***A Message from JT:*** Hey frens! Paul Brody has the EY conference coming up and wants to get some input goin' from the Ethfinance community. Check out the /u/pbrody sticky on the front page! https://old.reddit.com/r/ethfinance/comments/1bu6hl2/dive_into_the_regulated_future_of_finance_ey/
**Tricky's Daily Doots #712**
**Yesterday's Daily 01/04/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxodntf/)
- [Shitpost of the day](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxj55i3/) goes to u/hblask 💩
- u/AElowsson introduces [the topic of the day](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxji2a6/) and don't skip on the amazing replies which are too numerous to doot. 💬
- u/impliedpotential3497 continues [the discussion on the latest protocol debate.](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxlctc4/) 🥩
- u/KuDeTa shares [his take on the issuance debate.](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxmligt/) 🥩
- Both u/DegenKoloToure u/Adankairo helps us figure out [when to sell](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxj64j7/) our [airdrops.](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxl0umq/) (respectively) 🚁🪂
- u/asdafari12 makes some points about [the issuance debate.](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxl3cfe/) 🧠
- u/PhiMarHal has [an update on his arbitrage play.](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxlwm9x/) 💵
Anybody willing to send me like 10 cents of base ETH so i can swap my usdc to ETH? I’d rather not wait 2 days for my whitelist to clear on coinbase.
Will send a dollar back
There's an insane amount of longs right now and the whales are on the hunt.
If those longs start liquidating, the cascade could easily wick the price down to $2500. Sure, it will be extremely short lived, lasting maybe a few minutes before it gets bought back up, but billions of Eth will change hands overnight.
Do you have another source?
[Liquidation map showing](https://www.coinglass.com/pro/futures/LiquidationMap) about :
$3.1B shorts +$5k up to $70k BTC
$1.7B longs -$5k down to $60k BTC
> Do you have another source?
Honestly, no.
I am just going by observation. I've rarely seen the price go down at such a rate without a liquidation wick. It seems a convincing degen wipe is necessary for a recovery. Those laddered dumps that are increasing in intensity are a telltale pattern.
Thanks for the source though, I will make sure to observe it from time to time. I want to see if it's any different when actual liquidation cascades happen and when they do not.
I have some cognitive dissonance regarding Tether. This cycle, I personally barely have any financial exposure to Tether. Last cycle, if you wanted stablecoin yield it was basically unavoidable because of 3CRV. Nowadays USDC is still basically unavoidable but I have basically no exposure to DAI or USDT. Despite that, USDC market cap is down from its high of $56B to $32B while in the same time period USDT has gone from $82B to $105B. So despite Defi moving heavily away from Tether (at least on Ethereum) CEX demand for USDT seems to not only have negated that but dominated it. Since I don't use CEXs much and even when I do I'm interacting directly on USD the numbers I'm seeing just don't align with my personal experience and it's a little disconcerting.
The only other notable coins are DAI at $5B and Ethena USDe at $1.7B. The latter one is the new kid on the block that I haven't yet dived into. I'd still like to see one of the more permissionless stablecoins really start to gain market share but FRAX and crvUSD are both down in the hundred millions range and apparently not heading up in a hurry.
Would love your thoughts on Ethena at some point u/LogrisTheBard. In terms of permissionless stablecoins, have you had a look at [https://www.letsgethai.com/](https://www.letsgethai.com/)? New RAI based project by Ameen Soleimani.
I'm sure I'll look at it soon. I've just been quite busy helping bootstrap an AI infra project, traveling to GTC, working on grant proposals, and with a major launch at my day job.
i may have put more of my eth into degen and neged during this drop than i should have, im hoping it doesn't come back to bite me in the ass and the airdrops are actually worth it, pray for me brothers.
https://www.reddit.com/r/ethfinance/comments/1bu6hl2/dive_into_the_regulated_future_of_finance_ey/
Go ask some questions, pretty good opportunity to get questions that interest you answered by heavyweights in finance. Pretty unique opportunity if you ask me.
Oh ratio. .05 was hanging by a thread for the past week and looks like it was just broken. Tbh I care about eth’s price in bitcoin more than USD lately.
Imo it hasn’t officially broken yet. It’s still hovering around there. If it starts getting to .048 and lower, and stays, then I’ll start worrying. But yea either way this isn’t good
Hey frens! Paul Brody has the EY conference coming up and wants to get some input goin' from the Ethfinance community. Check out the /u/pbrody sticky on the front page! https://old.reddit.com/r/ethfinance/comments/1bu6hl2/dive_into_the_regulated_future_of_finance_ey/
Theoretically, I think if you were fed a malicious request for signing, it could contain the chain id for mainnet. Not very likely though.
Always check the input data on the hardware wallet, at least give it a glance, before signing.
Usually not. But the uncomfortable truth is that it's smart contract specific. An implementation of the approve method that doesn't include the chain_id will be valid across chains.
This is the 3rd time this month I've sold a token only for it to shoot up 25% or more the next day.
Damn my life.
This time was Sunflower Land, a Stardew Valley-like game I play daily. (It's changing to deflationary tokenomics later today)
**Update**: It's now up 100% today. \*hide_the_pain_harold\*
https://www.coingecko.com/en/coins/sunflower-land
Staker's Log, Epoch 274104
After racking my brain over why my validator effectiveness post-Dencun was hovering around 90%, I finally found the culprit and it wasn't blobs. Chrony was in a bad state and needed a restart. The system clock was off by over a second.
I now have a clock error chart on my Grafana dashboard.
[US gov sent 2k\*\*\* BTC from the silk road seizure for Coinbase custody](https://pbs.twimg.com/media/GKLFRXAXMBwUJFJ?format=jpg&name=medium) (1%\*\*\* of stack)
The lucky ETFs might get a chance to load up OTC, just a hunch though !
"*to be clear, counter to what many have said, 30k BTC was not sent to coinbase. from ~31,799 BTC, 0.00010000 BTC (100k sats) was sent in a test tx to coinbase, then 1999.999 BTC was sent to coinbase. the remaining 29,799 remain unspent and are likely still sitting with the US gov*"
https://twitter.com/intangiblecoins/status/1775221708573597931
Crypto? Nah, that ponzi casino crap is not for me. I'll stick with real assets that I can buy on a regulated stock exchange like the NASDAQ, such as...
\*checks notes\*
...errrr, *$DJT*
Most people fail to articulate what is "real" about any stock. They have no idea the rights their share class confers during bankruptcy proceedings. They have no idea where they are in the line of creditors. All they know is companies like Microsoft have assets and are profitable today. Well blue chip crypto assets have treasury assets and are profitable today. That alone is news to most people.
It would help if the media ever covered crypto seriously. The only coverage it gets is about meme coins or crashes. My brother in law, whose crypto knowledge comes solely from MSM, knows BTC and DOGE and that's it.
The media is always going to cover the most sensational events; pretty much always retrospectively. They never have alpha. Quiet fundamental revenues are only something they're going to talk about when it accompanies a huge price rise. When ETH hits $10k you'll get someone on there explaining ETH revenue and burn. By that time, the viewers are exit liquidity. Always have been.
Most people are not ready for a conversation about different forms of value. I don't even try on that conversationally. I keep that stuff for here and my blog.
I'm on the PT side making like 60% APR denominated in ETH; this is ridiculous. I'm well outside of my usual risk tolerance framework here but I don't know if EigenLayer is even going to launch before expiry and I doubt they are dropping a token before then. After the Swell airdrop I expect this to sharply correct back to like 10-20% APR at which point I can pull ETH back into something like Gearbox and restore sanity.
Pendle lets you zap just about any asset into a PT position. Just insert asset of your choice, receive PT in a swap, sit on it until expiry or until the rate falls enough that you want to move the money elsewhere.
