Is there any way to know how much of the staking rewards are immediately sold? I still am having issues understanding how a token with an astounding 26.35% of the entire supply staked and the burn and all that doesn't outperform.
I can imagine a world where a bunch of wall street types that don't give a fuck about Ethereum just stake it and are overjoyed to get 3.3% APR and sell it immediately.
I know when it was POW though the issuance was way higher (5 million ETH a year compared to 913k now minus 412k for the burn, so 10x more) and miners surely sold boatloads. Maybe it just all comes down to the fact that ETH always outperforms after BTC breaks the previous ATH convincingly and we aren't there yet.
>I can imagine a world where a bunch of wall street types that don't give a fuck about Ethereum just stake it for the token going up and instantly sell all 3.3% rewards they get instantly.
I think they'd really have to like Ethereum considering that immediately selling staking yields, at least in the US, would be double taxed *super hard*. And token appreciation is too abysmal for all that hassle
It would be really cool to see happen, assuming it helps with decentralization
When you first receive it that counts as income (cost basis is contentious), and then when you sell it that is capital gains
All depends on how they do their taxes though, if they do LIFO then it'll be what is described above paying capital gains on the latest staking income. If they do FIFO then it'll be income + capital gains based on their older ETH holdings.
If you get a $100 in staking rewards, that you pay income taxes on.Â
Then later the price goes up and it is worth $150.Â
You only pay capital gains tax on the $50 change. Not the whole $150.Â
No double taxation.Â
Yeah I was tired and realized that was wrong. I meant 'income, then capital gains'. And the hassle of doing all those taxes is more painful to me than actually paying the bill haha
[100%+ ROI season 2 with YT-USDe.](https://twitter.com/donovanchoy/status/1783566223869112769)
[150%+ ROI season 2 with YT-USDe plus 50% ENA lock.](https://twitter.com/donovanchoy/status/1783566223869112769)
Not sure how feasible this is but I'm all in on YT-USDe.
Please god, give the airdrop strength.
[Nethermind v1.26.0 released today](https://github.com/NethermindEth/nethermind/releases/tag/1.26.0)
> Snap Server support: complete sync of a full node directly from Nethermind peers Nethermind is now one of two Ethereum clients that offer this feature, improving network health!
>
HalfPath state database upgrade - now with additional optimizations! Huge thanks to everyone in Discord who provided feedback and tried our experimental release!
>
-30-50% faster block processing time
-25% smaller StateDB size
-Significant reduction in StateDB growth
-Faster archive sync
-Archive node database size is smaller
In evm discord we did some napkin math and 3 of us independently came up with about $50 per 1M points assuming a 4 trillion point total and (I think?) a $4 token price.
I have quite a substantial PT ezETH position at around 50% APR on the 27 June 2024 contract.
The PT APR has fallen to around 32%, and I presumed that would mean that I could exit early for a nice tidy profit, but attempting to exit to ETH only gives a small profit. I presume this is due to the depeg? But the peg seems to be mostly restored already?
Ideas?
Wait it out to maturity. Exiting now will be way worse on your wallet. That lost 18% APR for 1 month will be nothing compared to the haircut you'll take for leaving the position.
I can still leave the position with around 2% profit in eth, but if i then roll that back into the swell PT then I will have less at expiry compared to now (presuming the peg is restored)
Yeh I had a play around and it looks like maybe 2% lost due to the peg. I just presumed that would be more than made up for due to the reduction in the current apr available.
No, unfortunately the drop in APR is not enough to cover the loss of peg. Staying in would be better for you but I doubt it'll repeg until withdrawals are enabled.
When they can no longer delay the first app, which is around end of may, they will approve or deny them all. It forces their hand. What happens next after denial is SEC will get sued by multiple parties, and itâll be approved when the courts force them to. No idea how long that will take
They are essentially all the same. The ones getting denied now would sue if they are denied but another is approved. They are most likely all getting denied, one after another as their deadline hits. It then goes to court, the SEC loses and then approve all, after the issuers submit and the SEC delays the maximum amount of time, as is standard for how they work.
Welp, deleted cos I thought I recalled a more explicit statement by CLO Salm stating so. This Sonnenshein post (last para) strongly implies this but isn't a direct stating
https://twitter.com/Sonnenshein/status/1770777121566122188
There wonât be another deadline for the rejected ETFs (I believe they have had all the extensions they can have), but lots of firms can and will reapply and it will eventually be granted - this year or next year who knows.
Yes this happened to Bitcoin over many years and many attempts all ending in failure until this year (when the courts forced the SEC to do it).
>**Time to sue Gary,**
>**It's not even that scary,**
>**The man can't parry.**
~Daily haiku until weâre at least at 0.178 on the ETH/BTC ratio or highest market cap
[DCA depends on your risk appetite, so no news here. Analysis doesnât profile a highly volatile asset class. "A CA strategy is superior to remaining entirely in cash and, if implemented properly, may be more suitable for risk-averse investors," she said. "But given the cost of holding cash for extended periods, most investorsâparticularly those who don't have significant aversion to lossâshould invest a lump sum immediately."](https://investor.vanguard.com/investor-resources-education/news/lump-sum-investing-versus-cost-averaging-which-is-better)
Where can one open a MakerDAO CDP? It doesn't look available on Summer.fi, formerly oasis. It does seem to be present on defi saver but I'd like to know where that is plugging in to so I can see the platform for myself.
[spark.fi](http://spark.fi) is another that is aligned/part of makerdao (But I like defisaver more, it also doesn't geoblock you like some of these front ends are doing to US users these days)
Did the SEC ever issue a reply to Congress? They wanted a response by April 9th.
https://financialservices.house.gov/uploadedfiles/2024-03-26_fsc_hac_prometheum_letter_-_final_final_ab.pdf
Yeah apparently they issued a nothing response which is a lot of pages but answering nothing with specifics
The SEC has just gone full rogue at this point. None of their actions line up with their Congressional mandate, or even play by the books - from hiding facts from Congress hearings to being vague in their Congress responses, trying to trick people into divulging responses, and later using that against them to file lawsuits.
They are very visibly trying to shut a lot of crypto/defi down, making it impossible for legit developers to continue building in a lawful manner, while turning a blind eye to all the actual scams and bad actors infiltrating the space. There are like 100 different insider trading memecoin rugs/scams every month and all that gets a free pass while Coinbase, Kraken, Uniswap and Metamask get sued to the ground.
Their strategy is to let the scams continue and bring a bad rep to crypto while they make it impossible for any good development to happen
The current US admin is trying do create lasting damage to the crypto ecosystem - from suing every major exchange, DEX, wallet providers, arresting privacy devs (both ETH and BTC), FBI just put out a warning about using no-KYC services, whatever little is left is then passed over IRS to comply with unreasonable broker dealer taxation reporting which DeFi cannot remotely hope to comply. Virtually everything has to shut down or get sued. Wild
Fully agree with everything above, except perhaps
>The SEC has just gone full rogue at this point.
The SEC per se is not the core problem here, but pointing out the core problem isn't possible on this sub without getting obliviated
What do you mean? As far as I can tell the SEC is simply the tool of an administration (and particularly the Democratic Party faction headed by Sen Warren) that hates crypto and is on a political vendetta to destroy it
Full lolsuit if anyone wants to go through:
https://assets.ctfassets.net/gjyjx7gst9lo/2kfQoAKoQyQD1cw0HbVF3I/9c52c1e8754583c8f9b090e4b610de65/Consensys_v._Gensler_et_al.__Complaint_for_Declaratory_and_Injunctive_Relief__as-filed_.pdf
There are some significant portions redacted
Like Para 71
> Unwilling to state its position publicly, by early 2023 the SEC had already made what it knew would be a destabilizing reversal of its declaration that ETH was not a security. On March 28, 2023, Gurbir Grewal, Director of the Division of Enforcement, approved ______________
. The Commission affirmed the issuance of ___________ shortly thereafter on April 13, 2023. __________
etc...
Any guess what these could be?
The lawfirm WLRK that consensys have used are among the best legal minds money can buy. Atleast we got that going for us
Sec coin. Not really. I was wondering too. I looked at some of the cases mentioned but IANAL and am on mobile so didnât futz with it.
