Over the last few months I've done a deep dive into every way L2's are working to solve liquidity fragmentation issues in Ethereum.
Now I've summarized everything I've found in one post for your consumption!
Here's how easy it is to be scammed in Metamask vs Rabby:
@sassal0x
recently had his OP tokens stolen, primarily caused by MM showing zero info about what was happening.
Rabby shows exactly what's going on and 6 (!) warnings about it being a scam.
What happens if crypto really succeeds? I don't mean a 10x or even 100x price increase, I mean if it completely takes over the world. What would that look like? 🧵👇
Sending $20 of ETH from Base to Optimism using
@AcrossProtocol
via
@BungeeExchange
now costs 1.7c and takes 4 seconds.
Wallets can now abstract away L2's, lets make it happen! First wallet to nail the UX wins the next generation of degens.
@gladstein
Yea that's what happens when a chain is used, people pay fees which go to validators.
I know Bitcoin has been in a dry spell for a while, I'm sure people will pay to use it again someday.
@0xMert_
Wow look at all these nodes on AWS, who knew it was so decentralized!?
Photos from , thanks
@superphiz
for caring about user freedom, a true leader that pushes for what is right instead of giving up and declaring centralization is inevitable.
I've published a new post on why I believe Universal Basic Income is Capitalism 2.0, and why it's the best things we can do to get GDP growth back on track and ensure capitalism flourishes in the 21st century -
Surprised to see not a single mention of Polygons Unified Liquidity Interop layer. It's easily the most exciting fix for fragmented liquidity I've seen. (from )
DeFi is inevitable, and I'm surprised more people don't see this yet. By the end of this decade it will be obvious that this is a better way to build a financial system. Many dismissed AWS in 2010 as many technologists dismiss DeFi now. But this is coming and it's unstoppable.
At the
@SohnConf
,
@nshalek
of
@RibbitCapital
made an investment pitch for $ETH in front of institutional investors.
He discussed tokenization, DeFi, stablecoins, upcoming ETF, and ETH's potential for an emergent store of value.
Here's the must watch 7 minute clip:
It's the
@pudgypenguins
2nd birthday and
@LucaNetz
has been absolutely killing it in building an amazing brand.
As a celebration I adopted my 2nd pudgy and well, he's too cute not to be my PFP
This killer feature is called Permissionless Composability. DeFi is financial Lego building blocks that click together, and anyone can play. A16Z gets it.
International money transfers don't have to suck. They're still slow, inefficient, and have fairly high fees. With some technical improvements they could be almost free, instant and global. Here's how:
Blockchains bring us into the YouTube era. Where anyone anywhere can create something interesting and monetize it. It looks weird and zany and nothing like "real finance", exactly like YouTube in 2007 looked nothing like "real TV".
@elonmusk
@AutismCapital
The signal to noise ratio on Twitter is exceptionally bad, especially in comments. Just endless memecoin / NFT spam and scams on every post.
I have some exciting news - last week was my final week at
@Balancer
, and this week I'm joining
@blueyard
Capital as their head of crypto research!
Balancer is amazing and I really enjoyed my time there, I've just been wanting to move from coding into research for a while. I
There are many other good wallet too. I've heard good things about
@rainbowdotme
,
@0xFrame
,
@ZenGo
too. I just primarily use
@Rabby_io
Just please stop using Metamask until they get better security, if Sassal can be scammed, you can too.
Your financial portfolio could be all the things you love and spend time doing. Finding great things while they're still underground could be a viable career.
AWS won big with only Amazon employees working on these building blocks, imagine how big this will be when the whole world can collaborate and contribute. We'll finally get a functional global financial system.
I had so many conversations in Denver like this:
Them: What are you bullish on?
Me: Polygon - their metrics and agg layer tech are awesome
Them: But it hasn't pumped?
Study projects and get bullish *before* their token pumps and you'll have an easier time making it in crypto.
Today you can invest in stocks, some ETFs, a house (which you have to buy one at a time). Maybe baseball cards, gold, or art if you're really esoteric. This is the TV era - pre-set channels, created by approved institutions, that everyone follows.
