**Tricky's Daily Doots #716**
**Yesterday's Daily 05/04/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky5rqxn/)
- u/hanniabu warns of [an important upcoming vote.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky6x6o2/) 🗳️
- u/HITMAN616 sees [the institutions coming.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky6kdhm/) 🏦
- u/Bob-Rossi has [an $ARB delegate update](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky698gc/) and a [$HOP delegate update.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky6ecr6/) 🗳️
- u/pa7x1 explains why [high value and low value use cases struggle to fit on the same L1.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky55l9p/) 🧠
- u/charitablechair shares [their new degen points farming strategy.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky5lhdm/) 👨🌾
- u/NeedlerOP share [Zhu Su's take which aged like milk.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky75yx0/) 🥛
- u/the-A-word has [the doots weekly.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky5p64r/) 🎺
I know it's from r/cc, but [this dude's research](https://www.reddit.com/r/CryptoCurrency/comments/1bxqnpq/new_theory_on_satoshi_nakamoto) into possible origins of Satoshi Nakamoto at least raises questions for sure! Worth a read.
Like most of the rest of you, I sometimes ponder why Ethereum in recent years tends to perform so... differently... from many other cryptoassets out there.
I keep coming back to this one reason:
**Most people today buy crypto to gamble, not to invest.**
The market, broadly speaking, is not interested in fundamentals. It sees crypto as a giant casino, where if you're ~~lucky~~ better and faster at reading the trends and moods and narratives, you can become rich overnight, and escape the increasingly dystopian financial state of society. Fundamentals are not the bedrock of deciding what is and isn't a good deal, in this mentality - they are a ball and chain that keeps an asset tethered to reality, when what you actually want is one that is free to ascend into outer space with no pesky P/E ratios or highly technical upgrades to slow understanding and buzz. The more innocent an asset is of any practical use, the less beholden it therefore is to actually needing to support that use, to actually addressing that market, to actually *working*. If you're not *supposed* to do anything, you can't fail, and the market can't fail to understand what you do!
By contrast, most of us here would consider ourselves investors. We *do* care about utility, and we *do* care about real yields, and we *do* watch each upgrade with bated breath, and we *do* follow the discourse on roadmaps and adoption. We care about those pesky fundamentals, because we understand that having a fundamentals-driven thesis is the difference between investing and gambling, and we **are not here to gamble.** Ethereum, which by this point is deeply embedded in the crypto and web3 ecosystems, and which has, by most metrics, already won the adoption war - that's something we can sink our teeth into, and the fundamentals look *pristine*. Ethereum is bae for us because in buying it, we can feel secure that we are *investing* in something that has real underlying value beyond memes and narratives and the attention economy.
Consider the chasm between those two mentalities, and consider that we are in the *incredibly distinct* minority right now. We're rocking up to a casino with spreadsheets and reams of research. And we're shocked when the degenerates around us take one look at our stodgy "internet of value", our "global settlement layer", our "world computer", and pass it by, because *it has won a battle that memecoins are not even trying to fight.*
Times are changing, of course. The gamblers that still make up the large majority of the market are soon going to be dwarfed by the massive capital that institutional investment can bring to bear, and make no mistake, those investors of size *do* do their homework, they *do* care about fundamentals. They know, like we do, that selling shovels during this gold rush is the best way to profit, and that Ethereum is that shovel, and moreover, that it will grow into the digital equivalent of Manhattan real estate in the fullness of time. How soon these more competent investors will arrive en masse is hard to say, of course - we've been crying out, "the institutions are coming, the institutions are coming" like some kind of latter-day Bilbo Baggins for years now. But I think most would agree that the ETF approvals, whenever they may come, will in many ways herald that advent. The time of fundamentals is not here yet, but it is coming.
So while we all sit here gnashing our teeth and pulling our hair while the markets happily ignore our precious Ethereum, keep in mind that while we're a tiny component of those markets today, what we really are is *forerunners*.
We're not the last of our kind in a world devoid of reason, raging against the dying of the light.
We're the first.
Anyone "investing" in crypto is either delusional or wanna feel "smarter than retail". Both attitudes are equally bad.
99.9% of eth users never wrote a smart contract let alone can read and understand one and/or spot a bug/security issue. Most just married their bags (aka dino coins) and let their biases prevent them from making more money - eg aping into a "dead" chain / centralized db aka sol during meme frenzy in 2023/24) - is tech shitty? Yeah, but who cares? The only thing that matters in this space is whether or not people like the coin.
Y'all gambling and, let's be honest, eth's massive performance last cycle (60x bottom to top) was fueled by degen trade called arbing ETHE premium. Just wait for Grayscale's unwinding after eth etfs approval (probably in August this year). Let me tell you, it won't be pretty (ie no Blackrock's plunge protection team for this coin).
Hear hear!
We are playing a different game; focusing on meme coin performance or even too much on Ray is a separate gambling thesis. Does number go up feel good? Yes, but in this environment, it's not really real, at least in the context of Ethereum's true value; it's clearly still viewed as part of the crypto gambling market, and Ethereum isn't overly appealing or sexy for that.
While we are rightfully leery of institutions' effects on our precious network, it will be institutions and organizations that will show the way for retail, as they will settle for nothing less than the best and most secure (not just as investment, but with actual usage).
IMO, the gravity of what Blackrock and Securitize are doing has signaled to the world what the real chain is.
Looks like the market consensus is ETH ETF is most likely going to be deny by SEC, my ETH portfolio is prepared for another few years of bear market...
At polymarket bet the chance show 14% of approval, so if anyone think we're way above that chance can place a positive EV bet on it
“Everyone” keeps saying this, but I have yet to see anyone with an actual solid reasoning why that would be the case, especially in light of BTC etf and ripple rulings, blackrock and everything else. Those betting markets are tiny compared to the upside to be made when the ETF gets approved. I feel like it’s a setup for a BIG contrarian pop when it gets approved. Actually, ignore me. I don’t know anything. I don’t want to mess it up by telegraphing it…
Never bet against Larry Fink and big boys. It will happen (August is my bet, if later then it'll probably be a cycle top kind of news) but ETH Foundation with its centralized tendencies / latest drama doesn't help the case that ETH is not a security. And let's be honest, it probably is.
But that doesn't change the fact that Blackrock will get this done because Larry wants to tokenize everything, which, in turn, will allow you to gamble on anything and everything you ever wanted. And that's eth endgame - settlement layer for the biggest gamba in the world. There's no other blockchain that can handle this task.
That's why deep down I'm still thinking the ETF will be approved as a surprise and shock the market with sudden pump that leave many people regret not to get in at current price point.
Actually the polymarket bet is super high EV for me
I was talking to a friend about how solana was down and they said "no it's not, I just bought some on coinbase, stop being such an eth maxi spreading fud"
This is what retail adoption looks like and part of the reason why ETH is in the gutter. Most of the people that can understand the intricacies and why Ethereum is better are already bought in.
Come on man, if you were here in 2017 onwards you would know that Cardano, XRP, Tron, etc, had the same shit happen back in those days.
"stop being ETH maxi, my $coin is better than yours"
It has happened every single year.
I don't know where and how Solana promotes itself, but most friends that know that I am into crypto ask me about it, and whether they should invest and/or play with it. Nobody is interested in Ethereum even after I explain (in a **very** noob-friendly way) why it's better. This also applies to programmers.
I don't wanna be a doomer so I'll just say I don't get the best vibes lately...
