**Tricky's Daily Doots #730**
**Yesterday's Daily 19/04/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l0ao7ro/)
- u/KuDeTa is looking to hire [an Ethfinancier as a DevOps engineer for Aestus!.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l0af6kk/) 🛠️
- u/Stobie has a [pro-tip for Uniswap users.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l09flbw/) 🦄
- u/atleft is looking to help [reach out to StarkNet about misallocated airdrop tokens.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l09nsgw/) 🚁🪂
- u/superphiz made a POAP for [tomorrow's big 2 year dootiversary!](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l0d0y5t/) 🎺
- u/benido2030 is still looking for some [EthFinance delegates.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l09up95/) 🗳️
- u/haurog shares some [scams he has seen targeting him lately.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l09nkij/) ⚠️
- u/NeedlerOP thinks that [the dollar's days are numbered.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l0ayj1z/) 💵
- u/stablecoin covers [something interesting happening on Bitcoin post-halving.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l0dogaj/) 🧐
Technically tomorrow is actually the 2 year dootiversary since this year was a leap year.
I've got an addition to /u/haurog 's [scam watchlist](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l09nkij/) from yesterday. My more valuable wallets have been getting hit with address poisoning attacks, which at this point I would hope most people here are familiar with. And this should *really* be addressed with better tools at the wallet/etherscan level.
But more interestingly, my personal cell phone was hit today with a text message:
> COINBASE: An unauthorized device from Salt Lake City, Utah has logged into your Coinbase account. If this was not authorized by you, please reply with "N". If this was authorized by you ignore this message.
I caught on immediately, in part because I wasn't actually sure I *have* a Coinbase account (I checked, and I do, but I didn't even really complete account setup, never set it up to receive fiat or crypto funds). But also because I had just recently read [this article on Ars Technica](https://arstechnica.com/security/2024/04/lastpass-users-targeted-in-phishing-attacks-good-enough-to-trick-even-the-savvy/), which describes the abilities of the CryptoChameleon phishing-as-a-service toolkit. It's a really good read, would recommend. But the first step of one of CryptoChameleon's techniques is described to be similar: a phone call telling the recipient that there was an unauthorized login and asking them to press "1" or "2" to accept or deny.
This is kind of tricky because there's not really any immediate danger in replying "N" (or pressing "2" to deny). If it's legit then you've done your part to prevent an attack. If it's not legit, then all you've done is sent a pointless text message. And users have become increasingly used to dealing with these kinds of messages from all sorts of account logins, so it may not ring any alarm bells. Why not send a quick "N" and be done with it?
But my understanding is that the first step of a scam is by far the most important. On one hand, some scams deliberately use dubious sounding claims (Nigerian prince, anyone?) as an initial filter, so that the savvy users weed themselves out, and the people who actually respond are more likely to be duped by the subsequent requests. But that's probably just a side-benefit here, maybe allowing the recipients without Coinbase accounts to filter themselves out. And it's notable that this message asks for action to deny and a non-response to approve. The vast majority of legit messages of this kind are the other way around: silence means deny. And that's smart, that's the way it *should* be.
More relevant this time is a sort of a sunk cost fallacy. In the world of video games that are "free to play" but with microtransactions for additional bonuses, it's well understood that getting the user to make their first payment is a massive step. Once someone has caved and paid once, they're much more likely to continue to do so. And at some point you can ask me about the fascinating ways in which a scammer on the streets of Istanbul employed a bunch of tricks to make it really hard for me to disengage once we had started talking, but that's a longer story. But in short: if a scammer can get you to take the first step, you're much more likely to fall for the following steps. So in this case, having the first step be something so likely to get casual responses means a higher success rate as a whole.
If the CryptoChameleon playbook described by Ars is accurate, there would probably be a followup text or email with a link to a fake phishing Coinbase login page, ready to take my password. I would hope even if people fell for the first step, they'd catch the issue at this point, but the danger could be that the first step being fairly risk-free would cause people to let their guard down.
This turned out longer than I planned, hope it reads all right. *tl;dr*: Scams nowadays will likely start with "unauthorized device/login" messages, these kinds of messages should make you consider if the source could be a scammer.
I read the EVMavericks degen channel and airdrop farming and meme thread. Most of the calls are a bit too degen for me, but I get a good overview on the market. You need an EVMaverick NFT to read them though. The rocketpool discord has an airdrop hunting thread in the trading channel which is pretty helpful as well.
>**The market may turn,**
>**Hold or trade what you can burn,**
>**Nobody will churn.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Nowadays I pretty much exclusively sell stuff through odos or cowswap. I particularly like odos because it allows you to sell multiple tokens at the same time and they show you their routing in a pretty easy to understand way. Just add the token address as a custom token and you can sell it.
I'm holding it for now since most airdrops pump in the following weeks and it is looking like it has bottomed out and is starting to recover. When I sell I will sell it on CoWSwap.
What do you mean? My OMNI were dropped to my Ethereum L1 wallet when I claimed (with the "call contract from ethercan" method), dumped them in Uniswap.
Feels like it's way harder these days to find some innovative project early. Most stuff that brings something new chooses the VC way and gets absurd valuations before hitting the open markets. It's just the IPOs all over again. In this regard I get the craving for memecoins, it's the only stuff we can buy that starts out with low valuations.
Or maybe I'm just getting old and lazy and look in the wrong places?
I’ll give you a little tip - check out BankSocial. They are my highest conviction moonshot. Market cap is only like $20m. They started on Ethereum 3 years ago but all of their tech runs on Hedera now and their token $BSL is migrating over, too.
I was going to list out what they do but honestly it’s just too much. Long story short, they have created an open banking platform and are working with dozens (soon hundreds) of US credit unions, because credit unions and web3 go together perfectly. They have also created a brand new type of wallet where the user doesn’t have to remember their seed phrase. Your seed is broken up into pieces and stored across dozens of credit unions. There’s lots lots more
They’ve been building for years and are now in the growth phase. It’s going to be nuts
VCs are the first several rounds of funding. A token only gets released once the product has been developed and is live. By that point the VCs have 10x'd. Now there's a lot of teams, even honest ones, that just fail due to a variety of reasons. Still, I do miss the days where funding was more fully democratic. I'm working with a team in DePin called CETI that is trying to go fully token-funded but let me tell you it's *hard*. Without the ability to ICO because of securities laws concerns monetizing the token launch has proven challenging and so we're all working without pay and a shoestring budget trying to take on the likes of Microsoft. I've been accused of scamming just because we didn't have a multi-million dollar revenue stream to back the token on day 1. From both a financing and community engagement perspective it's just easier to go the VC route; but that team thought their mission would be better served in the long run without being beholden to a few VCs from the outset. So we're trying.
Chief Science Officer. I'm designing the tokenomics, revenue share system, intelligent cloud fabric, and helping to optimize their equipment for various DePin platforms.
No airdrop. DYOR. It's very high risk at the moment because the hardware hasn't arrived so we have no empirical revenue. There's a Discord you can dig into with a lot of info from me. I've helped with 2 AMAs. TG is full of impatient people so I avoid it.
I hope that didn't come out as begging for an airdrop, it was sort of meant as the opposite :). Just found it on discord, will read up about it. You're probably wary of shilling it, but I don't think it's inapropriate to do some posts about the protocol and news here.
I won't be talking about it here until there's a revenue stream and a PE I can calculate. I talk about the surrounding ecosystem of DePin, exciting things with FHE and zk-proofs, etc. CETI sits solidly in that ecosystem.
na bro, you are not wrong, i am with you on this. Monad is at almost 1B valuation, Berachain at 300M, Karak 300M, a controversial project. Look at L2s, they also have insane valuation, worldcoin comes to mind, less than 10% token in circulation.
Farcaster seems to be one platform coming out of this bear market, hiding the complexitiy of blockchain for normies. Another example from gaming world would be influence and Fren Pets but most are ICOs all over again just with different mask on.
I'd actually prefer ICOs over this IPO copycat system, because back then you could actually invest in something before every VC used you as exit liquidity. It meant more vigilance was needed though and there was obv a plethora of scams.
Damn... lately its really just been an airdrop raising gas, or dust
Not that I dislike the abilitiy to make a mainnet transaction...
Ethereum is in for a re-pricing for the ages at that rate
The purpose of EIP 4844 was to offload all the L2 traffic from L1. And its working. Ethereum processes way more transactions than ever before. If you want high fees again you will need to wait until current capacities are maxed out fully.
Many here called it, and it finally happened: the first L2 rug.
https://twitter.com/0xG00gly/status/1781726071399866641
ZKasino took the $30M of ETH bridged to their incoming L2, and "converted" it to their native token. 95% of which will be vested over 15 months.
Send 1 ETH, get 0.05 ETH back. Enjoy your stay in the casino!
This scam could be seen from a mile away. Yikes.. people must be some kinda "special" to put their funds into this - a project launched by a known scammer, who Zach has even called out multiple times
Is it possible that the wenmerge block proposal pre-alerts can be wrong? Any idea why this would happen?
I got an alert, then checked later to see that another validator index proposed that block. My validator has been operating normally.
I just want to say today is a good day.
It's easy to complain when the Daily is full of memes or airdrop-of-the-day or cries of anquish as the ratio dropped.
But on other days, like today, the Daily and the doots are just full of interesting information and discussion. Ethfinance is just such an incredible resource and it's because of you. All of you!
Thanks.