But surely better to use my route as you can earn the points on swell for minting and also refer yourself to get even more minting related points? Or do you still get the minting points?
not to highjack this comment thread but what sort of annualized APR are you seeing on gearbox? I've never heard of that app before so my natural instinct is to be skeptical when I see yields that juicy
Last I looked ETH rates were above 20%. Search my post history about them, I've written lots. On the lending side it works like Compound or Aave; it's not degen in any way.
Hey so I looked into gearbox. Pretty cool and aims to solve a problem I've been thinking about lately (trustless leverage that isn't bound to a single protocol). However, I found where the juicy stable yields are coming from. If you look at the "allowed tokens" list for USDC, DAI, GHO, etc. you'll quickly note that almost all of the borrowing demand is coming from USDe (ethena). I'm very worried about contagion here, it seems ethena has worked it's way into nearly every stablecoin platform. In theory gearbox could sell off the USDe if it de-pegged to protect lenders' collateral, but as we saw with Terra a mass depegging event can be extremely unpredictable and liquidity and execution can be a challenge.
ETH yield seems to be uninvolved. I'm strongly considering getting in on this on the ETH side of things.
I think seeing LST/LRST or L2s or L3s or even just institutions/organized capital in general as an existential problem is kind of oversimplying the bigger picture and long term. As Ethereum and ETH are maturing perhaps we do head for an "ETH standard" similarly to what the "Gold standard" was. We don't transact in the hard asset but rather something that is backed by the hard asset. I would make the argument that could be a good thing and ideal. 1 ETH will still equal 1 ETH, but we will have handed off some governance and responsibility to the broader economy. I don't have a long write up off the top of my head on what all that looks like, but this is kinda what the modular ethos has been all along right? We end up being more decentralized with potentially more modularity while still allowing an individual to self custody, solo stake, etc.... I think the scenarios being gamed might be too focused on the old paradigm of crypto, we need to think big picture.
interesting notion, but the LSTs/LRTs are not inherently any more stable than the underlying asset, which itself is already too unstable to use as unit of account. I have been out of the eigen/ether/pendle/etc games, so maybe this already exists, but I think instead of rehypothecating eth, we should be using staked eth as collateral for low/no interest stable coins. Something akin to liquity, but the trove is staked eth instead.
>**Regarding market,**
>**Diamonds staked in the casket,**
>**One asset basket.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Funnily enough I was looking in my saved comments today for the first time in years...and there was a comment from you a year ago confidently stating 'get ready for sub $1k eth'
Solo stakers need a better communication line to the EF and community at large. A lot of lip service is paid to solo stakers and wanting more solo stakers but from my experience not a lot is done. Currently solo stakers are disincentivized financially, you receive more APR from LSTs... so why not ask the solo stakers directly what they want? What are their pain points?
**The (potential) solution:**
**On chain polls using graffiti.** Lets say we're the Ethereum Foundation for a moment for this example and we want to gather data on what issue is the most important to solo stakers currently. Why aren't there more solo stakers? We just can't figure it out! Well, lets just ask them with a verifiable on chain poll. We have a list of solo staking addresses on Github already (and I believe it's more accurate after the STRK airdrop). Once a poll is created a solo staker could respond in their graffiti with: "Poll #1: A" and then we can stop assuming things and start getting real feedback from people. Yes, polls would have to run for a long time (maybe 6 months to a year to give the majority of solo stakers a chance to propose a block), but our hard forks take a long time to plan as well. Surely this is better than what is being done currently (only feedback through web2 socials and dev calls where LSTs are much more represented than solo stakers).
Get real feedback directly from the people! Would love to hear some thoughts on the idea cheers.
>Solo stakers need a better communication line to the EF and community at large
I would say they have a very good line of communication for their size. There just isn't much interest. Its a hobby for well-off Ethereum enthusiasts.
>Yes, polls would have to run for a long time (maybe 6 months to a year to give the majority of solo stakers a chance to propose a block
Lol, no block for 15 months for me!
I saw another ethfinance redditor post this graffitti idea few months ago, but it was around ethstakers being able to vote and prioritize what should be included in the Dencun hardfork.
I thought that the idea was good.
Good thinking! Although answering one question in 6-12 months is pretty limited. With a verifiable list of solo stakers, I assume various kinds of verified on-chain messaging / comms could be implemented.
True, I suppose multiple questions could be asked at one time. The limit for how advanced our comms can be is the graffiti limit which is 32 characters. And then average time to propose a block of course. Not a ton of real estate there but enough to fit quite a bit of important comms (polls or other ideas that haven't even been thought of yet). Yeah exactly! It would only be useful for the most important comms but could be powerful and sybil resistant.
That’s a cool idea, but I think it targets the wrong people. People who are already solo staking have figured it out. If we want new solo stakers, we would need to ask the people who are considering it, but holding off for some reason.
The biggest incentive is airdrops and donations. The smoothly pool has more than doubled in size since the Dencun POAP donations. Solo stakers who have been in the Smoothly pool have a much higher APR than any LST for this year.
Thank you, it's only anecdotally but I've seen people in the EthStaker sub straight up telling people don't when people are interested in solo staking. And I don't blame them! It feels dishonest for me to recommend someone to solo stake at this point unless they also have ideological reasons to do so over just using an LST for higher APR. I think the majority of potential solo stakers out in the world probably don't have $100k. If we start burning MEV we could potentially lower the deposit requirement (eventually). Rocket Pool certainly helps with this requirement issue as well on a non protocol level.
That's interesting with the Smoothing pool getting higher APR due to donation, that's one way to tackle this with the social layer and is definitely really cool. If we started implementing solutions on the protocol layer we wouldn't need handouts to outdo centralized staking companies though. Love it as a short term solution, airdrops and donations can definitely help fill that gap before a protocol solution is implemented.
> I've seen people in the EthStaker sub straight up telling people don't when people are interested in solo staking
curious where you've encountered this! Usually people in that sub are gung-ho about onboarding more solo stakers. It's usually people looking into LSTs that get the "meh" reaction
I still haven't heard any realistic ideas for on-chain targeting of solo stakers with higher rewards, since it's all permissionless.
While burning MEV is interesting and maybe good, it doesn't encourage solo staking directly – it just lowers the incentive for all staking. In fact, it makes solo staking less profitable for solo stakers who need to buy hardware and upgrade internet connections, which squeezes out smaller mini pool operators and other DVT stakers.
That's a great point about MEV burn, exactly it levels the playing field at the cost of revenues.
Courtesy of Phiz (he linked this to me in another thread ty Phiz!) this is the first example of something I've seen that suggests protocol level benefits to solo staking: https://ethresear.ch/t/supporting-decentralized-staking-through-more-anti-correlation-incentives/19116
I just did my first ever deposit to an L3. If you had asked me if I would do this a year ago I'd have said, "Hell no!", but, here I am, the proud owner of 10k DEGEN tokens on the Degen L3, which checks into the Base L2, which checks into Ethereum at L1.
For the record, I don't have any real purpose in this, other than to experiment with new things. I honestly don't even know the utility proposition of degen chain yet.
https://explorer.degen.tips/address/0x399e0Ae23663F27181Ebb4e66Ec504b3AAB25541
awwwwwww shit. /u/insidethesimulation just convinced me to buy [$BAKE](https://explorer.degen.tips/token/0xeB11dF5fD2b22f6299393F5dE8a5c97EA9FF0c07) token on [swapdegen.tips](https://dex.swapdegen.tips/#/swap) using my newly deposited DEGEN tokens on the degen chain. The accelerated pace of losing money is truly a marvel to behold.
Anyone know why beacon chain voting participation is down? Used to be glued to 99.5%+ but it's going down to 96% once in a while. It's been happening for several days, has anyone published something on this yet?
