Flo

Everyone talks about proving things with ZK. Few talk about who decides what is worth proving. Zero-knowledge proves that a statement is correct. It does not decide whether that statement matters. As Ethereum becomes more private, trusted attestations become infrastructure, not an accessory.

Over the past year, @SkyEcosystem and @ethena generated almost identical fees. → Sky: ~$413M → Ethena: ~$362M But they differ on protocol revenue: → Sky: ~$240M → Ethena: ~$12.4M The difference comes down to their business models. Sky earns from borrower fees and yield on stablecoin collateral. It keeps most of it at the protocol level. In comparison, Ethena earns from hedged collateral (funding and basis trades). Most of that goes to sUSDe holders as yield. This makes Ethena more exposed when funding rates drop. You can see it in the 1m TVL change over the past month: → Sky: +0.5% → Ethena: -16% Both generated hundreds of millions in fees, but Sky captured more value for the protocol.

@Smart_Money Blockchain? Sieht man nicht wer der Absender war?

Du checkst dein Wallet, weil eine Benachrichtigung kam. Da liegen 100.000 USDT, die du nie geschickt bekommen hast. Falsche Adresse, ein Fremder, ein Zahlendreher. Es ist einfach da. Zwei Stunden später, jemand Postet den Vorfall: jemand fleht, das sei sein ganzes Erspartes zurück haben will. Weg A: Behalten. Es ist On-Chain deins - Not your Keys not your Coins. Und 100k ändern alles. Weg B: Zurückschicken. An einen Fremden, dessen Fehler dich nichts angeht, während dein eigenes Konto knapp ist. Weg C: Warten, schweigen, schauen ob wirklich jemand kommt. → Dein Kumpel: "Not your problem, code is law." → Deine Mutter: "Das ist Diebstahl, egal wie du es drehst." → Der Zyniker: "Beweis erstmal, dass es wirklich seins ist." → Deine Freundin: "Könntest du damit ruhig schlafen?" → Dein Gewissen: leise, aber es geht nicht weg. Welchen Weg gehst du - und welchen wirst du bereuen? 👇

Congratulations to both teams. Large coverage limits make headlines, but limits alone don’t tell the full story. The important questions are: • What exactly is covered? • Who receives the payout? • Which slashing scenarios are excluded? • How is the capital backing structured? We reviewed the cover here: reputa.xyz/cover/nexus-mu…

Every protocol says, "Our users are protected." We built a checker that reads the blockchain instead of the marketing page: reputa.xyz/covered Paste any treasury. Most show ✕. Enter a protocol below and we’ll run the check in real time.

@coinbureau And this is true! Ore there are probably 1 or 2 workflows where they'll pay more, but we'll see.

JUST IN: 💳Visa says AI agents will use stablecoins for tiny payments worth less than $1.

The digital on-chain broker is just a few blocks away

🤔

Shift happens. Create anyway.

@ethdaily ETHERIUM is dead

Over $40b of DeFi TVL is [on Ethereum]

"gönned "myself a mint today: my wallet's track record as a soulbound badge on @0xPolygon . survived the last cycles, might as well have the receipt on-chain. you can't trade it, you can only earn it. :P

We love art 🖼️

⚠️ "Ill Bloom" is actively draining crypto wallets. Some wallet apps generated weak recovery phrases attackers can guess (disclosed by @coinspect). Hardware wallets & most current apps are safe. reputa now flags it on every scan, with a 1-click check. reputa.xyz

