From 2ce22d134b31d8f81b4bbe1b6287de72937c208e Mon Sep 17 00:00:00 2001 From: hanniabu <10511045+hanniabu@users.noreply.github.com> Date: Fri, 8 Dec 2023 11:39:47 -0500 Subject: [PATCH] add weekly #46 --- README.md | 355 ++++++++++++++++++++++++++++++++++++++++++++++++++++++ 1 file changed, 355 insertions(+) diff --git a/README.md b/README.md index d8d0cda..abd938e 100644 --- a/README.md +++ b/README.md @@ -980,6 +980,361 @@ Rank | Username | Daily Doots +
+ Week #46: December 8, 2023 + +[Listen Live](https://discord.gg/b67BUR8uuN) | No POAP + +**Upcoming Guests** + +- Dec. 15th - Diva Staking +- Jan. 5th - Lantern Finance + +
+The morning trinity +[View on Reddit →](https://reddit.com/r/ethfinance/comments/18dg7y9/comment/kcgw6bn/) + +[u/0xBOBA](https://reddit.com/u/Mister_Eth) + +> Ethereum + +[u/usesbinkvideo](https://reddit.com/u/usesbinkvideo) + +> 88,620 hodlers subscribed (+18) + +[u/FrenktheTank](https://reddit.com/u/FrenktheTank) + +> $2377,80 + +[u/TimbukNine](https://reddit.com/u/TimbukNine) + +> 0.0548 + +[u/Mirved](https://reddit.com/u/Mirved) + +> Number go up! + +
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+Weekly Haiku: u/Jey_s_TeArS +[View on Reddit →](https://reddit.com/r/ethfinance/comments/18adty2/comment/kc0x5uk/) + +*Harvesting the fruits,* + +*Showing them bankers the boots,* + +*Through fire and lawsuits.* + +
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+Shitpost of the week: u/Itur_ad_Astra +[View on Reddit →](https://reddit.com/r/ethfinance/comments/18cp088/comment/kcdtirm/) + +Just imagine. ETH flips BTC in the span of a few months. + +Then Saylor comes out and announces that he slowly unloaded his position and converted it to ETH. + +**Million.** + +**Dollar.** + +**Validators.** + +
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+u/superphiz shares news of a major bug on Binance Smart Chain and what it means for Ethereum +[View on Reddit →](https://reddit.com/r/ethfinance/comments/187bfcu/daily_general_discussion_november_30_2023/kbeue2p/) + +Binance Smart Chain may have entered a fork condition because of a bug introduced into bsc-geth. + + + +I'd like to draw your attention to what this COULD mean for binance chain, and why it's important for us to learn from it. To be clear, I didn't study the binance incident, I'm taking a general lesson from what MIGHT have happened, and definitely editorializing to hammer the point. Please don't tell me I'm wrong about the incident, I'm applying this to our chain and I don't care about BSC. + +It looks like bsc-geth, a majority client on Binance Smart Chain could have introduced a bug that was enshrined in the chain because bsc-geth is a majority client. bsc-erigon has been unable to follow the new canonical bsc chain because it did not accept this bugged version of the bsc chain. + +There are two potential corrections: + +1. Introduce the same bug into bsc-erigon and make the wrong chain the canonical chain (with minimal disruption in the chain, but maximum social disruption) + +2. Undo/Redo/Slash/Roll-back bsc chain to correct the error in the chain and move forward with a correct state, but resulting in devastating chain consequences. + +This should be a HUGE red flag to Ethereans that solidifies our concerns about client majorities. If geth introduced a bug into our execution layer we'd be in the exact same predicament. + +How do we prevent it? By using minority clients, EVEN if they're more buggy and/or less performant. + +Why? We have about 4.5 execution clients right now: geth, nethermind, besu, erigon, and reth (rust Ethereum). If each of those clients has ~20% - ~25% of the share, ANY one of them could fail or introduce a bug and the network will shit a brick but keep going on the right chain, essentially falling to 75% efficiency until that bug is fixed in that single client. + +AS IT STANDS, geth has 84% of the execution chain market share. If geth introduces any bug into the chain, it will become the canonical chain, and the other 3.5 clients representing 16% of the chain will just be ignored. + +THIS is why client diversity on both the execution AND consensus layers is so important. See for more info. + +If you're not familiar with the design principles of Ethereum, one point you should know is that in Ethereum, the spec leads the implementation, the implementation doesn't lead the spec. This can take awhile to understand, but it essentially means that we design the chain carefully, then write code to support that spec; we don't write production code and then try to write documentation explaining what that code does. + +