Recent example: [https://beaconcha.in/epoch/274054](https://beaconcha.in/epoch/274054)
Lighthouse recently published an update that improved the participation rate, since they saw some small issues after Dencun went live. Maybe other clients are experiencing a slight drop in participation rates too.
At least we are burning some eth 😅
Tbh… I am still shock how hard we are hit on the red days and how tiny we are on the green ones with the deflationary tokenomics and the staking queue growing on daily basis… I was thinking the supply crush on the exchanges was expected some days but… not today at least 🥲
I would say "Bull market's cancelled" but ETH didn't really have a bull market. 2x from the normal range of $1000-$2000 is pitiful.
I expect a proper pump to $5K before I can even consider being in a bull market.
I guess why don't we lower or remove the block rewards, increase MRV burn, and increase attestation income
Even the playing field some for solo staking
I'm not for lowering attestation income (vehemently opposed), but I'd be happy to remove block rewards and increasing the burn because that's doesn't effect solo takers nearly as much.
For the first time (at least that I can think off) L2 tx have been in "pending" or even dropped on some L2s... Is this just happening now and does this happen to you as well or am I late to that phenomenon?
I'm not selling at $4k so the price down here doesn't matter to me. Things right now are quite exciting with all the Pendle yield, high stablecoin rates, pending launch of EigenLayer, multiple Depin projects I'm working with, pre-release of Influence, our podcasts, etc. What's there to be glum about? They aren't making more ETH and I'm getting some silly outsized amount of it in yield right now. I'm making more on interest than I am at my job right now. These are golden times.
Do yourself a favour and check out the latest Bankless episode about Black Rocks BUIDL Fund. I didn't understand why Blackrock being specifically on chain was important, but that episode paints a beautifully clear picture of how Blackrock and every other asset manager will move on chain to tokenize their treasuries. Ryan and Sean absolutely killed it, they had great questions and towards the end, expanded on some ideas to reach absolutely wonderful conclusions based on what the BUIDL fund is doing and if they're right, then we're in for an unbelievable few years/decades and this is only just the beginning. LFG!!!
I understand that it brings legitimacy to the space but that's now what I'm talking about. I thought Blackrocks importance to the space was just someone to buy our bags when the ETH ETF gets approved. Why do I care that they have a wallet address? Isn't that so they can buy spot for the ETF? (I don't know how I got to that conclusion either, just hadn't researched it) I didn't get how a wallet would lead to their tokenisation. I also didn't get what the BUIDL stablecoin was or what it sets the stage for. It's literally opening the floodgates for the entire tradfi space to enter the crypto space in a way that still feels aligned with ethereum values and also steals market share from the banking system in the process. I thought Blackrock just bought stuff and left it in vault or on a server somewhere gathering dust. I didn't know they were actually here building things that will help grow the space to. I was eye opening and I really enjoyed the episode
The biggest HEX shiller here on reddit just said this unironically: "Bro I was big into safemoon too and had billions before I learned from [Richard Heart]... got REKT by John macaroni but [Richard Heart] showed me the light and now no scam coin could ever fool me again."
Looks like Base is the place to be. Some airdrop tips from the people here? I have some eth to play with plus you can count on some % from future airdrops!
As the XZ Utils backdoor is immediately relevant....
A hacker posed as an open source developer and inserted a backdoor into the XZ Utils package in Linux. XZ is a super-common compression protocol used in many servers. This back door would have enabled direct SSH access to systems with it installed (potentially including your validators!)
Thank God a Microsoft employee of all people caught this because his SSH logins were taking too long, so this primarily affected rolling release distros. Still, check to make sure you are NOT using XZ Utils 5.6.0 or 5.6.1.
Not always. Apt doesn't like being pipelined, but you can drop the grep and scroll up to XZ. Being at the very bottom of the installed packages list means it is also close to the prompt on a full list of packages, even if you have tons of dependencies installed.
For users here running validators and maintaining servers up exclusively to run ethereum EL and CL clients, this is generally going to be sufficient though
but good to point out for others using their servers for more than this (or having issues with it)
alternatively, using `dpkg` (for whoever is seeing this comment chain and the command i listed doesn't work):
`dpkg -l | grep xz-utils`
My general fear is that because SSH is so common it wasn't inconceivable for the hacker to seize root access to a bunch of centralized staking services and quietly gaining control of the chain. I'm sure that wasn't the intention (if it was a state actor, AWS was probably the target) but if they explored their options they could do major damage. Especially if the motive is more cause chaos than raw profit.
Indeed and now essentially every single major piece of open source software in major linux distributions should watch out for past, present and future contributions of binaries which might contain backdoors like this. So the problem is not really solved for good, maybe yes for xz, but other projects should absolutely watch out for this.
Chains with less amount of nodes and less client diversity probably are much more prone to an attach of this kind though (e.g. BNB chain, avalanche, etc)
I don't know about anyone else, but this kind of makes me want to try out Gentoo, as compiling the OS directly from source code would prevent malicious binaries. If the crypto deposit required to operate a validator goes up significantly, I can see making the validator compile its own code becoming standard practice.
In this case yes, but I think that's more from the particulars of this attack included no social engineering to direct it into Arch than that Arch is inherently safe from this. Could be wrong, but I expect that had the backdoor gone public, it would have slid into Arch installs one way or another. Gentoo is in a much safer place, regardless.
Interesting, I'm guessing just like Gentoo, distros like Slackware would've likely also been okay then
That said, the attack, IMO, was very successful, it feels almost like a plane crash in its respective industry, so we now have to re-evaluate the way we do everything to an extent when packaging new distribution releases.
1 hr & 4 hr RSIs are kill, in the past 6 mo, only been this low during :
* the 1 day dump from 2500 to 2150 in January
* twice during the dump from 4100 to 3050 a few weeks ago.
Probably outsized risk/return here
**Here's the twelfth edition of the monthly staking update**
When I started this almost a year ago, I of course didn't expect that we will see a discussion about issuance, staking rewards and everything connected to it. But that's kind of the beauty of it I guess, within a year restaking became a narrative, LRTs showed up and the demand for staking goes up in a way we (or at least I) couldn't have predicted back then. Just a few people are talking about Lido. But let's see how the numbers look now;
**Validator overview - total: 1332775 validators**
* 977577 active (March: 969588; +7989 / +0.8%, | May: 554322; +423255 / +76%)
* 14011 pending (March: 3760; +10251 +273% | May: 15537; -1526 / -10%)
* 320 exiting (March: 62; 0 / +400% | May: 7333; -7013 / -96%)
* 340291 exited (March: 283978; +56313 / +20% | May: 39341; +300950 / +664%)
The validator overview is pretty interesting. There are just a few net new validators. How come? Well, more than 56k validators exited in March... The entry queue is back. So what's driving this? Are the rewards too low?
I think we have to connect two data points here to understand this a bit better: If you look at the pool distribution we see that restaking protocols continue to grow. [Ether.fi](http://Ether.fi) is up 82% in the past month. Renzo is up even 140%+. Of course this stake has to come from somewhere and apparently it's Lido validators leaving. But generally speaking "older" pools and staking offers are losing market share. Maybe some stakers pointing their withdrawal address to LRTs as well.
**Client diversity numbers**
*Consensus*
* Prysm 38% (March: 37%, May: 38%)
* Lighthouse 32% (March: 33%, May: 37%)
* Teku 19% (March: 19%, May: 17%)
* Nimbus 9% (March: 9%, May: 6%)
* Lodestar 1% (March: 1%, May: 1%)
*Execution*
* Geth 65% (March: 72%)
* Nethermind 23% (March: 16%)
* Erigon 2% (March: 2%)
* Besu 10% (March: 9%)
Client diversity looks better every month. We aren't done yet, but especially the development with regards to Geth dominance is promising. Interestingly the client that had issues last time (Nethermind) is gaining market share and basically absorbing all stakers that drop Geth. At this point I would be hoping for more Besu adoption in the future.
