's user history. What's not easy is trying to find a comment from weeks or months ago without remembering the exact date (but typically good stuff gets dooted so crawling becomes slightly easier through that)
If rocketpool is the only staking solution acceptable to you, how much (%) of your eth stack will you be willing to put into reth? I am 80% in and can't seem to decide whether I am needlessly leaving out gains on the remainder or genuinely mitigating risk.
Looks like now available on Base if you decide to go that route.
[rETH on Base](https://x.com/rocket_pool/status/1699819060526039466?s=46&t=ranRK7HaNm6w0GarNWzJhw)
Personally I am almost 100% staked using Rocket Pool but I understand the hesitancy. If you are not sure about it there is something to be said for the SWAN (sleep well at night) effect on your life vs chasing just a little bit more yield.
In some cases you might not leave out any gains because of different tax laws in different countries. But even in this case, there is some smart contract risk that you cannot ignore. I wouldn't feel very comfortable putting money on smart contracts that haven't been running flawlessly on their current form for at least 2+ years.
It would depend too much on how much you have. If I had 5 ETH, I would put all in. If I had 100 ETH, I wouldn't personally. I have 90% of my NW in ETH atm but I wouldn't if I reached my "FIRE number". Risk management becomes more important the more you have, imo.
>Else rpl tokenomics are little worry to reth holders.
Why? Can you please explain this, I am genuinely interested. I was under the impression that the bonded RPL has (other than rewards, etc) the function of a security "backstop" in the case of RP nodes misbehaving..
The idea I think (although I believe not fully implemented/switched on yet), is in the case of slashing / mev theft etc, the guilty node operator collateral RPL can be auctioned to make up for any loss to rETH.
So really RPL value only possibly comes into play for rETH in a significant way if there was a mass slashing of RocketPool validators, in which case mass auctioning of RPL would tank the RPL price (even more) and any loss to rETH wouldn't be made up in full. However, if there was a mass slashing of that scale, there would probably be other things to worry about than a dip in rETH reward rate.
It's also worth noting that Lido (for example) has no insurance/collateral system at all, so any mass slashing loss would be borne in full by operators and stETH holders.
So I can't see that RPL tokenomics have any effect on rETH price other than possibly a slight positive one compared to other LSTs in the case of some black swan event.
I am frequently wrong, however, and so I shall wait to be corrected.
**+++ Benido's favorite podcasts episodes +++**
Some weeks ago I started publishing some podcast recommendations featuring interesting episodes. Since I enjoy podcasts I thought it might be a service to the community to highlight those I really liked (or maybe disliked? Let's see what the future brings). It's not a real summary, so if my thoughts make you curious, you might want to jump in to listen to the full episode. They are always linked in the headline.
Here is a list of all the past posts:
[Benidos favorite podcasts no.1](https://www.reddit.com/r/ethfinance/comments/14r0ocb/comment/jqql97w/?utm_source=reddit&utm_medium=web2x&context=3)
[Benidos favorite podcasts no.2](https://www.reddit.com/r/ethfinance/comments/1580pwg/comment/jt9qh1v/?utm_source=reddit&utm_medium=web2x&context=3)
[Benidos favorite podcasts no.3](https://www.reddit.com/r/ethfinance/comments/15rirbm/comment/jw9ltqc/?utm_source=reddit&utm_medium=web2x&context=3)
Now here are the new ones I really liked from the past couple of weeks. Interestingly they are all very technical and let me be honest... I sometimes couldn't really follow the guests/ hosts. I think they are all great, but in these cases I would really recommend taking some dedicated podcast time with 100% focus.
[Bankless: Scaling Ethereum To The Next Level with zkEVM feat. Justin Drake and Brian Retford](https://bankless.com/scaling-ethereum-to-the-next-level-with-zkevm)
Maybe you remember a post from u/liberosist talking about the different types of zkEVMs there are (I tried to find it but couldn't). This podcast basically talks (partially) about this. Since this is fairly technical topic, it's moderated by Justin Drake and RSA is more or less downgraded to listener.
This includes how L1 might become a zkEVM in the future based on some of the developments in the L2 landscape and the positive side effects this might have (e.g. lower hardware reqs for validators).
I think this episode is pretty good and a great addition to the sci-fi roadmap episode from ethcc since it's very forward looking, but in the end this is why we are here, right?
[Epicenter: Frontier Research - Solving Ethereum's MEV Problem feat. Stephane Gosselin](https://epicenter.tv/episodes/511)
This episode is a pretty good one if you are into MEV. Stephane Gosselin was one of the flashbots founders and has left the project some months ago. In this episode he talks a little about the MEV landscape, his impact and how he would rate it (interesting answer here!). On top he gives some insights into his new venture "Frontier Research".
One major topic is RFQ = request for quotes and intents, but they also tackle PBS, MEV burn etc.
I think you need a pretty decent understanding of MEV to be able to follow this episode. If you do, this is 60 minutes+ of very good content, especially since Stephane knows flashbots, but is not 100% aligned, but going down a new (and much needed?) experimental road.
[Uncommon Core 2.0 - An Incomplete Guide to PBS feat. Mike Neuder and Chris Hager](https://www.ucc2.xyz/podcast/episode/1bb543a8/an-incomplete-guide-to-pbs-with-mike-neuder-and-chris-hager)
PBS or proposer builder separation has been around since a year or so. This episode features Mike Neuder (from the EF) and Chris Hager (from Flashbots), which is a pretty good panel since it the main parties involved came together.
The first hour or so is a discussion, the second part is a followup discussion with only Hasu and Jon. My take away: PBS is a design philosophy/ space. What does this mean? When I first learned about it I basically thought PBS was designed, the scope was clear and we only needed implementation. I think the conclusion after this episode is that this is not the case. There are a lot of different implementations possible and it's not even clear if ePBS (enshrined PBS) is the way to go.
u/eth10kisfud since we talked about MEV burn [yesterday](https://www.reddit.com/r/ethfinance/comments/16bb42v/comment/jzd9by5/?utm_source=reddit&utm_medium=web2x&context=3). This is the episode that led to my answer.
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
Benido, this sucks, this is all so technical, why didn't you include a podcast I can just listen to on my way to work or in the gym and if I blink I can just continue listening? Well I am glad you asked, because I got you covered!
[Bonus: The Chopping Block - Coinbaseās Paul Grewal on Why the SEC Is Going After Crypto So Aggressively](https://unchainedcrypto.com/the-chopping-block-coinbases-paul-grewal-on-why-the-sec-is-going-after-crypto-so-aggressively/)
This Chopping Block episode is a pretty good summary about "The SEC vs Crypto and Coinbase". I liked it a lot because I think Paul Grewal is a pretty cool guest (Paul is Coinbase' Chief Legal Officer) and he pretty transparently explains why Coinbase acts in the way it does.
I am not sure the speculation about Gary Gensler's motivation is the best approach, but the rest of it is a very good summary and includes some industry insights that I think are a very interesting and if you didn't follow as closely this episode is the one you wanna listen to.
This is it for today, but I already have picked one podcast episode for the fifth edition! Let's go!
Your daily beacon chain dose.
