Life is short, so am I
@ballsyalchemist
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Founding Research & Growth @sorellalabs and doing public good research @fenbushi DM me if u buidl cool stuff and wanna chat about anime
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Last Seen Profiles
Pinned Tweet
Missed slots are often discussed from validators' views.
But here is an analysis of missed slots from PBS relays' views, where I found observations that may lead to a path for sustainable relay incentivization.
Missed slots = PBS Relays' Revenue?🧵👇
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Relay has been servicing validators & builders for FREE. But ePBS is uncertain & relays are slowly exiting without proper incentives in place.
For the pursuit of all relays' happyness, here is my attempt at exploring the relay incentivization mechanism.
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I am excited to announce that I'm joining
@SorellaLabs
to lead the Research & Growth alongside
@ksrini_
and
@0xvanbeethoven
!!
🧵👇
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Seen many talking about trust-minimization this & that, some even calling it a useless term. Here is my piece on what trust-minimization ACTUALLY means and why it matters, FIRST on Consensus Verification & Bridging. Down the zk light client rabbit hole.
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Looking back at 2022, here are major developments in the crypto infra space (MEV, L1, L2, and middleware) worth noting IMO👇
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L2 peace talk today by
@Scroll_ZKP
@optimismFND
@arbitrum
@ClassLambda
@zksync
@0xPolygonLabs
@ConsenSys
@Starknet
was great & peaceful!!
But the overwhelming presence of ZK ppl in the call made it feel a bit...
Anyway, was a great call. Thanks for organizing this!
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This a great timely piece from
@VitalikButerin
on whether or not to enshrine an out-protocol feature.
Let me go through some key points and discuss why this is an extremely important consideration NOW.
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Astar is going down a very unorthordox, challenging, but potentially extremely fruitful route to bringing crypto to everyone.
Quite cool stuff. We may see usage of crypto beyond just DeFi and all the usual stuff from
@AstarNetwork
1/ I am very excited to announce that
@StartaleHQ
raised $3.5m at the seed round from Sony Network Communications, the operating company in Sony Group.
We have already initiated a conversation to cooperate to bring web3 for billions.
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On-chain privacy on Ethereum is more than just a transaction mixer now.
Just checked
@aztecnetwork
and was surprised to see that it is ALREADY integrated with most of the major DeFi dapps, like
@AaveAave
@LidoFinance
@CurveFinance
@iearnfinance
@eulerfinance
and
@element_fi
.
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[LONG POST ALERT] Prover coordination is a problem that most ZK L2s will face eventually, and
@aztecnetwork
has been hard at work with its community to devise a solution that provides both strong censorship-resistant and liveness properties.
Today, I want to highlight and…
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0. Block building is a major centralization factor of Ethereum. So I wrote a piece on WHY that is the case based on data, and WHAT are recent proposed solutions and challenges around them.
Special thanks to
@hasufl
and
@drakefjustin
for the feedback!
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TLDR: restaking is fine, but don't extend it to try to leverage Ethereum social consensus by "aligning" the project's incentive with eth validators, hoping that they can do bailout in case shit happens for the projects.
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0/26 To achieve single-slot finality for Ethereum, we need...
1) More secure fork-choice rule than LMD-GHOST
2) Accommodate the network load/latency of having millions of validators
Let's dive into how we may achieve that! (RLMD-GHOST, Goldfish, Super-committee, Validator Cap)🧵
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"TRUE recursion at zkVM layer is totally unexplored"??
"Embedded zkDSL>>External zkDSL"??
"FPGA & ASIC for witness generation"??
"Latency of zkCoprocessor isn't a big issue"?
Here are the recordings from our Open Talk (+ comments) with many open research problems & hot takes😉🧵
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For those who were wondering "wtf are PeerDAS and SubnetDAS", you are not alone.
So here is a quick explainer on PeerDAS and SubnetDAS, and how exactly they are different from each other and why they matter within the ETH roadmap 🧵👇
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Great post by
@drakefjustin
on MEV burn.
