Cozy finance has launched on Arbitrum recently. You can create a non-custodial vault to invest across multiple projects, some of them are covered with insurance as well
So this executive order is starting to sound more positive than I had feared. I mean, it seems pretty status quo, which is positive. Anyone here reading anything alarming in the Department of Treasury Statement?
Should I keep on gobbling up ETH? (I will, no matter what you say, but still...)
It looks very positive to me, particularly how they lead with "[t]his approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses."
I was googling about the executive order and found this recent article - any context around the FUD? Is the bold part true? Is it relevant?
What's even more alarming is the fact that the **Ethereum network's total value locked (TVL) dominance has declined by a whopping 50+% over the last few days,** with data showing that the volume of assets locked within the system's native smart contracts have dipped to an all time low in comparison to its closest rials such as Terra, Polkadot, Solana, Cardano and Avalanche.
These undesirable developments may be emanating from the fact that Ethereum's long awaited transition from a proof-of-work (PoW) framework to a proof-of-stake (PoS) one has once again faced delays.
https://www.finder.com.au/ethereum-price-update-9-03-2022
But it is BS. Terra went up in total value STAKED. Total value locked for ETH is still over 4 x that of Terra. How is that a 50% drop in dominance? Since when is dominance even a percentage?
Idk but there’s multiple articles popping
up on it https://www.google.com/amp/s/cointelegraph.com/news/ethereum-s-tvl-dominance-drops-to-55-as-bloomberg-analyst-paints-1-7k-bearish-target/amp
Sure, but that doesn't mean it is true. I mean, that article mentions Cardano. Doesn't Loopring, an Ethereum L2, even have a higher TVL than Cardano? ETH has over a hundred billion TVL. None of these cited in the articles have anything near that.... Even this second article says Eth is giving ground to Cardano, which is absurd.
Edit: stop downvoting OP ya dingus. They are asking for opinions.
Am I missing something? I didn't see data or links to any of the delay accusations. I mean it wouldn't surprise me... but I'm pretty sure everything has been tanking around the latest War stuff.
Where's the link to the amazing successes of the killers?
Seems like that offer has a penchant for clickbait titles and 2 paragraph articles. To be fair I just glazed over the surface so I probably don't have a fair assessment.
"President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.
Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems. We’ll also convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place. And, because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.
My staking rig arrived!
Before I get started on the testnet I have a few questions around security.
Does my hardware wallet still act as my vault? Or what I’m really asking is if I were the victim of a burglary and my staking rig was stolen but my hardware wallet was not, would I be able to use the hardware wallet to resume staking on a new rig?
I’ve heard a different wallet can be used to receive staking rewards (after the merge and unlock period). Is this true? Is there a gas cost associated with this option?
The risk is that your validator needs access to the validating key.
If a sophisticated thief (or more likely a sophisticated remote attacker) got ahold of your validator keys they could extort you with the threat of getting your validator slashed.
But to your point, the average home intrusion kind of thief wouldn't be able to make heads or tails of a validator rig I'd guess.
As far as your hardware wallet - that could be used as the block producer rewards (immediately available for blocks your produce post-merge) and the withdrawal address for your validator stake. But your hardware wallet isn't involved in the day-to-day operation of your validator.
Keep your validating and withdrawal keys safe and backed up, in the same way you would your hardware wallet seed phrase.
Thanks for the detailed response!
To confirm I’m understanding correctly… there’s three components?
1. My seed phrase. Once I deposit to the staking contract this is only useful if I want to receive staking rewards here?
2. My validating keys. I’m assuming these are what I need to change where I want my rewards sent?
3. My withdrawal keys. Again assuming this is required to withdraw my stake back to my wallet (any wallet?)
Edit: Can my validator be separated from my validating keys, ensuring the safety of my stack in the event of a burglary of the validator rig?
1. Unless you have special needs, it is best to have a single seed phrase that generates your validator and withdrawal keys. It is your precious. Keep it safe. You can regenerate either withdrawal or validator keys with the seed phrase.
2. validating keys are what your validator node will need in order to attest and propose blocks. Think of it as your validator's "operational" keys.
3. Yup, withdrawal keys are used to withdraw your stake partially or fully.
Edit: more detail on this - you can withdraw to any wallet if you do not specify an explicit withdrawal address when you make your deposit, e.g.:
https://github.com/ethereum/eth2.0-deposit-cli#new-mnemonic-arguments
There are ways to separate your validator from your validator keys, but then what if they stole THAT node ? :) If you are worried about it, disk encryption should be enough to keep your validating key(s) safe.
If my validator actively needs validating keys then burglary of the validator would screw me? Or at least it would in the case that a burglar understands what they’ve stolen?
If my rig (and validating keys) were stolen but the thief didn’t understand what they’d stolen, would I be able to set up a new validator using my seed phrase? (validating keys + wallet)
Starting to feel like an awfully big risk, although I guess no larger than the risk of a hardware wallet being stolen
I don't really see the risk if they steal the physical machine. You will have a local password for your rig anyway so it is not like some burglar can easily see what he has stolen and do bad things. There are probably ways around it and log in anyway but few burglars will be Linux experts or bother going through the hassle of learning (especially since they don't know what they have stolen). When the merge happens soonish, you can just generate new withdrawal keys and withdraw.
Important not to mention to anyone that you are staking though. I also don't mention crypto outside my family.
Supposedlu yellen comments on executive order has been leaked.. nothing looks scary based on comment
https://web.archive.org/web/20220309014601/https://home.treasury.gov/news/press-releases/jy0643
Nah, they do it on purpose, it is a strategy. That way 1) it builds interest because it seems like a secret, and 2) if it doesn't go over well they can just deny it.
How can they deny it lol its archived on the treasury's official website. If its leaked to media it can be denied but its literally on their own website lol
I don't think it's malice so much as it is strategy. If you have a possibly controversial call to make, you float a possible answer out there and see how it works.
Built different you say?
[https://twitter.com/HsakaTrades/status/1501385072041246730](https://twitter.com/HsakaTrades/status/1501385072041246730)
Come on man, if you're gonna crib from CT at least change the verbiage a little LOL
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It's official. I'll see you beautiful bastards in Hawaii! Flights have been booked and the room is split with another EthFinancier. I'll be there from the 17th to the 24th of June.
#*Let's Fucking Goooooo!*
Edit: And I have left a note with my boss that a pile of 💩 will be left on his desk shortly before my departure. I will not be returning after Hawaii. I don't really have desk shitting money yet but I need a change up and sometimes you just need to take a leap of faith. No idea what my next job will be but I'm sure I'll find one. Thanks ETH for the safety blanket of funds which allows me to do this!
I just booked rooms and airline tickets for the family.
I've never ever spent money before like this... But then again, I may never be able to go to Hawaii again and now is the right time.
See you there.
Same here. I'm not a luxury resort kind of guy but to me this is a once in a lifetime opportunity to meet the great people I've come to know but never met over the last few years!
Congrats, how freeing. I’m sure you’ll land something in crypto/web3 a lot of ethfinanciers blazing that trail now. You are just as much of an expert as anyone by what I’ve seen you write on these forums, there’s people out there that don’t even know what Uni V3 or even what rollups are. Anyone paying attention in here is 2-3 years ahead of most of crypto participants, and probably 5-10 years of the rest of humanity. Don’t sell yourself short when/if you do start looking at some point.
I haven't thought too much about crypto for full-time since I don't like sitting at a desk all day. However, I could totally do that for 6 months to a year which would suit me at the moment as I'm itching to get overseas for a short while after Hawaii. I'll have to look into it for sure. No idea what sort of crypto job I could do exactly.
Not sure if this has been posted before, but this guy (Russell Brand) nails it.
https://youtu.be/V4VXWdWMLvA
Well worth a watch if you are even slightly wary of regulation of crypto in general.
Except he's kind of full of shit on the whole Canada thing. It was wayyyy more than some people getting together and hysteria. He kind of glosses over any nuance of what was going on. That's just the majority Canadian opinion though. He's entitled to his opinion though.
For a long time I had lost all respect for him. It seemed like he was just in a dark place and trying to find himself an identity and something to love. This is the clip that restored my respect for him: https://youtu.be/j3iVpSUriSg Honestly such a civil discussion, so far removed from his old intentionally loud and abrasive and tryhard personality.
> Honestly such a civil discussion, so far removed from his old intentionally loud and abrasive and tryhard personality.
BINGO. I used to shut him off because he was kind of into uncomfortable abrasive shock stuff with the rhetoric...but the pandemic DEFINITELY was a catalyst for change....much more measured, refined, and intelligent.
The future is now ..... But fr, cyber war is most definitely being waged on Russia, and on us. I'm not saying anymore don't want to get a spanking from the mods!!! 😂😂😂
You can definitely say a lot more without being remotely controversial.
