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researcher // based rollup maxi // intern @taikoxyz
Ethereum
Joined February 2021
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Okay, CT is really toxic about the whole ETH vs SOL debate, I'm too sometimes, but who doesn't have biases.
So here are 7 random takes about each, starting with ETH:
- Rollups without fraud proofs are pointless
- We burn the base fee because there is nowhere else to put it,
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Let me tell you why ETH memcoins aren't pumping
There is a portion of the ETH supply called "retard money", it changes hands as degens play around with memecoins
A month ago Blast had the brilliant idea of locking up this "retard money"
So now there is nothing to gable with
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Vitalik has talked a lot about multi-proofs recently, but a lot of people still don’t know how they work and why they are needed
So in this thread we will explore multi-proofs and how
@taikoxyz
is implementing them for their upcoming Alpha 6 testnet
🧵👇
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Big red flag for Base RPCs 🚩
It seem's like there is some kind of private order-flow going on at
@friendtech
I whipped up a small script looking at the starting price of new users and well ... see for yourself
🧵👇
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I'm happy to unveil ✨ EtherGPT ✨
I've noticed that it's getting hard to keep up with all the technical things happening in the Ethereum ecosystem
So I've built a custom GPT with knowledge scraped from research forums
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I have nothing against Starknet, but how the fck is it trading at a 30 BILLION valuation?
Just compare it with these FDVs:
Starknet: ~30B
Arbitrum: ~20B
Optimism: ~17B
Polygon: ~10B
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Here is a smol drawing I made comparing rollups with centralized sequencing to based rollups like
@taikoxyz
Hope this helps the visual learners understand it better 😇
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We often hear that “L2s fragment UX and liquidity”, while this might be case today, it won't be in the future
In this thread we will explore Based Booster Rollups (BBRs) and how they solve fragmentation
🧵👇
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Starting to get bullish on
@eigenlayer
restaking
So far the best use case I have seen is pre-confirmations for based rollups like
@taikoxyz
Just imagine having a rollup with 100ms pre-confirmations without a centralized sequencer
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In about a month
@taikoxyz
goes to mainnet, the best part:
We won't have to hear "L2s will never decentralize" from the altL1 cabal again
Permissionless sequencing/proving from day 1, and guardian provers to gradually move away from multisigs
The future of Ethereum is bright
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We always call out the Solana crowd for stuff, let's do the same in the ETH eco
Aevo is:
- running on a centralized sequencer
- without proofs
- using external DA
This is anything but decentralized and they gain absolutely nothing by being an "L2", other than narrative
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You may not believe it but ETH tech has improved by 10% today
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I have seen a lot of confusion about rollup sequencers and people calling L2s inherently centralized
So in this thread, we'll explore rollup sequencing and the different ways it can be done
🧵👇
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Thinking about running a validator with just 1 ETH?
Well, pretty soon, you will be able to, with
@divastaking
🧵👇
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I think more wallets should focus on gas abstraction
It's such a pain for users to manage gas on 10 different chains
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I think the “Solana is way cheaper" narrative will shift quite soon after 4844
Here is a dashboard by
@ufukaltinok
showing that the median fee paid by real users is around $0.03
I expect a ~10x fee reduction on L2s after Dencun, with that we are getting pretty close to Solana
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A short summary of rollups:
𝗔𝗿𝗯𝗶𝘁𝗿𝘂𝗺: Most popular
𝗢𝗽𝘁𝗶𝗺𝗶𝘀𝗺: Good vibes
𝘇𝗸𝗦𝘆𝗻𝗰: First zkEVM and state diffs
𝗧𝗮𝗶𝗸𝗼: Security and no centralized sequencer
𝗕𝗮𝘀𝗲: The coinbase chain
𝗠𝗮𝗻𝘁𝗮: Ducktaped modular ponzi rollup
𝗦𝘁𝗮𝗿𝗸𝗻𝗲𝘁: Most
Everyone wants to reward long term users and avoid mercenaries...
Bruh... if you are the 69th undifferentiated rollup, the 420th perp dex or the 42069th Aave fork - your entire long term is six months!
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This marks a pivotal point in Ethereum's history
Taiko is going to be the first L2 with permissionless sequencing & proving
All the years spent working on the rollup-centric roadmap are starting to pay off
Dear Taiko Community,
We are beyond excited to announce that after two years of hard work, the Taiko protocol has been deployed on Ethereum mainnet! 🥳
Let's look at how you can start exploring Taiko today:
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These people are beyond stupid
"this ponzi is even worse than luna"
what’s going on over on Solana?
exit pump into hyperinflationary deathcrash?
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@0xMert_
@osmedoc99
*16
But doesn't matter :)
I wrote that 90% of validators are subsidized and not 90% of the stake, that number is true.
