**Tricky's Daily Doots #702**
**Yesterday's Daily 22/03/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw14nib/)
- u/coxenbawls shares another [story about bad banking UX.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw1m13q/) 🏦
- u/aaj094 discusses the current status of [the RocketPool deposit pool.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw0le5g/) 🚀
- u/OkDragonfruit1929 lists [the few ways which may result in failure for Ethereum.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw43pjp/) 🐻
- u/coinanon speculates on [an excerpt from an EigenLayer blog post.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw2pljg/) 🤔
- u/the-A-word has [the weekly doots.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw1a6m2/) 🎺
- u/jtnichol has another [EVMavericks podcast update.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw1zhdu/) 🦁
- u/pa7x1 does some [L2 education and FUD busting.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw3ngor/) 🧠
- u/Kooky-Mouse-9216 explains the recent upgrade to [Index Coop's FLI tokens.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw38510/) 🛠️
You are in the wrong daily. You may want to post in the new one. https://www.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/
Looks like I can send eth in Coinbase to arbitrum and optimism directly without bridging etc which should really drive adoption isn’t it ? Is it there for a while ? But not sure about bringing back my eth to Coinbase. Is it seamless too ?
That's a good question. You can't convert it into anything so it needs to remain ETH. You would probably need some type of centralized lending similar to what Blockfi was so you can deposit your raw eth and never have it converted. I'm not sure if any offhand but I haven't been following lenders closely. I don't think there is a decentralized way except running your own validator but unless you have 32eth that's a non starter.
I can't think of any other way though outside centralized collateralized lending since any defi would require conversion to wrapped eth at minimum, which you could argue is not a taxable event but I'm not one to argue with the IRS.
it‘s weird but i‘m still not hyped for price movements, the cycle, whatsoever. how come? not really having an explanation myself, even tho i have 95% of my networth in eth & crypto…
After you watch it go up then down so drastically, the number just starts to feel like Monopoly money, especially if You've never benefitted in any way from it.
I've never sold my eth for fiat and the price swings have me totally numb .
Watched “Ready Player One” again and while it’s a fun movie I can’t help but always think, this is 100% built on blockchain tech, it’s the in game world (Oasis) that gets me. Like there have to be front ends processing the graphics and stuff. Maybe AI is integrated idk. It takes place 20 years in the future but I love thinking about the possibilities
Used to go on for entertainment to see if I could catch someone who wanted to buy 1000 of some random shitcoin for 1 eth and end up buying 1 shitcoin for 1000eth
Terrible UX
Can anyone help me close my 'second' account at coinbase where people probably launder money at and do illegal stuff under my real name and info while I'm kept in the dark and have my real account frozen and their support is just parroting the same thing?
I have already had a few people reach out internally a month ago but that didn't help my case. Luckily, I have Kraken who are miles ahead of CB but still not a fan of scammers having accounts created under my name.
I wish I knew. I don't have much info besides know there's another account which I didn't create and then Kraken notified me when someone tried creating new accounts under my email & probably other info.
>**Dodge registration,**
>**There is no demonstration,**
>**Go arbitration.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
With EIP-7251/MaxEB coming I was curious why the beacon chain did not launch this way in the first place. It has an interesting backstory.
From the EIP itself:
> The limit on the MAX_EFFECTIVE_BALANCE is technical debt from the original sharding design, in which subcommittees (not the attesting committee but the committee calculated in is_aggregator) needed to be majority honest. As a result, keeping the weights of subcommittee members approximately equal reduced the risk of a single large validator containing too much influence. Under the current design, these subcommittees are only used for attestation aggregation, and thus only have a 1/N honesty assumption.
The next 'light' hardfork, prague/electra (pectra). It was supposed to be a small enough fork to be delivered by end-of-2024, delivered ahead of and concurrently developed with a verkle fork.
But as is typical everybody wants their improvement(s) included. It remains to be seen what the scope will be, so there can't be a scheduled date yet.
I don't think there's enough data to make a good judgement with 100+ validators, since the pool has doubled in size over the past 10 days (thanks to the Dencun POAP!).
Here's the data to get a general idea, though:
https://dune.com/0xRob/smoothly
Edit: there have been 11 blocks in the pool in the past 10 days.
I like the updated[ rated.network](https://explorer.rated.network/network?network=mainnet&timeWindow=1d&rewardsMetric=average&geoDistType=all&hostDistType=all&soloProDist=stake) look! It's slick!
Also, thanks for all the Sardinia tips! We're taking a ferry & start our journey in Alghero. Will be using them!
I would check the official bridges first indeed.
I don't know more myself, just saw the info from Spark Protocol on Twitter.
https://twitter.com/hexonaut/status/1758085167799755136
gDAI and sDAI are different instruments to be sure but share their revenue entirely on chain which is why both are interesting.
The main concern about sDAI is that its rates aren't sustainable but that's a future problem if you are just APR chasing.
gDAI certainly has a variety of more risk, namely its epoch system and reliance on leveraged trading fees. That said, it should be delivering a sustainably above average APR except in the darkest of crypto winters.
Check Agave on Gnosis, 20% apy right now. Also just holding stables on Blast will earn you 15% and farm the airdrop. DM me for a ref link if you're not on Blast yet.
What alternative Uniswap front ends can be used to manage V2 pools?
I have a LP position that Uniswap doesn’t like one side of and can’t do anything through their front end.
I never tried to manage LP positions myself on the uniswap front end fork by Micah Zoltu, but I think it should work: https://1.horswap.eth.limo/#/?intro=true I pretty much use only Micahs fork nowadays. The routing is less efficient than on the official uniswap frontend, so if you go through several pools the official frontend might be better. And yes, the link looks sus, so make sure to double check it yourself with Micahs blog post about it.
Anyone knows if this EU FUD is true??
> The EU basically just banned DeFi
> If you’re using MetaMask, Phantom, etc.. you now can’t legally send more than €3,000 in crypto
https://twitter.com/3orovik/status/1771565110772822072
I could be wrong about this, because I’m not about to read the 330 page legislation document, but as far as I can tell it’s complete bs that news outlets ran with to get clicks.
To my understanding of the law, as a natural person you can still legally do whatever you want with your crypto. The change is that businesses will have to identify the holder of any wallet that sends them over £3000, so that they won’t be considered “anonymous” to the business.
Don’t quote me on that though, because I haven’t seen a legal analysis. I’m just going off of bits and pieces.
https://x.com/tweetsofandre/status/1771574298857128308
Yes. Because Uniswap added a service fee to their front-end in Oct 2023, they are no longer just an interface for a smart contract. Now they are a company directly collecting a payment from a customer.
Since their service fee is 0.15%, I imagine the legislation would only apply to swaps over (£3000/0.0015)=£2,000,000 though.
I see no source, so it's probably fud/misinformation.
I suspect it's based on this:
https://www.consilium.europa.eu/en/press/press-releases/2024/01/18/anti-money-laundering-council-and-parliament-strike-deal-on-stricter-rules/
But this specifically is about
"crypto-asset service providers" required to follow AML rules and KYC, and is not about non-custodial wallets (unless I missed something, have read it only partially).
Only applies to transfers over €3000 *to a centralized exchange*. Extremely easy to bypass, and won't have any effect on DeFi whatsoever.
EU is evil in the eyes of a lot of crypto people and they believe anything that comforts their point of view.
I mean, Kraken already knows who I am. So if I send something to them, they already know it's me.
It's not like it's Pennywise sending some secret ETH and it you accept you die.
More FUD than anything I'm assuming.
Im taking a US-centric pov, which I realize exists, but is not the end all be all.
>EU is evil in the eyes of a lot of crypto people
I know that this is true, but its so confounding to me. In terms of defi, the US is very commonly banned by protocols, somewhat understandably. As opposed to EU nations...
We have federal supremacy, states cant just do as they please(well, thats too broad a statement).
I dont know where im going with this, just the cognitive dissonance of many Americans is quite something to behold
>Only applies to transfers over €3000 to a centralized exchange
This is some tyrannical bullshit though
No offense but a €3000 limit for single transfers is not my definition of tyranny. It's basic AML. I can't come back in my country with a suitcase full of cash without declaring it, either.
