This is THE definitive deep dive on Ethereum’s ambitious roadmap.
Special thanks to
@dankrad
for your insights and review!
AND we made an exception to open-source this
Give me an hour of your time, and I’ll save you months of work
Enjoy
@VitalikButerin
gave us An Incomplete Guide to Rollups
I present The Complete Guide to Rollups :)
Ok not quite but gud meme
Enshrined (FINALLY), sovereign, smart contract, recursive… I go deep their tech + economics
Ya it’s long, but tons of memes
Called it: Every subnet will eventually issue its own asinine token and try to cannibalize AVAX (except they won’t pay a penny back to Avalanche, unlike rollups which will pay tons of fees back to Ethereum) 🤡 lmao
This is the complete guide to:
- Sequencer decentralization
- Shared sequencers
- X-chain atomicity
- MEV-awareness for rollups
- Where SUAVE fits in
- Decentralizing proving
just one more modular vs monolithic post bro. i promise bro just one more L1 vs L2 and it'll fix everything bro. bro. please just one more. one more post and we can fix this whole problem bro.
In case you couldn't tell by my twitter feed, I've been looking at MEV lately
This is my first MEV report of possibly several I plan to do ahead
It gives a lay of the land today, how we got here, and looks ahead
Don’t take seriously ppl drawing definitive conclusions based on Ethereum L2 fees rn
4844 is awesome, but the pricing data rn is literally meaningless
Anyone’s guess what it looks like as it stabilizes
Stop over promising bc Mert is gonna bookmark you & ratio in a few months
I analyze the endgame for:
-Proof-of-stake (PoS)
-Liquid staking tokens (LSTs)
-Dual governance
-Proof-of-governance (PoG)
-Restaking & PEPC
I reconsider their merits from first principles & push back on popular notions including economic security
This is a detailed functional Ethereum model including long-term roadmap items
Flexible to easily run any scenarios/timing (eg, when 4844, danksharding, rollup data compression rates, staking rates, fees, MEV burn, issuance, etc)
In the most confusing mix possible, managed to:
-Disagree with most Ethereum people
-Agree with
@aeyakovenko
-Agree with
@apolynya
-Still bullish ETH (NFA @ Gary)
EIGEN is finally here, and it unlocks huge new innovation!
The whitepaper introduces EIGEN as the first “universal intersubjective work token”
That’s a mouthful so let’s explain it simply…
Quick personal note - today’s my last day
@Delphi_Digital
Research
I’m incredibly grateful for the entrance to crypto they gave me this year & the opportunity to work alongside some amazing people!
Excited to continue driving crypto forward for years to come 🫡
TRUMP > TREMP
but
BODEN > BIDEN
&
BODEN > TREMP
My operating theory has been that this is because Biden has 0 rizz, and thus needs to be memed
Trump is the ultimate meme of a human, & thus any derivative meme is necessarily below the original
Efficient meme pricing here
Everyone is talking about the merge, but what does it actually look like?
And how will Flashbots' MEV-Boost soon play a huge role in Ethereum? Quick thread
Introducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins.
We’ve raised $20m from
@Paradigm
and
@StandardCrypto
to build the L2 that helps you earn more.
Details on how to get early access at the end of the thread👇
Grab your popcorn as two of the biggest gigabrains 🧠 around finally get together
Filming next week on
@PodcastDelphi
-
@dankrad
from
@ethereum
and
@jadler0
from
@CelestiaOrg
get into the nitty gritty of the exciting modular stacks being built
Some of the topics we’ll hit 👇
LOWER: BlackRock has just cut the fee on its spot Bitcoin ETF to 0.25% (and 0.12% for the first $5b). They really going for the jugular here, looking to crush the others bf they even born, just brutal. ARK has also cut to 0.21%. Bitwise curr low at 0.20%. Terrordome life.
Larry Fink is on CNBC this morning bullposting tokenization of everything and a coming ETH ETF
Meanwhile Cramer is screaming that Bitcoin has topped
If you need to ask anything else you can’t be saved
My thoughts on Vanguard gating access to spot bitcoin ETFs?