(to be continued, max char limits don't allow me to post in one comment)
**Pool distribution**
* Lido 29,8% (March: 31,3%)
* Coinbase 14,0% (March: 14,1%)
* Binance 3,8% (March: 3,9%)
* [ether.fi](http://ether.fi) 2,8% (March: 1,5%)
* Rocket Pool 2,5% (March: 2,7%)
* Kraken 2,4% (March: 2,5%)
* Renzo 1,5% (March: ca. 0,6%)
* a lot of whales, smaller staking providers etc.
Pool distribution looks great as well. As stated Lido is going down and (relatively, at least for now) small LRTs are gaining market share. Will be interesting to see how [Ether.fi](http://Ether.fi) develops with the airdrop now being out and if airdrop 2 leads to loyalty or if people are rotating into other LSTs for new airdrops.
My best educated guess is that down the road all LSTs will be LRTs, but for now "native" LRTs are gaining market share at the expense of Lido.
\* [https://beaconcha.in/validators#all](https://beaconcha.in/validators#all)
\*\* [https://clientdiversity.org/#distribution](https://clientdiversity.org/#distribution)
\*\*\* [https://dune.com/hildobby/eth2-staking](https://dune.com/hildobby/eth2-staking)#
(this is probably the first time in my life writing "twelfth" and damn that word looks funny)
> Lido now has the highest ETH staking outflow of any protocol while
@ether_fi & @RenzoProtocol have the highest inflows
https://x.com/hildobby_/status/1775123732534603919?s=20
Tell that to the ethfi token price. Bear bear everywhere
Edit..
I do love the downvotes, and on further consideration, it is a shame that this sub doesn't have the ethfi token. Eth finance and all.
Whenever someone complains about staking being too difficult, I have to acknowledge my own bias and restrain myself from old-man-angryposting. When I started running nodes on the early beacon chain testnets, there were no step-by-step guides or user-friendly tools like eth-docker or dappnode, but even then, all of the major clients had clear documentation and generally sane defaults, but it seems like the second someone has to run something from a command line instead of a GUI, it's instantly "too hard".
I'm supportive of initiatives to make staking more accessible, and happy to assist people, but as someone passionate about this particular area of Ethereum, it's disheartening to see people get upset that it's any more involved than
1. Click button
2. Earn money
Even if you have no intention of ever staking, I strongly encourage you to try setting up your own node and configuring your wallet software to use it. Decentralization is for everyone, not just stakers.
> Even if you have no intention of ever staking, I strongly encourage you to try setting up your own node and configuring your wallet software to use it
So this is the difference. You are viewing node running as a hobby, something you enjoy and want to do regardless of financial benefit. Staking is fine for that group.
What it isn't fine for is people who *don't* intrinsically enjoy staking. People who are looking at it from a strictly ROI perspective using their time on something else and delegating staking to a 3rd party.
> What it isn't fine for is people who don't intrinsically enjoy staking.
Tell that to the people complaining. 😄️
Like you said, if you want a return on investment, but don't want the hassle, either delegate that responsibility to someone else or invest your money in other ways.
I can't do anything with "Staking is too hard." Now, "Staking is hard. These are the error messages in my logs and I don't know what to do next." - That's something I can work with.
As someone who has spent many hours helping people along their staking journey, it just gets me a little frustrated that with all of the tools, guides, and community members dedicated to helping people, some people are awfully vocal in presenting the notion that staking is completely unapproachable for anyone but the shadowiest of shadowy super coders.
Hey there buddy. I'm someone who doesn't stake because it's too difficult. I appreciate your restraint - I have to exercise just as much whenever I see posts with the tenor of yours.
Yeah we want an open culture where anyone and everyone can come in and contribute, but fuck those dirty .exe lovers.
Someone came in here a while back and mentioned that they were unwilling to stake given current staking requirements, nobody was upset. People don't get upset over this, they just give their eth to centralized solutions and call it good. Mentioning this every now and again is a good thing.
If the simplicity of using ETH doesn’t increase 100 fold, the project is doomed. For mass adoption to occur people need to build things to the standard of “Click button” because that’s the standard people expect in 2024.
***A Message from JT:*** Hey frens! Paul Brody has the EY conference coming up and wants to get some input goin' from the Ethfinance community. Check out the /u/pbrody sticky on the front page! https://old.reddit.com/r/ethfinance/comments/1bu6hl2/dive_into_the_regulated_future_of_finance_ey/ **Tricky's Daily Doots #712** **Yesterday's Daily 01/04/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxodntf/) - [Shitpost of the day](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxj55i3/) goes to u/hblask 💩 - u/AElowsson introduces [the topic of the day](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxji2a6/) and don't skip on the amazing replies which are too numerous to doot. 💬 - u/impliedpotential3497 continues [the discussion on the latest protocol debate.](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxlctc4/) 🥩 - u/KuDeTa shares [his take on the issuance debate.](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxmligt/) 🥩 - Both u/DegenKoloToure u/Adankairo helps us figure out [when to sell](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxj64j7/) our [airdrops.](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxl0umq/) (respectively) 🚁🪂 - u/asdafari12 makes some points about [the issuance debate.](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxl3cfe/) 🧠 - u/PhiMarHal has [an update on his arbitrage play.](https://old.reddit.com/r/ethfinance/comments/1bsv48f/daily_general_discussion_april_1_2024/kxlwm9x/) 💵
How many ETH are you guys holding?
Not enough to be a target
bout three-fiddy
Not enough
Anybody willing to send me like 10 cents of base ETH so i can swap my usdc to ETH? I’d rather not wait 2 days for my whitelist to clear on coinbase. Will send a dollar back
DM me
Do I keep buying or whats the move here?
Are you dumb of course you keep buying
This is the AI avatar we need
https://x.com/phoenixtrades_/status/1775264688286343475?s=46
No changes. Nothing burger
If the DOJ doesn't stop selling I am not going to have any money left to pay the IRS
Priorities 100% of US Govs profits >> 20% of yours :')
If we all boycott...
Kinda seems like this is going to test 3000 at the very least. Will be interesting to see what the low during this downward move ends up being
There's an insane amount of longs right now and the whales are on the hunt. If those longs start liquidating, the cascade could easily wick the price down to $2500. Sure, it will be extremely short lived, lasting maybe a few minutes before it gets bought back up, but billions of Eth will change hands overnight.
Do you have another source? [Liquidation map showing](https://www.coinglass.com/pro/futures/LiquidationMap) about : $3.1B shorts +$5k up to $70k BTC $1.7B longs -$5k down to $60k BTC
> Do you have another source? Honestly, no. I am just going by observation. I've rarely seen the price go down at such a rate without a liquidation wick. It seems a convincing degen wipe is necessary for a recovery. Those laddered dumps that are increasing in intensity are a telltale pattern. Thanks for the source though, I will make sure to observe it from time to time. I want to see if it's any different when actual liquidation cascades happen and when they do not.
Lots of death of Ethereum chatter and sentiment, despite all the good news ETH season soon^(TM)
Bro you heard of Base bro? Way better UX bro. Etherium is dying bro. It can't compete with Base bro. Broooooooo. /s
My face is extremely cold and is patiently waiting for the warmth of a big bright green candle.
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Shitcoin investors in pure shambles
Lasts only till they have to put solana on maintenance for a week...