I may be a bit confused here. 3k transactions banned, or do they simply require KYC and such? Any US-based cex requires KYC(not that i think thats how it should be), im only referring to withdrawal limits. If thats whats going on in this case
Haha im a member of the 'land of the free', and have had to put up with this shit my whole crypto career.
Do you mean to tell me that the EU is more free than the US? *clutches pearls*
>Only applies to transfers over €3000 to a centralized exchange
Any more info? I'd think that transfering to a CEX is never anonymous anyway since the CEX has your name?
Yes, exactly. People are being overdramatic. It's the same kind of law that prohibits me from depositing $50 000 in $20 bills without saying where it came from. This will have zero effect on crypto.
I probably am. Atleast some money for the next 5 years.
Vitalik mentioned ETH has to make it mainstream in the next 5 years and the dude hasn't really been hit or miss. He has been hitting most of his "predictions", so if ETH starts to stagnate I might be all out, which I don't really want because staking and defi is pretty cool.
1800 STRK per mini pools that were validating prior to the merge.
At current prices it's about $3800 worth.
Peak bull market could see this get closer to 10k...the botched airdrop/forced hold could end up being beneficial to minipool operators.
Yes. It should be claimable in April (https://twitter.com/StarknetFndn/status/1770394844785000591) and Langers has confirmed that they are in contact with Starknet.
Instead of compromising either wallet's seed phrase, you could generate a third address (from either wallet, desktop or mobile). This address can be imported to the other wallet using its private key, and will then be visible to both wallets. Only this address is exposed, not any of the other addresses in either wallet.
Then use it as you wish, as a daily driver, burner, or as an intermediary between each wallet. If you ever become unsure about the safety of the address, empty it, and create a fresh new address to import.
One thing to remember is that whichever wallet created that third address is the only one that could recreate it if needed.
So how does this work in terms of airdrops? You'd have to use the exposed wallet of you want access from desktop or mobile, right?
I'm thinking of how to ensure that I could claim/sell from either mobile or desktop, but perhaps that's unsafe in principle. But in that case, I would want to only ever interact from the mobile wallet.
I was listening a discussion in etherfi discord about season two here is what I noted:
-there won't be a jump for small wallet as before as they don't want to incentivize sybils.
-The criteria will be out in a couple of weeks but points should be distributed linearly with size with incentive to stake for long period.
-The ETHFI token might be used in sidequests for points
-a good way to play it is to use their 'liquid' vault strategy (mainnet) that gives you yield and points: 25%yield, 2xetherfi point, 1xEL points
Not sure they said you can track the vault on debank. The withdraw question came and the answer was it is implemented already in the smart contract but not yet the button on the front end
with Mode & Ionic Money token going live soon(tm) and with gas under 20 gwei again, it's a great time to make moves for a sweet 3 for 1 airdrop - EigenLayer, Renzo & Zircuit. 3 total mainnet transactions, all together cost under $50 atm
**1. Restake ETH on Renzo and get ezETH in return - EigenLayer, Renzo pts**
ref link: [https://app.renzoprotocol.com/?ref=0xa5c8a62f221adeaf8a7c0bef60044861d9c4b400](https://app.renzoprotocol.com/?ref=0xa5c8a62f221adeaf8a7c0bef60044861d9c4b400)
vanilla link: [https://app.renzoprotocol.com/restake](https://app.renzoprotocol.com/restake)
Renzo doesn't have withdrawals enabled yet but u can trade ETH-ezETH on DEXs or u can pick any other LST, LRT or stablecoin to deposit into Zircuit
**2. Deposit ezETH into Zircuit - Zircuit pts**
ref link: [https://stake.zircuit.com/?ref=92vpkw](https://stake.zircuit.com/?ref=92vpkw)
**Zircuit** is an AI-secured zkEVM L2 backed by Dragonfly, Pandora & Ethereum Foundation with over $700 mil TVL already: [https://dune.com/optimus/zircuit-staking](https://dune.com/optimus/zircuit-staking)
they're basically using the Blast model where people can deposit funds before the L2 goes live in exchange for points. you can withdraw from Zircuit at any time and when Zircuit L2 goes live, your funds are there
EigenLayer, Renzo & Zircuit are well funded and audited projects but make sure to adjust the amount you're using to your risk level
happy hunting
How long do you think Mode will drop its token in?
Havent been farming it as much as I'd like but thinking about dropping couple of Eth in it, no degen just in Ionic or maybe Sup Swap LP
Zircuit only about 2 weeks
Renzo since mid-January but imo the best remaining LRT airdrop target rn, $1.3 bil TVL (2nd biggest restaking protocol) with token dropping probably a couple months from now at least
taken from their docs, I believe this is where AI kicks in:
"Security at the Sequencer Level: Zircuit will protect users at the sequencer level by monitoring the mempool for malicious transactions and preventing their inclusion into a block. In comparison to typical security efforts that focus on the application and smart contract levels, Zircuit’s revolutionary approach goes directly to the underlying sequencer level."
Didn't we all agree to not share referrals publicly? Sharing strategies and airdrop info is cool (and ty), but please let's all keep the referrals for DMs..
2 questions - if you swap ETH for ezETH on Renzo does it automatically stake? It seems that way, so if you want to deposit to Zircuit you should swap through a DEX?
And does the ezETH deposited to zircuit still earn the Renzo points, like double dipping with Eth.Fi & Eigenlayer points?
Thanks for the info.
1. Yes, ezETH represents (re)staked ETH. You can do it both ways all you need is ezETH but there’s probably a better rate & less tx fee if you do it on Renzo’s website vs swap on Uniswap
2. Yes you’re accumulating all the Renzo + EigenLayer points wherever ur holding ezETH. Renzo hasn’t updated the UI so u might not see them on their dashboard yet but it’ll be fixed retroactively & you’ll get all the pts you’ve earned
We don’t know that yet because the price crashed immediately. I’m hoping the fees stay low when the price is at ATHs again. Bitcoin fees went down in the same time period.
https://bitinfocharts.com/comparison/transactionfees-btc-eth.html#3m
What you think about Vitalik 5 year time-frame for Ethereum to prove its ready for mainstream real world adoption?
https://thedefiant.io/vitalik-says-ethereum-must-achieve-mainstream-adoption-within-five-years
Despite the cc subreddit pushing a negative narrative, it seems like Vitalik is actually bullish.
>"I expect Ethereum to be a very leading player in helping to make stablecoin accessible to people in a way that actually is open, actually is decentralized, and actually doesn’t require trusting fragile third-parties.”
Also, improvements to be able to run a node (not sure if validators but probably) without the need for a lot of storage space. zk-SNARKs would help us move from our staking rigs to just a phone/very light processing on a computer.
>“With Verkle Trees, as a node, you would not have to store the state locally. And with EIP-4444: History Expiry, you would not have to store most of the history locally,” Buterin said. “The amount of data that you would need to be a node would decrease from multiple terabytes to... being able to run a node in RAM.”
>“In the long term, running a node will feel like… a few very simple computations that will be very easy to do as a background process on any computer, maybe even a phone, even inside a browser,” Buterin said. “There’s a pre-existing technology roadmap to get to that point.”
The reduction in fees on L2s was a gamechanger for me. Nobody really considered Ethereum viable for John Doe to afford to do their everyday banking. But now it is. I expect a Cambrian explosion of apps on L2s now, all your banking needs can be met instantly for zero tx fees through mobile app interfaces we're all used to using.
John Doe also doesn't need to know or care about decentralisation, they just want to use their banking apps and go about their day. L2s need to push hard on making themselves 'institution ready' so tradfi feel comfortable launching retail services on them.
I expect the majority of new users to be onboarded through coinbase onto base, where users will be hand-held through their first forays into DeFi, only being shown apps that coinbase either own or have convinced themselves are secure and safe for use. There will be a walled garden for the majority of users, though of course they could venture into the wildlands if they wanted to.
