Justin Drake
@drakefjustin
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Today's a good day to remember why we're here. We're building the future of finance—internet finance. Unstoppable global free trade, not trade wars. Credible neutrality, not entrenched interests. Permissionless innovation, not bureaucracy. Undebasable money, not money printers.
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Announcement of an announcement!. Tomorrow at 5pm on the Devcon main stage I will unveil my most ambitious initiative to date. For one year I have been thinking about what a from-scratch redesign of the Ethereum consensus layer could look like. The goal is to suggest a credible.
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Ethereum will incrementally scale 10x every single year for the next 4 years. 100x from rollups.100x from data sharding.
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Working with Ethereum devs to improve system transaction efficiency. Potentially promising.
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My bat signal 🦇🔊 will return when ETH is ultra sound again, soon enough™. ETH supply currently grows 0.5%/year. That's 1%/year of issuance minus 0.5%/year of burn. To become ultra sound again, either issuance has to decrease or the burn has to increase. I believe both will
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ETH is 10 years old today!. The ether ICO started July 22, 2014. Back then ETH was sold on Bitcoin at a rate of 2,000 ETH per 1 BTC—totally permissionless, no VCs, no vesting. Today 1 BTC buys less than 20 ETH. Few assets have outperformed BTC over 10 years; even fewer have.
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TLDR: I dropped the EigenLayer advisorship, left the ultra sound team, and made other changes to double down on neutrality and focus on L1 research and coordination. In September I let go of the EigenFoundation advisorship. I want to apologise to the Ethereum community and EF.
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The first ever SNARK proving ASIC 👀. Real-time proving, real-time settlement, universal synchronous composability—coming sooner than most think :). We can fix Ethereum fragmentation!
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1 gigagas/sec (10K TPS) on Ethereum L1 with zkVMs. no compromises:. → consumer hardware (zkVMs). → home internet (DAS). → censorship resistance (FOCIL). → 100% uptime (client diversity). → 8K consensus nodes. Built for internet finance. Believe in something real.
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I recently became an advisor to the EigenFoundation. I feel the community deserves transparency so here is an extended disclosure :). 1) The advisorship comes with a significant EIGEN token incentive which could easily be worth more than the combined value of all my other assets.
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The beacon chain genesis happened four years ago on Dec 1, 2020. With a modest 0.5M ETH staked on day one, the parallel PoS chain provided zero immediate benefits to users. And yet the seed blossomed to become the strongest foundation blockchains have ever seen:. → 10K consensus.
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The EF is investing tens of millions into zkVMs:. zkRISC-V formal verification.Poseidon cryptanalysis.L2beat for zkVMs, soon™. DM me about contributing to zkVM public goods :).
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the Ethereum Foundation research team will host a Reddit AMA on Jan 10 at 1pm UTC. questions can be submitted now :).
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the Ethereum Foundation research team will host a Reddit AMA on Jul 12 at 1pm UTC.
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@TrustlessState @BanklessHQ Here's my stance :). We can scale the canonical L1 EVM by 1,000x—from 10 TPS to 10K TPS—using zkVMs. The core idea: validators verify a SNARK for every EVM block, instead of re-executing it. I'll discuss this on @eth_proofs call #1, Fri Apr 25 at 2pm UTC. The founders of 17.
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if capped-supply BTC is sound money 📢. decreasing-supply ETH is ultrasound money 🦇
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Loud and clear! :). The community wants PoW removed ASAP. The EF Eth2 team agrees: merge before sharding. Let’s ship 🚢.
Loud and clear! :). The community wants phase 0 genesis in 2020—not one day late. The goal is set; let's ship.
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I hereby challenge Michael Saylor @saylor to a technical debate on Bitcoin security, moderated by Laura Shin @laurashin. IMO Bitcoin is long-term insecure. Let's discuss issuance, the fee market, security budget sustainability, economic security, 51% attacks, and 51% attack.
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flippening comes with risks and responsibilities—how do we:. * avoid Ethereum maximalism?.* constructively welcome Bitcoiners?.* cut the gloating?.* manage the media attention?.* redefine "flippening" towards tradfi?.* avoid Ethereum maximalism? ⚠️.
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updated projections:. → 120M ETH supply peak.→ 11 years to reach 100M ETH.→ 12% temporary APR at merge.→ 6% long-term APR, 45M ETH staked.→ 7M ETH/year sell pressure reduction.
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Ξ, ⧫, ⬨, ⟠ are hacks.ETH deserves a Unicode character. in 2015 I helped get ₿ for BTC.need a leader to follow the template.
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configured my validator for a 60M gas limit ⛽. → 66% bump from 36M is safe post-Pectra. → validators set the limit—vote with yours. → instructions at PumpTheGas[.]org. wen 1 gigagas/sec (10K TPS) on Ethereum L1?. → needs zkEVM proofs for consumer devices. → Ethproofs call.
