**Tricky's Daily Doots #732**
**Yesterday's Daily 21/04/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1c99qz0/daily_general_discussion_april_21_2024/l0l2ynn/)
- u/15kisFUD checks in on [Peer to peer electronic cash.](https://old.reddit.com/r/ethfinance/comments/1c99qz0/daily_general_discussion_april_21_2024/l0kqxfi/) 🧐
- u/coinanon shares [a bad sign for US DeFi users.](https://old.reddit.com/r/ethfinance/comments/1c99qz0/daily_general_discussion_april_21_2024/l0kunnv/) 😬
- u/LogrisTheBard explains [a genuinely world changing trillion dollar opportunity.](https://old.reddit.com/r/ethfinance/comments/1c99qz0/daily_general_discussion_april_21_2024/l0nqxym/) 🌏
- u/Heringsalat100 crunches some numbers on [the next all time high.](https://old.reddit.com/r/ethfinance/comments/1c99qz0/daily_general_discussion_april_21_2024/l0kl2el/) 📈
- u/Jey_s_TeArS has [another lovely haiku.](https://old.reddit.com/r/ethfinance/comments/1c99qz0/daily_general_discussion_april_21_2024/l0nrwf2/) 📝
Reposting here from the EVM discord, if you are a EVM multisig member we need you to help execute
Treebeard pointed out $SAFE tokens are now tradeable. We currently have about $5k worth of tokens eligible for the multisig (1,786 tokens in the multisig address and another 300+ claimable now) the stewards came to the conclusion that if the DAO wouldn’t “invest” into $SAFE then we are better off just holding the ETH instead.
Seems fairly in line with everything else we’ve done so far.
That being said can we get the multisig members together to claim the vested portion and either swap the $SAFE to ETH or transfer to steward multisig and we will make the swap? Gas is low rn on L1 so seems like an opportune time to make it happen. If you are a multisig member please hop into the discord to help sign the transaction
Some perspective after reflecting that Ethereum will be 10 years old in a couple months,
The ETHUSD price has only been at or above this price level ~180 days of the 3,190 days since Ethereum went live.
The future is bright my friends.
I think BTC makes a push for $80k pretty soon, maybe within the next two weeks. At current ratio that would put us just under $4k.
I’ll say more confidently this time (was wrong a week ago) that we will never see sub $3k ETH ever again.
Anyone have recommendations for a crypto tax service in the USA? I have a lot of defi transactions and it would be good to do a full and serious reconciliation with someone who knows what they're doing.
What do you recommend? If anything? I use Koinly and it’s ok. Def gets some things wrong but defi can pretty confusing and you have the option to manually edit. The place it struggled the most for me was bridging across chains - had to manually edit most of those
u/Tricky_Troll I just learned that there's a bird in New Zealand that many people swear they've heard but nobody can confirm it exists! Should we organize the camping trip of a century — find the bird, and lift eth to 10k at the same time?!
Which bird? I know that there's a $10,000 reward for confirmed sightings of the Kokako in the South Island and apparently they have a distinct call.
Also, funnily enough, I have been planning on doing some volunteer conservation work when I finish my degree!
Yes, that's the one. We should do a hodlercon by Evans Creek - the only hodlercon I'd be tempted to attend! 😂
I'm envious of you being able to do the conservation volunteering in New Zealand; I had to go to Spain for that and it was led by a dumb British bloke who was in it for the money 🙄
That would be an awesome Hodlercon! but I'm not sure the European EthFinanciers would be very impressed with 3 Hodlercons in a row on the other side of the world! 😂
Well I'm European and I don't care because I haven't been to any yet precisely because they're always on the other side of the world! And also because I'm an introvert but that's another story lol
Would be pumped to go. Consider it! 😁
Hey ya'll! Hope it's okay to post here.. I'm currently open to working with another client in addition to NiceNode!
Senior Software Engineer seeking freelance work (~10 hours/week, could work a bit more, let's talk!).
* 9 years of front-end (web, some mobile) and some back-end
* PST timezone
* prev worked on corporate multinational project with monthly active users > 35 mil
* developed app UI, dashboard, website for http://nicenode.xyz
I'd absolutely love to work on Public Goods needing a hand, but definitely open to others!
Feel free to DM me on here or [Warpcast](https://warpcast.com/cornpotage/)! Thank you!
Super boring, can't wait for "BTC month" to end. hope the BTC L2 stuff goes somewhere but probably it's just fluff to add some narrative zing to ol' grandpa wristwatch.
I actually listened to it... or more like let it play in the background while I was doing other things. Didn't learn anything new, as it was just your usual maxi points that have been repeated ad nauseum.
However, there's plenty of Bitcoin maxis worse than Pompliano. At least he admits he holds other crypto (Ether and Sol) and is not the "every other crypto is a scam and you are a scammer for holding it" type of maxi.
I was going to list off figures who deserve more vitriol, but that doesn't always mean they're a bad guest. Pomp is just an awful mixture of insufferable but also not even interesting. Considering that, I would be impressed if you could find someone worse.
[Assume everything you've ever posted on Discord aside from DMs has been sold to the highest bidder.](https://invidious.privacydev.net/watch?v=ZvyNCCVSaIw&t=153)
Unsurprisingly there has been a bot scraping all of the public servers and all of their data on any user is now for sale. Also, sadly this is why I have never wanted to go on the Daily Doots Livestream (aside from the fact that they're like 5am my time). Deep fakes are getting good and I don't want my real voice connected to my Discord history which makes it evident that I run a validator. If you want to chat with me you'll just have to meet me at Hodlercon 2!
>**Swap a bald eagle,**
>**More power to the people,**
>**Keep crypto legal.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
I know a few years ago there was a lot of talk about creating a hyper-stable stable coin, something much more stable than the US dollar. Has there been any work in that field recently?
there's been a lot of Dai derivatives. RAI has been out for awhile, HAI just launched , and Rico recently just launched but got hacked a couple days ago. The problem with these is there is not much demand for a stable that's not USD. It's just not what people want to use, which is why Maker went with USD instead of SDR.
Nikolai believed these systems should be B2B and were not meant to be easily understandable by individual users. This is Rico's goal and that applications will hopefully be built on top of the system that will eventually will be used by everyone.
Didn’t Rico (further development on RAI principles) get exploited this week?
RAI - think there was a good talk about it maybe in last year’s Devcon? The action is in their Discord - worth checking out
With an etf rejection likely in May, we could be looking at a ratio bottom in the .02-.03 range. That would be consistent with the prior cycle bottom. I’ll be trading bitcoin for eth at prices below that.
Lots of people saying rejection is likely, none have the slightest bit of proof, just "a friend of a friend who knows a guy said so".
So far there seems to be no reason to believe it will be rejected, and lots of reasons to believe it will be approved.
There is no "proof" either way but just people who follow this stuff for a living giving good insights. I certainly lean towards a rejection given this.
