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    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    October 04, 2021

    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    Frequently Asked Questions + Weekly Discussion Thread

    Posted: 03 Oct 2021 11:00 PM PDT

    Welcome to the Weekly Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Rules:

    • All sub rules apply in this thread.
    • Discussion topics must be related to Ethereum.
    • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
    • Comments will be sorted by newest first.

    Useful Links:

    Reminder

    /r/ethereum is a community for discussing the technology, news, applications and community of Ethereum. Discussion of the Ether price or trading is not allowed. Please keep those discussions to /r/ethfinance and /r/ethstaker.

    ​

    Frequently Asked Questions

    Where's the best place to buy ETH?

    There are many centralized exchanges that support Ethereum. If you live in the US, the most popular exchanges are Coinbase, Gemeni and Kraken. Coinbase users can use Coinbase Pro for lower fees.

    When is Eth2 launching?

    Eth2 is a marketing term used to represent a number of updates to Ethereum. The Eth2 proof-of-stake chain first launched in December 2020. "The Merge", which is the event that will fully switch Ethereum's consensus to proof-of-stake, is estimated to be ready in early 2022, although there is no exact timeline. Other updates, such as data shards, will follow that update.

    Visit ethmerge.com to learn more about "The Merge".

    Do I need to do anything to update to Eth2? Will Eth2 create a new token?

    No, ETH holders never need to take any action to keep holding ETH. Ethereum users will be unaffected by the Eth2 upgrade. And the Eth2 updates will not create any new tokens.

    How can I stake my ETH?

    There are two ways that you can stake your ETH: by running your own validator, or providing your ETH to a staking pool.

    • Running your own validator requires a modern computer and 32 ETH. Visit /r/ethstaker for more details
    • Staking pools accept any amount of ETH. We recommend Lido or StakeWise

    Why are Ethereum transaction fees so high?

    Like most blockchains, Ethereum fees are determined by supply-and-demand. The large demand to use Ethereum has pushed transaction fees quite high (however, fees were just a few cents only 2 years ago). Fees are especially high during market volatility, and during NFT drops.

    What is being done to lower Ethereum transaction fees?

    Ethereum fees are reduced by using layer-2 rollups. Rollups are scaling solutions that allow for significantly cheaper transactions, while still maintaining Ethereum's security.

    Additionally, Eth2's data shards will make rollups even cheaper.

    While rollups are cutting-edge technology being actively developed, a number are already live on Ethereum mainnet. Visit l2beat.com to learn more about rollups.

    What's the best wallet for Ethereum?

    The most popular tool for using decentralized applications is Metamask. However, for security reasons, we recommend using a hardware wallet such as a Trezor or Ledger.

    ​

    Are there questions you'd like to see added? Leave a comment below.

    submitted by /u/AutoModerator
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    In the past 12 months Ethereum settled $6.2 trillion in transactions —

    Posted: 04 Oct 2021 09:24 AM PDT

    What can you say about these Platforms that are said Changing the Yield Farming Game?

    Posted: 04 Oct 2021 12:53 PM PDT

    Anyone staked Ethereum 2 with 5% APY on coinbase?

    Posted: 04 Oct 2021 05:07 PM PDT

    was just wondering if anyone went for it i'm a little scared to do it cause when i go to stake it says there's risk that you could lose it all accidentally through a bug or something but just wondering if anyone else out there is excited/confident about it

    submitted by /u/sarsadoodle
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    Bitcoin Loses Steam As Institutional Investors Shift Focus To Ethereum

    Posted: 04 Oct 2021 05:41 PM PDT

    The first blockchain powered battle royale game running on Minecraft launched on the Zilliqa blockchain and is coming to Ethereum

    Posted: 04 Oct 2021 08:11 AM PDT

    Mastercard says they will work with CBDCs, stablecoins and cryptocurrencies

    Posted: 04 Oct 2021 04:32 PM PDT

    Does binance keep the unused gas on withdrawals?

    Posted: 04 Oct 2021 05:19 AM PDT

    I'm using a crypto broker that I believe uses Binance for their exchange. They quote a 0.005ETH transaction fee and have stressed to me that the fee goes to the miners, not to them and they have no control over it.

    It looks like the current gas fees have the average transaction at $2.376 (about 0.001ETH), so they are overpaying on transaction fees if I understand correctly.