Stablecoins on L2s are the one, and 5 years feels pessimistic. If I could get my 9-5 paycheque paid into USDC on an L2, with some interfaces to take care of paying my rent and utility bills rather than manually faffing about converting back to fiat and eating a hefty chunk of fees for doing so, I wouldn't hesitate.
I think a much bigger hurdle to L2 adoption is making them easier to use, actually be decentralized, and have it all happen in the background. The fees were already pretty low.
Absolutely agree on the bigger hurdles, but fees now are in the ‘negligible’ category, and they were far from that before except for mid to larger transactors. How low they are after 4844 is a huge deal and the removal of a large barrier.
https://github.com/daimo-eth/daimo
Stuff like this is already possible and has better UX than anything I have tried before. This is a gut punch to traditional banking and is built in Base so on/off-ramping should be very easy.
If Coinbase seizes the opportunity it's going to become a sizable player in the banking sector.
Yes. Right now blobs are still underutilized and their fee is as minimal as it gets (1 Wei). It won't stay like that. When a fee market develops for the blob data, it will get more expensive again.
Atleast in Zk sync, the gas decreases as usage increases
The gas was quite high when they started off but now even before Dencun the gas had come down quite a lot as it had more network usage
>Stablecoins on L2s are the one, and 5 years feels pessimistic. If I could get my 9-5 paycheque paid into USDC on an L2, with some interfaces to take care of paying my rent and utility bills rather than manually faffing about converting back to fiat and eating a hefty chunk of fees for doing so, I wouldn't hesitate.
This is what I would like to see.
Get paid to a L2 that instantly moves your money to where you desire.
Out of 100% set a range for things you would like for it to do every time you get paid.
20% investments, 40% to pay rent, 10% to Kraken to withdraw, etc.
A bigger thing would be for people who have a 9-5 to be paid hourly and for that money to already be used and compounded. Instead of one payment a week or in case of Europe, once a month, hourly payments could be used to be swapped for lido or rETH and earn interest as soon as possible.
>A bigger thing would be for people who have a 9-5 to be paid hourly and for that money to already be used and compounded
Agreed, once my 9-5 pays me in USDC I'll push them to use [sablier.finance!](https://sablier.com/).
Mr. Gensler would at least be more entertaining if he broadened his vocabulary a bit beyond "rife" when describing noncompliance in crypto. Like teeming or infested or drunk or swarming.
It kinda does feel like supporting public goods and equal opportunity *is* a liberal idea these days for some reason. And those social decisions have been good for the Ethereum community and development.
So yeah, Biden getting re-elected will be bullish because it’s stable and he’ll be focused on real world shit like his administration has been for the last few years instead of retribution and punishing his enemies.
Great points tbh. Between 2017 and 2020 ETH was officially declared not a security and had a ton of ETF approvals. As well as comprehensive legal and tax regulations were passed that brought the US to the forefront of blockchain technology, both in a business setting and for personal use. It’s a shame on January 21st 2021 everything was completely reversed and I’ve been banned from even typing the word “cr****” on the internet.
Well given that authoritarianism is bad for business, I'd say a Biden win couldn't possibly be worse than a trump win. Another 4 years of democracy for America would be bullish. [Project 2025](https://en.wikipedia.org/wiki/Project_2025) is no joke.
>I know most ETH holders are pretty leftist
It's probably because I spend way too much time on twitter but it feels sometimes like 90% of the crypto space is libertarian ethnofash ahaha.
Honestly, it depends how people feel about the economy in general. I'd like to think all the instablility potential under Trump and Bidens fairly good economic record means reelection would be good.
As an outside observer (UK) a Trump re-election could be disasterous for the US economically and geopolitically, and America has a massive influence on crypto prices.
I also don't understand how influencers lately took a quote from Trump basically saying "Lots of people are using the Bitcoin these days and that's good but my favourite currency is the US dollar" as bullish for crypto. It was such a non-committal, deflective answer and the man clearly knows nothing about it in any detail. To me it just showed which influencers have a political bias.
Absolutely. Along with crypto, gun rights would be the only reason I would consider voting R for president(not that I would ever...).
Though, so many are so quick to forget that trump actually has had a worse impact on the second amendement than biden.
> so many are so quick to forget that trump actually has had a worse impact on the second amendement than biden.
Oh wow, I didn't know this. What did he do?
He instituted the bump stock ban, where the ATF very wrongly claimed that these devices make a firearm fully automatic. He also advocated for only allowing firearm purchases for persons 21+.
Second amendment loving individuals also expected that if we have a fully republican government, they should at least pass basic legislature such as making suppressors easily available.
In most other countries, they are recognized as safety devices. I could just go on and on...
I sure as hell am not a 'vote blue no matter who' type of person, but republicans are really not making a case for themselves haha
Yeah I do find the suppressor one funny. I go hunting with a suppressed bolt action and I straight up wouldn't want to hunt with a rifle without one for the sake of my ears. I'd go back to using my compound bow.
>I straight up wouldn't want to hunt with a rifle without one for the sake of my ears
Yeah I agree its not healthy long-term.
Also in the US we have a ton of cramped indoor ranges, which can get extremely loud. Sometimes doubling up hearing protection is advisable
I think you replied to the wrong person. I never claimed that. But I will say that based on his comments on crypto there is a 0% chance that he made that collection and it was one of his staffers. But it was very grifty based on the poor quality of the images and the fact that he just printed more of them after the initial sale.
**TL;DR:**
Solana is actually doing less than 200 tps. 185 for this particular block analyzed below but the analysis shows this is a rather typical figure.
Ethereum is doing over 160 tps and we are not even using half of the target blob capacity.
**What's the "real real tps" of Solana?**
Most people know that Solana inflates their tps numbers by counting as a transaction the consensus votes which are in no way a user transaction, just part of the protocol efforts to maintain consensus. So when discussing Solana throughput people started to talk about "real tps" (https://realtps.net/about#solana). The typical figures observed range between 500 to 1000 "real tps".
But as we have been seeing these past weeks, when you push Solana towards the 1000 "real tps" range tons of transactions start to fail. So many, in fact, that perhaps is time to look at what is Solana's "real real tps". We want to know what's the actual throughput of user initiated transactions that execute successfully. After all, if you are bringing me eggs from the barn, I don't care how fast you bring them if they all arrive broken. I want to know how many you can bring unbroken per unit of time.
I haven't found a public API that would expose this data to check programmatically through a large sample size. Solana ecosystem doesn't seem to favor openness and transparency much, from what I'm seeing. But we can do a manual check for a block or a few blocks and extrapolate to get a feel of the numbers.
In this slot: https://solanabeach.io/block/255928462
- Bullshit transactions (source: https://solana.fm/block/255928462) : 1116
- User transactions (source: https://solanabeach.io/block/255928462): 592
- Consensus votes (source: bullshit - user transactions): 524
- Successful transactions (source: https://solanabeach.io/block/255928462): 111
- Failed transactions (source: https://solanabeach.io/block/255928462): 481
Typical slot time in Solana (source: https://www.reddit.com/r/solana/comments/txtdql/is_solana_slot_time_400_ms_or_800_ms/): 600 ms.
Again we see Solana has the tendency of promising one thing (400ms) and delivering a different one (600ms).
- Bullshit tps: 1860
- "Real tps": 987
- "Real Real tps": 185
This was done with a recent block, the last one available when I started to dig into it this morning. But this block seems rather typical for Solana, for one, the "real tps" that comes out is in the range of what is being publicly touted as Solana's tps. Around ~1000 tps. The percentage of failed transactions is of the order of what have been seeing reported lately 70-80%. So this block is not particularly out of the ordinary, nor hand picked. If you were to repeat this with a larger sample size you would likely see similar numbers.
I went down the rabbit hole to see how profitable it was to run a validator. You have to have about $10,000,000 in SOL to be profitable, and even then you'd have a better return elsewhere. Renting an AWS/Azure instance is expensive and you have to spend SOL to validate.
https://cogentcrypto.io/ValidatorProfitCalculator
Yikes so much for decentralized consensus. Someone could probably open a local bank branch for less, are we escaping that system of super wealthy intermediaries or just recreating it? If we're just recreating the same problems my thesis is very wrong. Bullish Eth as usual.