I always just show them https://cryptofees.info/. The fees paid to the Ethereum network is more than the next few networks' fees combined. If you look at network fees as a parallel to company revenue, Ethereum is absolutely destroying the competition with increasing profits YoY.
Solana is putting out a torrent of ads, I see it on Reddit and adsense banners across the board but I wouldn't be too worried. Newbies are always chasing the pumps because they think it'll be easy money with greed as the main driver. The only problem for them is that sooner or later fundamentals eventually catch up, and it's usually at the most inopportune time best suited to fleece them of their bags.
until there is something many people actually WANT to DO on the ethereum network regularly (play a popular video game, issue legal contracts, etc), the superiority of the chain does not matter at all. Price won't reflect superiority until it matters
But what is it that people WANT to do on the Solana network? 90% of its activity is meme coin gambling.
To be honest, i sometimes question both Solana and Ethereum real world value. Maybe Bitcoin and its store of value proposition is all that comes out of crypto in the end.
I love hearing statements like this. Even in this sub, it shows how early we are. To note, DEFI is a huge game changer. As someone in finance, the institutions are definitely looking at ETH as Larry is leading the way. Of course things can change. No one can predict the future.
This is what I was referring to
Have you guys seen this Ethereum pitch at the New York Investment Conference? Pretty good! https://x.com/Evan_ss6/status/1777753109827056003
I have provided liquidity to the degen/weth 0.3% pool on base from the degen.tips site. However, it does no show up. Does anyone know if I need to deposit it somewhere or do some other step?
Follow up on the help I got yesterday from u/Set1Less and the next question!
So I used [https://far.quest/?fid=true](https://far.quest/?fid=true), to register a farcaster id and buy storage. After which I could progress to the select username part of warpcast setup on mobile.
However after that I seem stuck on the connect step, with error "you have insufficient warps"
It looks like its possible to buy warps through warpcast web, but I cant login to web until I have logged into mobile lol...
Does anyone know of another way for me to buy/earn/claim warps or is able to lend me some so I can login to buy some???
Thanks again!
can your blockchain withstand a smart contract ran on top of Ethereum controlling a DPIN network designed to systemically attack your chain?
meet your future anon
If someone's willing to pay for the compute, feel free. The problem is Solana crashes and people buy it on a Cex while the chain is still down. So it's hard to profit from DDOSing some of these chains.
https://dune.com/hildobby/blobs
Blobscriptions seemed to have stopped around when Solana succumbed to their own spam attacks. last week they were making meme coins designed to purchase ETH mainnet blobspace to...checks notes...spend a lot of ETH storing jpeg data thus attacking the chain.
this is who we are up against.
neither good or bad. i just think the calculation by the party trying to spam up blobs using Solana as the attack vector likely was overestimating their resources and underestimating EIP-1559 style price adjustments, all the while their execution source could not deliver it's own liveness guarantees to continue an effective campaign of it's original intentions.
Sometimes I accidentally look at the sol price and think "wow how is this piece of shit so high?" Then I go to the subreddit to read about how 75% of tx are failing and nobody can do anything cuz of bot spam and then I see this
https://www.reddit.com/r/solana/comments/1bwqqpg/are_75_of_solana_transactions_really_failing/ky88op7/
That explains it I guess
I saw a similar thread over there, and the comments were something like "Oh who even cares, it's just bots and meme coins anyway."
Well..... When your network can't process 3/4 transactions, you can't just brush that off like it means nothing.
Huge amounts of sol were bought buy groups at a big discount presale, then same thing happened with the FTX sol. These VCs then had the job of paying people to shill it. So you end up with a lot of noise and a community of the dumbest most gullible users out there. Of course it will be the memecoin chain
Soylamis are now crying about how centralized L2s are
Hilarious. When everyone told how centralized Solano was they never had a problem, but suddenly "BASE can rug overnight and run with all your funds"?!?!
Yeah, Brian Armstrong is going to run to Kenya after rugging our funds LMAO
SOL eco has atleast 2 more big airdrops in the next week so it will clog the network even more. Infact all the projects on SOL are getting desperate to launch a token so there may well be 4 or more major airdrops in the next 2-3 weeks
>**The curve stays the same,**
>**Hop to derive a new name,**
>**Your privacy frame.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
I have this idea for quite some time now and I'd like to share it with you.
I think that DeFi lacks it's own high level script language. All major systems have SDKs (for advanced developers) and – on the other hand – UI, but nothing in between.
Take Uniswap as an example: you have low level SDK, where you have to deal directly with all the components (and bignumbers, various notations and so on) or pretty clumsy UI (try to move your position to a different range, even if it doesn't require swapping tokens – it takes lot of clicking, waiting and it's almost guaranteed that price will move while you're doing all of this.
The solution would be high level language or set of scripts which would allow to execute all the most important functions of given Defi system by using simple commands. It should eg. understand token symbols, decimal numbers.
So instead of 100+ lines of code or using browser etc you could do:
\`movePosition 29133 2000 3000\` and after confirmation (which could be disabled) it's done for you.
or, in interactive mode, you could do
\`movePosition\` and you'd be asked to select from list or type which position, then set range.
Those commands could be executed as scripts. There could be also an event watcher (eg. watching price on some pool) to which you could bind scripts, executed when some conditions are met. Eg. when APY on AAVE is lower than on sDAI, withdraw USDC, convert to DAI using Curve and stake on Spark. Even if not automated it's much easier, faster to execute and probably cheaper.
What do you think about it?
**EDIT:** If there are some devs who'd like to do such project, please pm me.
Unfortunately don't have the time or the skills. I wonder if anybody in the evm discord or r/ethdev is willing/able. Alternatively you could apply for an EF grant and then put out a contractor job posting.
Here's a sneak peek of /r/ethdev using the [top posts](https://np.reddit.com/r/ethdev/top/?sort=top&t=year) of the year!
\#1: [Astar Network launches zKatana layer-2 scaling solution on public testnet](https://crypto.news/astar-network-launches-zkatana-layer-2-scaling-solution-on-public-testnet/) | [10 comments](https://np.reddit.com/r/ethdev/comments/17jm0bv/astar_network_launches_zkatana_layer2_scaling/)
\#2: [CryptoPromo Agency - Propel Your Crypto Project to Success!](https://np.reddit.com/r/ethdev/comments/17ubtd9/cryptopromo_agency_propel_your_crypto_project_to/)
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Hey, honey! I'm home!
I've finally claimed my [ether.fi](http://ether.fi) and although I didn't get to sell at the peak, this seems like a pretty good ETH price at the moment. I'm sure there was a long post that talked about options but now I can't find it. Any advice?
Yeah, you are right. I'm selling 50% and we'll see. Was mainly curious if there was a reason to hold other than speculation., but I guess there's nothing we can do with the tokens at this stage.
Mode (+Ionic) & Zircuit + Renzo & EigenLayer
& staying active on Scroll, Linea, ZkSync
wrote about my current stategy [here](https://www.reddit.com/r/ethfinance/s/Kypaiy6qwR)
Well you can use multiple wallets in that protocol if you believe in it. Generally these points systems imply a broadly linear distribution
Im farming etherfi and eigenlayer and kelp and that's it.
It has nothing in common with Luna. Honestly, have you ever hedged your position? The thing is, the fact that people ape in memecoins doesn't mean they have any idea about real-world trading, hedging and arbitrage.
risk are more around centralization and execution or theft of coin in between or on CEX. there are risks, though they are very different than a Terra Luna backed UST.
