rayzhu.eth🍊
@rayzhueth
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Jesus maxi. In the arena trying stuff @infinex_app
Sydney, Australia
Joined December 2021
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Here's my theory for why
@coinbase
made
@buildonbase
🧵
What seemed idiotic to me at first now makes perfect sense.
If true, it's possibly their most genious play yet.
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Don’t know what EIP-4844 is?
Here’s a simple explanation of EIP-4844 using public toilets🚽🧵
#L222
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@mechanical_monk
the roman empire literally collapsed, the state of those buildings reflect that. Japan is a good example of a country that has maintained its monuments well
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A lot of people are talking about account abstraction but not about how it actually leads to better web3 UX.
Here’s a detailed example of how account abstraction can improve “Sign in with Ethereum”.
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@humphd
in the future, students will complain about having to manually write code in uni just like how students complain about writing code by hand or without internet access. Gotta put in the hard yards to develop the skills
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Left my job at Immutable. Going to take it easy for a few weeks and then back to building. Don't ask me what I'm working on, I haven't figured it out yet. The only guarantee is that it'll be decentralised.
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4. Coinbase can make all USDC transactions on Base 100% free.
This would immediately make Base the best payments layer in the world, and attract a whole lot of liquidity and applications to the Base rollup and USDC.
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On Ethereum, an increase in demand leads to higher fees. In zk rollups, an increase in demand leads to lower fees.
This is why zk rollups solve Ethereum scalability.
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L2s are currently fulfilling the digital cash dream of Bitcoin without compromising on security.
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In Australia, the standard rate for Visa fees is 0.20%.
zkSync and Arbitrum currently cost $0.02 to send ETH.
This means it is cheaper to use an L2 than the Visa network for payments over $10!! (or $15 AUD)
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It does kind of feel like cheating, because if the US government issued a stablecoin, it wouldn't be able to earn interest on the stablecoins held by other people.
In a way, Circle (and other stablecoin issuers) have figured out a legal way of double spending money.
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This allows Coinbase to compete directly with Visa and Mastercard, and even better, provide 0% fees as they do it.
Combined, Visa and Mastercard do about $17T in transaction volume (2021 figs). Their average fee is ~0.26%, giving them a whopping $44B in yearly revenue.
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It’s amazing how Ethereum upgrades still haven’t reached most people who know about crypto. Unlike bitcoin halvenings, Ethereum upgrades have little awareness.
PoS wasn’t priced in. EIP4844 is not priced in.
If you know about Dencun, you have alpha.
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If I'm right in predicting that Coinbase will make USDC transactions on Base gas free, then we can expect Base to be not one of the neglected rollups, but one of the highest liquidity rollups, if not the highest.
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Are you using metamask to send transactions?
You're probably paying too much in gas!
Metamask sets the default (market)🦊 priority fee to 1.5 gwei, low🐢 to 1 gwei, aggressive🦍 to 2 gwei.
In reality, you need about 0.2 gwei for your priority fee! even that is usually too much.
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Just deployed a contract for ETHDenver
#BUIDLathon
on
@Scroll_ZKP
's Alpha testnet! Perfectly seamless integration with my existing hardhat deploy script.
Check it out here!
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Right now there's $42.2B USDC in circulation, with $31.6B of the collateral stored in US treasuries. At the current 3 month treasury bond yield of 4.50%, Circle is printing $1.4B a year!!
Those are absolutely mouth-watering profits 🚀📈💰
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To date I have never been hacked on Ethereum. All the money I have lost has been of my own volition 🙃
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The Dencun upgrade is the nail in the coffin for Ethereum to secure its victory. No alt chain even comes close to competing with Ethereum.
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Coinbase has a huge competitive advantage over Visa and Mastercard, the ability to double spend. They can gain interest on a user's funds whilst allowing them to be spent at the same time! Visa and Mastercard can only charge a fee when a user transacts.
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A thread on what has happened with
#EVMavericks
🦁 over the past few weeks. Strap yourself in, this is a rollercoaster of a ride. /1
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The bathroom is Ethereum.
Toilet stalls are blocks.
Poops are transactions.
Piss is data. (Piss in a stall is calldata)
Urinals are blobs.
The lines are the fee market.
The urinal upgrade is EIP-4844.
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Coinbase is going to throw everything they've got at gaining adoption for Base, and that's going to bleed into e-commerce, retail, international transactions, you name it.
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I'm excited to announce that I have joined
@Immutable
as an Ethereum researcher! I'm so glad to have this opportunity to build the future of NFTs.
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What do you think of this theory? Do you think it's going to happen? And should we be worried?
Like/Retweet the first tweet and follow me
@rayzhueth
if you found this thread insightful.
And hey, when Base comes out, why not send me a USDC or two? 😉
Here's my theory for why
@coinbase
made
@buildonbase
🧵
What seemed idiotic to me at first now makes perfect sense.