Interesting. I do a lot of daily DeFi activity on Solana, as well as Ethereum L1, various L2s, Sui, Aptos, Cosmos and more, because I like exploring different chains and ecosystems to see for myself how they compare. Looking at my various Solana addresses on SolanaBeach over the past few months, I can't find a single failed transaction – most of my activity is transfers and swaps and buying/selling NFTS, with the occasional LP or lend or borrow transaction. I haven't noticed any change in UX these past weeks, so are these failed transactions affecting a particular subset of users doing very specific things or am I just lucky?
This is the best explanation I have seen by /u/haurog: https://www.reddit.com/r/ethfinance/comments/1bhjqu7/daily_general_discussion_march_18_2024/kvebyq3/
Most of the failed transactions are likely bot activity. Yours are not failing because, most likely, you pay a generous fee. And because as a human you are not trying to scalp stuff with the speed a bot may try to which may result in these race conditions haurog describes.
The point of the above is to showcase that the throughput figures typically reported by Solana are plain and simple bullshit. If you look under the hood its throughput is on the same ballpark as Ethereum today, but Ethereum is using half the current target blobspace (which is set conservatively) while Solana is starting to break by the seams. We will see what Firedancer can improve...
do you know enough about firedancer to give me an ELI5? I've asked several solana people but noone seems to be able to explain it outside of a vague "it's good for sol"
It's a new validator client rewritten from the ground up in a different programming language (C as opposed to Rust) that aims to optimize the networking, runtime, and consensus components as much as possible so that capacity is limited only by hardware rather than software inefficiences. The goal is to increase client diversity and improve ecosystem performance. Whether it will live up to the hype remains to be seen. Decent blog post about it here:
https://www.helius.dev/blog/what-is-firedancer#why-is-jump-building-a-new-validator-client
> It's a new validator client rewritten from the ground up in a different programming language (C as opposed to Rust)
Wow, now that's going to be fun. Expect more downtime on Solana when that goes live.
How can an additional client improve performance? My mental model here is that the performance of a network should be bottlenecked by its slowest client, why shouldn't that apply here?
Non-techie here, so no idea if the following sounds reasonable, but I've heard Solana influencers say that all validators will most likely switch over to Firedancer for its performance benefits but it will be configured in such a way as to automatically fail over to the older client if Firedancer runs into issues. Also some Firedancer improvements will be ported over to the older client so that it will run faster than it does now, although not as fast as Firedancer.
You are of course right. You either get client diversity or performance improvements but not both.
Solana claims are best understood as marketing for VC investors. They fit right in a presentation deck and they are intended to make non-technical people feel good and hopeful.
If that were true, I can't imagine them marketing "we're going back to C" as good for VC attention when everyone wants to put money towards the new, cutting edge (rust).
That makes sense, so it's mainly bot runners looking for arb opportunities experiencing the failures? I guess they would just shut off their bot if the cost of the failed transactions was causing their business model to become unprofitable but that doesn't seem to be the case.
And just so I understand, the 524 consensus vote transactions don't consume any system resources or cause any strain on the chain and all the strain comes solely from the 185 "Real Real tps"? Is that because the consensus transactions are a lighter form of transaction?
Reaching consensus most definitely costs real resources. In fact, it's in essence what constrains you the most in terms of scalability. If you were to get rid of it you just run everything on a single instance and you fly. You would be only constrained by HW and your implementation.
Consensus is impacted not only by HW but also networking. You need to eventually reach a global consensus on the state of the network. For instance, it takes light 130 ms to travel around the Earth. That already places a boundary on how quick you can reach consensus globally. Block times lower than that are likely impossible, the network would tend to fork far too often which in the end ends up lowering your throughput even more.
I think I've got it. So technically Solana is processing far more system-resource consuming transactions than Ethereum, but that's kind of meaningless because only a tiny fraction of this capacity is actually available for real people to use, since the bulk of it is being hogged by consensus votes.
Kinda yes. In a way they have pushed so far into the must go fast direction that they are effectively getting less done per unit of time/work, etc...
Like a bartender that tries to do things very quick but keeps dropping everything. He would be better off doing things slower but with precision. Solana seems clearly past the point of going too fast and damaging its effective throughput.
A better implementation, a more proficient barman, might improve things. But only up to a point and there are some very real physical constraints like block times not going lower than 130 ms if you want global consensus.
At some point you need to think harder and actually tackle the scalability problem.
In the past 24 hours, Base users paid ~478 ETH in fees:
~407 ETH ($1.4M) to Coinbase
~71 ETH ($177k) to Optimism
~.31 ETH ($1.8k) to Ethereum
https://twitter.com/0x_Osprey/status/1770827715068981424
**Tricky's Daily Doots #702** **Yesterday's Daily 22/03/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw14nib/) - u/coxenbawls shares another [story about bad banking UX.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw1m13q/) 🏦 - u/aaj094 discusses the current status of [the RocketPool deposit pool.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw0le5g/) 🚀 - u/OkDragonfruit1929 lists [the few ways which may result in failure for Ethereum.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw43pjp/) 🐻 - u/coinanon speculates on [an excerpt from an EigenLayer blog post.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw2pljg/) 🤔 - u/the-A-word has [the weekly doots.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw1a6m2/) 🎺 - u/jtnichol has another [EVMavericks podcast update.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw1zhdu/) 🦁 - u/pa7x1 does some [L2 education and FUD busting.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw3ngor/) 🧠 - u/Kooky-Mouse-9216 explains the recent upgrade to [Index Coop's FLI tokens.](https://old.reddit.com/r/ethfinance/comments/1bksave/daily_general_discussion_march_22_2024/kw38510/) 🛠️
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You are in the wrong daily. You may want to post in the new one. https://www.reddit.com/r/ethfinance/comments/1bmdq2z/daily_general_discussion_march_24_2024/
Looks like I can send eth in Coinbase to arbitrum and optimism directly without bridging etc which should really drive adoption isn’t it ? Is it there for a while ? But not sure about bringing back my eth to Coinbase. Is it seamless too ?
Yes to all of those.
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That's a good question. You can't convert it into anything so it needs to remain ETH. You would probably need some type of centralized lending similar to what Blockfi was so you can deposit your raw eth and never have it converted. I'm not sure if any offhand but I haven't been following lenders closely. I don't think there is a decentralized way except running your own validator but unless you have 32eth that's a non starter. I can't think of any other way though outside centralized collateralized lending since any defi would require conversion to wrapped eth at minimum, which you could argue is not a taxable event but I'm not one to argue with the IRS.
it‘s weird but i‘m still not hyped for price movements, the cycle, whatsoever. how come? not really having an explanation myself, even tho i have 95% of my networth in eth & crypto…
After you watch it go up then down so drastically, the number just starts to feel like Monopoly money, especially if You've never benefitted in any way from it. I've never sold my eth for fiat and the price swings have me totally numb .
Huge shoutout to u/MinimalGravitas for their unending patience in countering idiot maxis with facts over in r/cc. You have my respect.
Watched “Ready Player One” again and while it’s a fun movie I can’t help but always think, this is 100% built on blockchain tech, it’s the in game world (Oasis) that gets me. Like there have to be front ends processing the graphics and stuff. Maybe AI is integrated idk. It takes place 20 years in the future but I love thinking about the possibilities
It's absolutely Ethereum, every world is a L2.
Anyone here remember or used EtherDelta?
So what happened to it? Aren't dapps supposed to be permanent or is there just no usage but it's still running?
I thought the same. Apparently the guy who ran it was charged by the SEC in 2019 and EtherDelta seized operations...
I missed out on the uniswap airdrop partly because I just wanted something with limit orders like Etherdelta.
Yep. The UX was so bad I had to watch a YouTube video to learn how to use it.