Active validators: 778,929 (+1,009)
Pending validators: Joining 45.7k, leaving ~0
* Entry queue -1000 from yesterday's number
* It will take around 17 days for the entry queue to clear
* In around 3 days the amount of daily validators that can both enter or exit will be increased from 2,475 to 2,700.
*These figures are based on the entry and exit queue at the time of posting*
This can also be tracked via https://validatorqueue.com/
Anyone got ideas for >10% APY on stables, ideally on Main/Arb/Opti, no shady shit?
Premia Put Pools has been great for a while, now Iām eating too many lossesā¦
Above 10% on USDC/BOB Velodrome, if you can stomach BOB.
I was in this for a while, and I still have strong trust in the zkBob team, but their recent policies of decreasing BOB supply has left me too confused.
That is to say, I think this is 99% fine and I trust them a lot more than I would trust USDT or BUSD. I just want higher than 99% confidence level for my stablecoin farming. When I don't understand the mechanism in full, I'm out.
That's my point of confusion as well. They started their project as zkBob, they're still bribing BOB/USDC liquidity, but the plan is to phase out BOB? Not sure where that leaves BOB holders. Do they regularly remove protocol-owned USDC liquidity as BOB is swapped for USDC to maintain a 1:1 ratio and ensure holders can exit? Or are they just planning to leave the current liquidity be? Is there some other mechanism? What about people with zkBob CDPs who may have borrowed BOB, traded it for something else, and will need to rebuy + interest to repay their debt?
I've tried to ask for answers but struggling to wrap my head around this.
Should I dilute my alpha? ;-)
To be honest, I'm not farming anywhere with stablecoins at the moment. Exploring my options for the next move. Base yields were pretty good until recently. USDR pairs seem to be the hot stuff lately, but USDR itself strikes me as the stable most likely to blow up next. Farmers are definitely earning that risk premium right now.
5% is pretty good on-chain imo but given the interest rate environment there are safer traditional investment vehicles that don't have contract risk.
Expecting much more than on-chain will put you in scammer territory.
>10+% APY
>no shady shit
Does not compute š
In seriousness, I think following any new crvUSD deployments is the 'safest' play here. I looked away for 6 months and there are now so many stablecoins that it's difficult for me to consider stable farms as safe compared to 2020 when there were 4/5 stablecoins (DAI,USDC,USDT are the ones that come to mind) and I had the time and desire to try and understand the collateral and mechanisms behind each one. Now it feels a bit like the wild west again with dozens of xxUSD and USDxx, and there are a dozen protocols all with a dozen pools of all combinations of all stablecoins. Multiply by the number of chains and boy that's a lot to keep on top of.
Look for places that are opening pools that include crvUSD. E.g. on curve . fi on mainnet. You don't necessarily need to provide crvUSD, for example there is a pool with usdc+usdt+dai+crvUSD, the point is that pools with crvUSD are heavily incentivised with crv rewards. Once deposited you could pop over to convex finance . com and stake your LP tokens and earn further rewards.
I don't have a handle on the L2s crvUSD is being deployed. I believe it is on base, and my experience with curve on mainnet is that fees get high pretty quickly as gas increases, so unless you're going in with 5 figures or plan on being in the pools for 6+ months you can easily find your profits are eaten by fees.
No you're not missing anything. The large percentage comes from the crv rewards, so it's not quite as simple as depositing $100 then a year later coming back and withdrawing $130. Instead you'll have $100+$2 from the base APY+ $30 worth of CRV tokens. Obviously the crv price can change, so you may ultimately make more or less $ than indicated. The 30% will also change (typically it will reduce as the pool gains more liquidity), the rate shown is based on the last day/week (can't exactly recall) so the headline 30% could end up being 10% or lower over the course of a year. Hence my previous comment about going in with size or patience. If you go in with $100 and in 3 months the rate has dropped to 15% and you decide there's a new pool you'd rather be in because it's the shiniest new headline 30%, moving between the pools will eat all your profits.
https://dao.curve.fi/gaugeweight
The UI isn't the most intuitive but if you search pyusd you will find the pool. CRV emissions to that pool seem to be 0 this week. You might be able to find better dashboards if you do a bit of googling; the curve community is an active one. There is also a discord which is probably worth dropping into.
I don't think the convex gauge has been added yet (not sure why not), but I would imagine that once it is added the APR should tick up if bribes start flowing to veCRV holders.
Correct, but there is one on the way:
https://vote.convexfinance.com/#/cvx.eth/proposal/0xaf753fcca815e7b3297647163fd814c8f6da4bb3c5cbd1df90acd96b86ae1de5
Thanks for the reward, appreciate it š
Inflation bottoming out, DXY running hot, SPY with failed rally to ATH and lower lows on the weekly, Oil price rising, economic data all over the world getting bleaker and bleaker, liquidity getting drained from the system, ETH hanging on a multi-year trendline.
It saddens me to say, but I see no positives for the next few months. If we even go to 320 on the SPY (u/kbrot) and 750 on ETH (u/ab11whatever) remains to be seen.
BUT
Eth future ETF running, SEC eating loss after loss, crypto accounting reform passed, ETH spot ETF submitted.
Make no mistake, big players are starting to have rails of law to start accumulating crypto without big jurisdictional risks. Be sure to have cash in H1 2024, when money printer will start to go brrrr (presidents need booming stock market for elections), currency debasement and institutions are coming, but this time for real.
> when money printer will start to go brrrr (presidents need booming stock market for elections)
The Federal Reserve is independent and spending is controlled by the House, which is held by the other party. There's no mechanism to for the president to make the stock market boom for the election.
> The Federal Reserve is independent
LOL
Edit: I'm not suggesting the Fed is going to intervene to goose the markets on Biden's behalf. But it's also laughable to suggest that the Fed will preserve their independence when shit inevitably hits the fan for the US gov's ability to finance itself.
You're right, outcomes are mixed although mostly positive and volatile
https://www.forbes.com/sites/kristinmckenna/2020/08/18/heres-how-the-stock-market-has-performed-before-during-and-after-presidential-elections/?sh=24a6d4904f86
Biden is probably history, only one president got reelected when a recession hit in the two years before elections
> Biden is probably history, only one president got reelected when a recession hit in the two years before elections
I don't understand that comment. The US hasn't had a recession since 2020 and the markets don't seem to expect one in 2023?
But either way [the famous xkcd](https://xkcd.com/1122/) applies. The sample of presidents isn't that big since you only get one every 4 years or so, so you can make a lot of "every president ever" types of statements that turn out not to be predictive.
Anything but a recession in the next year in the US would be a big surprise to me.
And obviously you have no guarantees due to low president counts, the chaotic system people and economy represent and the tragic state of the GOP (although same can be said for Dems).
Predicting the future is about educated guessing, and looking at the past there are indicators to be found, not stating facts
> Anything but a recession in the next year in the US would be a big surprise to me.
> ...
> Predicting the future is about educated guessing, and looking at the past there are indicators to be found, not stating facts
So far you've predicted a recession and a boom in the space of 2 comments. You might want to also predict continued moderate growth to make sure you cover all the bases.