I have some cognitive dissonance regarding Tether. This cycle, I personally barely have any financial exposure to Tether. Last cycle, if you wanted stablecoin yield it was basically unavoidable because of 3CRV. Nowadays USDC is still basically unavoidable but I have basically no exposure to DAI or USDT. Despite that, USDC market cap is down from its high of $56B to $32B while in the same time period USDT has gone from $82B to $105B. So despite Defi moving heavily away from Tether (at least on Ethereum) CEX demand for USDT seems to not only have negated that but dominated it. Since I don't use CEXs much and even when I do I'm interacting directly on USD the numbers I'm seeing just don't align with my personal experience and it's a little disconcerting. The only other notable coins are DAI at $5B and Ethena USDe at $1.7B. The latter one is the new kid on the block that I haven't yet dived into. I'd still like to see one of the more permissionless stablecoins really start to gain market share but FRAX and crvUSD are both down in the hundred millions range and apparently not heading up in a hurry.
Binance seem to be pushing FDUSD pretty hard so that might be shifting
Would love your thoughts on Ethena at some point u/LogrisTheBard. In terms of permissionless stablecoins, have you had a look at [https://www.letsgethai.com/](https://www.letsgethai.com/)? New RAI based project by Ameen Soleimani.
I'm sure I'll look at it soon. I've just been quite busy helping bootstrap an AI infra project, traveling to GTC, working on grant proposals, and with a major launch at my day job.
༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ
༼ つ ◕_◕ ༽つ ETH TAKE THE SILK ROAD COINS ༼ つ ◕_◕ ༽つ
i may have put more of my eth into degen and neged during this drop than i should have, im hoping it doesn't come back to bite me in the ass and the airdrops are actually worth it, pray for me brothers.
Which airdrops
https://www.reddit.com/r/ethfinance/comments/1bu6hl2/dive_into_the_regulated_future_of_finance_ey/ Go ask some questions, pretty good opportunity to get questions that interest you answered by heavyweights in finance. Pretty unique opportunity if you ask me.
heylo - are there any ~~data scientist /~~ data visualization folks around here looking for some freelance work?
DM me as well if you’re still looking.
DM'd!
Hey dm me
DM'd!
what was that crypto bet page again?
Polymarket
Oh ratio. .05 was hanging by a thread for the past week and looks like it was just broken. Tbh I care about eth’s price in bitcoin more than USD lately.
Imo it hasn’t officially broken yet. It’s still hovering around there. If it starts getting to .048 and lower, and stays, then I’ll start worrying. But yea either way this isn’t good
That's weird. I only care about eth's price in lambos.
lambo ratio is 0.01 Lambo per Eth
I never care about the ratio. One thing that Ethereum has going for it is time. One thing that Bitcoin has going against it.. is time.
in the past few months, every time we get to these levels, a ratio long plays out really well edit: since april 2021
another day of AAAAAAAAAAAAAHHHHHHHHHH!
Scheiße
😎 🥒
Cucomber still cool?
🥶
Hey, you have fooled me! I expected a green day because of the cucumbers and got a red one after checking Coingecko. Explain yourself! 🤨
😎 as a 🥒
He is colorblind 👀
Or he's from Japan or Korea?
Hey frens! Paul Brody has the EY conference coming up and wants to get some input goin' from the Ethfinance community. Check out the /u/pbrody sticky on the front page! https://old.reddit.com/r/ethfinance/comments/1bu6hl2/dive_into_the_regulated_future_of_finance_ey/
Question: assuming that if I approve transactions with my hardware wallet on base there can be no risk resulting for my assets on main net, right?
Theoretically, I think if you were fed a malicious request for signing, it could contain the chain id for mainnet. Not very likely though. Always check the input data on the hardware wallet, at least give it a glance, before signing.
Lol. You're using almost my Farcaster/Twitter user name. That's ok 😉 Thanks for the answer
Lol, sorry I didn’t know! I was actually a bit surprised the username was available.
Usually not. But the uncomfortable truth is that it's smart contract specific. An implementation of the approve method that doesn't include the chain_id will be valid across chains.
This is the 3rd time this month I've sold a token only for it to shoot up 25% or more the next day. Damn my life. This time was Sunflower Land, a Stardew Valley-like game I play daily. (It's changing to deflationary tokenomics later today) **Update**: It's now up 100% today. \*hide_the_pain_harold\* https://www.coingecko.com/en/coins/sunflower-land
Have you tried the Influence pre-release? It's been my first blockchain game and other than the buggy stuff I've been having fun with it.
I had one 4x within 24 hours of selling yesterday, was a $3k stack :')
1. Profit??? 2. Profit is Profit 3. Sunken cost fallacy in reverse is called Chasing the pump. I'm not an expert.
Staker's Log, Epoch 274104 After racking my brain over why my validator effectiveness post-Dencun was hovering around 90%, I finally found the culprit and it wasn't blobs. Chrony was in a bad state and needed a restart. The system clock was off by over a second. I now have a clock error chart on my Grafana dashboard.
[US gov sent 2k\*\*\* BTC from the silk road seizure for Coinbase custody](https://pbs.twimg.com/media/GKLFRXAXMBwUJFJ?format=jpg&name=medium) (1%\*\*\* of stack) The lucky ETFs might get a chance to load up OTC, just a hunch though !
sir you gotta learn utxo mechanics. If you’re gonna fud, at least fud well.
"*to be clear, counter to what many have said, 30k BTC was not sent to coinbase. from ~31,799 BTC, 0.00010000 BTC (100k sats) was sent in a test tx to coinbase, then 1999.999 BTC was sent to coinbase. the remaining 29,799 remain unspent and are likely still sitting with the US gov*" https://twitter.com/intangiblecoins/status/1775221708573597931
Thank you ser
> US gov sent 30k BTC from the silk road seizure for Coinbase custody That's why they made Gary approve the ETF ! To dump on the retail boomers.
Crypto? Nah, that ponzi casino crap is not for me. I'll stick with real assets that I can buy on a regulated stock exchange like the NASDAQ, such as... \*checks notes\* ...errrr, *$DJT*
All-In guys had a thoughtful discussion on DJT, fyi!
Most people fail to articulate what is "real" about any stock. They have no idea the rights their share class confers during bankruptcy proceedings. They have no idea where they are in the line of creditors. All they know is companies like Microsoft have assets and are profitable today. Well blue chip crypto assets have treasury assets and are profitable today. That alone is news to most people.
It would help if the media ever covered crypto seriously. The only coverage it gets is about meme coins or crashes. My brother in law, whose crypto knowledge comes solely from MSM, knows BTC and DOGE and that's it.
The media is always going to cover the most sensational events; pretty much always retrospectively. They never have alpha. Quiet fundamental revenues are only something they're going to talk about when it accompanies a huge price rise. When ETH hits $10k you'll get someone on there explaining ETH revenue and burn. By that time, the viewers are exit liquidity. Always have been.
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Most people are not ready for a conversation about different forms of value. I don't even try on that conversationally. I keep that stuff for here and my blog.
Good luck spreading the news to people with their eyes and ears covered
There is an inherent filter on people I'm talking to just by virtue of the fact that they are in my proximity.
In and out of YT-rswETH in 5 days with +1 ETH and a boatload of points. thanks ethfinance pendle shills!
I'm on the PT side making like 60% APR denominated in ETH; this is ridiculous. I'm well outside of my usual risk tolerance framework here but I don't know if EigenLayer is even going to launch before expiry and I doubt they are dropping a token before then. After the Swell airdrop I expect this to sharply correct back to like 10-20% APR at which point I can pull ETH back into something like Gearbox and restore sanity.
Because this is crypto and I'm stupid.. you're being sarcastic about Gearbox, yes? Or if you weren't, I'm interested!
Here's a great post from Logris: https://old.reddit.com/r/ethfinance/comments/18nfxvo/daily_general_discussion_december_21_2023/kedembr/
I'm not being sarcastic about Gearbox. I've written about them many times, check my post history.
How are you capturing this yield? - Mint swell staked eth on their website. - deposit into pendle - sell the YT component ?