The first thought I had with this model was the builder-proposer collusion where the base is suppressed as builders perform private bidding with guaranteed kickback.
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WASM oracle in
@arbitrum
Nitro:
Secure enclave for event proof generations + offchain frontend (WASM) triggering execution on-chain. Bridging web2 apps with Web3.
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Ever wondered what it takes to build a DA on
@Filecoin
(the most widely used storage network)? A natural question that came up many times in the past.
So
@turanzv
and I have done the exploratory work to showcase what it takes to build a DA on Filecoin (not ez)!
🧵👇
Why couldn’t all the DA/execution split designs run on arweave or filecoin?
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0/10
@arbitrum
announced Stylus, the next-gen programming environment based on WASM for Arbitrum One/Nova. With Stylus, users can deploy contracts on Arbitrum with Rust, C, C++, Python, and more. And I feel ppl should be talking about this more👇👇
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Nowadays, whenever I see trust/security risk around data sources for a protocol, whether on or off-chain data, I'm inclined to throw in SGX and call it a day.
Is that SGX-alignment?
Did I become SGX-aligned?
Is that even a thing?
Did
@socrates1024
turn me into SGX shill??
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An optimistic universal co-processor for Ethereum:
Like an optimistic version of
@RiscZero
, which can be also seen as either a zk-coprocessor (with storage proof) or an universal zk rollup.
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When ur lending protocol desperately needs positions liquidated and have to drop a message in TG group to get more searcher attention.
👀 👀 👀
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I'm hopeful for a future where the reason for LPing into an AMM pool is not JUST for added token incentive + future airdrop opportunity.
WHAT IF....JUST WHAT IF
LPing could be a fundamentally lucrative activity.
Just imagine that...for now ;))
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1/x
@Sota_Web3
@AstarNetwork
Great chatting at the Astar X VC event yesterday. Here some thoughts around Japanese web3 scene, some challenges, and what I am looking forward to...
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TLDR: A validator was missing 3 % of the attestions. Turns out that the p2p comm was not broadcasting attestation efficiently. So it had to raise the peer count by double (100 to 200) on Teku.
If some validators are already missing attestations due to inefficient p2p and have…
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1/512 Went through
@aztecnetwork
's RFP for its attempt at MEVA + "PBS", and it's truly fascinating. Great works by
@jaosef
Here is how it works and how I think about it, added with some problems/suggestions 🧵
Aztec is being created as a decentralised network.
It's design, code, and operators are shaped by it's community.
@aztecnetwork
has launched an RFP for a key part of the network design - sequencer selection.
Anon - will you answer the call?
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All the research workshop videos are OUT!!
Come and grab em if you missed it during
@EFDevconnect
Just putting all together here to the post with video links 🔽
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Thanks to all who came to our Next Gen DEX day to jam on orderflow segregation (
@0xQuintus
), solver's barrier to entry (great discussion
@hal2001
), toxic flow (
@0xdoug
), optimistic clob (
@aori_io
), app specific sequencing (
@SemanticLayer
) and private solver DEX (
@aztecnetwork
),…
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1/33 Many bridges suck, but there are ways that they can suck less. Some are attempting to do exactly that with..cough cough..zkbridge. So I wrote up a piece about how bridges suck in different ways from the lens of trust-minimization.
🎯Some brief takeaways from my article:
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This is CoW Swap's off-chain component managing the order book, selecting the solver solutions, and batch settling the solutions on-chain.
One question I had is if
@CoWSwap
has any plan to run the driver/order book on a more computationally verifiable or tamper-proof…
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今回は日本のビルダーと研究者達に会えて楽しかったです！
また次の機会にMEVのイベントがあれば会いましょう！
リクエスト通り、僕の臨時に作ったpptをこちらでシェアします。
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Primer to my recent piece on Trust-minimized Middleware!