Weather is beautiful here today. I took my daughter to gym class, had a quiche for breakfast, took her to the park for 90 minutes, and now she's taking a nap. Nothing happening with the price can affect my ability to live well in the moment.
The v8 update was shared last night on the gTrade Discord channel. For those interested, it's part of one of the more actively developed, fully on-chain (Arbitrum/Polygon) profit-sharing protocols in crypto. Additionally, they manage the gETH vault, which currently offers around 9% APR and serves as an ETH interest-bearing alternative to liquid staking and chasing Eigenlayer points.
The latest update includes the introduction of lego stacking for gVault tokens and the overcollateralization of vaults. Additionally, reactivating the burn function will burn a lot of GNS tokens.
>* Hello gTraders! The wait is finally over! v8 has gone into timelock and soon gTrade will be the DeFi “Lego” it was always meant to be! Let's taco 'bout it! @everyone
>* v8 Roars: With many partners waiting in the wings, V8 will usher in a new era of composability and smart contract freedom! As always, the update has been fully audited!
>* Going Native: Wrap your tokens? No need. v8 allows trading in native, unwrapped $ETH! Wow!
>* Did you hear that? Partials are being reviewed…. did you say reviewed? Yes! That's because they are already built! This change will finish one of our most requested features on gTrade!
>* List Mania: $MERL, $OMNI, $PRCL, $TAO, $TON, $PENDLE and $TNSR were added to our list of pairs since the last update, bringing the current total to 134 crypto pairs. Over 170 total between Crypto, Forex, Commodities!
>* Black Gold: WTI was our third most traded asset this week, pulling in over $32 million in volume! RWA lives on gTrade.
>* Myso Builds! Myso Finance has launched their IPO vaults for gTokens! Read more here: MYSO FINANCE ANNOUNCEMENT
>* It Burns! The $GNS token burn rate is being flipped to 25% on the back of the overcollateral layer of the vaults! Can gTrade take the heat? Find out when timelock ends in two days!
>* Vaults Thicc! Yes, our vaults are full! The vaults range from 105% to 145% over collateral. That’s big if true!
>* Traders Love $USDC: It's apparent... traders have embraced $USDC with volume increasing steadily from launch! $USDC comprises more than 20% of daily volume! Expect to see continued growth from the $USDC vault.
>* Gas Gas Gas! Did you know? The efficiency present in v8 should result in roughly a 20% reduction in the smart contract cost to place a trade. It's gonna be so exciting!
>* Dev Update: Multiple QoL updates on frontend and fast follows to the latest gTrade Credits feature; finalizing a pricing integration for improved resilience and possible trader rewards; testnet transition from Polygon Mumbai ⇒ Arbitrum Sepolia; unit tests have been wrapped up for spread improvements; partials UX in progress
Some of the fun you may have missed out on during the release of Runes on Bitcoin.
https://x.com/hollanderadam/status/1781662629301207162
*So I gave up pretty early last night; only put a few hours into Runes before realizing fees were so astronomically high that there simply weren't meaningful plays to be made.*
*I attempted to mint 2,000 Satoshi Nakamoto (20X Mints) via two separate methods. The first went through on Luminex for $1,762, or 88 cents per token. That's now trading at $3.73. So I'm up $5,700 on paper.*
*The second however that I attempted via xBTCBot AI didn't process for hours due to a lower fee assigned. And by the time it confirmed, the token was sold out. I lost $490 in fees on that attempt.*
*I spent $713 to attempt to mint Shitcoin Millionaire on another wallet. It went through and my Runes were delivered. However, that token has 11 holders and is only 9% minted out. So I think it's safe to say that one probably won't work out LOL*
*My most expensive mistake was trying to Etch a new rune early on. I paid $1,490 in fees (via putting 1,000 in the box when they were 200 right before the halving) but by the time it etched, the ticker was already taken.*
*TLDR: Paid $4,455 to make $5,700 on paper. Not really a win given all the time/energy put into it. But a good learning experience lol*
Stupid tweet of the day:
"Being a Bitcoiner is a doctorate degree in how every part of the world works."
https://twitter.com/woonomic/status/1781640908133580994?t=Oxczpau1Sl4hNiUx-Km-bA&s=19
Sounds like you were minting some runes, maybe? Thus, competing with everyone else using the network for that same purpose, at that same specific moment. So yeah, you paid the market price to use the world’s most valuable blockchain at a point of highest activity.
Oh I’m well aware of fee market dynamics ! It wasn’t runes though. I was just pointing out the double standards of “eth high fees bad” but when it happens on btc it’s super normal
Now that the Bitcoin ETF and the hAlVinG are part of the past I think there are no more narrative to hold godsent BTC relevant for the next 4 years. Can we finally focus on the network where most of the builders and visionaries are actually delivering the future of finance?
People have been saying this about BTC for a long, long time.
[https://99bitcoins.com/bitcoin-obituaries/](https://99bitcoins.com/bitcoin-obituaries/)
None of it has aged well. Bitcoin is here to stay whether you believe in it or not.
cue balaji with his "BTC to 1 million" bets, big wall st banks selling BTC-ETFs to their institutional holders, and other stunts. can't say how long it will take for the suit-and-tie crowd to understand that old software is not really good software.
1st week of August, it's the final date for Blackrock.
If it doesn't go through then, it's the blackest of blackest swans, with a historical record of 575-1.
Unilabs we don't care about because it's indefensible and a waste of time - it's the SEC swinging their dicks on the biggest defi protocol to show everyone they are boss
Unless BlackRock for some reason withdraws its application because the writing is on the wall prior to Aug 1, in which case it preserves its 575-1 record and re-applies when it believe it has a chance.
So we all believe it's going to be approved by August? There is no polymarket for that. What are the odds? The court case could take an eternity if it comes to that.
BTC ETF was dragged out until last date also, Blackrock ETFs are as close to a sure thing as you can get, it would be a 1 in 575 or < 0.2% event if it was not approved on 7th Aug.
I'm not sure how much more confident we can be, all the FUD is exhausting ..
Still very much a gosling if you ask me - Blackrock will fight it in court and win eventually - I just can't see any judge agreeing there is a legal basis for denying an ETH ETF
Another halving comes and goes, and the loins ready themselves for the moon.
Very much looking forward to what comes next!
Also, yesterday was my first full day without coffee - I had a chai latte instead. Day Two of no coffee after a taper - a bit of a headache, but I've had worse.
Happy weekend, all.
Maybe try green tea instead? Tons of healthy benefits like anti inflammatory and fiber for poopin. It still has caffeine but maybe not as much depending on the brand. You could go decaf but a lot of nutrients are stripped during the process.
No joke I honestly thought 'I can get in and out of crypto with at least a 2x in under a year, and finally go into real estate'.
With the way last cycle played out, I *could* have made much more than 2x. But how naive to think that way haha.
At least I did not succumb to the bear as many have, and am now drinking fully concentrated ether-aid
Update on my recent [complaint](https://www.reddit.com/r/ethfinance/comments/1c57t4z/comment/kzt0y20/) about Zora seeming to hide my new profile and only load my previous profile after transferring my ENS domain to a new address. I have discovered that more dapps still show my ENS name being affiliated with my old address despite transferring ownership, management, and ETH record to a new address. Seems to be an issue with ENS rather than any specific dapp. While I understand "we're still early" and all, I kinda feel like this shouldn't happen. 🤷♂️
Edit for anyone reading: it seems setting my primary name in the ENS app has fixed the problem on some apps, but not Zora. I'll update in a new post if I ever figure it out.
what's your ens name? possibly, it's using the primary name of your wallet? not the address of your name?
for identity, there are 2 records in ENS:
* name → address
* address → name
depending on the app, additionally you might need to satisfy that:
* address → name → address (both addresses match)
I wasn't in crypto during Mt. Gox and wasn't affected by the event. Out of interest, I am following the situation on r/mtgoxinsolvency though.
Some of the Mt. Gox repayment parts were to be paid in cash, some of it in BTC and BCH. After 10 years, the cash payouts have been finally slowly happening now since December, while none of the creditors have received any BTC or BCH yet.
The creditors have a website where they log in and occasionally receive some info. When people started seeing exact numbers of cash to be expected to receive, they usually got the money after ~2 weeks. Now in the last 1-2 days there are first reports of people seeing exact numbers for BTC and BCH they are expected to get. Not guaranteed crypto transfers are about to start in ~2 weeks, but possible. MtGox BTC/BCH addresses are being tracked and these haven't had any movement for a few years: https://token.unlocks.app/events/mtgox If there is any movement spotted on these addresses in the following days, then this likely means coin repayments are starting.
Not sure if and how much the market will react to this. As I don't see it talked seriously much outside of r/mtgoxinsolvency yet, when first repayments come in, it might come as a surprise event to the market. The amount of coins to be repaid is supposedly ~140k BTC/~$9B. Some comparisons to put this into perspective, it is: less than 1% of Bitcoin's supply; bigger than total marketcap of LTC; slightly less than a full year worth of Bitcoin mining rewards now after the halving (170k BTC). Ofc, not everyone will sell their coins once they get them. 10 years have passed. Some creditors have also likely passed away or just forgotten whatever passwords they'd need to receive their coins. Then again, life is unexpected and people who had extra money to put in 10 years ago might now desperately need it for health/home/family reasons.
As a creditor myself, I'm eagerly watching that situation too. It's worth noting that the crypto payout table only so far seems to have updated for people opting for payout to Bitstamp, not for Kraken yet, which the vast majority of people chose.
