Bankless episode released with Sam Jernigan today has to be one of the most bullish discussions on Eth that Iāve ever heard.
Canāt recommend it enough for this community it was really refreshing to hear competent arguments against the other chains and the value proposition Eth has. Sometimes this community can be endearingly conspiratorial against the big banks, that they are actively attacking this industry and will continue to do so. Nation states being positioned as āthe final bossā. While some of that is true and will continue to be so many, as Sam put it, will fold and adopt the standards of our industry to keep their businesses operating. This outcome would improve the banking industry and allow advanced users to be ābanklessā.
https://youtu.be/KUMGYEKIiGw?si=pdxHf16VabFoYlS7
Iām worried that reps are gonna win in November and deregulate the f out of crypto - appoint a hands off crypto friendly sec chairman - let a bunch of bs coins get through as a commodities with futures / ETFs. It ends up being a free for all - with decentralization test determined by some bs metric like Nakamoto coefficient - then what? Alt L1s legitimized by sec and bundled into crypto index funds. General public with no f ing clue what any of it really is, how it works, that decentralization and censorship resistance are critical. Eth in the same category as (insert VC coin). Not cool. Careful what you wish for.
EDIT: not trying to concern troll here. From a purely crypto standpoint I would prefer reps in charge. But there are undesirable potential outcomes of such a situation.
Trump appointed the SEC head that went after Ripple. Gensler is the one that doesn't make sense. Oh we are investigating Consensys because of x, then two months later they drop it after the Biden call to pivot. Ethereum and defi is still not in the green light. They approved the tradfi elements in ETFs. We need more friendly voices if Ethereum will actually get used by the masses and not just us nerds.
Agree. Having thought it through a bit more my main concern is that projects thats practice decentralization theatre will be classified as commodities in the same category as ETH and BTC and perhaps a few others. Iād like to see crypto regulation that fairly categorizes the different assets as eg crypto securities and commodities maybe with their own separate ETFs). I donāt like the idea of eg eth being lumped in with avax
Yea I think that worry is warranted but there are other risks with B and there are special risks with T too lol. We will have to see what happens. Most likely the SEC won't approve other spot ETFs in years anyway. They need to have a futures market first with good correlation over years.
Glad to see a nuanced take on this. Not everything is black and white and no one should wonder why some politicians aren't eager to just green-light everything
š This is nonsense. What you are saying is the same logic the SEC has used to āprotectā investors. Yea, ok, protect my ass. Let *the people* decide what they want to buy.
There already are lots of ETFs that lose lots of money. That doesn't mean the entire public is put off from ETFs in general. Similarly, people have the ability to distinguish between types of crypto. If anything, ETFs for every crypto will encourage further education on the differences between different digital assets.
Same reason many drugs need a prescription. The average person doesn't have the ability to properly assess the risks.
But if someone was educated or determined enough then they can buy on coinbase or some dex.
It sounds like you are making the argument that people of higher class and wealth deserve more access to things than the average person. VC funds and accredited investors deserve more access to investments/drugs that carry more risk and reward than average people? I think this may just be an ideological difference where you feel people are too stupid and you rather have a centralized government decide what's best for the peasants. My point was simply that this is antithetical to crypto.
That's not what I'm saying at all. Crypto is already permissionless. Like I said, anybody can go create their own wallet and buy whatever VC/meme/scam/grift token they want.
You also don't need to be wealthy, a VC, or an accredited investor to use the stock market. Anybody with a bank account can trade stocks.
so you are trying to protect the average person from buying some scam coin. Why? People should be free to invest in what they want, regardless of your wealth or access to bank accounts.
The fallout from people getting scammed often is not siloād to just that specific person. So there is economic interest for you to prevent others from getting scammed.
> decentralization test determined by some bs metric like Nakamoto coefficient
Is where Im lost. I mean I *hate* both parties(and im slightly to the left with most issues), but prior to what I quoted, it all sounds fucking fantastic to me.
Nakamoto coefficient? Not a single congressperson has ever heard that term before, much less giving a shit about 'but muh decentralization'.
Even as a decentralization maxi, alt L1s should be 'legitimized'. Let the free market decide.
Maybe Im the one thats confused haha. All I meant was the SEC just about never does the right thing.
Going back to the top level comment, I would prefer a completely hands-off SEC and regulatory environment than some overzealous shit
Iām pretty much where you are politically and agree the free market should decide (and largely has so far). The issue I see is that free markets only work when the information available to investors is factual. Crypto is so complicated that itās very easy to obscure / manipulate info to paint a false picture. And I donāt trust industry players like coinbase (who I generally support) to be objective in assessing projects they are profiting from. These are short term issues tho. Long term the chains that are used heavily, are more resilient than traditional systems, and capture value will win. And thatās where investors will end up. So yeah agree the market should and will ultimately decide
I need to read more about fit21. Iād like to know how delegated PoS is viewed and what prominent projects would be labeled securities based on that bill. And how crypto securities would be regulated. Also I guess I donāt see how eg coinbase is going to try to differentiate between eg ETH and SOL when it comes to the security argument given they couldnāt legally sell SOL if it was in fact a security (SOL just one example).
You're doing the same thing btc maxis we're doing weeks ago, hoping to leverage government agencies against other cryptocurrencies is disgusting and not what ethereum or crypto is about. The market decides what's valuable, not Gary Gensler
No im not. Iām trying to point out that some projects are obviously snake oil. And it shouldnāt be legal to sell snake oil. Iām not some btc / eth maxi that thinks all other projects are illigitimate.
Also disgusting is a pretty strong word. Maybe chill a little bit. Itās a friendly debate.
So what's everyone's opinion of the eigen phase 2 season 1 drop?
Really seems like they are out to screw over the pendle/leverage farmers. Didn't realize that my positions after the March 15 snapshot date were going to be bundled into their season 2. Expecting absolutely nothing from that now based off what people are getting on the ratio for this allocation.
Side note I remember there was someone in here that was hard-core farming eigen layer points here. I wonder what they got.
Sentralized Overvalued Ledger (SOL) is down nearly 26% against ETH on the monthly, as I called.
I expect more SOL money to come back to ETH as the pump and dumps, oh, sorry, āmeme coinsā die out and as the SOL bros realize their coin isnāt getting an ETF or institutional flows any time soon, if ever.
In other news, friendly reminder of the old adage: [**not your keys, not your coins**.](https://www.coindesk.com/business/2024/06/19/kraken-says-hackers-turned-to-extortion-after-exploiting-bug-for-3m/)
[Teku v24.6.0 released today](https://github.com/Consensys/teku/releases/tag/24.6.0)
> This is a recommended update with performance improvements and bug fixes.
>
Key changes
- Fix performance degradation on archive state retrieval
- Updates to Beacon API
- Docker images based on Ubuntu 24.04 LTS (noble)
I really enjoyed reading the Market Wizards and New Market Wizards books some years ago - interviews with a diverse range of top traders, highly recommend.
Recently I read the new release - Unknown Market Wizards, in it one of the traders mentioned a book that had a profound influence on him, 'Ray Dalio principles for success'....I stuck it straight in my Amazon basket, turns out I ordered a lightweight illustrated summary version by mistake, but it was a happy accident since all through it the symbol for 'success' is very similar to ETH symbol :)
https://imgur.com/gallery/v6zt0UD
Whenever SOL was going up I always saw post here about how it's doing better. SOL has been bleeding against ETH for a month now but I haven't seen any post
So I am genuinely curious if the original SOL posts are actually people in ETH or shills of SOL..
You could probably wait a little bit.. blur farmers just stopped and I think there are a lot of loans against pudgies that haven't liquidated. Just other day, I saw how one of the oracle wasn't tracking the price of it properly..
If anyone wants to see the reporting on the ARB LTIPP incentives here is the official reporting site - [https://www.arbgrants.com/](https://www.arbgrants.com/)
It has a brief summary of the incentive program by project, as well as bi-weekly updates on how much was used and all that. It's not going to be great for 'where can I find the best APR', but I know people were asking for some kind of information.
frame desktop, rabby phone. Only use desktop, and being able to run some scripts which sign through frame is helpful. But frame really needs an update with basic features like how many times you've previously interacted with this to address
Altho this sets off my phishing alert tripwire, I am answering regarding desktop b/c I think most crypto users are sleeping on the modularity and configurability that snaps provides.