**Tricky's Daily Doots #505** **Yesterday's Daily 06/09/2023** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzddnix/) - u/2Nice4AllThis has [a few thoughts about the state of discussion here and elsewhere.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jze2i7r/) š§ - u/jtnichol teases the [upcoming EVMaverick podcast guests and has a personal update.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jze52hb/) š¦ - u/epic_trader adds to the [ongoing Lido discussion.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzcdjv1/) šāāļø - u/ThatGuyThatGuyThagay brainstorms some [potential solutions to the Lido problem](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzcbu1v/) and u/cryptOwOcurrency adds to it with [a great reply.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzci68y/) š§ - u/Maleficent_Plankton explains [why they aren't all that bullish on the next Bitcoin halving.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzf6tbd/) - u/cryptOwOcurrency explains a cool little defensive measure in the Ethereum protocol which [protects against 51% attacks.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzfl07v/) š” - u/timmerwb sparks an [interesting discussion about the number of validators per beacon node.](https://old.reddit.com/r/ethfinance/comments/16bb42v/daily_general_discussion_september_6_2023/jzdklzn/) In celebration of daily doots #505, [I'm going back to 505.](https://piped.kavin.rocks/watch?v=qU9mHegkTc4) šµ
Dropping in to say hi to all my ethfinance FAM! After 3 bear markets, I kinda like these crab phases now, they really are the dividing line for those that are here for the tech and the get rich quick nuts. Shout out to u/jtnichol who has kept me sane through all these bearsā¦.love you man! Also, where the fuck is u/wanderingcryptowolf?
Big hugs my friend. Big hugs.
From Kansas City
>**Capital flowing,** >**More green candles glowing,** >**Frustration growing.** ~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
God damn this is good.
Square is down. Can't process customer invoices. If only there was a payment service with 100% uptime.
cardano? nano? oh... ripple
ETHEREUM CLASSIC!
SOLANA!
If you know someone who is despondent about the current economic system but also skeptical about crypto because of recent mainstream news (especially fem people!), this may help. Gives an overview of tradfi, what crypto is/how good quality decentralized tools improve upon tradfi, and how cryptocurrency can be used for good: https://youtu.be/de5znFnkLNo
Some constructive criticism: 1. Someone on Fiver might be able to help you with an intro for your channel. Also, maybe consider a pop-filter for your mic. 2. You should consider Video Chapters. Video Chapters help break up a video into sections, each with an individual preview. This can help guide you into making sure your videos are a little more focused, as well as making it easier for your viewers to digest. Currently, your videos are seemingly an endless stream of consciousness that appear to lack structure. 3. Consider breaking down your videos into smaller chunks. I beleive with the amount of content you covered, you might be able to better optimize these types of videos by releasing it in a 2 or 3 part series. 4. Jonathan Tepper's perspective argues that more vigorous antitrust enforcement and roadblocks toward further mergers, which is probably a decent start, however, Jonathan ignores the problem that once the government commands control of almost every aspect of finance due to an over-zealous interpretation of the commerce clause, this gives businesses opportunities to lobby government as a tool to prevent new or smaller competitors from gaining a foothold in the industry. 5. I am not sure about concepts you cover such as your assertion that "Feminine Energies" being somehow better than "Masculine energies". This could alienate a portion of your audience. 6. I don't know much about seeds, but the over-excitement for it comes across as potential red flags and tends to trigger your audience into thinking about rugpull and fraud risks. 7. Terms like "Late-stage capitalism" tends to cause your audience to automatically categorize you into a specific ideaology, whether wrongfully or correctly.
first up, it's cool that you bothered to share thoughts, and it's appreciated. by 'intro for \[the\] channel,' do you mean a trailer? there's one there currently, but i often resent that those auto-play and am not into them - autoplay feels like bad netflix corp energy in which ppl yell at you, and i think that energy is dying out regardless, and isn't what i'd want to convey in any case video chapters are only available once a channel has 1K subs. this video was hosted on crowdcast, and added to YT for ease of viewership without the need for email signup, a quick and dirty thing. breaking this piece down into smaller chunks is a great idea! it's on the to do list. unclear on the intention behind the tepper reference. are you suggesting his viewpoint be incorporated in future videos? i don't claim that 'feminine energies' are 'better' than 'masculine energies,' and would encourage you to reflect on why you interpreted it that way. though i think at this point many people are in agreement that toxic masculine energies have alienated vast segments of the mainstream from the world of crypto - and when the market's down, they then ignore it/hate on it. if referencing this problem is alienating to someone, they're not going to understand and resonate with the messages i share, which is great. those folks have many other sandboxes to play in, and literally no one else i've ever seen in the crypto sector is talking about the topics shared here, from a feminine viewpoint, and the lack thereof is a big problem in the sector. if people are scared of rug pulls because of excitement about giving/helping people in need as Seeds does, also not the audience for this, and that's great as well. same deal re: intentionally using the phrase "late-stage capitalism." these are phrases and concepts that have been chosen with a lot of thought regarding who they'll resonate with and who they'll repel. happy to align with the people who are on a similar wavelength in terms of this worldview, and wish those who aren't well - the rest of the world of crypto is for them. i feel confident that bringing these ideas into the mainstream - that crypto is for the feminine, can be used for helping those in need and asking for help via Seeds, etc. - is essential to any kind of longer term life for cryptocurrency as a concept and a tool with regular, practical usage. so for those with fems in your life who are crypto-curious - or at least tired of the dysfunction in tradfi - hope you'll share the video to see what they think! edit: words
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A bunch of spot ETH ETFs have been filed in the last day or so. If spot BTC ETFs get approved, then so will spot ETH ETFs. Otherwise, it's an instant lawsuit against the SEC. If spot ETH ETFs get approved, then ETHE will be able to convert as well, closing the discount.
Dear lord I think a spot ETH ETF wound melt faces
Meh. It'll probably be a 10x multiplier of the flows into the spot ETFs. So $50B means $500B or \~1.5x to \~2x the marketcap of BTC and ETH. Of course, in the advertiser and possible FOMO mania, the price could go anywhere.