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+u/eth2353 shares concerns about Coinbase's staking ecosystem +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1884mjc/daily_general_discussion_december_1_2023/kbiyu6u/) + +Coinbase announced support for partial ETH staking through the Coinbase Wallet [in their blog](https://www.coinbase.com/cloud/discover/customer-stories/cb-wallet) yesterday. While this is great for enabling access to staking yield to more people, in the same blog post they openly admit they only use Geth as their execution client (not sure if they ever confirmed it like this before, but everyone kind of knew). As the largest single staking entity (running around 15% of staked ETH) this is incredibly irresponsible behavior and they should be called out for it. I believe it is at this point in time a bigger issue than Lido having about 30%. + +If you have your ETH staked with Coinbase, move to a better alternative for the network (e.g. Rocket Pool / StakeWise V3 / ...). Reach out to Coinbase if you're a customer. They have had so much time to improve their operations yet chose not to so far. + +I think Coinbase is doing great things for the crypto ecosystem in general, especially in the US, but this is something that just *needs* to be improved and there is no excuse not to. They could almost single-handedly lower Geth's dominance to a point where it's a non-issue. It is currently believed to be around 80-85%, take away Coinbase's 15% and we're almost below 66% which is the bare minimum we need to reach to be safe from supermajority bugs. + +
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+u/lawfultots has the latest from the Gemini Earn bankruptcy case +[View on Reddit →](https://reddit.com/r/ethfinance/comments/1884mjc/daily_general_discussion_december_1_2023/kblim2u/) + +Pretty big week for the Genesis(/Gemini Earn) bankruptcy, TLDR is that the judge has approved them to move forward with a vote on the recovery plan. If the vote passes in January people will start getting their assets back. + + + +I haven't been able to find any details on the % recovery users should I expect from this deal, expect that to come out in the following weeks. + +One thing I'm curious about is the the composition of the assets that are owed, and the composition of the funds Genesis/DCG have on hand to fund this recovery with. Anybody know the breakdown of what assets were tied up in this bankruptcy as far as USD/stables/ETH/BTC? + +I'm wondering because there are billions tied up in this bankruptcy and if they had to exchange a significant amount of cash for ETH/BTC that could be meaningful buy pressure in crypto markets. Although I think a significant chunk of what they are providing is GBTC, and I suspect a large proportion of assets owed are USD/stables so I doubt its that big of a deal. + +
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+u/Revanchist1 went camping, hence the bull run +[View on Reddit →](https://reddit.com/r/ethfinance/comments/188x4q0/daily_general_discussion_december_2_2023/kbqkp7t/) + +I went hiking at Zion National Park in Utah for the last week. Landed back last night, and woke up to this beautiful pump. I should have known ETH was waiting for someone to be out in nature to pump. [Here are some poorly taken pics.](https://www.imgur.com/a/pxryil5) + +You're welcome. + +First hike we did was the Angels Landing hike, which was surprisingly easy despite all the reviews saying it's one of the harder national park hikes. The Chain section was exciting and was the most fun I've had hiking. + +Utah is such a beautiful state and everyone was very kind to us! Will definitely try to visit again to see the other national parks there. + +
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+u/edmundedgar educates us on some Reddit scammer tactics +[View on Reddit →](https://reddit.com/r/ethfinance/comments/188x4q0/daily_general_discussion_december_2_2023/kbnr5ki/) + +Crypto scammers really seem to have upped their bot game lately. Previously you'd usually have 10s of upvotes on a scam post. Now we're routinely seeing hundreds, for example this comment posted 9 hours ago on a dead ethstaker thread has 200 upvotes. + +You'd think reddit could detect stuff like this but apparently no. + +[Scam comment] + + +
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+u/EvanVanNess shares his take on the moderation of the Ethereum subreddit. With some great follow up replies +[View on Reddit →](https://reddit.com/r/ethfinance/comments/189n2j6/daily_general_discussion_december_3_2023/kbx1jhn/) + +re: "let's just clean up r/ethereum" + +It's probably fair to say that I hold a decent bit of soft power in r/ethereum policy, as I'm the longest-tenured moderator who does any modding, plus I literally was 98%+ of all mod actions in 2018-2019 until I added twigwam. Most of the mods are inactive, even the ones who have been added recently. + +As the above may suggest, I care about r/ethereum, even gave an entire EthCC speech on it once upon a time. + +i'm also from the time when everyone in Ethereum was angry about r/bitcoin censorship tyranny by Theymos. Even mild mannered people you might not expect like Phil Daian. Early Ethereum was quite fervent about free speech on Reddit. + +Then came the DAO fork, and I got censored a few times for things not even close to being censor-worthy (in my view) though it was an emotional time for everyone and some temp mods had been added. I wasn't a mod then. IMHO the censorship was part of what led to ETC. We didn't feel heard. + +fundamentally r/ethereum is never going to go back to being the way it was. We don't have the tools necessary, and the deeply technical community will never come back. Ethfinance exists, and most of y'all prefer to hang out here, rather than there. Ethereum is magnitudes of magnitudes bigger than when people first started complaining about the quality of r/ethereum declining in 2014. + +