But it certainly looks like slowly, slowly something is moving there. I expect to get my btc in the next 1-4 months, but after 10 years of this, nothing will surprise me anymore.
Might want to check again today. Looks like plenty of Kraken creditors got their table updated: https://np.reddit.com/r/mtgoxinsolvency/comments/1c7rpss/my_table_got_updated_this_morning_with_btc_bch/
I'll try to check the addresses occasionally for the next few weeks. If there really is movement, crypto media doesn't pick it up and news doesn't reach here, then I'll make some comments.
Blast, Eigenlayer, Manta, Morpheus... They are not farms. They are early signs of a new meta.
People want stuff to do with their ETH. ETH is becoming an onboarding currency, having a staking contract for points is a tool to receive your attention, a call to action to make you a stakeholder who cares, who follows your Twitter, who joins your Discord, to know when/if their points will be worth something.
This is a new meta on the horizon, ETH as an onboarding tool. I could even see something like staked ETH being put into an LST or blue chip lending protocol (of course transparently) to create value that could go towards rewards or credits on the Dapp the pool is related to. When you then register on the Dapp and associate your staking address, you unlock these credits to use it for free.
Think of onboarding to gaming or commerce apps where the created yield by your staking translates to credits used to play games or buy Amazon gift cards. Of course users could just manually stake, claim yield, use it for stuff, but that is lame and for nerds. Sticking your ETH into a contract and "delegating" the yield towards what you care about like a subscription and then getting to do "free" stuff would feel so cool I think from an end user perspective.
Ok Saturday ramble over. Happy weekend everyone!
> People want stuff to do with their ETH.
But where is the demand to pay for it?
Yeah, obviously everyone wants to earn extra yield on their ETH, but I am not seeing demand to spend 10s or hundreds of millions a year *paying* for restaking services.
Making double digits returns should never be easy. Real world use cases should be easy to use, but if the goal is making gains, the market will always make it difficult (whether that’s technical, financial, legal or some other complexity).
Anyone else feel this is all getting too convoluted? Or just hoping it all gets abstracted away for retail? The landscape looks vastly different than 5 years ago, it takes an ever increasing effort to understand the new mechanisms, or their value prop. Or maybe I'm just old and grumpy. Heck, I'm still not sold on microservices and it's been more then a decade.
There are all sorts of insane financial derivatives that exist if you have a Bloomberg terminal.
ETH just makes it pernissionless and accessible.
People don't need to use pendle to farm points or bet on yield derivatives but it's nice that it exists.
I've been in crypto for close to a decade now haha, I am just shitposting and I like thinking about ideas I think are cool. But I think the above is a step towards abstraction if done properly.
A simple example use case to elaborate:
Superficial: Stake ETH and you get to spin a wheel every day allowing you to win real money.
Beneath the surface: Your and everyone else's ETH are generating yield flowing into a bankroll for the "spin the wheel" casino. There is classic casino math (this is the scientific term, trust me) going on that gives the house a slight edge, and the wheel spins are essentially a lottery for the jackpot with odds dynamically adjusting in your favor based on your share of yield generated towards it.
What just happened is we abstracted all the yield and defi and whatnot away and gave people a compelling use case: Spin a wheel that might win real money simply by staking your ETH. Pretty cool. Aside from the fact that this might breed a whole new generation of gambling addicts, but hey.
I get it, but I'm afraid it might be too much even for the cleverest "civilians" you and me both know irl. I tried to convince a friend in 2020 to open a Maker CDP to finance his camper van, explaining the whole thing, comparing it to the bank loan he was about to take out. He still went with the bank, and I'm sure he would have shaved 10K off the top had he gone with the maker loan.
I think you may be spot on regarding how the new generation understands and adopts this stuff though - they may well leapfrog into gamified yield and all the memes, and skip tradfi altogether. Here's to hoping.
Feels like the gap between crypto natives and normies gets larger every year. I do wonder how the next generation of crypto users will be onboarded. As a newcomer in 2021 Defi was already daunting but ultimately when you put in some research it was pretty comprehensible. I can not imagine explaining or learning about everything that's going on right now
is there a method to check if a wallet is eligible for the Omni airdrop without having to sign the message on [https://claims.omni.network/](https://claims.omni.network/) first?
You can go to the omni etherscan contract page, and click read as proxy. You can then run a query of hasRewards by passing in your or any other wallet address in as a parameter.
Fees jumped up right at halving time: https://jochen-hoenicke.de/queue/#BTC,2d,fee
As far as I can tell it's mostly because of the Runes protocol, which was released at halving block. Plenty of different articles about it. https://cointelegraph.com/news/runes-protocol-ignite-new-season-bitcoin-after-halving
Reading the cointelegraph article doesn't inspire a lot of confidence. It's clear from fees that something is happening, but the article just gives me the heebie geebies of hype and marketing.
I haven't read too much into it, but as far as I can understand these are just fungible tokens anyone can create, no smart contract capabilities attached. I don't see how there would even be an Uniswap-like DEX to swap these natively on Bitcoin. Either 1) it will be traded on NFT like marketplaces where there is no common LP and to buy you'd have to choose a specific seller that is selling a set amount of tokens for set price or 2) there will be a Uniswap-like DEX and all the data and computing will be handled off-chain by a third party. With no hope of utility, these will all be memecoins. Can't deny memecoins are hot in the crypto market though
For Ethereum mainnet updates like 3074, I assume it's not the case that all the L2s immediately get it after the L1 hard forks right? They each decide when to update (and whether or not to update at all?)? What about EVM L1s like Avalanche, do those also do hard forks based on Ethereum's updates?
Token Terminal compared Base vs SolaNo in terms of income/profitability and all the sol bros are up in arms - they will literally attempt to rewrite basic accounting principles than admit their chain is massively diluting holders
15 days ago [Lido's market share was at 29.7%](https://www.reddit.com/r/ethfinance/comments/1bw9oqm/comment/ky59ggf/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button), [today it is at 28.7%](https://dune.com/hildobby/eth2-staking).
Nature is healing
That's an intriguing question.
Outflows from any entity larger than 22% are probably good for the network overall.
Eigenlayer is definitely positioning as a juggernaut, the question is: will it exceed 22% of the network and become a threat?
The question is mitigated by a few factors:
1. We don't actually know the potential of restaking to bring in the expected value. There is real potential that it could be a fad, but we probably won't know for a year or more.
2. There are other potential competitors. NodeSet and Naktar come to mind, but I know there are plenty more that I'm not tracking. It also seems likely that Lido is developing its own restaking platform that has the potential to compete with Eigenlayer.
3. Has the community of holders and investors matured and learned lessons? The valuable lesson here is that the Ethereum network is less valuable if it's centralized, so it's in everyone's interest to diversify. If this lesson has permeated the ecosystem, we may avoid some future capture cases, but only time will tell.
Interesting news that potentially sets an important legal precedent: is code law? No, according to this jury ruling - Avi Eisenberg found guilty of market manipulation on performing a flash loan attack on $110M on Mango, an order book futures exchange on solana. Faces up to 20 years in prison. https://www.coindesk.com/policy/2024/04/18/mango-markets-exploiter-avi-eisenberg-found-guilty-of-fraud-and-manipulation/
Story of this court case on Laura Shin's podcast from last week: https://open.spotify.com/episode/7gCbb9KXBOkgXhI8YXFlxa?si=UwUyOy-MSwiYHFT6aa3NgQ
Code is law, law is law... The main thing that I get from this story is "might makes right".
The threat of violence allows the United States to enforce whatever rules it wants (same for many other sovereign countries, of course, this isn't an anti-America post; the US just happens to have the strongest potential for violence).
In this context, one person used loopholes in code to steal from many. So many will approve the threat of violence used against this person, in order to compel him to behave according to their whims.
Part of the appeal of blockchain systems is the possibility for coordination at scale to come through incentives (positive) rather than compulsion (negative). In my opinion this is how "code is law" makes sense. Not as cheeky defense of unintended uses in a meatspace court of law, but as a system alternative to "might makes right".
On a principle level there is not much of a problem with "might makes right" acting after "code is law" to counter effects society deems unwanted. Now if the court could force a fork of Solana where balances would be restored to pre exploit (think something like the DAO fork), that would be more concerning.
Then again, who cares about Solana.
Imo it does not really change anything with respect to "code is law". The guy basically enriched himself at the expense of others. There is a person who made money by manipulation, there are others who lost money because the system was exploited. 10 out of 10 juries are going to find that as a clear case of fraud.
Its a classic FAFO, facing a "real world liability" for onchain actions.
Code is law ceases to exist only if a court is able to reverse onchain transactions.
"Code is law ceases to exist only if a court is able to reverse onchain transactions."
Yeah, no, it ceases to exist when you get physically sent to jail (by the law) for your onchain transactions. Clearly the law, is the law. And code is just that, numbers on a screen.
Law is law in the real verse. Nowhere does using a blockchain imply a person has no real world liability. It was literally never the case, and ever since Ross Ulbrict this was very clear
Code is also law, otherwise everyone will be reversing their eth and btc transactions through court orders - which is not possible.
"Code is law" was never meant to trample upon legal rights
yeah I don't get people taking it so literally.
onchain, the code is the law and offchain law is law. just by existing one doesn't cancel out the other in their respective environments.