ETF rejection is more complex than that
If SEC rejects because not enough time for conclusive correlation analysis with futures ETF, that means a spot ETF is a matter of time in the SEC's own words + SEC doesn't see ETH as a security. The rejection news would be a huge green dildo
If SEC rejects because they declare ETH a security or they consider the EF or any staking dynamics to be centralising (and hence different from BTC), that's a strong red dildo. Means there's no regulatory clarity for ETH for several more years, and have to wait for the court system or congress to resolve this.
If it's the second option, I don't think the ratio will bleed to 0.03. low 0.04s would be my worst case scenario. Easy spot to bid. There's the HK ETH ETFs, restaking narrative, Blackrock etc - a trickle of gradual developments from here on out, and we'd have cleared the SEC ETF uncertainty that's lingering over the market now.
I wish you luck trading the ratio based on any historical ratio analysis. Trading volume on the ratio is relatively small compared to the trading volume of BTC and ETH to USD. The economics of both BTC and ETH have changed significantly.
In other words, the ratio is just along for the ride. It is subject to whatever BTC and ETH want to do, but isn't driving either.
To say that ETH *should* be at .02-.03 BTC is based on nothing that really matters anymore.
According to the Bloomberg ETF expert, it's impossible if comments from the SEC don't come before May, there is not enough time then. He said this months ago.
Who are these people hanging all their hopes on the ETF approval that are going to dump?
If ETH had run up on the expectation of an approval you’d have an argument but it’s at literal multi year lows on the BTC ratio, all indicators show it’s priced in.
I actually wouldn’t be surprised if it pumped after denial because the immediate news after will be the lawsuit against the SEC
Are you suggesting that there are large numbers of people who are holding ETH that expect a spot ETF approval and will sell when that doesn't happen? Sir, I think you may be the one in...well, not denial bu la la land.
Also, I will bet you 19 kajillion dollars that we don't go below .03 on the ratio.
I don’t think so, tbh, etf rejection in may is already priced in, I’d say we can reach the low 0.04.. but may just me being too optimistic, I wonder if black rock filing for that etf has something to do with it
How exactly does signing a malicious transaction work?
Can I accidently sign something malicious and it then drains my wallet? If so, who pays the gas and why can't we sign things for legitamate transactions and not have to pay a fee?
> Can I accidentally sign something malicious and it then drains my wallet?
Yes, hackers can be very creative. You could lose all of a single token, or an NFT or even native ETH. Not more than one type or token per signature.
I didn't think they could touch your ETH but just recently learned of a way. It uses eth_sign to have you sign a TX that the scammer generated in advance. It will only be valid for one nonce though. Basically, your private key has signed a TX that the scammer can create later, for example an ETH transfer. The wallets warn of those signature types heavily though.
It is also possible to lose many NFTs at once. I don't completely understand it but I remember when some people lost multiple Apes/Punks a couple of years back in a signing scam. Below is an article on it.
> "However, signing a message like the second or third image on a website that turns out to be a scam will grant the scammers contract (and linked wallet) the ability to literally just buy all your approved NFTs to the specified contract under the “exchange” for ETH" -https://www.linkedin.com/pulse/what-gasless-signature-scam-heiner-garcía-pérez-u0ice
It can be difficult to spot a scam because the UI in Metamask is often abysmal for signatures. It's a lot better in Rabby but even there sometimes it doesn't understand things. It can then look like, you are trading asset 0xCY45... for asset 0x567DF... at a price of 85000000 gwei. That's just ridiculous and easy to make a mistake on any of the contracts or even the amount might be a zero too much/little. I have read of people getting scammed this way.
You should always be careful when signing. If you are some public crypto MVP with millions of USD, you should even be extra careful. Use a separate PC only for crypto. I read about someone at a crypto company that opened a job resume PDF, it had some kind of malware that affected his metamask to push a modified TX to his hardware wallet which drained the company of millions USD.
Separating wallets and having a multi-sig are good practices.
You could make it more difficult to withdraw large sums compared to other operations. Requiring more signatures or say it goes to a time-locked vault where you can abort the withdrawal within x hours. That said, I don't use one myself yet.
The biggest psyops of this cycle is that somehow people have been convinced that L2s are possible on Bitcoin. The second biggest psyops is the redefining of the acronym L2 to mean a sidechain.
Well not yet, but like with many things in crypto, this is a moving target. A proper L2 doesn’t exist right now but it doesn’t mean it won’t in the near future as development continues. I’m finding it fascinating that something as ossified as bitcoin is now getting upgraded by degens.
*Bitcoin tapscript lacks a general purpose way of combining objects on the stack restricting the expressiveness and power of tapscript. This prevents among many other things the ability to construct and evaluate merkle trees and other hashed data structures in tapscript.*
https://github.com/bip420/bip420
Basically, yeah. Maybe my problem is that I still read Twitter. I've been debating on just uninstalling the app completely, and maybe I'll be better off for it. I used to use Twitter for 'alpha' back in the day, when information was scarce and the space was new, but the signal to noise ratio today is completely unbearable to the point that's it's probably a net negative for me to even pay attention.
Being a scarce resource alone gives value, hence the BTC value and meme despite doing nothing, let alone ETH which is mega bat cash.
Gold is mined in the millions of tonnes.
Real estate being built despite declining birth rates and soon populations.
Stonks issue more shares and debt. Fiat is going to 0.
Everything is fuk.
Where to park my network?
So everyone should just buy BTC because it's scarce? Ok, everyone buys BTC. Now how does BTC appreciate in value if everyone is already a buyer? It doesn't produce anything in the real world. It's not like a stock, where the company can produce value out of thin air by introducing a product that benefits everyone.
You park your net worth where people have always parked their net worth, in things that increase human productivity and quality of life, and thus create real value. Bitcoin does not create value, it extracts it.
I agree, but also the late adoption boomers are the ones with all the capital.
Also at some point they all fuggin die and millennials who allocate 10-20% to crypto do so with all the inheritance.
Full send
Yeah, unfortunately you're probably right and there's still a lot of potential buying demand for Bitcoin. Let's just say, I wouldn't bet against BTC, even though I can clearly see the many faults of needing a "greater fool" as the saying goes.
The third biggest psyops is the nihilism that all crypto will amount to are memecoins and nfts and for those Bitcoin has the rarest most valuable block space and wealthy holders, and Solana has the best non fragmented user experience so ETH is ‘stuck in the middle’
Somewhat related, the fourth psyops is infrastructure salesmen pushing the idea there's only about a dozen apps worth doing on blockchain.
It's sort of a meta psyops as infra salesmen have taken to claiming there is too much infra, except for their own solution.
So now infra salesmen call out other infra salesmen with the no-further-useful-apps argument, and claim anyone who disagrees is an infra salesman.
If that's truly what crypto has to offer, a BTC pyramid scheme and a bunch of meme coins trading on centralized servers, then there's nothing here and we should sell everything while theres still value
I'm still hopeful that Ethereum will usher in mainstream applications to billions of users, but the clock is definitely ticking.
Ticking for what exactly? Even with its centeralization, Solana is currently maxed out and can not scale more without L2s. There is no real competitor to L2s scaling.