You know the chain better you could probably whip up a script in 5m to check it.
Btw here is a script showing how many validators have less than N delegated
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I love when people say that this is misinformation when I put in the time to fact-check the numbers so I don’t just makeup things.
Could I worded this thread differently so it sounds more favorable to Solana? Sure.
I didn’t say anywhere that it’s wrong to do this kind of
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I'm thrilled to announce that I'm joining
@taikoxyz
as a community advocate!
I've become a big proponent of based rollups recently and I believe there is no better way to spread the ethos of permissionless rollups than with them.
Excited to collaborate together 🤝
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i see a lot of people talking about how L2s are parasitic to the L1 and how 4844 has ruined the value accrual mechanism of ETH
some have suggested tweaking the blob base fees (me included), but now i think we should wait for peerDAS and gather more data before modifying anything
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5/ There are two senarios
- Either friendtech is using an RPC that is selling mempool data or using them to extract MEV.
- The whole thing is an inside job and the team is running an RPC that is extracting MEV.
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How is this only 38%, I don't see how the SEC could deny the ETF at this point
Someone enlighten me pls
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anyone who argues that ETH is dead because of a *checks notes*
0.7% inflation is a fcking clown
yes 4844 lowered the burn thus making ETH net inflationary but it also made L2s at least 10x cheaper
that being said, I think it would be a good idea to tweak blob base fees
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Ok I'm going to say it if no one will
WE DON'T NEED MORE USELESS L2s
If you aren't innovating in speed/security you shouldn't be building an L2
Why would you use or build on an L2 that is run by a shady CEX or some ponzi grifters?
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you may not believe it but ETH tech has improved by 11% in an hour
devs are cooking
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It's so frustrating that CT always finds something to criticize L2s about
Rollups like
@taikoxyz
will slowly prove these critiques wrong, again and again:
- They are centralized -> Based sequencing
- UX is bad -> Booster rollups
- Multisigs can rug you -> Multi-proofs
Not
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It makes me so happy to see all of these brilliant minds working on based sequencing
Bit by bit we'll move away from centralized sequencing into a new paradigm with better interoperability, liveness, and censorship resistance
The future of Ethereum is bright
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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Can someone pls explain to me how Manta is valued at 2.3 BILLION dollars?
What did they actually innovate other than tease airdrop farmers with a token and emass a tone of TVL?
Am I missing something?
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Just imagine how ETH price would look like in a future where based rollups dominate and all the MEV flows back to the L1 just to get burned
You aren't bullish enough 🚀
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I know it's getting hard to differentiate all of these rollups, so here is the answer to
"bro why Taiko?"
🧵👇
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Mainnet is here pretty soon and
@taikoxyz
will have:
- a permissionless multi-proof setup with SGX/ZK
- a permissionless set of sequencers run by L1 builders
- guardian provers so we can gradually move away from unconditional upgrade multisigs
So not all L2s are the same
the audacity of L2 people to say Solana is centralized will never cease to amaze me
L2s in their current state: mostly no proofs, are permissioned, fully centralized sequencers on AWS
Solana in its current state: over 3200 synced globally distributed full nodes
ok
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Serius question to BTC maxis, what are "bitcoin youtubers" talking about?
Like on ETH, there is always new stuff being built and new upgrades to talk about.
Are you just talking about how high the hashrate is or when is the next halving?
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@mvdiggs
Your question was "How much self-stake do you need to 100% bootstrap and join the active validator set?"
That means you use your own money and not delegations.
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@0xGoldenDegen
Not sure if you know what SQL is but you should probably check your sources before posting
The query you were looking at tracks how many users used the L1 bridge (since Dune doesn't support Starknet)
The actual daily active addresses count is more like 30k
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@pseudotheos
Yeah, it's getting kinda frustrating
There are rollup teams working to securely scale Ethereum and they have a hard time attracting users, and then you have stuff like Manta creating a rollup out of ducktape and attracting a billion in TVL in a few weeks
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Banger
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Now that we are past 4844 and fees are cheap, L2 critics will shift to centralization
Would be a shame if a rollup were to launch with permissionless sequencing/proving within the next few months
Hint: it's
@taikoxyz
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If this isn't a long signal idk what is
@TheFlowHorse
ETH has given up. Their hope is on the ETF and getting Layer 2s to act as independent financial systems. It’s a ridiculous plan and they’ve become the central banking cartel they claim to be fighting against. It’s a LARP chain.
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I've been thinking a lot about how far we've strayed from the original promise of crypto "banking the unbanked"
Yet, I can't even have a proper bank account, and crypto allows me to save, invest, and spend onchain without apps asking for any of my personal info
If you don't see
@KN0W80DY
@SalsaTekila
I've lost faith in crypto
Don't think it's going anywhere good so it's a bit useless to spend all my time here
I'll still be an observer, would like to see the ship turn around but for now, I don't think it's likely
I might change my mind, you never know what the future holds
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Can we finally stop with the L2 fragmentation stuff
Currently, we aren't in a winner-take-all market so there will be a lot of L1s/L2s, but having multiple L2s is a way better option
There is already stuff being built like
@taikoxyz
's BBR where you only need to deploy once and
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Seen a video on TikTok trying to explain EigenLayer and LRTs to "retail" and jfc, people in the comments couldn't understand shit
All this stuff might sound easy to us CT natives but it is NOT
Have you tried explaining Bitcoin to a family member? Yeah ... try explaining LRTs
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Listen guys geth is a great client, it has kept Ethereum going for ~10 years
But it's about time we get the fck off it, at least a large portion of the network
Just imagine if something like this were to happen to it
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See that the Layerzero growth intern has been working hard, but I don't think this is good for the L2 ecosystem.
What L0 is doing with their OFT standard is creating an "omnichain" token on each rollup, this allows you to bridge between chains without the needing a liquidity
*LAYERZERO INTRODUCES OMNICHAIN TOKEN TO MOVE LIDO’S WSTETH ACROSS AVALANCHE, BNB CHAIN AND SCROLL - THE BLOCK
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Just had a meeting with the
@taikoxyz
team
The next few weeks are going to be crazy, L2 szn is just getting started
Stay tuned 👀
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Can someone give me an explanation as to why we need L3s?
I see absolutely no use case for them
Maybe something like an L3 with a centralized sequencer settling on a based rollup for faster block times until based preconfs
But other than that why?
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honestly, may is going to be the most exciting month for ETH in a while, we are getting an ETF and the first L2 that isn't running on an AWS sequencer
tradfi buying our bags 🤝 L2 critics shutting up
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Why is everyone associating rollups with the single sequencer model?
Just because that's how things work right now doesn't mean it will stay the same
For example,
@taikoxyz
has none of the issues mentioned here because it inherits L1 liveness
So a rollup ≠ single sequencer
L2s make Ethereum *more fragile*. This becomes especially clear during a time of crisis
For example, consider an L2 liveness failure for an L2 (ORU or ZKR, doesn't matter) that has 20M users. The sequencer stops proposing blocks for some indeterminate period of time
Assume that
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An underrated factor of the Ethereum community is how much we value permissionlessness
We have started with permissoned staking designs and then
@Rocket_Pool
came in and allowed anyone to run staking infra. And now they have one of the largest and most passionate community in
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Really good video with Justin about L2 fragmentation
He explains how shared/based sequencing works and how rollups can atomically compose with each other
Ngl this makes me so bullish on
@taikoxyz
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Now that
@taikoxyz
is live it's time to make the network permissionless
Starting today ANYONE can sequence/prove blocks, check out the docs if you are interested:
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turns out that running rollups on AWS isn't the only way to scale Ethereum
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For those unaware, the high fees on Optimism are caused by EVM congestion and NOT by blobs getting more expensive
This chart shows that fees paid to the L1 haven't changed much, not saying they won't but right now this isn't the case
aaaand Optimism fees are already 10-100x higher than 12h ago even though blocks are 80-95% empty
"cOPE is AlReADy StARTiNG"
never go full clown
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After looking at the most popular rollup designs the one that stood out to me the most was
@taikoxyz
Here is what you need to know about them
🧵👇
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@0xMert_
1. I'm not saying that it's a problem, my issue is that you were comparing how many nodes ETH vs. SOL has but the data is propped up because you are incentivisinnode operators.
2. Calling me a liar because I recalled incorrectly? But ok here is base doing 492 TPS:
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✨WE GOT PEER DAS IN PECTRA✨
By the time blob pricing starts to kick in we can increase blob count to maintain low fees
This is going to supercharge L2 scaling
about pectra:
eof is in (!)
eip 7702 (replacement for 3074) is in (!)
peerdas is in
maxeb with EL triggerable consolidations is in
bls is in
eip 7549 attestation refactoring is in
they're also trying to do history expiry
eth devs are going to try and do it all
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To clarify a few things in this post, this is because
@taikoxyz
is a based rollup
Unlike most rollups, there is no centralized entity giving out preconfs and periodically posting batches to the L1
Because of this txs on the L2 are only confirmed when they hit the L1, which is
.
@Taikoxyz
currently pays an insane onchain cost of almost $1M per **week** even with blobs, and with only ~358K txs, or around ~$2.50 per L2 tx
for comparison, every project except Scroll pays <$60K per week
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It's here guys! 🎉
After a few days of hard work, I can finally unveil the...
