Polygon laid me off today. If you know of any open positions for blockchain marketing let me know. I was the guy in charge of giving bankless advisor shares so that they told everyone we were an L2
this is a “stablecoin” yielding 27% but no one will criticize it because of the cap table. stuff like this is what makes crypto the most reflexive market in the world on the way down
that cobie tweet about the ef and eigenlayer was more impactful than the total sum of all crypto journalism life to date besides the one alameda balance sheet article
not worth breaking any real news when it is hard and also might negatively impact your deal flow
been twapping into MATIC for two years because everyone told me “you don’t understand how cracked their zk team is” and now my wife left me and i’m broke
Polygon is using SP1.
We’re thrilled to announce that Polygon Labs is using Succinct’s zkVM SP1 for building the AggLayer, their flagship interoperability protocol.
Polygon accelerated development timelines with SP1's simple devex (just write Rust) and SOTA performance.
let’s send all our top representatives to meet kamala harris and show her we are a serious industry. like that guy who wears a bear mask and that guy who pretended to be kurt cobain on the internet and that guy who beat the shit out of that other guy at the bitcoin conference
$10B TIA staked to secure celestia vs. $70B ETH staked to secure ethereum. how close does it have to get before celestia is secure enough to be the global root of trust or whatever and not just alt DA
congrats you’ve joined crypto where you get one free pass every 2ish years to sell 300 million dollars of a worthless governance token to retail investors. only catch is you are going to have to take a little heat from some guys with 300 followers and an animal pfp
ethereum is really the only blockchain where the community roots for catastrophic failure of their own project so that they can win an argument on twitter
dragonfly diligence process is over and over again innocently asking on twitter why projects that are being airdrop farmed are seeing an increase in users
with rumors circulating about exchange insolvency in private chats, i am confident that the retail participants who deposited into that ethena stablecoin thing will be first in the queue to exit
ethena cap table construction is like a 7.5/10, probably the best they could do given the obviously questionable design. notably missing a tarun/resnick/paradigm/blockworks research type to provide air cover from the mechanism critiques
help! i put my daughters college tuition into munchables the leading something protocol on blast the only ethereum L2 with native yield backed but not endorsed by paradigm and now it’s gone ?!?
all the top vcs now have
- overvalued evm L2 play
- non evm hedge
- modular/da exposure
- monolithic hedge
- restaking play
- intents/ordering play
- zk play from two years ago that is still in research phase
gotta be the top for private markets unless something else pumps
i’m not sure i fully endorse starkware’s decision to do a 2 month unlock but it’s an awesome mechanism experiment and i’m glad someone is trying it!
if i were to rack my brain some of the risks might include
1) the team dumping on retail
2) the investors dumping on retail
everyone thought the celestia token pumper guy had done an incredible job negotiating back room deals to get all the cosmos projects to airdrop to TIA stakers
turns out he just made it up. lesson in there
The literal (Poly)GOONS
How the top execs of
@0xPolygon
and other insiders misled and exploited devs for months, and slowly rugged the community on the pretext of a memecoin. An observer's tale of deception and fraud
you caught me, i’m the guy who buys every new cosmos play that inexplicably launches at 2-3B valuation for the last 7 years. i’m 0/300 but hoping to make it all back on this next one
today we have justin and dankrad back on bankless with a topic near and dear to our heart “should EIGEN replace ETH as the native asset of the ethereum blockchain?”