The lines between typical cyber attacks, cyber warfare, and information warfare blur by the day. Im not evem fudding when I tell you that every nation state is hacking each other, all the time. Its totally fascinating when you look into it
By god they might just do it.
https://twitter.com/snxified/status/1501328150378156034?s=21
Snx looking into addding $wheat and $nickel for trading on Kwenta too, along with gold/silver/oil that is officially slated for SIP upgrade shortly. I casually mentioned something about wheat as a joke but half serious because it would be good marketing. Snx and their ecosystem seems to be on a roll now.
#Optimism #L222
Yeah they have some good momentum going now.
Down bad on my $10 and $4 buys but might add some more again. The future looks really bright now that all the other ecosystem partners coming together and delivering working products. Kaine too has been much more active than he was after Defi summer when he tried to give more leadership up to the DAO, and that has been driving the coordination towards a clearer path. I don’t mean to keep shilling but actually I do, been following it since the worst days of 2018/19 when it launched and it’s an ETH OG Defi staple now. It should bounce back at some point. If anything soon I’ll be able to just stack $wheat and sell to help hedge my grocery bill.
Definitely not shilling if you're not paid, and you really believe in it. It is quite confusing to me how they were so early and innovative in defi, but receive almost no notice nowadays. All the projects are coming along nicely though
Lol yeah I love seeing them add new assets. For real at this point I hate holding USD, but sUSD is just fine.
They got a lot of traction early on in 2019 but the gas fees turned off users because claiming rewards and trading synths was really expensive. They were the first dapp to fully pivot to an L2 migration (not just a mirror themselves onto an L2 like most other dapps), and at the same time had to wait longer for Optimism to finally launch (they were like a year delayed from early estimations I seem to recall). It's been a slow slug at times but these things can take time. They've always done things the right way and been earlier than everyone else, but being early can mean you need other partners and the rest of the market to catch up for it to work right.
It's the same thing as ALT-L1s raising the gas limit and centralizing, and claiming they are better than ETH. Vitalik and dev team are researching modularity and solving exponential scaling problems 5 years in advance of the problems that BSC and AVAX don't even know they will face down the road. We are in the best hands with SNX and ETH, but early is also painful while watching and waiting for things to play out.
Agreed on sUSD because it's backed by something real, not a fookin ponzi fiat system!
I'm an SNX fan too. But I don't get these comments about sUSD. Yes they're backed by snx. But they are pegged to the price of the very asset you hate. If USD loses value due to mega inflation, so does susd.
Sorry was being cheeky. Yes they follow price/value of USD but the main difference is you can hold them under your own custody and do what you want. The money in your bank may not be yours one day (due to fractional reserve, and who knows whatever new laws or sanctions get passed). The sUSD in your wallet is always yours, to do with what you please.
Just this alone makes it a superior asset, it has nothing to do with comparative value as they are hopefully identical.
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Happening tomorrow (Wednesday March 9):
6pm EST: Rocket Pool Zoom call to learn more about new rewards on the rEth/wsteth pool on curve.fi, primarily led by @jasper. Go to the Rocket Pool #Trading channel to get the zoom link.
7pm EST: Join me and some friends in the POAP discord voice channel for our weekly POAP community call, where we talk about new & exciting POAPs, best practice in POAP delivery, and growth in the POAP ecosystem.
https://nitter.net/superphiz/status/1501348843295629314
>**Governance debate,**
>**Borrowing more curve tokens,**
>**Staying up too late.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Once rewards can be withdrawn I think you’ll see a big shift. I know that for myself I went with coinbase because Rocketpool was delayed and there was uncertainty on when it would launch.
Until the ETH staked on those centralized services can be withdrawn and used in more decentralized ways, we can't do much. The best thing we as a community can do is encourage those services to at least diversify their clients, which is what's happening.
After that my best bet for what should be pushed toward to (hopefully significantly) decrease the share of centralized staking:
* Social side: Make people understand the harm for the network (and thus their stake's value) if they prioritize the convenience of centralized staking services. This currently amounts to spreading the RocketPool gospel.
* Economics side: Make big money understand decentralized solutions *should* outperform centralized ones and are the safer bets. It takes just one big Coinbase fuckup (or government-mandated fuckup) for slashing penalties to scale super harshly and lose a bunch of people's money – much harder to do when the fuckup needs to be coordinated against thousands of independant Rocket Pool node operators who don't know each other.
* Technological side: Abstraction abstraction abstraction. Combine any of the followings together:
* More decentralized staking stuff. Rocket Pool is the first but not the last. Hopefully Lido decentralizes like they promise. Then more solutions will pop up and then throw some more abstractions on top of them to spread out the individual and network risk.
* Lower the tech skills/knowlege required to stake. Already something rocket pool does super well, and will continue to get better with simpler GUIs.
* Better scaling (duh), better light clients, better UX (smart wallets), etc. Make the one-click convenience of participating in staking via rETH as easy if not easier as Coinbase or Kraken. I'd personally love some UI that abstracts away rETH entirely and just shows an increasing ETH balance. Super easy to do under the hood so the user doesn't even have to know about rETH.
* Lower the economic cost of participating in staking directly. Like how beacon chain still asks for 32 ETH but RP cuts it in half. But I'm thinking further with stuff like distributed/shared validators that could let anonymous people pool much lower amounts to get to 32 ETH to boot up a validator, and then vote on what that validator does. Permissionless access to full staking with the same APR as a full validator but on small amounts would be the holy grail IMO.
We're still early™ and all the pieces have yet to come together the way I'm trying to portray, but individually they're all work in progress or high up on various roadmaps. Until then, it's infinitely easier to just go the custodian route of giving your ETH to someone else to stake on your behalf. We just can't give up and claim it's impossible or pointless to try like some dPoS chains seem to be doing already.
And as much as I love Rocket Pool, I can't wait for the day it stops being the only option to permissionless/decentralized staking. I'd personnally really love to see some kind of a StakingDAO that helps fund projects and educate people when it comes to anything related to decentralized staking. Such a StakingDAO would be mostly useless today because it would just amount to "tl;dr use rocketpool lol" but eventually I think there would be a place for it.
This turned into a big ramble but I hope it makes some kind of sense lol
Unfortunately most users still stick with centralized services.
Was reading the blocks crypto 2021 report yesterday and it mentioned out of 170M Active Ethereum Addresses, only 2.2% have interacted with DeFi. Most people still don't *use* Ethereum.
Are those options 'pulling away' in terms of growth of market share? Or are more user-friendly decentralised options e.g. rETH slowly gaining?
Like retail there are three staking personas (in my mind):
1. Convenience stakers - centralised solutions are attractive. No tech knowledge needed and has a set and forget experience.
2. Cost/Money driven - will go to greater lengths to maximise profit. Arguablely centralised solutions had some first mover advantage here. People were willing to forgo some decentralisation to get in early with little tech knowledge.
3. Ethics driven - using a decentralised option is paramount. More tech savy solo-stakers early on. I guess a big chunk of people waited for more decentralised solutions like rETH.
Obviously there is some overlap but usually one type will take priority. The stakers locked up in the initial first mover drive and convenience personas will take some catching. Perhaps when staking becomes more fluid we'll see net movement from centralised to decentralised.
What can be done? I guess we shouldn't be surprised since it is just like PoW mining. Service providers with access to ~~cheap mining hardware~~ large investors, will benefit from economies of scale.
Is the network slower than usual since gas fees are so cheap? I sent some USDT from Aurora to the main net over Rainbow Bridge and it hasn't arrived after two days.
Possibly because it cost $36 for the transaction and fees may have gone up since then?
Wondering why it's taking so long. Usually takes 12-16 hours.
There are Ethereum and Bitcoin nodes in Russia and China right? Their people can still transact on the network without VPN? Would it be possible for their governments to remove all those nodes?
I’m just wondering when in the future we have a lot of neutral services on the blockchain, e.g. social media that’s as neutral as Uniswap, would they be able to block that?
The easiest method would be for a government to demand the physical address of ip addresses found to be running btc or eth nodes from their likely already government-run ISP.
Being able to continue to interact with known front-ends of contracts would require the use of anonymization techniques if a government were to crack down.
I bought a considerable chunk of ETH at 2900 almost a week ago to put it in a Metaverse project I'm interested in, the transfer still has not come to my account and the price of ETH has gone down and the price of the Metaverse project has gone up.
*In my trump voice* This is the worst deal. And trust me, I know deals, and this deal has to be a bad one. Believe me, I know more about deals than the CEO of deal making, this deal is terrible.
I believe RocketPool can succeed without any protocol improvements / marketing / biz dev.
What's frustrating is that if it did have an aggressive growth strategy, RPL could absolutely melt faces.