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+u/-DarkKnight shares a lesson they learned the hard way so that you don't have to +[View on Reddit →](https://reddit.com/r/ethfinance/comments/18b5cgi/daily_general_discussion_december_5_2023/kc4sjxv/) + +These few weeks when the market has been pumping is making me really sad and anxious... + +Here's my story, + +I joined 2021 bull, and bought BTC, ETH, and various shitcoins. + +Thankfully quite early on in late 2021 I learnt about ETH with the upcoming merge. + +Sometime around 2022 I coverted all my positions to ETH, but with the bear I had already lost a considerable amount of money. I then started buying more and at its peak in mid-late 2022 I had managed to save 24 ETH - all my life savings. + +Then after the FTX crash I lost more in fiat terms, and I started taking more riskier bets. I tried trading LTFs and lost a lot of ETH. This made me irrational and I started converting ETH to Alts, first sound ones such as RPL, but later as I tried making back what I lost I started taking stupid and risky bets by coverting my stack into shitcoins hoping I can try and get back what I lost. + +This was it, I lost the majority of my stack here. + +This was a very expensive lesson for me not to trade. I dont think I can stomach buying anything ther than ETH now. Now I've started to accumulate with a measly 1.6E so far but the price rise is making accumulation even difficult 😢 + +I hope this was a useful lesson to you all as it was for me. Wanted to warn others here not to thread the same part I did as CT and seeing others with huge profits can make you do risky things. + +
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+u/PhiMarHal warns of a potentially widespread vulnerability +[View on Reddit →](https://reddit.com/r/ethfinance/comments/18b5cgi/daily_general_discussion_december_5_2023/kc2xhpq/) + +Certain thirdweb contracts deployed before the 20th of November were vulnerable: + + + +thirdweb is a framework for low-code smart contract deployments. I'm not sure how many projects use them, but they're a name that comes up often in the dev spheres. I'd guess the less technical projects are more likely to be users here, NFTs moreso than DeFi. + +Building code abstractions in web3 is no small task. The more flexible you make your framework, the more attack vectors. Catastrophic bugs cannot be patched on a whim like in web2. + +edit: we might get an idea of the vuln in question, even without being programmers, by checking the common dependencies in the affected contract list. I'd guess it's tied to the ERC2771 upgradeable import, which has something to do with metatransactions. Maybe something allowing an exploiter to pose as a trusted relayer? I would love to understand enough to know. + +
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+u/im_THIS_guy reflects on previous ratio struggles and prepares us for a rough ride ahead but eventual payoff wwhile, u/696_eth focuses more on fundamentals +[View on Reddit →](https://reddit.com/r/ethfinance/comments/18bxesk/daily_general_discussion_december_6_2023/kc8hhbz/) + +[u/im_THIS_guy](https://reddit.com/u/im_THIS_guy): + +If you think this is bad, the first time BTC hit $44k, back in early 2021, the price of ETH was just $1770. + +BTC had already more than doubled its prior ATH, while ETH was barely above its prior ATH. + +This sub was losing its shit. ETH was dead. Then, things got worse. 6 more weeks of ratio bleed. The price of ETH dropped 10%! while BTC kept pumping, up 17%. How incredibly demoralizing. + +Then something interesting happened. Over the next 6 weeks, BTC was flat and ETH pumped 365%! Oh my. + +This market will wear you down. You'll want to give up and switch from ETH to something that's pumping. That's when the rocket takes off. I guarantee you plenty of people switched from ETH to BTC right before the ratio popped from 0.3 to 0.8 that spring of 2021. + +--- + +[View on Reddit →](https://reddit.com/r/ethfinance/comments/18bxesk/daily_general_discussion_december_6_2023/kc9k0i0/) + +[u/696_eth](https://reddit.com/u/696_eth): + +Honestly if someone has held both then they should understand how more valuable and practical ETH is and the ratio doesn't even phase them much probably altho I'm the one who converted majority of my BTC stack at around 0.067, so yes I'm underwater on that decision, for now but not forever. + +**No matter the ratio** my ethereum printrr stil goes brrrr. + +**No matter the ratio** I can go ahead and get loans within minutes and get liquidity for IRL without selling my assets and triggering a tax nightmare. + +**No