Arjun 🏴
@arjunbhuptani
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cryptoanarchist 🏴. defragmenting the chains @EverclearOrg
Joined April 2017
The recording of my talk from @BanklessHQ Summit is up!. This unconventional talk dives into the WHY of crypto, something we unf don't think about enough anymore. I hope this is helpful context for folks who are new to the space, and a galvanizing reminder for the veterans. 🏴.
LIVE NOW -- Why Are We Here? Exploring the Core of Crypto-Anarchism | Arjun Bhuptani. @arjunbhuptani gives one of the best non-technical talks at the Bankless Summit. Everyone in crypto needs to hear it. Arjun explains the first principle concept of Crypto-Anarchism & outlined a
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It is likely that we only have ~3 years remaining where 95% of human labor is actually valuable (i.e. earns you money). Most people haven't realized this yet. It is also likely that this will be the end of our current iteration of labor-based capitalism.
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How can you prepare?. 1. Take advantage of this window of info asymmetry to gather resources. 2. Invest into things that will retain value post-AGI: hard assets (e.g. land/property), compute, food production, personal networks/reputation. 3. After 3y, build/join hyperlocal.
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(3) may sound like doomer overkill, but I think what most people miss today is:. The threat to humanity in the near term (<15y) isn't AI itself, but instead the societal changes that will be induced as a result of a changing economy. My prediction today is that after we reach a.
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Maybe a good timeline is:.- <3 years: you can take advantage of AI info asymmetry.- 3-7 years: "post-work economy" begins resulting in massive job displacement.- >7-10 years: we enter post-AI world, with either digital feudalism or an end to scarcity.
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Are you ready for L2 summer anon?.☀️ $OP launch + stimpack @optimismPBC .☀️ $NEXT launch + Amarok upgrade @ConnextNetwork .☀️ $HOP launch @HopProtocol .☀️ @zksync v2 around the corner.☀️ @arbitrum Nitro imminent. 🔥🥵⛱️😎.
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Thinking of starting a video series where I live-read the whitepapers of "L2" and "bridging" protocols and tear them apart. Y/N?.
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Dirty secret that users and even dApp devs dont know:. Pretty much *every* chain is held together by Elmer's glue, silly string, and the tears of their protocol engineers. Running a blockchain is hard - I would not wish it on my worst enemy.
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Today's @MultichainOrg hack is a sad reminder of the systemic risks tokens face from bridges. We believe these risks stem from a single underlying problem:. ✨Token Sovereignty✨. We're proposing ERC-7281 (aka xERC20) - an open standard to fix this. 1/x.
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It sucks to admit, but I have personally been guilty of this. At some point in the last bull, I (and many others) stopped being as vocally defensive of Ethereum on twitter. In doing so, we opened the door to centralized capture through projects like FTX, Luna, Celsius, etc. And.
gm. consider if the conflict avoidance you made a part of your identity is free riding on the willingness of others to engage in conflicts that ultimately benefit you.
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I find it extremely shocking how many folks in the space are perfectly ok with a US panopticon. We truly have lost the plot.
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I don't know who needs to hear this but:. If the only outcome of crypto is making a small group of people incredibly wealthy, then we will have failed.
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Mark made a great point about how long it will take us to automate skilled physical labor. To try to think through this better, I had DeepResearch create a report on how long it expects it would take to automate major categories of complex, physical labor. The report attempts
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Mark made a great point about how long it will take us to automate skilled physical labor. To try to think through this better, I had DeepResearch create a report on how long it expects it would take to automate major categories of complex, physical labor. The report attempts
@arjunbhuptani I think we’re in the midst of a massive labor transition away from knowledge work (oversupply) back to skilled physical labor (undersupply) - this trend is totally independent of modern ai or robotics, which accelerate the former. On the latter side though I think it will be at.
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(Controversial) prediction: . Within the next 12 months, several alt-L1s will realize how hard it is to maintain an economically secure validator set. They will pivot to becoming rollups.
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Important to note:. 3y timeline is for advent of these changes to vast majority of workforce. It will certainly take time for job displacement to trickle through the economy AFTERWARDS. That said the window of time where jobs will still look the way they do today is small.
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The @cosmos ecosystem seems consistently criminally underrated. Genuinely original value prop that is distinct from being a smart contract platform or pet rock.
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People seem to consistently misunderstand that AI doesn't actually "take" your job. The competition you face is not from AI, but instead other (AI-augmented) humans. LLMs and humanoids automate/accelerate an increasing proportion of your existing workload. Everything that is.