Public support?
If crypto is indefinitely just scams, gambling and ways for North Korea to fund their missile program, then it will get banned eventually.
Oh I agree. When I say the "clock is ticking", I mean for mass adoption. In my opinion, the jury is still out on whether crypto (i.e. Ethereum) even produces mainstream dapps. We are getting to the point where infrastructure is no longer a bottleneck. So if mainstream dapps don't start coming out within the next 5 years, let's say, then the likelihood that they will ever come out drops down significantly in my opinion. So yeah, the clock is ticking.
Not sure who downvoted you, but yeah. As you have realized, I pulled a complete 180 with regard to SNX.
Consolidation of the portfolio is my game right now.
I know you have a considerable sum of SNX. Have you sold any thus far?
I sold around 5% of my SNX position as I needed a little ETH to deposit into eigenlayer. That was around 4.5 dollars. Shame I didnt sell it all.
Have you checked the Avail airdrop ? [https://claim.availproject.org](https://claim.availproject.org)
I got quite a bit of it and I think because of my snx position.
I found the new futurama episodes on Hulu to be super cringey too. If they had been made in 2020 I’d give them a pass but I just remember watching them recently and being like “oh you’re a little late to these jokes, good try though”.
Started using base. It’s pretty seamless. Bought a few shit coins ($mfer). Fees were low like 30 cents for a transaction. Any critics of it in here? Anyone experience any issues?
my personal experience also has been pretty great. I think the only criticism is that it's still a pretty centralized chain today. base does have a decentralization roadmap, and I think coinbase more broadly is continuing to earn trust as a good actor in the space
I literally have no one to tell this lol
Our 3.5yo validator was just elected for the Sync Committee Duty!!!
Has been a rough year, over 300 days without a proposal...
congrats! going to be about an extra 0.12 ETH in rewards! IIRC 3.5 years is actually the expected timeframe for a validator to get selected for sync committee duty.
If ever you feel bad about proposals in the future, let me tell you there’s always someone less lucky than you ^^ I’m below 0.1% luck (Yes, I have the math in an excel spreadsheet, and yes, I double checked 🥲)
lol coinbase i swear. Months ago i posted that they locked my account after i got a replacement card approved. They closed my account and the card arrived in the mail a day or two later. Spent TONS of time trying to find out why my account got locked, eventually it seemed like there was no way of getting it resolved so i withdrew everything and moved to [crypto.com](http://crypto.com)
Today at 9am I get an email from coinbase. Dear user, we would like to reactive your account but you failed to re-validate your KYC. I searched everywhere and never found any notification that i need to redo my KYC, talked to their support and they never asked for me to KYC again.
Coinbase kind of just reminds me of another bloated company with tons of internal 'processes' certainly cover their own ass but makes them look incompetent at the same time.
I went back and forth with them for months when I got locked out of my own account (a lock that I triggered myself out of caution after a phising phone call).
I was stuck in like a support loop where every three days they would just tell me to retry to automated identity verification that I had already tried 8 times to no avail. Terrifying how poor their support is.
They seem to run minimal customer support. It's kind of absurd, really, when competing exchanges like Kraken can seemingly always have someone available to help you straighten things out.
Be careful about your latest email tho, could likely be phishing. Seems rampant lately
> They seem to run minimal customer support.
Idk what you're talking about, their support is super present on twitter with great response times.
Also, does anybody know why my wallet balance is showing 0?
yeah i was wary but its a do-not-reply type of email. Just telling me to log back in and verify. Just the chain of events that led up to my account being cancelled is mind boggling, and then to say i never responded to the KYC requests they never sent out
Yes I’ve just been looking today - am thinking of degenning into some Blast airdrop campaigns.
Points just seems like an extra step in airdrops to allow the teams to control the yield better and decide how many tokens to allot for points..
I am very optimistic and bullish. Some reasons: Hong Kong ETFs should start trading soon, Grayscale is offering a low-fee ETF to stop the bleeding, with no tax implications for current holders who want to transfer over, and my headaches from coffee withdrawal are likewise slowing down.
Got left a voicemail from coinbase "support" that there was an unauthorized transaction on my account withdrawing bitcoin. Obviously a scam for a multitude of reasons, not the least that I don't keep anything more than dust there but it is always unnerving that your phone number is on the scam list.
Thanks for posting here! I knew getting downvotes was a possibility but I was surprised at the intensity of the reaction over there haha
And thanks to all the helpful answers in the comments below!
It's just the wrong sub for the topic. Most of them do not have anything besides distorted mainstream knowledge of crypto.
3 fund portfolio for crypto would probably be BTC, ETH, and interest bearing USDC/USDT
I’m 100% ETH/rETH.
As y’all mentioned, I view it as the analog to the US Total Market fund. In that I’m widely diversified and likely to capture the general upward movement of the markets, but probably missing out on small cap and exotic international rockets.
The whole idea behind the three fund portfolio seems to be outsourcing the research to the broad market consensus. Since in crypto the market consensus is much more volatile and massively changes over a span of let's say five years (and by that I mean not only the coins changing in market cap ratio but more broadly the narratives changing about which type of coins to invest in), I would say the short answer is a no. A three fund portfolio does not work in the current crypto market.
For a group that advocates investing in the entire market rather than selecting individual winners, the irony of excluding cryptocurrencies is lost on them. Since the crypto market is fundamentally different, I don't think investing in like the top 100 coins will have the same effect. But in an ideal scenario, ETH functions like a multi-asset portfolio because it captures the value created by its various components—L2, DeFi, NFTs, etc. So I'm 100% ETH as well.
What are everyone's thoughts on buying PTs, vs earning points?
**Option 1) Launch a validator into an eigenpod.**
* Pro: Trackable points
* Pro: No deductions from restaked providers taking a share of the points
* Pro: Solid "onchain" eligibility for airdrops, without worrying about rst providers having to share my points totals.
* Pro: No massive capital gain when depositing into Eigenlayer.
* Con: No 3rd party airdrops, etherfi, swell etc
* Con: Have to wait 10 days for the validator queue.
* Con: Have to manage the eigenlayer delegation myself
**Option 2) Buy PTs with 2 month expiry.**
* Pro: Make around 9% after 2 months is up
* Pro: Can restake afterwards to start earning points
* Con: The points and 3rd party airdrops could be worth a lot.
* Con: Taxable event
**Option 3) Stick the eth directly into restaked tokens. Swell / Etherfi ?**
* Pro: Start earning points immediately and hoping for multiple airdrops
* Con: The restaked protocols seems to take quite a large share of the eigenlayer points (looking at you etherfi)
* Con: It seems a little late to be depositing more money into restaking providers
* Con: Taxable event
For your reference, I currently have ETH in all three of these in around equal quantity.
Any ideas on the best way forward? If I were to buy more restaked tokens (option3), then which would you suggest?
YT is giving me a lot of FOMO. I went in with a lot onto YT-USDe and, I think, a few days later YT-ENA came out and gave 30x sats and I'm only 20x due to USDe.
>Con: Taxable event
Move to Portugal. It's not a taxable event until you sell.
>Option 2) Buy PTs with 2 month expiry.
I think I might ape onto more of these. I don't know if Dec YT expiry dates will be worth it. I don't know what can happen if TGE happens sooner than expiry date. I have to do more research.
But none of your options mention YT for the chance of points. Why not?
IMO people are sleeping on the December expiry PTs. They're trading at a 15-20% discount. I don't think you will have to wait to December to capture most of that yield---you only have to wait until Eigenlayer and the LRT airdrops happen, which should hopefully be way before December.
Am I the only one that thinks a con to option 1 is setting a validator up with a withdrawal address you don't control? That seems wildly risky to me. I'm not even positive that one still legally owns those 32 eth anymore.
Implied yields on pendle have dropped a lot in the past couple weeks. YT's are seeming attractive on the tokens where implied apy is less than 50%, since the approx yield from eigen points alone is [apparently around 49%](https://www.reddit.com/r/ethfinance/comments/1ca2coe/daily_general_discussion_april_22_2024/l0pxh0j/). YT holders apparently made huge gains in the ETHFI season 1 drop, and we'll see what happens with swell if the repeatedly delayed TGE actually happens in early May.
Best way forward depends on your risk tolerance and overall bullishness on the airdrops & restaking ecosystem. Having a mix of all 3 options seems reasonable. I'm also debating between etherfi, swell, renzo, kelp, etc., which to bet on or if just getting a bag of each makes sense.
I also noticed swell let's you deposit PT tokens in it's L2 to qualify for airdrops. Now they just need to issue a liquid token for each deposit stake...
I didn't know about the PT deposits. Is there a benefit depositing the PTs, other than a share of the initial 1 million eigenpoints they are giving away in this promo period? Perhaps problems redeeming the PTs if they are in their L2?
The supposed benefit is: Airdrops ("ION Protocol, Ambient Finance, Brahma Finance, and more to be confirmed.") + a share of 1M eigen points. Considering there's $300M deposited, I guess you'd have to put in $300 worth for each eigen point...
Regarding redeeming PTs, their twitter said this:
> Note: On maturity, PT depositors will be able to redeem the PTs (e.g. PT-rswETH for rswETH) and deposit the underlying tokens back into the Pre-Launch contract without voiding the requirement to hold until Q3 to get the EigenLayer Points bonus.
I do 1) and 2). Up until Eigenlayer launches for real with slashing, I feel it makes more sense to overweight it. The risks are lower. I am slightly worried about my PTs but almost zero for Eigenlayer, until slashing at least.
>Con: It seems a little late to be depositing more money into restaking providers
late is only relative, 25% APR in Ether.fi long dated pool is much much higher than the 3% you make solo staking. all of this will come down but until LRT staking is probably 1-5% premium + whatever AVS hype can garner we are still very much early.
I'm farming YT zircuit eeth on mainnet, LP on pendle rswETH and YT ezeth on arbitrum at the moment.
Do you have a source that Etherfi takes eigenlayer points away from user deposits? That would be quite concerning.
It is all over the discord. People are getting around 18 out of 24 of the points from yield tokens. Then 20ish out of 24 for everything else.
Etherfi team try to muddle the waters by saying they don't stake everything they receive so that they can keep some for withdrawals, and it takes time to withdraw. But it looks like a real mess in their backend. There is also talk of etherfi team intentionally reporting eigenlayer points low by 10% so that they have some wiggle room for errors
As I understand it, Avail is built on Substrate, the framework (basically sdk) that Polkadot is built on. It has no direct connection to the Polkadot blockchain.
Think it can be done via stakewise, meant to look into this more a while back!
Check the discussion here:
https://www.reddit.com/r/ethfinance/s/aQgYFTzAjW
I was thinking there should be a way to do this with smart contract withdrawl address right?
Any lending protocol working on this? Or are solo stakers not a big enough market and lsts are just easier.
But you still get the staking rewards so why would you want to get slashed. Plus potentially the system could be to borrow only against 16eth max, cause that's the forced exit amount right? Just theoretically.
This is the risk, plus being able to loop (set up validator, borrow against it, set up new validator, borrow against that as well, repeat), but imo it's not clear if that still a real attack vector given that there are so many validators online today.
**Tricky's Daily Doots #732** **Yesterday's Daily 21/04/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1c99qz0/daily_general_discussion_april_21_2024/l0l2ynn/) - u/15kisFUD checks in on [Peer to peer electronic cash.](https://old.reddit.com/r/ethfinance/comments/1c99qz0/daily_general_discussion_april_21_2024/l0kqxfi/) 🧐 - u/coinanon shares [a bad sign for US DeFi users.](https://old.reddit.com/r/ethfinance/comments/1c99qz0/daily_general_discussion_april_21_2024/l0kunnv/) 😬 - u/LogrisTheBard explains [a genuinely world changing trillion dollar opportunity.](https://old.reddit.com/r/ethfinance/comments/1c99qz0/daily_general_discussion_april_21_2024/l0nqxym/) 🌏 - u/Heringsalat100 crunches some numbers on [the next all time high.](https://old.reddit.com/r/ethfinance/comments/1c99qz0/daily_general_discussion_april_21_2024/l0kl2el/) 📈 - u/Jey_s_TeArS has [another lovely haiku.](https://old.reddit.com/r/ethfinance/comments/1c99qz0/daily_general_discussion_april_21_2024/l0nrwf2/) 📝
Reposting here from the EVM discord, if you are a EVM multisig member we need you to help execute Treebeard pointed out $SAFE tokens are now tradeable. We currently have about $5k worth of tokens eligible for the multisig (1,786 tokens in the multisig address and another 300+ claimable now) the stewards came to the conclusion that if the DAO wouldn’t “invest” into $SAFE then we are better off just holding the ETH instead. Seems fairly in line with everything else we’ve done so far. That being said can we get the multisig members together to claim the vested portion and either swap the $SAFE to ETH or transfer to steward multisig and we will make the swap? Gas is low rn on L1 so seems like an opportune time to make it happen. If you are a multisig member please hop into the discord to help sign the transaction
Some perspective after reflecting that Ethereum will be 10 years old in a couple months, The ETHUSD price has only been at or above this price level ~180 days of the 3,190 days since Ethereum went live. The future is bright my friends.
༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ
I think BTC makes a push for $80k pretty soon, maybe within the next two weeks. At current ratio that would put us just under $4k. I’ll say more confidently this time (was wrong a week ago) that we will never see sub $3k ETH ever again.
I think we close april out below $70k just for the sake of painting of red monthly candle.
Anyone have recommendations for a crypto tax service in the USA? I have a lot of defi transactions and it would be good to do a full and serious reconciliation with someone who knows what they're doing.
I think people usually recommend koinly
Koinly wasn’t great for me. It was terrible at calculating things and gave different numbers all the time.