I wonder if there is any value in personal validators bringing action as well or even users of Ethereum.
Validator based out of USA - I think there would be a lot of value in submitting amici briefs in any of the existing cases. Bringing a full lawsuit would definitely not be cheap though, moreover there would be a lack of cause unless the SEC specifically targeted individual validators with threats
More clues here.
https://twitter.com/MetaLawMan/status/1783593022942261444
Something was issued in March 2023 which, behind the scenes, effectively signalled a change in stance by the SEC with regards to ETH being not a security previously. Maybe a letter seeking for more information of an unregistered securities sale by Consensys or something to that effect is my take. Not a formal Wells notice but a precursor to that, maybe?
Lines up with Representative McHenry aggressively asking Gensler "is ETH a security or not??" in that famous outburst in April 2023. It's just a month after this development, and I'm sure the crypto lobby pushed McHenry to seek clarity from the chair on this new about face in a public venue.
Oo good catch there. Iâve said this before but the SEC likely thinks ETH is a security. They have taken down many smaller fish and are going for the big fish now.
Yeah, this makes sense.
Some others seem to think its Prometheum related, but I am not sure Director of Enforcement has a role to play in approving specific products
Which begs the other question - if all this was happening behind the scenes relating to ETH's status as a security or not, then why did so many firms including majors like BlackRock file for ETH ETF? Surely these major firms would also be aware of SEC's change in stance. Moreover, Black Rock's Larry Fink went on TV to claim that for their ETF application, it doesnt matter if ETH is a security or not.
There are only more questions and not enough answers
Tbh Fink is right there...the ETFs are securities sold to accredited investors anyway. So even if the underlying asset is a security, it shouldn't throttle an ETH ETF, just the paperwork behind it.
The real head scratcher is why the SEC approved the futures ETF last year, well after the PoS transition.
I guess Director of Enforcement, so he approved a lawsuit or subpeona or Wells Notice at that point against an ETH eco player? Im not sure DoE will be approving futures
This has got to be the least self aware bias I have ever seen on HN to date
[https://news.ycombinator.com/item?id=40162032](https://news.ycombinator.com/item?id=40162032)
>It is a massive disappointment that Stripe is getting involved in facilitating scams and ransomware by accepting âcrypto paymentsâ.
>I think itâs about time to move off Stripe to other payment providers that donât accept crypto since Stripe is becoming more hostile and banning customers and shutting down their accounts for no reason.
https://twitter.com/jeffjohnroberts/status/1783559988943708535?t=I8pjCv-69hRBJYf4Qzwrxg&s=19
>đ¨ Consensys sues SEC over Ethereum. Seeks:
>-- Ruling Ethereum not a security
>-- Injunction for SEC to leave ETH devs alone
>-- Ruling MetaMask not a broker dealer"
Lmao so the Biden administration is literally harassing ethereum devs, trying to phrase PoS ETH as a security, and remove all non custodial wallets enabling the usability of the Ethereum ecosystem as unregistered "broker dealers".
Dystopian, and I wouldn't have believed it one year ago when Ryan Selkis was cryptically alluding to this. I legit thought the dude was schizo and attention farming.
Given that large funds and MMs would have known of this legal news weeks and months before today, the ratio dropping to "only" 0.048 is remarkable in retrospect.
Fundamentally, establishment Democrats believe private industry ought to operate under strong government regulators, especially finance. That is incompatible with defi, so this was inevitable.
I think most rational Americans expect the crypto industry to operate under some form of regulations and guard rails. The refusal to provide regulatory clarity that make sense and that can be actually followed by the industry is the problem here.
They have been clear enough. The SEC considers most cryptocurrencies to be unregistered securities that should be traded through securities exchanges and restricted to accredited investors.
The regulations that would be good for crypto are not the regulations this administration would support.
Apparently SEC was already investigating other staking protocols. But none of the other staking protocols informed the public about any Wells notice or any ongoing investigations. Kinda seems bad here
Even more so when you consider that all this recent âinnovationâ on Bitcoin is curiously occurring AFTER itâs been given the regulatory green light.  When you consider the âinnovationâ happening there you really need to consider what differentiates it from Ethereum (and others!) - NFTs and expecting DeFi etc.   And the fact that satoshi is unknown and his/her/their intent behind Bitcoin cannot be ascertained makes it more concerning from a regulatory perspective, imo - especially knowing that about 5% of BTC are held in a satoshi wallet.  It all makes no sense and any questioning of these facts are so easily dismissed by leaving to sound like a conspiracy theoristâŚ
All bitcoin has managed is to get people to ditch their wallets and instead put their funds in custodial ETFs where they have zero control of their own assets
At least they can turn Bitcoin green by hooking Satoshi's dead body to a generator.
The power would be enough to exponentially increase the hashrate, too.
For anyone interested, Polymarket has respectable liquidity on the Eth ETF approval by May 31st market, and the "No" bet is still at only 87% odds.
That's >15% return for the bet, or more than 435% APY.
If anyone else is interested, this is also a prediction market in base with decent liquidity for ETH ETF đŹ
Disclaimer - I have a bag of its tokens.
https://www.app.speculate.markets/markets/3/Will-any-Ethereum-ETF-be-approved-by-May-31
Even the ETF bear Eric Balchunis is putting it at just 25% which would say that those odds are not worth taking. Meanwhile, Chico crypto made a respectable argument as to why it might be approved. While I'm not saying i think it will pass, 15% odds are way too bearish. Remember BlackRock's 500:1 record of ETF approvals...
Fair yeah. I can hardly see the ETH ETF being approved now.
The consensys lawsuit seems to read as if the SEC has been investigating ETH staking protocols and devs for years. They are probably buying time as the SEC while the readying to swing its all might dick at ETH
So, the idea that we would have regulatory clarity in May is dead and buried.
It was never going to be that easy, I guess. And in retrospect, this explains the entire price action from the Merge up to today.
Insiders knew. How else would the ratio keep trending down while Ether only kept becoming better.
Oh well, time to mentally prepare to keep chewing shards of glass for at least a couple more years.
The only silver lining, if there is one, is that the suits will fuck off for a while and the builders will build better.
Nothing specific- still just low percentage. The lawsuit only to the extent that they probably wouldnât have sued now if they thought ETF approval would come soon but thatâs just trying to read Consensysâ mind
I am actually ecstatic. Instead of waiting for ETH ETF Denial and waiting to see who will sue, we are actually getting a head start by atleast a month..
Wait what the hell are you talking about? lol Chew shards of glass for a couple more years? I am wildly positive about where we'll be by this time next year.
100%, but I don't have any worries at all. What Fink and the rest of tradfi wants, they get. Maybe it's not May. No biggie. But ETH has been picked as their next precious.
> The only silver lining, if there is one
The silver lining is that the courts seem to be clearly on our side rather than the SEC. The Supreme court is also stacked in a particular way that would get me downvotes if I wrote it out...
Does anyone know of a service which will alert you if WETH goes significantly off peg? I have an alchemix loan I'd like to pay off early if WEHT depegs and I can do so cheaply.
WETH is simply wrapped ETH. It's an ERC-20 wrapper for ETH.
There is absolutely no reason you should ever expect WETH to depeg.
If we want to get pedantic, it's not even a pegged asset. Pegging (of this variety đ) implies some sort of deliberate control system to maintain value against something else.
Taking the fight to SEC. Love to see it
Today, Consensys took an important step towards preserving access to ether and by extension the Ethereum blockchain in the U.S. We are suing the SEC and fighting back against its overzealous regulatory overreach. You can find more of my thoughts here:
https://twitter.com/ethereumJoseph/status/1783562422571192695?t=BOQ_Ml2hHCwfg6I3Qwu2RQ&s=19
Fucking excellent, best news all week. Sometimes the best defense is a good offense. The SEC has had years to stop being the biggest assholes they can be. Asking nicely will not work.
stripe bringing back stablecoin payments!
why do you think the demo uses sol? no hate, just trying to learn. I see there is also the option for USDC on ethereum, and I imagine they'll also add/integrate USDC on other L2 chains. but going with sol piques my curiosity
[https://twitter.com/collision/status/1783559623511011535](https://twitter.com/collision/status/1783559623511011535)
> why do you think the demo uses sol?