If true, it's possibly their most genious play yet.
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@rissaoffline
I never understood what was so hard about texting. I just text and that is that. Pretty much everyone I msg sucks at responding though. Maybe everyone is mid-iqing it and I’m low iqing it.
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This strengthens the USD significantly as a reserve currency, and only time can tell whether this will change the outcome of the battle by the cypherpunks to install a decentralised currency as the new reserve currency.
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@alicemazzy
no chance people are gonna say yes. You might not realise this but being american is not looked favourably upon by the rest of us civilised countries. Please don’t drag us into your mess
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Due to the overwhelming reception to this thread, I decided to publish it as a writing NFT on Mirror! If you want to see more threads like this, show your support by minting it as an NFT 😁
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(This is probably part of the reason why Coinbase isn't launching a token for Base. Because decentralised governance means they lose control over this feature.)
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Visa and Mastercard are hot on their heels researching rollup technology, but it won't matter because they'll never be able to compete, as long as they don't have a stablecoin.
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Here's what you probably don't know.
1.
@coinbase
owns a large stake in
@centre_io
, the provider of the stablecoin USDC as one of its founding members alongside
@circle
.
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If you’d like to find out more about how account abstraction is being used, check out what
@argentHQ
is doing with Argent X in the Starknet ecosystem.
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I’m paying $3200 to my accountant because the Australian government believes that I should either spend 40+ hours trying to reconcile all the activities I undertook in the past year to create value for society, or get someone else to do that for me.
We can do better!
Rather
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zkEVMs are just around the corner, what's next?
A thread on progressive scaling with smart contract application-specific chains🧵
#L323
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2. Stablecoins make money by investing the cash you give them in treasury bonds.
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3. Rollup technology drastically improves scalability and lowers fees, but more importantly introduces an intemediary between paying for gas costs on Ethereum.
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On the Base rollup, Coinbase determines what price users pay for transactions, and they in turn, manage their books so that they make enough to pay for settling on Ethereum.
Rollups typically charge more in gas fees then the total settlement cost, in order to make a profit.
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@yacineMTB
10x engineers should get 20x the rate. Productivity compounds and you have less organisational overhead
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Overall, the additional throughput and cost reduction it provides for rollups is a huge benefit, reducing costs by approximately 100x!
EIP-4844 is crucial for achieving Ethereum’s rollup-centric roadmap, and being able to scale for the next 100 million users.
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50% of the EVMavericks DAO treasury is being converted to rETH.
30% is going to an investment portfolio.
5% is going to a fast-paced portfolio (read: degen 😉)
Bullish on DAOs acting as managed funds.
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Now that there are fewer and fewer reasons to use L1 instead of L2, we as a community should not tolerate projects that spam the network unnecessarily. The othersides mint is a clear example.
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I hope this thread has helped you understand EIP-4844.
Follow me for more Ethereum/L2 content.
Like/Retweet the first tweet below if you enjoyed this thread:
Don’t know what EIP-4844 is?
Here’s a simple explanation of EIP-4844 using public toilets🚽🧵
#L222
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This is absolutely insane! Imagine risking your whole bank account every time you log into your email. It’s terrible security yet it’s the status quo for web3.
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And yes in case you’re wondering, I did get this idea from having a similar experience in a congested public toilet 😅.
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Sources:
Centre USDC -
Circle reserves -
Circle reserves yield -
Visa/Mastercard volume -
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Account abstraction allows you to separate the private key used to sign login messages, and the one used to control your funds.
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@nearcyan
main counter example I can think of is Napoleon. He didn’t think he was special until his first victorious military action
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You merely adopted web3. I was born in it, molded by it. I didn't use web2 until I was already a man, by then it was nothing to me but detestable!
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This has led to demand for separate use cases but we are still using the same blockspace (toilet) to handle both types (piss & poop). To solve this, EIP-4844 proposes adding ~1 mb data blobs (urinals) to each block.
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This gives more space for data and allows it to operate under a different fee market from transactions. So even if gas fees are high, data can still be cheap because blob gas is separate. Aka, even if a lot of people need to poop, people can still piss if they need to.
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Blob data is much more efficient because:
• Data (piss) stored in blobs doesn’t need to be stored forever, and can be pruned by nodes after 1 month
• Transactions (poop) are more persistent, and will stay for longer.
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This is inefficient because pissers don’t require the same level of sturdiness and flow rate that poopers do. To solve this, we can add urinals, which can only be used by pissers.
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The one thing we must not sacrifice in web3 is community. People > everything else
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@sassal0x
@TrustlessState
@RyanSAdams
@twobitidiot
There are only two types of people. ETH maxis, and future ETH maxis
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tx fees on Ethereum L2s are insanely low now. I'm paying $0.0008 for a transaction to send eth. That's less than Solana. checkmate solmaxis
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Blockspace has historically been taken up mostly by transactions, but with the rise of L2s, calldata has been taking up more blockspace. L2s use calldata to store their data onchain so that they can inherit the security of L1.