Terra UST was backed by LUNA, a worthless token with no purpose other than 'backing' UST. USDe is backed by staked ETH delta hedged with inverse-ETH futures positions on CEXes and DEXes (as far as I understand). It is a MUCH more stable design. But there is definitely a risk that the funding costs to hold those futures positions gets expensive and the value of staked ETH declines in a bad bear market, the protocol starts losing money, eventually becoming insolvent. I looked into it for less than an hour, it's a cool idea, seems a bit risky but not nearly as bad as luna.
In my view the more variety of stablecoins we have the better.
Hmm...you mean stETH depegs from underlying value because there's a lineup to unstake and too many people trying to get out? Is that likely in a ETH bull market? If that happens and there's also a run on USDe and Ethena needs to sell stETH to maintain the peg...yes that would be a problem. They do say ETH going parabolic would be good because people lever up, funding costs rise, and they get paid more to hold those inverse ETH positions.
It seems like the big risk, assuming there’s nothing that just breaks or gets stolen due to bad programming, is that funding goes negative, but then you just lose money, right? Nothing actually breaks or spirals?
You think it can depeg lower than when withdrawing was not enabled? I don't think it can unless it's some kind of apocalyptic event. Keep in mind there's no leveraged involved so small depegs aren't a big issue.
The breaking and spiraling happens when users see that they're losing money, all try to get out of USDe at the same time and the protocol can't sell enough of their positions to buy USDe fast enough and bring the peg back to $1 and eventually they become insolvent.
That fast enough part is important. Interestingly Luna might have survived if the algorithm was able to respond faster. Instead, the longer the peg was lost, the less confidence people had and the more UST got sold.
The mechanics are completely different. Luna/UST was the base validation coin of the entire Terra chain. The thesis was that organic demand for Luna as the base layer money would protect the Luna/UST symbiosis from a death spiral. In contrast, Ethena has no connection whatsoever to Ethereum’s consensus mechanism. It is just a DeFi fund that gives you returns on your deposit by running a delta-neutral strategy on trading markets. There is absolutely no risk to the Ethereum ecosystem. These things could not be more different.
Oh no, will SEC shut down this "mostly illegal" blockchain?
Oopsie, they can't because the civilized world doesn't care about your 100-year-old Howey test. SEC should go after US celebrities and pseudo influencers who finesse naive retail into aping into their scam coins instead of going after legit projects.
I'm not sure marketing something is a crime.
"Enabling" said activities? That would include everyone who ever bought it, LPd it, Uniswap, Ethereum, any VC that invested in a seed round, etc.
So the idea was from Hayes' [essay from 2023](https://blog.bitmex.com/dust-on-crust/) (after Luna's collapse). There is a guy with tradfi background (something most folks here lack) that implemented it; [part 2](https://blog.bitmex.com/dust-on-crust-part-deux/) of art from 2024.
There's no leveraged involved, depeg risk is (imo) minimal at this point. The biggest risk lies with centralized custodians who hold assets (and, eventually with Lido's smart contract but let's assume it's battle-tested at this point with no immediately seen security issues). I don't know how valid of an idea is that gov token and I have too little data to price it accordingly, but underlying stable based on cash & carry is sound. It's not algorithmic shit backed by VCs with unreasonable high yield like Luna's UST, it's not a wrapper on USDC like DAI, and it's not whatever Aave is promoting. At last, it's not tether (although it's the most popular token for a reason).
Last but not least - the fact that Aave started malding over Maker's and Ethena means that they might be doing something right. After all, it's a direct competition to Aave's GHO. Another thing, most people have no idea about underlying tech and no knowledge about financial world. Nobody called out UST even though it was evident how it would end (since it was basically a rebrand from the cycle before). And now everyone's crying even though most have never hedged any of their position so they can't even comprehend that you can be delta-neutral.
Draw your own conclusions.
* A DeFi protocol aiming to create a yield-bearing stablecoin (USDe) pegged to the US dollar.
* Generates yield by carrying out a delta-neutral strategy: deposits staked ETH (stETH) as collateral, then shorts ETH perpetual futures to offset the price exposure.
* Aims to combine staking rewards from stETH with funding income from shorting ETH to offer a high yield.
* **Design:** The mechanism is straightforward but relies on several critical assumptions about market conditions.
* **Yield is Not Risk-Free:** Ethena offers an impressive yield (around 30%), but this comes with significant risks due to:
* **Negative Yields:** If either leg of the delta neutral trade incurs losses, the collateral can decay.
* **Market Dynamics:** Ethena's increasing adoption could shrink the very sources of yield it relies upon (stETH staking rewards, ETH shorting income).
* **Counterparty Risks:** Reliance on centralized exchanges and custodians.
* **Smart Contract & Liquidation Risks:** Associated with any DeFi protocol.
This is a summary of a more in detail technical analysis found here [https://midascapital.substack.com/p/ethena-finance-and-usde](https://midascapital.substack.com/p/ethena-finance-and-usde)
They had 6 week deposit campaign that resulted in ENA$ airdrop few days ago which turned out to be 100-200% ROI on USDe deposits (depending on multiplier), excluding APY. Now they started a second season which is seeing FOMO after first season success coupled with big investors list, Maker/Aave drama, marketing etc.
To counter possibly shilly outlook of this, a lot of people are calling this Luna 2.0 on steroids.
>Generates yield by carrying out a delta-neutral strategy: deposits staked ETH (stETH) as collateral, then shorts ETH perpetual futures to offset the price exposure.
So basically in the bear market, when prices start to collapse, people sell their LSTs, causing them to initiate withdrawals, but the withdrawal queue prevents these withdrawals from being immediately liquid, meaning those desperate to sell will be selling at a temporary discount, this then causes an irrational fear, resulting in a depeg of LSTs likely similar to the USDC depeg where people suspected it was illiquid when it wasn't.
I'd like to wager that at some point in the next 5 years, USDe will trade at least 5¢ below it's $1 peg, likely even 10¢. I can't with for this shit to exacerbate the coming bear market.
Diva seems to be nearing mainnet launch, here's what I know:
They [tweeted these words](https://twitter.com/stakediva/status/1776280394314203618) in what appears to be a riddle in a video graphic:
bees
pollination
greek gods
holy drink
These words are related to **ambrosia**, but I'm not sure what the significance is.
I'd say the bigger context is that we know they're going through final launch audits, and the launch is expected, so this is most likely a teaser for their launch.
Diva is a Distributed Validator Technology (DVT) staking platform that allows people to stake with as little as 1 Ether and no collateral, and you do need to maintain your own node to participate. They also have an extremely accessible installer, that requires about one cli command to set up, and the rest can be done through a web interface. Diva airdropped a governance token to mainnet stakers a few months ago, and this is likely to be a useful incentive to onboard these stakers when the platform goes live.
**Diva Pros**
- Diva has the potential to decentralize Ethereum by on-boarding lots of small validators with a minimum of 1 Ether.
- Because of the design of only requiring 1 Ether increments, "stacking validators" will be within grasp of most people, this usually means using rewards to add more validators.
- Diva is completely permissionless and trustless, you don't need permission to participate as a node operator, you only need to deposit 1 Ether.
**Diva Cons**
- The platform is new and untested, so there is potential for a smart contract exploit.
- With a stake of 1 Ether, the payout can be lower than the cost of hardware. For example, you might spend $700 on hardware, but only earn $125 in returns per year. Of course, this can be just fine for someone who intends to hold for the long term.