    Looking at an example transaction from binance, the actual transaction fee is 0.001869 ETH ($6.22), only 10% of the gas limit.

    Am I understanding correctly that the unused gas is returned to the sender? Does this mean that Binance is overcharging on the transaction fee and pocketing the difference?

    Apologies if this has been asked before!

    submitted by /u/privatetudor
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    SEC Issues Subpoenas USDC Stablecoin Backer Circle

    Posted: 04 Oct 2021 06:20 PM PDT

    EveRise's Bridge between ETH / Poly / BSC Coming Oct 5th

    Posted: 04 Oct 2021 03:32 PM PDT

    The Golden Age of Ethereum - The Daily Gwei #348

    Posted: 04 Oct 2021 06:11 AM PDT

    The Interoperability Trilemma -- AKA Why Bridging Ethereum Domains is So Damn Difficult

    Posted: 04 Oct 2021 07:45 AM PDT

    Are the Pandora Papers Good for ETH?

    Posted: 04 Oct 2021 03:47 PM PDT

    To any that are unfamiliar with the Pandora Papers - check out the article from the place where the nearly 3TB of data were delivered to: International Consortium of Investigative Journalists - Pandora Papers

    A very quick synopsis is that they are to the financial tax havens what Wikileaks was to the US Government. The papers specifically call out a number of billionaires, world leaders, politicians, celebrities who are using specific companies to help them hide their money in tax havens. Turns out that the US is actually one of the top tax haven countries in the world. Basically this just gives actual merit to things people have been talking about for years now.

    ​

    My question to this group is - do you think this will be a huge driver of people towards DeFi? Or do you think this will cause the central banks to start pumping out more CBDCs where each wallet is also tied to a SSN or EIN for businesses or something? Or maybe somewhere in the middle?

    submitted by /u/Unfair_Hovercraft_83
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    SEC Subpoenas USDC Stablecoin Backer Circle

    Posted: 04 Oct 2021 06:16 PM PDT

    Ethereum.org background use - iPhone hacked?

    Posted: 04 Oct 2021 03:53 PM PDT

    So I was just looking at my iPhone last night, and saw the screen time widget was showing me basically full bar, as if my phone is being used constantly, every second of every hour. 24/7 that day. I check, and this goes back at least for Sunday, Saturday and Friday. Thursday showed normal use.

    The app that it says is using all this screentime is Ethereum.org... which as far as I knew is not even open in a tab on a a browser in the background or anything. I'm not sure I've have visited the site until I got this news.

    I contacted Apple and they suggested I add Ethereum.org to my blocked sites (which I have done, and the screentime usage has gone back to normal), or to clear cookies and caches for safari or chrome etc, which I may still do.

    The thing that seems weirdest to me is that if some backdoor operation is in contact with and using my phone for whatever processes, that it's labeled out at ethereum.org... the actual legit Ethereum site, and not some other junk-hack url thats messing with my phone.

    Have any of you guys seen this or experienced anything like this?

    I have some Ethereum, and some bitcoin, through Coinbase, but none of that is affected. This seems like a completely separate thing, something sketchy maybe with the Ethereum site, or somebody else able to make it look like it ties back to the legit ethereum.org.

    Thanks for your help!

    submitted by /u/zeroversion
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    Seems like BSC coins want make the move to ETH

    Posted: 04 Oct 2021 05:34 PM PDT

    The more and more i look, the more i see coins from the BSC wave wanting to make the move like Safemoon and crossover to Ethereum. Lets face it, BSC is dying and everyone feels the vibes from it. If this continues its going to bring alot of traffic from there as well which is great for Eth, and the products we available. Especially with this bull run thats about to happen. ;)

    Like the other day i was on twitter and i found a article on a popular BSC Coin "EverRise" that is building a bridge to ETH and Poly for its own coin and wants to eventually offer that service to other coins as well, which IMO is pretty dope and bullish on the ETH side of things, BSC has made millionaires over night, lets bring that volume over here, im all for it. (Heres the Link)

    I guess my question would be, how do you feel about having the BSC apes on this side, how do you think theyll respond to the gas fees? Do you you think it will help or hurt ETH? Whats your thoughts?

    submitted by /u/ElCheva
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    Ethereum NFT Market OpenSea Hits Best Day in a Month as CrypToadz Sales Surge

    Posted: 04 Oct 2021 11:33 AM PDT

    Beacon chain metrics & benchmarking with Parithosh & Leonardo

    Posted: 04 Oct 2021 06:24 AM PDT

    Follow the recording on beacon chain metrics & benchmarking with Parithosh (Ethereum Foundation) & Leo (Barcelona Super Computer) explaining standardization of metrics, benchmarking, #interoperability, resource analysis of #Ethereum Consensus clients.

