building a better economy for humans @OPLabsPBC 🔴✨
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Feb 23, 2023 • 5 tweets • 1 min read
One of the major advantages of Optimism's Superchain future over a multi-chain world is tight alignment around a common vision. Being part of the Superchain isn't just about great tech, it's about an understanding that we need to build & fund ecosystem public goods together.
By working as a Collective, we can shift the incentives so that funding the digital equivalent of our roads, schools, and eventually our mega projects actually makes strong economic sense.
Feb 23, 2023 • 17 tweets • 5 min read
It's clear: THE FUTURE IS SUPERCHAIN
@coinbase is joining @optimismFND on the journey towards the vision of a UNIFIED network of L2s: the Superchain.
Here's what's up with the Superchain and how you can get involved **today** 👀
Ethereum need L2s, but no single L2 is going to hit the internet-level scale necessary to bring Ethereum to the world. At the same time, siloed L2s fracture security, liquidity, and development effort. We need something better.
Feb 13, 2023 • 21 tweets • 4 min read
The OP Stack is about to make Ethereum contract development crazy again. Hard to explain until you've seen it. It's just stupid how powerful this thing is. The idea of getting CSR on Optimism Mainnet was what really got me. (quik thred)
Contract Secured Revenue (CSR) is a mechanism spearheaded by Canto to reward contract creators based on the % of gas those contracts are using. The more gas is being spent on the contracts, the more rewards for their creators. Simple.
Jul 30, 2022 • 26 tweets • 5 min read
For your entertainment, here's a thread about the future of @optimismFND, the upcoming Bedrock upgrade, Rollup decentralization, and ZK. Bedrock is a Rollup client, not an Optimistic Rollup client 😉. Enjoy the spice. 🌈
I recently gave a talk called "Wen?" that explored the future of @optimismFND. Since Optimism does everything in the open, there's a ridiculous amount of alpha in there. Have fun!
Last weekend an attacker was able to gain control of the Optimism addresses that correspond to various Gnosis Safe multisigs on Ethereum that had not yet been deployed to Optimism. A quick thread on security in the multi-chain world ~~
As a quick upfront note, this incident was not the result of any vulnerability in Optimism or Gnosis Safe, but instead stemmed from (reasonable) security assumptions made in an old version of Gnosis Safe long before multi-chain was a vibrant reality.
Jun 6, 2022 • 4 tweets • 1 min read
Worth reading the Drop Day retro, lots of lessons learned here.
We forgot to update the permalink, but one important thing we added to the retro was that OP Labs has been (before Drop #1) in the process of restructuring its engineering teams around products instead of functions.
May 31, 2022 • 6 tweets • 1 min read
Wild that we still consider the naive TVL metric as a good signal. Must be better options. FWIW I don't think any one of the listed options here actually matters "most" -- we should create complex metrics that factor in multiple signals to tell a more intricate story.
Ok let's jam on how to make good metrics. We have signals like TVL, fee revenue, gas per second, security budget, cost per unit gas, etc. Let's try to balance out some common issues and see where we get.
May 30, 2022 • 8 tweets • 2 min read
HOP Sybil strategy is really cool BUT I think other projects need to be very careful if they're thinking about following in HOP's footsteps.
HOP methodology is not a replacement for initial Sybil filtering. If you don't do any filtering upfront, you *will* create a massive incentive for farmers who eventually just self-report for the "finders fee".
May 30, 2022 • 4 tweets • 1 min read
Some vague thoughts on the subject of SBTs:
- V et al brought distributed identity back into the mainstream crypto consciousness for the first time in a decent while
- Not sure how much of the paper is entirely new thought and how much of it has already been discussed
- I'm sure lot of this stuff has been talked about before, though with different language
- Different language can inspire new thinking
- Academic paper format may have been off-putting for some (and communication medium is important)
May 18, 2022 • 15 tweets • 3 min read
We all know Optimistic Rollups need to build fault proofs. But did you know there are actually four different levels of fault proofs? 👀👀 A behind-the-scenes thread on the truth behind Optimistic Rollup proof systems 🔴✨
(gotta give you a clickbait title or I know you wouldn't even bother clicking a thread about fault proofs and you know it, deal with it nerds)
May 6, 2022 • 8 tweets • 1 min read
Here's my weekly rant again: zkEVM is a bad idea and you probably want to build zk<insert other machine architecture here> instead
You rarely want to prove *just* the EVM. You want to prove the entire Ethereum state transition function, which is a superset of the EVM.
Apr 17, 2022 • 29 tweets • 7 min read
Another "crypto hack made simple" thread for ya. @BeanstalkFarms, a DeFi protocol, was just exploited for about $75m worth of Ether (~25k ETH). Here's how the heist went down.
Here's the transaction on Etherscan if you want to follow along with this thread: etherscan.io/tx/0xcd314668a…
Mar 29, 2022 • 27 tweets • 6 min read
Welp. @Ronin_Network is now on top of the crypto hack leaderboard. $625 MILLION dollars worth of ETH and USDC just got stolen from the Ronin bridge. Here's how it happened.
It looks like the Ronin hack was quite different from previous bridge hacks. The Ronin bridge is a 5-of-9 validator bridge, meaning the funds are secured by a set of 9 secret keys, any 5 of which can be used to move money around.
Feb 3, 2022 • 6 tweets • 2 min read
As another commenter has noted, it could also be that the attacker knew about the bug in advance and was forced into exploiting the bug because the patch was being rolled out. Seems hard to construct this attack within ~2 hours so could be a possibility here.
Update: after further convo it seems Wormhole wasn't aware of the bug when the commit was made, simply were updating to latest function versions to clear up the deprecation warnings.
Feb 3, 2022 • 38 tweets • 8 min read
Alright. I figured out the Solana x Wormhole Bridge hack. ~300 million dollars worth of ETH drained out of the Wormhole Bridge on Ethereum. Here's how it happened.
Here's the transaction which finalized a majority of the exploit. 80k ETH pulled out of the Wormhole contract on Ethereum in a single transaction: etherscan.io/tx/0x24c7d855a…
Feb 2, 2022 • 10 tweets • 2 min read
Looks like it was probably an exploit on the Solana side, not on the Ethereum side. See the following transaction where 120k Wormhole ETH was minted on Solana: solscan.io/tx/2zCz2GgSoSS…
This is followed by a transaction that sends 10k Wormhole ETH over to Ethereum: solscan.io/tx/5UaqPus91wv…
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