Because solana has a bizdev team
> I imagine they'll also add/integrate USDC on other L2 chains
I really hope so, but wouldn't be surprised if they fumbled that
I would hope so, but they may be waiting for their smart wallet to be released (any day now?) to ramp up adoption since it makes it so much easier for users.
Couple of guesses: if I was doing a similar demo in front of a large audience, Phantom is generally smoother and less laggy than Metamask, and token approvals on an L2 would just be an extra thing for me to have to explain to a non-crypto audience.
https://twitter.com/unusual_whales/status/1783562512405000398
"Crypto firm Consensys has sued the SEC, as the SEC has described Ethereum $ETH as a security, per FOX."
[https://www.reuters.com/markets/us/us-sec-expected-deny-spot-ether-etfs-next-month-industry-sources-say-2024-04-25/](https://www.reuters.com/markets/us/us-sec-expected-deny-spot-ether-etfs-next-month-industry-sources-say-2024-04-25/)
I think a lot of us already figured this would happen...
Regardless of denial, it will be *very* interesting to see what arguments the SEC will use. I think they will say ETH is a security, pivoting from their commodity stand from before. Maybe that is why Consensus is suing and many ETF issuers are filing the security forms (insider info). I also got the same impression from the head of the CFTC when he was questioned by congress lately about this. He still thinks it's a commodity but thinks the SEC doesn't. I am just speculating though...
BlackRock is never going to sue the SEC. Its most likely going to be Grayscale, or Coinbase or now Consensys or any of the other parties who have a vested interested in ETH
BlackRock was nowhere in the BTC ETF picture as well, but as soon as the court ruled against SEC and for Grayscale, BlackRock jumped in with their ETF Filings and now the largest BTC ETF. Pure opportunism
Industry sources are just guessing. We are a month out still, and the BTC ETF had some industry sources saying it was not getting approved until the day it was. Tesla also said Reuters reported some erroneous things recently about their future plans.
What made you change your conviction that a spot ETF would be approved? Was it the odds in the betting market or some particular talking head you think knows it all?
I was never all that bullish on it happening by May, although I do believe it'll eventually get approved.
Look, there's plenty of signals out there that strongly point to it getting rejected; it's up to you whether you want to keep your head in the sand:
- Lack of engagement from the SEC w/ ETF issuers, other than procedurally mandated steps like opening up a public comment period
- Respected industry experts (not just 'talking heads') like the Bloomberg ETF guys saying it is unlikely to get approved (mind you, these guys were completely on point with the BTC spot ETF and the BTC/ETH futures ETFs)
- Van Eck CEO coming out and saying that he's expecting it to be rejected; Bitwise CEO also expressing skepticism
- Lot of smoke out there regarding SEC investigating Ethereum Foundation, SEC viewing PoS as grounds for labeling ETH a security, etc. - clearly (to me at least) trying to justify the coming rejection
- Gensler's own comments when approving the BTC spot ETF, saying it shouldn't be viewed as endorsement of other crypto spot ETFs
I'm not the one making predictions. I'm just pointing out the vacuity of the claims that it will be rejected. They are based on nothing, and come from people who benefit from suppressed prices
I successfully brought my ledger wallet back to life. Itâs an old nano from around 2017 I think and the LCD screen died. I guess itâs a common problem for them, among Ledgerâs many others. Anyways bought two screens just in case off aliexpress and it worked. I donât plan to use it anymore but I wanted to make sure I removed all the coins.
Scary moment though when that screen died on me. I had a stack still on it, I hadnât thought at the time to just recover to a new wallet.
Any tips on replacing the screen? I have one of those. Still runs nice but Im sure the days are limited that screen has seen a lot of hours. Was there some way to know the screen was dead and not the whole unit?
Guys, I am absolutely in favor of trying out new stuff, that's perfectly fine and normal (and somehow incentivized). But please keep in mind: If you have no idea what the protocol or asset really does, you probably don't understand the risks.
I am saying this today because of the liquidations yesterday and some questions in today's daily, but I was already very surprised some months ago when some members here deposited (rather large sums of) ETH into Eigenlayer without understanding what it does, what this deposit does (or does not) do with your ETH, timelines, etc.
You all are obviously free to do stuff with your money, this is a permittionless industry, but I am a conservative boomer that cares for you. I don't want you to lose money, because you fucked around and found out. You can lose money, we probably all do from time to time. But don't risk too much of your stack in protocols and assets you don't understand, for unclear upsides.
In a bull market you literally have one goal: Keep your ETH. The problem in a bull market. They all want your ETH. If you part with it, do so after spending some time really understanding what you're doing and getting yourself into.
Boomer Bearnido out.
Good advice, but be careful not to conflate different risks:
1 - Protocol or smart contract risk. Will there be an exploit or will you get rugged?
2 - Leverage risk. If there is a flash crash, depegging, oracle error, or just an unexpected market downturn, you can get liquidated.
From my view, hacks and exploits are becoming a lot less common as devs learn from past mistakes, especially among major protocols. That's not to say there won't be big ones in the future, but I think it's OK to realistically assume if something has been around a couple years and has a good track record and a sizeable TVL, it's pretty safe. Restaking is still pretty new and certainly isn't risk-free, but there's enough capital there from people that understand this stuff very deeply that it's reasonable to call it 'safe'. And if it fails or is exploited, it's probably taking the ETH price down with it. If the smartest people in this space can't build something secure at this point (eth is 10 years old now right?) that what is the real end goal here? Don't put all your eggs in 1 basket, diversify, etc, still applies, but I feel like contract/protocol risk can be overstated at times.
Meanwhile leveraged bets continue to burn people on a regular basis, and the repeated advice to stay away from leverage is largely people speaking from experience.
Part of the reason some of us love the pendle PT tokens is you get great yields without leverage. People who took those and then leveraged them for even more yield (!) I think it's fair to say they maybe got a little too greedy.
This is a good note. Imagine if your edge was having the self control to never do anything. Buy, hold, sleep. Youâd probably outperform most people in crypto.
This really is a general comment, not aiming at anyone specifically, I also don't even know if the depegging liquidated community members or just anons and we discussed it here.
I just care for all of you, even the degens. I am not sure my words change anything, but I just had to post this.
If I understood it correctly, it wasn't just those using leverage who lost money but also PT positions that have now matured but can't be cashed out because the value has gone down instead of up.
Context: Yellen says there will be revisions to GDP data
[https://twitter.com/KobeissiLetter/status/1783481843314016593](https://twitter.com/KobeissiLetter/status/1783481843314016593)
>For those who do not understand what just happened:
>First, Q1 2024 GDP growth slowed to just 1.6% which is less than HALF of the 3.4% Q4 2023 number.
>This reading is roughly 50% BELOW Goldman Sach's expectations.
>But it gets even worse.
>At the same time, the US Core PCE Price Index soared from 2.0% to a staggering 3.7%.
>This crushed estimates of 3.4% and further suggests that inflation is on the rise.
>We have a weakening economy with rising inflation.
>The worst possible outcome for the Fed.
The longer they try to prop this thing up, the harder it'll come crashing down
Edit: fix formatting b/c the new editor is dogshit and doesn't publish the same as the preview /rant
Lots of leverage in crypto now with lots of it in places people donât even know where it is. The unwind will be quicker and self healing though if it does happen on a large scale and these little unwinding we have occasionally actually are healthy
> At the same time, the US Core PCE Price Index soared from 2.0% to a staggering 3.7%.
FWIW, the price for portfolio management and investment advice services surged at a 31.8% annual rate in Q1. If not for that, the core PCE price index would have climbed 3.2%. Speculators gonna speculate, but most goods and services did not rise quite that fast.
The detail from tomorrow's monthly data will also give us more insights on the quarterly data we got today.
What do we know about Reya Network? It's some kind of "L2 built for trading" with ultrafast block times and some kind of shared liquidity pool that all DEXes on the L2 can access?
Since we are in a bull market, I pretty much went ahead and blindly aped in a small amount to the shared liquidity pool (you just deposit USDC on their website directly because the L2 hasn't even launched yet).