optimism team launched a geth fork
- didn’t figure out how to scale throughput
- no support for non eth gas tokens
- no interop strategy / shared sequencing layer
- no api for alt builders
- no fraud proofs
now just sitting around doing BD letting other people figure it out
if the cosmos deep state was able to force every IBC compatible chain to use the same gas token like ETH did with rollups the UX would instantly 2-3x but also no one in the cosmos ecosystem would have a vacation home
i remember a year ago after the ftx collapse everyone said “the real winner of this is defi” well i’m still waiting would be nice to start winning any day now
we are finally going to bring crypto yields to tradfi by shorting perps on exchanges that legally can’t onboard us citizens…and then do no kyc and then offer a synthetic version of this short on chain and then do an unregistered token offering based on our points scheme and then
if you have users people will ask how many and it will never be enough. but if you have no users then you are pre users. you are a potential pure play. it’s not about how much you earn it’s about what your worth. and who is worth the most? blockchains with no users
the crypto stack of the future according to the gospel of the vcs
- wallet
- ofa
- suave (L2 builder)
- espresso/conduit (L2 proposer)
- optimism/scroll
- suave (L1 builder)
- relay
- validator
- mainnet
you may not like it but this is the only way to get good execution
megaeth doesn’t have the engineering chops to build an L2 node that can replay all the txs in real time at the throughput they want so they are trying to retrofit the definition of an L2 node to be streaming state diffs
might work if they give away enough angel to bankless
polygon acquired a lot of companies last cycle then realized that was a suboptimal decision from a “how many tokens can we launch” perspective so now is slowly spinning them back out
every time someone gets close to fully vertically integrating the transaction supply chain we will create an arbitrary new role to set them back 6 months. oh you’ve never heard of the pipeliner? he sits between the relay and the validator and increases decentralization
don’t knock the cosmos sdk too hard over the berachain issues. at least they are trying to build a real blockchain not a single centralized server for “sequencing”
one trick to maximize insider allocation on a linear airdrop is to quietly release a zero feature “beta” with a supply cap for months giving most of the points to strategically aligned farmers
by the time the information is widely circulated retail is farming for peanuts
it’s not clear why the network is missing slots but at least we’ve narrowed down the list of places to check to
- the five execution clients
- the five consensus clients
- the relay implementations
- all the major builders
there is an invisible line you can cross where even the smartest market participants stop pretending they understand how your project works
happened to zk. eigen currently getting close
ethereum community desperately needs to rally behind an op stack celestia based ethereum rollup with a banger app (ideally trading) to showcase what can be done with this 100B of infrastructure investment
many believe that ethereum gets it legitimacy from moral superiority and not price but that every other project gets 100% of legitimacy from price
there is absolutely no greater edge than being number 2 on coinmarketcap for 4 years every time anyone checks the price
honestly the cosmos people were actually mostly wrong. nobody wants mesh security they want rollups and IBC has no adoption on any of the chains that people use
they kind of got out in front of the EF on a few nerd snipes but it didn’t end up mattering at all
whatever angel investment he is making right now is going to absolutely pump. nothing more bullish than the dev having such a sketchy bank account the wire is getting flagged
Tried sending a wire.
Bank
#1
is down.
Bank
#2
flagged the wire as an AML concern, I'm currently on an hour long call convincing them that I should be allowed to send the wire.
Insanity, crypto truly does solve this.
many people seem to think airdrops are about rewarding your most loyal users when in reality airdrops are a regulatory arbitrage to get your token floating so that you can sell in a year
the only two objectives are price go up and no blowback on twitter
i can’t believe the number of strays
@GwartyGwart
has caught because of this account. woodchuck, balloon, doug and gwart are totally separate entities just like bankless and bankless dao
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reason you need a token
tier 1
L1s: something at stake for consensus
DA layer: need to slash if someone withholds data
tier 2
applications: need governance?
L2s: need governance?
whoever figures out how to create a tier 1 justification for L2s will change the game
Teams who arbitrarily want to "partner," and then quickly announce that "partnership," are generally not to be taken seriously.
Tho their tokens may temporarily go parabolic thru a combo of viral marketing & market-structure gimmicks, such projects are often one-cycle wonders.
protocol team: we have a new idea for how to sequence transactions
community: that sounds like a good idea let’s do it
flashbots: isn’t there somebody you forgot to ask?
ethereum people slashing themselves into poverty because of a bug in geth and then devolving into chaos because five loud purists on twitter don’t want to roll back is the absolute funniest end to the ethereum saga and so it is the one i am rooting for
yano concern trolling about the coindesk acquisition and then proceeding to angel invest in every deal he sees while coindesk laps blockworks in investigative reporting is tough
5/ That gets to this deal.
Today Bullish announced they're buying CoinDesk.
This is like Binance buying CoinDesk.
Or Nasdaq buying the WSJ. Or BlackRock buying Bloomberg.
It crushes the editorial integrity of the brand. I'd assume every reporter will leave within 6 months.
you’ve been holding defi governance tokens which have been down only for three straight years, are you really going to get shaken out by the founder dumping the majority of the supply on your head and sending it to zero?