From 1.0 (prediction markets) to 2.0 (Ethereum infrastructure) to Gnosis 3.0 - a collective of value and economically aligned projects that is potent enough to tackle complex problems like revolutionizing payments!
Must read if you you want to know what Gnosis is!
🦉 Major Announcement 🦉
We are thrilled to introduce the vision and roadmap for Gnosis 3.0!
Dive into our journey, our current ecosystem, and the future we're building at Gnosis. ↓
🧵
🔗
Testing capacity in Germany will be increased by up to factor 10 to up to 400,000 a day (!) by doing pooled testing. E.g mix 16 samples and if negative - all are negative, otherwise binary search for the positve(s). Could of course be used worldwide.
The Ethereum beacon chain experienced a 7-block deep reorg ~2.5h ago. This shows that the current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain! (proposals already exist)
We reached another sad milestone in censorship: 51%
This means if the censoring validators would now stop attesting to non-censoring blocks they would eventually form the canonical, 100% censoring chain.
To make it crystal clear: WETH is a very simple smart contract - think of it like an adapter. You will ALWAYS be able to convert ETH into WETH and WETH into ETH at a 1:1 rate without any risks. This will be true as long as Ethereum exists.
If you are new to
#blockchain
(s) and you wonder wich of the top 100 from coinmarketcap will win - you should realize that 43 of those „coins“ are ON the
#ethereum
blockchain.
@novogratz
don't say "Russian" here - there are thousands of Russians in Russia taking a high risk to protest against war. Important to distinguish people from a regime.
Yes, part of my web3 dream is that a catholic, a muslim and a LGBTQ+ activist can work together in e.g. a DAO to build shared infrastructure for the world despite many different believes.
After 7 years of dreaming about it, discussing it, dismissing it, adjusting it and finally implementing it,
@CirclesUBI
- "universal basic income on the blockchain" - or just "better money" went live today!
Yes - they stopped the tank with bravery but also by the fact that the Russian soldiers don’t want to be there.
EU should give asylum to every Russian soldier laying down arms.
Time to bring back attention to "Shutterized Beacon Chain" -a concept that allows to optionally encrypt transaction and get them included into the chain before the content is visible to anyone. Greatly improving censorship resistance and reducing malicious MEV.
However - I think it is a strength of the Ethereum community to openly discuss all challenges, and spend more energy on finding a better solution, instead of spending time defending an issue.
Out of the last 20 blocks, 11 used MEVboost. All those blocks have been built by Flashbots which censors transactions to Tornado. Meanwhile, the adoption of MEVboost is rapidly rising.
How do we fix this?
Can a DAO sell 10k ETH without trusting a market maker or getting rekt by sandwich bots? The answer is yes! Just ~15m ago
@ENS_DAO
sold 10k ETH for $16.226m via
@CoWSwap
. With a slippage tolerance of 0.5% $80k could have been stolen via MEV but it was fully protected!
Seems like USDC has indeed blacklisted the
@TornadoCash
contracts, meaning if you had USDC deposited in Tornado you can not access it anymore even if everything you did was perfectly legit and legal.
To be very clear - until they add fraud proofs - all the ~$3b that are in the Optimism and Base bridges can be taken out any time, and users can do nothing about it.
Not sure under what definition this is called non-custodial.
MicroStrategy has purchased an additional 660 bitcoins for ~$25.0 million in cash at an average price of ~$37,865 per
#bitcoin
. As of 1/31/22 we
#hodl
~125,051 bitcoins acquired for ~$3.78 billion at an average price of ~$30,200 per bitcoin. $MSTR
Reminder: Saying POW has worked the last 12 years so it will in the future, while the security budget ratio is constantly getting smaller is like sitting in a boat with water pouring in constantly and saying: it did not sink in the last 12 min so it will not in the future.
"The
@safe
will be your new self sovereign bank account"
What started as a vision is today a big step closer to an indisputable reality. I just did my first regular EURO SEPA transfer triggered from a Safe transaction on
@gnosischain
. Great work
@monerium
!
Call me crazy, but I think a chain's value should come from the utility it provides. Ethereum is fundamentally offering block space. Currently users are paying ~$2.5b per year for this block space and ultimately this is a measurement of the utility Ethereum provides. (1/6)
I firmly believe the only applicable use for the internet is Email! Everything else is a scam!
I mean, honestly, what can you do with the Internet that you can not do with email? Give me one example! Why a website if you can just email the content to people.
@ErikVoorhees
You can believe that everything other than Bitcoin is a scam and not be toxic, if you firmly believe that Bitcoin is the only applicable use for a blockchain.
I think it’s more understandable to have cynicism than optimism towards “blockchain”.
The Ethereum beacon chain experienced a 7-block deep reorg ~2.5h ago. This shows that the current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain! (proposals already exist)
Have not written a contract in a long time - but here you go: If you have the suspicion that any address is censored on Ethereum and you want to establish a track record which miners/validators are participating in censorship - this contract is your friend!