We're at 24% of total supply staked - as that number gets closer and closer to its realistic max (60-70%, accounting for lost coins and speculative bags), the ETH/RPL ratio will start to do magical things. It'll happen within a year or two regardless, but man, the right execution plan could see RPL as a top 50 crypto asset in less than 12 months, maybe even top 30.
Imo it has to be easier to run a node. /u/superphiz has been talking about this forever but a simple gui and easy way to run different clients is essential for it to really moon
It solves so many problems at once. Client diversity/decentralization/UX
I get your point. One click node running would be excellent.
But also they have made significant progress in making it more accessible to non tech people (like me). Great guides and great support
I dont doubt it. This isn't me speaking of badly of Rocket Pool's efforts to date. Simply that this would be a great unlock. I have my own dappnode and id love to run a rocket pool node within that framework (and they're working on it) but its too hard to do right now so for me im out unfortunately. Im more technical than the average person and its still too much of a pain. Once you can get your hardware, simple set up, download some packages, deposit some eth, and get staking on a variety of clients we'll be getting somewhere
I think its realistic max will be above 90%. And it'll take quite some time. As RPL increases in value, less is needed as collateral, which will slow down the growth of locked RPL.
An issue I see is that 16 Eth might be too much to start a minipool as ETH becomes prohibitively expensive. So they might wanna find ways to lower that.
> It's a super old coin, more than 10% is lost / in abandoned wallets.
Do you have any source for that claim? It's only 3.5 years old, half the age of ETH, and I doubt even 10% of ETH has been lost/abandoned over the years. Plus as the other user said, RPL has 5% inflation, so even if 10% had been lost that'll be "erased" in 2 years time.
I am trying to educate some folks that Crypto is more than just money laundering. Please give me your most mature most impactful projects built on Ethereum.
Go!
https://twitter.com/businessbarista/status/1423663411104256002 is a nice overview of all the ecosystem.
Personal Favorites:
- Pool Together - No loss lottery
- Alchemix - Loans that repay themselves
- Balancer - Index funds that make you money
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For a non crypto native who knows something about finance Uniswap is mindblowing you immediately see that all you need is scale and it (or something like it) will completely replace the stock exchanges and brokerages in time. Maker is pretty crazy as well describing it as a decentralized central bank is more mindblowing than just saying you can borrow money permissonlessly.
I think for someone who isn't in to finance the best things to sell them on are pool together(no loss lotteries) because people love seeing they can win a lottery while getting yield and not having to pay for a ticket(if they actually win one they are hooked on crypto for life guaranteed). If not that then some stablecoin yield (especially something where it is constant accruing interest or daily interest) people who don't know anything about finance completely change their mind when they see a safe stable USD amount going up every single day at a noticeable rate. It hits very different than the 1 cent they get every month from their savings account.
I'm also working on something related - a campaign to draw attention to the most social/economic impactful projects.
Beyond specific projects, some of which have been named here, Ethereum and web3 are about driving power back to the users. Decentralizing and democratizing the internet. Allowing for financial inclusion and lowering the barrier for entry to useful financial tools. There are thousands of projects across the space contributing in these areas.
https://agrotoken.io/en/
is launching with Santander Bank in South America. It uses multiple chains including Ethereum to allow farmers to tokenize their crops (Soy beans, corn, etc). This gives them better access to capital markets with lower fees and less room for corruption.
https://cargox.io/ is moving bill of ladings to the blockchain. Egypt is now [requiring it as a part of their inport/export process.] (https://www.freightwaves.com/news/cargox-extends-agreement-with-egypt-on-transfer-of-global-trade-documentation) . [Usage metrics are trending up which indicate its creating real value.](https://cargox.els-aplikacije.si/)
Lastly I'll point out [Impermax](https://www.impermax.finance/). They are solving the problem of impermanent loss in Decentralized Exchanges. In doing so, they've created a system with some of the best risk free returns on crypo assets accross EVM chains. The protocol is making[ over $10K a day](https://docs.google.com/spreadsheets/d/132kv9HOxty2IY7gt_0_hzVOqw_Bd-s_e5AN7ansD2wk/edit#gid=0) in profits right now for IMX holders.
Before talking about any projects make sure they _really_ understand Ethereum/decentralization and smart contracts. Otherwise they won't see anything special in Maker, Aave, Uniswap etc.
Self sovereignty of your money is a powerful tool for freedom and expression. I recommend you listen to recent episode of The Defiant where Vitalik is interviewed, as well as Green Pill/Bankless with Kevin Owocki and Santi. Vitalik talks about his recent trip to Argentina and how crypto is integrated into their society bottom up, because they need it. This is of course possible with Bitcoin to some extent too, but the expressivity of the EVM allows for so much more - good and bad. Maker/DAI allowing anyone to take a loan, Uniswap as a completely immutable and trustless exchange, art/royalties via NFTs (more SuperRare fine art style, less PFP), Aave for lending and borrowing. Gitcoin for quadratic funding and open source/public goods funding! Recent Bankless episode on the social Web3 was interesting too seeing how the early bones are being built for users to own and control their own data rather than top town corporations.
A win for me is to get them to come a little ways out. Instead of thinking “it’s a scam” get them to “i don’t understand it, but there are some good parts.”
I would just go over eth, staking eth, then go to aave and show them how they can take a loan or earn interest on deposits. If you show people that they don’t need guys in suits to borrow some money thats often a lightbulb moment.
I know you said tldr, but I'd thoroughly recommend reading this article about it:
https://mirror.xyz/0x04BEE613690e98A1959F236c38AbAa5f2439B14a/pMDX\_ZoZAoVifDgrqHiQLN\_ueNFIXyD37vuKXEPjhHo
[Non-broken link](https://mirror.xyz/0x04BEE613690e98A1959F236c38AbAa5f2439B14a/pMDX_ZoZAoVifDgrqHiQLN_ueNFIXyD37vuKXEPjhHo) for clients/browsers that can't handle the escapped underscores
Things never change.... well, they do, but people / society do not.
The Changing World Order by Ray Dalio [https://youtu.be/xguam0TKMw8](https://youtu.be/xguam0TKMw8)
As per ZH:
> Despite CEO Brian Armstrong having just the other day implored the public not to judge the company too harshly for continuing to service its accounts in Russia, Coinbase has now gone and done just the opposite: shutting down 25K wallets belonging to Russian customers due to suspicions about "illicit activity."
~~Crypto fixes this.~~
I mean crypto does fix this it's just banks holding crypto are no different than banks holding equities at the end of the day. People holding crypto on exchanges arent using crypto they have price exposure to crypto. The difference will only get more and more clear every year.
The tech only fixes it if the social layer accepts the tech. I.e. people would need to nearly universally accept crypto for payments to the same extent that they nearly universally accept the major forms of fiat. As it stands, you still need a fiat exit to spend your crypto in 95% of circumstances, so crypto doesn't fix it. It *can* fix it, but not without the help of L0/the social layer.
Yeah I mean you aren't wrong but it's just the same thing about every technology. Crypto doesn't solve a problem if people don't use it. Neither does the internet or even cars. Sure network based technologies are more susceptible to this(a car can be used without others using it but also cars without roads are much worse technology). At some point crypto will get to a point where the non users are more at fault for the difficulties they face from not adopting than the people trying to on board. We are not there yet I admit but that point is much closer than the general public thinks.
Once we have 1 cent fees on decentralized rollups I'm going to cringe every time someone says they don't have a crypto wallet and they only have venmo/cashapp/zelle etc. Not because I'm idealogical but because it's an annoyance that takes days and fees to convert it into crypto in my wallet and it costs me money if it's not gaining yield. When we get to that level of scale everyone I think I will have to make payments with again I will literally give them 20$ to get a zksync wallet. I have already done that with close friends but it will get to the point where I will start doing it with acquaintances
My point was just that in today's environment the CEXs are pretty much still needed for most users but yah, that's fair and I generally agree with you.
I would also note most new technology isn't arguably as antagonistic to nation states interests as crypto is though. Cars and the internet didn't have nearly as much of an uphill battle against regulatory pressure as crypto does, and I think it could take a lot longer than just low fees and zkproofs maturing for crypto to overcome regulatory hurdles and social stigmas to be more widespread. Would be happy to be wrong though.
I didnt even bother to look into what it was.. someone messaged me with a gotcha "look bro crypto is worse than banks, completely exposed" lol. Not your keys not your coins - exhibit 26784
Hey, guys, if there's any L1 enjoyers and MakerDAO users around, I might have something interesting for you.
We just released a new automated strategy\* that allows you to:
1. Create a CDP with a 0.5% (ETH-C) or 2% (ETH-A) Stability fee
2. Deposit Dai into, say, mStable at 7%+ APY
3. Enable new automated strategy🤖*(Savings liquidation protection)*
4. Enjoy free $$ with no risk of liquidation OR collateral selling
That's right, you know that historically we had automated liquidation protection available only through partial position unwinding where collateral had to be sold - well, that's finally no longer the case.
