ETHGlobal

I hacked on Rebaseable with @lajos

In <36 hours, we built the first bridge for rebasing tokens. We leveraged Scroll's L1SLOAD precompile, EIP-4788, and LayerZero's OFT & lzRead to preserve & publish rebase events. 

We also played around with Gnosis Pay Safe's + mini-apps powered by World!

ethglobal.com/showcase/rebaseable-82yy6

Cheap Compute --> God Machines --> Eternal Life. Working on this at /mercury

building @so many products • prev. @everyname (acq) @nethermind @proximacapital @consensysacad • thomphreys.com

Da Nang, Hải Châu District, Da Nang, Vietnam

I watched the video. Is the advantage of this that mainnet and the layer 2 L2 are interacting with the liquid staking token directly rather than the user needing to trust a bridge that can be hacked for the assets held on the bridge?

If there is no bridge does the liquid staking contract, Rocket Pool for example, burn the rETH on mainnet when it is moved to a layer 2 like Scroll, and Scroll remints it?

The problem is that when try to use a normal bridge to transfer a rebasing token (e.g. stETH) from L1 -> L2, the balance will update on the L1 but it won't update on the designated L2. So our solution is still a bridge, but we leverage some tools to get the yield update and mint the tokens to everyone on-chain.

Account about nothing | Researcher of @safe 🔰 and open source tech

This is extremely useful when someone wants to deposit a liquid staking token on an L2!

Similar to how EigenLayer is increasing the use of natively staked ETH for other apps and L2s.

DeFi

∆ Open source yield (OSY): Know where the revenue comes from. Much of what has survived and thrived is open source with many builders creating on top of it.

With OSY you can understand the advantages/risks to make good decisions. As a new cycle begins it's important to move slowly, smartly, and be okay missing out in order to find what is important in the long-term.

In the 2017-2018 crypto market cycle if you focused on solid long-term projects a few may have done well. You avoided the scams presenting as initial coin offerings (ICOs) because they were completely separated from the legitimate projects.

In the 2021-2022 cycle many of the legitimate companies were dependent on a few sources that turned out to be scams presenting as yield. This is why people who've been through a few cycles were shocked because many projects were completely dependent on each other.

Part of my plan to explore open source yield OSY is looking at pools to deposit Ethereum liquid staking tokens including L2s.

https://warpcast.com/adamhurwitz.eth/0xc0200941

OSY is very much needed. There's a meme lurking around here if you're familiar with it.

"If you don't know where the yield comes from, then you are the yield"

danang

Thank you! This meme is a large part of what made me want to work on OSY after the last 2020-2022 cycle. The plan is to clearly explain a few examples in different areas like simple ETH and stablecoin based liquidity pools, ETH liquid staking token pools, BTC lending, international (non-US) focused lending pool, etc.

I'm looking forward to discuss more at the 1st OSY summit in /danang in December. 🌐🏝️

The process looking at each strategy will be shared and any simple dashboards open sourced for others to build off of.

I believe most people understand where yield comes from in basic models like staking and lending, but I think this becomes more interesting / complex in institutional settings. E.g. Ethena's USDe yield strategy via funding rate was a very popular strategy my trading fund was doing back in the 20-22 cycle. 

Excited to host you in /danang !