jerst

@koeppelmann Best talk of the week. Thank you

11:00 am

@letsraave Gm!

Good morning.

@saxthefiver @BrantlyMillegan ENS is on mainnet and has support for L2's through CCIP-Read and combined with trustless root hash propagation L2 data can be validated on mainnet. Not if it comes from an alt-L1 like Polygon POS. So this makes sense. Lens could migrate to zkEVM as well

@BrantlyMillegan Either the ETH roadmap is rollup centric or it isn't. L2 is the place for this, hence Lens. Lens does need to work on being cross-rollup.

The Ethereum Follow Protocol (EFP) Thesis: Ethereum needs a native protocol for following other Ethereum accounts. This is a high level proposal meant for soliciting feedback and sentiment. I propose a protocol for following other Ethereum accounts that has its root on Ethereum and natively uses ENS. It should be a simple, open, composable, foundational protocol for the Ethereum ecosystem that makes use of existing Ethereum ecosystem primitives. Simplicity and extensibility EFP should be as simple as possible so as to be open to many use cases: - An Ethereum account can create and manage a list of other Ethereum accounts or ENS names. These lists could also theoretically contain any arbitrary data a person would want to store in a list (Twitter handles, email addresses, etc). - Like ENS, users can store their list on Ethereum L1, or else they can use CCIP-read to enable users to store their lists at any arbitrary location outside of Ethereum. This could be an Ethereum L2, another L1, a server, AWS, etc. This would enable managing a list for free or very cheap, though it would require an initial L1 setup transaction. - A tagging system, with both standardized and arbitrary tags, so that an account can maintain multiple lists for different purposes. Lists would of course be public and would be “useless” unless utilized by apps. The lists by themselves don’t do anything (except maintain the list). Since it's simply a list of accounts, it could be used for diverse use cases. Some possibilities include: - social graph for a decentralized social network - following defi activity for trading purposes - following historically important accounts for activity - keeping track of important smart-contracts - whatever else people decide to do Another basic primitive We already have a few basic primitives for on-chain identity: - Private keys: Crypto finally achieved with economic incentives what the cypherpunks couldn’t achieve with ideological concerns for privacy and freedom: getting a large number of people to hold and use private keys. Though people generate Ethereum accounts to hold and transact tokens and NFTs, the same private key can be used for other non-blockchain uses, including being the root of an Internet identity. - Sign-in with Ethereum: A standard for using your Ethereum private key to authenticate yourself to services, it’s an example of a great non-blockchain use case of your Ethereum private key. - ENS: Your portable web3 username and profile, controlled by your private key and paired with SIWE EFP would be an addition to this growing constellation of composable identity primitives on Ethereum. Just extend ENS? If we were fine making the lists attached to an ENS name (instead of owned by an Ethereum account directly), ENS itself could simply be extended with a new record type to store a list of accounts you follow. I’m open to being convinced this is the superior model. But my instinct is to have a separate protocol that would have a list owned by an Ethereum account directly (but allow the list to contain both Ethereum addresses and ENS names). To allow portability of one’s list, the list itself could be a transferable NFT. Having lists be based on Ethereum accounts also follows the precedent of SIWE, which treats the user’s private key as the root of their identity, rather than their ENS name. The Name I’ve used the name Ethereum Follow Protocol in this blog post, though another option could be Ethereum List Protocol. The former is named for what the user does, the latter is named for what the protocol is. What about Lens? Yes, Lens already exists, but it runs on Polygon and has its own naming system, among other things. EFP would be native to Ethereum, be much simpler, and make use of existing Ethereum ecosystem primitives like ENS. Path Forward I want to first get feedback and gauge community sentiment from this high-level post, so please do respond in the tweet replies or in my DMs with comments, support, criticism, questions, etc. If sentiment is positive, the eventual goal would be an EIP standard, deployed smart-contracts, manager app, and a team for maintenance and further development. (Not sure right now what my involvement would be, but I’d certainly support such an effort.) h/t @BrianSoule for contributing to this concept

@KasperLoock True. I put my hope in Optimism's Superchain vision.

@jersteth yea didn't know about the solana incident, probs missed it bc I was in paris I really hope that UX problem will be solved but then still we got so much scatered liquidity, everyone & their moms seems to launch a perp dex onchain these days

most dedicated solana haters i know have never used the chain or have used it in the last year the majority of garbage VC's & malicious actors are also gone and TVL is low good time to be looking at solana imo no downtimes in a very long time either

@KasperLoock Bridging is just a UX problem that will get abstracted away from the enduser on EVM equivalent chains. L2s can do bridging with less trust. And just 10 days ago: status.solana.com/incidents/ymr0…

Even if you hate the chain you should fuck around with it just to stay up to date with what is going on over there its cheap asf so the cost to enter is very low & there are a lot of protocols that will do airdrops in the future

@KasperLoock The new tracking cookie. 100% agree. We could make a browser plugin that auto connects a throw away web3 address in the background, similar to tracking blockers.

Connect your wallet before you can explore our website is one of the worst user experiences created in crypto/web3 You are not only losing users this way but also pissing off 50% of your community

@giohakim_ I've done the exact opposite. Global warming, increased PoW crackdown pressure by governments, no sustainable crypto-economic future, growing insignificance on the space, loss of builder talent, increased centralisation of miners, eroding network security.