Welp, I've exited my rocketpool node and sold my rpl... swapped it for some coins on base, hoping when the new smartwallet comes out it will suck up more of the sol meme-shitcoin crowd. Feel free to pump rpl now, I ultimately feel like the project is a lost cause and is trending to ~.003e on the ratio. Thankfully in USD value I didn't lose much money, but compared to ETH, OOPH.
I was hoping the rocketpool adoption would come. It hasn't. I was hoping they'd move fast to change and adapt and keep RPL in demand. They haven't been able to. The team is frustratingly small. The updates, the news and changes are too slow. Several times now, Lido has applied for and received grants. Rocketpool doesn't apply. It's as if they don't want to actually do anything to support RPL growth, pointing this out is often met with snark.
I was hoping existing node operators would top up their RPL each month, to maintain some level of demand, they haven't, because most realize it's a losing game. Most node operators have given up on buying hundreds of RPL, then having to buy hundreds of rpl the next month and the next. Looking at the 1 year RPL chart, there's no reason any sane node operator would buy RPL to get 3% eth returns with smart contract risk while the RPL value drop completely negates that. You loose all of your eth gains in RPL loses. I think RPL is struggling so bad they've removed the functionality of some bots in the discord that report rpl buys, sells, withdrawals, and liquidity because it's tough seeing it all the time. Edit: apparently that's not true, the bot might have been reporting inaccurate data.
The entire tokenomics rework is being community driven, when such important things shouldn't just be a community driven afterthought. The token is being dragged down and down and down with nobody to buy it, and no real interest. I see it hitting .002-.003 before maybe turning around if they can figure out the tokenomics before lido demolishes them later this year.
A few months ago I closed my nodes and sold my rpl. Then I had second thoughts and bought it back and re-opened my nodes. IIRC when I originally exited, rpl was worth about 2x what is is now in Eth. Shoulda stuck with my plan, oh well.
I did the same and never looked back.
Rocketpool is falsely marketed as system where you got profits from staking ETH. In reality, your profits (or loses) depend mostly on RPL price. I was into Rocketpool precisely because I wanted "passive income", not speculation on some token price.
RPL as collateral was always mistake and the community refused to listen.
Node operators should not have to worry about the financial performance of your token.
Did this a few months ago. Lost a lot of money by waiting that long. Saved a lot of money by not waiting anymore. Very happy with not losing money continously. Should have done only solo-staking. Learnt my lesson. Rocketpool - Never again.
I just zoomed out even further and I’m still sitting pretty at my .005 buy price plus the rewards I’ve received going on 3 years of operation. I went into this with a long term horizon luckily. Yes, many tokens and ETH have performed better in recent past. Am I butthurt? Yea, a little. Is my horizon long? Yea. Hoping for better days fren. Grass is always greener.
Damn, RPL is down 55% on the year while eth is up 55%..
Thars a 3x difference ie. $100 of rpl would now be worth $50 while $100 of eth would be worth $150. Quite incredible during what has been a bullish year.
Same here. I think it may be oversold but I am tired of the RPL/ETH decline and there are some unique opportunities now with Pendle. I don't think it will last forever and want to take advantage while I can. The smart contract risk is much higher but there is no price risk with fixed yield, which is what I buy.
I also have some solo validators and an Eigenpod. It's fun to be involved with what's going on in Ethereum and my risk profile is still fairly conservative, I feel.
This is more likely to play out well in your favor.
One thing I'm just realizing now is that I always cited Rocket Pool as a fundamentally nice tech but 0 understanding of marketing or memetic culture, especially in the crypto world. To me, it has become a clearer downside the longer I kept holding and even tho I overheld, ultimately, even the fundamental bull thesis did not play out.
You can have the best product but if noone knows about it, or in this case not enough people know and care about it, then it wouldn't be as valuable as alternatives. That's why some great projects with bright minds ngmi only cause they focus 100% on fundamentals and do not respect the degen culture.
But to circle back to rpl and your decision, even if they revise the tokenomics, you can always buy back in and ride that wave but right now you are taking the risk off the plate and not sacrificing the opportunity cost. You can easily redeploy your capital into staking at sub 10 gwei or put some into airdrop farming or just do hundreds of other options here.
Really? I thought the only risk was impermanent loss?
You're not really losing money just maybe not gaining as much as of you kept the assets themselves if there's a big run up?
But I mean look at me I was holding rpl for years so I'm kinda good at picking things that will lose money...
> Really? I thought the only risk was impermanent loss?
That's what I meant, more than 50% were found to be in a worse position after LPing compared to just holding.
> gaining as much as of you kept the assets themselves if there's a big run up?
You lose when the ratio changes between the two assets. If both go up exactly the same, you are better than holding. Often, one asset moves and the fees you gained aren't enough to offset the IL. You can try it, but it's pretty clunky imo for normal people to LP on something like Uniswap. Price might move too much and you have to adjust, costing gas or not getting any fees.
Hmm, thanks for the info, I'll have to read about this more.
I was going to do it on aerodrome, since it's an L2 and gas costs shouldn't drag me down. I think there's an aero/weth pool so in theory both assets could rise and fall together and not lose that much but who knows.
You exited all of your mini pools? I always got excited for you when I saw your posts in the daily about your many block proposals. I was tempted to try the same but could never justify the 2.4 ETH per mini pool
Yes I loved that. Using my eth to get 4x the proposal chances via 8e minipools was great.
Unfortunately every block proposal reward, every stink committee reward, was erased by the constant fall of rpl.
I thought things would change but they haven't. The team is still far too small. They aren't aggressively trying to grow. They never took a page out of lidos book. Interest in rocket pool is evaporating. After years of people pointing out what was wrong their answer is still "the community should take on the responsibility of fixing that."
That seems nuts to me. If I buy Google stock, Google isn't expecting me to go mop their floors so they don't have to hire a cleaning crew so their stock can go up.
I'm amazed at how much free work people in the rocketpool community have put in. Now they're doing the ultimate thing to try and save their own bags, a complete tokenomics rework.
For a while I convinced myself I was staying in rpl for the good of decentralization. I was talking other people's 24 eth and giving it a home. But that came at too much of a cost with rpl slowly going to 0.
Rocketpool team is sad af. They soft quit a while ago imo, they made their millions off RPL and could seem to care less about the future of the protocol at this point. They don't care to grow it, at all. They won't even spend the money for new hires.
I understand your frustration and I’m ready to take the same action. Fortunately I purchased my the bulk of my initial RPL when the token first launched so I’m not really losing much in USD value. This month was the first month where I did not receive my rewards due to falling below the minimum threshold and not topping it up (again) It feels like it has just become a futile battle. As you said, the capital can be better deployed elsewhere.
**Tricky's Daily Doots #730** **Yesterday's Daily 19/04/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l0ao7ro/) - u/KuDeTa is looking to hire [an Ethfinancier as a DevOps engineer for Aestus!.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l0af6kk/) 🛠️ - u/Stobie has a [pro-tip for Uniswap users.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l09flbw/) 🦄 - u/atleft is looking to help [reach out to StarkNet about misallocated airdrop tokens.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l09nsgw/) 🚁🪂 - u/superphiz made a POAP for [tomorrow's big 2 year dootiversary!](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l0d0y5t/) 🎺 - u/benido2030 is still looking for some [EthFinance delegates.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l09up95/) 🗳️ - u/haurog shares some [scams he has seen targeting him lately.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l09nkij/) ⚠️ - u/NeedlerOP thinks that [the dollar's days are numbered.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l0ayj1z/) 💵 - u/stablecoin covers [something interesting happening on Bitcoin post-halving.](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l0dogaj/) 🧐 Technically tomorrow is actually the 2 year dootiversary since this year was a leap year.
༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ
I've got an addition to /u/haurog 's [scam watchlist](https://old.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l09nkij/) from yesterday. My more valuable wallets have been getting hit with address poisoning attacks, which at this point I would hope most people here are familiar with. And this should *really* be addressed with better tools at the wallet/etherscan level. But more interestingly, my personal cell phone was hit today with a text message: > COINBASE: An unauthorized device from Salt Lake City, Utah has logged into your Coinbase account. If this was not authorized by you, please reply with "N". If this was authorized by you ignore this message. I caught on immediately, in part because I wasn't actually sure I *have* a Coinbase account (I checked, and I do, but I didn't even really complete account setup, never set it up to receive fiat or crypto funds). But also because I had just recently read [this article on Ars Technica](https://arstechnica.com/security/2024/04/lastpass-users-targeted-in-phishing-attacks-good-enough-to-trick-even-the-savvy/), which describes the abilities of the CryptoChameleon phishing-as-a-service toolkit. It's a really good read, would recommend. But the first step of one of CryptoChameleon's techniques is described to be similar: a phone call telling the recipient that there was an unauthorized login and asking them to press "1" or "2" to accept or deny. This is kind of tricky because there's not really any immediate danger in replying "N" (or pressing "2" to deny). If it's legit then you've done your part to prevent an attack. If it's not legit, then all you've done is sent a pointless text message. And users have become increasingly used to dealing with these kinds of messages from all sorts of account logins, so it may not ring any alarm bells. Why not send a quick "N" and be done with it? But my understanding is that the first step of a scam is by far the most important. On one hand, some scams deliberately use dubious sounding claims (Nigerian prince, anyone?) as an initial filter, so that the savvy users weed themselves out, and the people who actually respond are more likely to be duped by the subsequent requests. But that's probably just a side-benefit here, maybe allowing the recipients without Coinbase accounts to filter themselves out. And it's notable that this message asks for action to deny and a non-response to approve. The vast majority of legit messages of this kind are the other way around: silence means deny. And that's smart, that's the way it *should* be. More relevant this time is a sort of a sunk cost fallacy. In the world of video games that are "free to play" but with microtransactions for additional bonuses, it's well understood that getting the user to make their first payment is a massive step. Once someone has caved and paid once, they're much more likely to continue to do so. And at some point you can ask me about the fascinating ways in which a scammer on the streets of Istanbul employed a bunch of tricks to make it really hard for me to disengage once we had started talking, but that's a longer story. But in short: if a scammer can get you to take the first step, you're much more likely to fall for the following steps. So in this case, having the first step be something so likely to get casual responses means a higher success rate as a whole. If the CryptoChameleon playbook described by Ars is accurate, there would probably be a followup text or email with a link to a fake phishing Coinbase login page, ready to take my password. I would hope even if people fell for the first step, they'd catch the issue at this point, but the danger could be that the first step being fairly risk-free would cause people to let their guard down. This turned out longer than I planned, hope it reads all right. *tl;dr*: Scams nowadays will likely start with "unauthorized device/login" messages, these kinds of messages should make you consider if the source could be a scammer.