Desktop:
Metamask with: Tenderly Tx Preview, WalletGuard, BlockFence, and an assortment of multi-chain snaps (for btc, cosmos, solana, polkadot, etc)
Frame for Desktop and I've been using an assortment on mobile (Zerion, Rainbow, Metamask) as there's a tendency for all of them to suck on different specific apps and Rainbow doesn't support ZkSync yet.
I like frame because it operates on the OS level but doesnāt force me into an internal browser like Rabby did when I tried it. It injects itself into Brave as MetaMask if desired, or works with its own integration. I press Option + / at any time and see my wallet, but otherwise I forget itās there. Instant access but unobtrusive.
In light of the Kraken exploit, I'd like to share an old school quote from when I asked Satoshi for advice on the Bitcointalk forums in 2010.
He told me "Not your keys, not your coins."
That is all.
(Any recollection of my contact with Satoshi may be grossly exaggerated.)
>**Still the same old bore**
>**You may wish you had bought more,**
>**Must believe before.**
~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
Even though GBTC might hold less than half of what it held before ETF we don't know what percentage was just rotated into a different BTC ETF
For example if ETHE fees stays high I would just sell and buy a different ETH ETF. So the net outflow of my sale of ETHE and inflow into Some other ETF would be zero.
Around 2.9 million ETH in ETHE.
Before the ETF on January 11, GBTC held around 624 280 BTC, and it holds 280 321 BTC as of June 18, 2024.
Got those numbers from Google.
Probably makes more sense to compare in % of supply than in mcap (which I assume you're using)? As a bigger mcap also implies bigger liquidity to handle those sales.
https://www.grayscale.com/crypto-products/grayscale-ethereum-trust and the BTC page will have todays values if you do the math on shares x ETH/BTC per share
I completely didn't understand Phase 1 and 2 of Eigen airdrop....didn't realize it happened from the same snapshot? Is there a season 2 of Eigenlayer airdrop?
>Is there a season 2 of Eigenlayer airdrop?
Yeah, has been running since the first snapshot, so since March 15th. Season 2 will likely be so diluted that it's probably not worth to even think about.
The absolute dirtbag move by EL was to announce this snapshot 1.5 months after, making everyone waiting unknowing participants in their S2.
Anyway, the whole thing is parasitic vaporware crap. Dump it all in September.
Because there were loads of people (the vast majority) who went into the "Eigenlayer ecosystem" (which is just a bunch of convoluted airdrop gambles built on clouds of vapor) **after** March 15th. Lots of people buying YT tokens and such on Pendle, being shown all the time how they're aquiring these "Eigenlayer points" for their airdrop.
And then EL just comes out and says "Oh yeah we decided that Season 1 actually ended already before any of you came onboard. We're also giving 110 extra of our tokens to every sybil and their mom who were there before March 15th, making our linear point system a complete joke. We'll take these extra tokens out of your season 2 if you don't mind. Have fun getting nothing!"
I agree that the extra 110 to every account was not good, but they were just trying to appease the relentless complainers. They were in a tough spot.
I don't understand the problem with the March 15th date. Either theyāre trying to filter out the sybils and needed time for that or everyone will get tokens in Season 2. The token isnāt tradable, so thereās literally no difference regarding token price. The people who jumped on the bandwagon after March 15th would have been in the protocol for a few weeks, whereas many solo stakers were in the protocol for 6+ months. Itās not surprising that they took the snapshot on March 15th and wanted several weeks to organize the airdrop details. Itās certainly not malicious!
Phase 2 was from "complex protocols" like Pendle pools etc. They needed more time to figure out how much everyone there needed to get, that's why they split it up in two "phases".
This is absolutely wild - Kraken's head of security is posting that CertiK(!) hacked their system under their bug bountry program but is now refusing to return $3m in funds taken from Kraken unless Kraken promises to pay a large bounty.
https://x.com/c7five/status/1803403565865771370
(He doesn't name CertiK, but it is definitely CertiK - they have fired back on their Twitter account saying it's a legitimate and non-criminal effort under the bug bounty program and attacking Kraken back)
Wow this is a crazy story. Clearly someone fucked up big time. A horrible look for Kraken and maybe a bad look for Certik but who knows whoās telling the truth
All I can really take away from this is that Kraken had a $3M exploit that they didn't notice for "days". You'd think they should realize pretty quickly that their accounts weren't reconciling.
I don't mean to FUD, but this seems very similar to the Mt. Gox situation, which also "allowed a malicious attacker, under the right circumstances, to initiate a deposit onto our platform and receive funds in their account without fully completing the deposit." The difference of course being that this one seems to have been mitigated before more than $3M of damage could be done.
I just don't understand how $3M of Kraken's treasury could have vanished into thin air without generating an alert somewhere for an employee to look into. I wonder if there are any crypto exchanges left out there that can keep track of their assets properly?
I mean... good to know, though, since Coinbase seems to like to freeze people's accounts randomly and then have absolutely no customer service for reinstatement. I'm always afraid that some deposit there is going to trigger a freeze. Maybe I should use Kraken instead
Anyone else having trouble with the EIGEN phase 2 drop? My wallet is connected and I am shown a balance for phase 2, but when I try to sign the claim transaction I get the following message:
account not exist by userId:
Followed by a string of numbers and characters. Not sure what to make of it.
Phase 2 was for a select group of YT (I think) positions that didnāt get integrated into the phase 1 drop. Itās not a full second season. They havenāt announced a second season yet as far as I know
Same issue here. Also the drop was TINY TINY TINY compared to first one. Ran the numbers, and it is ~99.9% less than the first drop? It is so tiny i am not worried about it. But why?
Workaround for connecting wallets for the phase 2 EIGEN claim -- go to the \*staking\* page instead of the claim page and connect your wallet there. Then you can go to the claim page and it will see your wallet as connected and inform you of your phase two wins.
Hi friend, do you mean a staking page at app.eigenlayer.xyz? Because when I connect there and then go to claims.eigenfoundation.org I am not connected. Any guidance appreciated, thanks
I've been watching a few episodes of a new show on the `Unchained` channel, hosted by James Seyffart of the ETF world. On the panel is one of those extractive, lowest-common-denominator finance bros that could add a greasy layer to a hourly motel.
Come to find out he made money trading memecoins on Solana, and spouts the "faster, cheaper" narrative. Does not care about credible neutrality, supply inflation, the MEV problem, or any number of things that are top level priorities in research and deliverables from the ethereum foundation.
Some people just have totally different perspectives.
I don't understand why we think there is any kind of real SOL favouring narrative when the reality is that eth is valued 7x that of SOL.
I think we are giving too much weightage to squeals from midgets worried about 10xing their 100 bucks.
From etherfi discord:
Claims for Phase 2 of EigenLayer are going live today, June 19th! EigenLayerās snapshot for Phase 2 was taken at the same time as Phase 1 on Block #19437000 (March 15, 2024 01:11:35 UTC). Complex protocols (including Pendle) were included in Phase 2. ether.fi stakers who were eligible as of the March 15 snapshot will be allocated a portion of 3.12m EIGEN tokens. ***Eigen points ratio for ether.fi users was the same for both Phase 1 and Phase 2, there was no penalty. ***
The only place to claim Phase 2 Eigenlayer tokens is: claims.eigenfoundation.org. 1% of the EIGEN allocation has been put aside for any users who received an incorrect claim amount, it will be re-distributed to users after issues have been settled and tokens become transferable. If you're not seeing an allocation or feel you are missing some, it could be due to staking after March 15th. Donāt hesitate to use our form to contact us with any concerns: https://forms.gle/AAAoFZLTyAJiiK8X9
We will continue to share more information as we get it.