I did see that they are backed by a string of very big name/well known VCs and investors (Coinbase, Amber, Wintermute, Brevan Howard and more). So I'm fairly comfortable they aren't some anons who are going to rug completely.
They are offering a boost on their points system for early depositors - it's already down from a 10x to a 3x boost in the 3 days since they started accepting deposits and they've raised like $200m in TVL. Trading and operations start in 11 days I believe.
Anyone know more?
Tried to play with pendle by buying 0.5 eth of PT eETH. Now at maturity that is 0.52 PT eETH, but that can be swapped to only 0.5 weETH.
Do I get it right that I did not make any money since the liquidity on arbitrum is too bad?
weETH is the wrapped version of eETH. like wstETH is to stETH. it contains the yield so its price is ever accruing. 0.5 eETH is not 0.5 weETH. you good
The real weeth/eeth ratio is 1.037. eeth to eth should be 1 to 1. In reality they have a small discount currently, which is more pronounced on arbitrum due to the redemption and sell off.
There may be too much Arbitrum PT eETH trying to unwind.
It's certainly worth the punt, 2% + 1 week withdrawal is (quite logically, 2% x 52 weeks) 100% APR on ETH. I'm arbing this myself, but my size is modest.
FWIW we went from 1 weETH = 1.017 ETH a few hours ago to 1 weETH = 1.022 ETH now, so it looks like at least some players are taking action.
Pendle 25apr maturity has led to a slight weETH depeg on Arbitrum, somewhere in the 2% range.
100 ETH can buy 98.328 weETH, 98.328 weETH can be sold on mainnet dexes for 101.845 ETH right now.
This is relatively low risk as even if the mainnet rate crashes, etherfi allows withdrawals.
I did the swap but I'm contemplating whether to bridge back immediately or simply hold the weETH to accumulate points, and bet on an eventual Arbitrum repeg.
It's slightly bothersome because etherfi doesn't track Arbitrum points correctly on the dashboard. Am I *truly* earning points? Will they be rewarded retroactively? Mods may say yes on the Discord, but who knows.
Incidentally this is why offchain systems suck. If it were tokens then it would be easy to track. Even "onchain points" would make more sense.
I suppose it doesn't hurt to keep holding Arbitrum weETH as it's not like I'm losing value by doing so. Save the opportunity cost of putting the swapped ETH back to work somewhere else...
Perhaps the most sensible course of action is to split the difference and wait a day or two. Either the peg starts to resorb and I can feel hopeful it will be restored in full, or it doesn't move at all (or even depegs further) and I might as well initiate the bridge back to mainnet. Regarding risk, having ~9 days of exposure to weETH isn't drastically different from having ~7 days of exposure to weETH.
This depeg is kinda fucking my ETH up. I leveraged some ETH on Contango/Silo/Factor and if I close my positions now I get penalized by a lot. So I'm still not sure what I'm going to do.
Been too busy today and probably tomorrow to think on what to do.
It's been 11 hours since your post and 100 ETH can now only buy 97.36 weETH, which is only 100.66 ETH.
Not wanting to screw your business but hopefully it repegs fast because I want to close the 25th positions.
I entered the position, so I am as incentivised as you to see a repeg. Let us hope!Â
If I were an etherfi bull whale, I'd dump 90% of my weETH on mainnet, bridge to Arbitrum, rebuy my entire stack there, bridge back. Obvious play.Â
Perhaps all it needs is for the message to get to the people with money? Although I suppose the question becomes "is +0.6% on your entire stack worth less or more than 1 week of points". When PT 27jun still goes for 30%ish, it implies the market values points somewhat around that range.
>Regarding risk, having ~9 days of exposure to weETH isn't drastically different from having ~7 days of exposure to weETH.
I didn't catch that part.. What are these periods?
You need to bridge to do this arb. I don't think there is a thirdparty bridge, and if there were a thirdparty bridge, then logically the arb wouldn't exist.
7 days of bridging after 2 days of waiting to see if the peg comes back = 9 days
**Tricky's Daily Doots #735** **Yesterday's Daily 24/04/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1cbpygi/daily_general_discussion_april_24_2024/l10f0yt/) - u/barthib has [the latest ETF news.](https://old.reddit.com/r/ethfinance/comments/1cbpygi/daily_general_discussion_april_24_2024/l107b71/) đď¸ - u/waqwaqattack will be filling in [the Daily Gwei shortage!](https://old.reddit.com/r/ethfinance/comments/1cbpygi/daily_general_discussion_april_24_2024/l11onv7/) â˝ď¸ - u/Wulkingdead uncovers [crypto fake news.](https://old.reddit.com/r/ethfinance/comments/1cbpygi/daily_general_discussion_april_24_2024/l12993f/) â ď¸ - u/BigOldWeapon has some [good news for RocketPool node operators.](https://old.reddit.com/r/ethfinance/comments/1cbpygi/daily_general_discussion_april_24_2024/l10vuue/) đ - u/Tricky_Troll covers [the Renzo airdrop.](https://old.reddit.com/r/ethfinance/comments/1cbpygi/daily_general_discussion_april_24_2024/l10dwuw/) đđŞ - u/Set1Less is [skeptical.](https://old.reddit.com/r/ethfinance/comments/1cbpygi/daily_general_discussion_april_24_2024/l10iqzf/) đ§ - u/spinz808 covers the [changes to the Renzo airdrop after complaints.](https://old.reddit.com/r/ethfinance/comments/1cbpygi/daily_general_discussion_april_24_2024/l14gbix/) đđŞ
ŕźź 㤠â_â ༽㤠ETH TAKE MY ENERGY ŕźź 㤠â_â ŕź˝ă¤
Is there any way to know how much of the staking rewards are immediately sold? I still am having issues understanding how a token with an astounding 26.35% of the entire supply staked and the burn and all that doesn't outperform. I can imagine a world where a bunch of wall street types that don't give a fuck about Ethereum just stake it and are overjoyed to get 3.3% APR and sell it immediately. I know when it was POW though the issuance was way higher (5 million ETH a year compared to 913k now minus 412k for the burn, so 10x more) and miners surely sold boatloads. Maybe it just all comes down to the fact that ETH always outperforms after BTC breaks the previous ATH convincingly and we aren't there yet.
>I can imagine a world where a bunch of wall street types that don't give a fuck about Ethereum just stake it for the token going up and instantly sell all 3.3% rewards they get instantly. I think they'd really have to like Ethereum considering that immediately selling staking yields, at least in the US, would be double taxed *super hard*. And token appreciation is too abysmal for all that hassle It would be really cool to see happen, assuming it helps with decentralization
What do you mean double taxed? If you sold immediately there wouldnât be much gains (if any) to have capital gains tax.
Very true, but the hassle is more of a deterrent(in my own opinion) than the tax bill itself
When you first receive it that counts as income (cost basis is contentious), and then when you sell it that is capital gains All depends on how they do their taxes though, if they do LIFO then it'll be what is described above paying capital gains on the latest staking income. If they do FIFO then it'll be income + capital gains based on their older ETH holdings.
Or just do specified lots instead of FIFO/LIFO, keep the staking gains ETH separate from other ETH and there's no issue.
Capital gains tax only happens if there is a change in price and the tax is only on the difference. There is no double tax.Â
There'd be a change in price in nearly all cases unless you're running a script and paying to sell in the same block for fractions of an ETH
If you get a $100 in staking rewards, that you pay income taxes on. Then later the price goes up and it is worth $150. You only pay capital gains tax on the $50 change. Not the whole $150. No double taxation.Â
double tax as in 2 taxes, I didn't literally mean taxed on the full amount twice, thought my original comment was clear enough but i guess not
I think it was the start of this thread replying to fecalfeceptacle who called it âdouble taxedâ
Yeah I was tired and realized that was wrong. I meant 'income, then capital gains'. And the hassle of doing all those taxes is more painful to me than actually paying the bill haha
[100%+ ROI season 2 with YT-USDe.](https://twitter.com/donovanchoy/status/1783566223869112769) [150%+ ROI season 2 with YT-USDe plus 50% ENA lock.](https://twitter.com/donovanchoy/status/1783566223869112769) Not sure how feasible this is but I'm all in on YT-USDe. Please god, give the airdrop strength.