    PEEPanEIP #48: Beacon chain metrics & benchmarking with Parithosh & Leonardo

    ​

    Resources:

    submitted by /u/poojaranjan19
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    What will gas fees be like after eth 2.0?

    Posted: 03 Oct 2021 11:13 PM PDT

    More specifically, after zk rollups and sharding, what in your honest and unbiased opinion will gas fees will be like? Any estimated figures would be appreciated - I know it's impossible to say for sure, but guesstimates never hurt anyone. If not, then a more general opinion on how much gas fees could go lower would also be much appreciated.

    Thanks!

    submitted by /u/redriverdolphin
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    To EVM or not to EVM? That is the question -- Messari

    Posted: 04 Oct 2021 08:27 AM PDT

    Is There a way to Track ETH Fees?

    Posted: 04 Oct 2021 07:14 PM PDT

    This is really ridiculous....so im looking for assistance in finding good rates and times to actually make some moves and not get destroyed by ETH insane fees.

    submitted by /u/R3lentless1
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    Economics of Algo Stablecoins

    Posted: 04 Oct 2021 07:01 PM PDT

    We provide over 100+ FREE crypto articles on our SubStack! :D (Link on our profile)TLDR:Most of them are still at a nascent stage and went live less than one year ago. Thus, some of the current issues can certainly be attributed to the lack of time spent in a real market environment. The analysis is not final and may not reflect the state of these protocols in the near future.The idea of algorithmic stablecoins is an innovation in the right step and we have no doubt that it can work well with time. But the protocol that offers a stable pegged value, fully decentralised and working economic incentives has much to evolve. Given the rapid growth of the stablecoin sector and the bright minds working on these issues, the future is optimistic.

    General Conclusion

    In the previous article, we discussed the history of formation and types of Stablecoins up to the present time. We also discussed the Market Size of Stablecoins and they currently account for more than $111B, of which the top5 Stablecoins with only $UST are the only Algo Stablecoins, it has a capitalisation of around $2B.In today's post, we'll analyse several aspects of the ecosystem & main players, along with a simple case study of Frax Protocol.

    ALGORITHMIC STABLECOINS

    The topic considered for this research is Algorithmic Stable Coins. Without going into the details of their operation and the reason for their existence, a topic widely discussed in the research downloadable here, these coins and related projects are attracting a lot of attention. The research carried out considers 8 projects that differ from each other in mechanisms and stabilisation algorithms.

    What Are Algorithmic stablecoins?

    Algorithmic stablecoins are tokens pegged to a fiat currency which is usually the US dollar. They respond to market events using predetermined stabilisation measures hardcoded into smart contracts on Ethereum. This greatly increases their decentralisation and has the opportunity to create a smart, fast, responsive global currency not governed by a single institution that can act as a medium of exchange not just for DeFi but the whole world.

    Ecosystem And Main Players

    That sounds great, doesn't it? A smart currency that never deviates from its peg and doesn't require any capital lockup to back up its validity. In practice, this space is still nascent and hasn't reached peak potential or actually acquired the critical mass of users and liquidity to accurately keep their pegs and offer a viable incentive to users to stabilise the currencies.The goal of this project was to find how viable algo stablecoins are in practice, how accurately they keep their pegs, how they are governed and how they interact with the user and the broader ecosystem.Right now the main players in the space are Terra Money, Frax, Reserve, Ampleforth, Empty Set Dollar, Dynamic Set Dollar, Debasonomics and Basis Cash. These are also the protocols that we included in our analysis. One that stands out is Terra which evolved from a non-ERC20 project in the South Korean ECom industry. The others are native Ethereum projects with heavy interaction with the biggest AMMs in DeFi, as well as other ecosystem stakeholders.Metrics and key areas to be analysed to evaluate how the protocols work and how efficient they are, metrics considered key within the field were identified in the first part of the research. The comparison between different protocols is not easy and for this reason, the choice to identify and standardise the correct metrics comes before the research itself. The metrics found are mainly divided into 3 macro-areas that are:

    • Market Design,
    • Mechanism Design,
    • Token Design.