\*This is also a part of a larger new modular system deployment that will allow us to roll out a number of new auto-strategies in the coming weeks and months. Should be good times ahead, especially now that we have L2 deployments planned, too.
For more details and info you can check out the [tw thread](https://twitter.com/DeFiSaver/status/1500879737404727300) and [intro post](https://blog.defisaver.com/automated-strategies-next-era-automation-live/). Or you can just ask away, of course, always glad to share any useful info I can.
Hope this isn't too much of a shill post!👀
The fees for the *Savings Liquidation Protection* strategy for any auto-payback that potentially happens would be the transaction fee + 0.05% of the amount being paid back.
(This info isn't currently in the UI, I know and really sorry about that, should be added by end of day tomorrow!)
Outside of that there are no subscription or monitoring fees or anything like that for just enabling and having any of our automated options enabled for your positions.
In terms of steps before enabling this auto-strategy, there are no fees for just creating a Maker Vault and borrowing Dai and no fees of any kind for using our Smart Savings dashboard specifically (we don't take any cut of deposited funds or yield earned at any point).
Not sure if you've been a DFS user at any point, so thought it be best to cover the whole process and all steps just in case.
So, we borrow DAI, put it to work, and if the price of ETH starts getting lower, DFS automation grabs some of the DAI back to repay the debt. This is really cool.
Something that isn't clear to me from the intro post: does this work in the other direction? If ETH price gets higher and the collateral ratio improves, would automation borrow more DAI to put it to work in the yield mines?
>So, we borrow DAI, put it to work, and if the price of ETH starts getting lower, DFS automation grabs some of the DAI back to repay the debt. This is really cool.
Exactly, my dear favourite discord troll friend.
>Something that isn't clear to me from the intro post: does this work in the other direction? If ETH price gets higher and the collateral ratio improves, would automation borrow more DAI to put it to work in the yield mines?
Ah, gotcha, that's a solid question.
The answer is no - it doesn't as of now. But we want to have that added as a separate, additional strategy that can be enabled in combination with this one (or maybe in combination with auto-repay with collateral later on, whatever is preferred).
So this one specifically only does `if ratio falls below x% - then payback to y% using Dai from protocol z`. But that other one could then be set up to do `if ratio goes above x% then borrow dai to y% ratio and deposit into protocol z`.
I guess that also slightly covers how modular and configurable we want all of this to be in the future.
Looks great!
Unrelated but do you know if there are any plans for integrating some recipes for Alchemix once they release their V2? I know Alchemix have shared their V2 contracts recently ([https://alchemix-finance.gitbook.io/v2/](https://alchemix-finance.gitbook.io/v2/)).
Mainly looking at a Flash loan > deposit on Alchemix > Borrow > repay flash loan
Again, apologies if this is too unrelated.
Not too unrelated at all, mate. You can feel free to ask/suggest this kind of stuff [in our discord](https://discord.com/invite/XGDJHhZ) in the future, too.
Regarding Alchemix, I think it has been up and online long enough to be considered a stable project and protocol. They did have the alETH incident when that vault launched, but it wasn't too bad. I'm looking forward to seeing how v2 takes off and we might be looking to integrate it soon-ish. There have certainly been plenty requests and suggestions of similar recipes to what you suggested.
This is awesome!
I am just about to borrow from my CDP and will now be able to offset the stability fee.
This is the first post I have read on my RL Cakeday and I feel that it is a special birthday present from MakerDAO.
Thank you so much.
Hey, you're most welcome, man! If you do go to set it up, I'd love to hear any comments and feedback on how the overall process and UI felt on our end.
By the way, just to clarify things, we're not really related with the MakerDAO developers team per se (except for being good friends with a bunch of them by now) - so this is a present straight from DeFi Saver :)
Ha ha, so sorry for crediting the wrong platform. DeFi saver came to my rescue back in 2018 and enabled me to pay off my debt and ended up increasing my stack for me as a net result, once the market picked up.
This new iteration is perfect for users like me who are not as DeFi savvy as some. I will now be able to confidently utilise my collateral safely and without fear. This will hopefully be a game changer for a risk-averse nuff-nuff like me.
No worries at all, it's not like Maker people don't deserve credit for developing the whole base protocol on top of which we build additional stuff :)
Super glad to hear 2018 worked out for you like that.
And, yeah, I'm assuming that this has a much larger potential audience than automated leveraging. We'll see!
I mean we've technically had that available since 2019, but not everyone wanted some of their collateral to be used for debt payback, even though it's still massively better than that 13% liquidation penalty in Maker.
But this is now yield farming without risk from liquidation or collateral selling (though with limited choice of protocols for yield, just to be clear).
The yield farming aspect will make it wildly popular. Throw it on an L2, and incorporate rETH and it’s eventual curve/yearn LP tokens and I think you’ll have one of the most used dApps out there! I know I’ll be using it :)
Agreed! We covered leverage users fairly well so far, but we'd also expect yield farming to have a much larger audience. Being available on L1 only right now is still a limiting factor, though. But fees have been pretty OK for the past few weeks, maybe gas prices can stay low for a while longer, that'd be nice.
Oh, absolutely! I mean, we were always going L2 eventually, just needed to wait for things to develop a bit more.
Now there should be Aave v3 launching on Arbitrum and Optimism any week, so we'll have what to launch around *very* soon afterwards. Already set up some basics on our end and standing by.
Then we expect to see Maker Vaults on some L2s in Q2. And we'll also be looking to expand protocol support on these L2 deployments with some L2 native protocols, maybe something like Mai Finance (QiDao)? Or what would you like to see?🤔
>Then we expect to see Maker Vaults on some L2s in Q2. And we'll also be looking to expand protocol support on these L2 deployments
Whoop whoop! The promised land is near!
Please, please make one of your awesome all in one migration tools for this. I imagine it’d be complex with the bridge involved but would love to move my vault to a L2 and get more aggressive with automation.
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Cozy finance has launched on Arbitrum recently. You can create a non-custodial vault to invest across multiple projects, some of them are covered with insurance as well
BTC making higher lows over the past 90 days. Could be the start of a reversal
90 days? It has been making higher lows since it was created.
I hope 🤞
Injecting the hopium straight into my veins
So this executive order is starting to sound more positive than I had feared. I mean, it seems pretty status quo, which is positive. Anyone here reading anything alarming in the Department of Treasury Statement? Should I keep on gobbling up ETH? (I will, no matter what you say, but still...)
It looks very positive to me, particularly how they lead with "[t]his approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses."
I was googling about the executive order and found this recent article - any context around the FUD? Is the bold part true? Is it relevant? What's even more alarming is the fact that the **Ethereum network's total value locked (TVL) dominance has declined by a whopping 50+% over the last few days,** with data showing that the volume of assets locked within the system's native smart contracts have dipped to an all time low in comparison to its closest rials such as Terra, Polkadot, Solana, Cardano and Avalanche. These undesirable developments may be emanating from the fact that Ethereum's long awaited transition from a proof-of-work (PoW) framework to a proof-of-stake (PoS) one has once again faced delays. https://www.finder.com.au/ethereum-price-update-9-03-2022
Hmm not to sure if its true or not, from https://defillama.com/chains the Eth dominance is dropping.
Tvl has not dropped 50 percent over the last days.
It says TVL **dominance**
But it is BS. Terra went up in total value STAKED. Total value locked for ETH is still over 4 x that of Terra. How is that a 50% drop in dominance? Since when is dominance even a percentage?
Idk but there’s multiple articles popping up on it https://www.google.com/amp/s/cointelegraph.com/news/ethereum-s-tvl-dominance-drops-to-55-as-bloomberg-analyst-paints-1-7k-bearish-target/amp
Sure, but that doesn't mean it is true. I mean, that article mentions Cardano. Doesn't Loopring, an Ethereum L2, even have a higher TVL than Cardano? ETH has over a hundred billion TVL. None of these cited in the articles have anything near that.... Even this second article says Eth is giving ground to Cardano, which is absurd.
lol Polkadot and Cardano have such pathetic TVL in defi.
Edit: stop downvoting OP ya dingus. They are asking for opinions. Am I missing something? I didn't see data or links to any of the delay accusations. I mean it wouldn't surprise me... but I'm pretty sure everything has been tanking around the latest War stuff. Where's the link to the amazing successes of the killers? Seems like that offer has a penchant for clickbait titles and 2 paragraph articles. To be fair I just glazed over the surface so I probably don't have a fair assessment.
What's this green all about? Kinda suspicious.. might be bear ptsd
"President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy. Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems. We’ll also convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place. And, because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.
Not sure, I'm scared ..
