Reef
@0x_Reef
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propaganda orchestration | building @eoracle_network . —art is everywhere—
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Pinned Tweet
Is launching Airdrops a self-set trap? the Trojan Horse Dilemma for Builders 🧵
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1/20 EVERY CYCLE, we see major breaches. 💣
We usually consider these single points of failure only when it’s too late. With this being the first major breach of the cycle, here is who's next:
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Coordination at scale is what made us the dominant species.
If blockchains are one continent and the real-world is another, then:
@eigenlayer
is the engine
@eoracle_network
is the manufacturer of planes
OVSs are the airline companies
Ecosystem players are the pilots
This thesis leads to Solana: Maximize throughput of globally replicated state.
————————
Our thesis
@eigenlayer
is blockchains are interesting BECAUSE they allow apps to make perpetual credible commitments.
————————
Therefore, maximizing the *throughput*, *flexibility* and
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Ethereum is great
@VitalikButerin
I have been told that I need to "do less philosophizing and do more ethereum bullposting". Hence, here is an ethereum bullpost, courtesy of stable diffusion 3 inpainting + gimp.
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watched
@EthereumFilm
on cinema,
It was a mixture of inspiration, cringe & sincerity
starred by the chief panda
@VitalikButerin
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Optimistic > Pessimistic Approach | any day.
In many ways... Optimism sounds like a sales pitch, while pessimism comes off as helpful advice. weird right?
I've seen pessimism not only more common but also perceived as smarter. yet, I hold a different belief..
In my line of
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If someone ever asks you: why you're in crypto?
just send him this:
yes, the market is down, and yes, sentiment changes constantly, but it's all noise. Crypto is making a change!
on a personal level, It's a privilege to work with talented individuals from Nigeria who are
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@hmalviya9
With over 70% of tokens distributed via airdrops are sold within the first week of receipt, its clear new solutions are needed. New methods will be introduced soon - stay tuned 👀♾
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5/ Signs Were Clear already in 2020. 💀
In 2020, Uniswap's airdrop had 50% of recipients selling within 24 hours. In 2024, airdrops are still here...
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game-changers in the form of marketplaces:
@Uniswap
for liquidity provision
@Airbnb
for hospitality
@Uber
for transportation
@eOracle_network
for data & computation
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@howdymerry
Ironic how we've centralized our 'decentralized' discussions. there are actually novel oracle solutions quietly disrupting the status quo. perhaps the real innovation isn't on stage but in the products being built beyond the conference spotlight 👀
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lil piece of advice
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who’s down to have fun while revolutionizing the space?
The eOracle Community Leaders Program is live! 🚀Ready to level up, earn bounties, and make your mark? Details here 👇
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Fiat and commodities simple value transfers—fueled the economy worldwide.
eg; buying soda for $2 at the grocery.
However, they fall short for value-allocation commitments; “if you do X, you get Y”
Value-allocation commitments enforce truth over trust, transforming how we trade
Credible commitments: enforcement
(Part 1)
———————-
AKA why we believe it’s possible to build humanity’s coordination engine
@eigenlayer
———————-
When you build up a system of commitments, the key question is “who enforces the commitments” or “how can you be sure” that the
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4/ Airdrop Farming: The Enemy 🐴
Just as the greeks hid soldiers within the wooden horse --> exploiters create multiple personas to hoard tokens, undermining the main purpose of fair distribution.
WE'VE BEEN SLEEPING ON GUARD.
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the way we handle responses every day shapes our future. no matter what one's profession is.
breathe
regulate --> reflect --> respond
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7/ Standing at the Crossroads:
With the pitfalls of airdrops, a pivotal question emerges: HOW can builders avoid these traps and cultivate true, lasting engagement?
One approach could be:
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13/ It's Time --> Avoid the Trojan Horse Trap.
By realigning incentives and focusing on real-users turned stakeholders, we all can nurture robust ecosystems.
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12/ Idea Turned Reality
This isn't just a theoretical concept.
@eoracle_network
is implementing this Merit-Based Token Distribution:
A metrics-driven mechanism ensuring ownership goes to those truly committed to the oracle's success.
Now, back to the antique analogy:
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Rain for the infinite garden
—> ♾️🌧️☀️🌈🪴🆙
EigenLayer = The Universal Staking+Slashing+Rewards Infrastructure for all networks with or without a token
A breakdown on how it turns Ethereum into a super dynamic & game theoretic marketplace👇
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2/ When Free Tokens Backfire 🧨
Like Troy accepting the wooden horse --> offering free tokens invites opportunists seeking quick profits.
Research shows over 70% of airdropped tokens are dumped within a week, crashing prices and harming genuine investors.
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1/ Airdrops: Strategy or Self-Sabotage?
Builders, are we, like the Trojans, inviting hidden dangers into our own projects under the guise of strategy?
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3/ Spectators, Not Participants.
Research found that less than 10% of recipients engage in governance. Most have no intent of contributing—they're in it purely for free tokens.
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times change, but the hunt for those who challenge the status quo remains the same
- Pavel Durov is sadly 2024's scapegoat
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Airdrops are like a university giving free textbooks to anyone on the street-It creates a crowd, but most books go unread.
The real value?
Giving them to those genuinely eager to learn and contribute, offering them a seat in the classroom
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Ironic how we've centralized our 'decentralized' discussions.
When the same voices dominate year after year, we're not just recycling ideas; we're recycling our problems. (ahm, ahm --> the oracle problem)
True progress requires diverse perspectives and a willingness to
the reason why panels suck is that they’re organized by folks who don’t understand the tech, who use chatgpt to prepare vanilla non-sensical questions because they don’t grasp how to question nuances in the tech and practical user dynamics
the conference treadmill is fueled by
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9/ A Practical Idea:
What if oracles distribute tokens to dApps & Rollups; those who genuinely depend on the oracle services for their seamless operation?