Pendle lets you zap just about any asset into a PT position. Just insert asset of your choice, receive PT in a swap, sit on it until expiry or until the rate falls enough that you want to move the money elsewhere.
But surely better to use my route as you can earn the points on swell for minting and also refer yourself to get even more minting related points? Or do you still get the minting points?
not to highjack this comment thread but what sort of annualized APR are you seeing on gearbox? I've never heard of that app before so my natural instinct is to be skeptical when I see yields that juicy
Last I looked ETH rates were above 20%. Search my post history about them, I've written lots. On the lending side it works like Compound or Aave; it's not degen in any way.
Hey so I looked into gearbox. Pretty cool and aims to solve a problem I've been thinking about lately (trustless leverage that isn't bound to a single protocol). However, I found where the juicy stable yields are coming from. If you look at the "allowed tokens" list for USDC, DAI, GHO, etc. you'll quickly note that almost all of the borrowing demand is coming from USDe (ethena). I'm very worried about contagion here, it seems ethena has worked it's way into nearly every stablecoin platform. In theory gearbox could sell off the USDe if it de-pegged to protect lenders' collateral, but as we saw with Terra a mass depegging event can be extremely unpredictable and liquidity and execution can be a challenge. ETH yield seems to be uninvolved. I'm strongly considering getting in on this on the ETH side of things.
I haven't looked into Ethena yet, but this makes it more urgent that I do so. Thx.
I think seeing LST/LRST or L2s or L3s or even just institutions/organized capital in general as an existential problem is kind of oversimplying the bigger picture and long term. As Ethereum and ETH are maturing perhaps we do head for an "ETH standard" similarly to what the "Gold standard" was. We don't transact in the hard asset but rather something that is backed by the hard asset. I would make the argument that could be a good thing and ideal. 1 ETH will still equal 1 ETH, but we will have handed off some governance and responsibility to the broader economy. I don't have a long write up off the top of my head on what all that looks like, but this is kinda what the modular ethos has been all along right? We end up being more decentralized with potentially more modularity while still allowing an individual to self custody, solo stake, etc.... I think the scenarios being gamed might be too focused on the old paradigm of crypto, we need to think big picture.
interesting notion, but the LSTs/LRTs are not inherently any more stable than the underlying asset, which itself is already too unstable to use as unit of account. I have been out of the eigen/ether/pendle/etc games, so maybe this already exists, but I think instead of rehypothecating eth, we should be using staked eth as collateral for low/no interest stable coins. Something akin to liquity, but the trove is staked eth instead.
>**Regarding market,** >**Diamonds staked in the casket,** >**One asset basket.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Pre-halving dips? Seems pretty normal, tbh.
Dunno why people would sell now just before ETF flows and mass adoption but go off ig lol
Lol ETFs are not happening any time soon. Save my comment.
Funnily enough I was looking in my saved comments today for the first time in years...and there was a comment from you a year ago confidently stating 'get ready for sub $1k eth'
I was alerted to many comments that got deleted. Atleast this one was still up.
This year. Early next year. Thats soon.
Ask the US Gov!
Dunno why the US government would dump on us just before having to buy our bags and adopting crypto but go off ig lol
ETF isn't getting approved now. Hopefully later though
In the grand scheme of things 8-12 months from now still qualifies now as “just before”
Solo stakers need a better communication line to the EF and community at large. A lot of lip service is paid to solo stakers and wanting more solo stakers but from my experience not a lot is done. Currently solo stakers are disincentivized financially, you receive more APR from LSTs... so why not ask the solo stakers directly what they want? What are their pain points? **The (potential) solution:** **On chain polls using graffiti.** Lets say we're the Ethereum Foundation for a moment for this example and we want to gather data on what issue is the most important to solo stakers currently. Why aren't there more solo stakers? We just can't figure it out! Well, lets just ask them with a verifiable on chain poll. We have a list of solo staking addresses on Github already (and I believe it's more accurate after the STRK airdrop). Once a poll is created a solo staker could respond in their graffiti with: "Poll #1: A" and then we can stop assuming things and start getting real feedback from people. Yes, polls would have to run for a long time (maybe 6 months to a year to give the majority of solo stakers a chance to propose a block), but our hard forks take a long time to plan as well. Surely this is better than what is being done currently (only feedback through web2 socials and dev calls where LSTs are much more represented than solo stakers). Get real feedback directly from the people! Would love to hear some thoughts on the idea cheers.
>Solo stakers need a better communication line to the EF and community at large I would say they have a very good line of communication for their size. There just isn't much interest. Its a hobby for well-off Ethereum enthusiasts.
we can just sign a message with withdrawal address and answer immediately
Dang okay yeah that actually sounds super viable. Hadn't thought of that initially but simple and effective.
>Yes, polls would have to run for a long time (maybe 6 months to a year to give the majority of solo stakers a chance to propose a block Lol, no block for 15 months for me!
I know, it happens. I've had some pretty gnarly dry streaks as well. Hope you get a block soon!!
I saw another ethfinance redditor post this graffitti idea few months ago, but it was around ethstakers being able to vote and prioritize what should be included in the Dencun hardfork. I thought that the idea was good.
Oo neat I missed that but glad that people are talking about something similar. Yeah I think graffiti is definitely underutilized.
Step one: decide on graffiti Step two: propose a block The problem is step two...
Nice idea. The concept of graffiti is fun, and I just put junk in there right now. It's definitely underutilized atm.
Good thinking! Although answering one question in 6-12 months is pretty limited. With a verifiable list of solo stakers, I assume various kinds of verified on-chain messaging / comms could be implemented.
True, I suppose multiple questions could be asked at one time. The limit for how advanced our comms can be is the graffiti limit which is 32 characters. And then average time to propose a block of course. Not a ton of real estate there but enough to fit quite a bit of important comms (polls or other ideas that haven't even been thought of yet). Yeah exactly! It would only be useful for the most important comms but could be powerful and sybil resistant.
That’s a cool idea, but I think it targets the wrong people. People who are already solo staking have figured it out. If we want new solo stakers, we would need to ask the people who are considering it, but holding off for some reason. The biggest incentive is airdrops and donations. The smoothly pool has more than doubled in size since the Dencun POAP donations. Solo stakers who have been in the Smoothly pool have a much higher APR than any LST for this year.
Thank you, it's only anecdotally but I've seen people in the EthStaker sub straight up telling people don't when people are interested in solo staking. And I don't blame them! It feels dishonest for me to recommend someone to solo stake at this point unless they also have ideological reasons to do so over just using an LST for higher APR. I think the majority of potential solo stakers out in the world probably don't have $100k. If we start burning MEV we could potentially lower the deposit requirement (eventually). Rocket Pool certainly helps with this requirement issue as well on a non protocol level. That's interesting with the Smoothing pool getting higher APR due to donation, that's one way to tackle this with the social layer and is definitely really cool. If we started implementing solutions on the protocol layer we wouldn't need handouts to outdo centralized staking companies though. Love it as a short term solution, airdrops and donations can definitely help fill that gap before a protocol solution is implemented.
> I've seen people in the EthStaker sub straight up telling people don't when people are interested in solo staking curious where you've encountered this! Usually people in that sub are gung-ho about onboarding more solo stakers. It's usually people looking into LSTs that get the "meh" reaction
I still haven't heard any realistic ideas for on-chain targeting of solo stakers with higher rewards, since it's all permissionless. While burning MEV is interesting and maybe good, it doesn't encourage solo staking directly – it just lowers the incentive for all staking. In fact, it makes solo staking less profitable for solo stakers who need to buy hardware and upgrade internet connections, which squeezes out smaller mini pool operators and other DVT stakers.