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For almost a year, direct fiat-to-L2 support has been a critical blocker for L2 adoption. The problem has always been that integrations are bespoke for each L2/chain + CEX. With @ConnextNetwork + @layerswap, *every* CEX will have direct deposit/withdraw to *every* chain. 🤯
We are very excited to announce that Connext is forming a partnership with @layerswap to enable on-ramp from CEXs to a broader list of chains & L2s. The integration is now live starting with @0xPolygon support! .
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This. Ultimately it doesn't matter if Luna crash was coordinated/conspiracy. The *point* of decentralized, antifragile systems is to resist attack (from cabals or sovereign powers). Now think about which other protocols could survive. Those are actually decentralized.
why is the Luna community so focused on whether it was attacked or not? If you design a crypto economic system that can die to attacks, it *will* die. Just accept that it was a poorly designed system and own up to your mistake.
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Man, wtf. Even if this is a copy pasta, what an incredibly dismissive thing to say to the thousands of us who have been in the trenches for the last decade.
What Ethereum needs is a lot of young blood who shared the cypherpunk vision. All OGs are jaded. It’s on the next generation now.
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I can't wait until people stop building shit on the settlement layer and build on L2s like they're supposed to instead.
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Interesting to get another perspective. Compared to Illia, I'm putting:.1. Post-AGI 5y later.2. Deep societal impact sooner (3-7y).
I'm personally expect we are T-5 years to massively different post-AGI world. Grind accordingly.
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Over the coming weeks, we'll publish a series of blog posts that rethink messaging bridges from 1st principles. Goal: Identify the riskiest parts of bridging so we can work together to fix them 🤝. Today, we're publishing Pt 1: The Messaging Bridge Stack.
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DeFi devs: spend years building future of finance. $SHIB: Flips DeFi by being dog. DeFi devs:
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Had the wonderful opportunity to meet @ConnextNetwork's Thai community in person!. Huge thanks to @contributedao for making it happen 🙏🙏. P.s. Massively bullish on southeast asia now - so much incredible talent there 🔥
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Many comments asking "why would you want this for your game?". They don't understand that realtime verifiability and uptime is the future of esports. 1. Big multiplayer games *already* run on massively distributed edge compute for performance (MMOs were some of the pioneers.
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Holy fuck. New nightmare unlocked. What is the status of quantum resistant cryptography r&d on Ethereum?.
Introducing Willow, our new state-of-the-art quantum computing chip with a breakthrough that can reduce errors exponentially as we scale up using more qubits, cracking a 30-year challenge in the field. In benchmark tests, Willow solved a standard computation in <5 mins that would.
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Back today from being out sick-ish. tldr; Stress is a killer. It is entirely possible to accidentally (literally) work yourself to the bone.😬 Take breaks. Shortly after the @EverclearOrg announcement, I began feeling extremely exhausted, cold all the time, and had severe pain.
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We shipped it! 🚢. "How can we bring 1 billion users to Ethereum?". We don't yet know all of the answers, but putting v2.0 on mainnet feels like a big step in the right direction. 🙌 🔥.
🚨🚢SHIPPING ALERT🚢🚨. V2.0 of Connext is on Mainnet! 🌟. Read more about why we built it 👇.
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I think none of us are scared enough yet of an outcome where *all* financial history is completely public on blockchains. We need to figure out how to thread the needle on privacy ASAP.
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🚨🚢 The Dai Card is now on mainnet 🚢🚨. Read more about how to use it, how it works, and our goals:.
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One of the more insidious outcomes of ETH concern trolling is that it has convinced everyone, including many "insiders", that there isn't a straightforward pathway towards solving fragmentation. This is untrue. Working on a longer form technical blog post (my first in a long.
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Today, @EverclearOrg is introducing CLEAR, an upgrade to NEXT to accelerate intent-based bridge adoption. ✨. tldr; for solvers:.1. "How do I most efficiently rebalance liquidity?" -> Everclear fixes this.2. "Where should I hold liquidity to get returns?" -> CLEAR answers this
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Making the first ever #BurnerWallet to #DaiCard channel payment with @austingriffith! 🚀. More awesomeness coming soon 👀
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.@ConnextNetwork is now the fastest way to get $DAI, $USDC, and $USDT from Binance into @AaveAave running on @0xPolygon. 😎. Crosschain money legos are here! 🔥.