    As said earlier, in order to evaluate all protocols on an equal basis we focused on the following key areas:TOKEN ADOPTION: most protocols are only adopted by very few or even no other DeFi projects, discounting AMMs that do not require approval by the partner protocol. This limits the usefulness of the token, limits the exposure to new users and negatively impacts stability due to slow liquidity growth. Terra Money is certainly the winner in this area.GOVERNANCE: While most protocols claim to have a DAO structure, few of them have an active community that consistently passes improvement proposals. Having a working governance smart contract is simply not enough, the token (vote) distribution has to be fair and give sufficient agency to all relevant stakeholders. Many protocols have a de facto centralised governance, a bright example is ESD with very many passed IPs.ACCURACY: Algo stablecoins have a hard time keeping on a peg, due to various complicated reasons. Some protocols spiral so far out of control that they enter a "death loop" out of which it is impossible to exist without a major protocol revamp. We conducted various numerical analyses to obtain good stability metrics that were forgiving to very small deviations but still captured the overall picture.INCENTIVES: While some protocols opted for the rebase mechanism where they actively change the number of tokens in a user's wallet, others wanted to offer a return on alternative investment vehicles like coupons to remove or add supply to match demand. This is by far the hardest part to get right, as there are many variables of human psychology and economics at play, coupled with the instability of the crypto market. How effective these incentives were is clearly seen in the stability of the stablecoins, which is questionable to say the least.Discussion session Once the various facets of the protocols were explored and their behavior in the individual metrics was analysed, the research delved into the "Discussion" section. The focus is to understand which parts of the different designs most influence the final scenarios of the Stable Coin algorithms in production. The discussion is also divided here, as in the previous part, in several parts that try to define the fundamental points on which to find insights.Since the protocols are still very young, a fundamental point that was discussed was the risk attached to them, which in turn was divided into economic exploits, price volatility and technical risks.ECONOMIC EXPLOITS: the misalignment of economic design to allow a party to exploit another. Since this is a Stable Coin, the economic alignment of the protocols is one of the key parts to consider. The imbalance in some protocols has highlighted patterns that can be improved to make this area more equitable and robust in the management of incentives.PRICE VOLATILITY: the risk of price movement. This is most important in stable coin models since stable coins are meant to have zero or minimum price volatility. Price volatility is at the heart of the ecosystem under consideration. The need is to have a stable currency with a resetting algorithm that incentivises its use and stability. In this section we discuss some very important points that can serve as a starting point to improve the current functioning of these protocols.TECHNICAL RISK: smart contract bugs and conceivable hacks. Another foundational point considered in the discussion is the possible attack vectors that can alter the operation of the underlying protocol or coin. Being software programmed with Smart Contracts, these protocols are susceptible to attacks external to the oracles on which they rely.

    FRAX

    According to our research based on the currently publicly available plans as of March 2021, FRAX comes out as the best protocol with the highest overall score in the analysis.Our findings stated clearly that so far, purely algorithmic stablecoins have failed to deliver the bare minimum stability and efficiency needed to attract meaningful adoption. Frax, in adopting its hybrid approach, has been able to maintain a solid peg devising a clever and effective system to stabilise the protocol and providing a compelling arbitrage opportunity for participants. The results are stronger adoption compared to its peers.Algo stablecoin is still a new mechanism that is being explored. We have experimented with coupon-based mechanisms that do not seem to work in holding its peg. Pure algo stablecoin with rebasing could have some potential. But it seems like the best bet so far is fractional collateralisation with algo mechanisms to maintain the peg.

    Recommendation

    We finish by giving actionable advice to current and future algo stablecoin protocols on the topics of oracle use, initial token distributions, reacting to market events, managing risk and many others. We combined these best practices from observing effective solutions not just in algo stablecoin protocols but also other areas of DeFi with a longer pedigree.

    submitted by /u/economicsdesign
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    If a decentralized Facebook was developed on ethereum network could an issue like this happen?

    Posted: 04 Oct 2021 03:14 PM PDT

    When everything starts to look like crypto.

    Posted: 04 Oct 2021 12:42 PM PDT

    I know the POS will be good for the coin, but won’t the price of the coin decrease at least immediately after the change because less miners will be using the network?

    Posted: 04 Oct 2021 06:36 PM PDT
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