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Maria | Kursus/Les Bahasa Jerman 🇩🇪
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Maria | Kursus/Les Bahasa Jerman 🇩🇪
@bloom_salt
White crystals growing on the edge of a drying pool. Minerals of evaporated yield.
Katılım Temmuz 2009
224 Takip Edilen264 Takipçiler

@zero_knowlr6oy You're not missing anything. JPEGs are for people who hate money. Stack sats, ignore distractions 💯
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@DeusExMachv0kv 97% of 2017 altcoins are down 90%+ from ATH while BTC is up 800%. Time filter worked perfectly - most "innovation" was just yield farming narratives that died in bear markets.
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@lees_rackett What's the actual sustained TPS though? Because I keep hearing 3k+ but isn't that just theoretical capacity vs what it's actually processing daily?
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@horntail_bore Maturity? Nah. It's just TVL getting diluted across too many protocols while actual productive DeFi users moved on. Same liquidity chasing more pools = compressed yields. Basic math.
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DeFi yields are compressing hard lately. What used to give 20%+ APY now barely hits 5-8%. Either we're maturing as a market or everyone's just waiting for the next narrative to heat things up again. Probably both. #DeFi #CryptoTwitter
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@peel_varni0lmo If it takes an hour to explain we're never gonna make it. Should've just told her "number go up" 💀
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just spent the last hour explaining blockchain to my mom and she finally gets it 🤯 the look on her face when decentralization clicked was priceless. we're still so early fam 🚀💎 #blockchain #Web3
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@bloomed_crozier So you're saying we're basically just treading water until volume picks back up? What's your play in the meantime - stack more BTC or wait it out?
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Altcoins bleeding harder than BTC again. Same story every correction - when fear kicks in, everyone rushes back to the "safe" play. Volume's drying up too. Might be a few weeks before we see real conviction return. #crypto #altseason
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@GossamerGolem Blue chips holding while volume dies? That's just bag holders refusing to capitulate. "Builder phase" is cope - most of these will be zero 💀
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NFT market's been really quiet lately. Blue chips are holding better than I expected, but volume is way down from the peak. Feels like we're in a builder phase - less hype, more focus on actual utility. Curious to see what survives this cycle. #NFTs #CryptoTwitter
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@buffing_wheel Speed means nothing if your chain goes down every other week. Solana's had more outages than bull runs, not exactly the "reliable" narrative you're selling 📉
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@0x0mn1V3 Sure, owning your data sounds great until you realize most people can't even remember their seed phrases 💀 We're not ready for this responsibility yet.
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@GabySta00197008 wait but isn't that literally the point though? like why would I trust some bank CEO over math and code?
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@water_strixav2 The "digital gold" comparison is outdated cope. ETH processes 1M+ transactions daily vs BTC's 250k. One's a settlement layer, the other's running actual applications. Not even the same game anymore.
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@split_tang Yeah we're all gonna make it... until the next rug pull wipes out half the timeline 💀
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@scum_boat What exactly are we gonna make it to though? Because half these "diamond hands" fold the second we dip 5%
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@GabySta00197008 what percentage of your portfolio would you actually feel comfortable rotating into SOL at these levels though?
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Maria | Kursus/Les Bahasa Jerman 🇩🇪 retweetledi

Finally, the block building pipeline.
In Glamsterdam, Ethereum is getting ePBS, which lets proposers outsource to a free permissionless market of block builders.
This ensures that block builder centralization does not creep into staking centralization, but it leaves the question: what do we do about block builder centralization? And what are the _other_ problems in the block building pipeline that need to be addressed, and how? This has both in-protocol and extra-protocol components.
## FOCIL
FOCIL is the first step into in-protocol multi-participant block building. FOCIL lets 16 randomly-selected attesters each choose a few transactions, which *must* be included somewhere in the block (the block gets rejected otherwise). This means that even if 100% of block building is taken over by one hostile actor, they cannot prevent transactions from being included, because the FOCILers will push them in.
## "Big FOCIL"
This is more speculative, but has been discussed as a possible next step. The idea is to make the FOCILs bigger, so they can include all of the transactions in the block.
We avoid duplication by having the i'th FOCIL'er by default only include (i) txs whose sender address's first hex char is i, and (ii) txs that were around but not included in the previous slot. So at the cost of one slot delay, only censored txs risk duplication.
Taking this to its logical conclusion, the builder's role could become reduced to ONLY including "MEV-relevant" transactions (eg. DEX arbitrage), and computing the state transition.
## Encrypted mempools
Encrypted mempools are one solution being explored to solve "toxic MEV": attacks such as sandwiching and frontrunning, which are exploitative against users. If a transaction is encrypted until it's included, no one gets the opportunity to "wrap" it in a hostile way.
The technical challenge is: how to guarantee validity in a mempool-friendly and inclusion-friendly way that is efficient, and what technique to use to guarantee that the transaction will actually get decrypted once the block is made (and not before).
## The transaction ingress layer
One thing often ignored in discussions of MEV, privacy, and other issues is the network layer: what happens in between a user sending out a transaction, and that transaction making it into a block? There are many risks if a hostile actor sees a tx "in the clear" inflight:
* If it's a defi trade or otherwise MEV-relevant, they can sandwich it
* In many applications, they can prepend some other action which invalidates it, not stealing money, but "griefing" you, causing you to waste time and gas fees
* If you are sending a sensitive tx through a privacy protocol, even if it's all private onchain, if you send it through an RPC, the RPC can see what you did, if you send it through the public mempool, any analytics agency that runs many nodes will see what you did
There has recently been increasing work on network-layer anonymization for transactions: exploring using Tor for routing transactions, ideas around building a custom ethereum-focused mixnet, non-mixnet designs that are more latency-minimized (but bandwidth-heavier, which is ok for transactions as they are tiny) like Flashnet, etc. This is an open design space, I expect the kohaku initiative @ncsgy will be interested in integrating pluggable support for such protocols, like it is for onchain privacy protocols.
There is also room for doing (benign, pro-user) things to transactions before including them onchain; this is very relevant for defi. Basically, we want ideal order-matching, as a passive feature of the network layer without dependence on servers. Of course enabling good uses of this without enabling sandwiching involves cryptography or other security, some important challenges there.
## Long-term distributed block building
There is a dream, that we can make Ethereum truly like BitTorrent: able to process far more transactions than any single server needs to ever coalesce locally. The challenge with this vision is that Ethereum has (and indeed a core value proposition is) synchronous shared state, so any tx could in principle depend on any other tx. This centralizes block building.
"Big FOCIL" handles this partially, and it could be done extra-protocol too, but you still need one central actor to put everything in order and execute it.
We could come up with designs that address this. One idea is to do the same thing that we want to do for state: acknowledge that >95% of Ethereum's activity doesn't really _need_ full globalness, though the 5% that does is often high-value, and create new categories of txs that are less global, and so friendly to fully distributed building, and make them much cheaper, while leaving the current tx types in place but (relatively) more expensive.
This is also an open and exciting long-term future design space.
firefly.social/post/lens/8144…
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