In DeFi, services are smart contracts connected through standard APIs. Scaling, latency, and rate limiting is handled by the chain. Most smart contracts are immutable so you can depend on them to never change or break on you. Validation and authentication is handled by the chain.
In a few decades owning the S&P500 will be as boomer as newspapers and TV. Zoomer finances could be completely alien to what we have today. Collecting, trading and investing in Media and Entertainment is way more fun than the S&P500 or Index funds.
Reth, Monad and Eclipse (SVM) powered L2's are going to be killer this cycle. The data space is now available, Type 1 ZK proving is here, it's time to beef up execution speeds.
These little pieces of financial infrastructure look like toys now, but they are assembling Voltron style to eat away at Traditional Finance exactly as AWS ate away at self managed infrastructure.
How does this relate to DeFi? Let's look at finance - opaque systems run by different institutions with different APIs, permissioned access, custom software etc. There are huge teams of people keeping things running, validating transactions, auditing logs.
All these pieces are ok on their own, but what made them incredible was you could control them through code. Their API's were consistent and standardized, had impeccable uptime, and few issues.
Why did cloud computing win? It wasn't cost savings, because bare metal is cheaper. It wasn't flexibility, because you can do far more with your own machines.
@ESYudkowsky
Australia has a way to dissolve the Senate if they get gridlocked for too long ( ). What if the USA had a similar amendment but on a super-majority vote: "If over 75% of the people vote to dissolve government, all of congress is fired"
It started with EC2 and S3 - a server and a file store. Then they added a managed database, and messaging, and queues, and load balancers and... You get the point.
Financial firms will attempt to resist, but they will eventually capitulate, because using small pre-built services (often for free!) is far more efficient than building the same things in house.
@scott_lew_is
The argument that "L2s don't inherit security" seems to be same one as "Bitcoin can't retain value because anyone can fork it" which I thought we got over in 2013.
It's always social consensus all the way down, and some forms of social consensus are much stronger than others.
"People should take finance more seriously" you say. Yea and people should learn politics from CSPAN, but there's a reason Breaking Points and Fox News have 100x the viewers.
This is a huge difference from how companies previously managed infrastructure. They had to manually setup servers running different pieces of software with incompatible APIs. They had to deal with hard drives dying, network latency, breaking API changes, and scaling everything.
Rocket Pool twitter is STILL HACKED (after 2 weeks!) despite taking all possible security precautions.
Twitter security and support is so unbelievably bad. Lets all move to Farcaster, no one should be trusting Twitter as their main communications platform any more.
@micsolana
The solution is a carbon tax. If any other countries want to keep polluting add a carbon tax tariff to all trades with them. It's not that hard. Bitcoin mining will then naturally move to where it's cheapest, which will be renewables.
@ftlsid
I have this problem and the best job I've found so far is researcher at an investment firm.
You get to learn all kinds of futuristic tech in many fields and give opinions on what makes sense, and still get paid well for it.
If anyone has a great idea they can build it using any existing pieces today. They don't need to ask permission, pay special fees or wait around for months for licenses before they can get started.
@AcrossProtocol
@BungeeExchange
Full Math for those that care:
Sent 0.005 on Base
Received 0.00499561 on Optimism
Transaction Fee: 0.000000392328100121 ETH = $0.0014
Bridging Fee: 0.00000439 ETH = $0.016
Total Fee: 0.00000478232 ETH
Total Fee USD: $0.0174
Rocketpool Client Diversity raffle is going amazingly well but is almost over.
If you're still running Geth you've got 2 days left to switch to a minority client to win a ton of prizes!
@amandacassatt
I've never heard a single person say this.
And I'm totally happy with Bitcoin staying on PoW because never hard forking is a good attribute to have.
If someone wants to build this, let me know, I'm keen to participate. There is no money in it, this is a public good the world needs as we digitize everything.
