You can find my work on https://xitter.cf/t.co/mMSA0H8rnN
Ethereum
Joined July 2021
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If you're at #ETHCC, check out the event organized by @Obol_collective.
You'll get to see my creation, ETHomium! 🇧🇪⚛️
If you take a photo of it and post it on social media, I'll send you the NFT version!📸
Mathematics are beautiful. No exceptions.
(First person to reply with that image gets instantly blocked.)
Xofee.eth🦇🔊 retweeted
One step closer to 4-8x faster Ethereum finality!
It took some time and lots of tokens, but we now have a formally verified proposal for a decoupled consensus protocol in I* (a future Ethereum upgrade)! Not yet a full spec (up next), but it includes all the key consensus-relevant details to become one.
Since Ethereum aspires to be live without most of the stake online, the protocol involves many more components than a normal BFT protocol, and its correctness involves much more than standard safety and liveness. Those nuanced properties are now verified!
What's more, I came away convinced that all protocol design will involve AI-assisted Formal Verification in the future, both for correctness and iteration speed.
The work wasn't limited to just:
Design the protocol -> Formally verify it
Instead, the loop became more like:
Design -> Formal Model -> Find exactly what breaks and why -> Redesign it.
For a fairly complicated protocol like this one, I think having the Lean model be part of the design loop played a big role in accelerating the process.
A future with agents paired with formal models is a superpower for Ethereum development, because they can then use those models to find exactly where an argument breaks down, formalize counterexamples, test proposed fixes, iterate on the protocol.
Many details that would slip under the radar when asking agents (and indeed, humans) can now be specified exactly and checked by the Lean kernel. This then forces agents to be more precise and lets them make verifiable progress on their own. It's been incredible to see this play out, seeing agents find gaps and propose protocol changes to fix them.
In other words, autoresearch can speed up protocol design, formal verification is here to stay, and Ethereum Finality will get faster.
Xofee.eth🦇🔊 retweeted
I am pretty neutral about this EIP. But I am hugely in favor of it being discussed in good faith.
🚨 New EIP: Tapered Issuance Burn
We just submitted an EIP to ethereum/EIPs: a minimal, market-driven fix to Ethereum's issuance policy removing the incentive for stake growth beyond 50% of ETH supply.
EIP-8361 by @pintail_xyz, @jdetychey, @dapplion, @pa7x1, @ladislaus0x & @drakefjustin 🧵
Xofee.eth🦇🔊 retweeted
1/ As an active participant in the home and solo staking community, I have been surprised to see a number of folks whose opinions I highly trust claiming that EIP-8363 is detrimental to home stakers.
I think there is an important aspect that is not being understood. As written, the proposal affects large staking entities much sooner than home stakers, and in fact, it protects home stakers more than the current model does.
Let me explain. 🧵👇
To people on both sides: stop focusing about reducing issuance in order to reduce inflation : that’s not the goal of this EIP!
Ethereum will become deflationary in the future thanks to usage, it’s why I keep 🔈🦇 in my username
Xofee.eth🦇🔊 retweeted
Since, in classic @x fashion, this debate has basically boiled down to "the other side is insane," here are what I think (my subjective opinion) are the strongest arguments for each position:
Lower the curve
At today's staking amount (41.5M ETH) and an ETH price of $1,875, Ethereum already has about $78B securing the network. Which is more than enough to make an attack extremely expensive.
The concern is that continuing to pay for even more stake does not necessarily make Ethereum safer. Most of new stake will flow to the same large exchanges and LSTs so while the total amount staked will go up, control of that stake becomes more concentrated.
In other words, we would end up paying inflation to make Ethereum less secure.
Keep the curve the same
If staking rewards become very low, large exchanges like Coinbase and Binance can afford to offer staking at razor thin margins because staking isn't their business, it's one feature in a much larger business.
For LSTs, staking is the product. If margins get compressed enough, there's a real risk that more and more Ethereum stake consolidates around centralized exchanges.
Also institutions like yield!
I don't think either side is crazy. The hard part is figuring out which long term risk is actually larger.
🚨 New EIP: Tapered Issuance Burn
We just submitted an EIP to ethereum/EIPs: a minimal, market-driven fix to Ethereum's issuance policy removing the incentive for stake growth beyond 50% of ETH supply.
EIP-8361 by @pintail_xyz, @jdetychey, @dapplion, @pa7x1, @ladislaus0x & @drakefjustin 🧵
The key question is: what drives the amount of ETH staked?
Opponents argue the staking ratio will keep rising anyway and hit 0% issuance at 50%.
Supporters believe yield is the main driver, so the market will stabilize at an equilibrium ratio below 50%
🚨 New EIP: Tapered Issuance Burn
We just submitted an EIP to ethereum/EIPs: a minimal, market-driven fix to Ethereum's issuance policy removing the incentive for stake growth beyond 50% of ETH supply.
EIP-8361 by @pintail_xyz, @jdetychey, @dapplion, @pa7x1, @ladislaus0x & @drakefjustin 🧵
My preference ranking would be:
1. A mechanism that reduces issuance while favoring smaller entities (that would be ideal, but it would take a genius-level idea to make it properly Sybil-resistant)
2. This proposal
3. Doing nothing
💜POAP 🤍
After 5+ years, we're winding down POAP.
Over the years, we:
* minted millions of collectibles across hundreds of communities.
* did incredible collaborations with world-class organizations - Coinbase, Amex, WMG, Bayer, and a long tail of others, including countless in crypto.
* ran one of the biggest activations at Devcon, minting 8000+ collectibles over the course of a week.
* built an Airport Rally to let collectors get POAPs at airports around the world.
POAP meant something to a lot of people.
Unfortunately, crypto's funding cycles and distribution dynamics made it hard to build a sustainable company without cannibalizing the ethos that made POAP mean something. Building on a fragile and quickly evolving stack, in the middle of an incredible hype cycle, only added to the challenges.
Still, there are some big lessons I am carrying from the POAP story.
First: Customer communities are the most undervalued asset a company can have. If you build something with soul, people who use it and love it will take your brand everywhere. Do not underestimate the power of customer communities.
Second: Connection is still the point. It's easy to lose that thread when the conversation is about the latest bubbly tech or price speculation, but the people using POAPs at events, in classrooms, at hackathons were getting something real out of it.
Third: Longevity and brand equity are the only moats left. With the time to building and shipping something new collapsing quickly, and distribution becoming increasingly an engineering problem, customers increasingly want to make sure they can trust that the things they are buying will grow and evolve with the market, without changing radically.
Grateful for everyone who believed in what we were building. It's too soon for me to say what's next, but for now, I'm thinking a lot about what GTM looks like in the age of AI.
The goal of changing the curve isn’t to reduce issuance, but to reduce the share of ETH that is staked.
Discussions about Ethereum’s issuance aren’t really about the 0.8%
They’re about finding the right equilibrium staking ratio. There’s a yield where staking balances out, the real question is at what ratio it becomes bad for ETH and also how can we best encourage decentralization
Xofee.eth🦇🔊 retweeted
When we discussed this issue in 2020, the view of Vitalik and others was 10% of ETH staked provided superb security and 20% would be the absolute maximum possibility needed.
At more than 30% staked and ~half in inherently risky LSTs, the staking system has grown far too large.
Xofee.eth🦇🔊 retweeted
"the most important thing to tackle"
strange commentary. it's one of many research/engineering streams
"this will be the reaction of most investors and builders"
many investors and builders i've engaged with are fine with the exploration and understand the tradeoffs