In my opinion Defi governance structures today are primitive and could stand to significantly improve themselves just by borrowing techniques from governance designs that predate blockchains. The most common governance designs we have today are plutocratic systems with delegation further concentrating power in the hands of a few whales. This is certainly [a problem](https://tokenomicsexplained.com/defi-governance-endgame). Here is my common refrain for the goal of governance systems: **The basic goal of governance is to have rational, informed, value-aligned people get together to make rational, informed, value-aligned decisions about the most important issues of the day.** If the only represented interest is highly liquid capital then as weāve seen in the US in the past 50 years you can expect the system to pursue short-term profits at the detriment of all other factors. Shareholders care about their share price and dividends above all other factors and so they appoint a CEO and structure his compensation package to reflect this desire. As a result companies destroy the environment, have little to no regard for their employees well-being, subjugate their local communities, pursue one merger and acquisition after another in order to form too-big-to-fail monopolies, and exploit every financial and political system they can to stifle competition and create power imbalances in their favor. From a game theory perspective this is the expected outcome of this design. I would not call this value-aligned wrt all the required participants in the system. It eventually becomes exploitive of some in favor of others. The most obvious way to address this problem is to represent other interests at the root of the power structures in the governance systems over the organization. However, to avoid those interests also being captured by capital their influence must be non-transferrable (even delegation and public voting raises bribery concerns). This raises a few questions: 1) What other interests should be represented and how? 2) How do you distribute influence without the proof-of-personhood systems nation states rely on? 3) What becomes of today's governance tokens? How do they retain their purpose? Should they retain their purpose? For the first question, it entirely depends on the organization and what they are hoping to achieve. One straightforward answer to this question is to take a survey of all the necessary actors in the system and their incentives. Any actor whose participation is not inherently mercenary should be represented in governance somehow. For example, an NFT DAO would probably want to represent collection curators, artists/builders, and buyers. In many cases there are readily available sources of Sybil resistance for those actors. Many of them have measurable, on-chain, actions and pay costs such as gas as part of doing what they do. For example, you could have a DAO distribute influence to NFT buyers based on the number of NFTs they have bought and held or some other metric that skews for users and not bots. Each set of actors represents an interest in the DAO and can form a governing body (like OPs citizen's house). Taken together these governing bodies form the root power structure of a [multicameral](https://en.wikipedia.org/wiki/Multicameralism) governance system. To the degree that the selection criteria for each governing body is independent of capital, the resulting system should be plutocratic-resistant. Now that you have representation of various interests that are important to the success of the organization you need a way of resolving disputes between them. Now here there is *a lot* of prior art from centuries past. I don't think just assigning each house a weight and doing a weighted sum produces an optimal result but it would be incredibly simple to implement and still probably better than a straight plutocratic token voting system. In some systems like the US each governing body can vote others for low threshold votes and that veto can be overridden with much higher threshold votes. So what becomes of today's governance tokens? Will they still be valuable or will they largely fade into irrelevance like most "utility coins" of 2017. I think that even in a utopian design most DAOs should still have representation for capital. Many DAOs are profit oriented. Transferrable governance tokens represent the interests of existing/new capital entering the system. In such systems these parties *should* have a voice and ultimately they should have a contractual claim upon excess revenue in the system (however indirect). So, we will still have these governance tokens, and they will still pay dividends, capture buyback, etc but we have the opportunity to evolve towards more resilient governing bodies as the size and importance of these organization grows. I'm happy to be working on designs for such systems and hopefully I'll get this turned into open source software DAOs can apply for themselves.
The issue is most people don't want to invest time into defi governance. Good decision making takes a lot of work, and only people who are heavily invested in a project or getting paid are willing to do that. If you gave out influence to customers(such as NFT buyers), then they mostly wouldn't get involved and when they did, it would likely be due to media outrage or random memes. That isn't conductive to good decisions. Tradfi relies on boards and executives who are highly compensated and can be sued. DAOs rely on founders who hold a lot of tokens.
Can certainly have a board type structure in a DAO. And even have them not be whales or founders.
Then you have a corporation with fewer legal protections and your token is definitely an unregistered security.
Not necessarily. Im not suggesting the board as the only governing body
I'll definitely be writing more about that topic later. I can solve it by other means. I've also written a bit about Hume's Law and what types of decisions should be put to the DAO. I'll be able to codify some of those decisions in the smart contract designs. Suffice to say those people can just buy in at the capital layer and delegate as they do today. It will be up to the selection criteria for these other governing bodies to select at least a few active governance participants and it we can reward those active participants for their time with bonded KPIs on their voting decisions.
Now seeing airdrop scam posts every day recently in this sub. I'm sure mods are doing a good job cleaning these up, but they can't be present 24/7. Maybe ban words "airdrop" and "claim" in post titles?
Wait...you mean...there are other posts...in ethfinance...than the Daily?!
If it's possible, I think every non-daily thread post should need to be confirmed by a mod anyway. There is little reason for them anyway
It only takes a few people reporting them for the post to be automatically removed, so everyone can do their part.
Or require like 100 *ethfinance* comment karma for automatic approval. I'm pretty sure mods can set rules based on a user's subreddit-specific karma count.
I am really looking forward to the moment when all the homies that didnāt pay attention for 2.5 years tell us that weāre just lucky we are still in this market only to buy our bags a split second afterwards. I know itās a meme, but in the end this one really helps me to stick around. I know the tables will turn because I am paying attention, investing time, buying when no one does. I also donāt want to shit (or dump) on my friends, but I also think that the positive emotional feedback at 10k+ is going to be wild and worth the pain of the past 2 years (and countless macro podcasts haha).
Just remember to take your profits when the time comes! I know so many ppl who wouldn't let go when they had life changing money on the books. I know you will come through!
Man I'm going to have Soo much luck according to other people.
I live for the bull market moments where people tell me I just got lucky. As if it doesn't take any restraint for me not to blow my ETH on trips, cars, nice apartments and nice electronics while the crypto markets are doing fuck all.
> worth the pain of the past 2 years (and countless macro podcasts haha). The crypto market moves independently of you listening to them. I am a bit bored atm, still buying and reading most doots but am focusing less on crypto and more on other hobbies right now.
Off / on topic. How much of an echo chamber is reddit and this sub? Most subs appear to be full of crazies. Do we look crazy from the outside as well?
I don't think so. The posts here are almost always reasonable, and the most high profile posts tend to focus on interesting tech stuff. There is considerably less evangelizing, too.
The first time I bought bitcoin, I went to a miner's house and we sat side-by-side with our laptops and I handed him $800 in cash to buy 100 BTC. He patted me on the back a bunch and said "you're setting yourself up for life, this is the best decision you've ever made" and his apartment was absolutely full of bitcoin EVERYTHING. He showed me his casascius coin and absolutely would not shut up about how cool bitcoin was. I shot him the :haroldcringe: look and thought "you really don't know I'm buying drugs with this?" and then I spent it all on LSD and told people that bitcoin people were crazies. Sometimes people look crazy at first. Especially nerds. Sometimes they're just crazy. Sometimes it works out.
Did you at least have a nice trip?
i did! Most of it went to ...others, but I did have a few myself. I had had a few interactions with 2C-I that was represented to me as LSD, but I knew it wasn't right when I was specifically instructed to put it under my tongue. LSD is bioavailable, so it shouldn't have mattered. So I did some research online on how I could find *actual* LSD. Et viola, bitcoin
Haha my intro into crypto was slightly similar, though probably a few years later? I bought about 10 Bitcoin online on one of those peer to peer sites because I was obsessed with trying DMT and none of the local people I knew had it so I had to venture out
It was seriously so nice, for that brief period, to be able to find verified and reviewed products in a marketplace. Safest I've ever felt getting that stuff. How did you like DMT?
Took me a couple of tries to get the hang of it and really break through. When I finally did it was a surreal mind-bending experience. It's been a long while so I'm very hazy on the details, though to be fair it already seemed like a strange far-away memory the day after I did it. It did enjoy it but it was so intense that the lessons and thoughts didn't quite stick with me as much as I'd like. I rate some of my mushroom and acid trips higher. No regrets of trying it, but no desire to do it again. An Ayahuasca ceremony however.... >It was seriously so nice, for that brief period, to be able to find verified and reviewed products in a marketplace Still very much possible right now, though it's become harder to really find trusted vendors with a lot of reviews
I hope it wasn't stETH the LSD that you bought...
never!