@devonzuegel
Obsidian - Note taking tool that can act like a Wiki with links tying notes together. It's amazingly useful to create your own personal knowledge base, to ease the burden on your brain.
@paraschopra
That communication mediums shape our thinking. Short text's and faster meme's create shallower thinking which causes people to take shortcuts, leading to thinking like a tribe/hivemind instead of more nuanced thoughts.
@ojblanchard1
How can you tell if the young contaminated the old vs everyone simply relaxed their precautions based on their personal risk profile? Maybe older people took longer before they got bored and went outside again?
@Dragonikuze
@nprpolitics
@AndrewYang
Exactly! People who are doing pretty well already will give a lot more to charity and then they'll be able to take care of those struggling in their communities.
@twMattt
@drjasper_eth
Poll needs an "I don't choose stETH"
rETH has better yields in balancer, more security from being more decentralized, and is in Aave + Gravity + Balancer which is all I need in DeFi.
Something peculiar came out of the collapse of FTX that I have yet to see anyone talking about. Alameda created an investment glitch that allowed them to invest way more cash than they had available.
@0xngmi
If it wasn't rejected I'd assume it'd be a DDoS vector? As nodes would have to do the computation first before determining if enough gets returned
Can we prevent this in the future? Yes. Use DeFi! Use centralized exchanges like a public bathroom: deposit, make your trade, and get out. Don't linger and set up shop there.
There's no reason to trust an opaque centralized institution when DeFi exists.
@XCodeCarlos
@BalancerLabs
@bantg
legal text != code implementation
All TRM requests go through a lambda so users IP's aren't sent to TRM:
Lambda:
Everything is open source
The 3 most useful DeFi tools:
-
@Rabby_io
- Rabby Wallet - 10x better than Metamask
-
@BungeeExchange
- Aggregates all the Bridges
- - Aggregates all the DEX's
@yugacohler
Nah, ETH is obvious. Courageous is buying Cardano after it's already pumped despite doing basically nothing for years and still sits at a market cap 100x what if should be.
@0xfoobar
Rocketpools tokenomics are 2nd only to ETH. Most people still don't realise you get 142% ETH rewards running a Rocket Pool node vs solo validator AND bonus RPL rewards.
But yes they do need more BD, they've needed it for years.
- Yay a non-profit bringing Ranked Choice Voting to Seattle! If you want to see more independents in office and break the two party system, this is the way to do it.
My first thought is: if you are overpaying for security and cut everyone's pay in response, the people that stick around are the ones getting paid out of band in other ways.
I wonder if this would encourage more toxic MEV in order to stay profitable, as those who don't engage
The proposed change to the $ETH issuance curve is a slam dunk
It aligns with the social contracts that
#Ethereum
has established
- Minimum Viable Issuance
- Eliminating trust
- Empowering individuals
Protect raw ETH!
I put my thoughts in the episode linked below👇👇
"Democracy was a reallocation of power in a time of kings. The Freedom Dividend is a reallocation of power in a time of billionaires." -
@scottsantens
#YangGang
#IowaCaucuses
@safetyth1rd
Need more like
@sassal0x
, but he's not as popular as the grifters because he doesn't hype the shit out of everything, just explains what's up.
For more in depth explainers
@TaikiMaeda2
and
@JustinCBram
are great. Tons of good podcasts too (Bankless, Empire, Unchained)
@DavidOAtkins
I think
@AndrewYang
has the right ideas. It's about showing there's a better way and better path, and doing root cause analysis. People fall into extremism when something is missing from their lives and they don't see hope for improvement.
@sassal0x
Other signs of death:
- Gas fees too high (because too many people are using mainnet)
- L2's are too expensive and breaking (because even they have too much usage)
- Too many L2's being launched, this obviously fragments liquidity which = death
We can build a centralized stablecoin that is:
- scalable
- profitable for the holding company
- zero bank run risk
- no risk of it being under-collateralized
Here's how:
The backing asset should be the most decentralized USD stablecoin, which is currently DAI, and it should be on a privacy L2 like Aztec network so that transactions are cheap, secure, and private.