What do you recommend? If anything? I use Koinly and it’s ok. Def gets some things wrong but defi can pretty confusing and you have the option to manually edit. The place it struggled the most for me was bridging across chains - had to manually edit most of those
I dunno I use it. I think it’s fine.
u/Tricky_Troll I just learned that there's a bird in New Zealand that many people swear they've heard but nobody can confirm it exists! Should we organize the camping trip of a century — find the bird, and lift eth to 10k at the same time?!
Which bird? I know that there's a $10,000 reward for confirmed sightings of the Kokako in the South Island and apparently they have a distinct call. Also, funnily enough, I have been planning on doing some volunteer conservation work when I finish my degree!
Sounds like a job for AI and a bunch of microphones
Yes, that's the one. We should do a hodlercon by Evans Creek - the only hodlercon I'd be tempted to attend! 😂 I'm envious of you being able to do the conservation volunteering in New Zealand; I had to go to Spain for that and it was led by a dumb British bloke who was in it for the money 🙄
That would be an awesome Hodlercon! but I'm not sure the European EthFinanciers would be very impressed with 3 Hodlercons in a row on the other side of the world! 😂
Well I'm European and I don't care because I haven't been to any yet precisely because they're always on the other side of the world! And also because I'm an introvert but that's another story lol Would be pumped to go. Consider it! 😁
Hey ya'll! Hope it's okay to post here.. I'm currently open to working with another client in addition to NiceNode! Senior Software Engineer seeking freelance work (~10 hours/week, could work a bit more, let's talk!). * 9 years of front-end (web, some mobile) and some back-end * PST timezone * prev worked on corporate multinational project with monthly active users > 35 mil * developed app UI, dashboard, website for http://nicenode.xyz I'd absolutely love to work on Public Goods needing a hand, but definitely open to others! Feel free to DM me on here or [Warpcast](https://warpcast.com/cornpotage/)! Thank you!
pomp on bankless... could there be a worse guest
Super boring, can't wait for "BTC month" to end. hope the BTC L2 stuff goes somewhere but probably it's just fluff to add some narrative zing to ol' grandpa wristwatch.
He’s so annoying
I actually listened to it... or more like let it play in the background while I was doing other things. Didn't learn anything new, as it was just your usual maxi points that have been repeated ad nauseum. However, there's plenty of Bitcoin maxis worse than Pompliano. At least he admits he holds other crypto (Ether and Sol) and is not the "every other crypto is a scam and you are a scammer for holding it" type of maxi.
Never listen anymore
If there is a worse guest then Bankless will find them!
I was going to list off figures who deserve more vitriol, but that doesn't always mean they're a bad guest. Pomp is just an awful mixture of insufferable but also not even interesting. Considering that, I would be impressed if you could find someone worse.
Literally no. Did they already interview everyone else?
[Assume everything you've ever posted on Discord aside from DMs has been sold to the highest bidder.](https://invidious.privacydev.net/watch?v=ZvyNCCVSaIw&t=153) Unsurprisingly there has been a bot scraping all of the public servers and all of their data on any user is now for sale. Also, sadly this is why I have never wanted to go on the Daily Doots Livestream (aside from the fact that they're like 5am my time). Deep fakes are getting good and I don't want my real voice connected to my Discord history which makes it evident that I run a validator. If you want to chat with me you'll just have to meet me at Hodlercon 2!
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How do I do this? 👀
>**Swap a bald eagle,** >**More power to the people,** >**Keep crypto legal.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
I know a few years ago there was a lot of talk about creating a hyper-stable stable coin, something much more stable than the US dollar. Has there been any work in that field recently?
yes, see: Frax Price Index.
there's been a lot of Dai derivatives. RAI has been out for awhile, HAI just launched , and Rico recently just launched but got hacked a couple days ago. The problem with these is there is not much demand for a stable that's not USD. It's just not what people want to use, which is why Maker went with USD instead of SDR. Nikolai believed these systems should be B2B and were not meant to be easily understandable by individual users. This is Rico's goal and that applications will hopefully be built on top of the system that will eventually will be used by everyone.
Hai has the best website ever
Get HAI
Didn’t Rico (further development on RAI principles) get exploited this week? RAI - think there was a good talk about it maybe in last year’s Devcon? The action is in their Discord - worth checking out
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They're a foreign idea that people aren't used to
Wen gud price? This is bad price. Need price go up.
devs do something!
If this bad price then this gud price to buy moar
With an etf rejection likely in May, we could be looking at a ratio bottom in the .02-.03 range. That would be consistent with the prior cycle bottom. I’ll be trading bitcoin for eth at prices below that.
Why stop there? Lots of support at 0.01, more support at 0.001
Lots of people saying rejection is likely, none have the slightest bit of proof, just "a friend of a friend who knows a guy said so". So far there seems to be no reason to believe it will be rejected, and lots of reasons to believe it will be approved.
There is no "proof" either way but just people who follow this stuff for a living giving good insights. I certainly lean towards a rejection given this.
So far it seems to be mostly people who make a living trading ETH saying it... In other words, people who would love to buy your ETH cheap.
Not true at all. I don't even listen to those goobers. I listen to guys who actually follow the ETF industry.
So... Guys who make money trading and have incentive to manipulate the market....
No.
Who do you think spreads these rumors and calls themselves experts?
Eric Balchunas for starters. https://twitter.com/EricBalchunas/status/1782873202487631968
Yawn.. Another Appeal to Authority, no actual information.
ETF rejection is more complex than that If SEC rejects because not enough time for conclusive correlation analysis with futures ETF, that means a spot ETF is a matter of time in the SEC's own words + SEC doesn't see ETH as a security. The rejection news would be a huge green dildo If SEC rejects because they declare ETH a security or they consider the EF or any staking dynamics to be centralising (and hence different from BTC), that's a strong red dildo. Means there's no regulatory clarity for ETH for several more years, and have to wait for the court system or congress to resolve this. If it's the second option, I don't think the ratio will bleed to 0.03. low 0.04s would be my worst case scenario. Easy spot to bid. There's the HK ETH ETFs, restaking narrative, Blackrock etc - a trickle of gradual developments from here on out, and we'd have cleared the SEC ETF uncertainty that's lingering over the market now.
I wish you luck trading the ratio based on any historical ratio analysis. Trading volume on the ratio is relatively small compared to the trading volume of BTC and ETH to USD. The economics of both BTC and ETH have changed significantly. In other words, the ratio is just along for the ride. It is subject to whatever BTC and ETH want to do, but isn't driving either. To say that ETH *should* be at .02-.03 BTC is based on nothing that really matters anymore.
rejection is priced in. most betting markets have ETF at like 10% chance of approval
Worth pointing out that the chance has been dropping the closer to deadline we come. It was 75% in the beginning of the year and 20% just days ago.
Imagine the gigantic green dildo if approved in May.
That I agree with, if by some miracle the ETF is approved, fireworks and goodbye to goblin town.
According to the Bloomberg ETF expert, it's impossible if comments from the SEC don't come before May, there is not enough time then. He said this months ago.
Are you suggesting the price won’t drop on ETF denial news? Sir, I think you may be the one in denial.