matter the ratio** there are 10000, hell probably even way more, different projects and amazing developments that are going in the ecosystem that I can go and explore. + +**No matter the ratio** the community has so many interesting topics to talk about between themselves. + +**No matter the ratio** there are way more opportunities that exist and show up for me in this ecosystem. + +**No matter the ratio** I can get other assets such as NFTs, providing me with an alternative leveraged investment on my position. + +**No matter the ratio** I can randomly get hundreds, if not thousands, of $$$ airdropped to me. + +**No matter the ratio** I can go ahead and build on top of my assets that live on Ethereum. + +**No matter the ratio** Ethereum captures my attention more than Bitcoin ever has. + +
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+u/MinimalGravitas shares their experience with voting in the latest Optimism Retroactive Public Goods Funding round and u/nixorokish shares who she voted for +[View on Reddit →](https://reddit.com/r/ethfinance/comments/18bxesk/daily_general_discussion_december_6_2023/kc7kx2x/) + +[u/MinimalGravitas](https://reddit.com/u/MinimalGravitas): + +Finished with my Optimism RetroPGF ballot, finally! Allocated to a little under 300 projects (out of about 650 that passed through the initial filtering). + +Honestly, this was a ludicrous amount of work, and I'm very glad we had such a long time to do it (4 weeks). The process of assesing and evaluating has probably consumed about 40 hours (rather than the 8 estimated at the beginning, lol). + +Projects need to get onto 17 ballots to qualify for anything, then will they recieve the median amount from those ballots. To see which projects have got how many ballots so far check out: + + + +It's been quite sad to see the amount that some projects have felt forced to shill themselves to badgeholders, and also that it seems to have worked which will encourage more of it in the future. Just one example that I saw was Sonne, a fork of Compound, whose token holders clearly brigaded the OP Discord and now has reached quorum. How is a DeFi lending platform, with a token, a 'Public Good'? I have no idea, but they are far from the only example. + +Lefteris has been trying to point out that some of the projects which most quickly reached 17 ballots are things which really don't need an extra injection of funds due to huge amounts of VC funding. + +An example of this that I find particularly egrigious would be Synthetix, who not only received $20M in VC funding this year, but previously received 9M OP... of which they then used about 2M to give themselves a huge amount of governance power... + + + +... and then used that voting power to nominate their ambassador as a RetroPGF badgeholder: + + + +Synthetix are obviously huge in the Optimism ecosystem, and generate a lot of value... but I wouldn't suggest they are the most worthy recipients of 'public goods' funding. + +Anyway, governance is never perfect, Moloch is always present, and I'm sure we can learn and iterate over time. For now at least, I've done my allocations and so should have a little more time for commenting here again! + +--- + +[View on Reddit →](https://reddit.com/r/ethfinance/comments/18bxesk/daily_general_discussion_december_6_2023/kc7yl5v/) + +[u/nixorokish](https://reddit.com/u/nixorokish): + +Optimism RPGF round ends tomorrow - I have to cast my ballot - anyone want to tell me if I'm missing anything super important? + +Focusing on things that don't necessarily have an influencer for brand awareness - love Carl's "Popular NPM packages" list, added a lot of those. And of course, staking tooling, infra, etc cuz Optimism doesn't exist without Ethereum's validators + +Discriminating against things that have been well-known in the ecosystem for years but I can't find significant progress that they've made in the past couple years... I find that some projects coast on reputation + +Also added in some high-producing educators and data analytics providers + +sidenote: I can't vote for EthStaker cuz bias + +- Aestus Relay +- beaconcha.in +- Dappnode +- Erigon +- Ethereum on ARM +- Gitcoin +- go-ethereum +- Grandine +- Lighthouse +- Lodestar +- Nethermind +- NiceNode +- Nimbus +- Protocol Guild +- revm +- Ultra Sound Relay +- rotki +- Revoke.cash +- Frame +- libp2p +- Solidity +- ethers.js +- Sourcify +- Web3js +- DefiLlama +- Gitcoin Passport +- Department of Decentralization +- OpenZeppelin Contracts +- TypeChain / DethCode +- Hardhat +- Prettier Solidity +- RainbowKit +- Ronan Sandford +- Waffle +- Hardhat Tracer +- UseDApp +- Synpress +- Antoine +- WhatsABI +- Vectorized +- Socket +- Splits +- Cannon +- Sphinx (formerly ChugSplash) +- Candide +- LXDAO +- Hats Protocol +- ⚡️ TurboETH +- Summer of Protocols +- PatrickAlphaC +- Zero Knowledge Podcast +- L2BEAT 💗 +- growthepie + +special shoutout to [u/minimalgravitas](https://reddit.com/u/minimalgravitas) for the staking list! + +
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Week #45: December 1, 2023