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This is what I’ve been working on the past few months. Excited for the rest of the world to see what’s coming.
Announcing our next chapter:
@immutable
’s cross-rollup liquidity solution across multiple L2/L3 zk-rollups, bringing to the next billion players of web3 games, with StarkNet.
Scalable. Composable. Secure. Welcome to
#L222
and
#L323
. 🧵👇
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The main downside to EIP-4844 is the extra burden on validators (bathrooms) because they have to have extra space to store the blobs (urinals).
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• Transactions need to be executed by every node in the network to verify the correctness
• Blob data simply needs a proof that it is correct and available.
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Crypto is a game where the less information is out there, the more beneficial it is for your project due to rampant speculation. I’m incredibly proud to be on a team led by
@kaiynne
which places users above self interest. Sure we might’ve gotten a lot more TVL by being ambiguous,
Starting May 13th at 00:00 UTC, anyone can create an Infinex Account and deposit USDC to earn Governance Points (GP).
Over our 30 day Speedrun the Waitlist campaign, stakers will earn 377M GP, a share of the Patron NFT supply, and priority access to future integrations.
A 🧵:
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@OpenAI
So instead of attaching to Tesla, OpenAI attached to Microsoft. Not that big of a difference
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One benefit of being in Australia that I’ve only realised after being at ETHDenver, is that you aren’t lead astray by scam L1s with big budgets.
There’s no crypto marketing in Australia so all you have are fundamentals.
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.
@infinex_app
team lined up to get railed by
@sassal0x
The treasurer
@egorsidelska
had to give him a Patron NFT
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Consider this scenario. You’re at a crowded festival, and the men’s toilet has a huge line. The toilet only has stalls, so everyone who needs to pee and everyone who needs to poo both wait in the same line.
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to everyone who’s been dm’ing me about a role at infinex, we only have Sydney-based roles. this is so we can wrench attack you if you turn out to be a north korean hacker. if you are Sydney based, shoot me another dm
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@alexlikesmice
@wanyeburkett
the elite techies are often well versed in these topics. Even moreso than the average arts major
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Your main private keys can remain safe in cold storage, without ever needing to touch a device.
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These keys can be issued and revoked at any time, pretty much how we use ssh keys today.
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You can issue a new key for each device which can only be used to sign messages of a certain format.
e.g. “Sign this message to confirm your wallet address is 0x…”
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Here are the topics I'm going to dive into over the next little while:
- consumer applications of zk proofs
- decentralised social graphs
- creator economy
- decentralised data for consumer apps
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I'm excited to announce the new startup I'm working on, Meaningful!
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This reduces the friction of accessing web3 since it is as good as web2 UX, whilst maintaining the best security practices for private key management.
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I’m ready
THE ULTIMATE TOP SIGNAL
The
@kaiynne
family meme syndicate and
@infinex_app
have joined forces to host the world’s first memecoin conference on April 30th in Sydney, Australia.
MemeGlobal marks the first worldwide recognition that memecoins are the future of finance.
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Scroll frontrunning Polygon with the zkEVM announcement 😂
After over a year of building our zkEVM-based zkRollup in close collaboration with the
@PrivacyScaling
group at the Ethereum Foundation, we are releasing the pre-alpha version of Scroll for external testers! 📜
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Right now when you sign a message to ‘login’ to a website, you use the same private keys as the ones which control your whole wallet.
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This separates demand for toilets into two different lines that can now be handled independently. This is good because pissers take shorter times and less space than a full toilet, allowing the same amount of space to process far more pissers than it would poopers.
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Of course, this has the disadvantage of requiring more space to be taken up in the bathroom, but since it is a relatively small cost compared to the overall cost of the bathroom and increases throughput in most cases by a lot, it is worth it.
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Never thought I would change my pfp from my lookalike CloneX but here it is. My new NFT pfp
@EvMavericks
#EVMavericks
. Shout out to the best Ethereum community r/ethfinance
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The reason why I’m single is because my love for Ethereum is far greater than the love I can have for any woman.
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There’s a low blast radius since your funds can’t be moved with this new set of private keys.
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I’m in Melbourne for NFTFest. Come say hi. I look pretty much exactly the same as my pfp.
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@sassal0x
yeah it’s disgusting behaviour and we as a community shouldn’t tolerate it. It’s not right to pronounce judgment without a fair trial
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Australia is a country started by convicts and you can tell. We live and breathe anti-authoritarianism. That’s also why we love crypto so much.
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just looking through some code and it looks like Uniswap ripped off the Staking Rewards contract from Synthetix with no attribution?
links in the comments
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.
@Immutable
is the best workplace ever. Why? Because you can request snacks for the snack bar 😋
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