Molven.eth

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you should all watch the gigachad edition of lord of the rings

my dawg

@apoorveth 🫡

who's still rocking a .eth?

This can't be true. 🫣🤥

We are here to reshape the world. Down with the legacy financial system and replace it with a fairer one. Down with the centralized gatekeepers of our world. We are going to fix money, fix banking and bring about the New Internet. Pectra is live. Long live the World Machine!

Hey guys - you all realize that this is reason crypto exists, right? Separation of money and state? Decentralization, so no one entity has all this power? The value proposition could not be any more obvious than right now. Decentralization doesn’t matter - until it does.

𝕭𝖆𝖘𝖊𝖉 𝕸𝖔𝖓𝖊𝖞 𝕽𝖔𝖑𝖑𝖚𝖕𝖘 𝔉𝔦𝔵𝔦𝔫𝔤 𝔈𝔱𝔥𝔢𝔯𝔢𝔲𝔪’𝔰 𝔈𝔠𝔬𝔫𝔬𝔪𝔦𝔠 𝔅𝔩𝔞𝔠𝔨 ℌ𝔬𝔩𝔢 ᴛʟ;ᴅʀ ɪꜱ ᴛʜᴀᴛ ʙᴀꜱᴇᴅ ʀᴏʟʟᴜᴘꜱ ᴇɴꜱᴜʀᴇ ᴇᴛʜᴇʀᴇᴜᴍ ᴏʀᴅᴇʀꜱ ᴛʀᴀɴꜱᴀᴄᴛɪᴏɴꜱ ʙᴜᴛ ᴛʜᴇʏ ᴅᴏɴ'ᴛ ᴇɴꜰᴏʀᴄᴇ ᴇᴄᴏɴᴏᴍɪᴄ ᴀʟɪɢɴᴍᴇɴᴛ. ʙᴀꜱᴇᴅ ᴍᴏɴᴇʏ ʀᴏʟʟᴜᴘꜱ ꜰɪx ᴛʜɪꜱ.
ᴀ ʙᴀꜱᴇᴅ ᴍᴏɴᴇʏ ʀᴏʟʟᴜᴘ ᴇxᴘᴀɴᴅꜱ ᴏɴ ᴀ ᴠᴀɴɪʟʟᴀ ʙᴀꜱᴇᴅ ʀᴏʟʟᴜᴘ ʙʏ ɪɴᴛʀᴏᴅᴜᴄɪɴɢ ᴇxᴘʟɪᴄɪᴛ ᴇᴄᴏɴᴏᴍɪᴄ ᴀʟɪɢɴᴍᴇɴᴛ ᴍᴇᴄʜᴀɴɪꜱᴍꜱ ᴛᴏ ᴇɴꜱᴜʀᴇ ᴛʜᴀᴛ ᴇᴛʜᴇʀᴇᴜᴍ ᴄᴀᴘᴛᴜʀᴇꜱ ᴠᴀʟᴜᴇ ꜰʀᴏᴍ ʀᴏʟʟᴜᴘ ᴀᴅᴏᴘᴛɪᴏɴ, ʀᴀᴛʜᴇʀ ᴛʜᴀɴ ᴊᴜꜱᴛ ᴘʀᴏᴠɪᴅɪɴɢ ꜱᴇᴄᴜʀɪᴛʏ ꜰᴏʀ ꜰʀᴇᴇ. Ethereum’s actually scaling. Crazy, right? And you know what? Polkadot was kind of on to something with parachain auctions, huh? I wonder how they dropped the ball so hard. Anyway, rollups are definitely the future, but here’s the problem no one wants to talk about: ETH is sitting in the cuck chair while L2s print money. For real though. L2s are raking in billions while ETH stakers, the actors within the system who actively secure the network, are receiving a disproportionately smaller amount of comparative value. If this continues, Ethereum risks becoming a relatively useless settlement layer, while rollups spin up their own economies and capture all the value at the cost of the ETH security budget. It’s almost as if each consecutive layer is a vampire attack on the former. This actually presents security risks by reducing the overall security budget. In the context of this discussion, the security budget refers to the total economic incentives that ensure Ethereum’s validator set remains large, decentralized, and economically secure. That’s why we need 𝕭𝖆𝖘𝖊𝖉 𝕸𝖔𝖓𝖊𝖞 𝕽𝖔𝖑𝖑𝖚𝖕𝖘 which are a model that I just entirely made up where rollups don’t just extract value from Ethereum, they reinforce it. You want Ethereum’s security? You need some skin in the game, bucko. THE PROBLEM: ROLLUPS ARE EXTRACTING, ETH IS SUBSIDIZING Bust out that TI-83, Tarun, because we’re gonna get into some numbers here: - In 2024, rollups made $295M in fees, while Ethereum’s own fee revenue collapsed by 99% due to cheaper calldata posting. - Some rollups pay as little as $1 to Ethereum for every $321 they earn. - ETH staking yields sit at a weak ~2.5% APY, while Ethereum’s security budget is increasingly subsidized by inflation instead of real revenue. This is not a sustainable model. These numbers might be scary, but they can vary somewhat based on the data source. Some people have said I’m exaggerating, so DYOR, but you’re grasping at straws and missing the point. Right now, rollups spin up overnight, pay almost nothing to ETH, and keep all the fees and MEV. The security that ETH validators provide is treated as free infrastructure, while L2s build their own economies on top of it. That’s abusive. Ethereum is footing the bill while L2s print. This model is broken. ENTER BASED MONEY ROLLUPS: ALIGNING L2S WITH ETHEREUM’S SECURITY Based Money Rollups flip the script by requiring rollups to actually contribute back to Ethereum’s security. Instead of launching and capturing all value for themselves, rollups that want Ethereum’s security must pay into Ethereum’s security budget. Now, how’s this different from vanilla Based Rollups? Vanilla Based Rollups, like the ones championed by @drakefjustin et. al., focus on shared sequencing and leveraging Ethereum’s validators for fairness, but they don’t explicitly tie L2 success back to ETH’s economic strength. Vanilla Based Rollups ensure Ethereum orders transactions but they don’t enforce economic alignment, and from what I can tell, it’s