MEV and The Merge:
In PoW Ethereum, miners developed private endpoints that allowed them to receive transactions from bot operators who optimized the ordering to extract value.
The game changes in PoS. Why?
I finally worked out how to explain ZKRs to my mum.
Layer 1 -> The bus has room for 50 people, 500 want to get on, a longer line means higher ticket price for everyone.
ZKRs -> The bus costs $100, it can fit as many people as possible. More people makes it cheaper for everyone.
Nope, I won't shut up about DeFi Pooling on
#StarkNet
.
IMO it's the best way to provide truly scalable DeFi access to users who are priced out of
#Ethereum
and other L1s (like Avalanche... ahem).
A truly global, democratized financial system!
Specialized hardware for generating ZK Proofs won't harm decentralization.
Decentralization comes from anybody with a cheap computer being able to _verify_ the proof.
ZK Proofs have Ethereum security because they are verified on-chain, not because they are generated on-chain.
A call last week with a traditional company on their NFT minting options.
Them: What's so special about ZKRs?
Me: It's cheaper (per NFT) for you to mint 600k NFTs than it is to mint 300k NFTs
Them: 🤯🤯🤯
Minority view: I think
#StarkNet
going for Cairo instead of EVM was worth it just for the benefits of Account Abstraction.
The masses want self-custody but are scared.
Account Abstraction done right can solve this.
Examples:
Got this in my DMs
"StarkNet gives me the same vibes as Ethereum in 2015 or Uniswap in 2019 paradigm-wise"
I love it.
L3 over StarkNet fractal scaling 🤯
Real game logic on-chain 🤯
Tx costs going down with more usage 🤯
With
#StarkNet
, when everybody is trying to transact at the same time, everyone wins!
More transactions in proof, per transaction cost 📉
Less transactions in proof, per transaction cost 📈
L1 can be most expensive when you need it the most
A reminder that in ZKRs, the Prover does intense computations off chain. Only the Verifier lives on chain. And because of the magic of ZKRs, N computations can be verified in ~log(N) time. Scalable! It is L1 level security since the Verifier is an autonomous smart contract on L1.
People are excited today but don't forget that also:
👉👈 0.12.1 in a few weeks will charge for failed txs
👉👈 0.13 in Q3 brings Volition, with SIGNIFICANT reductions in tx fees
👉👈 0.14 in Q4 brings fee market
👉👈
Ethereum compatibility doesn't need to mean EVM compatibility.
There's a huge difference.
ZKR bulls need to understand this.
This is not just a StarkWare thing.
I think CT is ~3 months away from understanding this.
iykyk
Let me dispel a myth: StarkNet *can* co-exist with Layer 1 DeFi *without* fragmenting liquidity. It's called DeFi Pooling and it's awesome.
⭐️Liquidity lives on L1
⭐️Real DeFi on Ethereum
⭐️Affordable gas for anyone (a $10 trade now makes sense with gas fees)
Very, very rough *back-of-envelope* math to see the scale of verification of STARKs on Ethereum:
1. Subtract 1 from the # of digits in the # of txs
2. Multiply by 1 mill
h/t
@EliBenSasson
(Varies based on ZKR vs. Validium, types of txs, overhead for each proof, etc.)
If gaming is the next frontier for blockchains then I don't think I can be more bullish on StarkEx L3s going forward 🚀🚀🚀
Verified on StarkNet
Secured on Ethereum
Validium DA optionality
App-specific proof frequency
You're a hobbyist and you're scared to learn
#StarkNet
#Cairo
?
Let's go through all 17 challenges from together on Twitter over the next few weeks.
There's no need to know any cryptography.
For beginners only! (Experienced coders can just read the docs)
Why is zk the end game?
Because each additional transaction lowers the transaction cost for everyone else.
It’s the only way to have economies of scale in a decentralized world.
🤙
#StarkNet
in one sentence:
As blockchain throughput scales up, most of the effect will be shouldered by the prover nodes (which could run on dedicated hardware, like miners), whereas the verifiers, which would constitute most of the nodes in the network, would hardly be affected.
Recursive STARKs: in addition to proving the correctness of transaction execution, we also can prove (off-chain), the correct execution of a STARK verifier that verified the proof. The on-chain verifier running time is now shorter by orders of magnitude.
h/t
@OhadBarta
Gas prices reached 8,000 gwei during the Otherdeed mint.
In contrast, with STARK proofs, the per unit gas cost goes down with each marginal transaction.
So, ironically, everybody benefits from a big mint!
As a result, in production: sub 10 gas per mint for 600k NFTs🤯🤯🤯
@yugalabs
who can I speak to on your team?
