Danny

@mad-scientist

14 Following

69 Followers

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People asked me what does secure solana. It's basically reputation. The actors that can rug gain more (long term) by not rugging (also they are not criminals). It's also why decentralization has significant risks for solana (similar to L2s). That security is actually fine for trading $50 of racist memecoins. But if you're a big player, and you know that (1) someone can rug (2) the US government can make them change the rules (let's face it, the guys that coordinate the state transitions live mostly in the US), that's no go. I'd apply similar logic to long-term holdings, but that's just me.

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this week @polymarkets @cowswapfi (CowSwap really has only 19 followers?) @matchaxyz on the front end, but also ENS, uniswap and probably a few others I didn't think about indirectly.

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Solana doesn't have slashing. That's not PoS, as nothing is at stake. That's just share-based right to produce blocks. There is no meaningful economic security behind it (not to say there is no economic security in solana, there is, it's just not coming from staking). But even if there was, security is always about the weakest link. You have block producers coordinating on discord to push updates they haven't had time to review (because of downtime or any other reason). Solana security is deeply in the "trust me bro" era. It's fine for some apps, and maybe it will change in the future, but that's where we are today.

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just under 11 years.

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Unpopular opinion: The best way to scale Ethereum is by setting explicit standards for precompiles, and any team fully checking the list can add it in the next HF. This way any validity/ZK team can get their contract onchain. Combined with https://warpcast.com/mad-scientist/0xccb110f4, they will be able to rollup txs in L1.

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The standards need to prioritize Etherem security, not contract content/logic. So things like multi-client implementation and testing, to show all clients always get the same result. Correct gas pricing, reasonable execution time in all cases. It's also possible to signal that if this doesn't catch up, it may be limited to say 5 years, after which clients will no longer support it.

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While I generally think the Ethereum ecosystem has the best products in DeFi (sorry solana, hiding complexity isn't a good solution when my money is at stake), not having a top-notch perp-dex is an embarrassment. I've tried what I could find, nothing comes close to what dydx v3 was (to be honest, high bar, better than most CEXs).

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What's the best perp-dex on the broader Ethereum ecosystem? Is there anything at level of the late dydx v3?

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Of all the issues in the last years, this is the one where I have the weakest opinion on. Nothing I've read made me sway strongly in either direction. What am I missing?

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Privacy: Enables confidential transactions through zero-knowledge proofs, allowing users to hide specific transaction details while maintaining overall network integrity. 🧪 Next Steps We're seeking feedback from the community to refine this proposal. Your insights on consent mechanisms, N-of-M threshold implementation, gas cost targets, privacy modes, and implementation strategies are invaluable. 3/3

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Explicit consent for proof generation List of acceptable prover systems (e.g., STARK, Plonky2, HyperPlonk) N of M threshold requirements specifying that N out of M listed provers must validate the transaction Verification Mechanism: A new precompile, SupplyCheck, ensures that the total ETH and token supply remains consistent post-transaction, preventing unauthorized minting or burning. Proof Generation: Selected provers generate the state diff and validity proofs off-chain, which are then aggregated to a single proof and submitted on-chain. 📈 Benefits Scalability: Reduces the computational load on the Ethereum network by verifying state transitions through succinct proofs rather than executing each transaction individually. User Control: Provides users with explicit control over which proving systems they trust. Efficiency: Minimizes on-chain data by including only the aggregated proof. 2/3

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🚀 Scaling Ethereum L1 via tx-level Validity Proofs We're proposing EIP-TBD, an optional extension to Ethereum's transaction model that allows txs to include consent for validity proof generation and verification within a single transaction. This approach enables: Atomic Multi-Account Updates: A single transaction can update the state of multiple EOAs and smart contracts simultaneously, provided it results in a valid proof through the consent-based proof system. Enhanced Scalability: By verifying state transitions through succinct proofs, Ethereum can process more transactions with less computational overhead, akin to the benefits seen in Layer 2 validity rollups. Optional Privacy: Users can choose to enable zero-knowledge proofs, allowing for a new privacy primitive while still maintaining the integrity and security of the network. 🔧 How It Works Transaction Structure: An EOA can opt-in by including a consentData field containing: 1/3

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Hard to handle truths: 1. Ethereum doesn't have any fundamental problems. The main problem (decentralized blockchain) has been solved. All we do now is move forward with the implementation and add minor UX improvements. 2. People are upset because price is low. That's it. 3. Price is low because (a) printer doesn't brrr right now (b) bitcoin /w Saylor help is doing great, making ETH look bad (c) SOL is doing well as a casino with a low(er) MC. 4. Ethereum can run just fine with ETH at 1000$, and even 100$. 5. The choice of SoV among all suitable assets is a social choice. I still think ETH will go up. And maybe people will talk about the pivot as the reason. Correlation does not imply causation.

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What about zk-transactions/blocks with state-diff only? i.e. I can change the state by posting the state diff and a proof that I have all the valid txs (à la starknet). This boosts scaling, but also indirectly adds a new strong primitive for privacy. Participation can also be an opt-in flag at the address level.

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does bring back memories

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When someone tells me the price of ETH is down

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did I call it? yes. Did anyone read it? No.

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Is it a Bart? Anything fundamental changed?

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כאשר כסף נוצר במחשבים של הבנק המרכזי ויש מדינות שמוכנות להקריב את איכות החיים של האוכלוסייה שלהם כדי לבסס יתרון אסטרטגי בתעשיות חשובות, זה כן בסדר לבוא ולנסות לייצר מגרש מאוזן. הם אנחנו מבינים עד הסוף איך זה ישפיע על מעמדו של הדולר בתור מטבע הרזרבה העולמי? לא. אבל אנחנו כן מבינים מה יקרה אם ארה"ב תמשיך במסלול בו היא הולכת מ 1971.

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לכן טראמפ שם את השאלה ברמת המדינה - תגנו על מה שאתם רוצים, אבל בשביל תנאים טובים, תקנו כמה שאתם מוכרים. ניקח את ישראל כדוגמא: ישראל יכולה לייבא מכוניות מסוג טסלה מארה"ב או מסין. אם הייצור בסין זול בשקל, היבואן יעדיף לייבא מסין. תחת המדיניות החדשה, למדינת ישראל תהיה מוטיבציה לדחוף את היבואן לייבא מארה"ב. ארה"ב רוצה שמדינות שמולן יש לה גרעון מסחרי, ייצרו תנאים שיעדיפו ייבוא אמריקאי, בזמן שהיא מייצרת העדפה פנימית לתוצרת מקומית. כאמור, בעולם של זהב זו היתה מדיניות מטומטמת שרק פוגעת באוכלוסיה ולא נותנת למדינה למקסם את היתרון היחסי שלה, אבל אנחנו לא בעולם של זהב. 4/5

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