namic

We’re pleased to welcome @pcaversaccio to the EF Board. A longtime Ethereum contributor, co-founder of SEAL 911, Silviculture Society member, and privacy and security maximalist, pc has consistently championed the values at Ethereum’s core. We look forward to working together to help steward Ethereum’s long-term future. Read more: blog.ethereum.org/2026/07/29/ef-…

yesterday launched zfi daico to collect @token_works NFTs, which imo lean fully into onchain startup meta (holders influence startups through redemption right). 1 ETH sale concluded. NFT collected. zAMM seeded for secondary trading. Today gov. proposal passed to authorize phase2

Aztec Alpha V5 is live. The fastest private transactions we've ever shipped, now on mainnet. Read more on aztec.network/alpha-v5. Apps roll out over the coming week, starting with @nyxmoney. Nyx is invite-only, but for the next 24 hours it's open to everyone. Code below 👇

Welcome @yearnfi as the newest member of Money League. Yearn's vaults will provide yield and automation solutions to Money League deployments through custom modules and collateral adapters. stYFI and yCRV users can now activate their Merit accounts to start mining gold.

x.com/i/article/2054…

lots of conversations about base over the last week. wanted to share my candid take after a week of listening and a lot of reflection over the last 6 months. first off - in case it’s not obvious, the first quarter of 2026 was a punch in the face. I spent 2024 and 2025 making a two pronged bet to bring base to the world: (1) builders would unlock the next wave of crypto adoption; (2) adoption would be driven by new onchain-native social experiences - creators, content, messaging. imo we made the right bet on builders, but obviously the wrong bet on social. builders did drive the next wave of crypto adoption - prediction markets, perpetuals, stablecoins - but social was not at the center of it. in fact, the entire social side of the market that many of us had been building towards - farcaster, zora, miniapps, and yes, creator coins - disintegrated completely. I was wrong - whether it was timing wrong (is $ansem a creator coin?) or fully wrong, only time will tell, but regardless, i was definitively wrong. the collateral damage was pretty bad! and this year has been an exercise in eating shit. we realized how our focus on social had meant that base had fallen behind in key areas that were now increasingly critical - we had perps (shoutout avantis!) and prediction markets (shoutout limitless!), but both were well behind scaled competitors. and we had a lot of room to improve in unlocking base as a platform for tokenization and payments that really worked for enterprises. people lost confidence, and CT spectators reminded me weekly of all of my mistakes as often as they could. it felt bad man, still feels bad. but if there’s one thing i’ve learned from the last decade of building in this space, it’s that when things feel the worst, the best thing to do is just put your head down and build. so that’s what i’m doing. I refocused my time and attention back to the chain away from the app, started writing code again, shipped a bunch of stuff (azul, beryl, b20, privacy, ledgers) and questioned a bunch of my assumptions: does crypto need social to grow? does base need an app? can base be bigger than coinbase? I thought for a long time that social was the only thing that could drive the sort of viral growth to get crypto to a billion people. unsurprisingly, I now believe that’s wrong. It’s clear that better money is more than enough - we are seeing this live with stablecoins, predictions, perpetuals, tokenization and i only expect it to accelerate. I am now focused on bringing a billion people onchain just by making global finance actually work. on the app, my focus is on building base into the blockchain for global finance. to that end, i’ve handed the base app back to the coinbase mothership, where my now good friend @cobie will be taking it from here to make it the best damn app for onchain you’ve ever seen, including expanding beyond the base ecosystem in ways that tbh i won’t love as the leader of base. it’s incredibly hard to grow a decentralized network inside of a big public corporation. and i feel like much of the discourse on CT over the last week is downstream of this. the following things can be true: (1) base (and i) love memes and (2) brian probably won’t ever bullpost memes on the tl (this activity is illegal once you’re over 40 years of age). it’s weird and we’re working through it as we continue to decentralize base, which has been our commitment from the beginning. we’re going to build base into the blockchain for global finance and do everything we can to be the place that the world’s money settles over the next century. we will surely have formidable competitors (welcome robinhood and stripe!) and people may abandon our cause, but we welcome the competition and believe it’s our duty to win the respect and commitment of those who rally to our banner.  in 2026, this concretely means three things: winning trading, payments, and agents. [continued in the reply]

DeFi dollars will never be able to truly compete with their centralized counterparts. They are less efficient with a worse UX. It's unfortunate but true. There are several memecoins with bigger mcs than the biggest defi dollar. And that's exactly what they are missing: memetic power. @reflexerfinance was on to something real with memes like 1 RAI = 1 RAI. It cultivates new ways of thinking about money and the global financial system. To disrupt the fiat paradigm is the ultimate act of rebellion against a system we did not opt into. And to do it through sheer memetic willpower would be the ultimate show of force and coordinated effort we possess as individuals. We tried to meme ETH is money. That idea breaks down when people need stability. I am a firm believer ETH is destined to become ever more valuable serving as the pristine asset powering the blessed world computer. In the long run ETH becomes the global reserve asset. Its properties make it 100x more robust than BTC. But it's still in its infancy and extremely volatile. The world needs its own credibly neutral unit of account that is stable, scalable, immutable, uncensorable, and maybe most importantly memeable. Totally permissionless, censorship-resistant, not owned or controlled by any single entity, completely unstoppable. The only place something like that could ever exist would be on Ethereum. We need more experimentation around novel monetary system and policy design. We need to support more cypherpunk builders. And we need to do a better job at surfacing the best models. Then we meme them to the top of the leaderboard. This is the only way we have a shot at competing with the centralized stablecoins that have captured our networks, laid the foundation for CBDCs, and psyoped the masses into giving up on the original values that drove us here in the first place.

Welcome @CurveFinance as the newest member of Money League. Curve will serve as the standard liquidity infrastructure for all Money League deployed stable assets. veCRV holders can now activate their Merit accounts to start mining gold.

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.