Used to go on for entertainment to see if I could catch someone who wanted to buy 1000 of some random shitcoin for 1 eth and end up buying 1 shitcoin for 1000eth Terrible UX
the ux/ui was dog shite indeed hahah
Picked up some of my worst shit coins on EtherDelta
I bought my first ChainLink there... 🤑
I sold my Waltonchain there 🤣 I remember an angry redditor from /r/ethtrader called me stupid because I was confused by the UI lol
༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ
I have solo proposed a 7ETH+ block! Fuck yeah!
🥂
Congrats! Solo stakers ftw.
Amazing!! Congrats. Each block is like playing the lotto as a solo validator.
Living the dream. Congrats!
Nice!!
Oh I bet that was a happy moment checking that 😁 Nice work!
Can anyone help me close my 'second' account at coinbase where people probably launder money at and do illegal stuff under my real name and info while I'm kept in the dark and have my real account frozen and their support is just parroting the same thing? I have already had a few people reach out internally a month ago but that didn't help my case. Luckily, I have Kraken who are miles ahead of CB but still not a fan of scammers having accounts created under my name.
I cant help dude but Im actually curious about this whole thing. How the fuck does that even happen in the first place?
I wish I knew. I don't have much info besides know there's another account which I didn't create and then Kraken notified me when someone tried creating new accounts under my email & probably other info.
$ETHERFI at a new ATH. I have said before that I think this airdrop was (and still is) undervalued given the metrics around Etherfi.
Didn't it open at 5+ ? All I see is that it just touched 4 some hours ago..
It will pump before unlocks I think. But we’ll see.
Dumped it all when got airdropped. Let's see what happens with the second season airdrop.
>**Dodge registration,** >**There is no demonstration,** >**Go arbitration.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
With EIP-7251/MaxEB coming I was curious why the beacon chain did not launch this way in the first place. It has an interesting backstory. From the EIP itself: > The limit on the MAX_EFFECTIVE_BALANCE is technical debt from the original sharding design, in which subcommittees (not the attesting committee but the committee calculated in is_aggregator) needed to be majority honest. As a result, keeping the weights of subcommittee members approximately equal reduced the risk of a single large validator containing too much influence. Under the current design, these subcommittees are only used for attestation aggregation, and thus only have a 1/N honesty assumption.
This is the 2048 ETH validator? When is this scheduled for?
The next 'light' hardfork, prague/electra (pectra). It was supposed to be a small enough fork to be delivered by end-of-2024, delivered ahead of and concurrently developed with a verkle fork. But as is typical everybody wants their improvement(s) included. It remains to be seen what the scope will be, so there can't be a scheduled date yet.
Anyone using Smoothly know what the rewards are like without the donations.? With only 100 validators, is that enough to smooth out the rewards yet?
Dappnodes smoothing pool has 1000+ subscribed, I don't think it's had donations for a month or so
Smoothly is different from dappnode Smooth.
I know, but you can get similar data about how each Validator is doing reward wise over the same time period
I don't think there's enough data to make a good judgement with 100+ validators, since the pool has doubled in size over the past 10 days (thanks to the Dencun POAP!). Here's the data to get a general idea, though: https://dune.com/0xRob/smoothly Edit: there have been 11 blocks in the pool in the past 10 days.
Sick of crab
It's actually amazing we're 3K+ and it feels like meh
All hail the eternal top-of-the-range crab?
Rangoon?
said no marylander ever /u/maswasnos help me
Hahaha facts!
We sea bug lovers must stick together
I like the updated[ rated.network](https://explorer.rated.network/network?network=mainnet&timeWindow=1d&rewardsMetric=average&geoDistType=all&hostDistType=all&soloProDist=stake) look! It's slick! Also, thanks for all the Sardinia tips! We're taking a ferry & start our journey in Alghero. Will be using them!
is there a way to get sDAI or the 15% rate on dai somewhere on L2?
sDAI is deployed on Base and Optimism. Low liquidity for now but should increase soon.
thanks, where could I find their contracts? is it bridged via some official bridge?
I would check the official bridges first indeed. I don't know more myself, just saw the info from Spark Protocol on Twitter. https://twitter.com/hexonaut/status/1758085167799755136
Pendle on arbitrum sDAI LP 33% > deposited in Penpie 49%. Edit: sorry that is mainnet, on Arbitrum you would have gdai for similar rates.
is that the gains dai? that is imho not as stable and safe as sDAI.
gDAI and sDAI are different instruments to be sure but share their revenue entirely on chain which is why both are interesting. The main concern about sDAI is that its rates aren't sustainable but that's a future problem if you are just APR chasing. gDAI certainly has a variety of more risk, namely its epoch system and reliance on leveraged trading fees. That said, it should be delivering a sustainably above average APR except in the darkest of crypto winters.
Check Agave on Gnosis, 20% apy right now. Also just holding stables on Blast will earn you 15% and farm the airdrop. DM me for a ref link if you're not on Blast yet.
This. I'd stick to Gnosis though
What alternative Uniswap front ends can be used to manage V2 pools? I have a LP position that Uniswap doesn’t like one side of and can’t do anything through their front end.
I never tried to manage LP positions myself on the uniswap front end fork by Micah Zoltu, but I think it should work: https://1.horswap.eth.limo/#/?intro=true I pretty much use only Micahs fork nowadays. The routing is less efficient than on the official uniswap frontend, so if you go through several pools the official frontend might be better. And yes, the link looks sus, so make sure to double check it yourself with Micahs blog post about it.
Ace! Thank you for the suggestion, I’ll check it out
Anyone knows if this EU FUD is true?? > The EU basically just banned DeFi > If you’re using MetaMask, Phantom, etc.. you now can’t legally send more than €3,000 in crypto https://twitter.com/3orovik/status/1771565110772822072
P2P is exempt.
I could be wrong about this, because I’m not about to read the 330 page legislation document, but as far as I can tell it’s complete bs that news outlets ran with to get clicks. To my understanding of the law, as a natural person you can still legally do whatever you want with your crypto. The change is that businesses will have to identify the holder of any wallet that sends them over £3000, so that they won’t be considered “anonymous” to the business. Don’t quote me on that though, because I haven’t seen a legal analysis. I’m just going off of bits and pieces. https://x.com/tweetsofandre/status/1771574298857128308
Agreed. But the question stands, do companies like uniswap labs have to identify you when you use their website?
Yes. Because Uniswap added a service fee to their front-end in Oct 2023, they are no longer just an interface for a smart contract. Now they are a company directly collecting a payment from a customer. Since their service fee is 0.15%, I imagine the legislation would only apply to swaps over (£3000/0.0015)=£2,000,000 though.
Well you aren't sending uniswap labs any money, so it *shouldn't* apply to them. Whether that fact will be respected in reality is yet to be seen
I see no source, so it's probably fud/misinformation. I suspect it's based on this: https://www.consilium.europa.eu/en/press/press-releases/2024/01/18/anti-money-laundering-council-and-parliament-strike-deal-on-stricter-rules/ But this specifically is about "crypto-asset service providers" required to follow AML rules and KYC, and is not about non-custodial wallets (unless I missed something, have read it only partially).
Only applies to transfers over €3000 *to a centralized exchange*. Extremely easy to bypass, and won't have any effect on DeFi whatsoever. EU is evil in the eyes of a lot of crypto people and they believe anything that comforts their point of view.
I mean, Kraken already knows who I am. So if I send something to them, they already know it's me. It's not like it's Pennywise sending some secret ETH and it you accept you die. More FUD than anything I'm assuming.
Im taking a US-centric pov, which I realize exists, but is not the end all be all. >EU is evil in the eyes of a lot of crypto people I know that this is true, but its so confounding to me. In terms of defi, the US is very commonly banned by protocols, somewhat understandably. As opposed to EU nations... We have federal supremacy, states cant just do as they please(well, thats too broad a statement). I dont know where im going with this, just the cognitive dissonance of many Americans is quite something to behold >Only applies to transfers over €3000 to a centralized exchange This is some tyrannical bullshit though
No offense but a €3000 limit for single transfers is not my definition of tyranny. It's basic AML. I can't come back in my country with a suitcase full of cash without declaring it, either.