@polarpunklabs I have, and when I did, sold all my ETH for BTC earlier this year. I encourage you to do the same, by looking at things from first principles. ETH has a foundation of sand.

@ecb EU openly declaring that innovation must be stopped. Still not looking at all the new use cases being built. Still only looking at Bitcoin when all innovation happens on ethereum. Still considering all of crypto financial where tokens can represent anything. Disappointing, EU.

The apparent stabilisation of bitcoin’s value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance. #TheECBblog looks at where bitcoin stands amid widespread volatility in the crypto markets. Read more ecb.europa.eu/press/blog/dat…

@ztrading22 @LinuxKernelHack @JasonYanowitz It's like there comes a moment that if Apple stock loses too much value, all older iPhones suddenly disappear (51% attack also erases old btc)

@LinuxKernelHack @JasonYanowitz That's not the point

Can someone explain how this security model scales if Bitcoin's block space doesn't continue to accrue demand. Not trying to FUD, here to learn.

@YamaFinance Bad timing, the multi-chain thesis is dying a painful death. And cross-L2 stablecoin projects already exist

Introducing Yama Finance @yamafinance/yama-finance-an-introduction-36b6ae0b3f60" target="_blank" rel="nofollow noopener">medium.com/@yamafinance/y…

@Rewkang BNB is a centralized version of ethereum. Controlled by Binance. If a court ever orders them to shutdown, censor, implement xyZ, they'll have to.

$BNB is 1/3 the market cap of $ETH but has multiple times higher revenue I like both assets here but think $BNB flippening will be a narrative soon

@BitcoinHanSolo @BTC_4_humanity @saifedean Of course there was a good reason. Merge was already very complex and allowing withdrawals at the same time would have increased complexity and attack vectors. For all of us, these are very old debates.

@BTC_4_humanity @saifedean They will never release the coins. There were no reasons to not allow it in the first place.

Ethereum may be a centralized shitcoin pretending to be decentralized to commit securities fraud, but one can't but marvel at their success in implementing completely technically unjustified, programmable & indefinite ponzi scheme lock ups. Congratulations on this, seriously

@RyanSAdams For a lot of them, because it's so easy. To feel part of a cult. Because it's nice and easy to bash together on others, it gives a feeling of belonging. The success of extremism in society is similar

People who are still Bitcoin maximalists, why?

@wholisticguy @udiWertheimer @Daath1369 @dylanleclair It allows people staking on centralized and OFAC censoring entities like Kraken or Coinbase to stake elsewhere non-custodian and/or non OFAC censoring without paying the secondary market premium.

@udiWertheimer @Daath1369 @dylanleclair How does it help the Eth network (until a UASF catalyst event) to allow stakers to unstake? The staking contract never had a issue attracting stake. So if we accept that dev time is constrained, and features need prioritisation, why would they put time into it over things?

Question for Ethereum proponents, What will you do if the FTX exploiter starts staking their $280m of ETH & the U.S. Govt attempts to force regulated financial institutions to censor and/or slash their stake? You have the ability to do it, it's just social consensus after all.

@udiWertheimer @dylanleclair ETH price hit will only be slightly above secondary market price delta today: only solo stakers and @Rocket_Pool node operators will get the option to un-stake for the first time, their share in total ETH staked is limited, and they're aligned with ETH long term vision the most

@dylanleclair It lights a fire under the Ethereum Foundation’s ass, and they expedite the schedule for unstaking which will allow moving coins to uncensoring stakers ETH price takes a hit as unstaked coins re-enter circulation, but ethereum survives and bitcoin maxis lose a talking point

@benwehrman @saifedean You mean those that still think crypto is binary BTC or shitcoins and use an uncorrelated event of an exchange going under which impacts all of crypto to prove their right. BTC futures only traders are also affected.

The smartest people I've met on Twitter knew that "crypto" was a scam from the start The dumbasses (👋) thought maxi's were toxic and close-minded, so we jumped into shitcoinland and learned the long & hard way Take your pick, just don't say you weren't warned 💩/🍊💊

@davidnexusbtc @saifedean Dude, all this has absolutely nothing to do with ethereum. It's just correlated in the head for those that believe 'all crypto things that are bad are an altcoin'. Which may have been true in 2012.

@jersteth @saifedean No, it's called understanding counter party risk and how finance actually works.

Everyone shocked & rekt by FTX, Luna, Celsius, and 3AC blowing up thinks Ethereum is a legitimate and sound project. Everyone who expected FTX, Luna, Celsius, & 3AC to blow up & is unaffected by it thinks Ethereum is a doomed vaporware ponzi. Lesson in there.

@KasperLoock @laurashin Also lying around here hopefully some time next week

New book arrived @laurashin

@HekmatCrypto @sassal0x Did you watch the devcon 6 day 4 talk on Suave by flashbots from last friday? Will get solved and explained very well why first part was illuminating mev.

@sassal0x If Ethereans can't create a credibly neutral blockchain with an emphasis on decentralization and security then I think it may be out of reach of humanity <3 the community's collective brain & heart power. Unmatched globally IMO

Even though it causes lots of drama and fud to fester, I love the Ethereum communities radically transparent approach to discussing issues. Sweeping things under the rug doesn't advance the Ethereum mission nor does it fix anything. Ethereans are built different.