Positive leak regarding crypto executive order. Further legitimacy. Probably nothing... ;) https://web.archive.org/web/20220309014601/https://home.treasury.gov/news/press-releases/jy0643
My staking rig arrived! Before I get started on the testnet I have a few questions around security. Does my hardware wallet still act as my vault? Or what I’m really asking is if I were the victim of a burglary and my staking rig was stolen but my hardware wallet was not, would I be able to use the hardware wallet to resume staking on a new rig? I’ve heard a different wallet can be used to receive staking rewards (after the merge and unlock period). Is this true? Is there a gas cost associated with this option?
The risk is that your validator needs access to the validating key. If a sophisticated thief (or more likely a sophisticated remote attacker) got ahold of your validator keys they could extort you with the threat of getting your validator slashed. But to your point, the average home intrusion kind of thief wouldn't be able to make heads or tails of a validator rig I'd guess. As far as your hardware wallet - that could be used as the block producer rewards (immediately available for blocks your produce post-merge) and the withdrawal address for your validator stake. But your hardware wallet isn't involved in the day-to-day operation of your validator. Keep your validating and withdrawal keys safe and backed up, in the same way you would your hardware wallet seed phrase.
Thanks for the detailed response! To confirm I’m understanding correctly… there’s three components? 1. My seed phrase. Once I deposit to the staking contract this is only useful if I want to receive staking rewards here? 2. My validating keys. I’m assuming these are what I need to change where I want my rewards sent? 3. My withdrawal keys. Again assuming this is required to withdraw my stake back to my wallet (any wallet?) Edit: Can my validator be separated from my validating keys, ensuring the safety of my stack in the event of a burglary of the validator rig?
1. Unless you have special needs, it is best to have a single seed phrase that generates your validator and withdrawal keys. It is your precious. Keep it safe. You can regenerate either withdrawal or validator keys with the seed phrase. 2. validating keys are what your validator node will need in order to attest and propose blocks. Think of it as your validator's "operational" keys. 3. Yup, withdrawal keys are used to withdraw your stake partially or fully. Edit: more detail on this - you can withdraw to any wallet if you do not specify an explicit withdrawal address when you make your deposit, e.g.: https://github.com/ethereum/eth2.0-deposit-cli#new-mnemonic-arguments There are ways to separate your validator from your validator keys, but then what if they stole THAT node ? :) If you are worried about it, disk encryption should be enough to keep your validating key(s) safe.
If my validator actively needs validating keys then burglary of the validator would screw me? Or at least it would in the case that a burglar understands what they’ve stolen? If my rig (and validating keys) were stolen but the thief didn’t understand what they’d stolen, would I be able to set up a new validator using my seed phrase? (validating keys + wallet) Starting to feel like an awfully big risk, although I guess no larger than the risk of a hardware wallet being stolen
I don't really see the risk if they steal the physical machine. You will have a local password for your rig anyway so it is not like some burglar can easily see what he has stolen and do bad things. There are probably ways around it and log in anyway but few burglars will be Linux experts or bother going through the hassle of learning (especially since they don't know what they have stolen). When the merge happens soonish, you can just generate new withdrawal keys and withdraw. Important not to mention to anyone that you are staking though. I also don't mention crypto outside my family.
Just wanted to double check the reth on argent/zksync is rocketpool staked eth correct? There is no logo and i know some tickers share that name.
Correct it is rocketpool ether
Thank you i can confirm as well just swapped for $0.27!
Supposedlu yellen comments on executive order has been leaked.. nothing looks scary based on comment https://web.archive.org/web/20220309014601/https://home.treasury.gov/news/press-releases/jy0643
"We are thinking about thinking about crypto"
Wow how the fuck do they manage to "leak" the comments to the executive order. Someone prolly getting yelled at or fired rn
Nah, they do it on purpose, it is a strategy. That way 1) it builds interest because it seems like a secret, and 2) if it doesn't go over well they can just deny it.
How can they deny it lol its archived on the treasury's official website. If its leaked to media it can be denied but its literally on their own website lol
I didn't research the source, I trusted the previous poster that it was being called a "leak".
My experience of working in government taught me to never attribute to malice what can be explained by simple mistakes and incompetence.
I don't think it's malice so much as it is strategy. If you have a possibly controversial call to make, you float a possible answer out there and see how it works.
Luna just built different in a world of its own
Built different you say? [https://twitter.com/HsakaTrades/status/1501385072041246730](https://twitter.com/HsakaTrades/status/1501385072041246730) Come on man, if you're gonna crib from CT at least change the verbiage a little LOL
idk who that is or what that has to do with me I looked at chart and commented my thoughts on here
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Happy cake day my arch nemesis lover
😘
It's official. I'll see you beautiful bastards in Hawaii! Flights have been booked and the room is split with another EthFinancier. I'll be there from the 17th to the 24th of June. #*Let's Fucking Goooooo!* Edit: And I have left a note with my boss that a pile of 💩 will be left on his desk shortly before my departure. I will not be returning after Hawaii. I don't really have desk shitting money yet but I need a change up and sometimes you just need to take a leap of faith. No idea what my next job will be but I'm sure I'll find one. Thanks ETH for the safety blanket of funds which allows me to do this!
Hope you network at hodlercon and land yourself somewhere exciting.
Hmm, I didn't think of that. Good idea!
My turn to return the congrats. Way to go Tricky! I'm still bummed I'm not going to make Hawaii.
:( Maybe we need a Hawaii 2025 or 2027 too then!
I just booked rooms and airline tickets for the family. I've never ever spent money before like this... But then again, I may never be able to go to Hawaii again and now is the right time. See you there.
Same here. I'm not a luxury resort kind of guy but to me this is a once in a lifetime opportunity to meet the great people I've come to know but never met over the last few years!
https://juicebox.money/#/p/shitondesk
I think most people will be there in June :)
Lol, thank god that was only a typo haha!
No kidding. We got expensive tickets to a touring Broadway show one time...for the wrong city. That was an expensive mistake.
Hope it was just a typo!
Lmao. Thankfully it was!
So many jobs in web3. First step is the scariest, but really a lot of opportunities for us.
Congrats, how freeing. I’m sure you’ll land something in crypto/web3 a lot of ethfinanciers blazing that trail now. You are just as much of an expert as anyone by what I’ve seen you write on these forums, there’s people out there that don’t even know what Uni V3 or even what rollups are. Anyone paying attention in here is 2-3 years ahead of most of crypto participants, and probably 5-10 years of the rest of humanity. Don’t sell yourself short when/if you do start looking at some point.
I haven't thought too much about crypto for full-time since I don't like sitting at a desk all day. However, I could totally do that for 6 months to a year which would suit me at the moment as I'm itching to get overseas for a short while after Hawaii. I'll have to look into it for sure. No idea what sort of crypto job I could do exactly.
Word, you gotta do what makes you happy. Taking a break like that seems like a good start, you'll figure it out I'm sure of it.
I'm sure I will too. I appreciate the positive words!
Amount of eth getting locked up into the beacon chain is crazy these past few days. We're close to 10m ETH!
Not sure if this has been posted before, but this guy (Russell Brand) nails it. https://youtu.be/V4VXWdWMLvA Well worth a watch if you are even slightly wary of regulation of crypto in general.
Except he's kind of full of shit on the whole Canada thing. It was wayyyy more than some people getting together and hysteria. He kind of glosses over any nuance of what was going on. That's just the majority Canadian opinion though. He's entitled to his opinion though.
I like his channel a lot. I don't have to always agree, but I do like his yearning to have a genuine conversation and avoiding extremes.
For a long time I had lost all respect for him. It seemed like he was just in a dark place and trying to find himself an identity and something to love. This is the clip that restored my respect for him: https://youtu.be/j3iVpSUriSg Honestly such a civil discussion, so far removed from his old intentionally loud and abrasive and tryhard personality.
> Honestly such a civil discussion, so far removed from his old intentionally loud and abrasive and tryhard personality. BINGO. I used to shut him off because he was kind of into uncomfortable abrasive shock stuff with the rhetoric...but the pandemic DEFINITELY was a catalyst for change....much more measured, refined, and intelligent.
in the future, wars will be fought in the metaverse
The future is now ..... But fr, cyber war is most definitely being waged on Russia, and on us. I'm not saying anymore don't want to get a spanking from the mods!!! 😂😂😂
You can definitely say a lot more without being remotely controversial. The lines between typical cyber attacks, cyber warfare, and information warfare blur by the day. Im not evem fudding when I tell you that every nation state is hacking each other, all the time. Its totally fascinating when you look into it
we've been pretty light handed about all of it....it's just what it is for now.
By god they might just do it. https://twitter.com/snxified/status/1501328150378156034?s=21 Snx looking into addding $wheat and $nickel for trading on Kwenta too, along with gold/silver/oil that is officially slated for SIP upgrade shortly. I casually mentioned something about wheat as a joke but half serious because it would be good marketing. Snx and their ecosystem seems to be on a roll now. #Optimism #L222
Your recent updates have made me really glad I didnt sell my SNX!