IMO the correct answer is:
#StarkEx
with Validium Data Availability (although tbh why not Volition)
Benefit from
#Ethereum
security (and community) without the high gas costs
60m NFTs (incl.
@Sorare
@Immutable
)
160m txs
<10 gas/mint
We're sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.
@philipliao_
@epolynya
StarkNet will be fully decentralized. We said so in our initial roadmap, and many times since. We're well ahead of our timeline, btw.
Just a reminder that
#StarkEx
v4.5 was just released and now supports Volition
Users can now, at the per-transaction level, decide whether DA is on-chain or Validium
😎😎😎
Why am I so excited about the future of Validity Proofs?
⭐️EIP-4488 can cut verification gas costs by ~80%
⭐️Recursive proofs improve efficiency logarithmically
⭐️Specialized hardware (moonshot)
⭐️Sharding will make DA super cheap
⭐️Fractal scaling 🤯
🚀🚀🚀
Who are the large $APE holders, besides VCs and team?
Tag below!
It's a DAO proposal and vote, we need to find large $APE holders, and propose to the community to get
@yugalabs
on
#StarkEx
, an
#Ethereum
ZK-Rollup Layer 2.
For all those non-crypto teams at
#nftnyc
asking what
@StarkWareLtd
is.
You can mint NFTs with
#ethereum
security for close to $0 (directly on Ethereum this would be ~$60, although it's hard to say exactly)
You can also work with our colleagues
@Immutable
, who use our tech
Not sure if this is a contrarian view or not, but it is clear to me that the majority of new users onboarding to L2s in 12 months will never pay L1 gas fees.
They will onboard directly via CEXs and fiat onramps.
Rough numbers:
- 135m transaction on StarkEx
- Average gas price of 60 gwei
- On average, 250k gas saved vs. doing the transaction on L1
That's 2.025m ETH saved in tx costs vs. doing this on L1!
h/t
@rimonl
Why does the Burn Leaderboard call it "StarkWare", and not "Starknet"?
(Well actually, Starknet appears a few rows down in two separate entries:
1. The StarkGate bridge
2. The Starknet Core contract)
Answer:
This row is pointing to the contract address for SHARP
Shamir secret sharing is probably the most simple, yet elegant, protocol I have ever encountered.
It underpins many applications, including none other than STARKs.
I will be representing
@StarkWareLtd
on this Twitter Spaces event in 4 hours!
All are welcome to the call - not just crypto natives.
I'm very excited to see
@opera
release a mobile browser wallet on
#L2
$ETH!
Tomorrow we will speaking with
@opera
and
@StarkWareLtd
on the future of
#DeFi
and what the first ever mobile browser wallet on
#L2
$ETH really means for all users 🙌
Make sure you have your reminders set👇👇👇
I just noticed this on LinkedIn.
@Mastercard
adding merchants like
@Immutable
isn't a big deal; they do it every day.
But their CEO posting about it *is* a big deal imo.
Prices might be in a bear market, but I don't think adoption is.
ORUs are not going to fail because of the 7 day dispute period.
Can we please stop with this fud.
Liquidity providers running an L2 node and L1 node will gladly provide instant withdrawals for a negligible fee. As adoption grows, this fee will get cheaper.
A neat method for speeding up the time for generation of STARK proofs: Recursive STARKs
How does it work?
1. Break up the transactions to be proved into n batches, batched sequentially.
2. Then, generate a STARK proof for each batch.
3. Recursively prove these proofs.
@TrustlessState
I disagree that Starknet is the "least Ethereum-aligned" L2.
@Starknet
uses technology that has settled over $1T in cumulative volume on
#Ethereum
, has secured over 120 MILLION NFTs on
#Ethereum
, and has settled over 600 MILLION transactions on
#Ethereum
.
It's also worth adding
Insane.
Back of envelope math: let's say this is ~8 million mints (assuming 50TPS sustained for 2 days)
Roughly speaking: Ethereum has recently processed ~8m txs / week.
Yet, this is ONE app on ONE StarkEx instance, getting to the same number of transactions in 2 days.
Bullish!
This means that block producers can use their existing Ethereum nodes without any upgrades, since the consensus nodes for PoS live separate to the execution nodes.
This is mind blowing imo.
"Our end goal is to provide the best scaling solution for Ethereum, and we strongly believe, based on our strong understanding of both EVM and how to build STARK systems, that you are far better off, in terms of scaling, if you use a different virtual machine, and ours is Cairo."
We are hiring for the Business Development team at
@StarkWareLtd
!
This is a great opportunity for somebody with a STEM background, and passion for the blockchain industry, to maintain their existing skill set whilst focusing on external engagements.
Prior BD experience is not
Why I'm bullish ZK Proofs: you can achieve both inclusive accountability (anybody can run a node) and true scalability.
