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"If you're a builder and your goal is to be a trench dev, Robinhood chain is where you go.
The money is good. The casino is hot."
@chang_defi, on Credible Commitments
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Ethereum cannot shorten slots today. Slot times are fixed at 12 seconds. Quick Slots (EIP-8198) fixes that.
The business case is clear: faster confirmations, fresher onchain prices, and faster finality. Pay the one time cost, reduce slot times to 10 seconds then ratchet lower.
With Glamsterdam scaling improvements coming online, maybe it's time to reorient the performance canon towards shorter slots.
In this episode of Credible Commitments @barnabemonnot makes the case for Quick Slots inclusion in Hegotá. Full episode links below.
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I do not expect Ethereum to be useful as sanctuary technology if the price of ETH were to eventually follow that of alt L1s.
1. Sanctuary technology requires deep liquidity. If you can't move size it's not that valuable, even if you expect billions of small users.
2. Sanctuary tech requires security. The sanctuary security budget is denominated in ETH. If ETH declines materially in value then the chain can be attacked easily.
L2s move congestion off main-net and increase trust assumptions (post 4844) whilst reducing the demand for L1 blockspace consumption both from L2s themselves (tx call_data) and users: developers and end users.
L2s can help with distribution so long as there is interop between main-net assets and the L2, i.e. ETH. However L2s are mostly distributing stablecoins, BTC, and native assets. ETH itself is only ~19% of the total value secured on L2s (l2beat), which is ~2.4% of total ETH supply. To put that in context, Coinbase and Binance hold in sum about ~ 21.5% of ETH supply. The retail onramp to ETH is through centralized exchanges who now also own the chains. They own the user from end to end. There is no incentive to prioritize ETH. Robinhood will be no different.
At best L2s are verifiable servers for businesses and at worst multi-sigs taking advantage of regulatory arbitrage for a quick buck. It's fine if the broader community wants to keep DA fees negligible. Robinhood and Base are reacting to incentives. It's significantly easier to lean into regulatory arbitrage than it is to build a fully decentralized Layer 1 both technically and from a GTM perspective.
But note that isn't going to accrue any value to ETH. You need size trading on L1. MEV burn + base Fee burn + tapered issuance burn *could* in aggregate outpace issuance in a future. This is true only if L1 orderflow grows by about an order of magnitude. If size trades on mainnet this is possible.
Size does not necessarily need sub-second latency, it needs best execution and censorship resistance with strong finality guarantees. Accelerating RWA issuance brings quality collateral, propAMMs make tight quotes possible, and deep credit markets facilitate capital efficient margin.
Sanctuary technology is not all that useful to the world if it's only for cypherpunks and idealists. Ethereum only becomes sanctuary technology if and only if Ethereum is the venue for the deepest spot markets in crypto and captures value from that orderflow.
The primary value accrual to ETH is velocity of assets increasing on main-net a.k.a. more activity. L2 settlement & da fees are nice in theory but likely will never make a huge dent. Over the last 90 days L2s collected ~ $29M in fees and paid ~$0.135M in rent for settlement and DA (source: growthepiedotcom).
The Robinhood chain explosion is both a distribution win and activity win. Trench devs and trench users either directly or via Fomo are trading on an Ethereum secured chain paying for gas in ETH.
This activity is not going to accrue value via settlement and DA fees however, it’s a narrative win because it speaks to “why Ethereum”.
If you want value accrual to ETH from L2s you need some combination of
1. Much higher base fee (blobs) by OOMs - best option just requires a protocol change.
2. L2 taxes - unpopular and requires opt in plus has social consequences.
3. Based sequencing for high velocity chains - realistic and there is a path, but incentive alignment is not likely when L2 business models rely on sequencer fees.
The more interesting and direct path to ETH value accrual is increasing asset velocity on main-net. L1 activity increases the burn of base fees even as block size scales if the induced demand thesis is true.
Large notional activity that requires L1 security and censorship resistance is the velocity that accrues value. People trading size are price insensitive to fees and will pay for these L1 affordances. This is a key reason to be bullish on the intersection of propAMMs and RWAs because the flow is a demand source.
L2 activity is not an ETH value accrual story. Increased asset velocity on L1 is.
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Full degen mode
LongX Expansion Powered by @Lighter_xyz is now live with NVDA3x spot leverage token and its first demo pair.
Over the past few hours we’ve stress tested the system with over $200K in volume, making sure minting, redemptions, pairing and secondary DEX liquidity are all working in tandem.
How does it work?
1. NVDA3x wraps an NVDA 3x leveraged position on Lighter into an ERC20
2. We’ve launched an initial demo pair as we prepare to roll out full open pairing mode
3. Users can swap directly through the DEX pool or mint/redeem through the LongX contract
4. You can also mint NVDA3x first and then swap into pair or swap from the demo pair into NVDA3x and redeem on contract
5. The NVDA3x demo pair trades like any other pair on LONG
6. Fees generated from NVDA3x LP activity, minting and pair activity accrue back to $AI
What’s next?
We will actively monitor market stability today. Based on the results, we may open full pairing mode where anyone can pair with the NVDA3x spot ERC20.
We are planning to aggressively scale liquidity and add more leveraged spot assets over the coming days.
NOTE:
The official demo pair is located on the LongX page. Any other NVDA3x pairs will not be unsupported.
Please trade extremely carefully as the system is still experimental.
We will post updates on our X account as the rollout progresses.
LONG.
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There will be a very hard and necessary pivot to privacy and analogue experience.
This is going to get 1000x worse than this
One crazy privacy aspect no one is talking about here yet:
labs will now be crawling through all your personal messages…. Group chats from 10 years ago, private texts, things you thought were private when you sent them.
Your buddy uses fable to scrape his texts one time and boom, Anthropic has YOUR texts. Even though you didn’t consent to fable scraping them, your buddy did.
No bueno
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This was inevitable
Don’t code alone. Slack Code is live.
Humans and agents. Same channel. Same work.
Launching today with agents from @AnthropicAI, @github, @Cognition, and @vercel. This is real multiplayer coding. See it at @Dreamforce #DF26
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Software engineers burning out thanks to using AI coding tools is becoming a major problem I don't see anyone talk about all that much. There's some "vampire effect" in these tools, and it drains a lot of devs.
This video by @stolinski is a very good and important one, to start:
This is the most important video I've ever made.
In this, I explore the negative and positive mental health effects of AI coding, with data and expert commentary.
piped.video/iPUn1Fnfn0k
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The world's leading crypto options platform just got a spot upgrade.
After receiving a Broker-Dealer License from Dubai's VARA, Deribit can route most spot orders through Coinbase Exchange.
Regulated Options and Spot. Deeper liquidity. Tighter spreads.
Hundreds of new assets on the way.
Deribit has secured a VARA Broker-Dealer license in Dubai.
Deribit users will soon have access to deeper spot liquidity and a broader range of assets through Coinbase Exchange.
Find out more ↓
coinbase.com/blog/deribit-re…
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Nice milestone for a product I’ve spent a lot of time on.
Great team behind this one.
$450 million. One of the largest crypto-collateralized loans ever originated.
@MARA chose Coinbase Prime to finance a landmark energy infrastructure deal. Backed by bitcoin.
Fully collateralized. Marked to market daily. Secured in Coinbase Prime Vaults.
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Introducing Cloudflare Wallets. They will allow you to store stablecoins, purchase services, and receive funds across the web. cfl.re/455An86
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