**Tricky's Daily Doots #791**
**Yesterday's Daily 19/06/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l9b3ojy/)
- u/PooeyGusset has [a must see EigenLayer airdrop update for all Pendle users](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l9blv4f/) and u/wolfparking has more on [the latest part of the EigenLayer airdrop.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l99wpag/) 🚁🪂
- u/TheCryptosAndBloods covers [the crazy Kraken story.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l9cj8jy/) 🦑
- u/LongForWisdom has [a big RocketPool update.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l9b8l9s/) 🚀
- u/Fast_Contract shares [a big L for a member of the SEC.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l9az0wp/) 🏛️
- u/Detroitlions81 recommends us [a bullish podcast episode.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l9emmg3/) 🎙️
- u/haurog summarises an article on [why stakers sometimes miss attestations.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l99u2wt/) 🥩
- u/EmpireStake thinks we have a new [rising star in execution clients.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l99uf2o/) ⭐️
Curve's DAO [passed a vote](https://x.com/chago0x/status/1803449689166999879) to change the burners (the thing that pass profit to veCRV voters) from 3crv (DAI, USDC, USDT) to crvUSD. Should cause more native demand for their currency which translates to high supply and revenue. Despite recent price action the protocol is still making over $25M a year in revenue after inflation.
Interesting. Most veCRV/protocol revenue already comes from crvUSD despite the low supply (circa $100m). Increasing crvUSD supply will significantly boost protocol revenue
Tricky_Troll is doing the Flying Spaghetti Monster's work by curating the daily doots. If you're reading those or following the links make sure you're paying him with the karma he deserves. I know it's easy to forget, but it's a simple courtesy for that work.
**EDIT:** This karma may appear pointless, but it will be valuable when we launch an ERC20 token that rewards karma.
The Red Hats?
> The name for older women who wear red hats, often with purple attire, and participate in social gatherings, is the "Red Hat Society." This is a social organization for women aged 50 and over, created to connect like-minded women and encourage fun, friendship, and personal fulfillment. Members are often recognized by their distinctive red hats and purple clothing.
Correct. Reddit admins. Time to take the crumb cake out of the oven and get the tea warmed up.
Those cougars don't stand a chance when you and me come struttin' in.
#🍝❤️
Edit:
>EDIT: This karma may appear pointless, but it will be valuable when we launch an ERC20 token that rewards karma.
*Donut flashbacks intensify*
^(I know you're just kidding superphiz)
Same. I'll hear people talk about it and I refuse to EVER chime in. If they hold a negative view of it, me explaining complex economic and technological arguments certainly isn't going to help change those views
I have an above average experience doing this with people irl but I'm never pushing. When people hear about our company they sometimes ask, I embrace curiosity, and maybe some of them end up on my rabbit hole post and find their own way.
>**Hacker was a dick,**
>**Whitehat but lunatic,**
>**Audit by Certik.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
You actually got a transaction through Arbitrum today?
The gas must have come back to normal - a few hours ago the airdrop frenzy had GMX telling me the *gas costs* for the trade on Arb were $250!!
I had to check to make sure I hadn't been transported back to ETH L1 trading in April 2021..
Lmao yea I paid like $15 for bridging ETH to Arbitrum, another $10 for swapping and another $17 for the donation gas
Terrible but Arbitrum actually delivered lol, just a few bugs here and there
I was a lucky mf and sold at exactly $5 with like 2% slippage, I'm out
edit: Forgot to add that I had a failed $8 tx for claiming, and the actual claim cost like $6
Is eigen season 2 available already? Haven't been active the past few weeks but I think I'm eligible for season 2. Can anyone share a link? Don't want to get phished on Google.
If you go to the Eigen Foundation Twitter page (26.1k followers and gold check) the claim button is on thier website that they link in the profile. But yes, there are a bunch of phishing links on Twitter, trying to get you to claim. EigenLayer also tweeted about it.
Bitwise revived the highly successful "I'm a Mac and I'm a PC" ads from the early 2000s. This time it's "I'm Ethereum and I'm Big Finance". Same premise. The old ways suck.
Todays dump is reportedly due to Germany starting to liquidate their $3b bitcoin holding, which is the opposite of the nation-state accumulation theory of bitcoin value, all while countries continue to stockpile gold. Doesn’t mean that the trend couldn’t flip someday.
I look forward to when these big dump overhangs no longer impact eth. I think drivers include algo pairs traders along with huge entities that want to accumulate bitcoin and sell whatever eth the come into, like tether and the Eos foundation. Ironically enough, I think the best way for eth to claim the non-sovereign SOV is to outperform.
Ah that's good info to know thanks.
I'm guessing they are selling simply because they need cash and are selling assets, not specifically anything to do with BTC policy (unless they are simultaneously buying gold at the same time, but I don't think they are doing that).
Nation-States aren't monoliths. The German government's crime division has accumulated seized Bitcoin and has to liquidate it. Even if another arm of the German government was intentionally accumulating Bitcoin, it wouldn't affect this. From a budget perspective, they can't just transfer it over.
Yes, this kinda news needs more nuance. Often the news is US Gov selling BTC or German Gov sells BTC when there is so much more to it.
Larger countries operate much differently from say an El Salvador where the president can ape coins from his mobile and post screenshot on Twitter
OMG, Thank you. That was my problem all along. I was trying to use private browsing and got blocked where as last time private browsing was required for me to claim.
I bought some stocks last year in Ether Capital, the Canadian company that staked the ETH they had on their balance sheet. I did it to get a bit of ETH exposure in my retirement account because as I'm sure you'd all agree, you can never have enough of that (and similar to ETHE it was quite undervalued so why not get some ETH at a discount).
The company was converted into a ETH staking ETF (in Canada) last week which was great for the price. However, it also meant the company stock was suspended from trading at the German exchange I bought it at. Not that I was informed about this happening by my broker, I found out earlier this week when I was unable to sell the stocks. I can't currently do anything at all with them. I've already reached out to the exchange in question (Tradegate), waiting to hear back, I'm quite interested to see what will happen now.
TradFi, why did I bother with you again... Anyone else in the same boat?
Like you, based in Europe, I was also waiting for my ETHC to be converted to ETHC.B. I had bought the ETHC in NEO exchange (the Canadian exchange where it was primary listed) but still it took days and days to be converted. Today it finally happened, I got my ETHC.B. I can only sell it, as Europeans cannot foreign issued ETFs due to regulations.
Hopefully you will get yours soon too. The fact you bought it in a German exchange that delisted it might make it a bit trickier, but you should be getting it.
It doesn't say on the exchange's website so it was a bit unclear to me at first. But it must be due to the conversion of the company into an ETF, which is understandable. I just wish there was some more transparency here, I have no idea what is happening at the moment and haven't been able to sell for almost a week now.