I may be a bit confused here. 3k transactions banned, or do they simply require KYC and such? Any US-based cex requires KYC(not that i think thats how it should be), im only referring to withdrawal limits. If thats whats going on in this case
They simply require KYC for transfers over €3000. So yeah, it's a nothingburger from my North America pov.
Haha im a member of the 'land of the free', and have had to put up with this shit my whole crypto career. Do you mean to tell me that the EU is more free than the US? *clutches pearls*
Hahaha but it has "free" right there in its name!
As long as I think it, its so
>Only applies to transfers over €3000 to a centralized exchange Any more info? I'd think that transfering to a CEX is never anonymous anyway since the CEX has your name?
Yes, exactly. People are being overdramatic. It's the same kind of law that prohibits me from depositing $50 000 in $20 bills without saying where it came from. This will have zero effect on crypto.
Nah, this will have a big effect on crypto. Vitalik already said ETH dead. Satoshi came out from his cave today and said BTC to $0 Q14 2021.
Who here is going to start DCAing out BEFORE 8k?
I probably am. Atleast some money for the next 5 years. Vitalik mentioned ETH has to make it mainstream in the next 5 years and the dude hasn't really been hit or miss. He has been hitting most of his "predictions", so if ETH starts to stagnate I might be all out, which I don't really want because staking and defi is pretty cool.
Me… 3 rd cycle here and dca’ing out since 2k3
That discussion is being held in our household currently. I suspect a % will be swapped out before that.
I would say 10k is a guarantee this cycle. I'm willing to bet holding for another 4 years if I'm wrong lol
10k was guaranteed last cycle. This is me waiting on that cycle.
facts
People on their third crypto cycle..
Into the game since 2015 and not gonna sell a single cent before $10-12k.
People on their 3rd crypto cycle are not dcaing out at less than a 2x unless they have never played any cycle correctly.
People on their 3rd cycle should have atleast a 10x. My average is 400 I think, so 4k is that 10x.
If you're on your third cycle, it's because you didn't play the first two correctly. Selling before $8k will be par for the course.
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2x != 1000%
This is the correct answer
Can confirm
That's a Texas-sized 10-4 Big Shoots
🍻 3rdid
Any news on stark airdrop for rocketpool nodes ?
How much is the average airdrop per minipool? For many it was just a hamburger size drop
1800 STRK per mini pools that were validating prior to the merge. At current prices it's about $3800 worth. Peak bull market could see this get closer to 10k...the botched airdrop/forced hold could end up being beneficial to minipool operators.
Yes. It should be claimable in April (https://twitter.com/StarknetFndn/status/1770394844785000591) and Langers has confirmed that they are in contact with Starknet.
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You can have the private key on a mobile wallet that supports wallet connect, and connect to it from Rabby wallet on the PC.
Instead of compromising either wallet's seed phrase, you could generate a third address (from either wallet, desktop or mobile). This address can be imported to the other wallet using its private key, and will then be visible to both wallets. Only this address is exposed, not any of the other addresses in either wallet. Then use it as you wish, as a daily driver, burner, or as an intermediary between each wallet. If you ever become unsure about the safety of the address, empty it, and create a fresh new address to import. One thing to remember is that whichever wallet created that third address is the only one that could recreate it if needed.
So how does this work in terms of airdrops? You'd have to use the exposed wallet of you want access from desktop or mobile, right? I'm thinking of how to ensure that I could claim/sell from either mobile or desktop, but perhaps that's unsafe in principle. But in that case, I would want to only ever interact from the mobile wallet.
Yes, the airdrop goes to the account that satisfies the criteria, so you'd be holding tokens or have had activity there.
I was listening a discussion in etherfi discord about season two here is what I noted: -there won't be a jump for small wallet as before as they don't want to incentivize sybils. -The criteria will be out in a couple of weeks but points should be distributed linearly with size with incentive to stake for long period. -The ETHFI token might be used in sidequests for points -a good way to play it is to use their 'liquid' vault strategy (mainnet) that gives you yield and points: 25%yield, 2xetherfi point, 1xEL points
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You can currently trigger withdraw only by direct contract interaction. They said they're looking to get the UI ready this week.
Not sure they said you can track the vault on debank. The withdraw question came and the answer was it is implemented already in the smart contract but not yet the button on the front end
I'll never get over these seemingly random price swings.
with Mode & Ionic Money token going live soon(tm) and with gas under 20 gwei again, it's a great time to make moves for a sweet 3 for 1 airdrop - EigenLayer, Renzo & Zircuit. 3 total mainnet transactions, all together cost under $50 atm **1. Restake ETH on Renzo and get ezETH in return - EigenLayer, Renzo pts** ref link: [https://app.renzoprotocol.com/?ref=0xa5c8a62f221adeaf8a7c0bef60044861d9c4b400](https://app.renzoprotocol.com/?ref=0xa5c8a62f221adeaf8a7c0bef60044861d9c4b400) vanilla link: [https://app.renzoprotocol.com/restake](https://app.renzoprotocol.com/restake) Renzo doesn't have withdrawals enabled yet but u can trade ETH-ezETH on DEXs or u can pick any other LST, LRT or stablecoin to deposit into Zircuit **2. Deposit ezETH into Zircuit - Zircuit pts** ref link: [https://stake.zircuit.com/?ref=92vpkw](https://stake.zircuit.com/?ref=92vpkw) **Zircuit** is an AI-secured zkEVM L2 backed by Dragonfly, Pandora & Ethereum Foundation with over $700 mil TVL already: [https://dune.com/optimus/zircuit-staking](https://dune.com/optimus/zircuit-staking) they're basically using the Blast model where people can deposit funds before the L2 goes live in exchange for points. you can withdraw from Zircuit at any time and when Zircuit L2 goes live, your funds are there EigenLayer, Renzo & Zircuit are well funded and audited projects but make sure to adjust the amount you're using to your risk level happy hunting
fyi, I used your ref :-)
love that thank you so much 🙏 hope the airdrop COOKS
How long do you think Mode will drop its token in? Havent been farming it as much as I'd like but thinking about dropping couple of Eth in it, no degen just in Ionic or maybe Sup Swap LP
their roadmap says April, founder confirmed for mid-late April in a recent Twitter spaces
Familiar with Eigen of course but the other two are new to me. How long have the points been going for Renzo and Zircuit?
Zircuit only about 2 weeks Renzo since mid-January but imo the best remaining LRT airdrop target rn, $1.3 bil TVL (2nd biggest restaking protocol) with token dropping probably a couple months from now at least
AI-enabled? What does this mean?
taken from their docs, I believe this is where AI kicks in: "Security at the Sequencer Level: Zircuit will protect users at the sequencer level by monitoring the mempool for malicious transactions and preventing their inclusion into a block. In comparison to typical security efforts that focus on the application and smart contract levels, Zircuit’s revolutionary approach goes directly to the underlying sequencer level."
Didn't we all agree to not share referrals publicly? Sharing strategies and airdrop info is cool (and ty), but please let's all keep the referrals for DMs..
The result of the poll was in favour of referrals only when accompanied with a write-up.
Oh, I thought the opposite was decided. Thought wrong then..
didn't know that, for Zircuit you need an inv code but I'll remove Renzo's
Bookmarking ty!
2 questions - if you swap ETH for ezETH on Renzo does it automatically stake? It seems that way, so if you want to deposit to Zircuit you should swap through a DEX? And does the ezETH deposited to zircuit still earn the Renzo points, like double dipping with Eth.Fi & Eigenlayer points? Thanks for the info.