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Uniswap. * no KYC.* no verification delays.* no funding caps.* no trading limits.* no API throttling.* no circuit breakers.* no asset censorship.* no frozen funds.* no outages.* no planned maintenance.* no password leaks.* no preferred partners.* no backroom deals.* no geofencing.
Robinhood just banned Gamestop and AMC!. The wrong people are winning so they delisted the assets. Here's what they don't know. They just recruited another 1m people into DeFi. UNISWAP NOT ROBINHOOD. PROTOCOLS NOT BANKS. This is why we go bankless.
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First based preconfs on mainnet! 🕶️. Block 21,180,697 landed the first ever preconfed NFT mint and L1 transfer. Slot durations will matter less and less as transactions increasingly get preconfed for fast UX. This milestone is the culmination of a collaborative sprint that
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price affects security. the goal is WW3-grade security
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The Ethereum Foundation research team will host a Reddit AMA on Feb 25 at 2pm UTC. So much to share—should be a big one :) Submit questions now.
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10K TPS on Ethereum L1.→ high-value transactions for all (0.1 tx/day/person). 10M TPS on Ethereum L2s.→ internet finance for everyone (100 tx/day/person). Most activity will happen on L2s. Most people won't know they're using Ethereum. Ethereum is for everyone. Believe in
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the EF research team will host a Reddit AMA on Jan 7 at 1pm UTC.
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The Ethereum Foundation is building an internal security team dedicated to Eth2. Fuzzing, bounty hunting, pager duty, cryptoeconomic modelling, applied cryptanalysis, formal verification—you name it :). Send talent our way 👉 eth2security@ethereum.org.
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The first ever based rollup—Taiko—is live!. the endgame is based
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economic security flippening.⬛⬛⬛⬛⬛⬛⬛ 400%. Ethereum. • 25.2M ETH staked. • $1,588 per ETH.→ $40B economic security. Bitcoin. • 400M TH/s hashrate. • $25 per TH/s.→ $10B economic security.
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economic security flippening. ⬛⬛⬛⬛⬛⬛⬛⬛⬛⬛ 400%. Ethereum proof-of-stake. • 8.2M ETH staked. • $4.85K per ETH.→ $40B economic security. Bitcoin proof-of-work. • 165M TH/s hashrate. • $60 per TH/s.→ $10B economic security.
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staking rewards likely to at least 2x with EVM gas fees. I expect ~25% staking APR immediately after the merge. more rewards → more staking → more economic security.
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Loud and clear! :). The community wants phase 0 genesis in 2020—not one day late. The goal is set; let's ship.
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Configuring my validator for a 36M gas limit:. → staking operators control the gas limit. → Ethereum held a 30M limit for 3.5 years. → a 20% bump to 36M safely greases wheels. → see gas limit flags at Wen gigagas? SNARKed execution clients (zkELs).
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economic security flippening.⬛⬛⬛⬛⬛⬛⬛ 700%. Ethereum. • 29.9M ETH staked. • $2,525 per ETH.→ $75B of economic security. Bitcoin. • 600M TH of hashrate*. • $17.5 per TH**.→ $10.5B of economic security. *Expressing hashrate in TH is a common abuse of notation—the.
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the net annual buy pressure of PoS and EIP-1559 relative to today is greater than the deposit contract and Grayscale holdings combined.
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economic security flippening. ⬛⬛⬛⬛⬛⬛⬛⬛⬛⬛ 100%. Ethereum proof-of-stake.• 2.92M ETH staked.• $1,550 per ETH.→ $4.5B economic security. Bitcoin proof-of-work.• 150M TH/s hashrate.• $30 per TH/s.→ $4.5B economic security.
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We can fix Ethereum fragmentation!. Ethereum is going through the "puberty phase" of the rollup-centric roadmap. The rapid L2 scalability growth spurt has led to awkward fragmentation of composability, with a significant breakdown of network effects. L2s.
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economic security flippening.⬛⬛⬛⬛⬛⬛ 600%. Ethereum. • 28.3M ETH staked. • $2,121 per ETH.→ $60B economic security. Bitcoin. • 500M TH/s hashrate. • $20 per TH/s*.→ $10B economic security. *$20 per TH/s should be a conservative upper bound. Bitmain sold the S21 in bulk.
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Ethereum's top builder stopped censoring ❤️. inclusion lists remain a priority 🫡
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We made Eth2 hard for ourselves:. * many design iterations.* many community clients vs one EF-led client.* libp2p vs devp2p; BLS12-381 vs BN254. We could have launched a year or two earlier the easy way. It was painful but it was right. Our investments will pay off for decades :).