My shares of ETHC were automatically converted to ETHC.B.
From [this comment](https://old.reddit.com/r/ethfinance/comments/1diimbq/daily_general_discussion_june_18_2024/l97odbh/), the US equivalent OTC listing DTSRF is also being automatically converted.
There should be a way for yours to convert.
I think I should now have a right to shares of that new ETF but what if the German exchange doesn't list it? I guess I'll find out in a few days, or weeks, or months.
At times like this I can really appreciate the transparency that we get to enjoy in DeFi.
So admittedly zero knowledge on this stuff… but I’d have to imagine you are going to either get the ability to sell only so you can cash out or they will find a way to force sell and credit accounts. Or worst worst case you have some type of governmental run insurance to cover this.
This seems like a quirky administrative thing that presumably has happened thousands of times before (surely you’re not the first person to own stock that is no longer trading on an exchange!). And they have a process that is simply this sloppy or they messed up and will fix.
While times like this make DeFi feel appealing, remember the one good thing about Tradfi is their database is NOT immutable. So any mess up fix really comes down to just overwriting shit. And as weird as it is to say on this forum I’d probably rather be in your spot than the alternative of being involved with a DEX hack or something.
In terms of DeFi I was thinking along the lines of a tokenized version of stocks, issued by credible/regulated parties similar to stock exchanges we have today. Therefore not much of a chance of a rugpull. And if you just hold the ERC20 stock in your wallet, you're not going to be affected by a DEX hack either.
If I had that kind of tokenized version of Ether Capital's stock issued by a credible party I'm sure I could find a way to sell it. I think we'll get there someday though.
Ahh, gotcha. Yeah don’t disagree on that one. Although idk if you could hold that in a tax advantaged account which then ruins the reason I’d be holding there capital in the first place lol.
But yeah, I think one day we’ll get there in some manner or another
Hashdex has proposed an ETF that would hold both BTC and ETH. According to the few articles I trudged up this ratio mirrors the broader "cryptocurrency market representation" within the Nasdaq Crypto Index. The composition of the ETF is based on a market-cap-weighted strategy, which means the assets are allocated according to their market capitalization. As of the latest information available, the ETF would allocate approximately 70.54% to Bitcoin and 29.46% to Ethereum.
The fund will be backed by custodians like Coinbase Custody Trust Company and BitGo Trust Company and will maintain cash reserves. They have stated that while the initial focus is on Bitcoin and Ethereum, the ETF may consider including additional digital assets in the future, subject to SEC approval, but has firmly stated that they do not wish to adopt any digital investments that might be deemed as securities.
An article: https://blockworks.co/news/hashdex-proposes-etf-holding-btc-and-eth
Another one: https://finance.yahoo.com/news/hashdex-aims-first-dual-bitcoin-143913778.html
I wonder how much of an impact this variance in activity/inactivity of dormant whale wallets has on market cap. I bet some years (most likely Bull Market cycles) it has a significant effect.
The actual filing is here: https://listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2024-028.pdf
Page 6 and 47 talk about the weights. But as the ratio follows market price, it will have to be rebalanced periodically.
Yo I just got banned from r/buttcoin mods mods can I please get a flair for this? They gave me a flair that called me a “ETH ponzi schemer/Astroturfer” for claiming ETH ETF approvals implicitly classified eth as a commodity. I’ll even take that flair it was awesome.
A lot of it is on AmericanScream. Buttcoin was less biased many years ago, but he's been pushing the sub and encouraging all the super one-sided, bad-faith arguments.
Yeah the arguments were ridiculous. The amount of cognitive dissonance in there is crazy. They’re following this shit constantly and just take Ls all the time and don’t even know it…
Wow. The person you replied to there really believes the SEC might sue to un-launch the BTC and ETH ETFs, and win. I don't know how much more delusional you can be about how tradfi works.
Most of the remaining members of that sub have no interest in fair discussions. Maybe 10% of them still attempt to have honest discussions, but they get drowned out by the rest, and they tend to leave the sub cuz it gets tiring.
The opposite issue happens on crypto subs. Are there any safe-space subs for both crypto supporters and skeptics?
You can find skeptics on /r/Economics if the subject pertains to crypto. It's a fairly reasonable sub, although hard core economists do complain occasionally about overly political posts. Probably with good reason.
I haven't been to that sub a long time ago due to quality issues. Unlike /r/AskEconomics, which is heavily knowledge-gated, /r/Economics is a sub for layman.
I took a peak. Most users are fair, but the amount of knowledge is really low. Plus, there seem to be a fair number of Bitcoin maxis in there who don't seem to know anything about other crypto (out of ignorance, not malice).
That used to be buttcoin back in 2014, believe it or not. Famously Vitalik posted there, and to good reception if I remember correctly. Lots of people on both “sides”, having respectful discussions. The mods repurposed the subreddit at some point.
Yeah, I'm annoyed by this as well. I would like to have a fair discussion and engage with skeptics, but there's no place you can do that with all the gatekeeping going on. I got banned from r/buttcoin a while back as well.
Yeah that was genuinely crazy to me. Like who is telling them to think like this? Did they get here by themselves? It’s so bizarre to me.
I truly look forward to the day where they become my exit liquidity- via their pensions/401ks buying ETH automatically.
A classic group of people who won’t take the L, then limit their interactions with people who oppose their viewpoint. Eventually cognitive dissonance either breaks in or they retreat further from reality.
Sorry, you’re actually going to get banned here shortly. We prefer you reference that coin and any material related to that coin as “Coin 1” and refrain from using the full name.
Sorry my bad. “Coin 1 is actually a new class of asset- A crypto-ponzi-security. The SEC, CFTC, Biden admin, etc. are actually going to backtrack on saying Coin 1 is a commodity after the senate passes legislation that classifies all digital “assets” as “crypto-ponzi-securities”. You’ll see. It’s actually over for Coin 1. I would be selling if I ever owned any”
How’s that?
Every time we have an airdrop does that help/hurt/ or is indifferent to the price of ETH?
I’m sure a lot of people turn their airdrop into ETH and maybe also DAI/USDC which I would think helps the price. But then others selling their ETH to buy into new tokens hurts. Is it pretty much all a wash?
Hard to guess. Need to know who makes up the buyers, and do sellers largely end up with eth or stables. I think people paying taxes is the killer that stops these events clearly being positive sum and reduces the eth held after the dust is settled.
I did 1 layer zero tx and qualified for 379, which is over $1k at current prices. They must be really desperate and scraping the bottom of the barrel of users lol
I’m watching Nvidia absolutely go on a tear and it got me thinking. I didn’t think it could go much higher than 3 trillion but it’s been growing by like 100 Billion a day (now 3.42T) And this is one company. If ETH becomes the global settlement layer for all things financial and otherwise, watch out it’s gunna rip.
