nathan.eth
@natxbt
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19 • defi veteran • 100000x dev • 0.00001x angel • founder @xykgroup
Miami
Joined April 2021
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1/
solana poses a large and growing threat to ethereum.
you’re wrong if you believe otherwise bc “haha VC chain offline”.
i can explain why - after following both ecosystems closely for years and talking to 100s of devs & users.
i want the EVM to win. but i’m also not blind.
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25/
i strongly dislike solana.
but it is healthy to put ethereum in the hot seat at times like these.
if we feed ourselves isolated delusions of ethereum being uncontested while relatively failing to serve the normal user, then solana just might win.
thanks for reading!
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keep in mind, normal users represent >98% of ppl.
and they don’t value decentralization, perfect liveness, or “security” over simplicty and convenience (ease of use).
not to mention the insignificant transaction fees on the base chain.
and solana devs KNOW this.
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2/
i’ve always said this but the reason i fear solana is bc their devs generally actually grasp the difficulties and confusion normal users face when trying to use ethereum.
ethereum’s biggest weakness is its relative onslaught of significant user onboarding challenges.
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4/
- high (if not unaffordable) gas prices on mainnet
- extremely difficult-to-use L2s and side-chains, gated by esoteric bridging protocols
- user action feedback on most dapps sucks (was my transaction successful? did i lose my money?)
i could go on for hours, literally.
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7/
meanwhile, eth devs are often far too muddled by echoing silos longing for a maximally decentralized utopia or something similar.
their deeply technical communities are disconnected from the normal user, and they are thereby incapable of creating anything truly mass-market.
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3/
here are a few examples of challenges normal users face with ethereum:
- wallets suck: they don’t work on mobile and barely work on desktop. they’re confusing (what’s the difference between a private key and seed phrase? why do i have to add or switch networks? etc etc)
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10/
but what matters is what the everyday user gravitates to.
the solana crowd is more in touch with reality esp when it comes to product development:
is this very decentralized? no.
is this ethically funded/monetized? probably not, lol.
but could your grandma use this? YES.
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12/
if you disagree but haven’t used solana much, just try downloading phantom wallet and see for yourself.
it’s scary because it almost makes me want to enjoy using solana.
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5/
sure, some normal users will stomach ethereum’s atrocious UX and embark on the unnecessarily steep learning curve required for basic usage (especially in pursuit of financial gain).
but don’t be surprised when many just settle for centralized wrappers around eth protocols.
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8/
eth devs are good at building things that are easy for themselves and those with similar technical knowledge to use and understand.
there is no ethereum protocol that is ready for even close to 1B users. i’m not saying it needs to be ready at this stage. but solana is closer
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9/
ideally, eth’s dev culture wakes up and optimizes for everyday people being able to interface with decentralized protocols directly, relatively easily.
otherwise, when ethereum sees true mass adoption, most “users” will be using cucked tradfi/web2 wrappers around defi/web3.
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24/
so i’m slow to criticize the solana phone.
will it work out? probably not, but they might hit it big on the next thing and they’re clearly already tackling the right problems (mobile usability is IMMENSE).
meanwhile, does ethereum work on mobile? lol, not at all.
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furthermore, they not only ship fast but tend to ship stuff that their users actually WANT.
they (often) run projects in a way more akin to a real company rather than some decentralized collective of remote “workers” allergic to action, drunk on wagmi-flavored koolaid.
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16/
for example:
phantom is hiring Bay Area engineers rapidly and has a big in-person office in SF.
meanwhile, metamask is doing… nothing. well, at least not anything their users care about.
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11/
and i’m not saying that all of solana’s dapps and wallets are easy for the everyday person to use. because they are not.
but projects in the ecosystem generally gravitate towards better usability, because solana builders generally focus on usability more than eth builders.
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18/
i mean, just look at the metamask UI in 2016 and compare it to today’s UI. it’s hardly changed!
meanwhile, phantom ships relentlessly.
there’s a LOT i don’t like about phantom, don’t get me wrong. but it’s all about where end users will gravitate towards.
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17/
metamask is also a company - and unlike many eth projects these days, it isn’t even a dao of discord-native hermits where nothing gets done.
but as a disorganized remote team where almost nothing meaningful or practical gets built, it may as well be.