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if capped-supply gold is sound money. decreasing-supply ether is ultra sound money
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economic security flippening.⬛⬛⬛⬛⬛⬛⬛⬛⬛⬛ 10x. Ethereum. • 31M ETH staked. • $3,400 per ETH.→ $105B of economic security. Bitcoin. • 600M TH of hashrate*. • $17.5 per TH**.→ $10.5B of economic security. *Expressing hashrate in TH is a common abuse of notation. From.
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Ethereum reached $100B in economic security. WW3 resistance is the goal—next step is $1T.
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if capped-supply BTC is sound money 📢. decreasing-supply ETH is ultrasound money 🦇
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EVM fees—1M ETH in 100 days. PoS issuance—68K ETH in 105 days. 🦇
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the Ethereum Foundation research team is hosting a Reddit AMA on Sep 5 at 1pm UTC. submit questions now :).
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Want proof-of-work removed ASAP? 🌱.Want a high staking APR sooner? 🤑. 👉 stake with Lighthouse, Nimbus, or Teku 👈.
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The Ethereum and Mina foundations are excited to announce a joint RFP to efficiently verify Pickle SNARKs on the EVM. This will allow verifying the Mina blockchain on Ethereum (e.g. for 2-way bridges) and unlock more uses of recursive SNARKs on the EVM.
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based preconfs are live on devnet 🕶️. → preconf modules by @chainbound_, @primev_xyz .→ commitment sidebar by @Commit_Boost .→ gateway operators @EspressoSys, @titanbuilderxyz .→ relay operators @titanbuilderxyz, @ultrasoundmoney .→ staking operators @ChorusOne,
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beam call #1—progress at the social layer. → intros from 8 new beam teams.→ comments from the 6 mainnet CL teams.→ intros from 2 new EF coordinators. Outstanding diversity across 14 CL teams:. → all continents covered (except Antartica).→ new
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@sassal0x Next-slot real-time proving is coming in 2025. This year I expect multiple zkVM vendors to prove mainnet EVM blocks on GPUs in less than 12 seconds, at <$0.10 per block. Performance numbers will get crazier with SNARK ASICS. Follow the journey on @eth_proofs. No L1 is poised to.
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13th AMA from Ethereum Foundation Research . → submit questions now, on X or Reddit.→ answers roll in tomorrow, Feb 25 at 2pm UTC. With two AMAs per year since 2019, EF Research (EFR) is committed to transparency. The team is packed with talent. Learn.
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10.7% of validator deposits are from Kraken. Coinbase and Bitfinex have 5.8x more ETH than Kraken. Two exchanges could control 1/3 of the validators. Five exchanges could control 1/2 of the validators. Stake from home to avoid exchange fees and decentralise :).
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MEV burn is the natural continuation of EIP-1559. Bankless episode: ethresearch post:
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ETH is ultrasound money when fee burn exceeds issuance. Ethereum crossed the ultrasound barrier ~5 months ago, now cruising around ultraMach 2.
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The genesis block is now set :). genesis time: 2020-12-01 12:00:23 GMT.validator count: 21,063.
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the Ethereum Foundation research team will host a Reddit AMA on Jan 11 at 1pm UTC.
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Bankless episode on ultrasound money coming up :). 🏴 + 🦇 = 🔥
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10,000x power efficiency.→ 10 GW PoW to 1 MW PoS. 10,000x scalability.→ 100x sharding, 100x rollups.
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early polling suggests possible support for a 2021 minimum viable merge target. the merge comes after EIP-1559, itself slated for the London hardfork in July/August. "minimum viable" means no transfers, no withdrawals, no statelessness, no major EVM change
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2^27 ETH max*. *𝘪𝘧 𝘗𝘰𝘞 𝘳𝘦𝘮𝘰𝘷𝘦𝘥 𝘣𝘺 2023 𝘢𝘯𝘥 𝘧𝘦𝘦 𝘣𝘶𝘳𝘯 𝘨𝘳𝘦𝘢𝘵𝘦𝘳 𝘵𝘩𝘢𝘯 𝘗𝘰𝘚 𝘪𝘯𝘧𝘭𝘢𝘵𝘪𝘰𝘯
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Ethereum 2.0 will use SHA256—goodbye Keccak256! Yay for standardisation and interoperability with the great majority of present and future blockchains. We're patiently waiting for a viable STARK/SNARK/MPC-friendly hash function for Ethereum 3.0.
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fee volume yesterday: 2,645 ETH (6-month low).current PoS issuance: ~1,000 ETH/day.→ comfortable deflation, even with 50% fee burn. big picture: ~9,000 ETH/day fee volume
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@tyneslol @gakonst Any permissionless sequencing mechanism—based or not—is purposefully designed to open sequencing to untrusted actors. Permissionless sequencing is what provides credible neutrality and longevity to blockchains like Bitcoin and Ethereum. For Ethereum L2s, permissionless sequencing.