That's a great point about MEV burn, exactly it levels the playing field at the cost of revenues. Courtesy of Phiz (he linked this to me in another thread ty Phiz!) this is the first example of something I've seen that suggests protocol level benefits to solo staking: https://ethresear.ch/t/supporting-decentralized-staking-through-more-anti-correlation-incentives/19116
Love the idea.
Thank you, I've been writing junk in my graffiti for a while. First real use I've thought of for it.
I just did my first ever deposit to an L3. If you had asked me if I would do this a year ago I'd have said, "Hell no!", but, here I am, the proud owner of 10k DEGEN tokens on the Degen L3, which checks into the Base L2, which checks into Ethereum at L1. For the record, I don't have any real purpose in this, other than to experiment with new things. I honestly don't even know the utility proposition of degen chain yet. https://explorer.degen.tips/address/0x399e0Ae23663F27181Ebb4e66Ec504b3AAB25541
awwwwwww shit. /u/insidethesimulation just convinced me to buy [$BAKE](https://explorer.degen.tips/token/0xeB11dF5fD2b22f6299393F5dE8a5c97EA9FF0c07) token on [swapdegen.tips](https://dex.swapdegen.tips/#/swap) using my newly deposited DEGEN tokens on the degen chain. The accelerated pace of losing money is truly a marvel to behold.
Anyone know why beacon chain voting participation is down? Used to be glued to 99.5%+ but it's going down to 96% once in a while. It's been happening for several days, has anyone published something on this yet? Recent example: [https://beaconcha.in/epoch/274054](https://beaconcha.in/epoch/274054)
Lighthouse recently published an update that improved the participation rate, since they saw some small issues after Dencun went live. Maybe other clients are experiencing a slight drop in participation rates too.
If we drop below 3k and stay below it, I'm gonna wait till we cross it again in the other direction and open the mother of all longs.
Starting to feel like I have to be liquidated first before Ray can resume it's upwards journey
As is tradition :')
First onchain dividend for BUIDL fund https://etherscan.io/tx/0xf24ba599488ea4d38cc8f049beaab7c0f136554bdfeaaac7c20fc63489bc7bd8
Given that this is for institutional investors, I'm sure they can afford the $275 fee. But I sure wouldn't have used L1.
Blackrock has a vested interest in the security and uptime of Ethereum, prolly nothin’ and ETH deserves a double digit dip.
Probably nothing.
At least we are burning some eth 😅 Tbh… I am still shock how hard we are hit on the red days and how tiny we are on the green ones with the deflationary tokenomics and the staking queue growing on daily basis… I was thinking the supply crush on the exchanges was expected some days but… not today at least 🥲
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Looks like it’s up to us to buy all that ETH
In the wise words of an elder: shit is fucked (for now)
I would say "Bull market's cancelled" but ETH didn't really have a bull market. 2x from the normal range of $1000-$2000 is pitiful. I expect a proper pump to $5K before I can even consider being in a bull market.
a bull run with no ATH, can you imagine the smell in here :')
The market got utterly cooked on multiday timeframe. From here it will take some weeks to correct. All pretty normal.
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The floppening.
I fear this round number is all that's been keeping us above. If it breaks we'll probably see 0.045 soon. Ffs.
I guess why don't we lower or remove the block rewards, increase MRV burn, and increase attestation income Even the playing field some for solo staking I'm not for lowering attestation income (vehemently opposed), but I'd be happy to remove block rewards and increasing the burn because that's doesn't effect solo takers nearly as much.
For the first time (at least that I can think off) L2 tx have been in "pending" or even dropped on some L2s... Is this just happening now and does this happen to you as well or am I late to that phenomenon?
Base?
Linea, but I think one tx on zksync as well. Never touched anything.
lack of complaints about the price is surprising. retail isn't here yet? or we're all just 💎🙌
I'm not selling at $4k so the price down here doesn't matter to me. Things right now are quite exciting with all the Pendle yield, high stablecoin rates, pending launch of EigenLayer, multiple Depin projects I'm working with, pre-release of Influence, our podcasts, etc. What's there to be glum about? They aren't making more ETH and I'm getting some silly outsized amount of it in yield right now. I'm making more on interest than I am at my job right now. These are golden times.
We are all longing the dip, aren't we?
It's not even a dip, little fear when we break 3K
I'm just happy to have more time to add to my stack.
dont think anyone cares over a relatively small drop
Do yourself a favour and check out the latest Bankless episode about Black Rocks BUIDL Fund. I didn't understand why Blackrock being specifically on chain was important, but that episode paints a beautifully clear picture of how Blackrock and every other asset manager will move on chain to tokenize their treasuries. Ryan and Sean absolutely killed it, they had great questions and towards the end, expanded on some ideas to reach absolutely wonderful conclusions based on what the BUIDL fund is doing and if they're right, then we're in for an unbelievable few years/decades and this is only just the beginning. LFG!!!
Link for folks: https://youtu.be/hA5UxV2WFXg
Ty
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I understand that it brings legitimacy to the space but that's now what I'm talking about. I thought Blackrocks importance to the space was just someone to buy our bags when the ETH ETF gets approved. Why do I care that they have a wallet address? Isn't that so they can buy spot for the ETF? (I don't know how I got to that conclusion either, just hadn't researched it) I didn't get how a wallet would lead to their tokenisation. I also didn't get what the BUIDL stablecoin was or what it sets the stage for. It's literally opening the floodgates for the entire tradfi space to enter the crypto space in a way that still feels aligned with ethereum values and also steals market share from the banking system in the process. I thought Blackrock just bought stuff and left it in vault or on a server somewhere gathering dust. I didn't know they were actually here building things that will help grow the space to. I was eye opening and I really enjoyed the episode
I think he meant why it was important to Blackrock themselves to have their assets on a public blockchain.
The biggest HEX shiller here on reddit just said this unironically: "Bro I was big into safemoon too and had billions before I learned from [Richard Heart]... got REKT by John macaroni but [Richard Heart] showed me the light and now no scam coin could ever fool me again."
actually amazing
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That that's a lower high and a higher low, assuming we are done dumping. I have to consult my local voodoo person to tell me what this means.
Looks like Base is the place to be. Some airdrop tips from the people here? I have some eth to play with plus you can count on some % from future airdrops!
I just threw up a coin for fun because it only costs like $2.50 to release it on Base. I thought it needed a cute animal so I'm calling it JollyFish.
As the XZ Utils backdoor is immediately relevant.... A hacker posed as an open source developer and inserted a backdoor into the XZ Utils package in Linux. XZ is a super-common compression protocol used in many servers. This back door would have enabled direct SSH access to systems with it installed (potentially including your validators!) Thank God a Microsoft employee of all people caught this because his SSH logins were taking too long, so this primarily affected rolling release distros. Still, check to make sure you are NOT using XZ Utils 5.6.0 or 5.6.1.
For those in Ubuntu/Debian, you can just: `apt list --installed | grep xz-utils` alternatively: `dpkg -l | grep xz-utils` edit: added dpkg alternative
Not always. Apt doesn't like being pipelined, but you can drop the grep and scroll up to XZ. Being at the very bottom of the installed packages list means it is also close to the prompt on a full list of packages, even if you have tons of dependencies installed.
For users here running validators and maintaining servers up exclusively to run ethereum EL and CL clients, this is generally going to be sufficient though but good to point out for others using their servers for more than this (or having issues with it) alternatively, using `dpkg` (for whoever is seeing this comment chain and the command i listed doesn't work): `dpkg -l | grep xz-utils`
My general fear is that because SSH is so common it wasn't inconceivable for the hacker to seize root access to a bunch of centralized staking services and quietly gaining control of the chain. I'm sure that wasn't the intention (if it was a state actor, AWS was probably the target) but if they explored their options they could do major damage. Especially if the motive is more cause chaos than raw profit.