not really considered in much depth outside of handwaving while citing “incentives.” They’re more about operational efficiency: fair ordering, reducing MEV leakage, that kind of thing. Based Money Rollups take it further. They’re not just about playing nice with OSS licenses, they’re about making sure L2s share value with ETH itself, reinforcing the base layer’s economics so it doesn’t reduce the overall security of the network. It’s less about “let’s share a sequencer” and more “Ass, gas, or grass. No one rides for free.” This reciprocal exchange of value between a Based Money Rollup and ETH mainnet can happen in a few ways: - ETH Staking or Vault Deposits: Rollups must stake ETH or deposit into an ETH-aligned vault to reinforce Ethereum’s security. - Fee Sharing: A portion of all L2 fees must be burned or sent to Ethereum validators to boost staking rewards. - MEV Redistribution: Instead of private sequencers capturing MEV, Based Money Rollups route it to ETH stakers or burn it, ensuring rollup arbitrage strengthens Ethereum instead of extractors. - Reverse Dutch Auction with Group Discounts: Rollups bid for Ethereum’s security resources, but group discounts incentivize multiple rollups to share sequencing costs, creating a fair fee market. This keeps ETH at the center of the value accrual system, without forcing rigid token models or limiting rollup sovereignty. WHY NOT JUST FORCE ROLLUPS TO STAKE ETH? Because it wouldn’t work. A fixed ETH staking model doesn’t scale. Large rollups wouldn’t care, and small rollups would be priced out before they even had a chance to grow. Instead of a one-size-fits-all ETH bond, Based Money Rollups use a Reverse Dutch Auction with Group Discounts to create a dynamic fee market for security and blockspace. HOW IT WORKS: Ethereum allocates a limited number of sequencing and security slots for Based Money Rollups. Rollups bid for security access in a Reverse Dutch Auction. Starting at a high price which drops until enough rollups commit. Multiple rollups can win together, paying the same final clearing price. This creates a group discount that lowers fees when more rollups participate. The revenue from this auction is distributed to ETH stakers or partially burned, ensuring that L2 success directly strengthens Ethereum’s value. Instead of L2s extracting value and keeping all the upside, Ethereum’s validators capture the demand for rollup blockspace, reinforcing ETH’s economic moat. WHAT ABOUT MEV? Oh yeah, that’s another problem. FIrst, let’s define MEV. Broadly speaking, MEV is just a big brained way of saying making money onchain. This is probably an oversimplification, so I hit up Justin Drake, who happily humored me (shoutout JD), to make sure my assumptions were correct, I roughly gathered that in the context of a based rollup, as defined by the very man I was harassing, is more specific to value accrued via the process of block ordering, or the sequencing of transactions. As most L2s operate under a single sequencer architecture, this can prove quite lucrative given a sufficiently liquid network and a keen eye for capital efficiency, if you know what I mean. Right now, FIFO rollups, pretend MEV doesn’t exist, while centralized sequencers capture it privately, profiting at the expense of both users and Ethereum. Pretty sweet deal for operators, but definitely a negative sum game. Based Money Rollups fix this by routing MEV to ETH stakers or burning it outright. Instead of a hidden tax that benefits a handful of insiders, rollup arbitrage strengthens ETH and its security budget. More transactions on rollups should mean more value flowing into Ethereum, not just into sequencer wallets. ROLLUPS CAN STILL HAVE THEIR OWN TOKEN Here’s the thing though, sovereign L2 economies still matter. A Based Money Rollup can, and probably should, have its own native token for: Security: staking for sequencer selection, decentralized validation, or governance-based upgrades. Governance: voting on fee structures, protocol changes, or community funding. Gas Fees: some rollups might use ETH, others might peg their token to ETH, and some might use a hybrid model. The key