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Strongly disagree with this take. Time and time again we have seen the market bitchslap centralized alternatives (bc hacks, regulation, or downtime). Decentralization is upfront hard/expensive, but long term sustainable. Don't bet against entropy.
The vast majority of users don't care what smart contract platform they use any more than they care what database technology Venmo or NYSE use. They want it to be fast, cheap, & secure. That's it. Why should anyone expect new users to have some sort of loyalty to Ethereum?.
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Prediction markets for weather forecasting. ⛈️. Who is building this?. Creating marketized competition for correct forecasting & disaster prediction could help better fund meteorology research.
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Connext is now supported on 16 mainnets and testnets. Includes: @ethereum, @0xPolygon, @xdaichain, @arbitrum, @avalancheavax, @BinanceChain, @FantomFDN, @HuobiGlobal eco chain, and @MoonbeamNetwork . This makes us the most interoperable interop protocol out there. That is all.
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✨My breakdown of Optimistic Bridges is live.✨. If you are concerned about the systemic risk posed by trusted bridges in the space, you should read this post. Want a tldr? I'll try to break down the important concepts in a thread below 👇.
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Why? Because it's far cheaper than bootstrapping a validator set yourself. I suspect we will actually see the exact opposite of what this tweet suggests: . Chains that can't afford to pay for economic security will pivot to being rollups.
I’m looking forward to the first L2 deciding to declare independence from Ethereum so it can capture more value for its native token. If an L2 has enough devs and users on its platform, why pay rent to the Ethereum landlords?.
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Next hardfork of @ConnextNetwork will enable expressive integrations into interop systems of other sovereign zones such as @cosmos IBC. Imagine staking $AKT on @akashnet_ directly from @arbitrum in a single tx. Yes, this is possible (with minimal trust!).
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Not having a 420-themed rollup event in Amsterdam on 4/20 seems like a missed opportunity tbh. Call it "Roll Up for Rollups".
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Everclear crossed $100m in monthly volume today! 🎉. Still growing by 2-3x every month - targeting $200m-$300m in April.
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We fixed it. 🔧. You can now do @BinanceChain $DAI -> @0xPolygon $DAI using @ConnextNetwork. 🔥. New road:. Binance->BSC.BSC-> @ConnextNetwork -> mDAI.mDAI -> @AaveAave . Now at a snazzy new URL courtesy of @1HiveOrg: 🐝.
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What FTX/Terra-like systemic risks should we be proactively worry about as part of this cycle?.
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Everclear is scaling! 📈✨. @everclearorg has been quietly growing 2x-3x every month through our mainnet beta. We're now on track to clear ~$100M volume in March alone, up from 0.5M at launch. Lots more info and announcements coming in the next few weeks. Stay tuned! 📺
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Is dropping out of highschool to join @paradigm the crypto equivalent of dropping out of @standford to start a SaaS company.
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I'm in this space because I want to help build the future of the internet. The future of the internet cannot be built on proprietary, centralized systems. It cannot be built on hype or narratives. It cannot be built by any one singular organization. Instead, it MUST be built on.
Today, we're announcing a unified call for .Open Bridge Standards.alongside @AcrossProtocol @CelerNetwork @ChainSafeth @buildwithsygma @lifiprotocol @SocketDotTech @routerprotocol and @hashialliance
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I've been using metamask mobile every day for the past 6 weeks. Get. It. Now. It's spectacular. Huge congratulations to the @metamask_io team! 🦊. P.s. be sure to try out InstaPay when you do!.
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Decentralized protocols are not companies. Companies are monarchies. 👑. Decentralized protocols are democracies. 🗳️.
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Checking in on this prediction 3 months later:. @CeloOrg has already announced that they are doing this with @CelestiaOrg. I know of several smaller chains that are planning to as well on Ethereum. Hyperrollupization is coming.
(Controversial) prediction: . Within the next 12 months, several alt-L1s will realize how hard it is to maintain an economically secure validator set. They will pivot to becoming rollups.
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Daily reminder that there are less than 400k daily active Ethereum addresses. That's 0.005% of the world's population. Fighting over this tiny pool is absurd. At this stage we should ALL be growing the market as much as possible.
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How to Survive Bull Markets. Shared this short note on with the @Connext team during our last all-hands. Hope others can find it useful too!
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Ok but how do we fix it?. It's hard to ignore the fact that, even after 10y of building, the only thing that is consistently working is different flavors of self-referential gambling. I'm so tired of the DeFi<>infra death spiral, as I'm sure are many others. But building.