Where I discussed:
1. Meaning of 'trust-minimization'
2. Why zkBridge is NOT YET trust-minimized
2. How to get FULL consensus verification via ZK light client
Let me take you down the trust-minimization rabbit hole 🧵👇
Seen many talking about trust-minimization this & that, some even calling it a useless term. Here is my piece on what trust-minimization ACTUALLY means and why it matters, FIRST on Consensus Verification & Bridging. Down the zk light client rabbit hole.
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When I first saw
@blairlmarshall
's OFA and private txs report, I was surprised to find how rigged private txs actually are, albeit unintentionally so; they often fail to fulfil many of their promises. For example,,,,
1. "Accidental" frontrunning on private txs, that supposedly…
🚨Frontrunning protection doesn't necessarily mean you won’t be frontrun.
Looking at a 60-day sample of public and private txns revealed some users who sent their txs privately incurred more slippage than those who sent publicly.
Why? 👇
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Let's talk distributed block building , let's talk MEV👍
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.
@mikeneuder
has been shipping articles crazy lately.
Plz give my PC's RAM a bit more time to catch up so I can close the chrome tabs in time for the next piece.
happy wednesday :-) sharing a short doc™ – "Inclusion lists: execution, consensus, & engine spec overview."
this doc tries to:
(i) convey the relative simplicity of the changes,
(ii) highlight the decision points of the design.
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One step closer to verifiable Minecraft with ETH as the underlying in-game currency 😳
The Future of Verifiable Computation Is Coming
We're launching R0 zkVM 1.0, the world's first production-ready general purpose zkVM, to enable a future where you can prove anything and verify everywhere.
A future where zero knowledge is universal.
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Aztec's decision on the sequencer design is out! Leaving the prover market of B52 to be out-protocol & potentially enabling MEV-Boost type of implementation is fair.
Def should read the report by block science. The most thorough report on sequencer analysis I have ever seen.
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Just arrived in turkey. Will be staying until 24th.
Looking forward to meeting u all at our workshops. And feel free to hit me up👍
(Pretending to be Aztecian for few days first)
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A: Visualize the orderflow supply chain you think we have on-chain today.
B: Okay, I am visualizing.
A: Triple the complexity of that and you still don't get the full complexity of orderflow supply chain that we have today.
B: ...
Excited to share a new Flashbots blog post and dashboard illuminating Ethereum’s order flow market.
Links below!
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Running a Lighthouse consensus client on a
@CelestiaOrg
light node.
Geographical diversification of consensus client LFGGGG.
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If you are a block-building and incentive-mechanism-connoisseur, you should check out 7+ block production scheme proposals on
@aztecnetwork
's Discourse! Super interesting stuff.
Other ZK rollups, perhaps even OP ones too, have much to learn from this.
Here is a TLDR of them👇🧵
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I cannot agree more.
Shared Proposer is more accurate than Shared Sequencer.
And I have been secretly calling it that. But hopefully we can align on this with more ppl.
@jillrgunter
Don't call yourselves a shared sequencer if you don't like the resulting acronym 🙈
For what it's worth, I am petitioning to change it to shared proposer (PS) anyway. Much more accurate!
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Turning SNARK transparent via list polynomial commitments:
Sth to munch on in case you are wondering what other ways to make transparent SNARK.
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TEE is a tradeoff that makes sense.
Plz don't take away my TEE 😤
Great post by
@socrates1024
&
@0xQuintus
must read post from
@0xQuintus
and
@socrates1024
, addressing many arguments/misinfo against TEEs.
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Ethereum observability is improving thanks to the great work by
@blocknative
.
For anyone monitoring on-chain data, should check out
It's cool stuff
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MEV workshop deciphering solver psyops
OH2: "Da Quintus of da Ordaflow will devise a panel to restore order for PBS 👀"
cc.
@0xQuintus
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UniV4 will turn what it was a pure composable DEX into an Ecosystem (more customizability).
Here is why it's beneficial to build projects on UniV4👇
TLDR: Projects maintain a large governance surface with its hook + ecosystem boost (e.g build on ETH vs SOL) -> real DeFi 2.0?!
1/ Today, we’re announcing our vision for Uniswap v4 🦄
We see Uniswap as core financial infrastructure & think it should be built in public with space for community feedback and contribution.
An early implementation of the code can be found here:
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So basically hackers deposited to Oasis. Jump asked Oasis to coordinate and stole the money back via proxy contract upgrade done by Oasis. Amazing. But also, scary stuff if you really think about it....
SCOOP: Jump Crypto $140M better off after turning tables on Wormhole hacker.
Via
@smyyguy
and
@JonRiceCrypto
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Overview of major MPC protocols and their theories/ implementations:
Quite good for anyone curious to learn about MPC and perhaps try implementing one.
Bunch of bitwise operations ;))
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Sony chain incoming 😲😲😲
Wonder all the MEV (Music Extractable Value) and MEV (Movie Extractable Value) on that chain 😲😳
Probably the biggest announcement we made so far. I am extremely excited to announce that Sony is going to make Sony's blockchain together with
@StartaleHQ
, a spin-off company from
@AstarNetwork
through the joint venture between us. This can be the game changer in web3, and here…
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So far, the biggest take imo from the is by
@hasufl
on the need for L2 PBS.
It is true that the current sequencer is following the same old path of PoW miners having a global authority (validating + sequencing) on a particular block.
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4
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Biweekly chat again here!
Today, I and
@DanielVerilog
will be talking with
@awleckss
from
@fuellabs_
to discuss
@sway_lang
, the language powering the future of modular blockchain!
Set a reminder for the upcoming Space! FUEL is coming!
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Finally done with
@EFDevconnect
!!
Fortunately our first Fenbushi Research House and the workshop series went very well thanks to all the amazing ppl who attended and shared their insights at our workshops.
Looking forward to jamming with you all next time 👍
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Is liquidity fragmentation across rollups a problem or a feature, esp for major rollups already hoarding millions of liquidity in the space?
Users may enjoy having seamless atomic composability across chain via shared sequencing. That's cool.
But rollups who achieved sizable…
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Amazing stuff. Now everyone can see where their blocks are flying to and from.
This will be a game changer for anyone looking to start block delivery service via pigeons, especially useful for covering long-tail routes 👍
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Finally we are talking about cap raise for eth validators.
Ppl might think this somehow has a centralizing effect, but the reality is far from it.
Full nodes != validators, and there are only around 5k+ synced full nodes running 600k validators on Eth.
Also...
Benefits:
- allows for fewer validators
- could let rewards more easily compound
good move or bad move?
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MEV and ETH accelerationism have been funded.
We are only going faster.
Looking forward to works coming out of PBS foundation 👍
It's great to partner with
@VitalikButerin
,
@Coinbase
,
@Consensys
,
@paradigm
,
@UniswapFND
, and Flashbots to fund the PBS Foundation, dedicated to spearheading research on proposer-builder separation (PBS) and providing infrastructure support for those committed to PBS🔥🔥
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"The main result is that for higher system security guarantees, the cost of checking should be low, TVL should be high and the number of validators should be as low as possible."
Honestly, didn't know the game theoretic analysis of rollup validator incentive was this fun. Def…
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This is coming from
@sonynetworkcom
😲😲
This post is essentially asking the community how Blockchain could be a social infra in the future..
I'm shook
Crypto adoption in Japan incoming ?!
／
ブロックチェーンが社会インフラとなるには？
＼
インターネット以来の革新的な技術ともいわれるブロックチェーン技術⛓
現状の課題もいろいろ見えてきています。
みなさんはどんな開発の進展を期待しますか？
詳しく分からないけど投票結果を見てみたい！という方もぜひご参加ください🙌
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0. Today
@_prestwich
published an article about issues he found on LayerZero, which became a heated discussion on whether such issues are even considered "vulnerabilities" as
@PrimordialAA
claimed. Here is why I think it's a vulnerability and why it's important for ALL LZ project
Hello, today we are disclosing two critical trusted-party vulnerabilities in the LayerZero smart contracts. These issues allow the LayerZero team to completely bypass the Oracle and Relayer for most applications (including stargate).
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What if private RFQ starts giving you "points" instead of MEV rebates?
Would ppl like that better?
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Never presented a workshop in Japanese so...please forgive my ugly Japanese...
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12/x ETH restaking: EigenLayer
@eigenlayer
proposed ETH restaking extends the Ethereum security to many more middlewares who used to rely on their own token for crypto-economic security, which can be quite vulnerable.
EigenLayer - What is it good for? This is a thread that explains the underlying elements of trust in the
@eigenlayer
network and how they can be put together to create powerful services with customized decentralized trust models.
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All proposals are
explorations in itself. There is NO REASON to blame or bash anyone for exploring a possible path for ETH.
EF researchers put forth many proposals. Most of them do not actualize, but each delivers a lesson on pitfalls we have to avoid. Same for ETH issuance...
The burden of proof for why Ethereum shouldn't change is not on the community.
The community doesn't need to "make a counter case".
Like a defendant in court, it doesn't need to say anything.
It's the researchers and devs who have to prove their case beyond any reasonable…
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Japanese MEV event anyone???
Will be in Japan next week. Looking forward to meeting up with Japanese protocol devs 👍
MEVのイベントを開きます。
EthereumにおけるMEVについて
@Ethereum_jp
から私、エンジニアの
@_ywzx
、
@fenbushi
から
@ballsyalchemist
が登壇し、概要や問題、解決策などをお話します。
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Txs forcing to L1 on
@aztecnetwork
by
@HerskindLasse
:
1. Emergency escape hatch approach has spamming issue that allows sequencer to exploit the hatch and compete with users
2. crList prevent such exploit but will require protocol level updates...
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Japanese Corporate Involvement in Crypto/Blockchain Development is next level insane.
Can't fade Japanese crypto scene. Lots to look out for in the coming few years esp with all the regulatory changes.
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🥂 to our comrades
Finally done with
@EFDevconnect
!!
Fortunately our first Fenbushi Research House and the workshop series went very well thanks to all the amazing ppl who attended and shared their insights at our workshops.
Looking forward to jamming with you all next time 👍
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MEV workshop on PBSing rollups and prover coordination problem 😉
MEV workshop is monopolized by the Lord of Ordaflow
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Japan, I am coming...back!
📢We’re happy to announce Yuki Yuminaga (
@ballsyalchemist
), Research & Investment (Investment Director) at Fenbushi Capital(
@fenbushi
) as a speaker at WebX this July in Tokyo!
#WebX2023
#web3
#japan
Covered by
@Coin_Post
@CoinPost_Global
Details👉 …
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Execution tickets may actually drastically reduce missed slots.
Large % of the missed slots to date (40-60%) are caused by inactive proposer who truly missed the slots (not reorg). I am suspecting this is due to the surge in network load by becoming a proposer, whose network…
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0/128 Have heard of somewhat critical views on Flashbots over a few months. And in light of this article that I stumbled upon, I wanted to share what I see is missing from many arguments around the bearish case for Flashbots and why I am looking forward to SUAVE.
Finally pushed out this research piece on Business Models in MEV on
@theBlockcrunch
. Expect insights on
1. Why Flashbots is bad biz today
2. How it can be good biz tmrw
3. Emerging trends
4. Concluding predictions
TLDR - a thread
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Gonna be a fun and roasty discussion around the problems of integrated builder and implications of recent findings around ToB dominance 👍👍
Come join for some roasty roast 🔥🔥 🥵🥵
Twitter Space
📄MEV Roast : The threat of integrated builders & ToB market
🔊We invited
@malleshpai
&
@maxresnick1
from
@specialmech
@thegostep
&
@ankitchiplunkar
from
@FrontierDotTech
⏰ Aug.21st Monday
7-8am PST
10-11am EST
‼️ Set reminder now 👇🏼
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FHE should be a coprocessor.