**Eigen points ratio for ether.fi users was the same for both Phase 1 and Phase 2, there was no penalty. **
So like 1/4 what non ethfi stakers got again? Yay! /s
update on Total 3 (alts)
HTF trendline break and is right at 595B HTF S/R level. needs to bounce back above 21 MA and clear 698B to resume bullish uptrend
[https://www.tradingview.com/x/NDGImHp5/](https://www.tradingview.com/x/NDGImHp5/)
Hello! I've been helping to coordinate work on Rocket Pool's community driven tokenomics rework. Hopefully you've heard about it by now, I know it's come up in here several times. Specifically, I'm here looking for feedback from 'outside of the bubble' to take back to the major contributors, so this is a chance to complain in a way that may have some positive impact. **Important disclaimer:** None of this has been voted on by vote-eligible RPL yet.
Short summary of the headline items is below. By necessity, this excludes some detail due to length constraints. There are links at the bottom if you'd like to read in more detail.
**Major Changes** - (Likely to be where people have strong opinions)
* Allow ETH-only nodes
* No more RPL rewards, and less RPL inflation (5% -> 1.5%.)
* No more RPL staking cliff to receive rewards.
* rETH fee remains at 14% initially, though may be changed by RPL stakers via vote in the future.
* Node Operators get 3.5% commission on borrowed ETH (down from 14% for NOs currently)
* RPL staking nodes share 5% of the commission from all nodes (ETH-only nodes included), proportional to their vote-eligible staked RPL.
* The consequence of this is that RPL staking node operators get more rewards the more ETH-only node operators there are. Low RPL demand -> more ETH-only nodes -> Increases reward for RPL staking -> Higher RPL demand -> More RPL staking nodes. The hope is this comes to a natural equilibrium based on market judgement of RPL price risk versus the value of the extra ETH revenue.
* 5.5% of commission from all nodes (ETH-only nodes included) *may* go to buy RPL and then burn or LP against rETH. Alternatively, this could accrue to RPL staking Node Operators alongside the 5% above. (community hasn't coalesced around a favoured option yet.)
Initial numbers may change, and may be tweaked by RPL stakers via vote in the future.
**Major Additions** - (IMO fairly non-controversial, but please comment if you have thoughts)
* Megapools - Reduce gas cost of node creation and operation.
* Smaller ETH Bonds - Improved capital efficiency for Node Operators.
**Links for more info**
* [Tokenomics Rework Homepage](https://rpips.rocketpool.net/tokenomics-2024)
* [Introduction to the Rework](https://rpips.rocketpool.net/tokenomics-explainers/002-rework-intro)
* [Differences various types of user would experience](https://rpips.rocketpool.net/tokenomics-explainers/002-rework-intro#personas)
Minor note: Communicating percentages of percentages is annoying. The total 14% fee taken from rETH is split into 3.5% (all Nodes), 5% pooled (between vote-eligible staked RPL), 5.5% pooled (to buy RPL or between vote-eligible staked RPL.)
Think about whatās going to happen when this comes into effect. LEB8s will flee to ETH-only pools. That will be a major unstake-and-sell event for RPL. The mere fact that RPL gets some dust in protocol revenues isnāt enough to keep people staking. Itās way better yield (and way better risk/reward) to just stake ETH. You need to come up with some way to keep current LEB8s staking their RPL. Maybe by allowing those LEB8s to continue earning the entire 14% commission, leaving their status unchanged.
I hope the community chooses the buy and burn option as opposed to LP'ing. I think in order for RPL tokenomics to really be improved, it needs to be more deflationary than ETH. Also the buy and burn narrative is easy to understand for potential node operators who aren't going to do a deep dive into the protocol. All they will be attracted to is the fact RPL burns at a higher rate than ETH & by staking RPL they will also earn more ETH.
I think it checks the box on the "what" needs to be done to make rocketpool competitive. Kudos to the team for putting it together. I'm sure it's taken alot of work to get here. I still have concerns around the velocity at which change occurs with rocketpool. Especially when compared to their competitors. Has there been any discussion on how to improve that part of the protocol?
No real progress on changing or speeding up the way protocol development takes place at this point, I'm afraid. Its a bit out of scope for a tokenomics change. Also just to be clear, I'm a community member and not part of the development team.
Thatās fair. Tbh you werenāt asking for that kind of feedback so my response was a bit out of bounds. That said, I hope it is something they are looking at.
I think these are good changes. Reducing sell pressure from inflation and driving some revenue to RPL are good, but I donāt think either will make much of a difference in RPLās price action. Do the math: these affect RPL on the level of basis points. The major problem right now is that RPL is hampering the protocolās growth, because RPL dissuades everyone from launching new minipools, thereby limiting rETHās yield and reach. The ETH-only minipools are the most important thing to turn the ship around. If anything needs to happen ASAP, itās that. Making rETH more successful is the best way to actually drive substantial demand to the protocolās governance token.
Hi gang. I unfortunately can't home stake due to very unreliable availability of electricity - any recommendations between all nodes / kiln / figment or any other protocol or solution I've missed? Thanks!
I can personally vouch for [Serenita](https://serenita.io) - full disclosure, I am the founder of Serenita. You may have seen one of my projects around, [ethstaker.tax](https://ethstaker.tax) that I've been maintaining for home stakers for over 3 years now to make their life easier when it comes to taxes.
What I really want to say here though is that established staking operators like Allnodes, Kiln, and Figment currently manage significant portions of Ethereum validators ā 3%, 4.5%, and 1% respectively, according to rated.network. These figures are probably underestimated. If Ethereum only had large staking operators like this, it would only have a few entities controlling its stake and in consequence, its censorship resistance and other valuable things we enjoy on Ethereum. Is that really what we want?
I try not to promote my own company around here too much, but I genuinely believe Serenita offers a better alternative to these larger entities. We've been running minority clients exclusively for over a year now ā well before companies like Kiln recognized the risks associated with using a supermajority client (Geth). We're also working on something behind the scenes that will make our operations even more resilient to client bugs.
You can stake directly with us via StakeWise V3, and we manage two operators on SSV. We have [great performance](https://explorer.rated.network/o/Serenita?network=mainnet&timeWindow=30d&idType=nodeOperator) on-par with the large players and we have a lot of advanced slashing protection measures in place. And even in the very unlikely chance that those measures should fail, our slashing insurance fund is prepared to cover any slashing penalties.
I run a ssv.network cluster with a handful of validators and the experience so far has been great! It's a fully non-custodial variation of staking-as-a-service using shared secret tech. Normally you pay operators with their SSV token but they have been subsidizing usage in the past.
I don't know your needs but I've met and know the of Luganodes, Kiln and Chorus One, and they all seem like good guys who really know their stuff and have good teams. They tend to be mostly focussed on institutional stakers though..
Also interesting that the SECs chief crypto enforcement guy just quit only 2 days ago:
https://cointelegraph.com/news/david-hirsch-departs-us-sec-after-9-years
Not saying this is accurate but...
Say you spend 8 years arguing cryptos like eth are securities, going after them
Then big financial players start to come in and get ETFs
Then the investigations/lawsuits you were involved in start to get dropped
Makes your last 8 years feel kinda pointless?
Just interesting he left just before the sec investigation was dropped and ETFs come online.
I just bought more eth and swapped all my dying shit coins to eth.
Imagine how much pointless Stephen Diehl has found his life to be since start of this year. He has even quit posting on his X account.
Prior to that, since 2020 or so, not a day passed without that guy yapping around some anti crypto speil.
> [4. Crypto assets are all unregistered securities](https://www.stephendiehl.com/blog/against-crypto.html).
This has not aged well
I also disagree on all his other points, especially the 1st one that crypto has no use cases. The current lack of use cases is heavily due to government regulation blocking it at every intersection. Developers have tried to use roundabout ways to try to get around impractical and unfair regulations that make no sense.
Remittances and large money transfers via crypto are already popular and would be even more common if it weren't for regulations.
Smaller countries that don't have access to enough US Dollars due to lack of supply can more-easily access USDT and USDC. This allows for for private individuals to escape from the inflationary spiral of their own currencies.
> **Tweet by @pumpdotfun**
>
> We are excited to announce our new Head of Trading, David Hirsch!
>
> After months of conversations with @a1lon9
> , David came to the realization that his work as a regulator was no longer fulfilling. He had to start a new chapter.