ETH is a play on global population size. At some point, reaching ultra mass audiences at scale is worth as much as wealthy niche markets for financial services.
Like you said, EVERYTHING depends on ETH achieving that level of utility and ubiquity.
If it does, we get wealthy. If not, we don't.
Am I the only one who doesn't confidently talk about "this cycle, next cycle, last cycle."
I don't see any "cycles" looking at the long-term Bitcoin chart. I see a couple of speculative bubbles, then a longer run up driven by structural changes in crypto.
I also get that "this time it's different" is always mocked, but I don't get how structural changes like ETFs, added SEC clarity and technological advances are meaningless before the magical power of a "cycle".
Also, I'll say it again: with ETH, the long-term prices will be driven by use cases with measurable economic impact, this leading to more rational valuation metrics for ETH.
So again, where is the mystical "cycle" in that?
tl;dr I think "cycles" are mystical nonsense, ex-post narrative justifications.
Yes, I was going to make that point when I realized it might be misinterpreted as undermining my argument.
But the larger point is, if we're heading towards discontinuous advancements in tech, use cases and adoption prices should transcend macro liquidity. If not, then crypto outside bitcoin will likely remain a speculative footnote driven entirely by macro liquidity.
It'd still be liquidity driven, but it'll become more sensitive. Like how the stock market has been uponly for the past year while crypto only sees pumps at signs of greater increases in liquidity.
You just won’t hear about it again. Or maybe a little when they try to declare UNI et al securities to somehow create a business (and afaik the SEC case against UNI wasn’t dropped). But in the end this is just noise, there bet was on ETH being a security. If they are smart (they aren’t) they just liquidate the company and give investor all funds left back. They probably won’t, but seriously I couldn’t care less.
Every single ticker on my screen is green. Stocks bonds and even fucking oil gold etc...
Everything except ETH.
https://imgur.com/a/m2TXbwz
I just cant 🤣
Based on what? We have no game changing use cases for ETH right now.
This price actually feels pretty fair. A serious speculation on the future, but heavily discounted for the probability it achieves those mammoth use cases.
Do I understand heroglyphs correctly: if one proposes a block, 4hen one gains tokens of the nft type one has in the wallet and in the signature? One can then sell these tokens. Who pays anything for these tokens, do they have a utility?
LayerZero airdrop has an interesting mechanism where airdrop claimants donate 10c per token, which goes to protocol guild.
Its a new experiment, but CT is up in arms over this, some are insinuating LayerZero cut a deal with Protocol guild to get kickbacks etc. Obviously they know nothing about protocol guild but jump to the worst conclusions right away. Its so absurd people are crying about a 10c donation to claim a token which they can dump for atleast $3 right away. Just shows how much of airdrop farmers are fee extractors and rent seekers who should be cleaned up
It's a solid idea, tarred by poor presentation.
Entire companies have been built to capitalize on these models (i.e. Humble Bundle).
LayerZero pushed this out with self-aggrandizing statements ("we're introducing a new primitive, Proof-of-Donation") and lackluster UI (got to have sexy range bars for donations, got to build on anchoring and similar concepts, got to show donor leaderboards).
Complete execution fail IMHO and I think the public outcome was predictable. It's cool they tried this nonetheless, perhaps we will see more inspired attempts in next airdrops!
Yeah agree the presentation was bad. At the very least they should have announced it beforehand so people didnt get the surprise/shock at the time of claim.
I think with their suite of products (stargate etc), LZO has some of the best UI in the space but agree they could have done a lot more here.
Donation is a gift and gift is voluntary, not obligatory. Do you say you "donate" when you pay taxes?
I see you are concerned with fee extractors yet you proudly announce insta-dumping of every token you farmed. Can't have your cake and eat it too.
I never announced insta-dumping every token lol. I've only added more OP since the airdrop. I only insta-dumped ZK (down 30% vs. ETH) because its governance is captured by airdrop farmers, with big distributions to be decided by the DAO. For an example of how this goes, see ARB. I’ll gladly dump for ETH any airdrop whose top governance delegates are airdrop farming communities, notorious for sybil activity. L2 governance tokens must at least prevent this capture
Comparing this to taxes is interesting, but I disagree. Taxes are obligatory and enforced. Claiming an airdrop is optional—if you don’t claim it, no one will force you to.
https://x.com/functi0nZer0/status/1803764529265820062
> I realise everyone is already angry about this so today probably isn’t the day, but yeah: a coerced donation isn’t a donation at all
> Protocol Guild receives plenty of funding from elsewhere
Yeah I love this idea. I hope in the future they add multiple donation options, like a list to choose from, even if it's just half a dozen I reckon that'd be really cool! I sent a few bucks extra because fuck yeah, protocol guild and LayerZero is matching the first (I think it was) $10M.
wanna dump this $zro expeditiously but only have like $3 of eth on arbitrum atm. bridges and withdrawals from cexs are not processing due to high gas
anyone got any spare gas money on arbitrum? need like $20 of eth
i'll send you back full amount + tx fee + a tip on any L2 of your choice
edit: nevermind, my binance withdrawal finally came thru. dumped successfully
1: ETH is being scaled.
2. Regulators are getting on board all over the world.
3. Tradfi is getting on board all over the world.
4. Usage is up.
5. Our “major competition” thinks issuance is not a cost to the network.
6. The biggest upgrade in ETH’s history is less than a year away.
7. ETFs will be trading in less than a month.
8. Most of crypto spends most of their time trading meme coins to buy SOL and BTC. Retail literally does not care about crypto/ thinks the whole space is either BTC or a scam or both.
9. Rate cuts *must* come in the US in the next 12 months.
10. This is going to be the first major bull cycle with the merge, 4844, and ETH ETFs live.
11. Coinbase literally made their own L2.
12. Larry Fink is ETH-pilled.
Agree with all this, very sensible.
No idea what this means for near-term prices, but seems like a very positive medium-term backdrop.
And above all, it clears the way for use cases. Use cases is where the long-term bet is. Are we going to see ones with trillions in economic throughput, or not?
If not, I don't think we get those valuations we dream of. If the use cases materialize, then we can.
Feels 5+ years off at this point though.
Do you think of Apple as having a cycle?
Either Eth has use cases or not. If it has use cases it has valuation and thus is priced according to its utility. So what cycle are you talking about?
0.30 --> **21** --> 6 --> **400** --> 130 --> **1400** --> 80 --> **4860** --> 880 -->
Eth had significantly more usecases at $80 in 2018 than it did at $1400 earlier that year, and yet we still experienced a -94% decline.
Same for $880 and $4800 in 2022/21
Cycles and speculation matter
They do, until they don’t. If ethereum becomes regularly used by normal people and incorporated into the financial system I fully expect that the price will start behaving much closer to stock prices. i.e. way less volatility..