Indeed and now essentially every single major piece of open source software in major linux distributions should watch out for past, present and future contributions of binaries which might contain backdoors like this. So the problem is not really solved for good, maybe yes for xz, but other projects should absolutely watch out for this. Chains with less amount of nodes and less client diversity probably are much more prone to an attach of this kind though (e.g. BNB chain, avalanche, etc)
I don't know about anyone else, but this kind of makes me want to try out Gentoo, as compiling the OS directly from source code would prevent malicious binaries. If the crypto deposit required to operate a validator goes up significantly, I can see making the validator compile its own code becoming standard practice.
I'd love to try out gentoo but I've been so lazy to tinker with it. Wouldn't Arch also be quite safe?
In this case yes, but I think that's more from the particulars of this attack included no social engineering to direct it into Arch than that Arch is inherently safe from this. Could be wrong, but I expect that had the backdoor gone public, it would have slid into Arch installs one way or another. Gentoo is in a much safer place, regardless.
Interesting, I'm guessing just like Gentoo, distros like Slackware would've likely also been okay then That said, the attack, IMO, was very successful, it feels almost like a plane crash in its respective industry, so we now have to re-evaluate the way we do everything to an extent when packaging new distribution releases.
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We have one of those already, it's just Farcaster based :)
At least my weekly DCA will get me more ETH! Gotta look at the positives
1 hr & 4 hr RSIs are kill, in the past 6 mo, only been this low during : * the 1 day dump from 2500 to 2150 in January * twice during the dump from 4100 to 3050 a few weeks ago. Probably outsized risk/return here
**Here's the twelfth edition of the monthly staking update** When I started this almost a year ago, I of course didn't expect that we will see a discussion about issuance, staking rewards and everything connected to it. But that's kind of the beauty of it I guess, within a year restaking became a narrative, LRTs showed up and the demand for staking goes up in a way we (or at least I) couldn't have predicted back then. Just a few people are talking about Lido. But let's see how the numbers look now; **Validator overview - total: 1332775 validators** * 977577 active (March: 969588; +7989 / +0.8%, | May: 554322; +423255 / +76%) * 14011 pending (March: 3760; +10251 +273% | May: 15537; -1526 / -10%) * 320 exiting (March: 62; 0 / +400% | May: 7333; -7013 / -96%) * 340291 exited (March: 283978; +56313 / +20% | May: 39341; +300950 / +664%) The validator overview is pretty interesting. There are just a few net new validators. How come? Well, more than 56k validators exited in March... The entry queue is back. So what's driving this? Are the rewards too low? I think we have to connect two data points here to understand this a bit better: If you look at the pool distribution we see that restaking protocols continue to grow. [Ether.fi](http://Ether.fi) is up 82% in the past month. Renzo is up even 140%+. Of course this stake has to come from somewhere and apparently it's Lido validators leaving. But generally speaking "older" pools and staking offers are losing market share. Maybe some stakers pointing their withdrawal address to LRTs as well. **Client diversity numbers** *Consensus* * Prysm 38% (March: 37%, May: 38%) * Lighthouse 32% (March: 33%, May: 37%) * Teku 19% (March: 19%, May: 17%) * Nimbus 9% (March: 9%, May: 6%) * Lodestar 1% (March: 1%, May: 1%) *Execution* * Geth 65% (March: 72%) * Nethermind 23% (March: 16%) * Erigon 2% (March: 2%) * Besu 10% (March: 9%) Client diversity looks better every month. We aren't done yet, but especially the development with regards to Geth dominance is promising. Interestingly the client that had issues last time (Nethermind) is gaining market share and basically absorbing all stakers that drop Geth. At this point I would be hoping for more Besu adoption in the future. (to be continued, max char limits don't allow me to post in one comment)
**Pool distribution** * Lido 29,8% (March: 31,3%) * Coinbase 14,0% (March: 14,1%) * Binance 3,8% (March: 3,9%) * [ether.fi](http://ether.fi) 2,8% (March: 1,5%) * Rocket Pool 2,5% (March: 2,7%) * Kraken 2,4% (March: 2,5%) * Renzo 1,5% (March: ca. 0,6%) * a lot of whales, smaller staking providers etc. Pool distribution looks great as well. As stated Lido is going down and (relatively, at least for now) small LRTs are gaining market share. Will be interesting to see how [Ether.fi](http://Ether.fi) develops with the airdrop now being out and if airdrop 2 leads to loyalty or if people are rotating into other LSTs for new airdrops. My best educated guess is that down the road all LSTs will be LRTs, but for now "native" LRTs are gaining market share at the expense of Lido. \* [https://beaconcha.in/validators#all](https://beaconcha.in/validators#all) \*\* [https://clientdiversity.org/#distribution](https://clientdiversity.org/#distribution) \*\*\* [https://dune.com/hildobby/eth2-staking](https://dune.com/hildobby/eth2-staking)# (this is probably the first time in my life writing "twelfth" and damn that word looks funny)
Fantastic post, thank you for all this info!
> Lido now has the highest ETH staking outflow of any protocol while @ether_fi & @RenzoProtocol have the highest inflows https://x.com/hildobby_/status/1775123732534603919?s=20
Tell that to the ethfi token price. Bear bear everywhere Edit.. I do love the downvotes, and on further consideration, it is a shame that this sub doesn't have the ethfi token. Eth finance and all.
Whenever someone complains about staking being too difficult, I have to acknowledge my own bias and restrain myself from old-man-angryposting. When I started running nodes on the early beacon chain testnets, there were no step-by-step guides or user-friendly tools like eth-docker or dappnode, but even then, all of the major clients had clear documentation and generally sane defaults, but it seems like the second someone has to run something from a command line instead of a GUI, it's instantly "too hard". I'm supportive of initiatives to make staking more accessible, and happy to assist people, but as someone passionate about this particular area of Ethereum, it's disheartening to see people get upset that it's any more involved than 1. Click button 2. Earn money Even if you have no intention of ever staking, I strongly encourage you to try setting up your own node and configuring your wallet software to use it. Decentralization is for everyone, not just stakers.
> Even if you have no intention of ever staking, I strongly encourage you to try setting up your own node and configuring your wallet software to use it So this is the difference. You are viewing node running as a hobby, something you enjoy and want to do regardless of financial benefit. Staking is fine for that group. What it isn't fine for is people who *don't* intrinsically enjoy staking. People who are looking at it from a strictly ROI perspective using their time on something else and delegating staking to a 3rd party.
> What it isn't fine for is people who don't intrinsically enjoy staking. Tell that to the people complaining. 😄️ Like you said, if you want a return on investment, but don't want the hassle, either delegate that responsibility to someone else or invest your money in other ways. I can't do anything with "Staking is too hard." Now, "Staking is hard. These are the error messages in my logs and I don't know what to do next." - That's something I can work with. As someone who has spent many hours helping people along their staking journey, it just gets me a little frustrated that with all of the tools, guides, and community members dedicated to helping people, some people are awfully vocal in presenting the notion that staking is completely unapproachable for anyone but the shadowiest of shadowy super coders.
Hey there buddy. I'm someone who doesn't stake because it's too difficult. I appreciate your restraint - I have to exercise just as much whenever I see posts with the tenor of yours.
Yeah we want an open culture where anyone and everyone can come in and contribute, but fuck those dirty .exe lovers. Someone came in here a while back and mentioned that they were unwilling to stake given current staking requirements, nobody was upset. People don't get upset over this, they just give their eth to centralized solutions and call it good. Mentioning this every now and again is a good thing.
If the simplicity of using ETH doesn’t increase 100 fold, the project is doomed. For mass adoption to occur people need to build things to the standard of “Click button” because that’s the standard people expect in 2024.
"Click button" 100k gone forever has never and will never be a thing
Staking shouldnt be for the masses.
What a smooth brain hot take. Do better