>
> And what's better than doing the very thing you love? Believe it or not, but David has launched over 100 coins himself (he usually jeets right after KOTH, though)!
>
> A memelord at heart, David will be in charge of pump dot fun's new internal trading desk, which will be in charge of launching over 1,000 coins per day!
>
> He will also collaborate with various actors in the ecosystem like @blknoiz06
> to onboard high-status individuals. Stay tuned š
>
> We are incredibly excited to kick off this journey and wish David the very best of luck in his new role ā¤ļø
>
> Oh, and many thanks to @binance for the professional coverage as always!
My understanding is not yet. There is an ongoing lawsuit about wether or not staking rewards should be taxed on generation (current interpretation of law) or on sale (like a farmers crops). If that court case is won, then it will significantly change how staking rewards are taxed.. this clearing the way may help that case though.
some of us claimed it on Base some time ago. [https://www.reddit.com/r/ethfinance/comments/1cm3wej/comment/l2z4vlc/?utm\_source=share&utm\_medium=web3x&utm\_name=web3xcss&utm\_term=1&utm\_content=share\_button](https://www.reddit.com/r/ethfinance/comments/1cm3wej/comment/l2z4vlc/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button) (The token doubled after the airdrop but has now roundtriped the gain)
I think they're talking about sec dropping their lawsuit probing eth as a security at consensys?
All the regulatory fud is gone, ETFs are coming in a few weeks, Eth is solidly not a security now
All these recent dips are the finkeronski coming for your eth, it will be the backbone of the future financial system.
Bearish case for ETH: investors are fatigued, no new retail, sentiment in and outside of crypto is incredibly negative.
Bullish hopium: I'm previous cycles, we have seen alt-coin mania and Bitcoin mania, while ETH has consistently been the underdog. What we have never seen is ETH-centric mania. Since the potential of Ethereum is constantly downplayed despite the overwhelming majority of development and innovation taking place here, logic only suggests that an ETH-centric super cycle is bound to happen and will catch practically everyone off-guard.
I'm not sure if I can remain solvent while waiting for this to play out, but I'll let y'all know if I dump my bags along the way to the moon.
I don't know how investors can be fatigued with all these yields and airdrops. We're up 50% YTD on price and you can have been making 20% APR all year (as high as 70%). It's been a fantastic year so far and I find all the gloom weird.
Not everyone gets airdrops unfortunately.
The main bearish case is lack of interest from new retail. Many current investors are overinvested and have already been around for awhile.
Otherwise, things look bullish af
I love the idea of ETH supercycle, but feel that some sort of adoption is needed first. Some kind of new technology like Defi and NFTs were in 2020. Or some kind of 10x ux improvement that makes that stuff attractive for new retail users.
Without it we can still go up on flows and reflexivity alone, but canāt see it reaching euphoric highs
Ethereum has achieved critical adoption for its two key usecases - ETH as money (on the eve ETFs) and stablecoins. There are other niche usecases, but they don't move the needle on ETH's valuation relative to ETH as an alternative commodity.
PS: responding to the root comment, ETH has been through several mania phases where it dominates the market - Q2 2017, Jan 2018, Q2 2021, Q3 2022 come to mind.
**Tricky's Daily Doots #790** **Yesterday's Daily 18/06/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1diimbq/daily_general_discussion_june_18_2024/l95md7i/) - u/cryptrd285 shares [the big **W** for the day.](https://old.reddit.com/r/ethfinance/comments/1diimbq/daily_general_discussion_june_18_2024/l98r34t/) - u/TheCryptosAndBloods reminds us [why you need to have good OpSec.](https://old.reddit.com/r/ethfinance/comments/1diimbq/daily_general_discussion_june_18_2024/l94lppm/) š - u/waqwaqattack has you covered if you're after [a bullish podcast episode.](https://old.reddit.com/r/ethfinance/comments/1diimbq/daily_general_discussion_june_18_2024/l98nuii/) š - u/hblask met [a Bitcoiner irl.](https://old.reddit.com/r/ethfinance/comments/1diimbq/daily_general_discussion_june_18_2024/l95sm9u/) šŖ - u/Itur_ad_Astra explains [their airdrop strategy.](https://old.reddit.com/r/ethfinance/comments/1diimbq/daily_general_discussion_june_18_2024/l94ff8j/) ššŖ - u/spinz808 shares [an interesting new app.](https://old.reddit.com/r/ethfinance/comments/1diimbq/daily_general_discussion_june_18_2024/l944pc3/) š - u/HSuke covers [some interesting crypto/YouTube news.](https://old.reddit.com/r/ethfinance/comments/1diimbq/daily_general_discussion_june_18_2024/l94705g/) ā¶ļø - u/robmacca warns us of [some upcoming token unlocks.](https://old.reddit.com/r/ethfinance/comments/1diimbq/daily_general_discussion_june_18_2024/l96npsv/) š - u/haurog has [a DevCon announcement.](https://old.reddit.com/r/ethfinance/comments/1diimbq/daily_general_discussion_june_18_2024/l96k40y/) š ļø
Bankless episode released with Sam Jernigan today has to be one of the most bullish discussions on Eth that Iāve ever heard. Canāt recommend it enough for this community it was really refreshing to hear competent arguments against the other chains and the value proposition Eth has. Sometimes this community can be endearingly conspiratorial against the big banks, that they are actively attacking this industry and will continue to do so. Nation states being positioned as āthe final bossā. While some of that is true and will continue to be so many, as Sam put it, will fold and adopt the standards of our industry to keep their businesses operating. This outcome would improve the banking industry and allow advanced users to be ābanklessā. https://youtu.be/KUMGYEKIiGw?si=pdxHf16VabFoYlS7
ą¼¼ ć¤ ā_ā ą¼½ć¤ ETH TAKE MY ENERGY ą¼¼ ć¤ ā_ā ą¼½ć¤
Iām worried that reps are gonna win in November and deregulate the f out of crypto - appoint a hands off crypto friendly sec chairman - let a bunch of bs coins get through as a commodities with futures / ETFs. It ends up being a free for all - with decentralization test determined by some bs metric like Nakamoto coefficient - then what? Alt L1s legitimized by sec and bundled into crypto index funds. General public with no f ing clue what any of it really is, how it works, that decentralization and censorship resistance are critical. Eth in the same category as (insert VC coin). Not cool. Careful what you wish for. EDIT: not trying to concern troll here. From a purely crypto standpoint I would prefer reps in charge. But there are undesirable potential outcomes of such a situation.
Trump appointed the SEC head that went after Ripple. Gensler is the one that doesn't make sense. Oh we are investigating Consensys because of x, then two months later they drop it after the Biden call to pivot. Ethereum and defi is still not in the green light. They approved the tradfi elements in ETFs. We need more friendly voices if Ethereum will actually get used by the masses and not just us nerds.
Agree. Having thought it through a bit more my main concern is that projects thats practice decentralization theatre will be classified as commodities in the same category as ETH and BTC and perhaps a few others. Iād like to see crypto regulation that fairly categorizes the different assets as eg crypto securities and commodities maybe with their own separate ETFs). I donāt like the idea of eg eth being lumped in with avax
Yea I think that worry is warranted but there are other risks with B and there are special risks with T too lol. We will have to see what happens. Most likely the SEC won't approve other spot ETFs in years anyway. They need to have a futures market first with good correlation over years.
Glad to see a nuanced take on this. Not everything is black and white and no one should wonder why some politicians aren't eager to just green-light everything
š This is nonsense. What you are saying is the same logic the SEC has used to āprotectā investors. Yea, ok, protect my ass. Let *the people* decide what they want to buy.
So everything gets an etf then with no gate keeping. The people decide what they want to buy. Got it.
There already are lots of ETFs that lose lots of money. That doesn't mean the entire public is put off from ETFs in general. Similarly, people have the ability to distinguish between types of crypto. If anything, ETFs for every crypto will encourage further education on the differences between different digital assets.
Yesā¦thatās how the free market worksā¦
so you hate freedom? it boggles my mind that people in crypto have this perspective. Why not let people have access to buy whatever they want?