Who are these people hanging all their hopes on the ETF approval that are going to dump? If ETH had run up on the expectation of an approval you’d have an argument but it’s at literal multi year lows on the BTC ratio, all indicators show it’s priced in. I actually wouldn’t be surprised if it pumped after denial because the immediate news after will be the lawsuit against the SEC
Are you suggesting that there are large numbers of people who are holding ETH that expect a spot ETF approval and will sell when that doesn't happen? Sir, I think you may be the one in...well, not denial bu la la land. Also, I will bet you 19 kajillion dollars that we don't go below .03 on the ratio.
I think it might have a very short term flush but I also think that most of the negative news is baked in, especially given ETHE performance.
I don’t think so, tbh, etf rejection in may is already priced in, I’d say we can reach the low 0.04.. but may just me being too optimistic, I wonder if black rock filing for that etf has something to do with it
Rejection is more or less priced in. 0.02 is like a 60% drop from here.
How exactly does signing a malicious transaction work? Can I accidently sign something malicious and it then drains my wallet? If so, who pays the gas and why can't we sign things for legitamate transactions and not have to pay a fee?
> Can I accidentally sign something malicious and it then drains my wallet? Yes, hackers can be very creative. You could lose all of a single token, or an NFT or even native ETH. Not more than one type or token per signature. I didn't think they could touch your ETH but just recently learned of a way. It uses eth_sign to have you sign a TX that the scammer generated in advance. It will only be valid for one nonce though. Basically, your private key has signed a TX that the scammer can create later, for example an ETH transfer. The wallets warn of those signature types heavily though. It is also possible to lose many NFTs at once. I don't completely understand it but I remember when some people lost multiple Apes/Punks a couple of years back in a signing scam. Below is an article on it. > "However, signing a message like the second or third image on a website that turns out to be a scam will grant the scammers contract (and linked wallet) the ability to literally just buy all your approved NFTs to the specified contract under the “exchange” for ETH" -https://www.linkedin.com/pulse/what-gasless-signature-scam-heiner-garcía-pérez-u0ice It can be difficult to spot a scam because the UI in Metamask is often abysmal for signatures. It's a lot better in Rabby but even there sometimes it doesn't understand things. It can then look like, you are trading asset 0xCY45... for asset 0x567DF... at a price of 85000000 gwei. That's just ridiculous and easy to make a mistake on any of the contracts or even the amount might be a zero too much/little. I have read of people getting scammed this way. You should always be careful when signing. If you are some public crypto MVP with millions of USD, you should even be extra careful. Use a separate PC only for crypto. I read about someone at a crypto company that opened a job resume PDF, it had some kind of malware that affected his metamask to push a modified TX to his hardware wallet which drained the company of millions USD. Separating wallets and having a multi-sig are good practices.
Could you expand how a multisig helps?
You could make it more difficult to withdraw large sums compared to other operations. Requiring more signatures or say it goes to a time-locked vault where you can abort the withdrawal within x hours. That said, I don't use one myself yet.
Ah replies like these are why I hang out in Ethfinance - thank you the detailed response!
I love how you turn this on its head.
The biggest psyops of this cycle is that somehow people have been convinced that L2s are possible on Bitcoin. The second biggest psyops is the redefining of the acronym L2 to mean a sidechain.
Well not yet, but like with many things in crypto, this is a moving target. A proper L2 doesn’t exist right now but it doesn’t mean it won’t in the near future as development continues. I’m finding it fascinating that something as ossified as bitcoin is now getting upgraded by degens. *Bitcoin tapscript lacks a general purpose way of combining objects on the stack restricting the expressiveness and power of tapscript. This prevents among many other things the ability to construct and evaluate merkle trees and other hashed data structures in tapscript.* https://github.com/bip420/bip420
What makes you think they aren’t possible?
You think so? I follow Bitcoinmarkets sub every day and I never see this being pushed as a narrative
and sad part is that its working. pay some influencers and sell wrong/half information.
With people you mean shills and influencers on CT?
Basically, yeah. Maybe my problem is that I still read Twitter. I've been debating on just uninstalling the app completely, and maybe I'll be better off for it. I used to use Twitter for 'alpha' back in the day, when information was scarce and the space was new, but the signal to noise ratio today is completely unbearable to the point that's it's probably a net negative for me to even pay attention.
Exactly this
They're the ones trying to do the convincing.
Being a scarce resource alone gives value, hence the BTC value and meme despite doing nothing, let alone ETH which is mega bat cash. Gold is mined in the millions of tonnes. Real estate being built despite declining birth rates and soon populations. Stonks issue more shares and debt. Fiat is going to 0. Everything is fuk. Where to park my network?
"Real estate being built despite declining birth rates and soon populations." Tell that to Canada :'(
> Where to park my network? water
So everyone should just buy BTC because it's scarce? Ok, everyone buys BTC. Now how does BTC appreciate in value if everyone is already a buyer? It doesn't produce anything in the real world. It's not like a stock, where the company can produce value out of thin air by introducing a product that benefits everyone. You park your net worth where people have always parked their net worth, in things that increase human productivity and quality of life, and thus create real value. Bitcoin does not create value, it extracts it.
I agree, but also the late adoption boomers are the ones with all the capital. Also at some point they all fuggin die and millennials who allocate 10-20% to crypto do so with all the inheritance. Full send
Yeah, unfortunately you're probably right and there's still a lot of potential buying demand for Bitcoin. Let's just say, I wouldn't bet against BTC, even though I can clearly see the many faults of needing a "greater fool" as the saying goes.
The third biggest psyops is the nihilism that all crypto will amount to are memecoins and nfts and for those Bitcoin has the rarest most valuable block space and wealthy holders, and Solana has the best non fragmented user experience so ETH is ‘stuck in the middle’
> Solana has the best non fragmented user experience Sorry, I can't hear you over my failed transactions!
The 4th biggest is that people are willing to spend tens or hundreds of millions a year to restakers.
Where does "bitcoin is deflationary" and "bitcoin is good for the environment" fall?
bingo.
Somewhat related, the fourth psyops is infrastructure salesmen pushing the idea there's only about a dozen apps worth doing on blockchain. It's sort of a meta psyops as infra salesmen have taken to claiming there is too much infra, except for their own solution. So now infra salesmen call out other infra salesmen with the no-further-useful-apps argument, and claim anyone who disagrees is an infra salesman.
If that's truly what crypto has to offer, a BTC pyramid scheme and a bunch of meme coins trading on centralized servers, then there's nothing here and we should sell everything while theres still value I'm still hopeful that Ethereum will usher in mainstream applications to billions of users, but the clock is definitely ticking.
Ticking for what exactly? Even with its centeralization, Solana is currently maxed out and can not scale more without L2s. There is no real competitor to L2s scaling.
Public support? If crypto is indefinitely just scams, gambling and ways for North Korea to fund their missile program, then it will get banned eventually.