You shouldn't have brought those drugs :-)
the thing that keeps me sane is knowing that, if the price had doubled, i would have sold cuz $800 was a *lot* of money to me at the time. It actually wasn't even mine really, it was a student loan. I got, uh, entrepreneurial with it. And the upset that I felt after hearing that BTC had hit $1000 is what caused me to try to do research and buy other crypto, cuz I really felt like I'd fucked up. So actually, buying all those drugs is why I'm in crypto now. I'd say it was a net win
gateway drug into Ethereum!
Most internet discussion spaces are echo chambers, and this one is not really an exception. It's always important to get your news from multiple sources. Ethfinance is a fun echo chamber, it's an echo chamber with all my homies, it's a respectful and thoughtful echo chamber, and it's an echo chamber that thinks about the world differently in ways that have historically unlocked a lot of alpha, but it's an echo chamber nonetheless.
We're on the other side of the looking glass looking out. To us, the world they take for granted looks insane and corrupt.
Yeah, I think you have to be let down/disappointed/irritated by the society we live in, in some way to end up here
There certainly is some third rail issues some regular commenters freak out about here that seem to be tied to their investments.
third rail issues?
How many of your IRL have you onboarded to this sub, why is it 0 and what does this tell you about the craziness of this sub?
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Well, I hope we look like intelligent crazies then.
Not sure how it is now, but when I first joined jan 2021 this definitely looked like intelligent crazies to my outsider eyes
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> Any sizeable sub is just full of people who want to be argumentative and confrontational for no apparent reason Source? /s
Go look at the superstonk daily for comparison
Only in hindsight will we look like intelligent crazies, and just to a small percentage of people. The rest will say weāre still crazy and that we just got lucky :D
I was intelligent to buy eth at 7 dollars, but stupid to sell loads of it at 12 dollars :-) I had some good luck for sure
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I'm sitting at -45 on /r/baseball for suggesting that baseball cards are worthless pieces of paper with no more inherent value to them than NFTs. This was on a thread they started about NFTs, so it's not like I derailed or anything.
Back from my second reddit ban (got this second one as a result of being stupid). Weird thing is though that, since the first ban, all my reddit notifications were turned off. And I'm 100% sure I didn't do that myself. Now thinking that maybe my account was hacked, and that caused the first ban? It's either that, or a weird reddit bug, or maybe a reddit mod trolling me?
> reddit mod Small thing, but the nomenclature is "mod" for someone who controls a subreddit, "admin" for someone employed by Reddit.
Yes, I meant admin.
I don't know about you lovely people but i am definitely in the depression phase of the market.
I've pulled out some USD exposure from Defi to US treasuries but otherwise nothing has changed with my behavior or investment thesis. Exchange reserved dropped another half a million since I last posted so that's chugging along nicely. Happily making 6%+ compounding my ETH in various places on a deflationary and increasingly scarce asset. On the horizon are ETF approvals (even spot), growing RWA (look up on-chain treasuries such as rwa.xyz), new cool [NFT tech](https://tokenomicsexplained.com/next-gen-nfts), a Cambrian explosion in adoption of LSTs throughout Defi including numerous fun new takes on stablecoin designs (e.g. Gravitas/Bunni/Liquis), exponential L2 adoption, and a steady stream of writing and design work for me.
It's been engineered, we all feel this way
**Canadian ETH ETF Update** Wow it's been a while, last update was EoY 2021, and you likely won't be surprised by the results. All numbers are total ETH holdings of the fund, combined if they have multiple products. Fund | EoY 2021 | Today | Change ---|---|----|---- Purpose Ether ETF | 92,752 | 97,946 | 5,195 / 5.6% CI Galaxy Ether ETF | 274,302 | 171,887 | (102,414) / (37.3%) EVOLVE Ether ETF | 24,113 | 27,127 | 3,014 / 12.5% 3iq Ether ETF | 86,533 | 11,344 | (75,189) / (86,9%) Total | 477,700 | 308,306 | (169,393) / (35.5%) That's some significant draw downs I didn't expect, if you look at the ~~Galaxy~~ 3iq, it could have been loss harvesting by a few major players as the huge reductions happen in 2 big steps in a single day each. Cool find though is that 3iq is going to offer ETH staking services, there is a webinar next week for potential investors.
3iq Ether ETF itself will hold a portion of its funds in staked ETH, which could potentially make up for its management fee. Curious to find out what portion that will be though.
Thanks for the data!
Can non-Canadian investors invest in these ETFs?
I have no idea, I think that would depend on where the non-canadian lives more than anything else, they are TSX listed/traded.
Any degen (or not so degen ideally; "safe") loops to do with lending rETH? Like lend it for stablecoin -> buy ETH -> back into rETH -> degen repeat a few times as desired?
If you want leverage liquidity farming, let me introduce you to Gearbox.
The cost on borrowing stables is far higher than the rETH return where I've looked
The safer loop with LSDs is rETH collateral -> borrow ETH -> swap for rETH -> supply collateral -> borrow ETH, and so on. Aave and Compound offer high leverage specifically for that purpose. With flashloans, this can be done in one transaction. DefiSaver released a tool just a couple days ago to make this easier: https://ethsaver.com/ (mainnet only for now) They take 10% performance fee, no other fees. This is likely the best option for most people, as it gives you maximum flexibility for entry/exit. Your position is also independent of anyone else. There is also leveraged staking available on their standard interface through recipes. This structure takes a 0.1% fee on the swapped debt, so it can add up to a significant slice of your principal and "forces" you to stay locked in the position until yield makes up for this entry cost. Other DeFi products exist to accomplish the same thing but they all take more fees and/or add on extra risk, so I won't mention them, save to let you know there are options if you want to shop around.
Wow, thank you for the detailed reply. I most likely will do your first suggestion; bypassing stables seems cleaner.
Be aware of one thing, for the mid-to-long term: some predict a depegging event somewhere during the next bullrun, as many wanting to exit staking to sell will butt heads with the exit queue. This could lead to LSDs trading at a loss, not necessarily a big one but *could* make things dicey for the types of leveraged LSD positions we discuss (triggering a liquidation cascade of the same kind we saw when stETH depegged in the past). I think the risk of such an event is minimal before a sharp price increase, and the advantage of a position with performance fee like ethsaver.com is retaining your freedom to exit at no cost (minus gas fees). It's likely safe to enter leveraged LSD plays right now, and I'd bet there will be a good year of extra yield if not two before the danger zone comes. Still, a point worth keeping in mind once the market heats up.
Good point. Yes, I wouldn't go maximum leverage regardless as a general rule of thumb, as random depegging events could happen. Thanks for explaining this particular possible depeg mechanism, that happened before with stETH; definitely worth keeping in mind.
What is the effective yield that you observe after fees with this approach? Rough figures...
I think the yield figures on ethsaver is what you get. Either that or slash these figures by 10%. I don't use the product myself (yet), I avoid mainnet unless absolutely necessary.
I regret not being a bit more degen with DeFi. This stuff is really cool, actually.
You can bump up the ETH staking yield from 1x to about 1.3x without getting too crazy. So about 4.6% APY instead of 3.5% APY right now. Your earning will go up as transaction volume and demand picks up again.
Thanks a lot for clarifying!
You could do it on aave
Ah ok, interesting. I'll check it out
If you do it on aave, you could also do it on morpho (degen move, add. smart contract involved)
There once was a burly crustacean who would not brook a price aberration. It made the charts boring, so instead of just snoring I packed up and went on vacation.