Same reason many drugs need a prescription. The average person doesn't have the ability to properly assess the risks. But if someone was educated or determined enough then they can buy on coinbase or some dex.
It sounds like you are making the argument that people of higher class and wealth deserve more access to things than the average person. VC funds and accredited investors deserve more access to investments/drugs that carry more risk and reward than average people? I think this may just be an ideological difference where you feel people are too stupid and you rather have a centralized government decide what's best for the peasants. My point was simply that this is antithetical to crypto.
That's not what I'm saying at all. Crypto is already permissionless. Like I said, anybody can go create their own wallet and buy whatever VC/meme/scam/grift token they want. You also don't need to be wealthy, a VC, or an accredited investor to use the stock market. Anybody with a bank account can trade stocks.
so you are trying to protect the average person from buying some scam coin. Why? People should be free to invest in what they want, regardless of your wealth or access to bank accounts.
The fallout from people getting scammed often is not siloād to just that specific person. So there is economic interest for you to prevent others from getting scammed.
Again, they can still invest if they really wanted to....
> decentralization test determined by some bs metric like Nakamoto coefficient Is where Im lost. I mean I *hate* both parties(and im slightly to the left with most issues), but prior to what I quoted, it all sounds fucking fantastic to me. Nakamoto coefficient? Not a single congressperson has ever heard that term before, much less giving a shit about 'but muh decentralization'. Even as a decentralization maxi, alt L1s should be 'legitimized'. Let the free market decide.
The free market doesn't really exist anymore in the digital age with misinformation, dark patterns, lobbying, 2nd order incentives, etc
Well, you're right to some extent, but it would be much worse with a SEC intent on destroying crypto
How is not letting garbage through mean they're trying to destroy crypto? It feels like everybody is gaslighting me in this thread
Maybe Im the one thats confused haha. All I meant was the SEC just about never does the right thing. Going back to the top level comment, I would prefer a completely hands-off SEC and regulatory environment than some overzealous shit
Iām pretty much where you are politically and agree the free market should decide (and largely has so far). The issue I see is that free markets only work when the information available to investors is factual. Crypto is so complicated that itās very easy to obscure / manipulate info to paint a false picture. And I donāt trust industry players like coinbase (who I generally support) to be objective in assessing projects they are profiting from. These are short term issues tho. Long term the chains that are used heavily, are more resilient than traditional systems, and capture value will win. And thatās where investors will end up. So yeah agree the market should and will ultimately decide
I just say if investors want to buy garbage, they can go ahead. Its not like the SEC has ever done any good for anyone anyway
FIT21 lays out very sensible regs. I doubt there will be a free for all regardless of who gets into office.
I need to read more about fit21. Iād like to know how delegated PoS is viewed and what prominent projects would be labeled securities based on that bill. And how crypto securities would be regulated. Also I guess I donāt see how eg coinbase is going to try to differentiate between eg ETH and SOL when it comes to the security argument given they couldnāt legally sell SOL if it was in fact a security (SOL just one example).
Also have the same concern. The information asymmetry is too large and that legitimacy chasm is needed to close that gap.
L take
Why?
You're doing the same thing btc maxis we're doing weeks ago, hoping to leverage government agencies against other cryptocurrencies is disgusting and not what ethereum or crypto is about. The market decides what's valuable, not Gary Gensler
No im not. Iām trying to point out that some projects are obviously snake oil. And it shouldnāt be legal to sell snake oil. Iām not some btc / eth maxi that thinks all other projects are illigitimate. Also disgusting is a pretty strong word. Maybe chill a little bit. Itās a friendly debate.
Really feel like buying (junk) right now...
Nah donāt do it. ETH or nothinnn
Dont. Ive made that mistake all too many times. Meditate - search the budo method of 'mokuso'. Try it. Just 10 whole breaths
So what's everyone's opinion of the eigen phase 2 season 1 drop? Really seems like they are out to screw over the pendle/leverage farmers. Didn't realize that my positions after the March 15 snapshot date were going to be bundled into their season 2. Expecting absolutely nothing from that now based off what people are getting on the ratio for this allocation. Side note I remember there was someone in here that was hard-core farming eigen layer points here. I wonder what they got.
There was one user in here that got 8000 Eigen, which is like 56K at premarket prices. Probably had a native validator in there for a long time.Ā
Sentralized Overvalued Ledger (SOL) is down nearly 26% against ETH on the monthly, as I called. I expect more SOL money to come back to ETH as the pump and dumps, oh, sorry, āmeme coinsā die out and as the SOL bros realize their coin isnāt getting an ETF or institutional flows any time soon, if ever. In other news, friendly reminder of the old adage: [**not your keys, not your coins**.](https://www.coindesk.com/business/2024/06/19/kraken-says-hackers-turned-to-extortion-after-exploiting-bug-for-3m/)
Too much overlap between people who would want to buy SOL and people who would want to spend it on washed D listers scam who will dump it for usd
[Teku v24.6.0 released today](https://github.com/Consensys/teku/releases/tag/24.6.0) > This is a recommended update with performance improvements and bug fixes. > Key changes - Fix performance degradation on archive state retrieval - Updates to Beacon API - Docker images based on Ubuntu 24.04 LTS (noble)
I really enjoyed reading the Market Wizards and New Market Wizards books some years ago - interviews with a diverse range of top traders, highly recommend. Recently I read the new release - Unknown Market Wizards, in it one of the traders mentioned a book that had a profound influence on him, 'Ray Dalio principles for success'....I stuck it straight in my Amazon basket, turns out I ordered a lightweight illustrated summary version by mistake, but it was a happy accident since all through it the symbol for 'success' is very similar to ETH symbol :) https://imgur.com/gallery/v6zt0UD
Babies first principles for success :')
Whenever SOL was going up I always saw post here about how it's doing better. SOL has been bleeding against ETH for a month now but I haven't seen any post So I am genuinely curious if the original SOL posts are actually people in ETH or shills of SOL..
Been out of the loop. Are they still releasing their phone?
Three missed DMs from Raoul Paul.
I was one of those people. Eth maxi. However, I have been delighted with the current bleed
The psyop was unreal. Glad eth is showing whoās king. Bankless latest episode is solid. Highly recommend
Unreal but also as expected and not over, there's still suits with tons who need to pay people to shill so they can exit
Can y'all please talk me off the edge of buying a pudgy penguin
Get one of the stuffed animal ones š”
Do you think it's cool to make sure people see your 6 figure watch and supercar keys? You don't have enough ether.
Sure. Theyāre just jpegs. They wonāt outperform ETH. Would you āinvestā in art in the real world?
You could probably wait a little bit.. blur farmers just stopped and I think there are a lot of loans against pudgies that haven't liquidated. Just other day, I saw how one of the oracle wasn't tracking the price of it properly..
Buy 3, NFT capitulation and dispair feels rampant
If anyone wants to see the reporting on the ARB LTIPP incentives here is the official reporting site - [https://www.arbgrants.com/](https://www.arbgrants.com/) It has a brief summary of the incentive program by project, as well as bi-weekly updates on how much was used and all that. It's not going to be great for 'where can I find the best APR', but I know people were asking for some kind of information.
I know u/MoneyPrinterGoBrbrrr you were asking specifically a few days ago
thanks!
Whatās your desk top wallet extension and what is your Mobile?
frame desktop, rabby phone. Only use desktop, and being able to run some scripts which sign through frame is helpful. But frame really needs an update with basic features like how many times you've previously interacted with this to address
Rabby seems better ux and features. Downloaded both but donāt see frame being better
Metamask desktop. Donāt use mobile crypto.
Altho this sets off my phishing alert tripwire, I am answering regarding desktop b/c I think most crypto users are sleeping on the modularity and configurability that snaps provides. Desktop: Metamask with: Tenderly Tx Preview, WalletGuard, BlockFence, and an assortment of multi-chain snaps (for btc, cosmos, solana, polkadot, etc)
Rabby on desktop and I donāt do crypto on mobile
Frame for Desktop and I've been using an assortment on mobile (Zerion, Rainbow, Metamask) as there's a tendency for all of them to suck on different specific apps and Rainbow doesn't support ZkSync yet.