Here you go.
A move like this simply doesn’t resonate in 2024. Financial services industry continues moving *towards* greater accessibility & investor empowerment, not away.
via
@joelight
It's out!
I asked
@dankrad
and
@jadler0
about
@ethereum
,
@CelestiaOrg
, and everything modular
Both projects are spiritually aligned in their focus on scaling without sacrificing on user protections
Notes and takeaways below👇
New post is LIVE!
- LST design considerations, including the LSM & ETH variants
- LST market structure & incentives across ecosystems
- How
@stride_zone
offers the leading multichain LSTs
- Unique
@CelestiaOrg
LST considerations
- Why stTIA is modular money 🧱
Just dropped my first report
@Delphi_Digital
!
I took a deep dive into valuing the top L1 native assets
What makes number go up, and does it even matter?
What are these things - equities? commodities? bonds? money?
- Everyone hates ETH, L2s are dead
- Everyone max bidding ETH beta lately, but ETH barely moved
- Restaking & related airdrops will inject massive amounts of capital, ETH is central
- Celsius been dumping
- ETH ETF narrative t-minus a few hours
Missing anything?
agree Eclipse is obviously positive for Solana
its just also clearly positive for Ethereum, & ppl have a hard time reconciling “wait how can it be good for both?????”
fair argument who “wins more” on relative basis, but neither is the loser here
it’s not one or the other
seeing awful takes about Eclipse, an SVM based ETH L2 and how this is "bad" for Solana
pls don't fall for such non-serious comments
this is extremely bullish for Solana
this is open source software, if it's as great as we say — it'd be much more concerning if it *werent* being…
Encrypted mempools as a tool for MEV & censorship
This post is largely built around
@drakefjustin
's great presentations on the topic (links in post)
They're pretty complicated (at least for me), so I tried to break them down simply then expand a bit
Recent months will likely prove to be very positive longer term for Ethereum, its L2s, & ETH
They’re not going away
First time in a long time that the crazier views & narratives from the past few years were forced to reevaluate
Valuable reminder that nobody’s won anything
One thing i worry about is whether all the apps which decide to launch their own chains just end up being generalized smart contract chains eventually — especially given market seems to incentivize this.
Seen similar w/ Sei and Injective but not LR good idea
A person I have known for more than ten years, who I consider trustworthy, is convinced the BTC ETF will shortly be rejected. I don’t know anything concrete, but if I were exposed, I would be concerned.
“The world needs another venture capital fund” - Literally no one, 2009.
“The world needs another crypto fund” - Literally no one, 2023.
“The world needs another crypto fund” - DBA, 2023.
Shorter followup on more directly why the bridge ≠ rollup thing matters
Focused on practical & social implications here
Thank you to
@stonecoldpat0
and
@kobigurk
!
this direction is cool, if theres gonna be a bunch of chains feels inevitable we'll need some form of ZK aggregation = unify + verify
for fun max hopium also check out
@drakefjustin
recent reddit post from EF AMA on universal synchronous composability
Until now, blockchain scaling had 2 paradigms: Monolithic & Modular
Introducing the next one: Aggregation
A novel solution combining the benefits of monolithic & modular designs by unifying liquidity via safe, near-instant atomic cross-chain txs using ZK proofs.
Feb Mainnet 👇…
The Tornado Cash sanctions reignited the debates at the very heart of crypto in the strongest way since I’ve started following the space (admittedly a relatively short time)
I’ve been thinking a bit more about it tonight, so I’ll offer my rambling thoughts here
Research Day videos are finally out!
Thank you again to everyone involved!
We’re really thankful that so many amazing people made the trip to come together for an amazing day
Individual talks and links below:
We’re happy to share that the Research Day videos are finally live!
Thank you again to all of the incredible speakers and our amazing co-hosts:
@CelestiaOrg
@__geometry__
@robotventures
research lately on ETH PoS issuance has been very good but I remain very opposed to any changes rn
initial curve was somewhat "eh feels about right" but the new one is fundamentally no different
these tweaks try to solve an unsolvable problem of fundamental tradeoffs in PoS
No tricks, no fine print, and absolutely NO POINTS!