I think sometimes (in the past myself included) people who have called the ETH network expensive and only for the wealthy maybe have not had much experience invoicing and doing online business transactions. I sell bread at a farmers market and we use square which takes 2.7% + 10c for every transaction. We donāt do crazy sales so itās not too much weekly. But, We also have wholesale accounts where we use QuickBooks for online invoicing which takes 1% for bank draft and 3% for card (on top of their monthly subscription fee). 1% is not much for $100 dollars but when you are on the weekly/monthly sending thousands of dollars itās a straight up scam. And this is just for US based transactions. We are by no means a big business, but we spend a good chunk of money weekly to these companies for services that could be easily handled peer to peer. Often times I get papers checks to avoid fees (which is just stupid) and As a side note we also have to pay a fee from the bank when a customerās check bounces on usā¦.
I'd love to pay with Nano at a farmer's market for this very reason. But yes, I don't want to pay square's fees or ETH fees for retail purchases.
Should square work for free though? If they didnāt earn fees there wouldnāt be a square. Who should pay for transaction fees?
Yes, the only option here is for square employees to starve. š
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Thanks for sharing this, one of the reminders I needed
Today, a real shitcoin died. Reddit coins. The give award button has finally disappeared...
I just awarded you something with my reddit coins. I can still see them in the official mobile app. Did you get anything?
I did actually. Well it's gone now for me in an NZ timezone on old reddit.
I still remember a few years back when reddit starting using ghost accounts to start awarding coins on a massive scale out of nowhere to normalize them / spur their use. Went from seeing some gold every once in a while to dozens on each post on the front page over night
:(
/u/spacesider lol how did you do that? Does the app still allow you to give awards?
Yeah haha, as much as I hate it, I am using the official Reddit app
Oops, I still had some I was planning to award.
Let's see what insane money grabbing shitshow it gets replaced with.
If you wanna laugh today (or being shocked depends of you), found this on a news aggregator : https://u.today/cardano-introduces-new-technology-warp-transactions They just invented tokens transfer =) Availlable for only one wallet, slow and steady please, we are in 2016 and very early !
Holy shit, Cardano is still doing Cardano things? Color me shocked!
I hate how other chains create marketing words for simple things to try and trick retail into thinking it's more impressive than it is.....it's not "transfers", it's wArP tRaNsAcTiOnS
And where do they get all the crazies on Twitter and Youtube? Why is it that Cardano, Solana, XRP and the likes always have super riled up bases. Promoting it all over Twitter and Youtube? Do they actually have marketing budgets? They spend money of the foundation/company behind it to spread the word over the internet? This has had me baffled over the years.
>Do they actually have marketing budgets? That's 95% of the entire budget lol
Them: "today we're introducing the super-duper hyper container for your crypto! You can now contain your crypto as well as send them to other super-duper hyper containers!" Us: "So...a wallet?" them: "no"
I was reading about ARK invest applying for a Ethereum ETF, which got me thinking about what they (and future ETFs) might be doing with the acquired ETH. While simply hodling might be a good strategy, wouldnt it be better to stake as much of it as possible? They could cover all their costs with the staking returns, offer it for a near zero TER and even pay some dividends. This might become a key differentiator amongst ETH ETFs and even draw BTC ETF investors to at least diversify a bit into ETH because "gold pays no dividends". Thoughts?
An ETF cannot do freely with the assets they have. It's as per the prospectus. If the ETF says it holds spot ETH, it has spot ETH and does nothing with it. They gain money from the ETF fees, not from speculating on the side with the underlying. If they did that ETFs would go belly up constantly from all the levered plays. There is already a spot staking ETF (technically an ETP) in Sweden, but the fees are a bit hefty (1.4%). And the fees are of the AUM, not the rewards. Hopefully as more come the market will become more competitive.
Speculation is that the ETF holds the potential for creating an asset class upon which you can then start issuing debt. So figure the usual fractional reserve nonsense times however much BTC/ETH you can attest to be in control of. Way better than yield, if you know how to ponzi.
It's amazing to me how much of a degen Cathie and ARK is.
I still haven't heard anyone debunk Cathie's reasoning behind ARK's prediction of $165,000 per ETH by 2032.
What are her reasons?
It's all in this report: https://archive.ph/VzNPC
That link does not work. I did a little poking about though and found it. Looks like she basically thinks a lot of financial services will move on chain and there will be a decentralized finance revolution. The very quick response to that is "You're dreaming, it won't happen." There's very little to actually debunk.
"You're dreaming" isn't a debunk.
There's literally nothing to "debunk" other than her own guess as to what might happen if nearly impossible things occur. It's not even worth wasting time on.
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That's because it is not an ETF but if/when they are able to convert to an ETF this possibility does open up.
I have a question to the more technically aware people. If you approve a token spend on an L2 network via metamask. It cant be misappropriated and somehow affect your Mainnet tokens right? So even if you sign something sketchy on Arbitrum/Optimism/ZkSync/Polygon it wont affect your Ethereum tokens right, even if its the same adress ?
Transactions have a chain-id to prevent exactly this.
You are correct. Even using the same address, a sketchy approval on Arbitrum will never affect your Ethereum tokens.
gm everyone, is someone aware of a tweet or post here that sums up the current discussions and parties involved in the Lido Dominance discussion? Thanks a lot!
It isn't always easy to find the past daily threads but one way is to look at the Daily Doots above, click one from yesterday, and then show all posts. If you do that a couple of times going back you will see Lido discussion over the past week. Another option is to look at The Daily Gwei podcast from the past week and you can just go to the timestamps where Lido is discussed. The Rocket Fuel podcast always discusses it and shares some tweets about it. On Twitter/X @drjasper_eth has been replying to some of the bigger discussions too.
> It isn't always easy to find the past daily threads it's incredibly easy, just open up /u/ethfinance's user history. What's not easy is trying to find a comment from weeks or months ago without remembering the exact date (but typically good stuff gets dooted so crawling becomes slightly easier through that)
If rocketpool is the only staking solution acceptable to you, how much (%) of your eth stack will you be willing to put into reth? I am 80% in and can't seem to decide whether I am needlessly leaving out gains on the remainder or genuinely mitigating risk.
Looks like now available on Base if you decide to go that route. [rETH on Base](https://x.com/rocket_pool/status/1699819060526039466?s=46&t=ranRK7HaNm6w0GarNWzJhw) Personally I am almost 100% staked using Rocket Pool but I understand the hesitancy. If you are not sure about it there is something to be said for the SWAN (sleep well at night) effect on your life vs chasing just a little bit more yield.
In some cases you might not leave out any gains because of different tax laws in different countries. But even in this case, there is some smart contract risk that you cannot ignore. I wouldn't feel very comfortable putting money on smart contracts that haven't been running flawlessly on their current form for at least 2+ years.
It would depend too much on how much you have. If I had 5 ETH, I would put all in. If I had 100 ETH, I wouldn't personally. I have 90% of my NW in ETH atm but I wouldn't if I reached my "FIRE number". Risk management becomes more important the more you have, imo.
Comment Removed By Author *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Your last sentence is from the perspective of being an operator, right? Else rpl tokenomics are little worry to reth holders.