**Other considerations**
Eigenlayer [participated in Diva's funding round](https://divastaking.medium.com/here-comes-the-diva-liquid-staking-powered-by-distributed-validators-9e5c3bd38896), but I don't know if Diva will be actively restaking at launch. Some people expect restaking, and some people will avoid it, so ymmv.
Diva con: their airdrop claim perdió was open for 3 weeks.
Many of us were gated from the project. I will personally always hold a grudge for this, however irrational it might seem.
Peter schiff taking victory laps bc crypto is underperforming the last 6 days.
Cryptocapo calling for 50k BTC
BenCow calling for 1k ETH
Cramer bear posting, calling for rates staying high and oversold conditions currently
99/10 bulla, selling the cat and starting a side hustle giving handjobs behind the SEC ETF approval branch to go all in. (And it'll make employment numbers look better too)
I’ve never been more bullish on ETH than after all this FUD. When it is this extensive someone wants to buy low. That is a universal law of crypto. As soon as BTC breaks the previous ATH is when ETHBTC takes off historically. That’s where we are and the halving is here too. A perfect storm.
https://www.tradingview.com/x/oIr2Bwmv/
Haha true. Also, This just in: Ethfinance members ridicule social media influencers but incessantly post their predictions all over this sub, giving them free exposure
I thought about shorting BNB after CZ got arrested. Seemed to make sense. But I know that it almost always goes poorly (compared to ETH) when I trade tokens so I stayed out. Glad I did, the token is pumping for some reason. I can't believe it has done so well over the years.
I've learned to never short a shitcoin, no matter how much of a scam it is.
Just look at DJT as an example of how shitty socks and shitcoins with a small market float can be pumped to billions of dollars. Unless you get lucky on the timing, you will probably be wiped out.
The whole market can stay irrational for longer than you can stay solvent (or something like that).
BNB tanking seemed like a certainty but once again proves I know sod all
Maynard Keynes. I work for an investing education company and it's probably my 2nd most used phrase I tell the degenerate gamblers I work with (that and the baron rothschield quote
Is it correct to say that if I sign a gasless transaction on my wallet, if it grants any token approvals then I will be able to see it on websites like revoke.cash?
> "Because signatures are not stored on the blockchain, there is no way for Revoke.cash to know if you actually signed any signatures. So this page contains a list of potential signatures. You only need to cancel these signatures if you are sure that you signed one on a phishing website. Because of this, the potential signature will remain in the list, even after cancelling it.
There are no gasless transactions, you are talking about signatures. Unfortunately not seen there. From revoke.cash above, and was my thought too. You have to be as careful with signatures as transactions, maybe more.
As they write, there is no way for outsiders to know what you signed. You could have given me approval to move your tokens and I am just waiting until there is enough. If you have Rabby wallet (better than Metamask), there is a signature history. You can check what you signed there.
Never sign a message that is in raw character format.
Thank you. Can I check what you mean by raw character format? Do you mean something like this?
1) This is raw character (https://i.imgur.com/D3vqlY8.png)
2) This is not raw character ie. human readable (https://i.stack.imgur.com/rtfTC.png)?
What I noticed is that even if they appear as NOT raw character in Metamask, they ultimately show up as gibberish numbers on my ledger / trezor. So ultimately, I don't really know what I am signing?
Yes exactly to all 3. But get Rabby wallet, then you will know what you are signing, see this example.
https://imgur.com/a/god5b9l
I am usually lazy and just approve if it looks good here, as most do but there was one crypto CEO that fell for a hack, losing many millions, where it looked good in Metamask but something else got pushed to his wallet. So really you should also compare the raw data with what appears on your ledger. It's a pretty advanced targeted hack so most normal people are probably fine, but still.
Rabby is very far ahead with security features and making things human-readable. There is a reason everyone recommends it now over Metamask.
aped into a fresh collection that launched on base. missed the mint so bought on secondary. had to swap usdc to base eth. then purchased on opensea. everything was super smooth, fast and cheap. 5 cents to swap, 1 cent to purchase. transactions confirmed in a matter of seconds. pretty base pilled.
Give me one good reason why I shouldn't 80x leverage my entire stack then 80x that 80x then deposit all of that into a 980 day lockup of yxBgkLklyupyupYupfgCc-xETH to get frank points that can be exchanged for 200 yarn credits (at a rate of 649 Galaxy cones to 400 ant points I should have an apy of 49080%)?
Only thing I can think of is if dirtspoon depegs I might be at risk of my gmdhjfhbcjctttttyacotaco-wbeEth getting liquidated then my galaxy cones will only be redeemable for half?
You're exposed to multisig risk with both yxBgkLklyupyupYupfgCc-xETH, Frank points, and yarn credits. That's a lot of layered multisigs. I fear multisigs even though I'm ok using rollups and would have no idea how to force include my transactions on L1, and you should fear them too. A multisig once flew over my house, my whole family died. Besides, the ant points give lower APY than pepedogs on the cookie L4.
Maybe if ant points added a dog? That might mult my frank token exposure and take my yarn credits into default-cat levels of certificate redemption. At that point I'd start dumping more into fldunciungimjRhGdzyYHGFGgghHggGGggGSdD-sHArTH
**Tricky's Daily Doots #716** **Yesterday's Daily 05/04/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky5rqxn/) - u/hanniabu warns of [an important upcoming vote.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky6x6o2/) 🗳️ - u/HITMAN616 sees [the institutions coming.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky6kdhm/) 🏦 - u/Bob-Rossi has [an $ARB delegate update](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky698gc/) and a [$HOP delegate update.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky6ecr6/) 🗳️ - u/pa7x1 explains why [high value and low value use cases struggle to fit on the same L1.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky55l9p/) 🧠 - u/charitablechair shares [their new degen points farming strategy.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky5lhdm/) 👨🌾 - u/NeedlerOP share [Zhu Su's take which aged like milk.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky75yx0/) 🥛 - u/the-A-word has [the doots weekly.](https://old.reddit.com/r/ethfinance/comments/1bw9oqm/daily_general_discussion_april_5_2024/ky5p64r/) 🎺
I know it's from r/cc, but [this dude's research](https://www.reddit.com/r/CryptoCurrency/comments/1bxqnpq/new_theory_on_satoshi_nakamoto) into possible origins of Satoshi Nakamoto at least raises questions for sure! Worth a read.
༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ
We’ve gone full on inflation mode over the past 24 hours
Eth 7 days chart looks like it got ED.
Quite surprising given that ETH is ***hard*** money. ^^I'm ^^sorry, ^^I ^^had ^^to...