@ETHGlobal GM

gm builders

Validierung kommt vom Schaffen, nicht vom Shoppen 👷‍♂️

🟩🟩🟩🟩

Two weeks ago, Ethereum researchers met in Berlin to continue charting the protocol's long-term trajectory, following along discussions with client teams in Svalbard in April. The updated strawmap is at strawmap.org, and I attached a picture of it to this post. My own high-level takeaways: * "Lean Ethereum" is not a single one-shot upgrade, it is a collection of improvements that will come online to the Ethereum network over the course of three or four years. But make no mistake, this IS the third major iteration of Ethereum in the same way that the Merge was the second. Almost every major piece of the protocol will be replaced: - Verification through recursive STARKs, rather than direct re-execution. Recursive STARKs become an enshrined first-class core component of the protocol - Replacing everything quantum-vulnerable with quantum-safe alternatives - Consensus: decoupled available chain and finality, one or two-round finality. Theoretically optimal security properties, simpler than today, and faster than today - Multidimensional gas - State: not just tree structure, but what *types* of state are available - Changes to client architecture ... At the same time, simplification, cleanup and future-proofing. And this will all be done in a way that minimizes disruption to existing application. We've done this before (the Merge), we can do it again. * H-star (aka Hegota) is probably Ethereum's last thematically "pre-Lean" fork. Starting from I-star, most of everything we do will have a very strong "Lean" feel to it in one way or another. * Privacy is no longer an afterthought, it is a first class goal. When designing Frames, the mempool, additions to the state tree, we explicitly ask the question "okay, how do quantum-safe, intermediary-free privacy protocol transactions go through this, and what is the overhead?" * Formal verification of everything for security. * FV also makes us much more comfortable with canonicalization (having pieces of the protocol that are directly defined as a piece of bytecode expressed in some language). evm-asm is being written in part to become a canonical proof system for the EVM. * Quantum safety has shifted up a LOT in priority. This adds a lot of work (eg. finalizing a quantum-safe blobs design has become urgent; this work has already been ongoing for months) * Probably the single most disruptive part of the plan is the changes to state. There is growing consensus around leaving present-day-style "dynamic state" mostly unchanged, but scaling it only a medium amount, and adding new types of state that are more scalability-friendly (eg. no need for builders to sync/store all of it) but more restrictive, and that will scale a large amount. eg. possible Ethereum in 2030: 2 TB of present-day-style (dynamic) state, and 100 TB of new-style (scalable but restrictive) state This "new-style" state would work very well for ERC20s, NFTs, many defi use cases, but not eg. highly "central" objects like Uniswap contracts, or onchain order books, or other complex things (which are crucial for Ethereum but which only take up a small percentage of state) Hence, it will not be *necessary* to rewrite any apps, but it will be *very cost-effective* to eg. rewrite an ERC20 token into a newer design that uses a new type of UTXO storage that is currently being explored, so that it will have >10x lower txfees. Design of these new state types (current ideas: keyed nonces, ring buffers, UTXOs, statically accessible state, temp state) is an area where we will need a lot of feedback from application developers (incl. privacy-friendly application developers) and probably several rounds of rethinking and iteration. * In the context of a much larger total state size, we need to figure out the incentive issues around who stores this state and what motivates them to. Even saying "each node stores 1%" is not good enough - why do they store that 1% and why are they willing to serve it? This is being elevated as a first-class research area. * Ethereum will need to have a "VM" other than EVM in one form or another - at the very least, we need something like leanISA for recursive STARKs - and the gains are large in exposing it to users so that we support programmable privacy and better scalability. Right now, the most likely contenders are leanISA and RISC-V. My own ideal is that in this world, we adjust the protocol so that the EVM becomes a high-level-language compiler-level feature, and the protocol only "sees" RISC-V / leanISA directly. But this is still far away. * Gas limit increases, blob increases and slot time decreases will happen many times over the next ~5 years. We expect a large gas limit increase with Glasterdam. Each step of increased scale or decreased slot time is a matter of getting to the point where it is safe to do it, which comes from a combination of client optimization and protocol changes. Ethereum is CROPS. Ethereum is scaling. Ethereum is reinventing itself. Onward.

Building Reputa has made me appreciate just how nuanced wallet security is. A Safe can be incredibly secure—but like any powerful system, understanding the full attack surface is crucial. Hopefully this guide will help both developers and users alike. Thanks @safe ❤️