A short thread 👇
a) We can’t increase the block size to 2MB because than consumers can no longer run a full node.
b) $40 fees are just fine🍾. Bitcoin is not meant to be for consumers anyway or business that can’t afford a $40 tx fee.
Couldn't agree more!
@gnosispay
is:
* layer 2 using zkEVM
@0xPolygonDeFi
* account abstraction
@safe
* gasless transactions
@gelatonetwork
* stellar on and off/ramp
@monerium
And thanks to our Visa integration you can use all of that frictionless at 80m merchants worldwide!
The next step for crypto is to make payments instant and free globally.
This will take lots of work from all of us, Coinbase included, getting layer 2's integrated, better on-ramps, simpler UX/onboarding, etc.
A magic threshold would be getting the average payment under 1 cent…
Why didn’t PayPal launch their stable coin on a specific L2 with cheaper fees?
Well, by launching it on Ethereum they essentially launch it on ALL L2s!
Even if Elon should get into Ethereum now - let’s not get too excited about it. He has (so far) fairly little understanding of the space and just seems to be messing around.
Today the vote about a merge between
@gnosisPM
and
@xdaichain
chain has started that would - if accepted - lead to the creation of Gnosis Chain - hopefully an important piece in the wider Ethereum ecosystem.
A thread 👇
Quite a problematic tweet. Either you act on it which would mean you make a trading decision purely based on a highly speculative tweet which is a terrible idea. Or you don't, just so that Paul might come back in a few weeks and say: I told you so!
A person I have known for more than ten years, who I consider trustworthy, is convinced the cryptocurrency economy will shortly experience a systemic risk. I don’t know anything concrete, but if I were exposed, I would be concerned.
This, unfortunately, shows that the analysis by
@gakonst
and
@VitalikButerin
here was too optimistic when the article claimed re-org stability will improve in POS over POW.
We have not seen 7 block reorgs on Ethereum mainnet in years.
Tomorrow, exactly 1 year after the Gnosis Beacon chain launched it will merge with Gnosis Chain and replace a limited set of <20 validators with over 100,000 validators from all over the world. It will turn Gnosis into the chain with the second most validators and closest to Eth.
My claim is: even for Ethereum to become a settlement layer for L2s it needs to increase its block gas limit - a modest increase by e.g. 50% would already matter a lot and is absolutely possible (validators can vote for this any time).
I am not tweeting this because I want to be negative or dunk on a project. I am only tweeting this because I really like the project and I would be building it I would hope people give me honest feedback.
The current state of
@gitcoin
is almost unusable.
Ok - starting from zero - I will now set up a trading bot that crawls the internet to get information about recent topics, evaluates them and uses the result to make autonomous trades on prediction markest.
Let's see if I can get it running in <15 min.
GO!
Wow - just wow.
@Hetzner_Online
(one of the most popular cloud providers) completely banning Ethereum user.
#stakefromhome
has never been more important.
This is a very sad day for privacy on and around Ethereum. I hope the community will find ways to respond to this attempted to criminalize users that are seeking privacy.
@TornadoCash
Going thru the list of sanctioned addys ()
Includes TC Donate address, Proxy address, Gitcoin grants address (!), TC Router, the USDC 100 pool, 100 DAI pool, 10 ETH pool, 100 ETH pool, 1,000 DAI pool -- appears to be every TC-related wallet they could find
A
@gnosisSafe
(and any other smart contract wallet) is always chain specific! You do not control this address on other networks or L2s. This is why we have been pushing for the adoption of EIP3770 to make this more obvious.
We failed hard at explaining this, so let me share why the next millions of users will start as a 1/1
@safe
user, what the big advantages are, what we are doing to make every account on
@gnosischain
a Safe and how this will look completely different from the team Safes you know.
.
@liamihorne
dropped the wildest ethereum pro tip I somehow never thought of, use a 1 of 1 multisig so you can rotate keys without changing your address 🤷♀️
I remember the time when great foreign exchange rates were a reason to switch to neobanks. Now compare Revolut vs
@CoWSwap
on Gnosis. Together with
@gnosispay
, every wallet can build a better onchain neobank!
The number of blocks that will not include transactions to Tornado is one thing. What troubles me more is that there is no wide agreement that this needs to be fixed.
Some mental gymnastics going into explaining why POW helps renewable energy. IMO it's all BS. Argument goes: energy producers can turn on miners to use temporary excess. However, were this point is can change daily with the price of Bitcoin - so will hardly increase stability.
@TrustlessState
We are violating a core promise of Ethereum to be a neutral base layer. If specific contracts get different treatment at the base layer it is not neutral. If this is possible than also any other form of extra rules around contract use are possible.
If you want to go from a stable coin on any chain to € SEPA transfer
@monerium
is likely your best option. With using
@ConnextNetwork
or
@HopProtocol
you get stables cheap and fast bridged to Gnosis and there you'll find the best liquidity for €.