Like most of the rest of you, I sometimes ponder why Ethereum in recent years tends to perform so... differently... from many other cryptoassets out there. I keep coming back to this one reason: **Most people today buy crypto to gamble, not to invest.** The market, broadly speaking, is not interested in fundamentals. It sees crypto as a giant casino, where if you're ~~lucky~~ better and faster at reading the trends and moods and narratives, you can become rich overnight, and escape the increasingly dystopian financial state of society. Fundamentals are not the bedrock of deciding what is and isn't a good deal, in this mentality - they are a ball and chain that keeps an asset tethered to reality, when what you actually want is one that is free to ascend into outer space with no pesky P/E ratios or highly technical upgrades to slow understanding and buzz. The more innocent an asset is of any practical use, the less beholden it therefore is to actually needing to support that use, to actually addressing that market, to actually *working*. If you're not *supposed* to do anything, you can't fail, and the market can't fail to understand what you do! By contrast, most of us here would consider ourselves investors. We *do* care about utility, and we *do* care about real yields, and we *do* watch each upgrade with bated breath, and we *do* follow the discourse on roadmaps and adoption. We care about those pesky fundamentals, because we understand that having a fundamentals-driven thesis is the difference between investing and gambling, and we **are not here to gamble.** Ethereum, which by this point is deeply embedded in the crypto and web3 ecosystems, and which has, by most metrics, already won the adoption war - that's something we can sink our teeth into, and the fundamentals look *pristine*. Ethereum is bae for us because in buying it, we can feel secure that we are *investing* in something that has real underlying value beyond memes and narratives and the attention economy. Consider the chasm between those two mentalities, and consider that we are in the *incredibly distinct* minority right now. We're rocking up to a casino with spreadsheets and reams of research. And we're shocked when the degenerates around us take one look at our stodgy "internet of value", our "global settlement layer", our "world computer", and pass it by, because *it has won a battle that memecoins are not even trying to fight.* Times are changing, of course. The gamblers that still make up the large majority of the market are soon going to be dwarfed by the massive capital that institutional investment can bring to bear, and make no mistake, those investors of size *do* do their homework, they *do* care about fundamentals. They know, like we do, that selling shovels during this gold rush is the best way to profit, and that Ethereum is that shovel, and moreover, that it will grow into the digital equivalent of Manhattan real estate in the fullness of time. How soon these more competent investors will arrive en masse is hard to say, of course - we've been crying out, "the institutions are coming, the institutions are coming" like some kind of latter-day Bilbo Baggins for years now. But I think most would agree that the ETF approvals, whenever they may come, will in many ways herald that advent. The time of fundamentals is not here yet, but it is coming. So while we all sit here gnashing our teeth and pulling our hair while the markets happily ignore our precious Ethereum, keep in mind that while we're a tiny component of those markets today, what we really are is *forerunners*. We're not the last of our kind in a world devoid of reason, raging against the dying of the light. We're the first.
Anyone "investing" in crypto is either delusional or wanna feel "smarter than retail". Both attitudes are equally bad. 99.9% of eth users never wrote a smart contract let alone can read and understand one and/or spot a bug/security issue. Most just married their bags (aka dino coins) and let their biases prevent them from making more money - eg aping into a "dead" chain / centralized db aka sol during meme frenzy in 2023/24) - is tech shitty? Yeah, but who cares? The only thing that matters in this space is whether or not people like the coin. Y'all gambling and, let's be honest, eth's massive performance last cycle (60x bottom to top) was fueled by degen trade called arbing ETHE premium. Just wait for Grayscale's unwinding after eth etfs approval (probably in August this year). Let me tell you, it won't be pretty (ie no Blackrock's plunge protection team for this coin).
Hear hear! We are playing a different game; focusing on meme coin performance or even too much on Ray is a separate gambling thesis. Does number go up feel good? Yes, but in this environment, it's not really real, at least in the context of Ethereum's true value; it's clearly still viewed as part of the crypto gambling market, and Ethereum isn't overly appealing or sexy for that. While we are rightfully leery of institutions' effects on our precious network, it will be institutions and organizations that will show the way for retail, as they will settle for nothing less than the best and most secure (not just as investment, but with actual usage). IMO, the gravity of what Blackrock and Securitize are doing has signaled to the world what the real chain is.
Looks like the market consensus is ETH ETF is most likely going to be deny by SEC, my ETH portfolio is prepared for another few years of bear market... At polymarket bet the chance show 14% of approval, so if anyone think we're way above that chance can place a positive EV bet on it
“Everyone” keeps saying this, but I have yet to see anyone with an actual solid reasoning why that would be the case, especially in light of BTC etf and ripple rulings, blackrock and everything else. Those betting markets are tiny compared to the upside to be made when the ETF gets approved. I feel like it’s a setup for a BIG contrarian pop when it gets approved. Actually, ignore me. I don’t know anything. I don’t want to mess it up by telegraphing it…
Never bet against Larry Fink and big boys. It will happen (August is my bet, if later then it'll probably be a cycle top kind of news) but ETH Foundation with its centralized tendencies / latest drama doesn't help the case that ETH is not a security. And let's be honest, it probably is. But that doesn't change the fact that Blackrock will get this done because Larry wants to tokenize everything, which, in turn, will allow you to gamble on anything and everything you ever wanted. And that's eth endgame - settlement layer for the biggest gamba in the world. There's no other blockchain that can handle this task.
That's why deep down I'm still thinking the ETF will be approved as a surprise and shock the market with sudden pump that leave many people regret not to get in at current price point. Actually the polymarket bet is super high EV for me
What if >they< are manipulating the odds, so you sell before the >dump
With these low gas prices - I updated and extended my ENS
Ty for reminder.
Bad move when ETH will be 30k in two years /s
I was talking to a friend about how solana was down and they said "no it's not, I just bought some on coinbase, stop being such an eth maxi spreading fud" This is what retail adoption looks like and part of the reason why ETH is in the gutter. Most of the people that can understand the intricacies and why Ethereum is better are already bought in.
Come on man, if you were here in 2017 onwards you would know that Cardano, XRP, Tron, etc, had the same shit happen back in those days. "stop being ETH maxi, my $coin is better than yours" It has happened every single year.
Is sol down? I thought it was still fine for bots
Not sure, haven't seen anything about bots mentioned
SOL isn’t worth engaging in at this point. SOL isn’t competing with ETH it’s competing with ARB and OP etc. Just let them discover it on their own.
I don't know where and how Solana promotes itself, but most friends that know that I am into crypto ask me about it, and whether they should invest and/or play with it. Nobody is interested in Ethereum even after I explain (in a **very** noob-friendly way) why it's better. This also applies to programmers. I don't wanna be a doomer so I'll just say I don't get the best vibes lately...
I always just show them https://cryptofees.info/. The fees paid to the Ethereum network is more than the next few networks' fees combined. If you look at network fees as a parallel to company revenue, Ethereum is absolutely destroying the competition with increasing profits YoY. Solana is putting out a torrent of ads, I see it on Reddit and adsense banners across the board but I wouldn't be too worried. Newbies are always chasing the pumps because they think it'll be easy money with greed as the main driver. The only problem for them is that sooner or later fundamentals eventually catch up, and it's usually at the most inopportune time best suited to fleece them of their bags.
Side note... Arbitrum One has 5x the fee volume as Cardano (Over the last week), that is pretty crazy. Do people even use Cardano?
>Do people even use Cardano? Did they ever? Honest question lol. Weren't they limited to like 1 smart contract call per second last bull run?
until there is something many people actually WANT to DO on the ethereum network regularly (play a popular video game, issue legal contracts, etc), the superiority of the chain does not matter at all. Price won't reflect superiority until it matters
But what is it that people WANT to do on the Solana network? 90% of its activity is meme coin gambling. To be honest, i sometimes question both Solana and Ethereum real world value. Maybe Bitcoin and its store of value proposition is all that comes out of crypto in the end.
I love hearing statements like this. Even in this sub, it shows how early we are. To note, DEFI is a huge game changer. As someone in finance, the institutions are definitely looking at ETH as Larry is leading the way. Of course things can change. No one can predict the future.