And I am pleasantly surprised to see someone trying that idea.
On Chain Auctions, but
🔒 P 🔒 R 🔒 I 🔒 V 🔒 A 🔒 T 🔒 E 🔒
New research x hack from myself and
@Janmajaya_mall
We set out to create a good model for shared private state; and we've built an FHE co-processor on Aztec.
Everything remains PRIVATE
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What if you can have app-specific sequencing for your dApps without building a whole rollup?
🫡
Exactly
I think shared sequencing is cool / generalized MEV solution or intent solution is cool
But there is a missing piece in app-specific sequencing solution to make the entire supply chain more developer centric & ultra optimized!
Stay tuned for
@SemanticLayer
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Just imagine
@dankrad
throwing out the rollup-centric roadmap of Ethereum out the window.
That's gonna be fun
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That's sophisticated.
Gotta be careful stalling anything even for your job...
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Congrats to
@fede_intern
and
@thisisrj
on getting everyone aligned 🎉🎉
1. We're excited to announce that we've raised $2.6M in our Seed Round, led by
@Lemniscap
, to enable developers to access affordable and fast proof verification for all proof systems.
Aligned Layer helps Ethereum become a better, faster and cheaper settlement layer for validity…
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Will be a super fun discussion around L2 bridging. Drop by and enjoy some spicy talk 😉
Layer 2 Day panel highlight
Featuring
@ballsyalchemist
@0xPeterK
@0xJim
@Jskybowen
@colludingnode
The topic will be L2 bridging 🌉
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This is a super exciting development from
@RiscZero
Full consensus verification, with the help of RiscZero zkVM, comes miles closer to reality than it was half a year ago.
With the rollout of Zeth, we may see an OP stack type of iterative experiments down by projects on top…
Why is Zeth a Type 0 zkEVM?
Zeth can prove all aspects of Ethereum, from every EVM opcode and EIPs to the block construction itself
We're able to accomplish this because Zeth was built by reusing major parts of reth and revm on top of the RISC Zero zkVM
🧵 3/8
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ETHTokyoの日程が決定しました！コミュニティ主導のEthereumハッカソンです。
スケジュール確保を忘れずに✅
ハッカソン2024年8月23-25日
カンファレンス2024年8月26日
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Let's remind ourselves that we do not live in a perfect economically-driven game-theoretic world.
There are always many more things that could go wrong regardless of $ security on paper.
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Also, don't think this article is any sort of refutation of restaking
@eigenlayer
. But it does make the point that restaking could lead to projects attempting to leverage eth social consensus in a long term.
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Finally in HK now 👍
The weather reminds me of London tho lol
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I have been working with the Sorella team since its early days and had a growing conviction that Sorella will become the go-to solution for
1. Users constantly seeking better swap execution
2. LPs optimizing for better yield
3. Solvers aggregating more high-value flow
AND
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I designed this LP pool in a way that it will make you bid for the opportunity to even buy the token.
It's not PFOF, it's not OFA, it's an auction of the purchase right😉
1/ LP sniping punishes early LPs
I designed a solution at Flashbots' "Next Gen DEX Day" with
@ballsyalchemist
&
@dex_chen_V
and wrote a quick piece.
TL;DR: Auction off the right to arbitrage and distribute the bids pro rata to LPs to compensate them for their mispricing risk.
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@toghrulmaharram
Trustless bridge has been resolved internally by Ava Labs (by redefining trustless)
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Finally, here are some thoughts on crypto-infra space for 2023 and beyond. Open to any questions and opinions👇😉
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