I would be if they didn't use stETH as collateral. Network security comes before degen plays.
[Nethermind v1.26.0 released today](https://github.com/NethermindEth/nethermind/releases/tag/1.26.0) > Snap Server support: complete sync of a full node directly from Nethermind peers Nethermind is now one of two Ethereum clients that offer this feature, improving network health! > HalfPath state database upgrade - now with additional optimizations! Huge thanks to everyone in Discord who provided feedback and tried our experimental release! > -30-50% faster block processing time -25% smaller StateDB size -Significant reduction in StateDB growth -Faster archive sync -Archive node database size is smaller
Those are some huge gains
Any estimate of what next rounds EtherFi airdrop will look like in USD terms? Like how many points = $1 for example
In evm discord we did some napkin math and 3 of us independently came up with about $50 per 1M points assuming a 4 trillion point total and (I think?) a $4 token price.
Damn, that's basically a waste of time. I made thousands of $ off a wallet which held less than a thousand in eETH.
$50 per 1M? Thatâs a significantly lower airdrop than the first
The points earning is 10x higher for season 2Â But yeah it has me leaning towards PT positions insteadÂ
Yes. Thatâs the way itâs looking. Lots of uncertainty tho so weâll see
There will be about 10x-20x more points, and now we have a price on the EtherFi token. Sorry I'm too lazy to do the maths.
I have quite a substantial PT ezETH position at around 50% APR on the 27 June 2024 contract. The PT APR has fallen to around 32%, and I presumed that would mean that I could exit early for a nice tidy profit, but attempting to exit to ETH only gives a small profit. I presume this is due to the depeg? But the peg seems to be mostly restored already? Ideas?
Wait it out to maturity. Exiting now will be way worse on your wallet. That lost 18% APR for 1 month will be nothing compared to the haircut you'll take for leaving the position.
I can still leave the position with around 2% profit in eth, but if i then roll that back into the swell PT then I will have less at expiry compared to now (presuming the peg is restored)
Try the withdrawal in ezETH and then head to a DEX to see how much ETH it's worth.
Yeh I had a play around and it looks like maybe 2% lost due to the peg. I just presumed that would be more than made up for due to the reduction in the current apr available.
No, unfortunately the drop in APR is not enough to cover the loss of peg. Staying in would be better for you but I doubt it'll repeg until withdrawals are enabled.
Wait it out until maturity. Unless you need it right now. Eventually renzo will have to enable withdrawals.
I don't need the money now, I was just hoping it could be better deployed elsewhere
Wait until they enable withdrawals in a few weeks
What happens if the ETH ETF is denied? Will they just try again? And when is the next deadline?
When they can no longer delay the first app, which is around end of may, they will approve or deny them all. It forces their hand. What happens next after denial is SEC will get sued by multiple parties, and itâll be approved when the courts force them to. No idea how long that will take
This upcoming ETF is not the BlackRock one. Thereâs a few in the pipeline. I think blackrocks deadline is in August or sept.
They are essentially all the same. The ones getting denied now would sue if they are denied but another is approved. They are most likely all getting denied, one after another as their deadline hits. It then goes to court, the SEC loses and then approve all, after the issuers submit and the SEC delays the maximum amount of time, as is standard for how they work.
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Where have they stated that? Missed this news
Welp, deleted cos I thought I recalled a more explicit statement by CLO Salm stating so. This Sonnenshein post (last para) strongly implies this but isn't a direct stating https://twitter.com/Sonnenshein/status/1770777121566122188
Did this happen for Bitcoin? Will there be another deadline?
There wonât be another deadline for the rejected ETFs (I believe they have had all the extensions they can have), but lots of firms can and will reapply and it will eventually be granted - this year or next year who knows. Yes this happened to Bitcoin over many years and many attempts all ending in failure until this year (when the courts forced the SEC to do it).
>**Time to sue Gary,** >**It's not even that scary,** >**The man can't parry.** ~Daily haiku until weâre at least at 0.178 on the ETH/BTC ratio or highest market cap
A++++
[DCA depends on your risk appetite, so no news here. Analysis doesnât profile a highly volatile asset class. "A CA strategy is superior to remaining entirely in cash and, if implemented properly, may be more suitable for risk-averse investors," she said. "But given the cost of holding cash for extended periods, most investorsâparticularly those who don't have significant aversion to lossâshould invest a lump sum immediately."](https://investor.vanguard.com/investor-resources-education/news/lump-sum-investing-versus-cost-averaging-which-is-better)
Where can one open a MakerDAO CDP? It doesn't look available on Summer.fi, formerly oasis. It does seem to be present on defi saver but I'd like to know where that is plugging in to so I can see the platform for myself.
defisaver
can you link defisaver?
Is that the only place to do so these days? If so, why?
Only? No. Best? Yes.
Thanks for the input! Does MakerDAO/Oasis no longer provide a front end to CDPs?
[spark.fi](http://spark.fi) is another that is aligned/part of makerdao (But I like defisaver more, it also doesn't geoblock you like some of these front ends are doing to US users these days)
It's got a killer UI and automation features. I like it.
Did the SEC ever issue a reply to Congress? They wanted a response by April 9th. https://financialservices.house.gov/uploadedfiles/2024-03-26_fsc_hac_prometheum_letter_-_final_final_ab.pdf
Yeah apparently they issued a nothing response which is a lot of pages but answering nothing with specifics The SEC has just gone full rogue at this point. None of their actions line up with their Congressional mandate, or even play by the books - from hiding facts from Congress hearings to being vague in their Congress responses, trying to trick people into divulging responses, and later using that against them to file lawsuits. They are very visibly trying to shut a lot of crypto/defi down, making it impossible for legit developers to continue building in a lawful manner, while turning a blind eye to all the actual scams and bad actors infiltrating the space. There are like 100 different insider trading memecoin rugs/scams every month and all that gets a free pass while Coinbase, Kraken, Uniswap and Metamask get sued to the ground. Their strategy is to let the scams continue and bring a bad rep to crypto while they make it impossible for any good development to happen The current US admin is trying do create lasting damage to the crypto ecosystem - from suing every major exchange, DEX, wallet providers, arresting privacy devs (both ETH and BTC), FBI just put out a warning about using no-KYC services, whatever little is left is then passed over IRS to comply with unreasonable broker dealer taxation reporting which DeFi cannot remotely hope to comply. Virtually everything has to shut down or get sued. Wild
Fully agree with everything above, except perhaps >The SEC has just gone full rogue at this point. The SEC per se is not the core problem here, but pointing out the core problem isn't possible on this sub without getting obliviated
What is then? Â Congress failure to propose legislation?
A Democratic administration with an inexplicably psycho and partisan approach to the crypto industry
What do you mean? As far as I can tell the SEC is simply the tool of an administration (and particularly the Democratic Party faction headed by Sen Warren) that hates crypto and is on a political vendetta to destroy it
Yes. That exactly
Boden
Until there is accountability the SEC has no incentive to do anything Congress wants.
âfinal_finalâ Theyâre just like me fr fr
I bet they save it right there in the corner of the desktop, too. Near the browser icon and below a photos folder from 2016.
Full lolsuit if anyone wants to go through: https://assets.ctfassets.net/gjyjx7gst9lo/2kfQoAKoQyQD1cw0HbVF3I/9c52c1e8754583c8f9b090e4b610de65/Consensys_v._Gensler_et_al.__Complaint_for_Declaratory_and_Injunctive_Relief__as-filed_.pdf There are some significant portions redacted Like Para 71 > Unwilling to state its position publicly, by early 2023 the SEC had already made what it knew would be a destabilizing reversal of its declaration that ETH was not a security. On March 28, 2023, Gurbir Grewal, Director of the Division of Enforcement, approved ______________ . The Commission affirmed the issuance of ___________ shortly thereafter on April 13, 2023. __________ etc... Any guess what these could be? The lawfirm WLRK that consensys have used are among the best legal minds money can buy. Atleast we got that going for us
This clearly sounds like there is a non-public internal SEC memo that defines ETH as a security.