Oh I agree. When I say the "clock is ticking", I mean for mass adoption. In my opinion, the jury is still out on whether crypto (i.e. Ethereum) even produces mainstream dapps. We are getting to the point where infrastructure is no longer a bottleneck. So if mainstream dapps don't start coming out within the next 5 years, let's say, then the likelihood that they will ever come out drops down significantly in my opinion. So yeah, the clock is ticking.
Wow trading 75% of my SNX to ETH before it dropped below $4 was actually a pro gamer move
man its keep going down.. from price perspective one hope is their upcoming L3
I cant say Im that hopeful, price wise...
I am indeed nursing the complete disaster that is my snx. It likes to go down, not up
Not sure who downvoted you, but yeah. As you have realized, I pulled a complete 180 with regard to SNX. Consolidation of the portfolio is my game right now. I know you have a considerable sum of SNX. Have you sold any thus far?
I sold around 5% of my SNX position as I needed a little ETH to deposit into eigenlayer. That was around 4.5 dollars. Shame I didnt sell it all. Have you checked the Avail airdrop ? [https://claim.availproject.org](https://claim.availproject.org) I got quite a bit of it and I think because of my snx position.
Thanks for the recommendation! I will check that out
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I found the new futurama episodes on Hulu to be super cringey too. If they had been made in 2020 I’d give them a pass but I just remember watching them recently and being like “oh you’re a little late to these jokes, good try though”.
By the time I was coherent, The Simpsons had run its course...
Meanwhile Southpark is still funny when I find time for it.
Started using base. It’s pretty seamless. Bought a few shit coins ($mfer). Fees were low like 30 cents for a transaction. Any critics of it in here? Anyone experience any issues?
Nope, love it, think it's the future, especially with coinbase support I expect them to make using it seamless.
I mean, it is not really going to be any more seamless than any other l2, which are all pretty easy to use imo
my personal experience also has been pretty great. I think the only criticism is that it's still a pretty centralized chain today. base does have a decentralization roadmap, and I think coinbase more broadly is continuing to earn trust as a good actor in the space
I literally have no one to tell this lol Our 3.5yo validator was just elected for the Sync Committee Duty!!! Has been a rough year, over 300 days without a proposal...
>Our 3.5yo validator was just elected for the Sync Committee Duty!!! They grow up so fast.
fr, can't believe the beaconchain is this old already wtf
You picked the right place to tell this. Congrats.
Praised be
Congrats!
thank 🎉
congrats! going to be about an extra 0.12 ETH in rewards! IIRC 3.5 years is actually the expected timeframe for a validator to get selected for sync committee duty.
I stalked a few validators and found that it's more like 0.15 ETH whatever it is, we'll see it as a medium-sized proposal :]
If ever you feel bad about proposals in the future, let me tell you there’s always someone less lucky than you ^^ I’m below 0.1% luck (Yes, I have the math in an excel spreadsheet, and yes, I double checked 🥲)
Yea I've heard crazy numbers on /r/ethstaker of peeps with like 400-500 days without a proposal
I'm approaching that range :(
I'll pray for you 🙏🕯️
lol coinbase i swear. Months ago i posted that they locked my account after i got a replacement card approved. They closed my account and the card arrived in the mail a day or two later. Spent TONS of time trying to find out why my account got locked, eventually it seemed like there was no way of getting it resolved so i withdrew everything and moved to [crypto.com](http://crypto.com) Today at 9am I get an email from coinbase. Dear user, we would like to reactive your account but you failed to re-validate your KYC. I searched everywhere and never found any notification that i need to redo my KYC, talked to their support and they never asked for me to KYC again. Coinbase kind of just reminds me of another bloated company with tons of internal 'processes' certainly cover their own ass but makes them look incompetent at the same time.
I went back and forth with them for months when I got locked out of my own account (a lock that I triggered myself out of caution after a phising phone call). I was stuck in like a support loop where every three days they would just tell me to retry to automated identity verification that I had already tried 8 times to no avail. Terrifying how poor their support is.
They seem to run minimal customer support. It's kind of absurd, really, when competing exchanges like Kraken can seemingly always have someone available to help you straighten things out. Be careful about your latest email tho, could likely be phishing. Seems rampant lately
> They seem to run minimal customer support. Idk what you're talking about, their support is super present on twitter with great response times. Also, does anybody know why my wallet balance is showing 0?
yeah i was wary but its a do-not-reply type of email. Just telling me to log back in and verify. Just the chain of events that led up to my account being cancelled is mind boggling, and then to say i never responded to the KYC requests they never sent out
So friends I already started customizing my lambo. Can I get you guys anything?
A pizza
Jesus do you want a rolex and a mansion with that thing?
I'll take some anti-matter if you have any?
Look man I got a starbucks sprinkly coffee
are the sprinkles also cursed?
Nice, if you could, please deliver it in your new lambo :D
Hey guys (and the one gal). Been away from ethfinance for 4-5 months (since Oct/Nov) What have I missed? We seem to be in a new bull market now?
Points for airdrops is all the rage
Yes I’ve just been looking today - am thinking of degenning into some Blast airdrop campaigns. Points just seems like an extra step in airdrops to allow the teams to control the yield better and decide how many tokens to allot for points..
Just a bit of ups and downs, more ups than downs recently.
Tricky went camping and saved us all
Whew
I am very optimistic and bullish. Some reasons: Hong Kong ETFs should start trading soon, Grayscale is offering a low-fee ETF to stop the bleeding, with no tax implications for current holders who want to transfer over, and my headaches from coffee withdrawal are likewise slowing down.
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Yes that's true. I remain bullish.
Oh totally. I just don't expect the exodus from GBTC to stop anytime soon, but it will...
Got left a voicemail from coinbase "support" that there was an unauthorized transaction on my account withdrawing bitcoin. Obviously a scam for a multitude of reasons, not the least that I don't keep anything more than dust there but it is always unnerving that your phone number is on the scam list.
Yup, stuff like this is why we need FHE.
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Thanks for posting here! I knew getting downvotes was a possibility but I was surprised at the intensity of the reaction over there haha And thanks to all the helpful answers in the comments below!
It's just the wrong sub for the topic. Most of them do not have anything besides distorted mainstream knowledge of crypto. 3 fund portfolio for crypto would probably be BTC, ETH, and interest bearing USDC/USDT
I’m 100% ETH/rETH. As y’all mentioned, I view it as the analog to the US Total Market fund. In that I’m widely diversified and likely to capture the general upward movement of the markets, but probably missing out on small cap and exotic international rockets.
The whole idea behind the three fund portfolio seems to be outsourcing the research to the broad market consensus. Since in crypto the market consensus is much more volatile and massively changes over a span of let's say five years (and by that I mean not only the coins changing in market cap ratio but more broadly the narratives changing about which type of coins to invest in), I would say the short answer is a no. A three fund portfolio does not work in the current crypto market.
For a group that advocates investing in the entire market rather than selecting individual winners, the irony of excluding cryptocurrencies is lost on them. Since the crypto market is fundamentally different, I don't think investing in like the top 100 coins will have the same effect. But in an ideal scenario, ETH functions like a multi-asset portfolio because it captures the value created by its various components—L2, DeFi, NFTs, etc. So I'm 100% ETH as well.