Well, Few Benefits Will Follow:
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@VitalikButerin
@balajis
highlights the delicate balance between protecting privacy and ensuring communication freedom...
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6/ Misaligned Incentives: The Achilles' Heel.
We SHOULD NOT Ignore the Data; research confirms airdrops fail to create sustainable ecosystems. Short-term focus undermines decentralization.
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8/ Redirecting Tokens to Actual Stakeholders.
Distribute tokens to those who genuinely depend on your protocol's success, like dApps/Rollups that rely on essential services such as oracles.
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In the age of digital autonomy, attention is the new currency, and data is its valuable translation. When few entities control this currency, our freedom is threatened.
We can't allow the ownership of data. Solutions must arise.
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Food for thought
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I don’t know what you want
I don’t know when you want it
I don’t know why you want it
so I’m not going to tell you what to do with your money.
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20/20 Let this thread serve as a prescription for Chains and dApp developers to build the future of DeFI more resilient, transparent, and secure. 🌐🔐 Peace.
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It’s been an absolute pleasure to work with
@eOracleGuru
for the past year.
Building in Web3 for over 7 years now, it’s time to share some hard-earned lessons.
Here’s my 2 cents: 🧵👇
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10/ 1⃣ Aligned Interests & Active Governance:
Stakeholders need your protocol to operate smoothly. By holding tokens, they have a vested interest in its performance and are more likely to engage in governance decisions that impact their operations.
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16/20 Decentralization is not binary. If 0️⃣ is centralized and 1️⃣ is decentralized, we must get as close as possible to 1️⃣. Oracle networks vary on this spectrum, and dApps must identify blind spots and seek the most trustless solutions.
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11/ 2⃣ Tokens in the Right Hands:
Ownership rests with those committed to the ecosystem's health, fostering sustainable growth and reducing the influence of bad actors.
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The next step of shared security 👇🏽
EigenLayer’s new security model - AVS Perspective
Shared security just got much more mature! With EigenLayer's latest security model, the future for sustainable shared security is much more viable. In this post, I'd like to cover what this recent change means from the
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13/20 Cryptoeconomic-security allows a new approach for oracle infrastructure. Addressing issues in the most monopolized sector in crypto and, so, decentralizing power away from middlemen monopolists.
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6/20 A single point of failure can manifest in various ways; this time, an attacker compromised a multisig, but it could also result from bad management by the team..
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8/20 Most don't want to spend time and look into what is happening under the hood - “This CEX / oracle service has been working for the past six years, so why should I care?”
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confidence is an enhancer drug: when luck is in play, it brings incredible things; when luck is tough, it takes you down the rabbit hole.
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14/ Your Move, Builders.
How will you innovate incentive models to avoid self-sabotage? drop some ideas and thoughts below
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14/20 We all want the same; that the complicated and modular systems of DeFi would make sense. So, we tell ourselves stories to fill in the gaps, creating blind spots.
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4/20 Say 'David' is familiar with the slogan “Not your keys, not your coins,” yet he wants to use a CEX because it's easier.
”This exchange secured Billions of $$ and was never breached.” So… WHY NOT?
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@chainyoda
It's a bit like trying to decipher whether a particular dish is kosher or not—everyone seems to have their own idea for what's acceptable...
but, um, yes, I'm with Vitalik & you on this one like three peas in a pod.
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10/20 When builders trust that tomorrow = yesterday They believe their oracle will continue to provide precise, secure data flawlessly.
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17/20 However, the existence of solutions isn’t enough; we must apply them to prevent issues before they occur.
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9/20 DeFI users depend on exchanges, and dApps depend on their oracles. So, who’s next to be doomed?
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@eoracle_network
@VitalikButerin
One doesn't need a mega-brain to understand that using Ethereum's trust system is a no-brainer.
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18/20 Each of us MUST ask; what if tomorrow isn't the same as yesterday? What might the consequences be? Could they be avoided?
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1/7 What if a single ad could change the fate of a brand forever? proof-of-concept. 👇
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In predictions; when centralized companies can't outpace everyday users with AI, decentralization will be inevitable.
For example, if one could easily feed AI all the soccer game footage of the world, easily - and let it predict future outcomes, the advantage of centralized
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In the pursuit of good, we sometimes walk through fire
What good means if there was no bad?
❤️ Thanks everyone for your support and love!
Last month I got interviewed by police for 4 days after arriving in Paris. I was told I may be personally responsible for other people’s illegal use of Telegram, because the French authorities didn’t receive responses from Telegram.
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3/20 What is 'Appealing Fiction', and why are we doomed to keep losing funds if we don’t pay attention?
'Appealing fiction' is a comforting narrative we hold onto, even if it might not be entirely true.
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15/20 If an oracle isn’t transparent about its data aggregation and validation, why would we trust it? We need LESS TRUST ASSUMPTIONS.
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merit-based ownership distribution; the endgame for protocol growth
1/ When you think of oracles you automatically think Chainlink. A well earned synonymity. However we have an opportunity to add transparency, price efficiency and direct network ownership by diversifying outside of the stalwart. Let's discuss eOracle (built on EigenLayer)... 🧵
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Time of the
#Ethereum
oracle
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12/20 (Had to VS Choose to) — > Two years ago, dApps and chains HAD to choose two-years-ago-solutions. Now, there are new innovative CHOICES:
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7/20 Infrastructure issues are often ignored until they break. DefI Users fall for 'Appealing Fiction', but so can well-educated dApp developers.
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