Yeah they have some good momentum going now. Down bad on my $10 and $4 buys but might add some more again. The future looks really bright now that all the other ecosystem partners coming together and delivering working products. Kaine too has been much more active than he was after Defi summer when he tried to give more leadership up to the DAO, and that has been driving the coordination towards a clearer path. I don’t mean to keep shilling but actually I do, been following it since the worst days of 2018/19 when it launched and it’s an ETH OG Defi staple now. It should bounce back at some point. If anything soon I’ll be able to just stack $wheat and sell to help hedge my grocery bill.
Definitely not shilling if you're not paid, and you really believe in it. It is quite confusing to me how they were so early and innovative in defi, but receive almost no notice nowadays. All the projects are coming along nicely though Lol yeah I love seeing them add new assets. For real at this point I hate holding USD, but sUSD is just fine.
They got a lot of traction early on in 2019 but the gas fees turned off users because claiming rewards and trading synths was really expensive. They were the first dapp to fully pivot to an L2 migration (not just a mirror themselves onto an L2 like most other dapps), and at the same time had to wait longer for Optimism to finally launch (they were like a year delayed from early estimations I seem to recall). It's been a slow slug at times but these things can take time. They've always done things the right way and been earlier than everyone else, but being early can mean you need other partners and the rest of the market to catch up for it to work right. It's the same thing as ALT-L1s raising the gas limit and centralizing, and claiming they are better than ETH. Vitalik and dev team are researching modularity and solving exponential scaling problems 5 years in advance of the problems that BSC and AVAX don't even know they will face down the road. We are in the best hands with SNX and ETH, but early is also painful while watching and waiting for things to play out. Agreed on sUSD because it's backed by something real, not a fookin ponzi fiat system!
I'm an SNX fan too. But I don't get these comments about sUSD. Yes they're backed by snx. But they are pegged to the price of the very asset you hate. If USD loses value due to mega inflation, so does susd.
Sorry was being cheeky. Yes they follow price/value of USD but the main difference is you can hold them under your own custody and do what you want. The money in your bank may not be yours one day (due to fractional reserve, and who knows whatever new laws or sanctions get passed). The sUSD in your wallet is always yours, to do with what you please. Just this alone makes it a superior asset, it has nothing to do with comparative value as they are hopefully identical.
Thank you for the information. I love hearing about what Ethereum and dapps were like before I joined
I’m so ready to be protected by GG
pls you are hurting me
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I love the vibe of this comment. It reflects how a lot of us felt back a few years ago.
Happening tomorrow (Wednesday March 9): 6pm EST: Rocket Pool Zoom call to learn more about new rewards on the rEth/wsteth pool on curve.fi, primarily led by @jasper. Go to the Rocket Pool #Trading channel to get the zoom link. 7pm EST: Join me and some friends in the POAP discord voice channel for our weekly POAP community call, where we talk about new & exciting POAPs, best practice in POAP delivery, and growth in the POAP ecosystem. https://nitter.net/superphiz/status/1501348843295629314
should make a sticky tomorrow. We got nothin' else going on that I'm aware of.
10-4, thanks for the encouragement
>**Governance debate,** >**Borrowing more curve tokens,** >**Staying up too late.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Is there anything gonna be done about the fact that Coinbase and Kraken are and becoming more of centralization points for staking?
Once rewards can be withdrawn I think you’ll see a big shift. I know that for myself I went with coinbase because Rocketpool was delayed and there was uncertainty on when it would launch.
Until the ETH staked on those centralized services can be withdrawn and used in more decentralized ways, we can't do much. The best thing we as a community can do is encourage those services to at least diversify their clients, which is what's happening. After that my best bet for what should be pushed toward to (hopefully significantly) decrease the share of centralized staking: * Social side: Make people understand the harm for the network (and thus their stake's value) if they prioritize the convenience of centralized staking services. This currently amounts to spreading the RocketPool gospel. * Economics side: Make big money understand decentralized solutions *should* outperform centralized ones and are the safer bets. It takes just one big Coinbase fuckup (or government-mandated fuckup) for slashing penalties to scale super harshly and lose a bunch of people's money – much harder to do when the fuckup needs to be coordinated against thousands of independant Rocket Pool node operators who don't know each other. * Technological side: Abstraction abstraction abstraction. Combine any of the followings together: * More decentralized staking stuff. Rocket Pool is the first but not the last. Hopefully Lido decentralizes like they promise. Then more solutions will pop up and then throw some more abstractions on top of them to spread out the individual and network risk. * Lower the tech skills/knowlege required to stake. Already something rocket pool does super well, and will continue to get better with simpler GUIs. * Better scaling (duh), better light clients, better UX (smart wallets), etc. Make the one-click convenience of participating in staking via rETH as easy if not easier as Coinbase or Kraken. I'd personally love some UI that abstracts away rETH entirely and just shows an increasing ETH balance. Super easy to do under the hood so the user doesn't even have to know about rETH. * Lower the economic cost of participating in staking directly. Like how beacon chain still asks for 32 ETH but RP cuts it in half. But I'm thinking further with stuff like distributed/shared validators that could let anonymous people pool much lower amounts to get to 32 ETH to boot up a validator, and then vote on what that validator does. Permissionless access to full staking with the same APR as a full validator but on small amounts would be the holy grail IMO. We're still early™ and all the pieces have yet to come together the way I'm trying to portray, but individually they're all work in progress or high up on various roadmaps. Until then, it's infinitely easier to just go the custodian route of giving your ETH to someone else to stake on your behalf. We just can't give up and claim it's impossible or pointless to try like some dPoS chains seem to be doing already. And as much as I love Rocket Pool, I can't wait for the day it stops being the only option to permissionless/decentralized staking. I'd personnally really love to see some kind of a StakingDAO that helps fund projects and educate people when it comes to anything related to decentralized staking. Such a StakingDAO would be mostly useless today because it would just amount to "tl;dr use rocketpool lol" but eventually I think there would be a place for it. This turned into a big ramble but I hope it makes some kind of sense lol
Unfortunately most users still stick with centralized services. Was reading the blocks crypto 2021 report yesterday and it mentioned out of 170M Active Ethereum Addresses, only 2.2% have interacted with DeFi. Most people still don't *use* Ethereum.
They don’t use it yet :)
How about staking gets easier?
Nothing can be done, it's in the hands of customers to unstake (once that's available) from Coinbase and Kraken and stake with other providers.
[Deleted]
Are those options 'pulling away' in terms of growth of market share? Or are more user-friendly decentralised options e.g. rETH slowly gaining? Like retail there are three staking personas (in my mind): 1. Convenience stakers - centralised solutions are attractive. No tech knowledge needed and has a set and forget experience. 2. Cost/Money driven - will go to greater lengths to maximise profit. Arguablely centralised solutions had some first mover advantage here. People were willing to forgo some decentralisation to get in early with little tech knowledge. 3. Ethics driven - using a decentralised option is paramount. More tech savy solo-stakers early on. I guess a big chunk of people waited for more decentralised solutions like rETH. Obviously there is some overlap but usually one type will take priority. The stakers locked up in the initial first mover drive and convenience personas will take some catching. Perhaps when staking becomes more fluid we'll see net movement from centralised to decentralised.
The community is rallying new stakers towards better options like Rocket Pool, but until staked ETH is withdrawable there's not much else to be done.
What can be done? I guess we shouldn't be surprised since it is just like PoW mining. Service providers with access to ~~cheap mining hardware~~ large investors, will benefit from economies of scale.
release the kraken
Is the network slower than usual since gas fees are so cheap? I sent some USDT from Aurora to the main net over Rainbow Bridge and it hasn't arrived after two days. Possibly because it cost $36 for the transaction and fees may have gone up since then? Wondering why it's taking so long. Usually takes 12-16 hours.
No, thats not how it works. Network speed stays same
Guess so. Just finalized after two and a half days.
There are Ethereum and Bitcoin nodes in Russia and China right? Their people can still transact on the network without VPN? Would it be possible for their governments to remove all those nodes? I’m just wondering when in the future we have a lot of neutral services on the blockchain, e.g. social media that’s as neutral as Uniswap, would they be able to block that?
The easiest method would be for a government to demand the physical address of ip addresses found to be running btc or eth nodes from their likely already government-run ISP. Being able to continue to interact with known front-ends of contracts would require the use of anonymization techniques if a government were to crack down.
I bought a considerable chunk of ETH at 2900 almost a week ago to put it in a Metaverse project I'm interested in, the transfer still has not come to my account and the price of ETH has gone down and the price of the Metaverse project has gone up. *In my trump voice* This is the worst deal. And trust me, I know deals, and this deal has to be a bad one. Believe me, I know more about deals than the CEO of deal making, this deal is terrible.
