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    Tuesday, October 12, 2021

    Home Unlabelled Ethereum Coinbase Eth Stake Percentage now at 4.5%

    Ethereum Coinbase Eth Stake Percentage now at 4.5%

    October 12, 2021

    Ethereum Coinbase Eth Stake Percentage now at 4.5%

    Coinbase Eth Stake Percentage now at 4.5%

    Posted: 12 Oct 2021 10:57 AM PDT

    CrispyPunks just dropped! 500 crispy, collectible, byte sized NFT punks that are deep fried to perfection. 10% of all collection revenue and royalties goes toward The Children's Heart Foundation. Links in the comments!

    Posted: 12 Oct 2021 05:58 PM PDT

    Coinbase just announced they are going to launch Ethereum NFT's!

    Posted: 12 Oct 2021 04:10 PM PDT

    Randomised NFT virtual real estate called Voxel Ville

    Posted: 12 Oct 2021 03:01 PM PDT

    Médecins Sans Frontières Receives $3.5 Million ETH Donation From NFT Sale

    Posted: 12 Oct 2021 07:01 AM PDT

    The zkEVM is the last piece needed to take crypto mainstream (bonus: Uniswap Demo!)

    Posted: 12 Oct 2021 12:01 PM PDT

    "In the past, it was necessary to switch to ZK languages in order to take advantage of the unmatched scaling, security, and UX benefits of ZK proofs. This is no longer the case!

    The zkEVM harnesses the power of zk-SNARKs inside Solidity, creating a more simple, secure, and scalable future. Flipping the dynamic, it's now more advantageous to stick with Solidity: security, composability, programming smart contracts where users can choose between a zkRollup (Ethereum-level security) and zkPorter (sidechain-like ultra-low fees, yet more security than any other L1 or sidechain)

    Soon, Solidity developers will have all the infrastructure needed to take crypto mainstream."

    demo: https://uni.zksync.io/
    announcement: https://medium.com/matter-labs/unisync-a-port-of-uniswap-v2-on-the-zkevm-b12954748504

    FAQ: https://zksync.io/zkevm/

    submitted by /u/l2intern
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    Vitalik Buterin Stresses Major Difference between Ethereum (ETH) and Bitcoin (BTC)

    Posted: 12 Oct 2021 11:04 AM PDT

    The man ��

    Posted: 12 Oct 2021 06:09 PM PDT

    More reason to get your coins off exchanges

    Posted: 12 Oct 2021 04:27 PM PDT

    This is what happens when gas fee is too high and transaction doesn’t move fast enough

    Posted: 12 Oct 2021 06:23 PM PDT

    Does the move to full POS give Ethereum intrinsic value?

    Posted: 12 Oct 2021 06:14 PM PDT

    Like the title postulates, i'd love to have a philosophical discussion about whether or not the move to full POS (post merge Ethereum), bestows intrinsic value to Ethereum, having become an asset that when held can produce a cash stream on demand for it's holder. If it does, how do you see this affect Ethereum and if you think it does not, please explain why not in a way that more people can understand.

    ​

    Discuss away

    submitted by /u/confusedguy1212
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    Crypto101/DeFi101: Why DeFi Is More Than A Ponzi Scam

    Posted: 12 Oct 2021 04:21 PM PDT

    We provide over 100+ FREE crypto articles on our SubStack! :D (Link on our profile)

    ​

    TLDR:

    DeFi is still in its early stages and it is still risky. There are scams here and there. But we should not use a few black sheep to define the space as a ponzi scam. DeFi will develop further in the future with better testing. And it is clear that its potential will develop very quickly later.

    DeFi is innovating fast. We should analyse and exploit the strengths. Scam projects will still emerge. Our continuous education and knowledge will help reduce that.

    Get smart: DeFi is not exactly a Ponzi Scam, it is still evolving and will have limitations in it.

    Get smarter: The growth potential of DeFi is huge, we see the traditional financial system, the governance system is very ineffective. Thing resources are under-utilised and expensive. DeFi is trying this problem and if it succeeds it will be revolutionary.

    General Conclusion

    Some people claim that DeFi is a scam ponzi because there are a lot of pumps and dumps. Everything on Twitter is shilling all kinds of different projects. Now there are a lot of risks involved, and the projects are not fully audited. So a lot of people are wondering this is a ponzi scam of part of the innovation cycle.

    In this article, we will tell why DeFi is more than just a ponzi scam.

    We cover 3 things today:

    1. Why DeFi feels like Ponzi
    2. Why DeFi is not Ponzi
    3. Future of DeFi.

    When talking about DeFi here, we are referring to the general ecosystem and not a single project, because the ecosystem is doing quite well in general.

    Sure, there are some systems around the world with plenty of scams. This includes traditional financial market. But you cannot discredit the entire system because of a few black sheep.

    DeFi is a new system and industry. There will be a few scams coming out but you cannot define this for the entire ecosystem, which is doing a lot of good and interesting things.

    DeFi and Ponzi

    If you google the keyword "DeFi and Ponzi", you can see a lot of articles saying that DeFi is like Ponzi, just another name called, DeFi is basically ICO 2.0 where people are pumping and dumping, whale manipulation, etc.

    What it feels like: Everything is just memes and a joke. Is this even serious? Why do I have to join? How is this legal and how can people make money? Projects with 100% APY; where does the money come from and why is it valuable? People just swapping or trading tokens together, but it was in a circle, a pyramid scheme.

    What it actually is: Liquidity Mining (Synthetix) and Yield Farming (Compound) are ways to bootstrap growth and to reward a decentralised community to take ownership of the protocol. High rewards for risk takers in the early days is rationally sound. And when payout for the risk takers happen all at once, it feels like the APY is insanely high.

    Why DeFi is not Ponzi

    1. Grow the Pie

    Answer the above question briefly: this is not necessarily true. If you look at the distribution of the entire economic value as a pie, a ponzi scam is where you are extracting value every time someone is coming in. This means that the pie doesn't change much, you give your money to someone else to receive new tokens.

    DeFi is like the pie, that keeps growing. There are many projects/protocols under construction, such as lending protocol, Dex protocol, portfolio asset management protocol, etc. They're in beta testing in this early stage and they do not try to capitalise on the entire financial market which is a big field.

    Each DeFI tries to do well with a specific purpose, they are like small lego blocks, combined together to create various different products. This is composability, the protocols can interact with each other and make the pie grows. Just like in order to make a delicious pie, we have to add more kinds of fillings. This is why it is so interesting and exciting.

    On the protocol side, the protocols with all these little ecosystems and applications whose own community can grow by interacting together.

    With the platform which is pretty neutral because they are technology, the added value from connecting buyers and sellers. If we look at economics, this is supply and demand, and they only make sense when there is equilibrium and interacting together.

    The protocols/applications are trying to build to the playing field, from which suppliers and buyers can come to interact with each other. The more interactions, the more economic value added is created and the pie keeps growing.

    2. Experimenting with New Business Models

    According to the economics perspective, if you observe the previous business models, it is usually one-sided. Going back to the above example, if I make a cake, you go to a bakery and buy it, there is nothing more I can do like asking a few people to try a new or similar flavour. Supply and demand are still very dependent.

    However, when we look back about 10 years ago, a new business model emerged called the platform. We have Amazon, AirBnb, Uber, etc. which provide the technology to connect the two sides of the ecosystem together to transact. This creates a lot of economic value.

    Suppose I am an economist, the question is: how to quantify the economic value created? We can then calculate metrics like GDP, because it represents the growth of a platform.

    With these values, you can calculate the value-added with all of these transaction fees. But there is a lot of intangible value being created in the ecosystem, which is connecting two sides of the platforms together for easier interaction. By reducing transaction costs, it increases economic value. This is what an economist observes and we are working on it. Specialities focus on the digital economy and how to compute them.

    I realised that what we are doing with native tokens is considering how valuable they are to the ecosystem. Tokens can have a lot of utility and represent value. More specifically, these tokens are representing the value of some ecosystem.

    That way, we are assigning a monetary policy value to the economies that the system is creating. And we can calculate metrics, like GDP. All of the above gets interesting.

    3. New P2P Incentive Models

    We are developing new p2p incentive models. One thing about decentralised finance as a whole is the complete elimination of middlemen. Instead of centralised power in one person/place, they are distributed equally to everyone. Now, we have more money to be distributed, instead of sending them to intermediaries. In traditional finance, for example, a public initially listed on a stock exchange must go through banks and pay them an expensive fee, but these are eliminated in decentralised finance, where those companies can list their tokens on dexes, provide liquidity, and lots of other incentives.

    This is very interesting. We are phasing out intermediaries that are stealing a lot of money. But the bad thing is we have a lot of money not distributed: how do we allocate them? How do we reward the right types of people?

    I would say that these will keep moving forward because we realise that capitalism does not work so much anymore and is not going to be sustainable in the long-term. That makes us look forward to new paradigms of capitalism, like social capitalism kind of thing.

    We need to have lots of new p2p incentive models and the best place to test is DeFi which has liquidity farming, yield farming, etc. For these interesting mining and incentive mechanisms, we are trying to try many different incentive mechanisms and create many interesting future mechanisms.

    Future of DeFi

    There are two things that we see in DeFi's future:

    1. On-chain Financial Experiments and Mechanisms to be used in TradFi
      The first thing we are seeing in DeFI right now is that you don't have many transactions in the real world. That goes back to my point of the whole GDP accountability because we are trading nominal value, not much real value transactions since you exit the crypto space and transfer the money to the bank.
      Right now, everything is still within the on-chain sphere. DeFi's future is to allow these experiments and experiences to interact within the off-chain world. Because the off-chain world is very ineffective (like the financial system, the governance system, etc.).
      What we are trying to do now is to run all these little experiments/tests. If it works in on-chain well, we can extend to the off-chain world, creating a bridge to connect the 2 worlds. This is really interesting.
    2. Economic Valuation from Ecosystems
      Second, we can now more easily calculate the economic values generated from specific individual ecosystems, while also moving them off-chain world and account for them in a much more equitable way. It leads to governance which has better resources/data points to be accounting for all these different changes in the world.

    Conclude

    Here is a quick summary of the Ponzi Scam and DeFi and I would say that not all DeFi platforms are Ponzi Scam. One of them could be a scam and you need to check it out carefully. For non-scam projects, they are fun experiences. We need to learn to understand how it works and explore what kind of experiments capital allocation and governance system that could be.

    Honestly, I am going to tell you that there is so much economics literature out there, talking about the technical and the academic aspects of all these experiments, but we never really had a chance to explore them. There are a lot of interesting monetary policy mechanisms in academic papers, but we don't really use them. We have a lot of dynamic variables in DeFi space and we can test these experiences.

    In fact, in the economics space, a lot of people are experimenting with many different theories on DeFi and if it works which will lead to a huge change and bring DeFi even more powerful. Their users also become part of DeFi's future development. An example of a testnet is the experiments of crypto and crypto itself is the experiments of the off-chain world. This is super fascinating and now one of the best times to be.

    submitted by /u/economicsdesign
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    Reese Witherspoon Gets Into Ethereum NFTs, Snoop Dogg Gives Advice

    Posted: 12 Oct 2021 12:06 PM PDT

    Staking with Lido on Argent. I came into a little bit of money recently and bought ETH. Currently it’s sitting in a wallet. I have a few questions if y’all don’t mind.

    Posted: 12 Oct 2021 03:11 PM PDT

    Is it worth the $100 fee to open in account with Argent?

    How does staking your ETH make you money? Anybody here use Lido to stake and how what your experience?

    Would it be a good idea to use the stETH to lend on Argent via Yearn V2?

    Im trying to read up on it but I'm kinda stupid so use small words please.

    submitted by /u/hostelhoppinhomie
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    Need Rinkeby Test Ether

    Posted: 12 Oct 2021 03:35 PM PDT

    I have been trying faucets with no luck. If any kind soul could send some my way it'd be most appreciated!

    0x102f45ccc811f9d718f3a07277a9c9D1616A6Afe

    submitted by /u/No-Pay370
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    I’ll much appreciate an advice from this holy community, on which dex to use ,(only those built on ethereum), Uniswap , Curve or Balancer ?

    Posted: 12 Oct 2021 04:55 PM PDT

    Smart contracts are not executed automatically?

    Posted: 12 Oct 2021 05:45 AM PDT

    I always thought that all smart contracts are executed when conditions are met until I read about Chainlink Keepers, who are a network of node operators that help execute smart contracts. This is the part that got me confused - what are the examples of smart contracts not executing automatically such that they need manual execution?

    submitted by /u/thefigboy
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    UniSync: a port of Uniswap V2 on the zkEVM

    Posted: 12 Oct 2021 11:42 AM PDT

    What are the risks/downsides of using L2 solutions?

    Posted: 12 Oct 2021 09:30 AM PDT

    I'm thinking about moving my assets over to arbitrum or optimism. I read some really good things about them such as reduced gas fees or faster transactions. However, I could not find any downsides to them. Are there any risks when using L2 solutions? Can I lose my coins if they get hacked? What things should I consider before migrating to them?

    EDIT: Can anyone recommend good tutorials about migration? I'm getting some dms telling me to do some stuff before moving my assets but I honestly don't know if they are scammers

    submitted by /u/Special-District1443
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    How high have gas fees gone for hyped nft mints?

    Posted: 12 Oct 2021 05:42 PM PDT

    Is there a source or website that has tracked how high gas fees have gone during popular nft minting?

    submitted by /u/wmj31
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    Help a noob understand: Are rollups analogous to the lightning network for Bitcoin?

    Posted: 12 Oct 2021 02:31 PM PDT

    I just finished studying up on the lightning network for Bitcoin and it is awfully centralized/trust based in my opinion.

    For Lightning:

    1. You need to run your own node which has to always be online for you to send and receive payments. If your node goes offline your payment channel counterparties could close your channel and steal the funds on the bitcoin blockchain: this happens by them submitting old transactions that have the bitcoin balance be favorable towards them, ignoring later TXs. so your node must always be online to make sure your channels are honest.
    2. You also need to backup your channel states. If you lose these, you end up having to TRUST your channel partners, again, to be honest.

    HOW DOES THIS RELATE TO ETHEREUM?

    Self-running LN nodes is not a solution for a lot of people. This will make it so everyone uses an easy phone app to use Lightning Network and trusts the app developer to handle all the node behavior for them. Essentially wiping the trustlessness of Bitcoin. Most users on LN do NOT have their own node. Once enough funds have been controlled what stops a node provider from stealing Bitcoin? Users which do not run their own node will have no recourse. These full-service lightning services are trusted LOT more than a user on the actual bitcoin using a wallet app node to broadcast a transaction.

    Based on my understanding of rollups you are also trusting those that close the rollup data on Ethereum beacon, to be honest. Does that mean everyone using rollups should also be running their node to make sure the rollup providers don't broadcast bad TXs? Or can normal users be as hands off when using rollups as they are when using Ethereum?

    I appreciate the help.

    submitted by /u/Darius-was-the-goody
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    The Coinbase Ventures Guide to NFTs

    Posted: 12 Oct 2021 10:09 AM PDT

    When to buy?

    Posted: 12 Oct 2021 07:44 PM PDT

    I'm looking to buy more ETH but it seems we are on a recent uptrend (possibly approaching another ATH). Would I be better off DCAing or waiting for another pull back?

    submitted by /u/SJGekko
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    "The Founder" - A psychedelic generative exploration of Vitalik Buterin's mind

    Posted: 12 Oct 2021 08:51 AM PDT
    Read more
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