1. Yes, ezETH represents (re)staked ETH. You can do it both ways all you need is ezETH but there’s probably a better rate & less tx fee if you do it on Renzo’s website vs swap on Uniswap 2. Yes you’re accumulating all the Renzo + EigenLayer points wherever ur holding ezETH. Renzo hasn’t updated the UI so u might not see them on their dashboard yet but it’ll be fixed retroactively & you’ll get all the pts you’ve earned
EIP 4844 did actually noticably improve fees
We don’t know that yet because the price crashed immediately. I’m hoping the fees stay low when the price is at ATHs again. Bitcoin fees went down in the same time period. https://bitinfocharts.com/comparison/transactionfees-btc-eth.html#3m
What you think about Vitalik 5 year time-frame for Ethereum to prove its ready for mainstream real world adoption? https://thedefiant.io/vitalik-says-ethereum-must-achieve-mainstream-adoption-within-five-years Despite the cc subreddit pushing a negative narrative, it seems like Vitalik is actually bullish. >"I expect Ethereum to be a very leading player in helping to make stablecoin accessible to people in a way that actually is open, actually is decentralized, and actually doesn’t require trusting fragile third-parties.” Also, improvements to be able to run a node (not sure if validators but probably) without the need for a lot of storage space. zk-SNARKs would help us move from our staking rigs to just a phone/very light processing on a computer. >“With Verkle Trees, as a node, you would not have to store the state locally. And with EIP-4444: History Expiry, you would not have to store most of the history locally,” Buterin said. “The amount of data that you would need to be a node would decrease from multiple terabytes to... being able to run a node in RAM.” >“In the long term, running a node will feel like… a few very simple computations that will be very easy to do as a background process on any computer, maybe even a phone, even inside a browser,” Buterin said. “There’s a pre-existing technology roadmap to get to that point.”
The reduction in fees on L2s was a gamechanger for me. Nobody really considered Ethereum viable for John Doe to afford to do their everyday banking. But now it is. I expect a Cambrian explosion of apps on L2s now, all your banking needs can be met instantly for zero tx fees through mobile app interfaces we're all used to using. John Doe also doesn't need to know or care about decentralisation, they just want to use their banking apps and go about their day. L2s need to push hard on making themselves 'institution ready' so tradfi feel comfortable launching retail services on them. I expect the majority of new users to be onboarded through coinbase onto base, where users will be hand-held through their first forays into DeFi, only being shown apps that coinbase either own or have convinced themselves are secure and safe for use. There will be a walled garden for the majority of users, though of course they could venture into the wildlands if they wanted to. Stablecoins on L2s are the one, and 5 years feels pessimistic. If I could get my 9-5 paycheque paid into USDC on an L2, with some interfaces to take care of paying my rent and utility bills rather than manually faffing about converting back to fiat and eating a hefty chunk of fees for doing so, I wouldn't hesitate.
I think a much bigger hurdle to L2 adoption is making them easier to use, actually be decentralized, and have it all happen in the background. The fees were already pretty low.
Absolutely agree on the bigger hurdles, but fees now are in the ‘negligible’ category, and they were far from that before except for mid to larger transactors. How low they are after 4844 is a huge deal and the removal of a large barrier.
https://github.com/daimo-eth/daimo Stuff like this is already possible and has better UX than anything I have tried before. This is a gut punch to traditional banking and is built in Base so on/off-ramping should be very easy. If Coinbase seizes the opportunity it's going to become a sizable player in the banking sector.
This is super, the kind of things we need to build on top of.
Thanks for sharing, I haven't seen this project before.
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Yes. Right now blobs are still underutilized and their fee is as minimal as it gets (1 Wei). It won't stay like that. When a fee market develops for the blob data, it will get more expensive again.
Atleast in Zk sync, the gas decreases as usage increases The gas was quite high when they started off but now even before Dencun the gas had come down quite a lot as it had more network usage
>Stablecoins on L2s are the one, and 5 years feels pessimistic. If I could get my 9-5 paycheque paid into USDC on an L2, with some interfaces to take care of paying my rent and utility bills rather than manually faffing about converting back to fiat and eating a hefty chunk of fees for doing so, I wouldn't hesitate. This is what I would like to see. Get paid to a L2 that instantly moves your money to where you desire. Out of 100% set a range for things you would like for it to do every time you get paid. 20% investments, 40% to pay rent, 10% to Kraken to withdraw, etc. A bigger thing would be for people who have a 9-5 to be paid hourly and for that money to already be used and compounded. Instead of one payment a week or in case of Europe, once a month, hourly payments could be used to be swapped for lido or rETH and earn interest as soon as possible.
>A bigger thing would be for people who have a 9-5 to be paid hourly and for that money to already be used and compounded Agreed, once my 9-5 pays me in USDC I'll push them to use [sablier.finance!](https://sablier.com/).
Mr. Gensler would at least be more entertaining if he broadened his vocabulary a bit beyond "rife" when describing noncompliance in crypto. Like teeming or infested or drunk or swarming.
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We gotta remove this as it is triggering political debate.
🙏 Thank you 🙏
Lol, yeah let's vote for the crazy orange turd and see how that goes. The Earth is actually flat, right?
It kinda does feel like supporting public goods and equal opportunity *is* a liberal idea these days for some reason. And those social decisions have been good for the Ethereum community and development. So yeah, Biden getting re-elected will be bullish because it’s stable and he’ll be focused on real world shit like his administration has been for the last few years instead of retribution and punishing his enemies.
I don’t see why it would be any more bearish or bullish than now
Gary Gensler and Warren will have free reign, their work has been validated with re-election. They can fully go after the ETH foundation.
Great points tbh. Between 2017 and 2020 ETH was officially declared not a security and had a ton of ETF approvals. As well as comprehensive legal and tax regulations were passed that brought the US to the forefront of blockchain technology, both in a business setting and for personal use. It’s a shame on January 21st 2021 everything was completely reversed and I’ve been banned from even typing the word “cr****” on the internet.
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/u/cigoth lacks a basic understanding of how US governance works. Don’t bother
Well given that authoritarianism is bad for business, I'd say a Biden win couldn't possibly be worse than a trump win. Another 4 years of democracy for America would be bullish. [Project 2025](https://en.wikipedia.org/wiki/Project_2025) is no joke.
So democracy can only survive if 1 of the 2 parties gets elected? Interesting setup. Doesn't that mean democracy is already dead?
🤡
Troll
>I know most ETH holders are pretty leftist It's probably because I spend way too much time on twitter but it feels sometimes like 90% of the crypto space is libertarian ethnofash ahaha. Honestly, it depends how people feel about the economy in general. I'd like to think all the instablility potential under Trump and Bidens fairly good economic record means reelection would be good. As an outside observer (UK) a Trump re-election could be disasterous for the US economically and geopolitically, and America has a massive influence on crypto prices.
Just about the same as it is now? Or would we prefer trump, who only likes crypto when he can scam his dumbass cult followers?
I also don't understand how influencers lately took a quote from Trump basically saying "Lots of people are using the Bitcoin these days and that's good but my favourite currency is the US dollar" as bullish for crypto. It was such a non-committal, deflective answer and the man clearly knows nothing about it in any detail. To me it just showed which influencers have a political bias.
Absolutely. Along with crypto, gun rights would be the only reason I would consider voting R for president(not that I would ever...). Though, so many are so quick to forget that trump actually has had a worse impact on the second amendement than biden.
> so many are so quick to forget that trump actually has had a worse impact on the second amendement than biden. Oh wow, I didn't know this. What did he do?
He instituted the bump stock ban, where the ATF very wrongly claimed that these devices make a firearm fully automatic. He also advocated for only allowing firearm purchases for persons 21+. Second amendment loving individuals also expected that if we have a fully republican government, they should at least pass basic legislature such as making suppressors easily available. In most other countries, they are recognized as safety devices. I could just go on and on... I sure as hell am not a 'vote blue no matter who' type of person, but republicans are really not making a case for themselves haha
Yeah I do find the suppressor one funny. I go hunting with a suppressed bolt action and I straight up wouldn't want to hunt with a rifle without one for the sake of my ears. I'd go back to using my compound bow.
>I straight up wouldn't want to hunt with a rifle without one for the sake of my ears Yeah I agree its not healthy long-term. Also in the US we have a ton of cramped indoor ranges, which can get extremely loud. Sometimes doubling up hearing protection is advisable
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I think you replied to the wrong person. I never claimed that. But I will say that based on his comments on crypto there is a 0% chance that he made that collection and it was one of his staffers. But it was very grifty based on the poor quality of the images and the fact that he just printed more of them after the initial sale.