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13/
simply use phantom alongside a few of the top solana dapps and compare it to using MM with a dapp on an L2/EVM alt-L1 (remember, most ppl can’t afford mainnet and will need to add a network, bridge, etc.) - and do this all with the normal user in mind.
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20/
oh but what about downtime? etheruem has never gone down!
correct, it’s a huge issue.
p.s. - fwiw, ethereum would have gone down in 2017 too if infura didn’t step in during the cryptokitties crisis. decentralization rocks, right?
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it’s almost poetic how the contrast between the way phantom and metamask are run backs my next point which is that from what i have seem, solana teams are generally more focused than ethereum teams and tend to ship a TON faster (BUT DEFINITELY NOT ALWAYS).
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23/
besides, if they don’t value ethereum’s reliability/liquidity over solana’s convenience/usability, then who are we building for other than ourselves?
neither ecosystem is perfect and while i prefer ethereum, what matters is the preference of the normal user.
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21/
oh but what about the vc cartel funding every solana project and every token on solana having a scam total supply and ridiculous allocations for SOL itself and the endless race to dump on retail (aka normal users) etc etc?
yep, terrible. but eth is rly not THAT dissimilar.
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19/
the mm/phantom contrast is one of many example parallels where a solana team is hungrier and more accelerationist than its eth counterpart.
many eth teams outwork solana teams, by the amount of user-desired output produced. but i find the inverse to be more common.
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22/
i don’t mean to diminish legitimate solana criticisms with whataboutisms.
my real point here is that despite all the mayhem in the solana circus (downtime, centralization, vc scam tokens), the practical question is whether normal users care enough to use ethereum instead.
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- Tax filing due October 17
- None of the tax software works
- I have thousands of transactions on countless chains across almost a hundred wallets
Are we all just using manual spreadsheets or what?
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I actually don’t blame europoors for having no work ethic. If my tax rate were 64%, I’d just stay at home and drink all day too
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@aeyakovenko
actually a very good point. querying data on ethereum is embarrassingly difficult and it’s a huge waste of time for devs to wrestle with all these broken solutions (the graph, covalent, etc.). way less data to index in the first place too, like wtf
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i don’t understand why a hacker would, for example, return $200m of dirty funds for a “clean” $20m bounty.
the $20m is NOT clean, and there is no incentive for the protocol to not take legal action after the funds are returned despite promising otherwise.
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creating my twitter circle now, who’s tryna join
will post *actual* alpha there once in a while
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how does one put up an oil rig as collateral on binance? asking for a friend
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@iamstephenyuan
i have. we ethereans are lucky that mainnet is still by far the most liquid chain
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look, another absolutely useless brooklyn-based “.xyz” crypto startup with an equally useless founder, emoji-riddled bio, aneurysm-inducing discord, angel round full of geeked up influencers, an insufferable culture of fake positivity, & a team of “builders” restless to sell out
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- Some of the best protocol documentation I’ve seen in a while. Perfect balance between concise and thorough w/ lots of thoughtful design rationale explanation influenced by in-depth analysis and backtesting
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Well, this is my first tweet/thread. I'm making this account because I haven't been sharing what I'm doing with the world. I should have started years ago, but better late than never, right? (1/4)
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i walked outside just now only to find a random cat on my balcony
it’s >30 floors high, fully screened off from neighbors, and the railing is quite tall
how did it get here and wtf do i do lol
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wait so you're telling me that phantom, solana's biggest wallet, is closed source?
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broke: paying exorbitant gas during a hyped nft mint for some ugly pfp
woke: hedging by longing the gas price on 10x leverage
nfa
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ct larpfluencers as they post a cryptic message alongside a juicy chart, purposely cropping out the ticker and price scale
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at this point someone needs to make a directory site for crypto VCs with a p&d tracker
so when you're researching a new project you can quickly check the cap table to see if there's any funds with a history of scamming involved
like if someone actually wants to work on this lmk
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@DietandFitness0
lots of interesting defi protocols, esp the ones that are really only feasible with solana’s finality, fees, and block time
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@solspacecadet
i believe in the near future, one ecosystem will boast the vast majority of on-chain liquidity. am currently bearish on cross-ecosystem liquidity
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just learned that some people here are actually into femboys and it’s not a meme
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@lemiscate
“Aave protocol is DeFi”
Sure, but do you really think the average user is able to host their own front end?