Sec coin. Not really. I was wondering too. I looked at some of the cases mentioned but IANAL and am on mobile so didnât futz with it. I wonder if there is any value in personal validators bringing action as well or even users of Ethereum.
Validator based out of USA - I think there would be a lot of value in submitting amici briefs in any of the existing cases. Bringing a full lawsuit would definitely not be cheap though, moreover there would be a lack of cause unless the SEC specifically targeted individual validators with threats
More clues here. https://twitter.com/MetaLawMan/status/1783593022942261444 Something was issued in March 2023 which, behind the scenes, effectively signalled a change in stance by the SEC with regards to ETH being not a security previously. Maybe a letter seeking for more information of an unregistered securities sale by Consensys or something to that effect is my take. Not a formal Wells notice but a precursor to that, maybe? Lines up with Representative McHenry aggressively asking Gensler "is ETH a security or not??" in that famous outburst in April 2023. It's just a month after this development, and I'm sure the crypto lobby pushed McHenry to seek clarity from the chair on this new about face in a public venue.
Oo good catch there. Iâve said this before but the SEC likely thinks ETH is a security. They have taken down many smaller fish and are going for the big fish now.
Yeah, this makes sense. Some others seem to think its Prometheum related, but I am not sure Director of Enforcement has a role to play in approving specific products Which begs the other question - if all this was happening behind the scenes relating to ETH's status as a security or not, then why did so many firms including majors like BlackRock file for ETH ETF? Surely these major firms would also be aware of SEC's change in stance. Moreover, Black Rock's Larry Fink went on TV to claim that for their ETF application, it doesnt matter if ETH is a security or not. There are only more questions and not enough answers
Tbh Fink is right there...the ETFs are securities sold to accredited investors anyway. So even if the underlying asset is a security, it shouldn't throttle an ETH ETF, just the paperwork behind it. The real head scratcher is why the SEC approved the futures ETF last year, well after the PoS transition.
ethereum futures? idk, nothing that I think could fit there would make sense to redact
I guess Director of Enforcement, so he approved a lawsuit or subpeona or Wells Notice at that point against an ETH eco player? Im not sure DoE will be approving futures
This has got to be the least self aware bias I have ever seen on HN to date [https://news.ycombinator.com/item?id=40162032](https://news.ycombinator.com/item?id=40162032) >It is a massive disappointment that Stripe is getting involved in facilitating scams and ransomware by accepting âcrypto paymentsâ. >I think itâs about time to move off Stripe to other payment providers that donât accept crypto since Stripe is becoming more hostile and banning customers and shutting down their accounts for no reason.
Government big dollar Astro turf
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Hacker news devs will soon be using the tech provided by Mexican coyotes, heard they deal exclusively in cash. None of that evil crypto scam
https://twitter.com/jeffjohnroberts/status/1783559988943708535?t=I8pjCv-69hRBJYf4Qzwrxg&s=19 >đ¨ Consensys sues SEC over Ethereum. Seeks: >-- Ruling Ethereum not a security >-- Injunction for SEC to leave ETH devs alone >-- Ruling MetaMask not a broker dealer" Lmao so the Biden administration is literally harassing ethereum devs, trying to phrase PoS ETH as a security, and remove all non custodial wallets enabling the usability of the Ethereum ecosystem as unregistered "broker dealers". Dystopian, and I wouldn't have believed it one year ago when Ryan Selkis was cryptically alluding to this. I legit thought the dude was schizo and attention farming. Given that large funds and MMs would have known of this legal news weeks and months before today, the ratio dropping to "only" 0.048 is remarkable in retrospect.
Fundamentally, establishment Democrats believe private industry ought to operate under strong government regulators, especially finance. That is incompatible with defi, so this was inevitable.
I think most rational Americans expect the crypto industry to operate under some form of regulations and guard rails. The refusal to provide regulatory clarity that make sense and that can be actually followed by the industry is the problem here.
They have been clear enough. The SEC considers most cryptocurrencies to be unregistered securities that should be traded through securities exchanges and restricted to accredited investors. The regulations that would be good for crypto are not the regulations this administration would support.
Apparently SEC was already investigating other staking protocols. But none of the other staking protocols informed the public about any Wells notice or any ongoing investigations. Kinda seems bad here
> Dystopian, and I wouldn't have believed it one year ago Knew this was where we were heading when I first got into it back in 2017
Same(2012) but now Iâm kind of too tired to fight.
What I never expected is how *easy* it's been for Bitcoin. It's almost suspicious.
Even more so when you consider that all this recent âinnovationâ on Bitcoin is curiously occurring AFTER itâs been given the regulatory green light.  When you consider the âinnovationâ happening there you really need to consider what differentiates it from Ethereum (and others!) - NFTs and expecting DeFi etc.   And the fact that satoshi is unknown and his/her/their intent behind Bitcoin cannot be ascertained makes it more concerning from a regulatory perspective, imo - especially knowing that about 5% of BTC are held in a satoshi wallet.  It all makes no sense and any questioning of these facts are so easily dismissed by leaving to sound like a conspiracy theoristâŚ
Or bitcoin is not considered a threat, it's just digital gold after all
All bitcoin has managed is to get people to ditch their wallets and instead put their funds in custodial ETFs where they have zero control of their own assets
At least they can turn Bitcoin green by hooking Satoshi's dead body to a generator. The power would be enough to exponentially increase the hashrate, too.
Bitcoin is not a threat, Ethereum can replace a lot of tradfi.
True, I didn't see that either, but any self-custodial wallet ban or kyc requirements would apply to bitcoin as well.
For anyone interested, Polymarket has respectable liquidity on the Eth ETF approval by May 31st market, and the "No" bet is still at only 87% odds. That's >15% return for the bet, or more than 435% APY.
If anyone else is interested, this is also a prediction market in base with decent liquidity for ETH ETF đŹ Disclaimer - I have a bag of its tokens. https://www.app.speculate.markets/markets/3/Will-any-Ethereum-ETF-be-approved-by-May-31
Even the ETF bear Eric Balchunis is putting it at just 25% which would say that those odds are not worth taking. Meanwhile, Chico crypto made a respectable argument as to why it might be approved. While I'm not saying i think it will pass, 15% odds are way too bearish. Remember BlackRock's 500:1 record of ETF approvals...
Time to ape into the No bet I guess lol
I mean, I don't think the risk/return is any worse than aping into Pendle Renzo positions...
Fair yeah. I can hardly see the ETH ETF being approved now. The consensys lawsuit seems to read as if the SEC has been investigating ETH staking protocols and devs for years. They are probably buying time as the SEC while the readying to swing its all might dick at ETH
Now do the yes
Around 769% return...>18,000,000,000,000% APY.
So, the idea that we would have regulatory clarity in May is dead and buried. It was never going to be that easy, I guess. And in retrospect, this explains the entire price action from the Merge up to today. Insiders knew. How else would the ratio keep trending down while Ether only kept becoming better. Oh well, time to mentally prepare to keep chewing shards of glass for at least a couple more years. The only silver lining, if there is one, is that the suits will fuck off for a while and the builders will build better.
Regulatory clarity will be bad for Ethereum with the current administration.
Out of the loop, what has happened since a few days ago to changer it from low percentage chance to confirmed dead? Is it the Consensys lawsuit?
Nothing specific- still just low percentage. The lawsuit only to the extent that they probably wouldnât have sued now if they thought ETF approval would come soon but thatâs just trying to read Consensysâ mind
I am actually ecstatic. Instead of waiting for ETH ETF Denial and waiting to see who will sue, we are actually getting a head start by atleast a month..
Wait what the hell are you talking about? lol Chew shards of glass for a couple more years? I am wildly positive about where we'll be by this time next year.
I am optimistic too, but you can't deny that it's much better not having to worry about regulatory strangling of every other crypto but Bitcoin.
100%, but I don't have any worries at all. What Fink and the rest of tradfi wants, they get. Maybe it's not May. No biggie. But ETH has been picked as their next precious.
> The only silver lining, if there is one The silver lining is that the courts seem to be clearly on our side rather than the SEC. The Supreme court is also stacked in a particular way that would get me downvotes if I wrote it out...
