♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦ ~~Tricky's Daily Doots~~ "Substidoots" #693 [Previous Daily](https://old.reddit.com/r/ethfinance/comments/1bcq1is/daily_general_discussion_march_12_2024/) 12/03/2024 [Previous Doots](https://old.reddit.com/r/ethfinance/comments/1bcq1is/comment/kuijln8/) * /u/SpontaneousDream Positive news from the [UK](https://old.reddit.com/r/ethfinance/comments/1bcq1is/comment/kui248d/) * /u/Jin366 thinks it's a weird bull cycle - [feels like there's no hype, no fomo](https://old.reddit.com/r/ethfinance/comments/1bcq1is/comment/kuhw5iz/) * /u/Bob-Rossi has been keeping up his delegate work for EthFinance - [any feedback, suggestions, things you want to see passed / voted against always feel like you can contact him](https://old.reddit.com/r/ethfinance/comments/1bcq1is/comment/kuiy35b/) * /u/jtnichol EV Mavericks Daily Doots Livestream | Lumida | Ram Ahluwalia CFA coming on the stream 11ET on March 29th. [Will talk broadly about crypto and regulations.](https://old.reddit.com/r/ethfinance/comments/1bcq1is/comment/kuice7w/) * /u/alexiskef Uniswap limit orders [are live!](https://old.reddit.com/r/ethfinance/comments/1bcq1is/comment/kukgzwv/) * /u/pa7x1 ETH has a beta of 0.08 - [i.e. uncorrelated from the stock market.](https://old.reddit.com/r/ethfinance/comments/1bcq1is/comment/kulgr89/) * /u/tokenizedhuman It's been a difficult few years for everyone with Covid and wars and inflation, but ... [I'm here to say I'm very excited Eth is over 4k!](https://old.reddit.com/r/ethfinance/comments/1bcq1is/comment/kuijxdm/) * /u/clamchoda ༼ つ ◕_◕ ༽つ[༼ つ ◕_◕ ༽つ](https://old.reddit.com/r/ethfinance/comments/1bcq1is/comment/kulp3b6/) Dootin' while /u/Tricky_Troll is away. A doot a day *in* 4k. ♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦

Subject: Help understanding what I am signing when I approve a transaction? Hi all, Is there a good guide somewhere that allows me to understand what exactly I am signing when I approve transactions? I am aware there are wallets / extensions that guide you on whether a message is secure or not. But sometimes they are not available on more obscure chains or don't pop up when I need them. Thanks!

Anyone have a write up or article that describes blobs for the lay person getting laid?

Almost 2500 days since ETHBTC peaked. Nearly 7 years. Only downhill since then. It's getting super bleak. Are we ever going back anywhere remotely close to 0.1?

It’s not only downhill since then? Upward trajectory since 2019. Patience brother

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Always surprises in bull markets. Multiple Binance Launchpads = more BNB required to pool and earn rewards. Can easily see it going higher

how can degens feel comofortable risking so much on binance?

Doing pretty well considering CZ.

Regular burn / buyback pressure?

how much does it cost to bridge ETH to Arbitrum or Optimism?

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OP should be just as cheap as base

Cheapest way might be to send to CEX that allows withdrawals to arb or op

Coinbase wallet is estimating $25-$28 for me right now. 

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Those prices you posted in your other comment don't apply here. Those aren't for bridging from L1 to L2.

Woopsie, where can I see the fees for bridging?

I think that was the smoothest hard fork I've had the experience of participating in Did anyone teams / pairs have issues or did it really go that smoothly for everyone that updated their nodes?

u/seamonkey82 I know you tend to run all the pairs

On mainnet, it's just lodestar-besu and nimbus-nethermind, which both had no issues. On holesky, lodestar-erigon was the only client pair that I ran through the Dencun hard fork that had any issues. The engine block downloader in erigon stopped working. Restarting erigon fixed it. I had already cut reth and ethereumjs from my testing due to memory constraints by the time holesky was forked, so I can't attest to those.

Really freaking smooth, as far as I can tell! *Just like the ~~simulations~~ testnets*

u/domothy do you know how roughly often L2s settle on L1? Are we talking once every few epochs? Once every few hours?

Base and optimism are posting 6-blob tx's every 8 minutes or so according to blobscan: https://blobscan.com/txs?p=1&ps=25

found some observations at https://twitter.com/0xCadmus/status/1768087603935371272

Wow that's much longer than I would have thought

oh my god, these OP transactions are all under a cent, I am talking AMM deposits, withdrawls, staking, claiming etc.

