Jon Charbonneau 🇺🇸 Profile picture
Aug 18 3 tweets 1 min read Read on X
Privacy has pmf for nearly all meaningful financial use cases

If your credit card transactions were public you’d never use it

Privacy hasn’t shown pmf in early onchain crypto degeneracy

Completely different

If you think serious stuff comes onchain, then privacy matters
I do think it’s fair to predict that it’ll be difficult to move early onchain degenerate crypto into being default private

We do not have evidence that privacy is make or break for these use cases, so other factors can continue to outweigh it unless it becomes easy to layer on
For the serious stuff the real question is just *how* privacy will be enacted:

1) Will we continue to rely on custodians as a crutch who enforce privacy as in tradfi, and they just use blockchains as a backend

2) Will we build onchain privacy to be usable and compliant

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More from @jon_charb

Nov 11, 2024
Ethereum’s strength is also its weakness

It’s ambitious vision means it’s competing with everyone a little bit

It needs to lean into its unique and defensible moat - accumulated L1 state

Make L1 Great Again Image
BTC is better sound money than ETH

Solana is a more performant execution environment than Ethereum L1

Celestia is gonna have bigger faster blocks sooner
Ethereum’s biggest edge today is still its L1

It’s still the premier & most trusted smart contract platform with the most valuable activity

It needs to lean into that and keep those high value uses, not drive everyone to L2

L2 is for overflow, and the bar needs to be raised
Read 7 tweets
Apr 29, 2024
EIGEN is finally here, and it unlocks huge new innovation!

The whitepaper introduces EIGEN as the first “universal intersubjective work token”

That’s a mouthful so let’s explain it simply…


Image
“Work tokens” need to be locked up (staked) for workers to be eligible to do some work

For example, you need to stake ETH to be an Ethereum validator
However, existing work tokens have at least 1 of 2 limitations:

1) Objective - only enforceable for violations objectively provable onchain (eg, double-signing conflicting blocks)

2) Special-purpose - only usable for a specific task (eg, ETH staking to be Ethereum validator)
Read 9 tweets
May 27, 2023
Quick summary thread on my post which definitely didn’t upset anyone

Not controversial at all

How rollups work:
A bunch of people keep arguing that the bridge objectively defines the rollup

They argue that rollup social consensus is powerless, and everyone must always follow what the L1 bridge says is the “canonical rollup”
That’s just fundamentally not true though

Nodes determine the rollup

The bridge does not define the rollup

The bridge is a smart contract with a bunch of collateral in it
Read 24 tweets
May 27, 2023
Research Day videos are finally out!

Thank you again to everyone involved!

We’re really thankful that so many amazing people made the trip to come together for an amazing day

Individual talks and links below:
@bertcmiller -⚡️🤖 | Trillion Dollar MEV Questions

@BPIV400 - @SkipProtocol | Protocol-Owned-Building

Read 17 tweets
Mar 6, 2023
Fun talk by @koeppelmann on "The Limits of L2"

Always love people challenging the status quo, but I disagree with many of the core arguments

Thoughts below

Starting with the obvious - "rollups" today aren't really rollups

Lots of arbitrary upgrade permissions, lack of proofs, lack of CR mechanisms etc to varying degrees

Strongly agree here, much more work needed in maturing obviously

l2beat.com/scaling/risk
Examples provided of how Ethereum and L2s are limited in throughput, in particular how many txs the current Ethereum L1 can do

Confusing to me considering nobody is arguing that Ethereum L1 alone is enough
Read 22 tweets
Feb 22, 2023
I like visuals, so here's a simple one to help show why validator issuance wouldn't affect a PoS chain's "profitability"

If you consider issuance a cost (to holders), then you must similarly consider it equivalent income (to stakers, akin to MEV/priority fees) Image
Both are subsets of all token holders

I.e., they net out, leaving net token inflows unchanged
Adapted from this post, also helpful imo for understanding protocol value flows and economic security
Read 5 tweets

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