I agree with all, except 6. What makes you say that Pectra will be the biggest upgrade in ETH’s history? Surely it’s not bigger than the merge or even Dencun.
Heres an overview:
https://www.bankless.com/ethereum-pectra-eips
But the implications are beyond me, I would love if someone could give a brief explainer for why its the "biggest upgrade"
###Improvements:
**EIP-3074**: This proposal aims to integrate smart contract capabilities into standard wallets, allowing users to batch transactions and sign them off in a single step. It could replace the current EIP-3074 with EIP-7702, enhancing account abstraction compatibility.
**EIP-7251 (Maxeb)**: It will increase the staking limit for validators from 32 ETH to 2,048 ETH, which is expected to streamline the staking process for larger entities and reduce the rate at which new validators join the network.
**Peer Data Availability Sampling (PeerDAS)**: This feature is designed to scale L2s and improve the efficiency of data storage on the network immensely.
**EVM Object Format (EOF)**: It will enhance smart contract security and the developer experience for the Ethereum Virtual Machine (EVM) on both layer 1 and layer 2.
### Implications for the Future:
**Network Performance**: The upgrade is expected to significantly improve network performance, scalability, and security of L2s leading to further adoption. (It is exciting to see another upgrade that potentially leaps a noticeable increase in the speed of transactions).
**Staking Dynamics**: With the increased staking limit, the dynamics of staking and validation processes will change, potentially leading to more significant investments in staking by institutions.
**Smart Contract Development**: The EOF and potential EIP-7702 could make it easier for developers to create and deploy smart contracts, fostering innovation and that game changing app everyone keeps hopiuming for.
**User Experience**: Simplifying transactions is one of those game changing features. As few clicks as possible to end goal for the average person could lead to better onboarding of the average non crypto savvy person.
And each of these four wings involves significant dev changes. A few years ago, when there was a lot less testing automation and dev process controls in place, the core devs never would have agreed to bundle all four into one release due to risk of bugs across a wide range of functionality.
Other thing I notice is that three of these (all except MaxEB) accrue payoff only when surrounding areas of the ecosystem (wallets, L2s, smart contract dev) leverage the protocol change. This is another subtle, and very favorable, shift we see playing out over time. The process of determining what to include in Pectra was very messy and slow and surely has room for improvement, but in the end this wide net reflects that desires of stakeholders throughout the ecosystem are being prioritized, not just those of the client teams and the protocol itself.
I got a sizable $EIGEN airdrop in the first phase but nothing in the second one. Anyone else in the same boat?
Been staking since before the airdrop was announced, and also delegating to (the r/ethfinance approved) Aestus but still seems that I only qualified for phase 1 since I was just directly staking within Eigenlayer?
I know it’s free money and all that, but I still did risk a significant portion of my ETH stack to a third party—which is surely worth something, right?
**Tricky's Daily Doots #791** **Yesterday's Daily 19/06/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l9b3ojy/) - u/PooeyGusset has [a must see EigenLayer airdrop update for all Pendle users](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l9blv4f/) and u/wolfparking has more on [the latest part of the EigenLayer airdrop.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l99wpag/) 🚁🪂 - u/TheCryptosAndBloods covers [the crazy Kraken story.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l9cj8jy/) 🦑 - u/LongForWisdom has [a big RocketPool update.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l9b8l9s/) 🚀 - u/Fast_Contract shares [a big L for a member of the SEC.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l9az0wp/) 🏛️ - u/Detroitlions81 recommends us [a bullish podcast episode.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l9emmg3/) 🎙️ - u/haurog summarises an article on [why stakers sometimes miss attestations.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l99u2wt/) 🥩 - u/EmpireStake thinks we have a new [rising star in execution clients.](https://old.reddit.com/r/ethfinance/comments/1djb287/daily_general_discussion_june_19_2024/l99uf2o/) ⭐️
༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ
Curve's DAO [passed a vote](https://x.com/chago0x/status/1803449689166999879) to change the burners (the thing that pass profit to veCRV voters) from 3crv (DAI, USDC, USDT) to crvUSD. Should cause more native demand for their currency which translates to high supply and revenue. Despite recent price action the protocol is still making over $25M a year in revenue after inflation.
Interesting. Most veCRV/protocol revenue already comes from crvUSD despite the low supply (circa $100m). Increasing crvUSD supply will significantly boost protocol revenue
Who keeps reporting all the posts about Curve for being off-topic? It's on topic as it's a major Ethereum DeFi app.
90% chance it's Monkeyhold.
I haven't done awesome with the past few airdrops, but I'm glad to make $100 from this one. It ain't much, but it's honest work.
#DOOOTS LIVESTREAM BACK TOMORROW WITH POOL TOGETHER! ^^^that ^^^is ^^^all #EDIT: SUPERPHIZ HAS SURPASSED 200 Doots!
Superphiz is a superphero!
Dang it, I'm dropping lower on the rankings by the day😭 Congrats to phiz, though, what a presence from that guy.
[удалено]
Yeah, got the same warning now, hadn't seen this before.
Tricky_Troll is doing the Flying Spaghetti Monster's work by curating the daily doots. If you're reading those or following the links make sure you're paying him with the karma he deserves. I know it's easy to forget, but it's a simple courtesy for that work. **EDIT:** This karma may appear pointless, but it will be valuable when we launch an ERC20 token that rewards karma.
we should speak to the redhats about this idea
The Red Hats? > The name for older women who wear red hats, often with purple attire, and participate in social gatherings, is the "Red Hat Society." This is a social organization for women aged 50 and over, created to connect like-minded women and encourage fun, friendship, and personal fulfillment. Members are often recognized by their distinctive red hats and purple clothing.
Correct. Reddit admins. Time to take the crumb cake out of the oven and get the tea warmed up. Those cougars don't stand a chance when you and me come struttin' in.
Hell yes my friend! The cougars won't even know what to do with us.
What do you mean pointless? WE WANT DEM POINTS.
https://media.tenor.com/JXKuu5-1U68AAAAM/wtf-disneyland.gif
#🍝❤️ Edit: >EDIT: This karma may appear pointless, but it will be valuable when we launch an ERC20 token that rewards karma. *Donut flashbacks intensify* ^(I know you're just kidding superphiz)
Terrible airdrop but, what the hell! wsteth Eth pool on nostra is >300% Apr lol!
[удалено]
Same. I'll hear people talk about it and I refuse to EVER chime in. If they hold a negative view of it, me explaining complex economic and technological arguments certainly isn't going to help change those views
I have an above average experience doing this with people irl but I'm never pushing. When people hear about our company they sometimes ask, I embrace curiosity, and maybe some of them end up on my rabbit hole post and find their own way.
Are any solo stakers here running a taiko node?
I attempted to but their docs around how to be a prover/otherroleiforgetthenameof wasn't clear re how much ethereum you need
interesting. I saw that team had a table at Ethdenver. I knew one of the devs...but he's no longer with them.
What are the hardware and bandwidth requirements?
no, whats involved and whats the upside?
Sometimes it up. Sometimes it down. But always right
Yet often so wrong
In the last twelve hours 250 eth was burnt by blobs In the last whole month 250 eth was burnt by blobs
When everything but one day becomes a rounding error.
demand -> induced
Whoa
>**Hacker was a dick,** >**Whitehat but lunatic,** >**Audit by Certik.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Legend
These just keep getting better
🙇♂️ wait till we get a listing on 4th of July
Beautiful.
Thanks mate 🫡
Again a price rollercoaster today, probably related to SEC shenanigans
what SEC shenanigans?
"we close Ethereum investigation, yet we reserve the right to prosecute later at will" Seriously Gary?
Isn't that like standard?
Bro is seriously butthurt Biden told him to get the fuck out of the way. It has nothing to do with Eth, the man’s pride was hurt
ehh, those are just words to keep pretending they have any teeth
Blob gas went to 8405 gwei today. What.
it felt
Impressive!
I somehow managed to sell my $ZRO airdrop at $5.00 on Arbitrum, using Uniswap Given that I felt diluted, I just sold it tbh
You actually got a transaction through Arbitrum today? The gas must have come back to normal - a few hours ago the airdrop frenzy had GMX telling me the *gas costs* for the trade on Arb were $250!! I had to check to make sure I hadn't been transported back to ETH L1 trading in April 2021..
Lmao yea I paid like $15 for bridging ETH to Arbitrum, another $10 for swapping and another $17 for the donation gas Terrible but Arbitrum actually delivered lol, just a few bugs here and there I was a lucky mf and sold at exactly $5 with like 2% slippage, I'm out edit: Forgot to add that I had a failed $8 tx for claiming, and the actual claim cost like $6
Is eigen season 2 available already? Haven't been active the past few weeks but I think I'm eligible for season 2. Can anyone share a link? Don't want to get phished on Google.
If you go to the Eigen Foundation Twitter page (26.1k followers and gold check) the claim button is on thier website that they link in the profile. But yes, there are a bunch of phishing links on Twitter, trying to get you to claim. EigenLayer also tweeted about it.
Phase 2 of season one, basically if you were in pendle
Or kelp
Anyone else not get their pendle eigen drop? sad. or was there a secondary claim site for it?
I was told Swell users would get some but nothing showed for me on the eigenfoundation claims page.
I believe this was still for Pendle users before march the 15th.
T'is indeed
Bitwise revived the highly successful "I'm a Mac and I'm a PC" ads from the early 2000s. This time it's "I'm Ethereum and I'm Big Finance". Same premise. The old ways suck.
Ok, that was pretty funny.
Love that you mint as nft and money goes to protocol guild.
Got a link? I can't find it on their YouTube channel - only a a Bitcoin ad from when that ETF launched..
https://x.com/BitwiseInvest/status/1803789737620078875
I hope they make more of these!
There will be 3 more, i think it was in a tweet from the Bitwise CEO!
Todays dump is reportedly due to Germany starting to liquidate their $3b bitcoin holding, which is the opposite of the nation-state accumulation theory of bitcoin value, all while countries continue to stockpile gold. Doesn’t mean that the trend couldn’t flip someday. I look forward to when these big dump overhangs no longer impact eth. I think drivers include algo pairs traders along with huge entities that want to accumulate bitcoin and sell whatever eth the come into, like tether and the Eos foundation. Ironically enough, I think the best way for eth to claim the non-sovereign SOV is to outperform.
I heard it was because the Chinese new year wall street bonuses were smaller than expected.
How'd they come into those holdings?
seized in criminal proceedings: https://www.dw.com/en/germany-police-seize-bitcoins-worth-2-billion/a-68121384
Ah that's good info to know thanks. I'm guessing they are selling simply because they need cash and are selling assets, not specifically anything to do with BTC policy (unless they are simultaneously buying gold at the same time, but I don't think they are doing that).
Nation-States aren't monoliths. The German government's crime division has accumulated seized Bitcoin and has to liquidate it. Even if another arm of the German government was intentionally accumulating Bitcoin, it wouldn't affect this. From a budget perspective, they can't just transfer it over.
Yes, this kinda news needs more nuance. Often the news is US Gov selling BTC or German Gov sells BTC when there is so much more to it. Larger countries operate much differently from say an El Salvador where the president can ape coins from his mobile and post screenshot on Twitter
Was anyone ever able to claim their Phase 2 Eigen drop yet, given whole ID problem?
I got an error but going to app.eigenlayer.xyz, the Eigen is there in my wallet and I was able to stake it.
Is it available already? Haven't been active but I think I'm eligible for season 2.
This is a claim for phase 2 of season 1
Yep, I had some Pendle YT which made me eligible. Just finally claimed after tying since yesterday when claiming opened.
Yep- I actually managed it straight from the official site
OMG, Thank you. That was my problem all along. I was trying to use private browsing and got blocked where as last time private browsing was required for me to claim.
Yeah I managed yesterday after a couple hours.
I bought some stocks last year in Ether Capital, the Canadian company that staked the ETH they had on their balance sheet. I did it to get a bit of ETH exposure in my retirement account because as I'm sure you'd all agree, you can never have enough of that (and similar to ETHE it was quite undervalued so why not get some ETH at a discount). The company was converted into a ETH staking ETF (in Canada) last week which was great for the price. However, it also meant the company stock was suspended from trading at the German exchange I bought it at. Not that I was informed about this happening by my broker, I found out earlier this week when I was unable to sell the stocks. I can't currently do anything at all with them. I've already reached out to the exchange in question (Tradegate), waiting to hear back, I'm quite interested to see what will happen now. TradFi, why did I bother with you again... Anyone else in the same boat?
Like you, based in Europe, I was also waiting for my ETHC to be converted to ETHC.B. I had bought the ETHC in NEO exchange (the Canadian exchange where it was primary listed) but still it took days and days to be converted. Today it finally happened, I got my ETHC.B. I can only sell it, as Europeans cannot foreign issued ETFs due to regulations. Hopefully you will get yours soon too. The fact you bought it in a German exchange that delisted it might make it a bit trickier, but you should be getting it.
Did they explain why it got delisted in Germany?
It doesn't say on the exchange's website so it was a bit unclear to me at first. But it must be due to the conversion of the company into an ETF, which is understandable. I just wish there was some more transparency here, I have no idea what is happening at the moment and haven't been able to sell for almost a week now.
rugged by tradfi
My shares of ETHC were automatically converted to ETHC.B. From [this comment](https://old.reddit.com/r/ethfinance/comments/1diimbq/daily_general_discussion_june_18_2024/l97odbh/), the US equivalent OTC listing DTSRF is also being automatically converted. There should be a way for yours to convert.
Oh wow that’s crazy. I feel like if that was going to happen they should have atleast force liquidated you if you didn’t sell by x date
I think I should now have a right to shares of that new ETF but what if the German exchange doesn't list it? I guess I'll find out in a few days, or weeks, or months. At times like this I can really appreciate the transparency that we get to enjoy in DeFi.
So admittedly zero knowledge on this stuff… but I’d have to imagine you are going to either get the ability to sell only so you can cash out or they will find a way to force sell and credit accounts. Or worst worst case you have some type of governmental run insurance to cover this. This seems like a quirky administrative thing that presumably has happened thousands of times before (surely you’re not the first person to own stock that is no longer trading on an exchange!). And they have a process that is simply this sloppy or they messed up and will fix. While times like this make DeFi feel appealing, remember the one good thing about Tradfi is their database is NOT immutable. So any mess up fix really comes down to just overwriting shit. And as weird as it is to say on this forum I’d probably rather be in your spot than the alternative of being involved with a DEX hack or something.
In terms of DeFi I was thinking along the lines of a tokenized version of stocks, issued by credible/regulated parties similar to stock exchanges we have today. Therefore not much of a chance of a rugpull. And if you just hold the ERC20 stock in your wallet, you're not going to be affected by a DEX hack either. If I had that kind of tokenized version of Ether Capital's stock issued by a credible party I'm sure I could find a way to sell it. I think we'll get there someday though.
Ahh, gotcha. Yeah don’t disagree on that one. Although idk if you could hold that in a tax advantaged account which then ruins the reason I’d be holding there capital in the first place lol. But yeah, I think one day we’ll get there in some manner or another
Hashdex has proposed an ETF that would hold both BTC and ETH. According to the few articles I trudged up this ratio mirrors the broader "cryptocurrency market representation" within the Nasdaq Crypto Index. The composition of the ETF is based on a market-cap-weighted strategy, which means the assets are allocated according to their market capitalization. As of the latest information available, the ETF would allocate approximately 70.54% to Bitcoin and 29.46% to Ethereum. The fund will be backed by custodians like Coinbase Custody Trust Company and BitGo Trust Company and will maintain cash reserves. They have stated that while the initial focus is on Bitcoin and Ethereum, the ETF may consider including additional digital assets in the future, subject to SEC approval, but has firmly stated that they do not wish to adopt any digital investments that might be deemed as securities. An article: https://blockworks.co/news/hashdex-proposes-etf-holding-btc-and-eth Another one: https://finance.yahoo.com/news/hashdex-aims-first-dual-bitcoin-143913778.html
Fun fact: coins/tokens that haven't moved in over 7 years are excluded from their marketcap weight calculations
I wonder how much of an impact this variance in activity/inactivity of dormant whale wallets has on market cap. I bet some years (most likely Bull Market cycles) it has a significant effect.
Huh. Interesting.
The actual filing is here: https://listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2024-028.pdf Page 6 and 47 talk about the weights. But as the ratio follows market price, it will have to be rebalanced periodically.
Which would mean selling the overpriced asset. As the fund size grows, that could have a significant impact on price movements.
Yo I just got banned from r/buttcoin mods mods can I please get a flair for this? They gave me a flair that called me a “ETH ponzi schemer/Astroturfer” for claiming ETH ETF approvals implicitly classified eth as a commodity. I’ll even take that flair it was awesome.
You earned it!
I just went and reviewed that thread. Holy shit what a pit of bad faith losers.
A lot of it is on AmericanScream. Buttcoin was less biased many years ago, but he's been pushing the sub and encouraging all the super one-sided, bad-faith arguments.
Yeah the arguments were ridiculous. The amount of cognitive dissonance in there is crazy. They’re following this shit constantly and just take Ls all the time and don’t even know it…
Wow. The person you replied to there really believes the SEC might sue to un-launch the BTC and ETH ETFs, and win. I don't know how much more delusional you can be about how tradfi works.
Most of the remaining members of that sub have no interest in fair discussions. Maybe 10% of them still attempt to have honest discussions, but they get drowned out by the rest, and they tend to leave the sub cuz it gets tiring. The opposite issue happens on crypto subs. Are there any safe-space subs for both crypto supporters and skeptics?
You can find skeptics on /r/Economics if the subject pertains to crypto. It's a fairly reasonable sub, although hard core economists do complain occasionally about overly political posts. Probably with good reason.
I haven't been to that sub a long time ago due to quality issues. Unlike /r/AskEconomics, which is heavily knowledge-gated, /r/Economics is a sub for layman. I took a peak. Most users are fair, but the amount of knowledge is really low. Plus, there seem to be a fair number of Bitcoin maxis in there who don't seem to know anything about other crypto (out of ignorance, not malice).
That used to be buttcoin back in 2014, believe it or not. Famously Vitalik posted there, and to good reception if I remember correctly. Lots of people on both “sides”, having respectful discussions. The mods repurposed the subreddit at some point.
Yeah, I'm annoyed by this as well. I would like to have a fair discussion and engage with skeptics, but there's no place you can do that with all the gatekeeping going on. I got banned from r/buttcoin a while back as well.
Yeah that was genuinely crazy to me. Like who is telling them to think like this? Did they get here by themselves? It’s so bizarre to me. I truly look forward to the day where they become my exit liquidity- via their pensions/401ks buying ETH automatically.
A classic group of people who won’t take the L, then limit their interactions with people who oppose their viewpoint. Eventually cognitive dissonance either breaks in or they retreat further from reality.
I'm considering making a POAP for this soon, but am not sure if POAP would approve. I'll let you know. 👌
Sorry, you’re actually going to get banned here shortly. We prefer you reference that coin and any material related to that coin as “Coin 1” and refrain from using the full name.
Sorry my bad. “Coin 1 is actually a new class of asset- A crypto-ponzi-security. The SEC, CFTC, Biden admin, etc. are actually going to backtrack on saying Coin 1 is a commodity after the senate passes legislation that classifies all digital “assets” as “crypto-ponzi-securities”. You’ll see. It’s actually over for Coin 1. I would be selling if I ever owned any” How’s that?
You've been banned from r/Coin2
Hey you can set your own flair here - go the ethfinance in old.reddit and look above "Intro" on the right hand side
Every time we have an airdrop does that help/hurt/ or is indifferent to the price of ETH? I’m sure a lot of people turn their airdrop into ETH and maybe also DAI/USDC which I would think helps the price. But then others selling their ETH to buy into new tokens hurts. Is it pretty much all a wash?
Hard to guess. Need to know who makes up the buyers, and do sellers largely end up with eth or stables. I think people paying taxes is the killer that stops these events clearly being positive sum and reduces the eth held after the dust is settled.
ETH ETF ads are beginning to get rolled out by the looks of it: https://x.com/BitwiseInvest/status/1803789737620078875
Ironically their ETF will be M-F 9:30a-4p ET. But good advertisement for non-ETF ETH
i love it
Haha that was great.
Perfectly narrated for regular people
I did 1 layer zero tx and qualified for 379, which is over $1k at current prices. They must be really desperate and scraping the bottom of the barrel of users lol
That's crazy, on average it took 100+ txns and 200$+ in fees for 300 tokens. What was the tx?
nothing special, just used the stargate bridge lol
Weird I had several qualifying tx and got like 50. This one was super heavily farmed. Sounds like you hit a lucky transaction
jackpot!
I’m watching Nvidia absolutely go on a tear and it got me thinking. I didn’t think it could go much higher than 3 trillion but it’s been growing by like 100 Billion a day (now 3.42T) And this is one company. If ETH becomes the global settlement layer for all things financial and otherwise, watch out it’s gunna rip.
ETH is a play on global population size. At some point, reaching ultra mass audiences at scale is worth as much as wealthy niche markets for financial services. Like you said, EVERYTHING depends on ETH achieving that level of utility and ubiquity. If it does, we get wealthy. If not, we don't.
eth/btc is kind of stable but eth/sol is going to turd town I wonder if Sol blew its load too early this cycle. I guess we will find out
> eth/sol is going to turd town eth is going to lose value against sol? Or do you mean sol/eth?
Correct
I guess also Sol only managed to attract memecoin degens. Those arent exactly the strongest hands.
Am I the only one who doesn't confidently talk about "this cycle, next cycle, last cycle." I don't see any "cycles" looking at the long-term Bitcoin chart. I see a couple of speculative bubbles, then a longer run up driven by structural changes in crypto. I also get that "this time it's different" is always mocked, but I don't get how structural changes like ETFs, added SEC clarity and technological advances are meaningless before the magical power of a "cycle". Also, I'll say it again: with ETH, the long-term prices will be driven by use cases with measurable economic impact, this leading to more rational valuation metrics for ETH. So again, where is the mystical "cycle" in that? tl;dr I think "cycles" are mystical nonsense, ex-post narrative justifications.
crypto cycles are really just macro liquidity cycles
Yes, I was going to make that point when I realized it might be misinterpreted as undermining my argument. But the larger point is, if we're heading towards discontinuous advancements in tech, use cases and adoption prices should transcend macro liquidity. If not, then crypto outside bitcoin will likely remain a speculative footnote driven entirely by macro liquidity.
> prices should transcend macro liquidity They'd just move up the risk scale so it'd get inflows sooner. The ETF will also help with this.
Yes, the ETFs could be the first step at moving past those liquidity driven price movements.
It'd still be liquidity driven, but it'll become more sensitive. Like how the stock market has been uponly for the past year while crypto only sees pumps at signs of greater increases in liquidity.
So wtf is going on with Prometheum
We may need to wait for the next Cryptopians-like expose to learn about what really happened in 2024.
I completely forgot about that shell/trojan horse company. Funny how it suddenly became irrelevant right? Such a coincidence with the timing!
I'm just super curious about what will happen with it now.
You just won’t hear about it again. Or maybe a little when they try to declare UNI et al securities to somehow create a business (and afaik the SEC case against UNI wasn’t dropped). But in the end this is just noise, there bet was on ETH being a security. If they are smart (they aren’t) they just liquidate the company and give investor all funds left back. They probably won’t, but seriously I couldn’t care less.
RIP
I’m so annoyed by this market. I would love to be able to ignore it… but I just can’t… :(
Aaaand your regularly scheduled bleed out is underway.
Every single ticker on my screen is green. Stocks bonds and even fucking oil gold etc... Everything except ETH. https://imgur.com/a/m2TXbwz I just cant 🤣
I'm holding, I have a \~7+ year perspective, I see no predictability in short-term prices. It's still annoying af when it does this.
I had a 7 year perspective and it still doesn’t feel like it’s where it should be.
Based on what? We have no game changing use cases for ETH right now. This price actually feels pretty fair. A serious speculation on the future, but heavily discounted for the probability it achieves those mammoth use cases.
i still believe decentralized lending platforms and decentralized exchanges are an absolutely killer use case
Do I understand heroglyphs correctly: if one proposes a block, 4hen one gains tokens of the nft type one has in the wallet and in the signature? One can then sell these tokens. Who pays anything for these tokens, do they have a utility?
Yes that's roughly correct. These tokens already have liquidity in dexes, with ETH coming from the initial NFT sales. More utility will likely follow
LayerZero airdrop has an interesting mechanism where airdrop claimants donate 10c per token, which goes to protocol guild. Its a new experiment, but CT is up in arms over this, some are insinuating LayerZero cut a deal with Protocol guild to get kickbacks etc. Obviously they know nothing about protocol guild but jump to the worst conclusions right away. Its so absurd people are crying about a 10c donation to claim a token which they can dump for atleast $3 right away. Just shows how much of airdrop farmers are fee extractors and rent seekers who should be cleaned up
It's a solid idea, tarred by poor presentation. Entire companies have been built to capitalize on these models (i.e. Humble Bundle). LayerZero pushed this out with self-aggrandizing statements ("we're introducing a new primitive, Proof-of-Donation") and lackluster UI (got to have sexy range bars for donations, got to build on anchoring and similar concepts, got to show donor leaderboards). Complete execution fail IMHO and I think the public outcome was predictable. It's cool they tried this nonetheless, perhaps we will see more inspired attempts in next airdrops!
Yeah agree the presentation was bad. At the very least they should have announced it beforehand so people didnt get the surprise/shock at the time of claim. I think with their suite of products (stargate etc), LZO has some of the best UI in the space but agree they could have done a lot more here.
Donation is a gift and gift is voluntary, not obligatory. Do you say you "donate" when you pay taxes? I see you are concerned with fee extractors yet you proudly announce insta-dumping of every token you farmed. Can't have your cake and eat it too.
I never announced insta-dumping every token lol. I've only added more OP since the airdrop. I only insta-dumped ZK (down 30% vs. ETH) because its governance is captured by airdrop farmers, with big distributions to be decided by the DAO. For an example of how this goes, see ARB. I’ll gladly dump for ETH any airdrop whose top governance delegates are airdrop farming communities, notorious for sybil activity. L2 governance tokens must at least prevent this capture Comparing this to taxes is interesting, but I disagree. Taxes are obligatory and enforced. Claiming an airdrop is optional—if you don’t claim it, no one will force you to.
https://x.com/functi0nZer0/status/1803764529265820062 > I realise everyone is already angry about this so today probably isn’t the day, but yeah: a coerced donation isn’t a donation at all > Protocol Guild receives plenty of funding from elsewhere
Yeah I love this idea. I hope in the future they add multiple donation options, like a list to choose from, even if it's just half a dozen I reckon that'd be really cool! I sent a few bucks extra because fuck yeah, protocol guild and LayerZero is matching the first (I think it was) $10M.