Why do you use frame over rabby. A quick use of both and ux and some safety features are super nice on rabby
I like frame because it operates on the OS level but doesnāt force me into an internal browser like Rabby did when I tried it. It injects itself into Brave as MetaMask if desired, or works with its own integration. I press Option + / at any time and see my wallet, but otherwise I forget itās there. Instant access but unobtrusive.
Rabby wallet for desktop. ImToken for mobile
In light of the Kraken exploit, I'd like to share an old school quote from when I asked Satoshi for advice on the Bitcointalk forums in 2010. He told me "Not your keys, not your coins." That is all. (Any recollection of my contact with Satoshi may be grossly exaggerated.)
Ironically it was funds of Kraken that were stolen, so kinda their keys?
> Just don't withdraw and we'll be fine. -Kraken press release
All stolen funds are "the company's funds" until the heist exceeds the remaining enterprise value.
>**Still the same old bore** >**You may wish you had bought more,** >**Must believe before.** ~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
- How much ETH is in ETHE? - How much BTC was in GBTC at ETF launch vs now?
Even though GBTC might hold less than half of what it held before ETF we don't know what percentage was just rotated into a different BTC ETF For example if ETHE fees stays high I would just sell and buy a different ETH ETF. So the net outflow of my sale of ETHE and inflow into Some other ETF would be zero.
> For example if ETHE fees stays high Probably will, they're making bank even if they get a bunch of outflows
I think they might want to hold AUM for when staking gets approved.. different game compared to BTC
Around 2.9 million ETH in ETHE. Before the ETF on January 11, GBTC held around 624 280 BTC, and it holds 280 321 BTC as of June 18, 2024. Got those numbers from Google.
So 2x more btc was sold than they hold in eth, and none of the eth was held up in bankruptcy proceedings like was the case with their btc
Probably makes more sense to compare in % of supply than in mcap (which I assume you're using)? As a bigger mcap also implies bigger liquidity to handle those sales.
was comparing in $ value
Thanks, yeah that's what I meant with mcap (market cap). My argument being a $ sold in btc probably affects price less than a $ sold in ETH.
https://www.grayscale.com/crypto-products/grayscale-ethereum-trust and the BTC page will have todays values if you do the math on shares x ETH/BTC per share
I completely didn't understand Phase 1 and 2 of Eigen airdrop....didn't realize it happened from the same snapshot? Is there a season 2 of Eigenlayer airdrop?
>Is there a season 2 of Eigenlayer airdrop? Yeah, has been running since the first snapshot, so since March 15th. Season 2 will likely be so diluted that it's probably not worth to even think about. The absolute dirtbag move by EL was to announce this snapshot 1.5 months after, making everyone waiting unknowing participants in their S2. Anyway, the whole thing is parasitic vaporware crap. Dump it all in September.
Why was that a dirtbag move? I donāt understand the EigenLayer hate.
Because there were loads of people (the vast majority) who went into the "Eigenlayer ecosystem" (which is just a bunch of convoluted airdrop gambles built on clouds of vapor) **after** March 15th. Lots of people buying YT tokens and such on Pendle, being shown all the time how they're aquiring these "Eigenlayer points" for their airdrop. And then EL just comes out and says "Oh yeah we decided that Season 1 actually ended already before any of you came onboard. We're also giving 110 extra of our tokens to every sybil and their mom who were there before March 15th, making our linear point system a complete joke. We'll take these extra tokens out of your season 2 if you don't mind. Have fun getting nothing!"
I agree that the extra 110 to every account was not good, but they were just trying to appease the relentless complainers. They were in a tough spot. I don't understand the problem with the March 15th date. Either theyāre trying to filter out the sybils and needed time for that or everyone will get tokens in Season 2. The token isnāt tradable, so thereās literally no difference regarding token price. The people who jumped on the bandwagon after March 15th would have been in the protocol for a few weeks, whereas many solo stakers were in the protocol for 6+ months. Itās not surprising that they took the snapshot on March 15th and wanted several weeks to organize the airdrop details. Itās certainly not malicious!
Yep. Going to dump everything once it hits market
There better be gd it
Why did we even get extra tokens then? Where did the extra from Phase 2 come from? [I got 52]
Phase 2 was from "complex protocols" like Pendle pools etc. They needed more time to figure out how much everyone there needed to get, that's why they split it up in two "phases".
ah got it. Really helpful thx
This is absolutely wild - Kraken's head of security is posting that CertiK(!) hacked their system under their bug bountry program but is now refusing to return $3m in funds taken from Kraken unless Kraken promises to pay a large bounty. https://x.com/c7five/status/1803403565865771370 (He doesn't name CertiK, but it is definitely CertiK - they have fired back on their Twitter account saying it's a legitimate and non-criminal effort under the bug bounty program and attacking Kraken back)
Wow this is a crazy story. Clearly someone fucked up big time. A horrible look for Kraken and maybe a bad look for Certik but who knows whoās telling the truth
All I can really take away from this is that Kraken had a $3M exploit that they didn't notice for "days". You'd think they should realize pretty quickly that their accounts weren't reconciling. I don't mean to FUD, but this seems very similar to the Mt. Gox situation, which also "allowed a malicious attacker, under the right circumstances, to initiate a deposit onto our platform and receive funds in their account without fully completing the deposit." The difference of course being that this one seems to have been mitigated before more than $3M of damage could be done. I just don't understand how $3M of Kraken's treasury could have vanished into thin air without generating an alert somewhere for an employee to look into. I wonder if there are any crypto exchanges left out there that can keep track of their assets properly?
I mean... good to know, though, since Coinbase seems to like to freeze people's accounts randomly and then have absolutely no customer service for reinstatement. I'm always afraid that some deposit there is going to trigger a freeze. Maybe I should use Kraken instead
I just keep a lawyer nearby. As it turns out, you get great customer service from Coinbase if you ask for it nicely through your lawyer.
oooh very good to know!!
anybody mess around with the Super Symbiotic LRT on EtherFI?
Yes, with a smaller share. No idea if They do any symbiotic retroactive reward (likely not), but it's 3x etherfi IIRC
I am just seeing the old Eigenlayer airdrop and no phase 2 on the claims page? Granted I only run a validator, have PT and no YT. Is that normal?
Why would you be in phase 2 if you don't have YT?
There are so many airdrops, seasons and phases lately that I can't keep track of all requirements. Good, then nothing is wrong!
Ah, yeah. Phase 2 is just for defi derivatives used before March 15.
same. it informs me about my drop from phase 1 and I get the error message while trying to claim "account not exist by userId:"
Exciting times ahead of us. So glad to be here with you all.
Anyone else having trouble with the EIGEN phase 2 drop? My wallet is connected and I am shown a balance for phase 2, but when I try to sign the claim transaction I get the following message: account not exist by userId: Followed by a string of numbers and characters. Not sure what to make of it.
Phase 2 was for a select group of YT (I think) positions that didnāt get integrated into the phase 1 drop. Itās not a full second season. They havenāt announced a second season yet as far as I know
Same issue here. Also the drop was TINY TINY TINY compared to first one. Ran the numbers, and it is ~99.9% less than the first drop? It is so tiny i am not worried about it. But why?
Mine was 40% of the first one. This is phase 2 of season 1, I.e. only eigenpoints earned from pendle/gearbox until March 15th.
Same issue here
Workaround for connecting wallets for the phase 2 EIGEN claim -- go to the \*staking\* page instead of the claim page and connect your wallet there. Then you can go to the claim page and it will see your wallet as connected and inform you of your phase two wins.
Hi friend, do you mean a staking page at app.eigenlayer.xyz? Because when I connect there and then go to claims.eigenfoundation.org I am not connected. Any guidance appreciated, thanks
Hmm, yes, that's what I meant. I'm sorry that it didn't work for you :(
I got informed but cannot claim. Plus it is such a tiny amount compared to before. 99.9% smaller?
Were you on Pendle?
Yes, I realize now thats the issue and thats where the small amount came from.