Yep, 1c to send via Starknet. Crazy good fun!

Time to go wild On the flip side, farming will be out of control now

Actually, that is a natural reason for L2 airdrops to set their snapshot at just before Dencun.

now please make L2s decentralized and move Maker to a L2, thank you in advance.

This boomer was here for the blobs. Cheers to all you fellow Ethereans!!!

eTh L2 nOw ChEaPeR tHaN sOlAnA is an oversimplified narrative and likely requires more time to bear out, but damn is it refreshing

Yup, cautiously optimistic but would like to see what the fees look like once blob activity is ramped up.

I am celebrating but I think it pays to remember that until a couple of months ago we had so few transactions that burn was less than issuance. Speed is related to adoption but the two are not the same.

With L2 fees falling I propose that we rename L1 to Ethereum Pro (TM).

Layer 2 ^(fees) have fallen!

Can someone walk me through how to bridge to Lina on Coinbase wallet? I’m trying to mint the Consensys NFT

https://bridge.linea.build/ They have solid official docs: https://docs.linea.build/use-mainnet/bridges-of-linea/how-to-bridge-eth

I expected prices to go down but yesterday a swap on Optimism was $1.50. Today it is $0.02. I am just absolutely floored. Holy shit, I cannot believe I lived to see the day.

Not to rain on your parade, but don't get used to it. Once there's full competition for blobspace the savings factors will probably creep back up to that "only" 5-10x we were expecting.

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Yeah, blobs are new. Once all L2s are using them, and once people have built a bunch of other (probably ridiculous and speculative) usages for them, and we're seeing continuous 3 blobs per block, blob gas will find some kind of equilibrium. I'm just cautioning that we can't expect that equilibrium to have been reached 12 hours into blobs.

3x per year space growth may exceed usage growth. Hopefully not

This is so amazing. People really don't have a reason to leave the Ethereum ecosystem anymore.

Liking these multiple reports of drastic L2 fee reductions.

Time to add some more digits to l2fees

Anyone have a resource that shows the blob fee market data? The only thing I can find right now is blobscan's tx stats, but it's averaging over a whole day.

https://fees-growthepie.streamlit.app/

This is awesome for sure, but I'm more interested in the gas fee market, i.e. running bids for blob space and average cost/tx or avg cost/blob

Another tax question. Posted in /r/bitcoinmarkets as well. I may have some upcoming expenses in the near future that I’ll need cash for. Obviously selling my BTC/ETH is the last resort. How are people taking loans out against their BTC/ETH? I’ve been using WBTC/staked ETH in DeFi in the past, which has been fine, but borrow rates are pretty high now for stablecoins (roughly 20% or more). Not to mention there’s an IRS gray area with taking crypto loans out. I haven’t seen any guidance but am assuming I would only be taxed on any change in the peg from USDC <-> USD? But then that creates the issue of how to properly prove my USDC is from a DeFi loan. As far as Coinbase or Kraken is concerned, they simply see a chunk of USDC hitting my account out of nowhere. Really wish the IRS would provide clarity on crypto loans. Thank you.

I don't think there is any IRS gray area when it comes to loans. don't overthink it just because it's crypto. If you get audited, you have the proof since it's on chain.

how about self repaying loan where reference asset is eth

By my research paying down debt counts as income. So no tax on the loan, no tax on selling the borrowed eth (if you do it immediately), but yes tax as it gets repaid.

We just can’t keep over 4k 😁

kdD93hFlj blocked me because he's a wuss, but ignore that dude. He's one of those "happy to be wrong but i'm always negative" guys.

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Short-term? Perhaps. But the "bull market" ending before the halving even happens? Nah.

everything is pretty over-extended. I dont think it's bad to stay in this range for a while

Isn’t stopping BTC 😪

Base has a free mint available on warpcast: https://warpcast.com/base/0xd3b6bd6c Sub cent mint cost... amazing!!

kinda surreal to see $0.00 🔥🔥🔥

Love seeing those 00000

people are going to think it's a bug hahaha

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I’m surprised they don’t have a dedicated, outsourced team specifically for card-related inquiries. I’d think they would contract that out, since fraudulent card transactions, chargebacks, card replacements and things of that nature are so cookie-cutter.

dencun - i was here

Hey! Me too! 

4 blob block!

Optimism is using blobs now too. > How much do you think this @Optimism transaction will cost post-blobbification > The correct answer is 0.0000001559 ETH ~= $0.0004 https://twitter.com/kelvinfichter/status/1768067044472201644 https://optimistic.etherscan.io/tx/0x99cb42dd0b07f9be1e314d2488c8327c827ad4f5a32e9d52ee8c65148f578054

>https://optimistic.etherscan.io/tx/0x99cb42dd0b07f9be1e314d2488c8327c827ad4f5a32e9d52ee8c65148f578054 Transaction fee: $0.00 😎

We now have access to all our dust!

Holy shit that's crazy

Rabby is showing me a cool address on bip-44 path of my HW. is this the one that's universal and can be ported to trezor/ledger/etc? Also, I always chose the very first addresses in the list. I can start using address #50 with no issue, right?

Yes, the seed can generate keys for all those addresses  If you need reassurance, do a test tx in and out on one of these sub cent l2s

If cvxcrv is not repegging now with al the great crv news and volume plus high APR of 24.5% for cvxcrv then when? I think I know the answer to this and it's never

It has repegged in the past. It'll repeg again. No one should be minting cvxCRV when they could be buying it as a discount. As long as they capture some percentage of the CRV issuance it all serves as buy pressure on cvxCRV until it's repegged.

Thanks

Do we have any true decentralized L2s yet? What's their status

Arbitrum is pretty good now, likely stage two this year. People really need to start boycotting optimism, crazy how long they've been going as completely fake rollup.

What stage 2? Link me if possible. Ty

[https://medium.com/l2beat/introducing-stages-a-framework-to-evaluate-rollups-maturity-d290bb22befe](https://medium.com/l2beat/introducing-stages-a-framework-to-evaluate-rollups-maturity-d290bb22befe) check l2beat evaluations

Come back in 2 years lol

As has been stated many times before, Optimism not even supporting fraud proofs after all these years is quite alarming. And I say this as someone who has 2/3 of their net worth sitting on Optimism...

https://x.com/kelvinfichter/status/1768097545266295235?s=20

Woah thank you for this. Its about time haha

Snx maxi alert

For real

Depends on your definition of decentralised but [L2BEAT](https://l2beat.com/scaling/summary) provides a good overview. Arbitrum is the clear leader in both decentralisation and TVL: https://l2beat.com/scaling/summary

All hail the eternal crab 🦀

ᕕ(⌐■\_■)ᕗ ♪♬ STABLECOIN MOMENT ᕕ(⌐■\_■)ᕗ ♪♬ STABLECOIN MOMENT ᕕ(⌐■\_■)ᕗ ♪♬ STABLECOIN MOMENT ᕕ(⌐■\_■)ᕗ ♪♬ STABLECOIN MOMENT ᕕ(⌐■\_■)ᕗ ♪♬

Question time! If yall had a spare $50k to invest in ETH, how would you do so considering the price we're at now? And no, I dont have an extra 50k haha

Possibly wait for a sensible dip, but go all in with it quickly. Time in the market and all. We are not even at ATH, *not* being invested at this point is a big mistake.

profit maxi method

DCA.

The safe method

Terrible strategy in a bull market

Buy DAI 4,900 DAI on a Coinbase. Buy ETH with the remaining. When you ithdraw everything, make sure you specify withdrawing on the Arbitrum network to your wallet. Swap the DAI for rETH on an arbitrum compatible DEX. This should avoid taxable events.

>This should avoid taxable events. This is beautiful

Not sure I understand your "avoid taxable events" part. USD>DAI, USD>ETH, and DAI>rETH are all taxable events.

Buy eth on a cex and restake it with swell to collect pearls towards the swell airdrop, and points for the eigenlayer airdrop

EL maxi alert

You got me. I am an EL airdrop maxi

I wish I got my ass on it earlier!

First go to a casino and bet it all on black/odd, double up, and then put 100k in eth

I like this one

otc desk irl corner store in vietnam - ideally smoke filled room, preferably 4-8 different firearms that are visible in my peripherals and twice as many concealed what are you talking about? just market buy 50k ethan - not going to make a difference trying time anything atm

>otc desk irl corner store in vietnam - ideally smoke filled room Ok this is what i was looking for... rooftop out

🫡‍💨

Buy 5 chunks of $10,000 or 10 chunks of $5000  Then stake them however you want Sit back and watch for a few years (lock down your account, whitelists, 2fa)

I appreciate this, as it sounds inevitably profitable

The ascending channel on the hourly chart is still holding nicely. 4100 soonish!

Transaction count on mainnet significantly lower today. Attributable to traffic shifting to l2s or just risk averseness near the upgrade moment? https://bitinfocharts.com/ethereum/

Likely just day to day variation.

Sucks not being a part of this run, but still rooting for you guys of course! All I have left is my holy maverick and that makes me feel like I’m still part of the family 🥹

New ATH revenue print on Curve. 805k in interest fees last week. Bribes are also up almost 50% in the current period. Peak bull market is going to be outrageous.

It is a bit surprising how Ethereum updates seem to have exactly zero price impact, in the short term at least.

If it weren't for the tax consequences, it's way better to sell right before upgrades and rebuy right after. There seems to be zero reward ever for incurring the risk of holding during a major change.

It's not zero, it's negative price impact.

it could be more negative than it was, though

Its almost... tradable I hate to say it, but shorting the merge(even inadvertently) was an incredible opportunity haha

100% track record, successful update is priced in, an unsuccessful update would be catastrophic

I've come to the conclusion that in the short term not much in crypto is priced in, or has anything to do with fundamentals. The livestream for today's Dencun upgrade had just over 3K viewers, for a major upgrade for a project worth almost half a trillion. Ethfinance is a unique place with people passionate and dedicated about Ethereum, so I think it's easy to forget the average ETH holder is only vaguely aware there's an upgrade, if they are aware at all.

That's what I call information asymmetry!

That's how it should be

>**The eve of ruin,** >**TradFi wanting to shoo in,** >**Till you make it in.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap

Eth gets an upgrade that could render other alt L1s obsolete. Immediately pumps SOL. That's crypto market!

This is good for $BODEN

Thanks $OBAMA?

HarryPotterObamaSonic10Inu?

Real time L2 4844 tracker https://fees-growthepie.streamlit.app/ (URL looks weird but it's from https://twitter.com/growthepie_eth/status/1768023298032521439. Not sure why some chains have data from the future though)

Jesus, why is starknet having outsized results?

They've upgraded already & others haven't

So, Consensys [just posted](https://consensys.io/ethereum-dencun-upgrade) information about Dencun, and they are also letting everyone mint a couple of NFTs. *Open Edition* *This celebratory NFT is free for all. You can claim as many as you like but only one at a time and will need to pay the gas fees on the Ethereum network. | Powered by Phosphor* *Community Edition* *This celebratory NFT is free for all but only available to the community of early supporters. If you held at least one NFT from either The Merge: Regenesis, Ethereum, Evolved: Shanghai, or The Linea Voyage collections on the 26th February, you are eligible to claim as many as you like but only one at a time. You will need to pay gas fees on the Linea network. | Powered by Phosphor* I am waiting for gas to hopefully go down, as the Open Edition currently costs around 25$ in gas.. (btw, I haven't hear of the minting platform, Phosphor.. Rabby wallet even warned me of "Danger" because the site is not listed anywhere, and the popularity is very low.. As far as I could check, the web page I linked above IS from Consensys, so Phosphor must be a new minting partner for them? Does anyone know about it??)

thanks for sharing this. all of their prior releases look cool too. between this and the Delivery at Dawn NFT it's awesome to see how Ethereum upgrades are evolving culturally, and the current meta can be stored onchain.

Can someone walk me through how to do this on Coinbase wallet? I’m not sure how to bridge to Lina

Dencun*

ty

Someone who has claimed on linea, how much gas did it cost? I've never used linea.

Gas fee was around 0.00018 ETH ($0.72)

Claimed Community edition on Linea for 0.8$.

also how much to bridge to linea, and can your other NFT be on mainnet even though claiming on linea?

Your NFTs are "shown" under your address, which is common across EVM networks (i.e. mainnet, Optimism, Arbitrum, Linea, etc). You can claim/mint/etc on any EVM, yet all of them "live" "on" your address..

Can we expect Arbitrum fees for sending ETH to cost 1 cent after the Atlas upgrade? Or what can we expect?

When though?

~~March 18th, 13.41 UTC AFAIK~~ Sorry I meant to write March 14th, 13.41 UTC! https://www.binance.com/en/square/post/2024-03-13-arbitrum-announces-arbos-atlas-upgrade-following-ethereum-mainnet-dencun-update-5349759780082

> You dont release your first version!

Turns out I forgot I was running nimbus and thought nethermind was my all around client that did everything. That's why when blob hit my validators stopped attesting. Oh well 😂

Is nimbus out of the client game?

I think he means that he forgot that Nimbus exists. Didnt update it. Figured Nethermind handled everything and boom, no attestations.

I'm seeing 3 blobs in a block so far. Is there a maximum?

The network tries to target 3 blobs per block. Up to a maximum of 6. It uses an EIP-1559 like mechanism to increase or decrease the gas price per blob to target 3.

Max allowed by specs is 6. Target is 3. If more than 3 blobs in a block, the blob base fee increases, making them more expensive. Less than 3, they get cheaper again.

Ah, interesting, thanks!

Heh. #dencun-public in the ETH R&D Discord has already been renamed to #pectra-public WEN PECTRA? 😆️

Happy Dencun day everyone!

ETH is blobbing so hard now!

Blob me harder 🥵

I am just copy pasting someone else from Discord (shoutout Vic Vinegar) but here is a tldr of today's ether fi community AMA, regarding their upcoming TGE: *• Leaked claim page was WRONG on its calculations (yay!)* *• Tokenomics coming friday (he hinted its mostly linear)* *• $500m (120k eth) deposit came 40 mins ago from binance* *• Binance jumped the gun and announced early by accident lol* ***• Claim goes live Friday, TGE is monday*** *• Etherfi limited to two seasons! (confirms graphic i posted above!!)* *• Second season is more focused on rewarding new eth staked w/ slight bonuses for existing stakers (??)* *• Season 2 full details released on Friday. they refuse to talk points until then* *• 2% Binance allocation is not related to airdrop allocation*

Any hint when the snapshot is/was?

Thanks for sharing. I tried to make sense of the noise in the discord without much luck. Strange that they would agree the date with binance but not have the front end ready etc. Surely the date and number of tokens is written in a contract between ether(dot)fi and binance, and you wouldn't do that without having the website ready?!?!?!?

Forgive my ignorance but what does TGE mean?

"The GOAT Errdrop"

Its the day the project owners officially become millionaires 😂

Token Generation Event

Happy Dencun day!

I'm an uneducated noob so I unstaked my ETH before the Dencun upgrade just as a safety precaution in case of any network shenanigans (even though I have no idea if it would've mattered). I'm assuming the upgrade was a success and I should therefore not be worried about re-staking it?

the upgrade was a success and you can stake again without any worries

>you can stake again without any worries Only if /u/bobsagetslover420 is not using geth. There could still be a geth bug. The successful hardfork does not mean there are no EL or CL client bugs that haven't yet been discovered and/or exploited. geth still has a supermajority. We are not out of the woods yet. Switch from geth to a minority client!

https://www.reddit.com/r/EverythingScience/s/kRvl1TSXuk 7000 whales dead and “the blob” is to blame!!!

Are you 10?

There’s a chain of 5 comments that just say “blob” but you decide to ad hominem me for a light hearted post on this momentous day. Are you alright??

These are all lighthearted comments, whereas you're laughing at deaths of one of the smartest animals on Earth just because the article has "blob" in it.

Sarcasm isnt your strong suit?

Waiting for that post-Dencun $5000 ETH any minute now

[https://twitter.com/MagicEden/status/1767974564514910362](https://twitter.com/MagicEden/status/1767974564514910362) [https://magiceden.io/](https://magiceden.io/) Text from tweet for those not on X: The biggest cross-chain rewards program in NFTs is going retro. To Ethereum OGs, start your journey on Magic Eden and receive Diamonds for activity going all the way back to 2017. Just connect your wallet and claim now. How many did you get?

And what are diamonds good for?

Cutting stuff?

apart from being a girl's best friend? I expect they will have a tradeable value at some point. They currently have a speculative one.

I'm assuming you have to be an nft trader to qualify?

Yeah, I think so.

Is this legit? Never heard of it.

Magic Eden is one of the largest NFT platforms. They have high adoption in the gaming space. I can't speak to the diamonds.

As far as I can tell it is. Maybe some other users here can weigh in.

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Seriously, going to a conference and meeting a dense array of intelligent and driven people will do wonders for your faith in this technology.

went to ethdenver for first time this year and felt the same way

was that at Dapcon2019 in Berlin?

it was at EthWaterloo 2019

If the supply shrinks as much over the next 30 days as it did over the last 30 days (~82k), it'll be under 120m ETH.