Congrats to
@gnosischain
and
@monerium
.
I'm paid in USDC and try to get EUR on my company IBAN.
It costed 1bps xDAI to EURe and 26bps from EURe to USDC compared to the market USD/EUR price from Yahoo Finance.
Tx fees were less than $0.01.
I will not be one of those voices underestimating Libra. I see it as a big competitor for Ethereum. However, for blockchains like Ripple or EOS that have chosen to trade in decentraliztion for some other benefits I see almost no chance to compete.
"Bridge hacks are one of the largest problems holding us back but L2 will solve that!"
If you think that: think again! Because the majority of bridge hacks are not "bridge operators" getting compromised but bugs in the smart contract systems. Those can (an will!) happen with L2!
What is Ethereum actually used for? Seeing the number for scams and ponzis dramatically reduced compared the the last 20/21 bull run makes me optimistic!
You can tell me all day why a protocol does not NEED a token. But if you can make $100m move in 2 days, just with token incentives, I tell you that projects that use their tokens wisely will just crush those without.
Really would like to understand who is supplying ~$570 million in stables to Aave at less than 3% when you can easily get 5% by supplying, or even just holding, sDAI.
.
@GnosisGuild
created a powerful new primitive: “mechs”.
Now any NFT can:
A) own tokens
B) own other NFTs
C) be a singer in a
@safe
D) control an ENS name
E) deploy contracts
F) really anything you can do onchain
If you transfer the NFT you also transfer all those things!
Re-entrency bugs, dangers of delegate calls and self destruct, …
The EVM, Solidity, developer tooling and awareness was hardened over many years with many painful incidence. Today that process kicked off for Solana. Root cause was deep down in the Solana stack.
Thanks to
@DAppNode
and
@Avado_DServer
I could set up a
#Ethereum
full node literally by just plugging in this device. Took less then 2h to have the chain fully synced.
I have now configured my
@metamask_io
to use my own personal full node instead to rely on
@infura_io
.
Last cycle topped at ~$1400 and then found its bottom at around $80. Potentially we found this time a top at ~$4200 - the same decline would mean a bottom of $240.
I don’t assume this to happen but if you think this is impossible you are delusional.
For you degens: the FED ICOed tokens but then did not act according to the roadmap in the white paper and changed parameters so prices plummeted. Now they manipulated price oracles and fixed them to ICO price to prevent liquidations on lending markets.
THE BIG 4 US BANKS just got a $210bn Fed bailout. How? Fed's new BTFP facility allows banks to borrow against the negative collateral value shown on the graph *AT PAR* instead of at market value(!!!). The big 4 have $210bn of these losses...
#privatizedprofitssocializedlosses
We have become used to it, still, I think the fact that you can send >$1,000,000 within 5 sec to anyone in world at a cost of $0.000655919 on a system that just crossed 150,000,000 tx and did not had a single minute of downtime in the last 5 years is pretty amazing.
@gnosischain
My talk about "The Limits of L2" is online:
It discusses technical limits, neutrality issues, challenges from missing L1 ossification, security of native assets, and proposed solutions towards an "Inter Ethereum protocol".
The
#Ethereum
network processed over 1 million transactions in the last 24h at a average price of ~$1. If you see
#Ethereum
as a company it is on a very good way to generate > $1 Billion in revenue in 2018.
Over 50 people are working towards the mission of
@gnosisPM
now.
For the next 5-7 years we do not have to touch our ~200k ETH reserve to continue that. With POS coming we actually expect to never sell them.
ICO projects that raised their funds in $ETH have been cashing out to cover expenses, contributing to ether's slide, according to this
@business
article.
Gas prizes spiking because of a ton of regular ETH transfers related to Binance.
a) they are using a really inefficient script to consolidate funds and are massively overpaying transaction costs
b) something fishy is going on
Say what you want about the Solana phone but someone needs to break the App Store monopolies and turn phones into devices actually controlled by users.
I heard just today about 3 serious incidences that all boil down to the problem that users do not understand what they are signing.
I am afraid we will see much more sophisticated attacks and it will be a major challenge for wallets to protect users from "Yolo signing".
Four month ago we released the "Agnostic Relay" with the goal to reduce censorship on Ethereum.
Today Agnostic took over spot 1 and delivered the most blocks!
🧵 how we became part of the game but how we also think the game is broken and it needs to change fundamentally!
As much as I like
@WalletConnect
and appreciate their crucial role in bringen standards to connect dapps to wallets - the fact that they shut down a service and now hundreds of dapps don't work anymore shows how far away we are from the original "Mist" dream.
"Account abstraction is now live on Ethereum" created a lot of confusion. So here is a handy chart. Smart contract wallets do "meta transactions" and somehow they need to be included in the chain and 4337 is simply now one more way to do it.