It's inclusive and scalable, because nodes are verifying proofs, not individual transactions.
🎉🎉🎉
I still get frustrated trying to explain that
@StarkWareLtd
opted for
@CairoLang
instead of some sort of Solidity zkEVM *precisely* because the goal is to scale
#Ethereum
Will be obvious to the wider public in a few months if it’s not obvious already
It would be a Validium appchain running as a Validity Rollup L2 on top of
#Ethereum
The advantages are clear:
- Confidentiality (no insto is using a public block explorer where any shmuck can see all your trades)
- Cheap tx costs due to recursive proofs and shared proofs
Math-heads, you’re in for a treat.
Introducing Circle STARK 🔵
Over the past three months, we’ve worked in collaboration with the Polygon Labs team on a new blazingly fast STARK protocol.
Today, we are proud to announce a ground-breaking mathematical advancement:
✨
A
Interview with
@mrjasonchoi
,
@ukolodny
and
@EliBenSasson
Topics:
Why ZK-Rollups are the future vs. other Layer 2s
Starkware vs. Optimism vs. Arbitrum: who wins?
Can Fast Layer 1s like Solana compete with Starkware?
Roughly one third of ETH net burnt since the merge has been in the past week.
-57k in past week
-183k since the merge, 234 days ago
Bull market flywheel will be insane
So
@StarkWareLtd
employees are opening issues on a community initiated and community maintained Cairo book, in order to learn the language.
Remarkable.
I'm just finishing up Cryptopians, I highly recommend the book for anyone on CT.
Key takeaway: it's all about the culture.
ETH succeeded *despite* the early backstabbing.
I'm so bullish on <redacted> because the culture within the team is so great. And good banter too.
🚀🚀🚀
What people forget is that
@avnu_fi
is an aggregator. So if they succeed, that means there are DEXs they are navigating to that also succeed
Win-win
Yalla
You guys are absolutely amazing! 🤯
In just three weeks, we have doubled our traded volume from $50 million to a whopping $100 million! 🚀
Your support has been instrumental in our rapid growth, we can't thank you enough for that 🫶
The best is yet to come 💫
You don't need to know cryptography to use Ethereum
You don't need to know cryptography to use StarkNet
You don't need to know cryptography to write in Cairo
How can transaction ordering be done in a democratized and "equitable" manner?
PBS (Proposer-Builder Separation)
The Flashbots team has proposed an architecture with three parties:
1. Builders
2. Relayers
3. Validators
Starknet 0.12.1 will include reverted transactions in blocks.
This will provide a huge UX improvement since to date the sequencer has been processing reverted transactions, but was unable to include them in blocks.
This is also one of the benefits of Cairo 1 (or just Cairo). It
It's getting to the point where it's quicker to get an answer from the StarkNet community in Discord than it is for my colleagues to respond on Slack.
Bullish.
(Or bearish on my colleagues 😅)
The first thing to mention is the unbundling of Ethereum. Each block has two components: the execution layer, and the consensus mechanism. In the transition to PoS, the execution layer doesn’t change. What changes is only the consensus mechanism.
.
@StarkWareLtd
and
@MakerDAO
are partnering to enable the minting of
#DAI
on StarkNet. This is a *big* deal.
Engineers are paid competitively to work on this.
DM me, or email maker
@starkware
.co, if you are interested.
A new proof has been submitted.
Proof of reserves updated.
(No third party auditor required. Just code. If the system shuts down, you claim your funds via
#Ethereum
)
OK, I will be at NFT NYC.
Who should I meet up with?
Would love to talk all things
#StarkEx
,
#StarkNet
and
#L3
#StarkEx
stats:
⭐️~60m NFTs minted
⭐️184m transactions
⭐️$600bn trading volume
⭐️$1bn TVL
All secured by STARK proofs, verified on
#Ethereum
We can't overstate how clean the user experience is with the built in account abstraction of
@Starknet
. No approvals, just the thing you wanted to do in the first place.
Testnet links coming shortly. Mainnet as soon as we get 0.12! Last day to vote:
First release of
@nethermindeth
's Warp:
"Warp brings Solidity to StarkNet, making it possible to transpile Ethereum smart contracts to Cairo, and use them on StarkNet."
@VitalikButerin
: "The NFT ecosystem may well grow too big for one single rollup to handle safely"
@StarkWareLtd
: hold my beer.
Proven in prod that you can mint and trade for sub 20 gas (ask
@Immutable
and
@SorareHQ
)
No 7 day withdrawal period (which is extra sucky with NFTs)
We need to move NFTs onto the layer 2 ecosystem to cut fees. However, doing that *right* requires good cross-rollup portability standards, so the ecosystem can avoid getting locked into one particular L2.
I make a cross-rollup portability proposal here: