polynya

@polynya

127 Following

244320 Followers

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Uniswap v4 feels like crypto's first complete product. Uniswap v3 was already nearly there, which is one reason why while previous versions took ~1 year, v4 took 4 years. I can see additional functionality (e.g. unified liquidity) and responding to infra changes (e.g. quantum-resistant zkVMs) that will justify a v5, but the core purpose of this application now feels complete for the foreseeable future. What's remaining is now on the governance & social end. Aave v4 is the next candidate for a complete product. Interestingly, the applications are hitting final form years ahead of the infra they're built on, and in cases like Aave v4, being intertwined with infra itself. (Side-note: of course, simple "products" like memecoins or USDT are "complete")

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The darkest characteristic of the crypto industry is not all the harm (and evidently, death) it causes, but that no one cares

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Blockspace demand/supply graph, the current situation and what's happening (S*) What should happen: the industry must pivot completely to demand-side, instead of continuing to be all-in on the supply side

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Correction, as some point out: at least one person did die No silver linings I guess, cryptobro degeneracy remains a virulent affliction

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Checking in on my final blog post nearly one year on My only regret is it was not alarmist enough, should have gone harder & more brutally honest This was the most hate I've ever received, a little more wouldn't matter Silver lining, the memecoin bubble burst before we got into truly violent territory and someone died (that we're aware of) https://polynya.mirror.xyz/ptscXuh3J3KOj2uJAn0vrEanpn2nauwA7iytYZ4cM9U

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I'd like to see more sophisticated rate-limiting features on Safe and competing multisig wallets. Is it possible via transaction guards? How can non-coder users access it? So, for example: - Can only send $10,000 via the Uniswap contract per 24 hours - Can only send $1,000 to address X per 1 hour Nothing else can be sent from the wallet. Changing these requires X/Y multisig permissions, and takes 7 days to execute. Just an example, but the point is, the user can customise as per their needs. Rationale: User doesn't lose everything in one go if hacked - there's time and possibility to fix the situation.

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See for yourself :) https://x.com/apolynya

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Greed is the human instinct we have failed to keep in check. It's not inevitable at all, most emerging industries have consortiums and strong intra-industry cooperation. In crypto, there's too much infighting with the focus on attracting greater fools, than improving our mechanism design and culture to be less negative-sum. Worse still, most people actively encourage it, while the minority who see it as a problem just give up "it's just human nature, we can't do anything about it, I'll just focus on my lane". Categorically false. Literally, capitalism, which makes the modern world go round, is an exercise in harnessing greed to be positive-sum through good design & regulations. Crypto is a rare and specific failure case, and it'll continue to be till the industry self-reflects and forms a will to improve. There's also a lack of good regulations by most governments, but I'd argue this is largely downstream of the above.

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Alas, in the 2+ years since, the vast majority in crypto have pivoted sharply towards full on greed, degeneracy, nihilism, and crime. Of course, there's a small minority that continues working on useful sustainability, and I have the utmost respect for them, but that keeps getting smaller by the day.

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Finally, a good usecase for a memecoin Redistribute wealth from degenerate cryptobros to a LDC (corruption aside) https://x.com/FA_Touadera/status/1888722674265764017

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Quite amusing that a year after I quit CT, Elon gave my account a Verified tick for free, and another year after that I still have that tick, for free. Surely, at some point they'll realise the account is inactive and take it back?

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I haven't commented about rollups in several months, if not over a year, so I'm just a casual observer now... Native rollups are pretty cool, and what I meant by "enshrined zkEVM bridge" a couple of years ago (except they've got a wider scope than zkEVMs) However, they are not "enshrined rollups", as I wrote about them at least, which are in-protocol, L1 rollups Overarching thought on rollups: there simply has not been anywhere enough demand to saturate 1,000+ chains by 2025 like I had expected in 2021. Including all L1s and L2s, there's maybe like 10, at most. I'm sure demand will grow, but not to the magnitude anyone expected. It would be prudent to factor in this lower terminal demand in infrastructure designs, instead of just "build it they'll come" hopium. https://x.com/apolynya/status/1629651981768990720

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It is pretty clear that Bitcoin as a blockchain is a colossal waste of energy. As BTC custody continues centralizing to a few ETFs, CEXs, institutions, in the long term >50% of BTC will be held by a handful of organisations Might as well just cancel PoW and move to PoA at that point. It would actually be *more decentralized* as PoW will inevitably centralize over to a handful of industrial players and pools due to crippling economies of scale. Plus, it'll solve the security budget problem. As before, the full nodes will be there as the last line of defence irrespective The only thing matters for BTC is it remains a speculative store-of-value, doesn't matter the mechanism to achieve that https://x.com/i/trending/1885868663116296256

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Relieved at least someone still takes being a neutral global platform seriously https://warpcast.com/vitalik.eth/0x4ec62843

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Lol, exactly, the seed he planted has grown to its final form

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I used to complain a lot about DeFi, L2 tokens etc. and their abysmal token distributions in 2021/22, to deaf ears That particular slippery slope has met its valley Just straight up criminal extortion, no filter 🤣

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It's surreal to see cryptobros cheer on blatant capture by 1 country, real or imagined, by heavily shilling "American coins", with very little resistance Just more evidence for what we all know - very few give a fuck about defending a neutral globally accessible system, it's all about greed & whatever pumps your bags

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Well, if it helps even one person bring some logic back into this space, that makes me happy :) I still participate, albeit barely. I'd absolutely be open to participating more again if even a semblance of said logic does return, but I'm not holding any breaths All that said, I'm sure you know, but just note that a lot of my content is really old and may be wrong and obsolete, especially in something as fast moving as crypto

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Out of curiosity, how did you stumble upon this ancient tweet? I have no memory of writing this 😂 Though it's actually gotten much worse as the crypto market has been saturated entirely by gamblers. Even Saylor is just a scaled up version of the degen gambler that sells their house to ape in

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