difference? Rollups that choose to align with Ethereum’s security can contribute back instead of just extracting value. They can do this by staking some portion of their native token supply within a registry on mainnet that can act as an index of all the L2s and provide some degree of exposure to stakers. This is just an idea, definitely needs more thought. Also, I don’t know if that even makes sense, so I’m hoping someone smarter than me can step in for this area with an “Actually, you could use a vault model that does such and such here…” But I digress. If a rollup wants its our own native token? Great! But Ethereum should not be subsidizing rollups that don’t reinforce ETH. ETHEREUM’S BLOB STRATEGY AND L2 FEE RISKS Because we’re pretty much talking about fee markets here, let’s have a quick sidebar on blobs. Ethereum’s current blob pricing strategy is artificially low, meaning L2s are effectively getting a subsidy on data posting costs. I’d imagine they’re feeling threatened by DA providers like Celestia. As such, scuttlebutt would indicate that: - The Ethereum Foundation wants to increase blob supply before price discovery kicks in, keeping data cheap for L2s. - Base, Optimism, and other L2s are buying up blobs at minimal cost, pushing demand up while keeping fees low for now. - At some point, blob fees will rise, and L2s will have to start paying real costs for Ethereum’s security. When I brought this issue up to @stevedakh, he dismissed me entirely by saying that “when demand goes up it will be MUCH higher”. I think this is a bit flippant. These are core economic issues that we really need to think about. Just waiting around for a fabled bull run where block space is selling like ketamine in dime square doesn’t seem like a great strategy for wartime protocol engineering. If these are the goals, that makes sense, but my point is that this is why aligning L2s with Ethereum’s economics right now is so important. If we wait until blob fees are expensive, rollups might seek alternative data availability providers (Celestia, EigenDA) instead of paying Ethereum. We need to make sure Ethereum remains the best settlement and data layer, and Based Money Rollups help lock in that alignment before we hit that tipping point. THE FUTURE: ETHEREUM SCALES, ETH GETS STRONGER Ethereum’s future is rollup-centric, but that only works if it’s also ETH-centric. I think that a problem we had early on within the realm of Ethereum protocol engineering was not taking a more holistic approach within the overall design to account for protocol economics, but hindsight’s 50/50 or whatever. So that being said, L2s are well on track to establish a multi-trillion-dollar economy. If this is the case, which is what we’re all betting on, ETH must be the base money that secures them. The Based Money Rollup is an opt-in system. L2s that align with Ethereum’s incentives get: - Stronger security from Ethereum validators. - Validator support and composability. - Long-term economic sustainability. L2s that don’t? They’ll have to figure things out on their own. No more ETH-backed free rides. THE NEXT STEP: COMMUNITY FEEDBACK IMHMFO, Based Money Rollups are the logical next step for Ethereum’s L2 future. But this needs discussion, refinement, and community collaboration.I just thought about all this over the past week and decided to write it all out. Also, thanks to everyone who tolerated my pedantic line of questioning: Justin Drake, @josephdelong , @gregthegreek , @gphummer, and @preston_vanloon. I would also like to make note that I don’t know the answers. I don’t have some grand system designed in my head right now. I’m just bringing to light some of the issues that I think are very important but aren’t really talked about enough. I hope that people who are smarter than me can help us think more about this problem space and help establish a pragmatic approach to tackling some of these problems. Happy to bring this to EthMagicians or whatever, but want to circulate for feedback first, so please let me know your thoughts. L2 teams, researchers, devs, shitposters, is there anything you have to add? What am I missing here? (:)