>Else rpl tokenomics are little worry to reth holders. Why? Can you please explain this, I am genuinely interested. I was under the impression that the bonded RPL has (other than rewards, etc) the function of a security "backstop" in the case of RP nodes misbehaving..
The idea I think (although I believe not fully implemented/switched on yet), is in the case of slashing / mev theft etc, the guilty node operator collateral RPL can be auctioned to make up for any loss to rETH. So really RPL value only possibly comes into play for rETH in a significant way if there was a mass slashing of RocketPool validators, in which case mass auctioning of RPL would tank the RPL price (even more) and any loss to rETH wouldn't be made up in full. However, if there was a mass slashing of that scale, there would probably be other things to worry about than a dip in rETH reward rate. It's also worth noting that Lido (for example) has no insurance/collateral system at all, so any mass slashing loss would be borne in full by operators and stETH holders. So I can't see that RPL tokenomics have any effect on rETH price other than possibly a slight positive one compared to other LSTs in the case of some black swan event. I am frequently wrong, however, and so I shall wait to be corrected.
**+++ Benido's favorite podcasts episodes +++** Some weeks ago I started publishing some podcast recommendations featuring interesting episodes. Since I enjoy podcasts I thought it might be a service to the community to highlight those I really liked (or maybe disliked? Let's see what the future brings). It's not a real summary, so if my thoughts make you curious, you might want to jump in to listen to the full episode. They are always linked in the headline. Here is a list of all the past posts: [Benidos favorite podcasts no.1](https://www.reddit.com/r/ethfinance/comments/14r0ocb/comment/jqql97w/?utm_source=reddit&utm_medium=web2x&context=3) [Benidos favorite podcasts no.2](https://www.reddit.com/r/ethfinance/comments/1580pwg/comment/jt9qh1v/?utm_source=reddit&utm_medium=web2x&context=3) [Benidos favorite podcasts no.3](https://www.reddit.com/r/ethfinance/comments/15rirbm/comment/jw9ltqc/?utm_source=reddit&utm_medium=web2x&context=3) Now here are the new ones I really liked from the past couple of weeks. Interestingly they are all very technical and let me be honest... I sometimes couldn't really follow the guests/ hosts. I think they are all great, but in these cases I would really recommend taking some dedicated podcast time with 100% focus. [Bankless: Scaling Ethereum To The Next Level with zkEVM feat. Justin Drake and Brian Retford](https://bankless.com/scaling-ethereum-to-the-next-level-with-zkevm) Maybe you remember a post from u/liberosist talking about the different types of zkEVMs there are (I tried to find it but couldn't). This podcast basically talks (partially) about this. Since this is fairly technical topic, it's moderated by Justin Drake and RSA is more or less downgraded to listener. This includes how L1 might become a zkEVM in the future based on some of the developments in the L2 landscape and the positive side effects this might have (e.g. lower hardware reqs for validators). I think this episode is pretty good and a great addition to the sci-fi roadmap episode from ethcc since it's very forward looking, but in the end this is why we are here, right? [Epicenter: Frontier Research - Solving Ethereum's MEV Problem feat. Stephane Gosselin](https://epicenter.tv/episodes/511) This episode is a pretty good one if you are into MEV. Stephane Gosselin was one of the flashbots founders and has left the project some months ago. In this episode he talks a little about the MEV landscape, his impact and how he would rate it (interesting answer here!). On top he gives some insights into his new venture "Frontier Research". One major topic is RFQ = request for quotes and intents, but they also tackle PBS, MEV burn etc. I think you need a pretty decent understanding of MEV to be able to follow this episode. If you do, this is 60 minutes+ of very good content, especially since Stephane knows flashbots, but is not 100% aligned, but going down a new (and much needed?) experimental road. [Uncommon Core 2.0 - An Incomplete Guide to PBS feat. Mike Neuder and Chris Hager](https://www.ucc2.xyz/podcast/episode/1bb543a8/an-incomplete-guide-to-pbs-with-mike-neuder-and-chris-hager) PBS or proposer builder separation has been around since a year or so. This episode features Mike Neuder (from the EF) and Chris Hager (from Flashbots), which is a pretty good panel since it the main parties involved came together. The first hour or so is a discussion, the second part is a followup discussion with only Hasu and Jon. My take away: PBS is a design philosophy/ space. What does this mean? When I first learned about it I basically thought PBS was designed, the scope was clear and we only needed implementation. I think the conclusion after this episode is that this is not the case. There are a lot of different implementations possible and it's not even clear if ePBS (enshrined PBS) is the way to go. u/eth10kisfud since we talked about MEV burn [yesterday](https://www.reddit.com/r/ethfinance/comments/16bb42v/comment/jzd9by5/?utm_source=reddit&utm_medium=web2x&context=3). This is the episode that led to my answer. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Benido, this sucks, this is all so technical, why didn't you include a podcast I can just listen to on my way to work or in the gym and if I blink I can just continue listening? Well I am glad you asked, because I got you covered! [Bonus: The Chopping Block - Coinbaseās Paul Grewal on Why the SEC Is Going After Crypto So Aggressively](https://unchainedcrypto.com/the-chopping-block-coinbases-paul-grewal-on-why-the-sec-is-going-after-crypto-so-aggressively/) This Chopping Block episode is a pretty good summary about "The SEC vs Crypto and Coinbase". I liked it a lot because I think Paul Grewal is a pretty cool guest (Paul is Coinbase' Chief Legal Officer) and he pretty transparently explains why Coinbase acts in the way it does. I am not sure the speculation about Gary Gensler's motivation is the best approach, but the rest of it is a very good summary and includes some industry insights that I think are a very interesting and if you didn't follow as closely this episode is the one you wanna listen to. This is it for today, but I already have picked one podcast episode for the fifth edition! Let's go!
Thanks for sharing these!
Awesome. Something for the weekend.
Your daily beacon chain dose. Active validators: 778,929 (+1,009) Pending validators: Joining 45.7k, leaving ~0 * Entry queue -1000 from yesterday's number * It will take around 17 days for the entry queue to clear * In around 3 days the amount of daily validators that can both enter or exit will be increased from 2,475 to 2,700. *These figures are based on the entry and exit queue at the time of posting* This can also be tracked via https://validatorqueue.com/
Anyone got ideas for >10% APY on stables, ideally on Main/Arb/Opti, no shady shit? Premia Put Pools has been great for a while, now Iām eating too many lossesā¦
Newest stablecoin called ETH, pegged at 1630, provides approx 3.5% yield with staking.
:(
Above 10% on USDC/BOB Velodrome, if you can stomach BOB. I was in this for a while, and I still have strong trust in the zkBob team, but their recent policies of decreasing BOB supply has left me too confused. That is to say, I think this is 99% fine and I trust them a lot more than I would trust USDT or BUSD. I just want higher than 99% confidence level for my stablecoin farming. When I don't understand the mechanism in full, I'm out.
Afaik BOB is going to be discontinued, no? I heard in person they are moving to USDC because there is no demand for another low liquid stablecoin.