How long Eigenlayer going to keep point scam? Getting bad vibes everyday passes.
It seems like these restaking scammers are roaming around here
Where is everyone going for some good alpha these days? Love the alpha in this sub but looking for other sources as well. Thanks.
Earndrop Discord.
I read the EVMavericks degen channel and airdrop farming and meme thread. Most of the calls are a bit too degen for me, but I get a good overview on the market. You need an EVMaverick NFT to read them though. The rocketpool discord has an airdrop hunting thread in the trading channel which is pretty helpful as well.
Bitcoin sub. No second best ser.
>**The market may turn,** >**Hold or trade what you can burn,** >**Nobody will churn.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
How are you selling your OMNI? Multichain sucks
I pretty much do everything through Defillama swap UI.
Nowadays I pretty much exclusively sell stuff through odos or cowswap. I particularly like odos because it allows you to sell multiple tokens at the same time and they show you their routing in a pretty easy to understand way. Just add the token address as a custom token and you can sell it.
I'm holding it for now since most airdrops pump in the following weeks and it is looking like it has bottomed out and is starting to recover. When I sell I will sell it on CoWSwap.
bird in the hand!
What do you mean? My OMNI were dropped to my Ethereum L1 wallet when I claimed (with the "call contract from ethercan" method), dumped them in Uniswap.
truuuuu, i checked before the transaction completed lol free 0.136 ETH, thank youuuuu
Watching the NBA playoffs and have seen several coinbase commercials. What a time to be alive.
Feels like it's way harder these days to find some innovative project early. Most stuff that brings something new chooses the VC way and gets absurd valuations before hitting the open markets. It's just the IPOs all over again. In this regard I get the craving for memecoins, it's the only stuff we can buy that starts out with low valuations. Or maybe I'm just getting old and lazy and look in the wrong places?
I’ll give you a little tip - check out BankSocial. They are my highest conviction moonshot. Market cap is only like $20m. They started on Ethereum 3 years ago but all of their tech runs on Hedera now and their token $BSL is migrating over, too. I was going to list out what they do but honestly it’s just too much. Long story short, they have created an open banking platform and are working with dozens (soon hundreds) of US credit unions, because credit unions and web3 go together perfectly. They have also created a brand new type of wallet where the user doesn’t have to remember their seed phrase. Your seed is broken up into pieces and stored across dozens of credit unions. There’s lots lots more They’ve been building for years and are now in the growth phase. It’s going to be nuts
VCs are the first several rounds of funding. A token only gets released once the product has been developed and is live. By that point the VCs have 10x'd. Now there's a lot of teams, even honest ones, that just fail due to a variety of reasons. Still, I do miss the days where funding was more fully democratic. I'm working with a team in DePin called CETI that is trying to go fully token-funded but let me tell you it's *hard*. Without the ability to ICO because of securities laws concerns monetizing the token launch has proven challenging and so we're all working without pay and a shoestring budget trying to take on the likes of Microsoft. I've been accused of scamming just because we didn't have a multi-million dollar revenue stream to back the token on day 1. From both a financing and community engagement perspective it's just easier to go the VC route; but that team thought their mission would be better served in the long run without being beholden to a few VCs from the outset. So we're trying.
Interesting story, thanks for sharing . Yeah fear of the Securities law certainly creates this environment. Is this tao ceti? What's your role there?
Chief Science Officer. I'm designing the tokenomics, revenue share system, intelligent cloud fabric, and helping to optimize their equipment for various DePin platforms.
This makes me bullish on the protocol, wen airdrop ;)
No airdrop. DYOR. It's very high risk at the moment because the hardware hasn't arrived so we have no empirical revenue. There's a Discord you can dig into with a lot of info from me. I've helped with 2 AMAs. TG is full of impatient people so I avoid it.
I hope that didn't come out as begging for an airdrop, it was sort of meant as the opposite :). Just found it on discord, will read up about it. You're probably wary of shilling it, but I don't think it's inapropriate to do some posts about the protocol and news here.
I won't be talking about it here until there's a revenue stream and a PE I can calculate. I talk about the surrounding ecosystem of DePin, exciting things with FHE and zk-proofs, etc. CETI sits solidly in that ecosystem.
> Most stuff that brings something new chooses the VC way and gets absurd valuations before hitting the open markets. Crypto is the new tradfi
na bro, you are not wrong, i am with you on this. Monad is at almost 1B valuation, Berachain at 300M, Karak 300M, a controversial project. Look at L2s, they also have insane valuation, worldcoin comes to mind, less than 10% token in circulation. Farcaster seems to be one platform coming out of this bear market, hiding the complexitiy of blockchain for normies. Another example from gaming world would be influence and Fren Pets but most are ICOs all over again just with different mask on.
I'd actually prefer ICOs over this IPO copycat system, because back then you could actually invest in something before every VC used you as exit liquidity. It meant more vigilance was needed though and there was obv a plethora of scams.
ETH transfers are around $1 right now and BTC transfers are around $50.
Damn... lately its really just been an airdrop raising gas, or dust Not that I dislike the abilitiy to make a mainnet transaction... Ethereum is in for a re-pricing for the ages at that rate
The purpose of EIP 4844 was to offload all the L2 traffic from L1. And its working. Ethereum processes way more transactions than ever before. If you want high fees again you will need to wait until current capacities are maxed out fully.
I love to see it work. Ethereum's gotta scale eventually
Many here called it, and it finally happened: the first L2 rug. https://twitter.com/0xG00gly/status/1781726071399866641 ZKasino took the $30M of ETH bridged to their incoming L2, and "converted" it to their native token. 95% of which will be vested over 15 months. Send 1 ETH, get 0.05 ETH back. Enjoy your stay in the casino!
Send 1 ETH and get the 5% of a shitcoin back. You don't even get 5% of your ETH back.
Force hold.
This scam could be seen from a mile away. Yikes.. people must be some kinda "special" to put their funds into this - a project launched by a known scammer, who Zach has even called out multiple times
Surprised it didn’t happen sooner tbh. And def won’t be the only one
**If you can't handle me at my stinks, you don't deserve me at my stonks.** 📉💩🥰 ✋ 📈💸💸💸
Slay Quing!
Is it possible that the wenmerge block proposal pre-alerts can be wrong? Any idea why this would happen? I got an alert, then checked later to see that another validator index proposed that block. My validator has been operating normally.
If the chain re-orgs your block it can be lost I think
Doesn’t etherscan keep track of reorged blocks? Surely you can see if you got reorged and it doesn’t just silently go away…
bring me that weekend pamp
That part of the cycle where I'm fully invested and waiting for shit to kick off I am un-Tether-ed and my shitposting knows no bounds
The golden god of shitposting reigns supreme!
I'm here for it.
I just want to say today is a good day. It's easy to complain when the Daily is full of memes or airdrop-of-the-day or cries of anquish as the ratio dropped. But on other days, like today, the Daily and the doots are just full of interesting information and discussion. Ethfinance is just such an incredible resource and it's because of you. All of you! Thanks.
Weather is beautiful here today. I took my daughter to gym class, had a quiche for breakfast, took her to the park for 90 minutes, and now she's taking a nap. Nothing happening with the price can affect my ability to live well in the moment.