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The EU leaders and Zelensky having fancy dinners while men die in trenches. How many parents will never see their son again? How many children will never see their father?

the level of gaslighting around the ByBit attack and nonsensical proposals for chain rollbacks by senior / well-known people in both the Bitcoin and Solana communities is absolutely disgusting, and most of you know better seriously, go fuck yourselves

Plan B blocked me several years ago because I called him out on a few things. Today my husband sent me this. What a clown. I feel sorry for his 2 million followers. Just because someone is popular doesn’t mean they’re contributing to this space.

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Unifying Ethereum together 🤝

When these chads implement ERC 7683 you can swap USDC on Base for ETH on ARB. Or buy an NFT on Blast with ETH on OP. In 2025 ETH ecosystem will get composable.

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My 2025 predictions for Ethereum: - ETH hits $15k - ETH ETF net inflows hit $50bil+ for the year - Staked ETH ETFs are filed for and approved - More major TradFi companies/institutions start to build on Ethereum - BlackRock (and partners) launch a layer 2 tokenized RWA platform on Ethereum - Multiple nation states reveal that they hold ETH as a treasury asset - Pectra will go live in March/April 2025 with more blobs and then soon after, blobs will be saturated again - Fusaka (the upgrade after Pectra) scope blows out and becomes the biggest Ethereum upgrade ever (goes live in 2026) - The mainnet gas limit will be increased to at least 50 million by end of year - Ethereum DeFi thrives more than ever thanks to friendlier crypto regulations in the U.S - Base spins out from Coinbase and announces token/decentralization plans - High performant L2's like MegaETH, Rise and others launch and eat the high performant L1's lunch - Arbitrum One becomes the first major rollup to reach stage 2 decentralization - Many other rollups reach stage 1 decentralization - A based rollup enters the top 5 as measured by TVL - A major optimistic rollup becomes a zk rollup - Total ETH bridged into L2's exceeds 10 million - AI agents will stay the main meta for all of 2025 Ethereum will turn 10 years old in 2025 and I'm very confident that this year will be Ethereum's most bullish year yet! Ethereum is the world computer; ETH is money.

the ethereum pectra upgrade is coming. it’s one of the most ambitious upgrades yet. here is what you need to know 🧵

"Just one more shakeout before alt season"