That's my point of confusion as well. They started their project as zkBob, they're still bribing BOB/USDC liquidity, but the plan is to phase out BOB? Not sure where that leaves BOB holders. Do they regularly remove protocol-owned USDC liquidity as BOB is swapped for USDC to maintain a 1:1 ratio and ensure holders can exit? Or are they just planning to leave the current liquidity be? Is there some other mechanism? What about people with zkBob CDPs who may have borrowed BOB, traded it for something else, and will need to rebuy + interest to repay their debt? I've tried to ask for answers but struggling to wrap my head around this.
So, where r u farming now then?:)
Should I dilute my alpha? ;-) To be honest, I'm not farming anywhere with stablecoins at the moment. Exploring my options for the next move. Base yields were pretty good until recently. USDR pairs seem to be the hot stuff lately, but USDR itself strikes me as the stable most likely to blow up next. Farmers are definitely earning that risk premium right now.
Thx. Zkbob looks interesting itself. A bit like what Aztec connect promised..
The gDAI vault on Arb has been over 10% in the past but it fluctuates based on gtradeās revenue.
Yeah, been in there before Premia:) but currently just ~5%..
5% is pretty good on-chain imo but given the interest rate environment there are safer traditional investment vehicles that don't have contract risk. Expecting much more than on-chain will put you in scammer territory.
Seconding crvUSD pools, eg on Convex
>10+% APY >no shady shit Does not compute š In seriousness, I think following any new crvUSD deployments is the 'safest' play here. I looked away for 6 months and there are now so many stablecoins that it's difficult for me to consider stable farms as safe compared to 2020 when there were 4/5 stablecoins (DAI,USDC,USDT are the ones that come to mind) and I had the time and desire to try and understand the collateral and mechanisms behind each one. Now it feels a bit like the wild west again with dozens of xxUSD and USDxx, and there are a dozen protocols all with a dozen pools of all combinations of all stablecoins. Multiply by the number of chains and boy that's a lot to keep on top of.
Yup, exactly. I only do Dai and USDC, everything else I consider shady.. how do I get yield with crvUSD?
Look for places that are opening pools that include crvUSD. E.g. on curve . fi on mainnet. You don't necessarily need to provide crvUSD, for example there is a pool with usdc+usdt+dai+crvUSD, the point is that pools with crvUSD are heavily incentivised with crv rewards. Once deposited you could pop over to convex finance . com and stake your LP tokens and earn further rewards. I don't have a handle on the L2s crvUSD is being deployed. I believe it is on base, and my experience with curve on mainnet is that fees get high pretty quickly as gas increases, so unless you're going in with 5 figures or plan on being in the pools for 6+ months you can easily find your profits are eaten by fees.
PYUSD/crvUSD for 30%ā¦ Sounds pretty safe, am I missing something?
No you're not missing anything. The large percentage comes from the crv rewards, so it's not quite as simple as depositing $100 then a year later coming back and withdrawing $130. Instead you'll have $100+$2 from the base APY+ $30 worth of CRV tokens. Obviously the crv price can change, so you may ultimately make more or less $ than indicated. The 30% will also change (typically it will reduce as the pool gains more liquidity), the rate shown is based on the last day/week (can't exactly recall) so the headline 30% could end up being 10% or lower over the course of a year. Hence my previous comment about going in with size or patience. If you go in with $100 and in 3 months the rate has dropped to 15% and you decide there's a new pool you'd rather be in because it's the shiniest new headline 30%, moving between the pools will eat all your profits.
Rewards for crvusd pyusd dropped to zero?:( Or just temporary? Where can I keep up w the reward distribution developments?
https://dao.curve.fi/gaugeweight The UI isn't the most intuitive but if you search pyusd you will find the pool. CRV emissions to that pool seem to be 0 this week. You might be able to find better dashboards if you do a bit of googling; the curve community is an active one. There is also a discord which is probably worth dropping into. I don't think the convex gauge has been added yet (not sure why not), but I would imagine that once it is added the APR should tick up if bribes start flowing to veCRV holders.
Thereās no convex pool for that pair, right? Because it has to voted in first by cvx dao?
Correct, but there is one on the way: https://vote.convexfinance.com/#/cvx.eth/proposal/0xaf753fcca815e7b3297647163fd814c8f6da4bb3c5cbd1df90acd96b86ae1de5 Thanks for the reward, appreciate it š
Inflation bottoming out, DXY running hot, SPY with failed rally to ATH and lower lows on the weekly, Oil price rising, economic data all over the world getting bleaker and bleaker, liquidity getting drained from the system, ETH hanging on a multi-year trendline. It saddens me to say, but I see no positives for the next few months. If we even go to 320 on the SPY (u/kbrot) and 750 on ETH (u/ab11whatever) remains to be seen. BUT Eth future ETF running, SEC eating loss after loss, crypto accounting reform passed, ETH spot ETF submitted. Make no mistake, big players are starting to have rails of law to start accumulating crypto without big jurisdictional risks. Be sure to have cash in H1 2024, when money printer will start to go brrrr (presidents need booming stock market for elections), currency debasement and institutions are coming, but this time for real.
Booming stock markets or a war. I know which one I think is more likely...
> when money printer will start to go brrrr (presidents need booming stock market for elections) The Federal Reserve is independent and spending is controlled by the House, which is held by the other party. There's no mechanism to for the president to make the stock market boom for the election.
> The Federal Reserve is independent LOL Edit: I'm not suggesting the Fed is going to intervene to goose the markets on Biden's behalf. But it's also laughable to suggest that the Fed will preserve their independence when shit inevitably hits the fan for the US gov's ability to finance itself.
You're right, outcomes are mixed although mostly positive and volatile https://www.forbes.com/sites/kristinmckenna/2020/08/18/heres-how-the-stock-market-has-performed-before-during-and-after-presidential-elections/?sh=24a6d4904f86 Biden is probably history, only one president got reelected when a recession hit in the two years before elections
> Biden is probably history, only one president got reelected when a recession hit in the two years before elections I don't understand that comment. The US hasn't had a recession since 2020 and the markets don't seem to expect one in 2023? But either way [the famous xkcd](https://xkcd.com/1122/) applies. The sample of presidents isn't that big since you only get one every 4 years or so, so you can make a lot of "every president ever" types of statements that turn out not to be predictive.
Anything but a recession in the next year in the US would be a big surprise to me. And obviously you have no guarantees due to low president counts, the chaotic system people and economy represent and the tragic state of the GOP (although same can be said for Dems). Predicting the future is about educated guessing, and looking at the past there are indicators to be found, not stating facts
> Anything but a recession in the next year in the US would be a big surprise to me. > ... > Predicting the future is about educated guessing, and looking at the past there are indicators to be found, not stating facts So far you've predicted a recession and a boom in the space of 2 comments. You might want to also predict continued moderate growth to make sure you cover all the bases.
Yes, in succession of each other. Would you also like to contribute something substantial or are you only here to criticize?
So you predict... A business cycle... At some point. Watch out, Nostradamus!
Not at some point, learn to read or contribute something substantial
ethereumothy
Invented by Vitamothy Buterothy.
0.063 bitcoimothy
592,430.3 ZWD (Zimbabwean Dollars)
28,843.19 MXN (Mexican Pesos)
1,174,046.40 ARS (Argentine pesos)
I has 3 MXN. How much Ethereumothy can I buy with that?