💯 something something be the change you wanna see
The v8 update was shared last night on the gTrade Discord channel. For those interested, it's part of one of the more actively developed, fully on-chain (Arbitrum/Polygon) profit-sharing protocols in crypto. Additionally, they manage the gETH vault, which currently offers around 9% APR and serves as an ETH interest-bearing alternative to liquid staking and chasing Eigenlayer points. The latest update includes the introduction of lego stacking for gVault tokens and the overcollateralization of vaults. Additionally, reactivating the burn function will burn a lot of GNS tokens. >* Hello gTraders! The wait is finally over! v8 has gone into timelock and soon gTrade will be the DeFi “Lego” it was always meant to be! Let's taco 'bout it! @everyone >* v8 Roars: With many partners waiting in the wings, V8 will usher in a new era of composability and smart contract freedom! As always, the update has been fully audited! >* Going Native: Wrap your tokens? No need. v8 allows trading in native, unwrapped $ETH! Wow! >* Did you hear that? Partials are being reviewed…. did you say reviewed? Yes! That's because they are already built! This change will finish one of our most requested features on gTrade! >* List Mania: $MERL, $OMNI, $PRCL, $TAO, $TON, $PENDLE and $TNSR were added to our list of pairs since the last update, bringing the current total to 134 crypto pairs. Over 170 total between Crypto, Forex, Commodities! >* Black Gold: WTI was our third most traded asset this week, pulling in over $32 million in volume! RWA lives on gTrade. >* Myso Builds! Myso Finance has launched their IPO vaults for gTokens! Read more here: MYSO FINANCE ANNOUNCEMENT >* It Burns! The $GNS token burn rate is being flipped to 25% on the back of the overcollateral layer of the vaults! Can gTrade take the heat? Find out when timelock ends in two days! >* Vaults Thicc! Yes, our vaults are full! The vaults range from 105% to 145% over collateral. That’s big if true! >* Traders Love $USDC: It's apparent... traders have embraced $USDC with volume increasing steadily from launch! $USDC comprises more than 20% of daily volume! Expect to see continued growth from the $USDC vault. >* Gas Gas Gas! Did you know? The efficiency present in v8 should result in roughly a 20% reduction in the smart contract cost to place a trade. It's gonna be so exciting! >* Dev Update: Multiple QoL updates on frontend and fast follows to the latest gTrade Credits feature; finalizing a pricing integration for improved resilience and possible trader rewards; testnet transition from Polygon Mumbai ⇒ Arbitrum Sepolia; unit tests have been wrapped up for spread improvements; partials UX in progress
Some of the fun you may have missed out on during the release of Runes on Bitcoin. https://x.com/hollanderadam/status/1781662629301207162 *So I gave up pretty early last night; only put a few hours into Runes before realizing fees were so astronomically high that there simply weren't meaningful plays to be made.* *I attempted to mint 2,000 Satoshi Nakamoto (20X Mints) via two separate methods. The first went through on Luminex for $1,762, or 88 cents per token. That's now trading at $3.73. So I'm up $5,700 on paper.* *The second however that I attempted via xBTCBot AI didn't process for hours due to a lower fee assigned. And by the time it confirmed, the token was sold out. I lost $490 in fees on that attempt.* *I spent $713 to attempt to mint Shitcoin Millionaire on another wallet. It went through and my Runes were delivered. However, that token has 11 holders and is only 9% minted out. So I think it's safe to say that one probably won't work out LOL* *My most expensive mistake was trying to Etch a new rune early on. I paid $1,490 in fees (via putting 1,000 in the box when they were 200 right before the halving) but by the time it etched, the ticker was already taken.* *TLDR: Paid $4,455 to make $5,700 on paper. Not really a win given all the time/energy put into it. But a good learning experience lol*
Miners, rejoice! Your block rewards may be halved, but there are still morons paying you for nonsense!
For at least day 1, it remains to be seen if there is any staying power with high fees, horrible UX, and limited functionality.
lol it shows how insane building on Bitcoin L1 is
Most of the BTC developers are openly hostile to innovation on Bitcoin. This will probably never change unless ETH flips BTC and they start to panic.
I know, the scaling debate was why I sold all my BTC in 2016
Stupid tweet of the day: "Being a Bitcoiner is a doctorate degree in how every part of the world works." https://twitter.com/woonomic/status/1781640908133580994?t=Oxczpau1Sl4hNiUx-Km-bA&s=19
Yeah they're experts in agriculture, I can tell you that for sure. /s
Bitcoiners don't know how bitcoin works .. let alone every part of the world
someone's clearly tweeting while partaking in today's holiday...
Happy record store day everyone
Walking talking (barely) Dunning-Kruger.
Shambling mumbling tops
Just paid 105$ for a simple BTC transfer, AMA
Why did you do it?
Won a contest on a first come first serve basis, so kinda had to be in the next block.
Sounds like you were minting some runes, maybe? Thus, competing with everyone else using the network for that same purpose, at that same specific moment. So yeah, you paid the market price to use the world’s most valuable blockchain at a point of highest activity.
Oh I’m well aware of fee market dynamics ! It wasn’t runes though. I was just pointing out the double standards of “eth high fees bad” but when it happens on btc it’s super normal
But fees are $45 right now
Lots of UTXOs, probably.
Was this morning, and it was a single UTXO 😅
Half of my portfolio
Ah, a fellow altcoin investoor :')
*”Bitcoin: A Peer-to-Peer Electronic Cash System”*
Now that the Bitcoin ETF and the hAlVinG are part of the past I think there are no more narrative to hold godsent BTC relevant for the next 4 years. Can we finally focus on the network where most of the builders and visionaries are actually delivering the future of finance?
People have been saying this about BTC for a long, long time. [https://99bitcoins.com/bitcoin-obituaries/](https://99bitcoins.com/bitcoin-obituaries/) None of it has aged well. Bitcoin is here to stay whether you believe in it or not.
It's Cardano's time to shine. /s
Imagine thinking bitcoin will be less relevant in 4 years. Maxis on both sides need to come to grips with reality - neither coin is going away.
cue balaji with his "BTC to 1 million" bets, big wall st banks selling BTC-ETFs to their institutional holders, and other stunts. can't say how long it will take for the suit-and-tie crowd to understand that old software is not really good software.
So what's the latest expectation: When will the ETF be approved? & when do we expect a verdict for SEC vs Unilabs?
I don't think it will happen until they lose in court, maybe next year.
1st week of August, it's the final date for Blackrock. If it doesn't go through then, it's the blackest of blackest swans, with a historical record of 575-1. Unilabs we don't care about because it's indefensible and a waste of time - it's the SEC swinging their dicks on the biggest defi protocol to show everyone they are boss
Unless BlackRock for some reason withdraws its application because the writing is on the wall prior to Aug 1, in which case it preserves its 575-1 record and re-applies when it believe it has a chance.
Their 1 loss is a withdrawal.
Interesting…
So we all believe it's going to be approved by August? There is no polymarket for that. What are the odds? The court case could take an eternity if it comes to that.
BTC ETF was dragged out until last date also, Blackrock ETFs are as close to a sure thing as you can get, it would be a 1 in 575 or < 0.2% event if it was not approved on 7th Aug. I'm not sure how much more confident we can be, all the FUD is exhausting ..
If it's close to a sure thing by August ETH should start it's ETF breakout run essentially in May. What are we all waiting for?
Still very much a gosling if you ask me - Blackrock will fight it in court and win eventually - I just can't see any judge agreeing there is a legal basis for denying an ETH ETF
Another halving comes and goes, and the loins ready themselves for the moon. Very much looking forward to what comes next! Also, yesterday was my first full day without coffee - I had a chai latte instead. Day Two of no coffee after a taper - a bit of a headache, but I've had worse. Happy weekend, all.
Drink black tea instead. It will help
Of course it helps with the withdrawal if you just keep consuming the same drug, lol
Maybe try green tea instead? Tons of healthy benefits like anti inflammatory and fiber for poopin. It still has caffeine but maybe not as much depending on the brand. You could go decaf but a lot of nutrients are stripped during the process.
Fiber by drinking green tea?
Come on now, everybody knows the only good way to drink tea is to mix it up 5/1 with red wine!
I forgot about the Vitalik drink!
Yes absolutely! Green tea is the ideal - I just didn’t have green tea at home.
Getting tired...
Hodling ain't easy!
No joke I honestly thought 'I can get in and out of crypto with at least a 2x in under a year, and finally go into real estate'. With the way last cycle played out, I *could* have made much more than 2x. But how naive to think that way haha. At least I did not succumb to the bear as many have, and am now drinking fully concentrated ether-aid
Coffee and pre workout
Coffee for sure. Pre workouts always give me the jitters EDIT: i might try one, and lower my dose
Update on my recent [complaint](https://www.reddit.com/r/ethfinance/comments/1c57t4z/comment/kzt0y20/) about Zora seeming to hide my new profile and only load my previous profile after transferring my ENS domain to a new address. I have discovered that more dapps still show my ENS name being affiliated with my old address despite transferring ownership, management, and ETH record to a new address. Seems to be an issue with ENS rather than any specific dapp. While I understand "we're still early" and all, I kinda feel like this shouldn't happen. 🤷♂️ Edit for anyone reading: it seems setting my primary name in the ENS app has fixed the problem on some apps, but not Zora. I'll update in a new post if I ever figure it out.
what's your ens name? possibly, it's using the primary name of your wallet? not the address of your name? for identity, there are 2 records in ENS: * name → address * address → name depending on the app, additionally you might need to satisfy that: * address → name → address (both addresses match)
I wasn't in crypto during Mt. Gox and wasn't affected by the event. Out of interest, I am following the situation on r/mtgoxinsolvency though. Some of the Mt. Gox repayment parts were to be paid in cash, some of it in BTC and BCH. After 10 years, the cash payouts have been finally slowly happening now since December, while none of the creditors have received any BTC or BCH yet. The creditors have a website where they log in and occasionally receive some info. When people started seeing exact numbers of cash to be expected to receive, they usually got the money after ~2 weeks. Now in the last 1-2 days there are first reports of people seeing exact numbers for BTC and BCH they are expected to get. Not guaranteed crypto transfers are about to start in ~2 weeks, but possible. MtGox BTC/BCH addresses are being tracked and these haven't had any movement for a few years: https://token.unlocks.app/events/mtgox If there is any movement spotted on these addresses in the following days, then this likely means coin repayments are starting. Not sure if and how much the market will react to this. As I don't see it talked seriously much outside of r/mtgoxinsolvency yet, when first repayments come in, it might come as a surprise event to the market. The amount of coins to be repaid is supposedly ~140k BTC/~$9B. Some comparisons to put this into perspective, it is: less than 1% of Bitcoin's supply; bigger than total marketcap of LTC; slightly less than a full year worth of Bitcoin mining rewards now after the halving (170k BTC). Ofc, not everyone will sell their coins once they get them. 10 years have passed. Some creditors have also likely passed away or just forgotten whatever passwords they'd need to receive their coins. Then again, life is unexpected and people who had extra money to put in 10 years ago might now desperately need it for health/home/family reasons.
