Jon Charbonneau 🇺🇸
@jon_charb
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Co-founder @dba_crypto | Co-host @UCC2_xyz | 🦖 | Lower-case r researcher | A joke in the Ethereum inner circles
Manhattan, NY
Joined January 2022
This is THE definitive deep dive on Ethereum’s ambitious roadmap. Special thanks to @dankrad for your insights and review!. AND we made an exception to open-source this . Give me an hour of your time, and I’ll save you months of work . Enjoy.
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@VitalikButerin gave us An Incomplete Guide to Rollups. I present The Complete Guide to Rollups :) . Ok not quite but gud meme. Enshrined (FINALLY), sovereign, smart contract, recursive… I go deep their tech + economics. Ya it’s long, but tons of memes.
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Imagine being Mark Cuban rn. Just absolutely humiliating yourself and selling out for nothing. Lmao.
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oh man. i ran the numbers & the $ value of SOL staked actually just passed ETH staked
If we just explain to Trump the importance of ETH’s high economic security for securing his tokens, I’m pretty sure we can get him to launch his next project on ethereum.
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Make Ethereum Great Again. Make Ethereum the World Computer
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Crypto as Harry Potter characters:. 1) Gary Gensler = Voldemort
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Called it: Every subnet will eventually issue its own asinine token and try to cannibalize AVAX (except they won’t pay a penny back to Avalanche, unlike rollups which will pay tons of fees back to Ethereum) 🤡 lmao
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This is the complete guide to:.- Sequencer decentralization.- Shared sequencers .- X-chain atomicity.- MEV-awareness for rollups.- Where SUAVE fits in.- Decentralizing proving.
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My favorite speech at SBC was no surprise - @VitalikButerin’s Decentralizing the Builder Role. I break down and analyze distributed builders. Huge thanks to @VitalikButerin @sreeramkannan @bertcmiller and @thegostep for your review and input!.
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Plausible sequence:.- SOL flips ETH .- We all realize nobody is special, it’s just tech.- SOL gets flipped.- Race to 0 of L1s which provide increasing value to the world but whose tokens capture decreasing relative value.- BTC is king.
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It’s on Polygon.
Tomorrow, most eyes in America will be on Polymarket, an app built on Ethereum. Pretty darn cool.
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yea so this is definitely the most based talk of the week
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just one more modular vs monolithic post bro. i promise bro just one more L1 vs L2 and it'll fix everything bro. bro. please just one more. one more post and we can fix this whole problem bro.
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WE’RE ALL BUILDING THE SAME THING. - ETH based rollups + preconfs. - Synchronous composability from lazy shared sequencing (eg Astria) + ZK (eg AggLayer). - Async execution (eg Monad & Solana). - Timing games, execution auctions, & APS.
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In case you couldn't tell by my twitter feed, I've been looking at MEV lately. This is my first MEV report of possibly several I plan to do ahead . It gives a lay of the land today, how we got here, and looks ahead.
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Don’t take seriously ppl drawing definitive conclusions based on Ethereum L2 fees rn . 4844 is awesome, but the pricing data rn is literally meaningless. Anyone’s guess what it looks like as it stabilizes. Stop over promising bc Mert is gonna bookmark you & ratio in a few months.
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I analyze the endgame for:.-Proof-of-stake (PoS).-Liquid staking tokens (LSTs).-Dual governance.-Proof-of-governance (PoG).-Restaking & PEPC. I reconsider their merits from first principles & push back on popular notions including economic security .
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sorry but gonna say something unpopular. ethereum community would benefit from better taking in & building on critiques. there's a tendency to act like the democratic party after losing an election . just call everyone who didnt vote for you racist, or say any critics own SOL.
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This is a detailed functional Ethereum model including long-term roadmap items. Flexible to easily run any scenarios/timing (eg, when 4844, danksharding, rollup data compression rates, staking rates, fees, MEV burn, issuance, etc).
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remember when the ETH people dismissed SOL because “it’s all just driven by a bunch of memecoins, we do real finance”.
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the coordination to keep shipping major upgrades to a decentralized network that secures ~$1 trillion will never not be insanely impressive.
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In the most confusing mix possible, managed to:.-Disagree with most Ethereum people.-Agree with @aeyakovenko .-Agree with @apolynya .-Still bullish ETH (NFA @ Gary).
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You’ve been asked for a real-world non-speculative use case for crypto
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Recently found out that crypto Twitter ghost writers are much more common than I realized for founders and VCs and such. In hindsight this makes sense bc ik some of y’all are way too dumb to write what I’ve seen you tweet.
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@nic__carter Trying to gaslight the people who are personally actively being unbanked into thinking they’re not being unbanked is a wild move lmao.
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L1 & L2 TOKEN VALUE CAPTURE. New post on:. - Measuring profitability for tokens.- Is issuance a cost?.- Do L2s have better economics than L1s?.- PoS vs PoW value accrual.- Are L1s and L2s overvalued?.- Can anything flip BTC as money? .
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dankrad actively posting again lately with unfiltered takes is the best development for ethereum twitter in a long time.
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one annoying thing about being in crypto is you’re often unsure if someone is gaslighting you or they’re just very stupid.
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Reflections, ramblings, and advice after a year in crypto.
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EIGEN is finally here, and it unlocks huge new innovation!. The whitepaper introduces EIGEN as the first “universal intersubjective work token” . That’s a mouthful so let’s explain it simply….
Introducing the Eigen Foundation, EIGEN token, and Season 1 Stakedrop!
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Ethereum’s strength is also its weakness. It’s ambitious vision means it’s competing with everyone a little bit . It needs to lean into its unique and defensible moat - accumulated L1 state . Make L1 Great Again
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TRUMP > TREMP. but. BODEN > BIDEN. & . BODEN > TREMP. My operating theory has been that this is because Biden has 0 rizz, and thus needs to be memed. Trump is the ultimate meme of a human, & thus any derivative meme is necessarily below the original. Efficient meme pricing here.
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Quick personal note - today’s my last day @Delphi_Digital Research. I’m incredibly grateful for the entrance to crypto they gave me this year & the opportunity to work alongside some amazing people!. Excited to continue driving crypto forward for years to come 🫡
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State of Ethereum Twitter influencers:.- Bankless is not pro-Ethereum enough.- It’s good if smart people with non-consensus opinions are pushed out of Ethereum.- It’s not bad when Ethereum projects go launch on Solana instead
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stop what you're doing right now, go bang your head against the wall, and kill some brain cells to make sure you're able to keep up with how stupid 2025 is gonna be.
If meme coins are the way, maybe I’ll issue one. With a twist. Same terms as $TRUMP . 20% float. Same release schedule. One difference. All the revenue from the sale of the coins go to the US Treasury. The wallet address will be published so everyone can track it. If.
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Why ETH should be worth more than SOL:. - SOL is ahead on many metrics atm, but it has not been proven over time. Its outperformance is driven largely by a handful of highly speculative use cases. It’s unclear that these will last into a bear market. Many competing chains are.
what are the strongest arguments for why ETH should be worth more than SOL?. especially if solana keeps pulling ahead on all metrics.
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If ETH doesn't scale L1, Bitcoin probably eats its lunch on L2s. Teams like @AlpenLabs are already building ZK rollups & @StarkWareLtd exploring settling there now. Only gets better w/ future Bitcoin upgrades. Then Bitcoin has settlement, decentralization, & better money in BTC.
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Everyone is talking about the merge, but what does it actually look like? . And how will Flashbots' MEV-Boost soon play a huge role in Ethereum? Quick thread
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Watching the SEC get smoked on this is gonna be the most satisfying thing ever
SEC WAGING CAMPAIGN TO CLASSIFY ETHEREUM AS A SECURITY: FORTUNE. Source: DB | Coins: ETH.
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Bankless Summit is one of the best crypto events I’ve ever been to. Y’all should watch the talks after they’re up (or if it’s being live streamed idk).
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Americans: “omg is it safe to go to Paris there are riots”. *goes to Paris, is beautiful*. *returns to New York:
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If you asked someone to write an Onion article about L2s yesterday I’m pretty sure they would’ve written exactly this.
Introducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins. We’ve raised $20m from @Paradigm and @StandardCrypto to build the L2 that helps you earn more. Details on how to get early access at the end of the thread👇
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ethereum refocusing on L1 execution shouldn't be seen as a pivot from L2 centric roadmap. its the realization that a better L1 is simply better for the L2 roadmap.
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this is the last thing you see as a BTC ETF issuer
LOWER: BlackRock has just cut the fee on its spot Bitcoin ETF to 0.25% (and 0.12% for the first $5b). They really going for the jugular here, looking to crush the others bf they even born, just brutal. ARK has also cut to 0.21%. Bitwise curr low at 0.20%. Terrordome life.
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I am now bullish on ETH.
I am no longer a dot eth. Perhaps some day those in leadership roles will realign with the community but for now, I am out . Deep down, I truly hope Ethereum succeeds. Good luck.
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I am reaching the surprising conclusion lately that Twitter is not in fact an effective platform for engaging in constructive debate.
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A BITCOIN L2 THESIS. - Why BTC L2s unlock a bigger market than ETH L2s. - Why security will matter more for BTC L2s than ETH L2s. - Why trust-minimized BTC L2s are realer & coming sooner than you expect. - Why @Strata_BTC will fulfill this vision & make BTC even better money
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Grab your popcorn as two of the biggest gigabrains 🧠 around finally get together. Filming next week on @PodcastDelphi - @dankrad from @ethereum and @jadler0 from @CelestiaOrg get into the nitty gritty of the exciting modular stacks being built. Some of the topics we’ll hit 👇
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the more time I've spent on proof of stake, the more I've come to appreciate many aspects of proof of work.
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Larry Fink is on CNBC this morning bullposting tokenization of everything and a coming ETH ETF. Meanwhile Cramer is screaming that Bitcoin has topped. If you need to ask anything else you can’t be saved.
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#1 thing in crypto I’d like to see progress in 2025 is privacy . For development, usage, and regulation. Privacy is a right.
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This needs to be a wake-up call to the Democratic Party that their elites no longer represent most citizens. They do not want war, open borders, censorship, child harm, anti-innovation, or identity politics. They want a fair & open race to nominate a new type of candidate in 2028.
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My entire 401k had been in Vanguard funds for the past few years. Sold all of it today
My thoughts on Vanguard gating access to spot bitcoin ETFs?. Here you go. A move like this simply doesn’t resonate in 2024. Financial services industry continues moving *towards* greater accessibility & investor empowerment, not away. via @joelight .
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Cobie is giga bull posting and his account is no longer private. Higher.
Bitcoin is going to be the #1 asset by market cap in existence on planet earth. It becomes clearer with every asset that it flips. The target is clear: we dethrone gold.
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working in crypto is so fun. easy to forget this isnt normal at all, just step back and look at what you're doing daily vs some soul-sucking normie desk job.
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Firedancer is coming to Ethereum L2. The best tech will be everywhere.
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We're gonna win so much, you may even get tired of winning. And you'll say, 'Please, please. It's too much winning. We can't take it anymore. Mr. President, it's too much.
@jon_charb Sol won.
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It's out!. I asked @dankrad and @jadler0 about @ethereum, @CelestiaOrg, and everything modular. Both projects are spiritually aligned in their focus on scaling without sacrificing on user protections. Notes and takeaways below👇.
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seeing lots of bad inflation takes. putting this back out there. happy holidays 🫡.
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- Everyone hates ETH, L2s are dead. - Everyone max bidding ETH beta lately, but ETH barely moved. - Restaking & related airdrops will inject massive amounts of capital, ETH is central. - Celsius been dumping. - ETH ETF narrative t-minus a few hours. Missing anything?.
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New post is LIVE!. - LST design considerations, including the LSM & ETH variants . - LST market structure & incentives across ecosystems. - How @stride_zone offers the leading multichain LSTs . - Unique @CelestiaOrg LST considerations. - Why stTIA is modular money 🧱
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It’s interesting seeing how often real things get glossed over in crypto when they don’t fit the narrative. Prediction markets + Trump NFTs are the talk of CT today again, but never see discussion that they’re both on Polygon . Imagine the manlets if they were on Solana.
.@Polymarket (on @0xPolygon) on Bloomberg. Have to appreciate degeneracy going mainstream. 💪🔥.
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Just dropped my first report @Delphi_Digital! . I took a deep dive into valuing the top L1 native assets. What makes number go up, and does it even matter? . What are these things - equities? commodities? bonds? money?.
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L2s aggressively pushing L3s is a strategic business move rather than a scaling one, and one that Ethereum L1 should be cautious of the power dynamics.
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Kyle is right here. Unpopular opinion - this is why AggLayer is prob more valuable to solve fragmentation than any type of based/shared sequencing/preconfs/etc. #1 value of sequencing layer is ability to easily & permissionlessly spin up a reliable, secure, decentralized chain.
@PhABCD You definitely will still know there are multiple chains. Wallets go out of their way to show you multiple chains! These assets are not fungible!
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many such cases
One thing i worry about is whether all the apps which decide to launch their own chains just end up being generalized smart contract chains eventually — especially given market seems to incentivize this. Seen similar w/ Sei and Injective but not LR good idea.
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I agree that SOL will probably flip ETH eventually, unless Ethereum goes back into wartime mode. I hope that Ethereum does go into wartime mode, because I think it will be better for the entire space long-term, Solana included.
Reasoning By Analogy With Kyle Samani. Kyle Samani of Multicoin Capital–a fund well known for its Solana bags and focus on DePIN–joins The Gwart Show! Today, we discuss Solana's potential to overtake Ethereum, the future of DeFi, token economics, and the emerging DePIN sector. We
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agree Eclipse is obviously positive for Solana. its just also clearly positive for Ethereum, & ppl have a hard time reconciling “wait how can it be good for both?????”. fair argument who “wins more” on relative basis, but neither is the loser here. it’s not one or the other
seeing awful takes about Eclipse, an SVM based ETH L2 and how this is "bad" for Solana. pls don't fall for such non-serious comments. this is extremely bullish for Solana. this is open source software, if it's as great as we say — it'd be much more concerning if it *werent* being.
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Ethereum does not have a marketing problem, it has a product problem. A marketing agency can’t help a company that doesn’t have internal agreement about what their core product even is. We need to be straight with the shortcoming if we’re going to improve it.
honestly it just continues to be a massive marketing /comms problem for Ethereum in which Solana people have projected their roadmap/goals onto Ethereum and then get enormous traction pointing out how Ethereum fails against that roadmap with zero pushback from ETH leaders. .
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Encrypted mempools as a tool for MEV & censorship. This post is largely built around @drakefjustin's great presentations on the topic (links in post). They're pretty complicated (at least for me), so I tried to break them down simply then expand a bit .
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Recent months will likely prove to be very positive longer term for Ethereum, its L2s, & ETH. They’re not going away. First time in a long time that the crazier views & narratives from the past few years were forced to reevaluate . Valuable reminder that nobody’s won anything.
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Not scaling L1 broadly has two ETH value accrual flaws:. 1) Identical L2 activity that could’ve otherwise happened on L1 accrues strictly less value to ETH as a %. 2) Less net value will be transacted in the whole Ethereum L1+L2 ecosystem. Will explain both:
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Why SOL should be worth more than ETH:. - Solana is now consistently leading the entire Ethereum L1+L2 ecosystem in $ to token holders (REV) and $ earned by its apps. - Solana is gaining new users, developers, and apps faster than the entire Ethereum ecosystem. - SOL’s higher.
what are the strongest arguments for why ETH should be worth more than SOL?. especially if solana keeps pulling ahead on all metrics.
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sorry but saying "L2s are ethereum" is as logical as saying "tesla is california" a few years ago because they were headquartered there . obviously tesla is not california, which is why they picked up and moved to texas when they had enough of californias shit.
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A person I have known for more than ten years, who I consider trustworthy, is convinced the BTC ETF will shortly be rejected. I don’t know anything concrete, but if I were exposed, I would be concerned.
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America will be the global leader in crypto once again. New York is its capital
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I rest my case
@domothy Actually defining what Ethereum is intended to be/solve, how, then everyone focusing/rallying around that vision. Kyle is correct imo that Ethereum has lacked a North Star, that’s why we end up with stuff like the whole L1 being mostly ignored for yrs.
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