How are users supposed to know whether an unofficial front end is malicious?
Is grandma supposed whip out the command line and send a custom TX to add margin?
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unpopular take
stop glorifying the tornado cash, lbry, etc devs
it’s THEIR fault for not making larger political contributions
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my bull thesis for the past couple years is simple and has always been predicated on one thing:
i believe the crypto bubble will be worse than the dot com bubble
especially on today’s dollar
>20 yrs ago, cisco alone had a market cap of over half a trilly (more than btc today)
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broke: buying a bunch of mining equipment in the bull market, only to find out you’re no longer profitable when everyone stops using the network
woke: hedging by shorting the gas price on 10x leverage
nfa
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reply with a european company
hard mode:
1) it can’t sell cars or clothes
2) no googling
i’ll start: British Airways
Let’s see if we can make it to 3 replies!
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if u have to ask whether it’s a bear market then it is NOT a bear market
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i think most ppl would be v surprised by how easy it is to grow a website to like 100k-250k+ visitors/month
it takes way more time to get comparable traffic on social platforms like twitter, tiktok, etc imo
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thank you to my 1000 followers for bearing with my decentralization rants. what else should i tweet about?
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if a blockchain is offline, would that make an on-chain analyst an off-chain analyst?
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most people on this app morbidly underestimate the amount of tricks the US gov’t has up its sleeve if they truly needed to suppress crypto and viewed it as an urgent threat to the dollar’s reserve status
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aint nothing more satisfying in life than waking up, drinking a cup of coffee, and taking a fat shit while scrolling twitter
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inb4 the basement dwellers with $500 on mm go “imagine paying taxes lmfao get good”
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there is nothing worse on this planet than spelling favorite like favourite
colour and centre is weird but i don’t let it bother me
but favourite? i wince a little everytime i see it
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tesla would have been better off leaving one of the neuralink monkeys in charge of their trading account
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the whitepaper for
@racksresearch
is done!
i’ve been cooking this with two of the sharpest minds in defi for a minute now (
@0xKinando
&
@0xSoda
)
yield aggregation (and lots more!) is about to change forever
DM me if you wanna be one of the first to read it & give feedback!
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day 4 of canada
it’s absolutely freezing.
you leafs should build a city somewhere down south where it’s warmer.
oh wait. you can’t!
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i hope to one day be the lead maintainer of a large open-source framework/library/etc that critical infra at multiple large organizations depends on
just so that i can troll payrolled engineers literally all day
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pro tip:
hedge your trades with tweets.
for example, if ur going long at 20k, tweet something like “18k soon”
this way, if it falls to 18k, you can retweet your 18k tweet for a reputation boost. if it goes up, you make money and no one will remember your bearish tweet anyway
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i love defi
i’m never turning my back on this space
no matter what happens
i owe everything to it
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Defi is just an exit liquidity attention economy
The most powerful players are the most effective brokers of exit liquidity
VCs, influencers, builders, etc. who can acquire and recycle exit liquidity the most successfully tend to eat first & eat best
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Stop worrying about whether your token is a security and just put pronouns in your bio. You’ll be fine
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@EricCryptoman
@MulChainCapital
it's actually the most genius tokenomics i've seen in a long, long time. i mean if defi is just heading straight towards centralization and weak governance anyway, might as well be blatant about it!
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manfred would have been 28 today.
pour one out for our boy Manfred.
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picture this. a zk proof stablecoin: you have zero knowledge of what’s backing it
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bears are scouring between the couch cushions to try and find tokens to sell at this point
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i gained like 100 followers in the past 10 minutes, guess i'll have to be more active now! also thanks for the shoutout
@ricburton
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easily in the top 5 most critical breakthroughs in crypto we’ve seen this year
defi wallets and cedefi apps will be the most pivotally affected, and the lines between them will blur
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apologies for the lack of tweets recently -- been focused on buidling out various experiments and/or ponzis
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