If you’re thinking of quitting crypto, please don’t. If you’re so bothered by the current state of things that you want to leave, you’re exactly the person that we need to stay around to help fix things. The tech is revolutionary. Don’t let a few bad apples spoil the bunch.
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One piece of advice I gave to LOTS of infra projects in Denver:. Ship an alpha ASAP. Stop trying to build a fully featured protocol. No mainnet launch ever goes well - derisk disappointment by launching WAY sooner. This is a basic startup pmf lesson crypto is only just learning.
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Gm 🌅 The @EverclearOrg mainnet beta has now been live for a full month!. During this time, Everclear core teams (Everteams? 🤔) have been heads down on hitting key performance benchmarks. Even at relatively smaller beta volumes, the numbers are super promising. 🙌 Excited to
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I'm not building @ConnextNetwork because I want it to be a $10b interop system in 5 years. I'm building it so it can be the only interop system in 100 years.
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Unpopular opinion:. Moving DAO governance to a representative democracy model is a huge mistake. It will lead to oligarchism, conservatism, and a disconnect b/w governance and community. Rep systems --> career politicians --> priority only on reelection (bias against action).
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Missed this banger yesterday. You may not have realized this, but V's roadmap encompasses key elements of the Chain Abstraction stack. There are already many teams working on and around these initiatives. 3770/cross-L2 replayable updates-> Universal accounts -> @ParticleNtwrk.
@0xKofi @RelayProtocol Cross-L2 roadmap in one tweet:. * 3770 (cross-L2 addrs).* 7683 (cross-L2 sends via liquidity providers).* 3668 (L2 light clients).* Cross-L2-replayable account state updates. The above is enough already. Later, phase 2:. * L1sload/staticcall.* Keystore rollups.* Proof aggregation.
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If it helps you feel better (it wont), this is true for everything else out there as well:. - Internet is a giant house of cards.- Subatomic particles flying through space break determinism in microprocessors.- We know basically nothing about nutrition or sleep. .
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Building open, interoperable systems is how we create a 100x improvement over the existing paradigm.🤝. This is why v2.0 of @ConnextNetwork will be based on top of the @statechannels framework. Towards protocol standards! 🚀.
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Holy shit - @impranavm_ just sent me this photo of @jdkanani and I chatting at the first EthIndia in 2018. I actually remember this conversation: . We were sharing research notes on plasma, state channels, and the future of Ethereum L2s. Crazy that it's been 4 years ❤️🤯
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We've been quietly migrating tx volume to the new @ConnextNetwork network (post-amarok upgrade). Some of these transactions are *wildly* fast. ⚡️. E.g. here's an @arbitrum to @optimismFND transfer that took **36 seconds**. 😱.
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Since going live on February 2nd, @ConnextNetwork has grown close to 9x on every core metric 📈. TVL: $2m => $17.9m.Weekly volume: $500k => $5.5m.Weekly transactions: 650 => 4986. We're only just getting started! March will be fun 🤠
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Anyone at Devcon like DnB/jungle? . Playing a DJ set tonight at 11 at a local bar. DM for details 👀.
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Happy monday!. Connext currently pays you to bridge ETH into @optimismFND and @arbitrum 👀. That is all.
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For an industry so centered around mechanism design, . We are REMARKABLY myopic about the system of incentives that drive us towards:.- overcompetition.- lack of accountability around decentralization.- attention/status games over real progress.- X-for-Y copy pasta projects.
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Chain Abstraction is a vision. The vision is simple: users should not need to know what chain they are on. Visions are public goods, shared by anyone that believes in them. That's what makes them powerful.
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.@ConnextNetwork will be integrating @AaveAave Portals! 🕳️. Snapshot vote passed with 99.78% in favor and $16.8m of $AAVE voting. Testnet implementation is complete and Portals support will launch as part of our Amarok upgrade! 💪.
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Public testnet of @ConnextNetwork's Amarok upgrade launched 2 weeks ago. Since then:.💸 >35k completed transactions.🗼>150 community routers live.🛠️ ~10 teams publicly building xapps (MANY more starting soon!).🛡️ First audit kicking off today (@code4rena). Builders > Bera 🔥
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Holy ship 🚢 we put it on mainnet!! The first Connext hub, @SpankChain, is live!! This is a BIG DEAL, since it's the first time anyone has used noncustodial payment channel hubs *in production* on @ethereum!. Read more here: .