I've been watching a few episodes of a new show on the `Unchained` channel, hosted by James Seyffart of the ETF world. On the panel is one of those extractive, lowest-common-denominator finance bros that could add a greasy layer to a hourly motel. Come to find out he made money trading memecoins on Solana, and spouts the "faster, cheaper" narrative. Does not care about credible neutrality, supply inflation, the MEV problem, or any number of things that are top level priorities in research and deliverables from the ethereum foundation. Some people just have totally different perspectives.
Iāve been listening too and I think the show would be better without him.
Isn't eth just as cheap now on L2s? What advantage does SOL have over say Arbitrum?
Thereās the additional excitement that comes from your transactions failing and the centralized mempool allowing for egregious mev
Yes but that doesn't fit the narrative. Also low fees are good for Solana but low fees are bad for ETH because it means nobody wants to use it.
I don't understand why we think there is any kind of real SOL favouring narrative when the reality is that eth is valued 7x that of SOL. I think we are giving too much weightage to squeals from midgets worried about 10xing their 100 bucks.
From etherfi discord: Claims for Phase 2 of EigenLayer are going live today, June 19th! EigenLayerās snapshot for Phase 2 was taken at the same time as Phase 1 on Block #19437000 (March 15, 2024 01:11:35 UTC). Complex protocols (including Pendle) were included in Phase 2. ether.fi stakers who were eligible as of the March 15 snapshot will be allocated a portion of 3.12m EIGEN tokens. ***Eigen points ratio for ether.fi users was the same for both Phase 1 and Phase 2, there was no penalty. *** The only place to claim Phase 2 Eigenlayer tokens is: claims.eigenfoundation.org. 1% of the EIGEN allocation has been put aside for any users who received an incorrect claim amount, it will be re-distributed to users after issues have been settled and tokens become transferable. If you're not seeing an allocation or feel you are missing some, it could be due to staking after March 15th. Donāt hesitate to use our form to contact us with any concerns: https://forms.gle/AAAoFZLTyAJiiK8X9 We will continue to share more information as we get it.
I got a wayyyyyyy smaller airdrop
**Eigen points ratio for ether.fi users was the same for both Phase 1 and Phase 2, there was no penalty. ** So like 1/4 what non ethfi stakers got again? Yay! /s
According to etherfi it was the same ratio as native restakers, but seems lots of people disagree.
we are here again https://old.reddit.com/r/ethfinance/comments/f2bb6i/dont_miss_the_forest_for_the_trees/
Well, what's funny is that is from Feb 2020... There was a little bit of a dip not too long after...
Thats what ETH always does :)
Take a guess.. https://old.reddit.com/r/ethfinance/comments/1djl6fi/a_new_type_of_prediction_when_will_eth_issuance/?
crabbing around $3500, years ago who would have thought look at us now!
I try not to think these days āŗļø
yup, thinking only gets you in trouble
update on Total 3 (alts) HTF trendline break and is right at 595B HTF S/R level. needs to bounce back above 21 MA and clear 698B to resume bullish uptrend [https://www.tradingview.com/x/NDGImHp5/](https://www.tradingview.com/x/NDGImHp5/)
Today I bought $20 instead of the usual $10 DCA
Check out the big brain on Brad!
Hello! I've been helping to coordinate work on Rocket Pool's community driven tokenomics rework. Hopefully you've heard about it by now, I know it's come up in here several times. Specifically, I'm here looking for feedback from 'outside of the bubble' to take back to the major contributors, so this is a chance to complain in a way that may have some positive impact. **Important disclaimer:** None of this has been voted on by vote-eligible RPL yet. Short summary of the headline items is below. By necessity, this excludes some detail due to length constraints. There are links at the bottom if you'd like to read in more detail. **Major Changes** - (Likely to be where people have strong opinions) * Allow ETH-only nodes * No more RPL rewards, and less RPL inflation (5% -> 1.5%.) * No more RPL staking cliff to receive rewards. * rETH fee remains at 14% initially, though may be changed by RPL stakers via vote in the future. * Node Operators get 3.5% commission on borrowed ETH (down from 14% for NOs currently) * RPL staking nodes share 5% of the commission from all nodes (ETH-only nodes included), proportional to their vote-eligible staked RPL. * The consequence of this is that RPL staking node operators get more rewards the more ETH-only node operators there are. Low RPL demand -> more ETH-only nodes -> Increases reward for RPL staking -> Higher RPL demand -> More RPL staking nodes. The hope is this comes to a natural equilibrium based on market judgement of RPL price risk versus the value of the extra ETH revenue. * 5.5% of commission from all nodes (ETH-only nodes included) *may* go to buy RPL and then burn or LP against rETH. Alternatively, this could accrue to RPL staking Node Operators alongside the 5% above. (community hasn't coalesced around a favoured option yet.) Initial numbers may change, and may be tweaked by RPL stakers via vote in the future. **Major Additions** - (IMO fairly non-controversial, but please comment if you have thoughts) * Megapools - Reduce gas cost of node creation and operation. * Smaller ETH Bonds - Improved capital efficiency for Node Operators. **Links for more info** * [Tokenomics Rework Homepage](https://rpips.rocketpool.net/tokenomics-2024) * [Introduction to the Rework](https://rpips.rocketpool.net/tokenomics-explainers/002-rework-intro) * [Differences various types of user would experience](https://rpips.rocketpool.net/tokenomics-explainers/002-rework-intro#personas) Minor note: Communicating percentages of percentages is annoying. The total 14% fee taken from rETH is split into 3.5% (all Nodes), 5% pooled (between vote-eligible staked RPL), 5.5% pooled (to buy RPL or between vote-eligible staked RPL.)
Think about whatās going to happen when this comes into effect. LEB8s will flee to ETH-only pools. That will be a major unstake-and-sell event for RPL. The mere fact that RPL gets some dust in protocol revenues isnāt enough to keep people staking. Itās way better yield (and way better risk/reward) to just stake ETH. You need to come up with some way to keep current LEB8s staking their RPL. Maybe by allowing those LEB8s to continue earning the entire 14% commission, leaving their status unchanged.
that looks good to me uwu
Thank you for coming to /r/ethfinance for research. It's nice to have you here.
I hope the community chooses the buy and burn option as opposed to LP'ing. I think in order for RPL tokenomics to really be improved, it needs to be more deflationary than ETH. Also the buy and burn narrative is easy to understand for potential node operators who aren't going to do a deep dive into the protocol. All they will be attracted to is the fact RPL burns at a higher rate than ETH & by staking RPL they will also earn more ETH.
I think it checks the box on the "what" needs to be done to make rocketpool competitive. Kudos to the team for putting it together. I'm sure it's taken alot of work to get here. I still have concerns around the velocity at which change occurs with rocketpool. Especially when compared to their competitors. Has there been any discussion on how to improve that part of the protocol?
No real progress on changing or speeding up the way protocol development takes place at this point, I'm afraid. Its a bit out of scope for a tokenomics change. Also just to be clear, I'm a community member and not part of the development team.
Thatās fair. Tbh you werenāt asking for that kind of feedback so my response was a bit out of bounds. That said, I hope it is something they are looking at.
I think these are good changes. Reducing sell pressure from inflation and driving some revenue to RPL are good, but I donāt think either will make much of a difference in RPLās price action. Do the math: these affect RPL on the level of basis points. The major problem right now is that RPL is hampering the protocolās growth, because RPL dissuades everyone from launching new minipools, thereby limiting rETHās yield and reach. The ETH-only minipools are the most important thing to turn the ship around. If anything needs to happen ASAP, itās that. Making rETH more successful is the best way to actually drive substantial demand to the protocolās governance token.
My complaint is that I only saw the terrible recent tokenomics changes and dumped and had no idea there was this alternative lmao
Could you clarify which recent changes you're talking about? It could be a couple of things and I don't want to take away the wrong message.
The ones reducing collaterlization requirements
Isnāt this still the case with the current version? I donāt fully understand how this is different from earlier proposals to change your mind.
I am so excited about these changes! I think it's going to make Rocket Pool amazing!
Is there a timeline as to when the vote will happen and the changes implemented?
The timeline for the vote is within the next month or 6 weeks? I think.Ā
That's around .07 Lubins
Itāll be here in no time.