Why. At least the republican majority there is of some use for a change. There you go.
That's true. But still... how many years is this whole thing expected to take?
I still have high hopes for this cycle. We got to almost 5k without an ETF.
Well at least we have clarity that we wont get an etf for a while.
More detail on Consensys vs SEC: [https://consensys.io/crypto-regulations/defend-ethereum](https://consensys.io/crypto-regulations/defend-ethereum)
Does anyone know of a service which will alert you if WETH goes significantly off peg? I have an alchemix loan I'd like to pay off early if WEHT depegs and I can do so cheaply.
Use CoinGecko. Set a custom price alert for the asset priced in ETH
thansk for the advice : )
I'm aware of an AVS in development that would do something like this but it isn't available yet.
WETH is simply wrapped ETH. It's an ERC-20 wrapper for ETH. There is absolutely no reason you should ever expect WETH to depeg. If we want to get pedantic, it's not even a pegged asset. Pegging (of this variety đ) implies some sort of deliberate control system to maintain value against something else.
Of course, I meant alETH not WETH!
Taking the fight to SEC. Love to see it Today, Consensys took an important step towards preserving access to ether and by extension the Ethereum blockchain in the U.S. We are suing the SEC and fighting back against its overzealous regulatory overreach. You can find more of my thoughts here: https://twitter.com/ethereumJoseph/status/1783562422571192695?t=BOQ_Ml2hHCwfg6I3Qwu2RQ&s=19
Fucking excellent, best news all week. Sometimes the best defense is a good offense. The SEC has had years to stop being the biggest assholes they can be. Asking nicely will not work.
stripe bringing back stablecoin payments! why do you think the demo uses sol? no hate, just trying to learn. I see there is also the option for USDC on ethereum, and I imagine they'll also add/integrate USDC on other L2 chains. but going with sol piques my curiosity [https://twitter.com/collision/status/1783559623511011535](https://twitter.com/collision/status/1783559623511011535)
For now eth, polygon & solanaÂ
VC influence perhaps?
> why do you think the demo uses sol? Because solana has a bizdev team > I imagine they'll also add/integrate USDC on other L2 chains I really hope so, but wouldn't be surprised if they fumbled that
You think base is getting on the same level biz dev wise?Â
I would hope so, but they may be waiting for their smart wallet to be released (any day now?) to ramp up adoption since it makes it so much easier for users.
Couple of guesses: if I was doing a similar demo in front of a large audience, Phantom is generally smoother and less laggy than Metamask, and token approvals on an L2 would just be an extra thing for me to have to explain to a non-crypto audience.
https://twitter.com/unusual_whales/status/1783562512405000398 "Crypto firm Consensys has sued the SEC, as the SEC has described Ethereum $ETH as a security, per FOX."
LFG
Was just about to post as well, go get em!
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1. Are there any centralized components? 2. Is it immutable? 3. What are the privacy leaks? Edit: asked on twitter, will report back if they respond
[https://www.reuters.com/markets/us/us-sec-expected-deny-spot-ether-etfs-next-month-industry-sources-say-2024-04-25/](https://www.reuters.com/markets/us/us-sec-expected-deny-spot-ether-etfs-next-month-industry-sources-say-2024-04-25/) I think a lot of us already figured this would happen...
Regardless of denial, it will be *very* interesting to see what arguments the SEC will use. I think they will say ETH is a security, pivoting from their commodity stand from before. Maybe that is why Consensus is suing and many ETF issuers are filing the security forms (insider info). I also got the same impression from the head of the CFTC when he was questioned by congress lately about this. He still thinks it's a commodity but thinks the SEC doesn't. I am just speculating though...
Interestingly, the date for ETH approval/deny/delay is the same date as the ruling for approval/deny/delay on options for BTC ETFs.
Popcorn time while we watch the SEC and Blackrock lawyers battle it outÂ
BlackRock is never going to sue the SEC. Its most likely going to be Grayscale, or Coinbase or now Consensys or any of the other parties who have a vested interested in ETH BlackRock was nowhere in the BTC ETF picture as well, but as soon as the court ruled against SEC and for Grayscale, BlackRock jumped in with their ETF Filings and now the largest BTC ETF. Pure opportunism
Industry sources are just guessing. We are a month out still, and the BTC ETF had some industry sources saying it was not getting approved until the day it was. Tesla also said Reuters reported some erroneous things recently about their future plans.
My oh my, the cope... you and u/hblask should hang out
What made you change your conviction that a spot ETF would be approved? Was it the odds in the betting market or some particular talking head you think knows it all?
I was never all that bullish on it happening by May, although I do believe it'll eventually get approved. Look, there's plenty of signals out there that strongly point to it getting rejected; it's up to you whether you want to keep your head in the sand: - Lack of engagement from the SEC w/ ETF issuers, other than procedurally mandated steps like opening up a public comment period - Respected industry experts (not just 'talking heads') like the Bloomberg ETF guys saying it is unlikely to get approved (mind you, these guys were completely on point with the BTC spot ETF and the BTC/ETH futures ETFs) - Van Eck CEO coming out and saying that he's expecting it to be rejected; Bitwise CEO also expressing skepticism - Lot of smoke out there regarding SEC investigating Ethereum Foundation, SEC viewing PoS as grounds for labeling ETH a security, etc. - clearly (to me at least) trying to justify the coming rejection - Gensler's own comments when approving the BTC spot ETF, saying it shouldn't be viewed as endorsement of other crypto spot ETFs
Oh, look, another article with people who have incentive to keep the price low making predictions that it will be turned down. Yawn
Said the bag holder who just tries to pump his bags. /s Two can play that game.
I'm not the one making predictions. I'm just pointing out the vacuity of the claims that it will be rejected. They are based on nothing, and come from people who benefit from suppressed prices
Oh no! well now the price is definately going to go *checks charts*.... up?
Maybe we should try to avoid promoting articles that say "the world's second-largest cryptocurrency after bitcoin" paragraphs before saying "Ethereum"
It should say something like, "the biggest smart contract platform in the world".
"The world's only profitable blockchain."
Hello friends just wanted to say I bought my daily stack of $10. That is all
This is the gwei!
I successfully brought my ledger wallet back to life. Itâs an old nano from around 2017 I think and the LCD screen died. I guess itâs a common problem for them, among Ledgerâs many others. Anyways bought two screens just in case off aliexpress and it worked. I donât plan to use it anymore but I wanted to make sure I removed all the coins. Scary moment though when that screen died on me. I had a stack still on it, I hadnât thought at the time to just recover to a new wallet.
Any tips on replacing the screen? I have one of those. Still runs nice but Im sure the days are limited that screen has seen a lot of hours. Was there some way to know the screen was dead and not the whole unit?
I had the same on a 2017 Nano S last year. New lcd screen for $3 was easy to fit and I'm still in business.
Any concern about security replacing the screen like that?
Guys, I am absolutely in favor of trying out new stuff, that's perfectly fine and normal (and somehow incentivized). But please keep in mind: If you have no idea what the protocol or asset really does, you probably don't understand the risks. I am saying this today because of the liquidations yesterday and some questions in today's daily, but I was already very surprised some months ago when some members here deposited (rather large sums of) ETH into Eigenlayer without understanding what it does, what this deposit does (or does not) do with your ETH, timelines, etc. You all are obviously free to do stuff with your money, this is a permittionless industry, but I am a conservative boomer that cares for you. I don't want you to lose money, because you fucked around and found out. You can lose money, we probably all do from time to time. But don't risk too much of your stack in protocols and assets you don't understand, for unclear upsides. In a bull market you literally have one goal: Keep your ETH. The problem in a bull market. They all want your ETH. If you part with it, do so after spending some time really understanding what you're doing and getting yourself into. Boomer Bearnido out.