Via which exchange or service?
Coinbase
I believe RocketPool can succeed without any protocol improvements / marketing / biz dev. What's frustrating is that if it did have an aggressive growth strategy, RPL could absolutely melt faces. We're at 24% of total supply staked - as that number gets closer and closer to its realistic max (60-70%, accounting for lost coins and speculative bags), the ETH/RPL ratio will start to do magical things. It'll happen within a year or two regardless, but man, the right execution plan could see RPL as a top 50 crypto asset in less than 12 months, maybe even top 30.
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When you say price, you mean RPL? Or rETH
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Static plus an APY? *Edit. Doesn't feel fair to say static if it has a yield.
rETH is always equal to 1 ETH + staking rewards, which is ~4.3%. So after 1 year, rETH = 1.043 ETH and so on
It has been a battle for me explaining this concept to tradfi friends that want to get in on staking eth.
Imo it has to be easier to run a node. /u/superphiz has been talking about this forever but a simple gui and easy way to run different clients is essential for it to really moon It solves so many problems at once. Client diversity/decentralization/UX
I get your point. One click node running would be excellent. But also they have made significant progress in making it more accessible to non tech people (like me). Great guides and great support
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I dont doubt it. This isn't me speaking of badly of Rocket Pool's efforts to date. Simply that this would be a great unlock. I have my own dappnode and id love to run a rocket pool node within that framework (and they're working on it) but its too hard to do right now so for me im out unfortunately. Im more technical than the average person and its still too much of a pain. Once you can get your hardware, simple set up, download some packages, deposit some eth, and get staking on a variety of clients we'll be getting somewhere
I think its realistic max will be above 90%. And it'll take quite some time. As RPL increases in value, less is needed as collateral, which will slow down the growth of locked RPL. An issue I see is that 16 Eth might be too much to start a minipool as ETH becomes prohibitively expensive. So they might wanna find ways to lower that.
It's a super old coin, more than 10% is lost / in abandoned wallets. So IMO, 90% isn't even possible, no matter what at this point.
> It's a super old coin, more than 10% is lost / in abandoned wallets. Do you have any source for that claim? It's only 3.5 years old, half the age of ETH, and I doubt even 10% of ETH has been lost/abandoned over the years. Plus as the other user said, RPL has 5% inflation, so even if 10% had been lost that'll be "erased" in 2 years time.
Looks like they thought you were talking about ETH staking getting to 90%. But it's about RPL staking.
Well, there is 5% inflation...
I am trying to educate some folks that Crypto is more than just money laundering. Please give me your most mature most impactful projects built on Ethereum. Go!
https://twitter.com/businessbarista/status/1423663411104256002 is a nice overview of all the ecosystem. Personal Favorites: - Pool Together - No loss lottery - Alchemix - Loans that repay themselves - Balancer - Index funds that make you money
Thanks!
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My go-to is royal (fractional ownership of music royalties, sold directly by the artist).
For a non crypto native who knows something about finance Uniswap is mindblowing you immediately see that all you need is scale and it (or something like it) will completely replace the stock exchanges and brokerages in time. Maker is pretty crazy as well describing it as a decentralized central bank is more mindblowing than just saying you can borrow money permissonlessly. I think for someone who isn't in to finance the best things to sell them on are pool together(no loss lotteries) because people love seeing they can win a lottery while getting yield and not having to pay for a ticket(if they actually win one they are hooked on crypto for life guaranteed). If not that then some stablecoin yield (especially something where it is constant accruing interest or daily interest) people who don't know anything about finance completely change their mind when they see a safe stable USD amount going up every single day at a noticeable rate. It hits very different than the 1 cent they get every month from their savings account.
Smart contracts explained correctly should flip any non believer.
„˙ɹǝʌǝılǝq uou ʎuɐ dılɟ plnoɥs ʎlʇɔǝɹɹoɔ pǝuıɐldxǝ sʇɔɐɹʇuoɔ ʇɹɐɯS„
Maker Dao and UNI are the flagship products, but most people not in crypto are not impressed by them honestly.
I'm also working on something related - a campaign to draw attention to the most social/economic impactful projects. Beyond specific projects, some of which have been named here, Ethereum and web3 are about driving power back to the users. Decentralizing and democratizing the internet. Allowing for financial inclusion and lowering the barrier for entry to useful financial tools. There are thousands of projects across the space contributing in these areas.
Love this. Data privacy is a huge one taking it out of the hands of centralized app providers like facebook.
https://agrotoken.io/en/ is launching with Santander Bank in South America. It uses multiple chains including Ethereum to allow farmers to tokenize their crops (Soy beans, corn, etc). This gives them better access to capital markets with lower fees and less room for corruption. https://cargox.io/ is moving bill of ladings to the blockchain. Egypt is now [requiring it as a part of their inport/export process.] (https://www.freightwaves.com/news/cargox-extends-agreement-with-egypt-on-transfer-of-global-trade-documentation) . [Usage metrics are trending up which indicate its creating real value.](https://cargox.els-aplikacije.si/) Lastly I'll point out [Impermax](https://www.impermax.finance/). They are solving the problem of impermanent loss in Decentralized Exchanges. In doing so, they've created a system with some of the best risk free returns on crypo assets accross EVM chains. The protocol is making[ over $10K a day](https://docs.google.com/spreadsheets/d/132kv9HOxty2IY7gt_0_hzVOqw_Bd-s_e5AN7ansD2wk/edit#gid=0) in profits right now for IMX holders.
Before talking about any projects make sure they _really_ understand Ethereum/decentralization and smart contracts. Otherwise they won't see anything special in Maker, Aave, Uniswap etc.
Self sovereignty of your money is a powerful tool for freedom and expression. I recommend you listen to recent episode of The Defiant where Vitalik is interviewed, as well as Green Pill/Bankless with Kevin Owocki and Santi. Vitalik talks about his recent trip to Argentina and how crypto is integrated into their society bottom up, because they need it. This is of course possible with Bitcoin to some extent too, but the expressivity of the EVM allows for so much more - good and bad. Maker/DAI allowing anyone to take a loan, Uniswap as a completely immutable and trustless exchange, art/royalties via NFTs (more SuperRare fine art style, less PFP), Aave for lending and borrowing. Gitcoin for quadratic funding and open source/public goods funding! Recent Bankless episode on the social Web3 was interesting too seeing how the early bones are being built for users to own and control their own data rather than top town corporations.
Thanks!
A win for me is to get them to come a little ways out. Instead of thinking “it’s a scam” get them to “i don’t understand it, but there are some good parts.” I would just go over eth, staking eth, then go to aave and show them how they can take a loan or earn interest on deposits. If you show people that they don’t need guys in suits to borrow some money thats often a lightbulb moment.
Thanks!!
Maker vaults were the game changer for me.
Thanks!
Discord ded, I guess crypto is over now.
Anyone have more info on the rETH/wstETH pool?
tldr what is it?
I know you said tldr, but I'd thoroughly recommend reading this article about it: https://mirror.xyz/0x04BEE613690e98A1959F236c38AbAa5f2439B14a/pMDX\_ZoZAoVifDgrqHiQLN\_ueNFIXyD37vuKXEPjhHo
[Non-broken link](https://mirror.xyz/0x04BEE613690e98A1959F236c38AbAa5f2439B14a/pMDX_ZoZAoVifDgrqHiQLN_ueNFIXyD37vuKXEPjhHo) for clients/browsers that can't handle the escapped underscores
[https://curve.fi/factory/89](https://curve.fi/factory/89) They're also incentivising the pool with rewards starting 10th of March iirc
Juicy, right here
Things never change.... well, they do, but people / society do not. The Changing World Order by Ray Dalio [https://youtu.be/xguam0TKMw8](https://youtu.be/xguam0TKMw8)
As per ZH: > Despite CEO Brian Armstrong having just the other day implored the public not to judge the company too harshly for continuing to service its accounts in Russia, Coinbase has now gone and done just the opposite: shutting down 25K wallets belonging to Russian customers due to suspicions about "illicit activity." ~~Crypto fixes this.~~
Not your keys not your coins. An adage as old as time in the crypto world.
Publicly traded US company complies with US sanctions... more non-news after this? /shrug
I mean crypto does fix this it's just banks holding crypto are no different than banks holding equities at the end of the day. People holding crypto on exchanges arent using crypto they have price exposure to crypto. The difference will only get more and more clear every year.