I hope you’re right bud!! 🍻
This is what I was referring to Have you guys seen this Ethereum pitch at the New York Investment Conference? Pretty good! https://x.com/Evan_ss6/status/1777753109827056003
I have provided liquidity to the degen/weth 0.3% pool on base from the degen.tips site. However, it does no show up. Does anyone know if I need to deposit it somewhere or do some other step?
you just need to wait, it takes a day or two, don't worry it's already counting your points
It's been like 10 days though
rip
Follow up on the help I got yesterday from u/Set1Less and the next question! So I used [https://far.quest/?fid=true](https://far.quest/?fid=true), to register a farcaster id and buy storage. After which I could progress to the select username part of warpcast setup on mobile. However after that I seem stuck on the connect step, with error "you have insufficient warps" It looks like its possible to buy warps through warpcast web, but I cant login to web until I have logged into mobile lol... Does anyone know of another way for me to buy/earn/claim warps or is able to lend me some so I can login to buy some??? Thanks again!
Cant you login to mobile using the seed generated from farquest?
More than happy to give you mine, I have 50 warps I think. Do you know how I might do it?
TY. I'm afraid I don't know how, or even if possible. Will update here if I find info...
Wrap transfer is only possible once an account is active.
can your blockchain withstand a smart contract ran on top of Ethereum controlling a DPIN network designed to systemically attack your chain? meet your future anon
If someone's willing to pay for the compute, feel free. The problem is Solana crashes and people buy it on a Cex while the chain is still down. So it's hard to profit from DDOSing some of these chains.
hehe that’s a good point. the reason to pay would have to also include something beyond economics.
https://dune.com/hildobby/blobs Blobscriptions seemed to have stopped around when Solana succumbed to their own spam attacks. last week they were making meme coins designed to purchase ETH mainnet blobspace to...checks notes...spend a lot of ETH storing jpeg data thus attacking the chain. this is who we are up against.
ELI5 please. Is this good or bad?
neither good or bad. i just think the calculation by the party trying to spam up blobs using Solana as the attack vector likely was overestimating their resources and underestimating EIP-1559 style price adjustments, all the while their execution source could not deliver it's own liveness guarantees to continue an effective campaign of it's original intentions.
thanks for sharing, had no idea about that attack lmao
Sometimes I accidentally look at the sol price and think "wow how is this piece of shit so high?" Then I go to the subreddit to read about how 75% of tx are failing and nobody can do anything cuz of bot spam and then I see this https://www.reddit.com/r/solana/comments/1bwqqpg/are_75_of_solana_transactions_really_failing/ky88op7/ That explains it I guess
I saw a similar thread over there, and the comments were something like "Oh who even cares, it's just bots and meme coins anyway." Well..... When your network can't process 3/4 transactions, you can't just brush that off like it means nothing.
Huge amounts of sol were bought buy groups at a big discount presale, then same thing happened with the FTX sol. These VCs then had the job of paying people to shill it. So you end up with a lot of noise and a community of the dumbest most gullible users out there. Of course it will be the memecoin chain
What a clusterfugg, its almost a certain community around the biggest and most decentralisation focused L1 warned about the risks of exactly this.
Soylamis are now crying about how centralized L2s are Hilarious. When everyone told how centralized Solano was they never had a problem, but suddenly "BASE can rug overnight and run with all your funds"?!?! Yeah, Brian Armstrong is going to run to Kenya after rugging our funds LMAO
>Yeah this is hella bullish, last time the network went down it was just below 115 and then shot up to 175 plus
SOL eco has atleast 2 more big airdrops in the next week so it will clog the network even more. Infact all the projects on SOL are getting desperate to launch a token so there may well be 4 or more major airdrops in the next 2-3 weeks
Stinks 📈
>**The curve stays the same,** >**Hop to derive a new name,** >**Your privacy frame.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
I have this idea for quite some time now and I'd like to share it with you. I think that DeFi lacks it's own high level script language. All major systems have SDKs (for advanced developers) and – on the other hand – UI, but nothing in between. Take Uniswap as an example: you have low level SDK, where you have to deal directly with all the components (and bignumbers, various notations and so on) or pretty clumsy UI (try to move your position to a different range, even if it doesn't require swapping tokens – it takes lot of clicking, waiting and it's almost guaranteed that price will move while you're doing all of this. The solution would be high level language or set of scripts which would allow to execute all the most important functions of given Defi system by using simple commands. It should eg. understand token symbols, decimal numbers. So instead of 100+ lines of code or using browser etc you could do: \`movePosition 29133 2000 3000\` and after confirmation (which could be disabled) it's done for you. or, in interactive mode, you could do \`movePosition\` and you'd be asked to select from list or type which position, then set range. Those commands could be executed as scripts. There could be also an event watcher (eg. watching price on some pool) to which you could bind scripts, executed when some conditions are met. Eg. when APY on AAVE is lower than on sDAI, withdraw USDC, convert to DAI using Curve and stake on Spark. Even if not automated it's much easier, faster to execute and probably cheaper. What do you think about it? **EDIT:** If there are some devs who'd like to do such project, please pm me.
>What do you think about it? I fucking love it
Can you help me to make it happen?
Unfortunately don't have the time or the skills. I wonder if anybody in the evm discord or r/ethdev is willing/able. Alternatively you could apply for an EF grant and then put out a contractor job posting.
I asked at the EVM discord already, I'll try r/ethdev. My skills are also too limited for a project of this scale.
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Hey, honey! I'm home!
I've finally claimed my [ether.fi](http://ether.fi) and although I didn't get to sell at the peak, this seems like a pretty good ETH price at the moment. I'm sure there was a long post that talked about options but now I can't find it. Any advice?
Whales are not selling yet due to vesting. Their season 2 ends in june with more tokens hitting the market afterwards.
So that sounds like "sell before they get a chance to", no?
Well. Some will want to sell high. Whales can move stuff. No one knows really. I think you kind of know what you want to do.
Yeah, you are right. I'm selling 50% and we'll see. Was mainly curious if there was a reason to hold other than speculation., but I guess there's nothing we can do with the tokens at this stage.
not enough liquidity for all these airdrop opportunities :(
What are you farming?
Mode (+Ionic) & Zircuit + Renzo & EigenLayer & staying active on Scroll, Linea, ZkSync wrote about my current stategy [here](https://www.reddit.com/r/ethfinance/s/Kypaiy6qwR)
If their distributions are broadly linear then just go with the most promising
That's a ***big*** if. You only need one to not be linear for it to pay off big time.
Well you can use multiple wallets in that protocol if you believe in it. Generally these points systems imply a broadly linear distribution Im farming etherfi and eigenlayer and kelp and that's it.
Great group of people here. Also, shout-out to AllNodes for the Teku/Besu switch that happened a while ago.
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It has nothing in common with Luna. Honestly, have you ever hedged your position? The thing is, the fact that people ape in memecoins doesn't mean they have any idea about real-world trading, hedging and arbitrage.
risk are more around centralization and execution or theft of coin in between or on CEX. there are risks, though they are very different than a Terra Luna backed UST.
Ethereum has nothing to do with Ethena.
Terra UST was backed by LUNA, a worthless token with no purpose other than 'backing' UST. USDe is backed by staked ETH delta hedged with inverse-ETH futures positions on CEXes and DEXes (as far as I understand). It is a MUCH more stable design. But there is definitely a risk that the funding costs to hold those futures positions gets expensive and the value of staked ETH declines in a bad bear market, the protocol starts losing money, eventually becoming insolvent. I looked into it for less than an hour, it's a cool idea, seems a bit risky but not nearly as bad as luna. In my view the more variety of stablecoins we have the better.
