An Eth researcher and digital asset portfolio manager walked into a podcast. Epic conversation ensued.
In @vaneck_us recent space,
Pranav Kanade - @pkan90 is joined by
Justin Drake - @drakefjustin to discuss $BTC, recent events, @Ethereum Foundation, Shanghai upgrade & more.
In @vaneck_us recent space,
Pranav Kanade - @pkan90 is joined by
Justin Drake - @drakefjustin to discuss $BTC, recent events, @Ethereum Foundation, Shanghai upgrade & more.
1/ Ordinals And Bitcoin
There’s no $BTC bridge from the Bitcoin main chain to the roll-ups.
$BTC isn’t as extendable and usable as a data availability layer compared to @ethereum
When converting $BTC to fiat, you still need to use a CEX.
There’s no $BTC bridge from the Bitcoin main chain to the roll-ups.
$BTC isn’t as extendable and usable as a data availability layer compared to @ethereum
When converting $BTC to fiat, you still need to use a CEX.
2/ $BTC’s issuance will eventually go to zero and the blockchain will have to be secured through transaction fees.
If there are no interesting things going on in $BTC, there will be no incentives for miners to be validators.
If there are no interesting things going on in $BTC, there will be no incentives for miners to be validators.
3/ Recent Events
Do Kwon being arrested and Justin Sun being scrutinized is good.
If the SEC deemed $ETH as a security, they could fine Ethereum Foundation or they could try to attack it through CEXs which will promote more decentralization.
Do Kwon being arrested and Justin Sun being scrutinized is good.
If the SEC deemed $ETH as a security, they could fine Ethereum Foundation or they could try to attack it through CEXs which will promote more decentralization.
4/ It seems more likely than not that $ETH will be classified as a security.
Coinbase signaling that they would sue the SEC and fight back in court is good.
Coinbase signaling that they would sue the SEC and fight back in court is good.
5/ Ethereum Foundation
The role of the foundation is to support Ethereum public goods.
Most of their effort is focused on the L1.
One of their focuses is helping write the abstract design of protocols.
They are doing coordination work.
The role of the foundation is to support Ethereum public goods.
Most of their effort is focused on the L1.
One of their focuses is helping write the abstract design of protocols.
They are doing coordination work.
6/ Justin’s job is to make Ethereum’s software the most secure software ever built.
The protocol layer has become extremely modular and cleanly segregated into chunks.
They have to prepare themselves for the eventuality of quantum computers.
The protocol layer has become extremely modular and cleanly segregated into chunks.
They have to prepare themselves for the eventuality of quantum computers.
7/ Social Consensus
Ethereum at this point in time is much more decentralized than Bitcoin.
Bitcoin has only 1 client at the core level which is the social consensus.
The Ethereum blockchain is the only blockchain that has 5 different consensus clients.
Ethereum at this point in time is much more decentralized than Bitcoin.
Bitcoin has only 1 client at the core level which is the social consensus.
The Ethereum blockchain is the only blockchain that has 5 different consensus clients.
8/ The NYAG’s statements declaring $ETH as both commodity and security is contradicting.
9/ Shanghai Upgrade
There’s 2 types of withdrawals which are the partial withdrawals and full withdrawals.
It will definitely impact congestion because of partial withdrawals.
The execution is going to have a different mechanism.
There’s 2 types of withdrawals which are the partial withdrawals and full withdrawals.
It will definitely impact congestion because of partial withdrawals.
The execution is going to have a different mechanism.
10/ 1.17M $ETH are available for partial withdrawals.
16M $ETH are available for full withdrawals.
In full withdrawals, the amount of $ETH that can be unstaked in a single day will depend on the amount of validators that will choose to exit their positions.
16M $ETH are available for full withdrawals.
In full withdrawals, the amount of $ETH that can be unstaked in a single day will depend on the amount of validators that will choose to exit their positions.
11/ On average, they have 20,000 $ETH coming into the system every single day.
After the withdrawals, there will be a period of flatness of the amount of $ETH staked.
After the withdrawals, there will be a period of flatness of the amount of $ETH staked.
12/ Ethereum Censorship Resistance
There will be 0% censorship on Ethereum in the long term.
The MEV pipeline is the idea that when a user has some sort of intent to make a transaction, they have to go through various stages before it can land on-chain.
There will be 0% censorship on Ethereum in the long term.
The MEV pipeline is the idea that when a user has some sort of intent to make a transaction, they have to go through various stages before it can land on-chain.
13/ Censorship means transactions are being delayed.
In the 7 day stats, 300+ transactions were delayed around 40 seconds.
The relay landscape has dramatically changed.
In the 7 day stats, 300+ transactions were delayed around 40 seconds.
The relay landscape has dramatically changed.
14/ Validators can decide to opt-in and behave altruistically to strengthen the censorship resistance of Ethereum but it comes with a price which halves the staking rewards.
15/ Ethereum As A Settlement Layer
They are going to have #L2 base fees to charge for contention.
The MEVs will originate from L2s because the MEV follows the sequencer.
The idea of base roll-ups is that the sequencing of the roll-up happens on #L1.
They are going to have #L2 base fees to charge for contention.
The MEVs will originate from L2s because the MEV follows the sequencer.
The idea of base roll-ups is that the sequencing of the roll-up happens on #L1.
16/ Business Model
The current risk of the Ethereum business model is extreme scalability.
There’s a risk when the supply of blockchains grows exponentially.
Enshrined roll-up is where the #L1 itself becomes a roll-up.
The current risk of the Ethereum business model is extreme scalability.
There’s a risk when the supply of blockchains grows exponentially.
Enshrined roll-up is where the #L1 itself becomes a roll-up.
17/ Everytime the infrastructure is improved, there are always new cases that come up.
19/ For daily updates and summaries of your favorite chains, projects & organizations like @vaneck_us, signup for our research platform.
⚡️revelointel.com⚡️
Crypto moves fast, time is money, keep up.
⚡️revelointel.com⚡️
Crypto moves fast, time is money, keep up.
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