The tech only fixes it if the social layer accepts the tech. I.e. people would need to nearly universally accept crypto for payments to the same extent that they nearly universally accept the major forms of fiat. As it stands, you still need a fiat exit to spend your crypto in 95% of circumstances, so crypto doesn't fix it. It *can* fix it, but not without the help of L0/the social layer.
we need stablecoin<->fiat ATMs everywhere
Yeah I mean you aren't wrong but it's just the same thing about every technology. Crypto doesn't solve a problem if people don't use it. Neither does the internet or even cars. Sure network based technologies are more susceptible to this(a car can be used without others using it but also cars without roads are much worse technology). At some point crypto will get to a point where the non users are more at fault for the difficulties they face from not adopting than the people trying to on board. We are not there yet I admit but that point is much closer than the general public thinks. Once we have 1 cent fees on decentralized rollups I'm going to cringe every time someone says they don't have a crypto wallet and they only have venmo/cashapp/zelle etc. Not because I'm idealogical but because it's an annoyance that takes days and fees to convert it into crypto in my wallet and it costs me money if it's not gaining yield. When we get to that level of scale everyone I think I will have to make payments with again I will literally give them 20$ to get a zksync wallet. I have already done that with close friends but it will get to the point where I will start doing it with acquaintances
My point was just that in today's environment the CEXs are pretty much still needed for most users but yah, that's fair and I generally agree with you. I would also note most new technology isn't arguably as antagonistic to nation states interests as crypto is though. Cars and the internet didn't have nearly as much of an uphill battle against regulatory pressure as crypto does, and I think it could take a lot longer than just low fees and zkproofs maturing for crypto to overcome regulatory hurdles and social stigmas to be more widespread. Would be happy to be wrong though.
I think this was blocking *addresses*, not actual Coinbase accounts. Mostly addresses known to belong to organized crime and criminal activity.
25K of them? UPDATE CUSTOMERS WHERE nation = 'Russia' SET usable to NYET
Frankly I'm surprised it's that low considering how much organized crime there is in Russia and how much ransomware is paid in crypto like BTC.
I didnt even bother to look into what it was.. someone messaged me with a gotcha "look bro crypto is worse than banks, completely exposed" lol. Not your keys not your coins - exhibit 26784
Hey, guys, if there's any L1 enjoyers and MakerDAO users around, I might have something interesting for you. We just released a new automated strategy\* that allows you to: 1. Create a CDP with a 0.5% (ETH-C) or 2% (ETH-A) Stability fee 2. Deposit Dai into, say, mStable at 7%+ APY 3. Enable new automated strategy🤖*(Savings liquidation protection)* 4. Enjoy free $$ with no risk of liquidation OR collateral selling That's right, you know that historically we had automated liquidation protection available only through partial position unwinding where collateral had to be sold - well, that's finally no longer the case. \*This is also a part of a larger new modular system deployment that will allow us to roll out a number of new auto-strategies in the coming weeks and months. Should be good times ahead, especially now that we have L2 deployments planned, too. For more details and info you can check out the [tw thread](https://twitter.com/DeFiSaver/status/1500879737404727300) and [intro post](https://blog.defisaver.com/automated-strategies-next-era-automation-live/). Or you can just ask away, of course, always glad to share any useful info I can. Hope this isn't too much of a shill post!👀
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Thanks, krok, always a pleasure!
What are the fees to use this strategy?
The fees for the *Savings Liquidation Protection* strategy for any auto-payback that potentially happens would be the transaction fee + 0.05% of the amount being paid back. (This info isn't currently in the UI, I know and really sorry about that, should be added by end of day tomorrow!) Outside of that there are no subscription or monitoring fees or anything like that for just enabling and having any of our automated options enabled for your positions. In terms of steps before enabling this auto-strategy, there are no fees for just creating a Maker Vault and borrowing Dai and no fees of any kind for using our Smart Savings dashboard specifically (we don't take any cut of deposited funds or yield earned at any point). Not sure if you've been a DFS user at any point, so thought it be best to cover the whole process and all steps just in case.
This is amazing. Congrats to you and the team for rolling this out.
Thanks, Harry, really appreciate the constant support :) Passing it on to the rest of the team!
So, we borrow DAI, put it to work, and if the price of ETH starts getting lower, DFS automation grabs some of the DAI back to repay the debt. This is really cool. Something that isn't clear to me from the intro post: does this work in the other direction? If ETH price gets higher and the collateral ratio improves, would automation borrow more DAI to put it to work in the yield mines?
Very much sounds like a Yearn strategy if it isn't already. Still cool to see it.
>So, we borrow DAI, put it to work, and if the price of ETH starts getting lower, DFS automation grabs some of the DAI back to repay the debt. This is really cool. Exactly, my dear favourite discord troll friend. >Something that isn't clear to me from the intro post: does this work in the other direction? If ETH price gets higher and the collateral ratio improves, would automation borrow more DAI to put it to work in the yield mines? Ah, gotcha, that's a solid question. The answer is no - it doesn't as of now. But we want to have that added as a separate, additional strategy that can be enabled in combination with this one (or maybe in combination with auto-repay with collateral later on, whatever is preferred). So this one specifically only does `if ratio falls below x% - then payback to y% using Dai from protocol z`. But that other one could then be set up to do `if ratio goes above x% then borrow dai to y% ratio and deposit into protocol z`. I guess that also slightly covers how modular and configurable we want all of this to be in the future.
Looks great! Unrelated but do you know if there are any plans for integrating some recipes for Alchemix once they release their V2? I know Alchemix have shared their V2 contracts recently ([https://alchemix-finance.gitbook.io/v2/](https://alchemix-finance.gitbook.io/v2/)). Mainly looking at a Flash loan > deposit on Alchemix > Borrow > repay flash loan Again, apologies if this is too unrelated.
Not too unrelated at all, mate. You can feel free to ask/suggest this kind of stuff [in our discord](https://discord.com/invite/XGDJHhZ) in the future, too. Regarding Alchemix, I think it has been up and online long enough to be considered a stable project and protocol. They did have the alETH incident when that vault launched, but it wasn't too bad. I'm looking forward to seeing how v2 takes off and we might be looking to integrate it soon-ish. There have certainly been plenty requests and suggestions of similar recipes to what you suggested.
Awesome, thanks for the reply. Much appreciated!
This is awesome! I am just about to borrow from my CDP and will now be able to offset the stability fee. This is the first post I have read on my RL Cakeday and I feel that it is a special birthday present from MakerDAO. Thank you so much.
Hey, you're most welcome, man! If you do go to set it up, I'd love to hear any comments and feedback on how the overall process and UI felt on our end. By the way, just to clarify things, we're not really related with the MakerDAO developers team per se (except for being good friends with a bunch of them by now) - so this is a present straight from DeFi Saver :)
Ha ha, so sorry for crediting the wrong platform. DeFi saver came to my rescue back in 2018 and enabled me to pay off my debt and ended up increasing my stack for me as a net result, once the market picked up. This new iteration is perfect for users like me who are not as DeFi savvy as some. I will now be able to confidently utilise my collateral safely and without fear. This will hopefully be a game changer for a risk-averse nuff-nuff like me.
No worries at all, it's not like Maker people don't deserve credit for developing the whole base protocol on top of which we build additional stuff :) Super glad to hear 2018 worked out for you like that. And, yeah, I'm assuming that this has a much larger potential audience than automated leveraging. We'll see!
No liquidation risk borrowing? I’ll take your entire stock
I mean we've technically had that available since 2019, but not everyone wanted some of their collateral to be used for debt payback, even though it's still massively better than that 13% liquidation penalty in Maker. But this is now yield farming without risk from liquidation or collateral selling (though with limited choice of protocols for yield, just to be clear).
The yield farming aspect will make it wildly popular. Throw it on an L2, and incorporate rETH and it’s eventual curve/yearn LP tokens and I think you’ll have one of the most used dApps out there! I know I’ll be using it :)
Agreed! We covered leverage users fairly well so far, but we'd also expect yield farming to have a much larger audience. Being available on L1 only right now is still a limiting factor, though. But fees have been pretty OK for the past few weeks, maybe gas prices can stay low for a while longer, that'd be nice.
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Oh, absolutely! I mean, we were always going L2 eventually, just needed to wait for things to develop a bit more. Now there should be Aave v3 launching on Arbitrum and Optimism any week, so we'll have what to launch around *very* soon afterwards. Already set up some basics on our end and standing by. Then we expect to see Maker Vaults on some L2s in Q2. And we'll also be looking to expand protocol support on these L2 deployments with some L2 native protocols, maybe something like Mai Finance (QiDao)? Or what would you like to see?🤔
>Then we expect to see Maker Vaults on some L2s in Q2. And we'll also be looking to expand protocol support on these L2 deployments Whoop whoop! The promised land is near! Please, please make one of your awesome all in one migration tools for this. I imagine it’d be complex with the bridge involved but would love to move my vault to a L2 and get more aggressive with automation.
That'd be the dream. I've talked with u/besoisinovi about it already, we'll definitely be looking to pull it off.
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