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Professionalism in the workplace is highly overrated. Not being a dickhead in the workplace is highly underrated.
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This is extremely important to understand. Crypto is a form of political protest against increasing authoritarian control. It's not left or right, it's a way for all individuals to defend their civil liberties.
What has stuck with me the most about cypherpunk values is their ability to effect real political change. Cryptography is the only thing that guards against oversteps in government surveillance. • Export of encrypted software from the US was banned in the 1970s. • The Clinton.
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More bullish than ever on @reflexerfinance. No oracles, no governance, no centralized stable collateral, no ponzi shitcoin. No USD peg = will avoid SEC stablecoin regs. Price variance has been ±<3% through all market volatility in the last year.
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Devcon friends:. I'll be giving a somewhat unconventional talk this year at @BanklessHQ Summit. The talk is titled "Why are we here?". My goal is to try to get us to think critically about the *why* of crypto:.1. Why is decentralization important and who is it important for?.2.
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One of the biggest superpowers you can have in this space is to not be intrinsically motivated by money.
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One clear takeaway from in-person time in Denver: . EVERYONE believes intents are the best short-mid term solution to fragmentation. Long term, we can and should do R&D on shared/based sequencing, but async interop is how we make impact TODAY.
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This is going to get hate, but I'm still pretty bearish on launching new turing-complete chains right now. (EVM or not). Lots of projects unf building things that no one actually needs. No one cares about your tech - what *specific problem* are you solving?.
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"The market doesn't care about trust-minimization/economic security.". Ya, ok, let's see how this thesis plays out in the bear.
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If your solution to cross-L2 communication is to dilute economic security with yet another 3rd party validator set, then you've totally missed the narrative. 🤦. We went through *years* of research pain to get to rollups, so that we *wouldn't* have to do the above anymore.
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.@ConnextNetwork weekly volume: . $100k/week to >$100k/day in 3 weeks. 📈. It's not much, but it's 100% organic, certified-fresh growth. 🌱. P.S. we *really* need a public metrics dashboard. Anyone want to help us build it?
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Unpopular opinion:. Ethereum's killer app is (conditional) payments. Defi is speculation on the future of crypto payments and won't scale to mainstream unless the mass market believes in crypto payments. DAOs are likely the only exception.
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Great post by the @hyperlane team!. Intents vs messaging is a false dichotomy in the same way that L2 vs L1 is a false dichotomy. All intent systems rely on some underlying proof to be sent across chains to unlock funds for a solver. This uses a messaging protocol. All
We Need Both Intents and Messaging. Today, the interoperability landscape is seemingly diverging into intent vs messaging based designs. Our research finds the opposite -> They are converging and complimentary. Read the research ⏩
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Burning Bridges Session 2 is now on our YouTube Channel!. I'm this episode, we analyze LayerZero and discuss why it's a trusted model. 👀.
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I have a dream that 2023 will be the year we finally fix this style of rollup FUD once and for all
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As usual, everyone fails to understand the difference between:. Onchain contracts: decentralized, uncensorable. Hosted frontend: centralized, censorable. People reacting to this w same energy as when boomers think the whole internet is down bc their browser can't connect to it 🤦.
Tornado Cash uses @chainalysis oracle contract to block OFAC sanctioned addresses from accessing the dapp. Maintaining financial privacy is essential to preserving our freedom, however, it should not come at the cost of non-compliance.
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Shortly after Devcon, I had the opportunity to go on a wellness/meditation retreat in Phuket. (not Vipassana, it was more of a holistic experience spanning exercise, diet, meditation, breathwork, therapy, etc.). To an extent, I think I had always historically treated my mind as.
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Privacy is holding back mainstream adoption a lot more than people realize.
if you tap to pay on base, whatever activity you're doing will be immutably visible to the entire world forever, and whoever is receiving your payment can view your entire financial state at any moment in time and all your activity in the past and future.
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.@nomadxyz_ assets now have some of the best returns on @MoonbeamNetwork with @stellaswap:. Around 300% APR on madETH and madUSDC farms. To get there,.- Bridge from any chain to Moonbeam using (you'll receive madAssets).- Stake on
Did you know that @StellaSwap has the most profitable & liquid farms on @Polkadot?🤯. After yesterday's 4X boost, it would be crazy NOT to #stake your $USDC, $ETH, $DOT & $GLMR!💰. Stake now to earn up to 320% APR!. @nomadxyz_ @MoonbeamNetwork
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