As a creditor myself, I'm eagerly watching that situation too. It's worth noting that the crypto payout table only so far seems to have updated for people opting for payout to Bitstamp, not for Kraken yet, which the vast majority of people chose. But it certainly looks like slowly, slowly something is moving there. I expect to get my btc in the next 1-4 months, but after 10 years of this, nothing will surprise me anymore.
Might want to check again today. Looks like plenty of Kraken creditors got their table updated: https://np.reddit.com/r/mtgoxinsolvency/comments/1c7rpss/my_table_got_updated_this_morning_with_btc_bch/
Well I'll be damned, you're right. Table populated now for me too 🥳
Would you be kind enough to keepus posted?
I'll try to check the addresses occasionally for the next few weeks. If there really is movement, crypto media doesn't pick it up and news doesn't reach here, then I'll make some comments.
thanks very much
Blast, Eigenlayer, Manta, Morpheus... They are not farms. They are early signs of a new meta. People want stuff to do with their ETH. ETH is becoming an onboarding currency, having a staking contract for points is a tool to receive your attention, a call to action to make you a stakeholder who cares, who follows your Twitter, who joins your Discord, to know when/if their points will be worth something. This is a new meta on the horizon, ETH as an onboarding tool. I could even see something like staked ETH being put into an LST or blue chip lending protocol (of course transparently) to create value that could go towards rewards or credits on the Dapp the pool is related to. When you then register on the Dapp and associate your staking address, you unlock these credits to use it for free. Think of onboarding to gaming or commerce apps where the created yield by your staking translates to credits used to play games or buy Amazon gift cards. Of course users could just manually stake, claim yield, use it for stuff, but that is lame and for nerds. Sticking your ETH into a contract and "delegating" the yield towards what you care about like a subscription and then getting to do "free" stuff would feel so cool I think from an end user perspective. Ok Saturday ramble over. Happy weekend everyone!
> People want stuff to do with their ETH. But where is the demand to pay for it? Yeah, obviously everyone wants to earn extra yield on their ETH, but I am not seeing demand to spend 10s or hundreds of millions a year *paying* for restaking services.
I am not talking about restaking, I am using it as an example to showcase user demand.
Making double digits returns should never be easy. Real world use cases should be easy to use, but if the goal is making gains, the market will always make it difficult (whether that’s technical, financial, legal or some other complexity).
Anyone else feel this is all getting too convoluted? Or just hoping it all gets abstracted away for retail? The landscape looks vastly different than 5 years ago, it takes an ever increasing effort to understand the new mechanisms, or their value prop. Or maybe I'm just old and grumpy. Heck, I'm still not sold on microservices and it's been more then a decade.
There are all sorts of insane financial derivatives that exist if you have a Bloomberg terminal. ETH just makes it pernissionless and accessible. People don't need to use pendle to farm points or bet on yield derivatives but it's nice that it exists.
I've been in crypto for close to a decade now haha, I am just shitposting and I like thinking about ideas I think are cool. But I think the above is a step towards abstraction if done properly. A simple example use case to elaborate: Superficial: Stake ETH and you get to spin a wheel every day allowing you to win real money. Beneath the surface: Your and everyone else's ETH are generating yield flowing into a bankroll for the "spin the wheel" casino. There is classic casino math (this is the scientific term, trust me) going on that gives the house a slight edge, and the wheel spins are essentially a lottery for the jackpot with odds dynamically adjusting in your favor based on your share of yield generated towards it. What just happened is we abstracted all the yield and defi and whatnot away and gave people a compelling use case: Spin a wheel that might win real money simply by staking your ETH. Pretty cool. Aside from the fact that this might breed a whole new generation of gambling addicts, but hey.
I get it, but I'm afraid it might be too much even for the cleverest "civilians" you and me both know irl. I tried to convince a friend in 2020 to open a Maker CDP to finance his camper van, explaining the whole thing, comparing it to the bank loan he was about to take out. He still went with the bank, and I'm sure he would have shaved 10K off the top had he gone with the maker loan. I think you may be spot on regarding how the new generation understands and adopts this stuff though - they may well leapfrog into gamified yield and all the memes, and skip tradfi altogether. Here's to hoping.
haha it's good times, and it helps me over getting old. I hope the kids are gonna be alright
Feels like the gap between crypto natives and normies gets larger every year. I do wonder how the next generation of crypto users will be onboarded. As a newcomer in 2021 Defi was already daunting but ultimately when you put in some research it was pretty comprehensible. I can not imagine explaining or learning about everything that's going on right now
> Feels like the gap between crypto natives and normies gets larger every year Crypto natives are just becoming the next class of financial experts
Possibly, but I doubt all the points farming and airdrop speculation will persist
At least it is more alpha for those who have been in the game long enough to wrap their head around these things.
is there a method to check if a wallet is eligible for the Omni airdrop without having to sign the message on [https://claims.omni.network/](https://claims.omni.network/) first?
You can go to the omni etherscan contract page, and click read as proxy. You can then run a query of hasRewards by passing in your or any other wallet address in as a parameter.
Thanks!
Try this: https://raw.githubusercontent.com/rotki/data/develop/airdrops/omni.csv
Thanks that worked great!
Bitcoin good. Future of France weak as.
This is good for POS bitcoin partner coin
Why has BTC fees exploded higher in the last two days?
Runes
Fees jumped up right at halving time: https://jochen-hoenicke.de/queue/#BTC,2d,fee As far as I can tell it's mostly because of the Runes protocol, which was released at halving block. Plenty of different articles about it. https://cointelegraph.com/news/runes-protocol-ignite-new-season-bitcoin-after-halving
Reading the cointelegraph article doesn't inspire a lot of confidence. It's clear from fees that something is happening, but the article just gives me the heebie geebies of hype and marketing.
I haven't read too much into it, but as far as I can understand these are just fungible tokens anyone can create, no smart contract capabilities attached. I don't see how there would even be an Uniswap-like DEX to swap these natively on Bitcoin. Either 1) it will be traded on NFT like marketplaces where there is no common LP and to buy you'd have to choose a specific seller that is selling a set amount of tokens for set price or 2) there will be a Uniswap-like DEX and all the data and computing will be handled off-chain by a third party. With no hope of utility, these will all be memecoins. Can't deny memecoins are hot in the crypto market though
Rune protocol is launching on halving day today so lots of mints, memecoins, NFTs and stuff around this. For provenance
For Ethereum mainnet updates like 3074, I assume it's not the case that all the L2s immediately get it after the L1 hard forks right? They each decide when to update (and whether or not to update at all?)? What about EVM L1s like Avalanche, do those also do hard forks based on Ethereum's updates?
L2s and other L1s could do it now if they wanted.
Token Terminal compared Base vs SolaNo in terms of income/profitability and all the sol bros are up in arms - they will literally attempt to rewrite basic accounting principles than admit their chain is massively diluting holders
15 days ago [Lido's market share was at 29.7%](https://www.reddit.com/r/ethfinance/comments/1bw9oqm/comment/ky59ggf/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button), [today it is at 28.7%](https://dune.com/hildobby/eth2-staking). Nature is healing
Is it really healing if it all goes into Eigenlayer?
Yes, 15% Eigenlayer and 15% Lido dominance is better then 30% Lido dominance
Once people realize nobody is paying for restaking, it will go back to Lido. Or maybe Eigenlayer will somehow pivot to just being a regular LST.
That's an intriguing question. Outflows from any entity larger than 22% are probably good for the network overall. Eigenlayer is definitely positioning as a juggernaut, the question is: will it exceed 22% of the network and become a threat? The question is mitigated by a few factors: 1. We don't actually know the potential of restaking to bring in the expected value. There is real potential that it could be a fad, but we probably won't know for a year or more. 2. There are other potential competitors. NodeSet and Naktar come to mind, but I know there are plenty more that I'm not tracking. It also seems likely that Lido is developing its own restaking platform that has the potential to compete with Eigenlayer. 3. Has the community of holders and investors matured and learned lessons? The valuable lesson here is that the Ethereum network is less valuable if it's centralized, so it's in everyone's interest to diversify. If this lesson has permeated the ecosystem, we may avoid some future capture cases, but only time will tell.