MEV Burn Dashboard 🤖🔥
The interface showcases how MEV burn would affect Ethereum's monetary policy. With some other useful things.
If you have 5 minutes check it out! 👇
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here is a short demo showing how based preconfs will work on
@taikoxyz
in the future
click send, wait 1s, and receive a preconf
this is starting to look like web2 level of UX
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Few chads know this but
@taikoxyz
will be the FIRST rollup where anyone can permissionlessly run a prover/sequencer
I’ll post a tutorial about the testnet setup process as soon as we are done with internal testing
Aaaand then onwards to mainnet after 4844 is live 🚀
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I love when people say that "L2s fragment liquidity"
I believe that blockchains are a winner-take-most or even winner-take-all market, in that case, there won't be much fragmentation.
If it's not, there will be many L1s and you are in an even worse place.
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An ENS where you can send any token on any network and it will auto sell it for ETH and send it back to your wallet
Would save me a lot of time when cleaning up wallets
Who is building this? (if no one I'll just do it myself lol)
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Okay, just read bit about
@divastaking
, they are awesome.
Will do a thread if anyone is interested.
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I think more projects should start airdropping their tokens to solo stakers
Most people running validators are neck-deep in the Ethereum ecosystem so they will be sure to give the project a try
This is also a good way to filter out farmers because most people aren't running
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There is a reason why ETH is used as gas on L2s
It's the only permissionless store of value in the ecosystem
If you want to use USDC or any other token for gas use something like paymasters
who's creating an L2 with USDC as the custom gas token? want users to just have to have USDC for making txs
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"Direct integration with Reth to enable real-time proving of blocks."
You know what this means?
✨Synchronous composability across multiple based rollups✨
This is currently the biggest roadblock in rollup fragmentation, and it's about to get solved
Our plans:
- Integrate more Riscv32 ZK-VMs.
- Extend the pipeline for Wasm ZK-VMs.
- Direct integration with Reth to enable real-time proving of blocks.
- Modularized architecture to integrate mutichain block proof.
Get ready for real-time proving-enabled rollup finality!
17/
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Ethereum is giving us a decentralized sequencing layer and your rollup is still using a centralized sequencer on AWS
ngmi
Ethereum L1's vertical integration:
✅ settlement
✅ data availability
🆕 sequencing
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Lost yield? Staking is meant to secure the network it's not just a yield farm
And how is this capital inefficient? The bridge is meant to secure the assets on the L2, it's not the personal hedge fund of the Arbitrum DAO
Jfc we really going to create another Luna?
2.4 Mn ETH is locked in rollup bridges (2% of total ETH supply). At the current 3.6% staking rewards on Ethereum, this results in a lost yield of 83k ETH (USD 170 Mn at current market prices) which is capital-inefficient
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I think the JUP claim shows that current infra isn't ready for thousands of TPS, even if the chain is fine
Wallets aren't indexing, can't transact on apps, etc...
Tho I'm sure a single centralized sequencer would also break under this traffic
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Will be interesting to see how many of these L2s pivot back to native DA as it becomes cheaper
Remember you aren't a rollup if you use external DA
Today we are excited to announce that Aevo L2 has migrated to use
@Celestiaorg
underneath ✨, the leader in modular data availability.
This comes ahead of our upgrade to become a broader, open ecosystem of DeFi protocols and applications.
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Guys, did you know you can bridge any LST or yield-bearing stable to L2s?
Why the fck do we need a ponzi L2 to do that?
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@0xGoldenDegen
Nahh, you are engagement farming with inaccurate data then you ditch responsibility by saying that your are just shitposting
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Did your L2 have its genesis block proposed by Vitalik?
No? Ngmi
Vitalik proposed the first block on the Taiko mainnet, and wrote in the block: I'm excited to see that Taiko is launching as a based rollup. Ethereum benefits from L2s taking a plurality of different approaches, and I appreciate them being among the first to go in this direction.
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A long answer to a short question
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A big question about Celestia/Avail and other alt DA layers is what are they going to do when danksharding makes DA as cheap as possible
Yes it won't happen anytime soon but eventually it will, and then it will be superior to alt DA layers
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Wow, the LayerZero airdrop is pushing L2 TPS to new highs
We are scaling 🚀
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The reason for the gap?
It's simple, blockchains aren't tech companies. (try valuing a blockchain like a tech company lol)
There is way more at play than just technical specs. Users, apps, devs, stablecoins, lindy, and most importantly moneyness properties are all very
ETH: $365B
SOL: $88B
Tell me why that gap doesn’t close?
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✨ 120 TPS achieved internally ✨
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