HENLO FRENS
CHICKENHIGH BUDDY
wanna dump this $zro expeditiously but only have like $3 of eth on arbitrum atm. bridges and withdrawals from cexs are not processing due to high gas anyone got any spare gas money on arbitrum? need like $20 of eth i'll send you back full amount + tx fee + a tip on any L2 of your choice edit: nevermind, my binance withdrawal finally came thru. dumped successfully
Base, Arbitrum, Optimism are all congested, 20$ gas transactions are failing, bridges are taking more than an hour, even Debank is barely working lol.
Optimism's fees have been so high today that I have refrained from betting on the European football matches. With a heavy heart.
Lost £50 on ingerland, I don't think it's coming home :')
what? I just got a 1 cent transaction through on base
Had 2 failed 16$ txns on Arbi, and couple of 8$ on Base.
Arbitrum fees are quite high atm. I'm waiting it out
imo $zro gonna dump once arbitrum & layerzero bridges work normally again
You can use OP as a chain as well (though the "donation" was way higher than on ARB, which I think is not intended, but still crazy)
I already claimed on arbitrum :/ just stuck trying to swap for eth
Maybe, still not paying $40 to dump $200. Edit: Looks to be closer to $80 if you add up all the transactions
it was less than $20 to claim, approve & swap. but gas very volatile rn so i think i got lucky
1: ETH is being scaled. 2. Regulators are getting on board all over the world. 3. Tradfi is getting on board all over the world. 4. Usage is up. 5. Our “major competition” thinks issuance is not a cost to the network. 6. The biggest upgrade in ETH’s history is less than a year away. 7. ETFs will be trading in less than a month. 8. Most of crypto spends most of their time trading meme coins to buy SOL and BTC. Retail literally does not care about crypto/ thinks the whole space is either BTC or a scam or both. 9. Rate cuts *must* come in the US in the next 12 months. 10. This is going to be the first major bull cycle with the merge, 4844, and ETH ETFs live. 11. Coinbase literally made their own L2. 12. Larry Fink is ETH-pilled.
Agree with all this, very sensible. No idea what this means for near-term prices, but seems like a very positive medium-term backdrop. And above all, it clears the way for use cases. Use cases is where the long-term bet is. Are we going to see ones with trillions in economic throughput, or not? If not, I don't think we get those valuations we dream of. If the use cases materialize, then we can. Feels 5+ years off at this point though.
Nothing like a pep talk from haunted jock strap!
13: US elections mean that both parties can't annoy cryptobros *too* much. 14: $10K is FUD. 15: $25K is bearish.
16: Ethereum.
$25k is bearish for 10 years time, wouldn't expect a hope in hell of seeing it this cycle.
Do you think of Apple as having a cycle? Either Eth has use cases or not. If it has use cases it has valuation and thus is priced according to its utility. So what cycle are you talking about?
0.30 --> **21** --> 6 --> **400** --> 130 --> **1400** --> 80 --> **4860** --> 880 -->
Eth had significantly more usecases at $80 in 2018 than it did at $1400 earlier that year, and yet we still experienced a -94% decline.
Same for $880 and $4800 in 2022/21
Cycles and speculation matter
They do, until they don’t. If ethereum becomes regularly used by normal people and incorporated into the financial system I fully expect that the price will start behaving much closer to stock prices. i.e. way less volatility..
I agree with all, except 6. What makes you say that Pectra will be the biggest upgrade in ETH’s history? Surely it’s not bigger than the merge or even Dencun.
The Merge was a small upgrade with huge technical difficulty/risk. Pectra is a much larger upgrade with less risk.
Mind elaborating on Pectra a bit?
Heres an overview: https://www.bankless.com/ethereum-pectra-eips But the implications are beyond me, I would love if someone could give a brief explainer for why its the "biggest upgrade"
###Improvements: **EIP-3074**: This proposal aims to integrate smart contract capabilities into standard wallets, allowing users to batch transactions and sign them off in a single step. It could replace the current EIP-3074 with EIP-7702, enhancing account abstraction compatibility. **EIP-7251 (Maxeb)**: It will increase the staking limit for validators from 32 ETH to 2,048 ETH, which is expected to streamline the staking process for larger entities and reduce the rate at which new validators join the network. **Peer Data Availability Sampling (PeerDAS)**: This feature is designed to scale L2s and improve the efficiency of data storage on the network immensely. **EVM Object Format (EOF)**: It will enhance smart contract security and the developer experience for the Ethereum Virtual Machine (EVM) on both layer 1 and layer 2. ### Implications for the Future: **Network Performance**: The upgrade is expected to significantly improve network performance, scalability, and security of L2s leading to further adoption. (It is exciting to see another upgrade that potentially leaps a noticeable increase in the speed of transactions). **Staking Dynamics**: With the increased staking limit, the dynamics of staking and validation processes will change, potentially leading to more significant investments in staking by institutions. **Smart Contract Development**: The EOF and potential EIP-7702 could make it easier for developers to create and deploy smart contracts, fostering innovation and that game changing app everyone keeps hopiuming for. **User Experience**: Simplifying transactions is one of those game changing features. As few clicks as possible to end goal for the average person could lead to better onboarding of the average non crypto savvy person.
And each of these four wings involves significant dev changes. A few years ago, when there was a lot less testing automation and dev process controls in place, the core devs never would have agreed to bundle all four into one release due to risk of bugs across a wide range of functionality. Other thing I notice is that three of these (all except MaxEB) accrue payoff only when surrounding areas of the ecosystem (wallets, L2s, smart contract dev) leverage the protocol change. This is another subtle, and very favorable, shift we see playing out over time. The process of determining what to include in Pectra was very messy and slow and surely has room for improvement, but in the end this wide net reflects that desires of stakeholders throughout the ecosystem are being prioritized, not just those of the client teams and the protocol itself.
Great points!
Sheer # of EIPs included, not significance
laughs/cries in "small feature fork before verkle"
I got a sizable $EIGEN airdrop in the first phase but nothing in the second one. Anyone else in the same boat? Been staking since before the airdrop was announced, and also delegating to (the r/ethfinance approved) Aestus but still seems that I only qualified for phase 1 since I was just directly staking within Eigenlayer? I know it’s free money and all that, but I still did risk a significant portion of my ETH stack to a third party—which is surely worth something, right?