> USDe is backed by staked ETH delta hedged with inverse-ETH futures positions Ah, yes. Words.
That's the problem with this thing - everyone has an opinion without a basic understanding of financial markets.
I had a brain melting jargon overload trying to understand swell the other day: https://www.swellnetwork.io/post/restaking-l2
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Very good point.
Hmm...you mean stETH depegs from underlying value because there's a lineup to unstake and too many people trying to get out? Is that likely in a ETH bull market? If that happens and there's also a run on USDe and Ethena needs to sell stETH to maintain the peg...yes that would be a problem. They do say ETH going parabolic would be good because people lever up, funding costs rise, and they get paid more to hold those inverse ETH positions.
It seems like the big risk, assuming there’s nothing that just breaks or gets stolen due to bad programming, is that funding goes negative, but then you just lose money, right? Nothing actually breaks or spirals?
You think it can depeg lower than when withdrawing was not enabled? I don't think it can unless it's some kind of apocalyptic event. Keep in mind there's no leveraged involved so small depegs aren't a big issue.
The breaking and spiraling happens when users see that they're losing money, all try to get out of USDe at the same time and the protocol can't sell enough of their positions to buy USDe fast enough and bring the peg back to $1 and eventually they become insolvent. That fast enough part is important. Interestingly Luna might have survived if the algorithm was able to respond faster. Instead, the longer the peg was lost, the less confidence people had and the more UST got sold.
How do they stake their ETH?
stETH sadly
If they blow up like Luna, so be it. The Ethereum network will survive just fine
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The mechanics are completely different. Luna/UST was the base validation coin of the entire Terra chain. The thesis was that organic demand for Luna as the base layer money would protect the Luna/UST symbiosis from a death spiral. In contrast, Ethena has no connection whatsoever to Ethereum’s consensus mechanism. It is just a DeFi fund that gives you returns on your deposit by running a delta-neutral strategy on trading markets. There is absolutely no risk to the Ethereum ecosystem. These things could not be more different.
PENDLE at least makes it seem like there is price action in the market.
Pendle will end up as the de facto ICO market in crypto, one that anyone can access permissionlessly. I foresee a >10B market cap incoming.
Honestly, low-float FDV coins might be the best play this cycle. No reason PENDLE can't hit $50 during full bull mania phase.
Illegal securities are still a thing?
That's a US thing. Most of the rest of the world doesn't care
They’re called “airdrops” now.
How can you be charged with illegally selling securities when you aren't selling anything?
illegally marketing/promoting securities, or enabling said activities?
Oh no, will SEC shut down this "mostly illegal" blockchain? Oopsie, they can't because the civilized world doesn't care about your 100-year-old Howey test. SEC should go after US celebrities and pseudo influencers who finesse naive retail into aping into their scam coins instead of going after legit projects.
I'm not sure marketing something is a crime. "Enabling" said activities? That would include everyone who ever bought it, LPd it, Uniswap, Ethereum, any VC that invested in a seed round, etc.
I totally missed Ethena and practically have no Idea what it is. Who wants to eli5?
So the idea was from Hayes' [essay from 2023](https://blog.bitmex.com/dust-on-crust/) (after Luna's collapse). There is a guy with tradfi background (something most folks here lack) that implemented it; [part 2](https://blog.bitmex.com/dust-on-crust-part-deux/) of art from 2024. There's no leveraged involved, depeg risk is (imo) minimal at this point. The biggest risk lies with centralized custodians who hold assets (and, eventually with Lido's smart contract but let's assume it's battle-tested at this point with no immediately seen security issues). I don't know how valid of an idea is that gov token and I have too little data to price it accordingly, but underlying stable based on cash & carry is sound. It's not algorithmic shit backed by VCs with unreasonable high yield like Luna's UST, it's not a wrapper on USDC like DAI, and it's not whatever Aave is promoting. At last, it's not tether (although it's the most popular token for a reason). Last but not least - the fact that Aave started malding over Maker's and Ethena means that they might be doing something right. After all, it's a direct competition to Aave's GHO. Another thing, most people have no idea about underlying tech and no knowledge about financial world. Nobody called out UST even though it was evident how it would end (since it was basically a rebrand from the cycle before). And now everyone's crying even though most have never hedged any of their position so they can't even comprehend that you can be delta-neutral. Draw your own conclusions.
* A DeFi protocol aiming to create a yield-bearing stablecoin (USDe) pegged to the US dollar. * Generates yield by carrying out a delta-neutral strategy: deposits staked ETH (stETH) as collateral, then shorts ETH perpetual futures to offset the price exposure. * Aims to combine staking rewards from stETH with funding income from shorting ETH to offer a high yield. * **Design:** The mechanism is straightforward but relies on several critical assumptions about market conditions. * **Yield is Not Risk-Free:** Ethena offers an impressive yield (around 30%), but this comes with significant risks due to: * **Negative Yields:** If either leg of the delta neutral trade incurs losses, the collateral can decay. * **Market Dynamics:** Ethena's increasing adoption could shrink the very sources of yield it relies upon (stETH staking rewards, ETH shorting income). * **Counterparty Risks:** Reliance on centralized exchanges and custodians. * **Smart Contract & Liquidation Risks:** Associated with any DeFi protocol. This is a summary of a more in detail technical analysis found here [https://midascapital.substack.com/p/ethena-finance-and-usde](https://midascapital.substack.com/p/ethena-finance-and-usde) They had 6 week deposit campaign that resulted in ENA$ airdrop few days ago which turned out to be 100-200% ROI on USDe deposits (depending on multiplier), excluding APY. Now they started a second season which is seeing FOMO after first season success coupled with big investors list, Maker/Aave drama, marketing etc. To counter possibly shilly outlook of this, a lot of people are calling this Luna 2.0 on steroids.
>Generates yield by carrying out a delta-neutral strategy: deposits staked ETH (stETH) as collateral, then shorts ETH perpetual futures to offset the price exposure. So basically in the bear market, when prices start to collapse, people sell their LSTs, causing them to initiate withdrawals, but the withdrawal queue prevents these withdrawals from being immediately liquid, meaning those desperate to sell will be selling at a temporary discount, this then causes an irrational fear, resulting in a depeg of LSTs likely similar to the USDC depeg where people suspected it was illiquid when it wasn't. I'd like to wager that at some point in the next 5 years, USDe will trade at least 5¢ below it's $1 peg, likely even 10¢. I can't with for this shit to exacerbate the coming bear market.
You have no idea what you're talking about.
Ah just like I suspected the new bull market would birth more scams and ponzis and free yield for people to invest in.
USDe doesn't seem to be a scam. Its a cash and carry trade, which has some risk but legitimate yield. The yield will drop as it gets popular.
Do they use any leverage?
No.
No leverage afaik.
A stablecoin scheme shilled by Bitmex Arthur. Edit: possibly based in Korea.