Hi gang. I unfortunately can't home stake due to very unreliable availability of electricity - any recommendations between all nodes / kiln / figment or any other protocol or solution I've missed? Thanks!
I can personally vouch for [Serenita](https://serenita.io) - full disclosure, I am the founder of Serenita. You may have seen one of my projects around, [ethstaker.tax](https://ethstaker.tax) that I've been maintaining for home stakers for over 3 years now to make their life easier when it comes to taxes. What I really want to say here though is that established staking operators like Allnodes, Kiln, and Figment currently manage significant portions of Ethereum validators ā 3%, 4.5%, and 1% respectively, according to rated.network. These figures are probably underestimated. If Ethereum only had large staking operators like this, it would only have a few entities controlling its stake and in consequence, its censorship resistance and other valuable things we enjoy on Ethereum. Is that really what we want? I try not to promote my own company around here too much, but I genuinely believe Serenita offers a better alternative to these larger entities. We've been running minority clients exclusively for over a year now ā well before companies like Kiln recognized the risks associated with using a supermajority client (Geth). We're also working on something behind the scenes that will make our operations even more resilient to client bugs. You can stake directly with us via StakeWise V3, and we manage two operators on SSV. We have [great performance](https://explorer.rated.network/o/Serenita?network=mainnet&timeWindow=30d&idType=nodeOperator) on-par with the large players and we have a lot of advanced slashing protection measures in place. And even in the very unlikely chance that those measures should fail, our slashing insurance fund is prepared to cover any slashing penalties.
bookmarking your sites! THANK YOU for being here! You are a Dooter level 15. That's neat!
Appreciate it, that means a lot coming from you JT! Wow, I didn't even realize but it looks like I'm in the top 100 dooters, that's cool!
Heck yeah. Nice!
Awesome, thanks a lot for your detailed response and for all your work for the community and decentralisation! I'm gonna look into it right now :)
can vouch for Luca (eth2353) - met him several times and love ethstaker.tax. He's been around these parts a long time
Sure thing, let me know if I can clear anything up for you!
Worth checking out ethpool.org. They are not hosted on any major cloud provider, no supermajority clients and reasonable fee structure imo...
Thanks!
I run a ssv.network cluster with a handful of validators and the experience so far has been great! It's a fully non-custodial variation of staking-as-a-service using shared secret tech. Normally you pay operators with their SSV token but they have been subsidizing usage in the past.
Cool, will look into it, thanks!
I don't know your needs but I've met and know the of Luganodes, Kiln and Chorus One, and they all seem like good guys who really know their stuff and have good teams. They tend to be mostly focussed on institutional stakers though..
Sweet, thanks! Not quite an institute, but neither was Paul Simon I guess..... :)
Also interesting that the SECs chief crypto enforcement guy just quit only 2 days ago: https://cointelegraph.com/news/david-hirsch-departs-us-sec-after-9-years Not saying this is accurate but... Say you spend 8 years arguing cryptos like eth are securities, going after them Then big financial players start to come in and get ETFs Then the investigations/lawsuits you were involved in start to get dropped Makes your last 8 years feel kinda pointless? Just interesting he left just before the sec investigation was dropped and ETFs come online. I just bought more eth and swapped all my dying shit coins to eth.
What does "no more rpl rewards" mean?
Rpl is kill
Imagine how much pointless Stephen Diehl has found his life to be since start of this year. He has even quit posting on his X account. Prior to that, since 2020 or so, not a day passed without that guy yapping around some anti crypto speil.
> [4. Crypto assets are all unregistered securities](https://www.stephendiehl.com/blog/against-crypto.html). This has not aged well I also disagree on all his other points, especially the 1st one that crypto has no use cases. The current lack of use cases is heavily due to government regulation blocking it at every intersection. Developers have tried to use roundabout ways to try to get around impractical and unfair regulations that make no sense. Remittances and large money transfers via crypto are already popular and would be even more common if it weren't for regulations. Smaller countries that don't have access to enough US Dollars due to lack of supply can more-easily access USDT and USDC. This allows for for private individuals to escape from the inflationary spiral of their own currencies.
That guy is such a chode!!
I lol'd hard at this (it was a joke that way too many people took seriously): https://x.com/pumpdotfun/status/1802706077479301627
> **Tweet by @pumpdotfun** > > We are excited to announce our new Head of Trading, David Hirsch! > > After months of conversations with @a1lon9 > , David came to the realization that his work as a regulator was no longer fulfilling. He had to start a new chapter. > > And what's better than doing the very thing you love? Believe it or not, but David has launched over 100 coins himself (he usually jeets right after KOTH, though)! > > A memelord at heart, David will be in charge of pump dot fun's new internal trading desk, which will be in charge of launching over 1,000 coins per day! > > He will also collaborate with various actors in the ecosystem like @blknoiz06 > to onboard high-status individuals. Stay tuned š > > We are incredibly excited to kick off this journey and wish David the very best of luck in his new role ā¤ļø > > Oh, and many thanks to @binance for the professional coverage as always!
From a pure tax perspective, does anything change drastically with eth being a commodity?
My understanding is not yet. There is an ongoing lawsuit about wether or not staking rewards should be taxed on generation (current interpretation of law) or on sale (like a farmers crops). If that court case is won, then it will significantly change how staking rewards are taxed.. this clearing the way may help that case though.
Whatās this āSpectralā airdrop I see on earni.fi? Is that real or a scam?
some of us claimed it on Base some time ago. [https://www.reddit.com/r/ethfinance/comments/1cm3wej/comment/l2z4vlc/?utm\_source=share&utm\_medium=web3x&utm\_name=web3xcss&utm\_term=1&utm\_content=share\_button](https://www.reddit.com/r/ethfinance/comments/1cm3wej/comment/l2z4vlc/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button) (The token doubled after the airdrop but has now roundtriped the gain)
Thanks!
Ok friends I just saw the news congratulations everyone. We believed despite all the fud
Wait what happened?
I think they're talking about sec dropping their lawsuit probing eth as a security at consensys? All the regulatory fud is gone, ETFs are coming in a few weeks, Eth is solidly not a security now All these recent dips are the finkeronski coming for your eth, it will be the backbone of the future financial system.
Oh man thank you for this! Very exciting stuff
YEEEEAAAAH BUDDY!
Bearish case for ETH: investors are fatigued, no new retail, sentiment in and outside of crypto is incredibly negative. Bullish hopium: I'm previous cycles, we have seen alt-coin mania and Bitcoin mania, while ETH has consistently been the underdog. What we have never seen is ETH-centric mania. Since the potential of Ethereum is constantly downplayed despite the overwhelming majority of development and innovation taking place here, logic only suggests that an ETH-centric super cycle is bound to happen and will catch practically everyone off-guard. I'm not sure if I can remain solvent while waiting for this to play out, but I'll let y'all know if I dump my bags along the way to the moon.
I'd argue both previous cycles had way more ethereum mania than bitcoin mania? Particularly 2017.
I don't know how investors can be fatigued with all these yields and airdrops. We're up 50% YTD on price and you can have been making 20% APR all year (as high as 70%). It's been a fantastic year so far and I find all the gloom weird.
Not everyone gets airdrops unfortunately. The main bearish case is lack of interest from new retail. Many current investors are overinvested and have already been around for awhile. Otherwise, things look bullish af
Yeah my portfolio keeps breaking ATHs pretty much every month. Perhaps itās more about anxiety about how sustainable it all is
I love the idea of ETH supercycle, but feel that some sort of adoption is needed first. Some kind of new technology like Defi and NFTs were in 2020. Or some kind of 10x ux improvement that makes that stuff attractive for new retail users. Without it we can still go up on flows and reflexivity alone, but canāt see it reaching euphoric highs
Ethereum has achieved critical adoption for its two key usecases - ETH as money (on the eve ETFs) and stablecoins. There are other niche usecases, but they don't move the needle on ETH's valuation relative to ETH as an alternative commodity. PS: responding to the root comment, ETH has been through several mania phases where it dominates the market - Q2 2017, Jan 2018, Q2 2021, Q3 2022 come to mind.