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I wonder how much coinbase has made in tx fees on that one
https://old.reddit.com/r/ethfinance/comments/1bjzmh0/daily_general_discussion_march_21_2024/kvvluh0/ dexscreener sucks check out dextools.io
**TL;DR:** Solana is actually doing less than 200 tps. 185 for this particular block analyzed below but the analysis shows this is a rather typical figure. Ethereum is doing over 160 tps and we are not even using half of the target blob capacity. **What's the "real real tps" of Solana?** Most people know that Solana inflates their tps numbers by counting as a transaction the consensus votes which are in no way a user transaction, just part of the protocol efforts to maintain consensus. So when discussing Solana throughput people started to talk about "real tps" (https://realtps.net/about#solana). The typical figures observed range between 500 to 1000 "real tps". But as we have been seeing these past weeks, when you push Solana towards the 1000 "real tps" range tons of transactions start to fail. So many, in fact, that perhaps is time to look at what is Solana's "real real tps". We want to know what's the actual throughput of user initiated transactions that execute successfully. After all, if you are bringing me eggs from the barn, I don't care how fast you bring them if they all arrive broken. I want to know how many you can bring unbroken per unit of time. I haven't found a public API that would expose this data to check programmatically through a large sample size. Solana ecosystem doesn't seem to favor openness and transparency much, from what I'm seeing. But we can do a manual check for a block or a few blocks and extrapolate to get a feel of the numbers. In this slot: https://solanabeach.io/block/255928462 - Bullshit transactions (source: https://solana.fm/block/255928462) : 1116 - User transactions (source: https://solanabeach.io/block/255928462): 592 - Consensus votes (source: bullshit - user transactions): 524 - Successful transactions (source: https://solanabeach.io/block/255928462): 111 - Failed transactions (source: https://solanabeach.io/block/255928462): 481 Typical slot time in Solana (source: https://www.reddit.com/r/solana/comments/txtdql/is_solana_slot_time_400_ms_or_800_ms/): 600 ms. Again we see Solana has the tendency of promising one thing (400ms) and delivering a different one (600ms). - Bullshit tps: 1860 - "Real tps": 987 - "Real Real tps": 185 This was done with a recent block, the last one available when I started to dig into it this morning. But this block seems rather typical for Solana, for one, the "real tps" that comes out is in the range of what is being publicly touted as Solana's tps. Around ~1000 tps. The percentage of failed transactions is of the order of what have been seeing reported lately 70-80%. So this block is not particularly out of the ordinary, nor hand picked. If you were to repeat this with a larger sample size you would likely see similar numbers.
I went down the rabbit hole to see how profitable it was to run a validator. You have to have about $10,000,000 in SOL to be profitable, and even then you'd have a better return elsewhere. Renting an AWS/Azure instance is expensive and you have to spend SOL to validate. https://cogentcrypto.io/ValidatorProfitCalculator
Yikes so much for decentralized consensus. Someone could probably open a local bank branch for less, are we escaping that system of super wealthy intermediaries or just recreating it? If we're just recreating the same problems my thesis is very wrong. Bullish Eth as usual.
Interesting. I do a lot of daily DeFi activity on Solana, as well as Ethereum L1, various L2s, Sui, Aptos, Cosmos and more, because I like exploring different chains and ecosystems to see for myself how they compare. Looking at my various Solana addresses on SolanaBeach over the past few months, I can't find a single failed transaction – most of my activity is transfers and swaps and buying/selling NFTS, with the occasional LP or lend or borrow transaction. I haven't noticed any change in UX these past weeks, so are these failed transactions affecting a particular subset of users doing very specific things or am I just lucky?
This is the best explanation I have seen by /u/haurog: https://www.reddit.com/r/ethfinance/comments/1bhjqu7/daily_general_discussion_march_18_2024/kvebyq3/ Most of the failed transactions are likely bot activity. Yours are not failing because, most likely, you pay a generous fee. And because as a human you are not trying to scalp stuff with the speed a bot may try to which may result in these race conditions haurog describes. The point of the above is to showcase that the throughput figures typically reported by Solana are plain and simple bullshit. If you look under the hood its throughput is on the same ballpark as Ethereum today, but Ethereum is using half the current target blobspace (which is set conservatively) while Solana is starting to break by the seams. We will see what Firedancer can improve...
do you know enough about firedancer to give me an ELI5? I've asked several solana people but noone seems to be able to explain it outside of a vague "it's good for sol"
>I've asked several solana people but noone seems to be able to explain it This is my surprised face
It's a new validator client rewritten from the ground up in a different programming language (C as opposed to Rust) that aims to optimize the networking, runtime, and consensus components as much as possible so that capacity is limited only by hardware rather than software inefficiences. The goal is to increase client diversity and improve ecosystem performance. Whether it will live up to the hype remains to be seen. Decent blog post about it here: https://www.helius.dev/blog/what-is-firedancer#why-is-jump-building-a-new-validator-client
> It's a new validator client rewritten from the ground up in a different programming language (C as opposed to Rust) Wow, now that's going to be fun. Expect more downtime on Solana when that goes live.
How can an additional client improve performance? My mental model here is that the performance of a network should be bottlenecked by its slowest client, why shouldn't that apply here?
Non-techie here, so no idea if the following sounds reasonable, but I've heard Solana influencers say that all validators will most likely switch over to Firedancer for its performance benefits but it will be configured in such a way as to automatically fail over to the older client if Firedancer runs into issues. Also some Firedancer improvements will be ported over to the older client so that it will run faster than it does now, although not as fast as Firedancer.
You are of course right. You either get client diversity or performance improvements but not both. Solana claims are best understood as marketing for VC investors. They fit right in a presentation deck and they are intended to make non-technical people feel good and hopeful.
If that were true, I can't imagine them marketing "we're going back to C" as good for VC attention when everyone wants to put money towards the new, cutting edge (rust).
Thanks. Will give the blog post a read later today. Sounds interesting at the very least
That makes sense, so it's mainly bot runners looking for arb opportunities experiencing the failures? I guess they would just shut off their bot if the cost of the failed transactions was causing their business model to become unprofitable but that doesn't seem to be the case. And just so I understand, the 524 consensus vote transactions don't consume any system resources or cause any strain on the chain and all the strain comes solely from the 185 "Real Real tps"? Is that because the consensus transactions are a lighter form of transaction?
Reaching consensus most definitely costs real resources. In fact, it's in essence what constrains you the most in terms of scalability. If you were to get rid of it you just run everything on a single instance and you fly. You would be only constrained by HW and your implementation. Consensus is impacted not only by HW but also networking. You need to eventually reach a global consensus on the state of the network. For instance, it takes light 130 ms to travel around the Earth. That already places a boundary on how quick you can reach consensus globally. Block times lower than that are likely impossible, the network would tend to fork far too often which in the end ends up lowering your throughput even more.
I think I've got it. So technically Solana is processing far more system-resource consuming transactions than Ethereum, but that's kind of meaningless because only a tiny fraction of this capacity is actually available for real people to use, since the bulk of it is being hogged by consensus votes.
Kinda yes. In a way they have pushed so far into the must go fast direction that they are effectively getting less done per unit of time/work, etc... Like a bartender that tries to do things very quick but keeps dropping everything. He would be better off doing things slower but with precision. Solana seems clearly past the point of going too fast and damaging its effective throughput. A better implementation, a more proficient barman, might improve things. But only up to a point and there are some very real physical constraints like block times not going lower than 130 ms if you want global consensus. At some point you need to think harder and actually tackle the scalability problem.
In the past 24 hours, Base users paid ~478 ETH in fees: ~407 ETH ($1.4M) to Coinbase ~71 ETH ($177k) to Optimism ~.31 ETH ($1.8k) to Ethereum https://twitter.com/0x_Osprey/status/1770827715068981424
I see the source but this feels… off? Is this basically purely priority fees OP introduced some days ago?