Just hold stTIA, and every day you'll receive an allocation of STRD proportional to your percentage of the total eligible stTIA supply.
You can claim your fully liquid STRD six months after the day it was allocated.
🚨Private orderflow & the block builder market🚨
Recent censorship concerns are thankfully waking the community up to some of the threats that we need to build around
But now we need to talk about the next topic nobody is talking about yet - exclusive private orderflow
Before throwing more rocks at Flashbots, ask yourself two questions:
1) Where would Ethereum be without them right now?
2) Do you honestly think they've been ill-intentioned in their actions?
@CelestiaOrg
is building one of the most important projects in crypto which will be central in a modular world. I tried to capture that here in a comprehensive form for more people to learn about an incredible upcoming launch:
Mass adoption to crypto via rollups with ETH being the defacto money for stuff like is the ultimate ETH bull case btw
Not a DCF on Ethereum fees, how much is burned, etc.
@KyleSamani
>Using Celestia for DA siphons all value away from ETH
>Problem with TIA is DA is not valuable
So then they’re not siphoning any value away lol? Can’t have it both ways
The arguments for/against ETH issuance changes are good
The personal attacks on people for/against ETH issuance changes are incredibly stupid
Y’all really need to chill, the people driving both sides are well intentioned and well thought out
7/23) Since if core devs did decide to increase gas limits overnight
They could simply ship client software where the default max gas limit is increased, making it so
Exposing the true power the core devs have over the ETH protocol, for better or worse
We are at their mercy
Absolute must read!
Most comprehensive breakdown of Solana vs. Ethereum fee markets & block production
Including in- & out-of-protocol proposals for Solana like multidimensional per-account fees & scheduler improvements
Was a ton of fun collaborating on this one!
Eclipse is Ethereum's first SVM L2.
We’re dedicated to advancing the SVM and other aspects of Solana architecture, starting with the fee market.
Our piece analyzes Solana & Ethereum's fee mechanisms, focusing on proposals to improve Solana's fee market.
This dude gets a date with this lovely woman and proceeds to mansplain ROLLUPS to her in a printed 29 slide deck
This guy is going to be single for a looooong time 😂
Here’s another approach:
1. Ask her what she thinks of restaking
2. When she gives you a perfunctory…
A girl I was going out with asked me to make a powerpoint explaining "Rollups", I did.
I've used it on 3 other dates since then whenever "Rollups" confusion comes up.
They all now keeps talking about this fking guy named Jon Charbonneau. Tf?
New episode of Bell Curve with
@aidan0x
and
@jon_charb
is LIVE.
This episode isn't part of the current season, it's a special based on Jon's phenomenal treatise modular money, Stride and LSTs.
This is one of my favorite pods I've ever done, hope you all enjoy!
Rollups can be decentralized with 1 default sequencer/prover
L1s like Solana can be decentralized with relatively beefy full nodes
Stop blindly saying either is always centralized, thank you
for convo over what to use as chain's gas token, its often cited that users prefer USDC
this misses that it makes no sense for chain to take platform risk of embedding centralized product alone
use ETH under hood & abstract away for users ability to pay whatever (inc USDC)
Updated website!
Aggregated all my posts across platforms from the past year, will use this going forward
Improved UX readability to save ur eyes on the super long posts (scrollable table of contents, dark/light mode, etc)
@TusharJain_
Comes down to:
Additional security, network effects, liquidity, etc received from Ethereum > fees paid to Ethereum
Rollups pay relatively small amount as is, and after EIP-4844 in ~1yr that cost falls off a cliff
Throwing away eth network for a few grand a day would be nuts
@dankrad
@smsunarto
@0x_cooki
@zengjiajun_eth
I don't think its fair to draw a black and white "profit maximizing" or "not profit maximizing" here, clearly these are systems to enforce social consensus, I think we'd all agree there.
But its circumstantial depending on the specific mechanism, the social contract around it,…