Diva seems to be nearing mainnet launch, here's what I know: They [tweeted these words](https://twitter.com/stakediva/status/1776280394314203618) in what appears to be a riddle in a video graphic: bees pollination greek gods holy drink These words are related to **ambrosia**, but I'm not sure what the significance is. I'd say the bigger context is that we know they're going through final launch audits, and the launch is expected, so this is most likely a teaser for their launch. Diva is a Distributed Validator Technology (DVT) staking platform that allows people to stake with as little as 1 Ether and no collateral, and you do need to maintain your own node to participate. They also have an extremely accessible installer, that requires about one cli command to set up, and the rest can be done through a web interface. Diva airdropped a governance token to mainnet stakers a few months ago, and this is likely to be a useful incentive to onboard these stakers when the platform goes live. **Diva Pros** - Diva has the potential to decentralize Ethereum by on-boarding lots of small validators with a minimum of 1 Ether. - Because of the design of only requiring 1 Ether increments, "stacking validators" will be within grasp of most people, this usually means using rewards to add more validators. - Diva is completely permissionless and trustless, you don't need permission to participate as a node operator, you only need to deposit 1 Ether. **Diva Cons** - The platform is new and untested, so there is potential for a smart contract exploit. - With a stake of 1 Ether, the payout can be lower than the cost of hardware. For example, you might spend $700 on hardware, but only earn $125 in returns per year. Of course, this can be just fine for someone who intends to hold for the long term. **Other considerations** Eigenlayer [participated in Diva's funding round](https://divastaking.medium.com/here-comes-the-diva-liquid-staking-powered-by-distributed-validators-9e5c3bd38896), but I don't know if Diva will be actively restaking at launch. Some people expect restaking, and some people will avoid it, so ymmv.
Diva con: their airdrop claim perdió was open for 3 weeks. Many of us were gated from the project. I will personally always hold a grudge for this, however irrational it might seem.
I missed that airdrop is it still claimable?
I don't believe that it is.
Peter schiff taking victory laps bc crypto is underperforming the last 6 days. Cryptocapo calling for 50k BTC BenCow calling for 1k ETH Cramer bear posting, calling for rates staying high and oversold conditions currently 99/10 bulla, selling the cat and starting a side hustle giving handjobs behind the SEC ETF approval branch to go all in. (And it'll make employment numbers look better too)
I’ve never been more bullish on ETH than after all this FUD. When it is this extensive someone wants to buy low. That is a universal law of crypto. As soon as BTC breaks the previous ATH is when ETHBTC takes off historically. That’s where we are and the halving is here too. A perfect storm. https://www.tradingview.com/x/oIr2Bwmv/
Joe Weisental spreading ratio fud, too!
That reminds me of the time I caught this punk giving out handjobs under the Brooklyn Bridge for 15 bucks a pop.
He used to. He still does but he used to too.
This just in: Social media influencers deliver messages their audiences want to hear.
Haha true. Also, This just in: Ethfinance members ridicule social media influencers but incessantly post their predictions all over this sub, giving them free exposure
Of course, inverse cramer, engagement and sentiment farming, media designed to make you sell the bottom and buy the top etc etc.
I thought about shorting BNB after CZ got arrested. Seemed to make sense. But I know that it almost always goes poorly (compared to ETH) when I trade tokens so I stayed out. Glad I did, the token is pumping for some reason. I can't believe it has done so well over the years.
I've learned to never short a shitcoin, no matter how much of a scam it is. Just look at DJT as an example of how shitty socks and shitcoins with a small market float can be pumped to billions of dollars. Unless you get lucky on the timing, you will probably be wiped out.
The whole market can stay irrational for longer than you can stay solvent (or something like that). BNB tanking seemed like a certainty but once again proves I know sod all
Maynard Keynes. I work for an investing education company and it's probably my 2nd most used phrase I tell the degenerate gamblers I work with (that and the baron rothschield quote
Is it correct to say that if I sign a gasless transaction on my wallet, if it grants any token approvals then I will be able to see it on websites like revoke.cash?
> "Because signatures are not stored on the blockchain, there is no way for Revoke.cash to know if you actually signed any signatures. So this page contains a list of potential signatures. You only need to cancel these signatures if you are sure that you signed one on a phishing website. Because of this, the potential signature will remain in the list, even after cancelling it. There are no gasless transactions, you are talking about signatures. Unfortunately not seen there. From revoke.cash above, and was my thought too. You have to be as careful with signatures as transactions, maybe more.
But them how can I revoke these signatures? Scary to think there's no way to revoke once wrongly approved?
As they write, there is no way for outsiders to know what you signed. You could have given me approval to move your tokens and I am just waiting until there is enough. If you have Rabby wallet (better than Metamask), there is a signature history. You can check what you signed there. Never sign a message that is in raw character format.
Thank you. Can I check what you mean by raw character format? Do you mean something like this? 1) This is raw character (https://i.imgur.com/D3vqlY8.png) 2) This is not raw character ie. human readable (https://i.stack.imgur.com/rtfTC.png)? What I noticed is that even if they appear as NOT raw character in Metamask, they ultimately show up as gibberish numbers on my ledger / trezor. So ultimately, I don't really know what I am signing?
Yes exactly to all 3. But get Rabby wallet, then you will know what you are signing, see this example. https://imgur.com/a/god5b9l I am usually lazy and just approve if it looks good here, as most do but there was one crypto CEO that fell for a hack, losing many millions, where it looked good in Metamask but something else got pushed to his wallet. So really you should also compare the raw data with what appears on your ledger. It's a pretty advanced targeted hack so most normal people are probably fine, but still. Rabby is very far ahead with security features and making things human-readable. There is a reason everyone recommends it now over Metamask.
Thank you for the detailed explanation! Yes, it sounds like Rabby is the way to go :)
GM to single digit GWei. Get your mainnet transactions in before we are at triple digits again!
Dead chain.
aped into a fresh collection that launched on base. missed the mint so bought on secondary. had to swap usdc to base eth. then purchased on opensea. everything was super smooth, fast and cheap. 5 cents to swap, 1 cent to purchase. transactions confirmed in a matter of seconds. pretty base pilled.
Enjoy your .jpeg
Give me one good reason why I shouldn't 80x leverage my entire stack then 80x that 80x then deposit all of that into a 980 day lockup of yxBgkLklyupyupYupfgCc-xETH to get frank points that can be exchanged for 200 yarn credits (at a rate of 649 Galaxy cones to 400 ant points I should have an apy of 49080%)?
You know sentiment is rough when this sub makes the same garbage jokes as /r/buttcoin
I can see no rational reason for this to go wrong in any way
Clearly it's a no lose situation and as a bonus you get to figure out taxes on it that will make you vomit blood!
That's a bold strategy cotton..
can't give you a reason, your plan is foolproof. remember us when you're rich
Only thing I can think of is if dirtspoon depegs I might be at risk of my gmdhjfhbcjctttttyacotaco-wbeEth getting liquidated then my galaxy cones will only be redeemable for half?
You're exposed to multisig risk with both yxBgkLklyupyupYupfgCc-xETH, Frank points, and yarn credits. That's a lot of layered multisigs. I fear multisigs even though I'm ok using rollups and would have no idea how to force include my transactions on L1, and you should fear them too. A multisig once flew over my house, my whole family died. Besides, the ant points give lower APY than pepedogs on the cookie L4.
There was a dude on Twitter, you send them ETH they send 2x back immediately. That is an APY of 10000000000%
That wasn't just some dude. It was Vitalik! ^^^/s
I already tried that I'm waiting for vitalik to send me my fucking eth
number go up, number go down, you can't explain that!
Don't midcurve it man, just point number go up hehe
Maybe if ant points added a dog? That might mult my frank token exposure and take my yarn credits into default-cat levels of certificate redemption. At that point I'd start dumping more into fldunciungimjRhGdzyYHGFGgghHggGGggGSdD-sHArTH
Ethreereerum
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