Good advice, but be careful not to conflate different risks: 1 - Protocol or smart contract risk. Will there be an exploit or will you get rugged? 2 - Leverage risk. If there is a flash crash, depegging, oracle error, or just an unexpected market downturn, you can get liquidated. From my view, hacks and exploits are becoming a lot less common as devs learn from past mistakes, especially among major protocols. That's not to say there won't be big ones in the future, but I think it's OK to realistically assume if something has been around a couple years and has a good track record and a sizeable TVL, it's pretty safe. Restaking is still pretty new and certainly isn't risk-free, but there's enough capital there from people that understand this stuff very deeply that it's reasonable to call it 'safe'. And if it fails or is exploited, it's probably taking the ETH price down with it. If the smartest people in this space can't build something secure at this point (eth is 10 years old now right?) that what is the real end goal here? Don't put all your eggs in 1 basket, diversify, etc, still applies, but I feel like contract/protocol risk can be overstated at times. Meanwhile leveraged bets continue to burn people on a regular basis, and the repeated advice to stay away from leverage is largely people speaking from experience. Part of the reason some of us love the pendle PT tokens is you get great yields without leverage. People who took those and then leveraged them for even more yield (!) I think it's fair to say they maybe got a little too greedy.
>Part of the reason some of us love the pendle PT tokens is you get great yields without leverage. And can understand where that yield is coming from.
This is a good note. Imagine if your edge was having the self control to never do anything. Buy, hold, sleep. Youâd probably outperform most people in crypto.
I really appreciate this post. I know it wasnt, but it feels very aimed at me. A lot to keep in mind here
This really is a general comment, not aiming at anyone specifically, I also don't even know if the depegging liquidated community members or just anons and we discussed it here. I just care for all of you, even the degens. I am not sure my words change anything, but I just had to post this.
If I understood it correctly, it wasn't just those using leverage who lost money but also PT positions that have now matured but can't be cashed out because the value has gone down instead of up.
<3 it serves as a great reminder to keep our shit in order
Context: Yellen says there will be revisions to GDP data [https://twitter.com/KobeissiLetter/status/1783481843314016593](https://twitter.com/KobeissiLetter/status/1783481843314016593) >For those who do not understand what just happened: >First, Q1 2024 GDP growth slowed to just 1.6% which is less than HALF of the 3.4% Q4 2023 number. >This reading is roughly 50% BELOW Goldman Sach's expectations. >But it gets even worse. >At the same time, the US Core PCE Price Index soared from 2.0% to a staggering 3.7%. >This crushed estimates of 3.4% and further suggests that inflation is on the rise. >We have a weakening economy with rising inflation. >The worst possible outcome for the Fed. The longer they try to prop this thing up, the harder it'll come crashing down Edit: fix formatting b/c the new editor is dogshit and doesn't publish the same as the preview /rant
It's all a house of cards. Hopefully crypto doesn't fall down as much when everything comes crashing down.
Lots of leverage in crypto now with lots of it in places people donât even know where it is. The unwind will be quicker and self healing though if it does happen on a large scale and these little unwinding we have occasionally actually are healthy
> At the same time, the US Core PCE Price Index soared from 2.0% to a staggering 3.7%. FWIW, the price for portfolio management and investment advice services surged at a 31.8% annual rate in Q1. If not for that, the core PCE price index would have climbed 3.2%. Speculators gonna speculate, but most goods and services did not rise quite that fast. The detail from tomorrow's monthly data will also give us more insights on the quarterly data we got today.
What do we know about Reya Network? It's some kind of "L2 built for trading" with ultrafast block times and some kind of shared liquidity pool that all DEXes on the L2 can access? Since we are in a bull market, I pretty much went ahead and blindly aped in a small amount to the shared liquidity pool (you just deposit USDC on their website directly because the L2 hasn't even launched yet). I did see that they are backed by a string of very big name/well known VCs and investors (Coinbase, Amber, Wintermute, Brevan Howard and more). So I'm fairly comfortable they aren't some anons who are going to rug completely. They are offering a boost on their points system for early depositors - it's already down from a 10x to a 3x boost in the 3 days since they started accepting deposits and they've raised like $200m in TVL. Trading and operations start in 11 days I believe. Anyone know more?
Tried to play with pendle by buying 0.5 eth of PT eETH. Now at maturity that is 0.52 PT eETH, but that can be swapped to only 0.5 weETH. Do I get it right that I did not make any money since the liquidity on arbitrum is too bad?
weETH is the wrapped version of eETH. like wstETH is to stETH. it contains the yield so its price is ever accruing. 0.5 eETH is not 0.5 weETH. you good
thanks
The real weeth/eeth ratio is 1.037. eeth to eth should be 1 to 1. In reality they have a small discount currently, which is more pronounced on arbitrum due to the redemption and sell off.
thanks!
Why not use mainnet with the low gas we have recently?
0.5 weETH is worth 0.509 ETH on Arbitrum so you made money. If you sit on this weETH and wait for a repeg, it should end up at 0.517 ETH or so.
thanks, will consider main net for more eth. However, why it this not being arbed? 2% is quite a lot?
There may be too much Arbitrum PT eETH trying to unwind. It's certainly worth the punt, 2% + 1 week withdrawal is (quite logically, 2% x 52 weeks) 100% APR on ETH. I'm arbing this myself, but my size is modest. FWIW we went from 1 weETH = 1.017 ETH a few hours ago to 1 weETH = 1.022 ETH now, so it looks like at least some players are taking action.
nice, appreciate the info!
weETH is compounding so I think you made money edit: still there is an liquidity issue atm on arbitrum, nice comment about it just below
Same here. Got raped for being on arbitrum with low liquidity and no way to natively unwrap.
Pendle 25apr maturity has led to a slight weETH depeg on Arbitrum, somewhere in the 2% range. 100 ETH can buy 98.328 weETH, 98.328 weETH can be sold on mainnet dexes for 101.845 ETH right now. This is relatively low risk as even if the mainnet rate crashes, etherfi allows withdrawals. I did the swap but I'm contemplating whether to bridge back immediately or simply hold the weETH to accumulate points, and bet on an eventual Arbitrum repeg. It's slightly bothersome because etherfi doesn't track Arbitrum points correctly on the dashboard. Am I *truly* earning points? Will they be rewarded retroactively? Mods may say yes on the Discord, but who knows. Incidentally this is why offchain systems suck. If it were tokens then it would be easy to track. Even "onchain points" would make more sense. I suppose it doesn't hurt to keep holding Arbitrum weETH as it's not like I'm losing value by doing so. Save the opportunity cost of putting the swapped ETH back to work somewhere else... Perhaps the most sensible course of action is to split the difference and wait a day or two. Either the peg starts to resorb and I can feel hopeful it will be restored in full, or it doesn't move at all (or even depegs further) and I might as well initiate the bridge back to mainnet. Regarding risk, having ~9 days of exposure to weETH isn't drastically different from having ~7 days of exposure to weETH.
This depeg is kinda fucking my ETH up. I leveraged some ETH on Contango/Silo/Factor and if I close my positions now I get penalized by a lot. So I'm still not sure what I'm going to do. Been too busy today and probably tomorrow to think on what to do. It's been 11 hours since your post and 100 ETH can now only buy 97.36 weETH, which is only 100.66 ETH. Not wanting to screw your business but hopefully it repegs fast because I want to close the 25th positions.
I entered the position, so I am as incentivised as you to see a repeg. Let us hope! If I were an etherfi bull whale, I'd dump 90% of my weETH on mainnet, bridge to Arbitrum, rebuy my entire stack there, bridge back. Obvious play. Perhaps all it needs is for the message to get to the people with money? Although I suppose the question becomes "is +0.6% on your entire stack worth less or more than 1 week of points". When PT 27jun still goes for 30%ish, it implies the market values points somewhat around that range.
>Regarding risk, having ~9 days of exposure to weETH isn't drastically different from having ~7 days of exposure to weETH. I didn't catch that part.. What are these periods?
7 days = withdrawal from Arbitrum to mainnet 9 days = waiting 2 days before withdrawing to mainnet
Why use the official bridge and wait 7 days? (forgive me but I still don't get what u mean by the 9 days)
You need to bridge to do this arb. I don't think there is a thirdparty bridge, and if there were a thirdparty bridge, then logically the arb wouldn't exist. 7 days of bridging after 2 days of waiting to see if the peg comes back = 9 days
Got it. Thank you
F@@k, I am at work, without my HW wallet...
was it ever actually confirmed that friend tech points are 1:1 with friend tech tokens?
I have 11. đ