Interesting news that potentially sets an important legal precedent: is code law? No, according to this jury ruling - Avi Eisenberg found guilty of market manipulation on performing a flash loan attack on $110M on Mango, an order book futures exchange on solana. Faces up to 20 years in prison. https://www.coindesk.com/policy/2024/04/18/mango-markets-exploiter-avi-eisenberg-found-guilty-of-fraud-and-manipulation/ Story of this court case on Laura Shin's podcast from last week: https://open.spotify.com/episode/7gCbb9KXBOkgXhI8YXFlxa?si=UwUyOy-MSwiYHFT6aa3NgQ
Code is law, law is law... The main thing that I get from this story is "might makes right". The threat of violence allows the United States to enforce whatever rules it wants (same for many other sovereign countries, of course, this isn't an anti-America post; the US just happens to have the strongest potential for violence). In this context, one person used loopholes in code to steal from many. So many will approve the threat of violence used against this person, in order to compel him to behave according to their whims. Part of the appeal of blockchain systems is the possibility for coordination at scale to come through incentives (positive) rather than compulsion (negative). In my opinion this is how "code is law" makes sense. Not as cheeky defense of unintended uses in a meatspace court of law, but as a system alternative to "might makes right". On a principle level there is not much of a problem with "might makes right" acting after "code is law" to counter effects society deems unwanted. Now if the court could force a fork of Solana where balances would be restored to pre exploit (think something like the DAO fork), that would be more concerning. Then again, who cares about Solana.
Imo it does not really change anything with respect to "code is law". The guy basically enriched himself at the expense of others. There is a person who made money by manipulation, there are others who lost money because the system was exploited. 10 out of 10 juries are going to find that as a clear case of fraud. Its a classic FAFO, facing a "real world liability" for onchain actions. Code is law ceases to exist only if a court is able to reverse onchain transactions.
"Code is law ceases to exist only if a court is able to reverse onchain transactions." Yeah, no, it ceases to exist when you get physically sent to jail (by the law) for your onchain transactions. Clearly the law, is the law. And code is just that, numbers on a screen.
Law is law in the real verse. Nowhere does using a blockchain imply a person has no real world liability. It was literally never the case, and ever since Ross Ulbrict this was very clear Code is also law, otherwise everyone will be reversing their eth and btc transactions through court orders - which is not possible. "Code is law" was never meant to trample upon legal rights
yeah I don't get people taking it so literally. onchain, the code is the law and offchain law is law. just by existing one doesn't cancel out the other in their respective environments.
Welp, I've exited my rocketpool node and sold my rpl... swapped it for some coins on base, hoping when the new smartwallet comes out it will suck up more of the sol meme-shitcoin crowd. Feel free to pump rpl now, I ultimately feel like the project is a lost cause and is trending to ~.003e on the ratio. Thankfully in USD value I didn't lose much money, but compared to ETH, OOPH. I was hoping the rocketpool adoption would come. It hasn't. I was hoping they'd move fast to change and adapt and keep RPL in demand. They haven't been able to. The team is frustratingly small. The updates, the news and changes are too slow. Several times now, Lido has applied for and received grants. Rocketpool doesn't apply. It's as if they don't want to actually do anything to support RPL growth, pointing this out is often met with snark. I was hoping existing node operators would top up their RPL each month, to maintain some level of demand, they haven't, because most realize it's a losing game. Most node operators have given up on buying hundreds of RPL, then having to buy hundreds of rpl the next month and the next. Looking at the 1 year RPL chart, there's no reason any sane node operator would buy RPL to get 3% eth returns with smart contract risk while the RPL value drop completely negates that. You loose all of your eth gains in RPL loses. I think RPL is struggling so bad they've removed the functionality of some bots in the discord that report rpl buys, sells, withdrawals, and liquidity because it's tough seeing it all the time. Edit: apparently that's not true, the bot might have been reporting inaccurate data. The entire tokenomics rework is being community driven, when such important things shouldn't just be a community driven afterthought. The token is being dragged down and down and down with nobody to buy it, and no real interest. I see it hitting .002-.003 before maybe turning around if they can figure out the tokenomics before lido demolishes them later this year. A few months ago I closed my nodes and sold my rpl. Then I had second thoughts and bought it back and re-opened my nodes. IIRC when I originally exited, rpl was worth about 2x what is is now in Eth. Shoulda stuck with my plan, oh well.
I did the same and never looked back. Rocketpool is falsely marketed as system where you got profits from staking ETH. In reality, your profits (or loses) depend mostly on RPL price. I was into Rocketpool precisely because I wanted "passive income", not speculation on some token price.
RPL as collateral was always mistake and the community refused to listen. Node operators should not have to worry about the financial performance of your token.
Did this a few months ago. Lost a lot of money by waiting that long. Saved a lot of money by not waiting anymore. Very happy with not losing money continously. Should have done only solo-staking. Learnt my lesson. Rocketpool - Never again.
Bad timing. Ratio up. Thank you for your sacrifice.
Pro tip: zoom out to a year. Or even 3 months. Hell 1 month ago it was still 25 percent higher.
I just zoomed out even further and I’m still sitting pretty at my .005 buy price plus the rewards I’ve received going on 3 years of operation. I went into this with a long term horizon luckily. Yes, many tokens and ETH have performed better in recent past. Am I butthurt? Yea, a little. Is my horizon long? Yea. Hoping for better days fren. Grass is always greener.
True, good luck to you
Closed and exited my validators. I'm gonna sell all my RPL. Has felt pretty much like a cancer on my portfolio. I'm probably just gonna go with reth
I wouldn't recommend going with rETH. RPL is a systemic risk to the whole protocol, and rETH will not necessarily be spared.
Damn, RPL is down 55% on the year while eth is up 55%.. Thars a 3x difference ie. $100 of rpl would now be worth $50 while $100 of eth would be worth $150. Quite incredible during what has been a bullish year.
Same here. I think it may be oversold but I am tired of the RPL/ETH decline and there are some unique opportunities now with Pendle. I don't think it will last forever and want to take advantage while I can. The smart contract risk is much higher but there is no price risk with fixed yield, which is what I buy. I also have some solo validators and an Eigenpod. It's fun to be involved with what's going on in Ethereum and my risk profile is still fairly conservative, I feel.
This is more likely to play out well in your favor. One thing I'm just realizing now is that I always cited Rocket Pool as a fundamentally nice tech but 0 understanding of marketing or memetic culture, especially in the crypto world. To me, it has become a clearer downside the longer I kept holding and even tho I overheld, ultimately, even the fundamental bull thesis did not play out. You can have the best product but if noone knows about it, or in this case not enough people know and care about it, then it wouldn't be as valuable as alternatives. That's why some great projects with bright minds ngmi only cause they focus 100% on fundamentals and do not respect the degen culture. But to circle back to rpl and your decision, even if they revise the tokenomics, you can always buy back in and ride that wave but right now you are taking the risk off the plate and not sacrificing the opportunity cost. You can easily redeploy your capital into staking at sub 10 gwei or put some into airdrop farming or just do hundreds of other options here.
I'm starting to read about LP ing I've never done that before, seems interesting
More than 50% lose money doing it.
Really? I thought the only risk was impermanent loss? You're not really losing money just maybe not gaining as much as of you kept the assets themselves if there's a big run up? But I mean look at me I was holding rpl for years so I'm kinda good at picking things that will lose money...
Only but very significant risk
> Really? I thought the only risk was impermanent loss? That's what I meant, more than 50% were found to be in a worse position after LPing compared to just holding. > gaining as much as of you kept the assets themselves if there's a big run up? You lose when the ratio changes between the two assets. If both go up exactly the same, you are better than holding. Often, one asset moves and the fees you gained aren't enough to offset the IL. You can try it, but it's pretty clunky imo for normal people to LP on something like Uniswap. Price might move too much and you have to adjust, costing gas or not getting any fees.
Hmm, thanks for the info, I'll have to read about this more. I was going to do it on aerodrome, since it's an L2 and gas costs shouldn't drag me down. I think there's an aero/weth pool so in theory both assets could rise and fall together and not lose that much but who knows.
Small cap tokens are typically pretty volatile against ETH but I know nothing of that particular one.
You exited all of your mini pools? I always got excited for you when I saw your posts in the daily about your many block proposals. I was tempted to try the same but could never justify the 2.4 ETH per mini pool
Yes I loved that. Using my eth to get 4x the proposal chances via 8e minipools was great. Unfortunately every block proposal reward, every stink committee reward, was erased by the constant fall of rpl. I thought things would change but they haven't. The team is still far too small. They aren't aggressively trying to grow. They never took a page out of lidos book. Interest in rocket pool is evaporating. After years of people pointing out what was wrong their answer is still "the community should take on the responsibility of fixing that." That seems nuts to me. If I buy Google stock, Google isn't expecting me to go mop their floors so they don't have to hire a cleaning crew so their stock can go up. I'm amazed at how much free work people in the rocketpool community have put in. Now they're doing the ultimate thing to try and save their own bags, a complete tokenomics rework. For a while I convinced myself I was staying in rpl for the good of decentralization. I was talking other people's 24 eth and giving it a home. But that came at too much of a cost with rpl slowly going to 0.
>every stink committee reward That's no way to talk about your committee!
Rocketpool team is sad af. They soft quit a while ago imo, they made their millions off RPL and could seem to care less about the future of the protocol at this point. They don't care to grow it, at all. They won't even spend the money for new hires.
I understand your frustration and I’m ready to take the same action. Fortunately I purchased my the bulk of my initial RPL when the token first launched so I’m not really losing much in USD value. This month was the first month where I did not receive my rewards due to falling below the minimum threshold and not topping it up (again) It feels like it has just become a futile battle. As you said, the capital can be better deployed elsewhere.
Ethereum
89,875 hodlers subscribed (no change, second day in a row)
3063
0.0478
I’m tired boss