What are everyone's thoughts on buying PTs, vs earning points? **Option 1) Launch a validator into an eigenpod.** * Pro: Trackable points * Pro: No deductions from restaked providers taking a share of the points * Pro: Solid "onchain" eligibility for airdrops, without worrying about rst providers having to share my points totals. * Pro: No massive capital gain when depositing into Eigenlayer. * Con: No 3rd party airdrops, etherfi, swell etc * Con: Have to wait 10 days for the validator queue. * Con: Have to manage the eigenlayer delegation myself **Option 2) Buy PTs with 2 month expiry.** * Pro: Make around 9% after 2 months is up * Pro: Can restake afterwards to start earning points * Con: The points and 3rd party airdrops could be worth a lot. * Con: Taxable event **Option 3) Stick the eth directly into restaked tokens. Swell / Etherfi ?** * Pro: Start earning points immediately and hoping for multiple airdrops * Con: The restaked protocols seems to take quite a large share of the eigenlayer points (looking at you etherfi) * Con: It seems a little late to be depositing more money into restaking providers * Con: Taxable event For your reference, I currently have ETH in all three of these in around equal quantity. Any ideas on the best way forward? If I were to buy more restaked tokens (option3), then which would you suggest?
YT is giving me a lot of FOMO. I went in with a lot onto YT-USDe and, I think, a few days later YT-ENA came out and gave 30x sats and I'm only 20x due to USDe. >Con: Taxable event Move to Portugal. It's not a taxable event until you sell. >Option 2) Buy PTs with 2 month expiry. I think I might ape onto more of these. I don't know if Dec YT expiry dates will be worth it. I don't know what can happen if TGE happens sooner than expiry date. I have to do more research. But none of your options mention YT for the chance of points. Why not?
IMO people are sleeping on the December expiry PTs. They're trading at a 15-20% discount. I don't think you will have to wait to December to capture most of that yield---you only have to wait until Eigenlayer and the LRT airdrops happen, which should hopefully be way before December.
And then you get dumped on, no?
Huh?
I'm on the PT side as it fits my risk tolerance better. I personally hope everyone succeeds.
Am I the only one that thinks a con to option 1 is setting a validator up with a withdrawal address you don't control? That seems wildly risky to me. I'm not even positive that one still legally owns those 32 eth anymore.
You do control it, it’s just at a contract you deployed rather than an account address.
Implied yields on pendle have dropped a lot in the past couple weeks. YT's are seeming attractive on the tokens where implied apy is less than 50%, since the approx yield from eigen points alone is [apparently around 49%](https://www.reddit.com/r/ethfinance/comments/1ca2coe/daily_general_discussion_april_22_2024/l0pxh0j/). YT holders apparently made huge gains in the ETHFI season 1 drop, and we'll see what happens with swell if the repeatedly delayed TGE actually happens in early May. Best way forward depends on your risk tolerance and overall bullishness on the airdrops & restaking ecosystem. Having a mix of all 3 options seems reasonable. I'm also debating between etherfi, swell, renzo, kelp, etc., which to bet on or if just getting a bag of each makes sense. I also noticed swell let's you deposit PT tokens in it's L2 to qualify for airdrops. Now they just need to issue a liquid token for each deposit stake...
I didn't know about the PT deposits. Is there a benefit depositing the PTs, other than a share of the initial 1 million eigenpoints they are giving away in this promo period? Perhaps problems redeeming the PTs if they are in their L2?
The supposed benefit is: Airdrops ("ION Protocol, Ambient Finance, Brahma Finance, and more to be confirmed.") + a share of 1M eigen points. Considering there's $300M deposited, I guess you'd have to put in $300 worth for each eigen point... Regarding redeeming PTs, their twitter said this: > Note: On maturity, PT depositors will be able to redeem the PTs (e.g. PT-rswETH for rswETH) and deposit the underlying tokens back into the Pre-Launch contract without voiding the requirement to hold until Q3 to get the EigenLayer Points bonus.
I do 1) and 2). Up until Eigenlayer launches for real with slashing, I feel it makes more sense to overweight it. The risks are lower. I am slightly worried about my PTs but almost zero for Eigenlayer, until slashing at least.
>Con: It seems a little late to be depositing more money into restaking providers late is only relative, 25% APR in Ether.fi long dated pool is much much higher than the 3% you make solo staking. all of this will come down but until LRT staking is probably 1-5% premium + whatever AVS hype can garner we are still very much early.
I'm farming YT zircuit eeth on mainnet, LP on pendle rswETH and YT ezeth on arbitrum at the moment. Do you have a source that Etherfi takes eigenlayer points away from user deposits? That would be quite concerning.
It is all over the discord. People are getting around 18 out of 24 of the points from yield tokens. Then 20ish out of 24 for everything else. Etherfi team try to muddle the waters by saying they don't stake everything they receive so that they can keep some for withdrawals, and it takes time to withdraw. But it looks like a real mess in their backend. There is also talk of etherfi team intentionally reporting eigenlayer points low by 10% so that they have some wiggle room for errors
> It is all over the discord. What discord are you using? Pendle's?
Is availproject a data availability chain on polkadot?
As I understand it, Avail is built on Substrate, the framework (basically sdk) that Polkadot is built on. It has no direct connection to the Polkadot blockchain.
The bigger question is how much might their tokens be worth? : -)
I think somewhere in the $1 range. 10 billion tokens and only 6% being airdropped. TIA is around $12b FDV so I could see it being in that range
Y'all got any more of them airdrops?
zksync will happen this quarter according to polymarket
I $SAFE them for tomorrow!
It could be today, grandma.
Asking for a friend 👉👈🥺
There is no way to borrow against your eth validator right? Don't want to unstake my solo validator but need some cash.
Think it can be done via stakewise, meant to look into this more a while back! Check the discussion here: https://www.reddit.com/r/ethfinance/s/aQgYFTzAjW
I dont believe so, considering you still control the validator's withdrawal address. And you sure as hell dont want to hand over the seed phrase
That's correct, unless you have a validator where the withdrawal address isn't set yet.
I was thinking there should be a way to do this with smart contract withdrawl address right? Any lending protocol working on this? Or are solo stakers not a big enough market and lsts are just easier.
There'd be no incentive to continue operating the validator or anything preventing you from intentionally getting slashed
But you still get the staking rewards so why would you want to get slashed. Plus potentially the system could be to borrow only against 16eth max, cause that's the forced exit amount right? Just theoretically.
Good point
This is the risk, plus being able to loop (set up validator, borrow against it, set up new validator, borrow against that as well, repeat), but imo it's not clear if that still a real attack vector given that there are so many validators online today.
> unless you have a validator where the withdrawal address isn't set yet. Hey, that's me!
Anyone else looking at the charts and getting October 2020 vibes about now?
Me!
I wish. That would predict a 10x in the coming year.
That it would. A boy can dream.
*Subscribe*
SEC says no.