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beacon chain security is critical for the merge. the EF wants to hire unicorn security researchers. 🦄👉 eth2security@ethereum.org 👈🦄.
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first community call on Ethereum sequencing and preconfirmations 👀. attended by @uriklarman, @mempirate, @fra_mosterts, @merklefruit, @benafisch, @ellierdavidson, @_danielmarzec, @0xQuintus, @alextes, @bkiepuszewski, @NathanWorsley_, @sachayve, @ConorMcMenamin9, @swp0x0,
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30-day and 100-day transaction fee moving averages around ultra Mach 4. ultra Mach 4 means fee burn 4x larger than PoS issuance. ultra Mach 4 corresponds to ~2%/year supply decrease
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Yesterday Ethereum processed 1.4m transactions—a new record. Transaction fees were $16m, ~50% more than Bitcoin fees and block rewards combined.
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MEV research breakthrough. → MEV smoothing for consensus stability.→ trustless MEV oracles.→ potential for MEV burn (beyond base fees). 🎉 congrats @fradamt 🎉.
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the ultra sound money meme is spreading. 🦇🔊 added to Twitter names and bios.
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Ask the 32 Ethereum Foundation researchers anything!. The Reddit AMA starts in 75 minutes. Spicy questions welcome 🌶️.
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@notnotstorm @TrustlessState @BanklessHQ @eth_proofs I hereby disavow the stance that the L1 is not for users :). It’s for the top 0.1%: early adopters (yes, you), rollups, whales, arbitrageurs, institutions, enterprises, nation states.
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I tried to answer shared sequencing concerns :). Q1: Do rollups that opt into a shared sequencer lose their sovereignty?. No! Rollups maintain sovereignty through governance. (Such governance can, for example, be driven by a multisig or a governance token.) Rollups are.
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I joined the EF December 1, 2017 to a shockingly small Eth2 team. Today we are 12 and looking for p2p networking and security experts :).
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the EF spent $48M in 2021. it has 350K ETH ($1B) and $300M fiat.
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daily transaction fees, 365-day moving average. May 2, 2020—551 ETH/day.May 2, 2021—7,814 ETH/day. Up Only™ every single day for a whole year
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daily ETH fees fuel the ultra sound money thesis. this is the key chart 👇
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0.2% of all BTC now on Ethereum. 2x growth (18,500 BTC to 37,000 BTC) in 23 days.
0.1% of circulating BTC on Ethereum. Will be 1% towards the end of 2020 if the exponential growth continues.
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~$10B of economic security. small in the grand scheme of things. $100B next :)
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electricity consumption estimates. world: 25,000 TWh.Bitcoin: 204 TWh (0.82% of world).Ethereum: 85 TWh (0.34% of world). sources: statista and digiconomist.
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Companies now rushing to acquire bitcoin and set up bitcoin payments is like companies in the late 90s rushing to acquire a .com and set up email. Super early days for the internet of value :). Society is yet to awaken to the wonders of smart contracts, defi, DAOs, etc.
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I want to be warned by email of login attempts with correct password but invalid or missing 2FA. Clear indication my password was pwned.
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monetary premium 🤝 economic utility. "money vs tech" is a false dichotomy
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ETH made 97.2% of Uniswap's 24h volume ($238m). ETH is de facto unit of account for decentralised trading.
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based preconfs, live on testnet Helder 🕶️. → execution preconfs on based rollups @puffer_finance, @taikoxyz.→ execution preconfs R&D by @LimeChainHQ, @lu_ban_, Switchboard from @NethermindEth, @primev_xyz.→ L1 inclusion preconfs by Bolt from @chainbound.→ staking operators
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"If you could basically take Bitcoin, and if it ran 10 times faster, and it had $5T on it, and people with more money than the Bitcoiners were using that thing, then I would probably throw in the towel, sell Bitcoin, and buy that thing.". Let's chat in 2 years @michael_saylor :).
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Thanks to @CoinMarketCap for updating Tether's platform to Ethereum. Makes for a cleaner screenshot :)
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Burning ETH (on top of the EIP-1559 fee burn) is a simple incentive-aligned way for dApps to rally the Ethereum marketing machine for extra growth. Total Value Burnt (TVB) may become a prime DeFi metric alongside Total Value Locked (TVL).
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Filecoin and Ethereum 2.0 collaborate on various fronts—libp2p, VDFs, BLS12-381, secret single-leader election. Yay for win-win cross-blockchain efforts!.
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~1% of the BTC supply at work on Ethereum. 100x growth—$100M to $10B—in less than a year
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