“There are currently a large number of (optimistic and ZK) rollup projects, at various stages of development. One pattern that is common to almost all of them is the use of temporary training wheels: while a project’s tech is still immature, the project launches early anyway to allow the ecosystem to start forming, but instead of relying fully on its fraud proofs or ZK proofs, there is some kind of multisig that has the ability to force a particular outcome in case there are bugs in the code.
This post proposes a simple milestone-based schema to help us categorize rollups into three different stages, depending on how heavily they rely on their training wheels.
Stage 0: Full Training Wheels
- Rollup full node
- The operator cannot freeze or steal users’ assets by censoring users
- No active fraud proof or validity proof
Stage 1: Limited Training Wheels
- Must be a running fraud proof or validity proof scheme
- There can exist a multisig-based override mechanism – a quorum-blocking group to prevent the multisig from acting must be outside the organization
Stage 2: No Training Wheels
- There must not be any group of actors that can, even unanimously, post a state root other than the output of the code”
“There are plenty of reasons to bet on Ethereum, but quantifying its present and future value isn’t always so straight forward. We tapped the folks from investment firm Archetype to break down their detailed model for valuing Ethereum and dig into showcasing the model’s most conservative and bullish takes on where the network is headed.
ETH is currently sitting at ~$1500 as of writing. Archetype’s base case provides a 10x return by 2030 if the model holds true.
This base case price projection is strictly based off cash flows from Ethereum’s core business of selling secure blockspace for the range of applications built on top of it. When we factor in a monetary premium, which accrues when ETH has an increasing amount of demand for it across different mechanisms (think ETH locked in DeFi, ETH burn rate, ETH staking, ETH used for NFT purchases, etc.), the numbers start to scale to substantially higher numbers.“
“Today, we are announcing “Kevlar”, a tool that makes Metamask, or any RPC-based wallet, completely trustless! Kevlar first runs a light client to quickly sync with the beacon chain and then starts a local RPC proxy that you can add to your wallet.
Currently most wallets rely on trusted full nodes which makes them extremely centralized. Kevlar lets you run a light-client-based RPC proxy on your device that can be added to any RPC-based wallet. Now every RPC call made by your wallet is verified using Merkle Inclusion proofs.”
“Binance’s CEO, responding to a CoinDesk scoop about trading firm Alameda Research’s balance sheet, tweeted Sunday that he will sell the remaining FTT tokens held on his books that he took on as part of his exit from Alameda sister company FTX last year.
As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books.
CZ said Binance’s sale would be executed in a way that “minimizes market impact” and could take “a few months to complete.” Blockchain explorer Etherscan showed an address moving 23 million FTT (worth approximately $530 million) to a Binance exchange wallet Saturday afternoon.”
“In his latest blog post titled “Pure Evil,” Arthur Hayes, ex-CEO of crypto derivatives platform BitMEX, argued that banks may limit the impact of the CBDC “horror story.”
I believe that the apathy of the majority will allow governments to easily take away our physical cash and replace it with CBDCs, ushering in a utopia (or dystopia) of financial surveillance.
But, we have an unlikely ally that I believe will impede the government’s ability to implement the most effective CBDC architecture for controlling the general populace — and that ally is the domestic commercial banks.
The bank regulator is suddenly saying we’re going to compete against the banks now.
Hayes, meanwhile, flagged Bitcoin as a safe haven still available for those already opposed to any form of zero-cash economy — but not for long. Buying BTC will become increasingly difficult, or perhaps outright impossible, once CBDCs are implemented.
This window won’t last forever. Capital controls are coming, and when all money is digital and certain transactions are not allowed, the ability to purchase Bitcoin will quickly vanish.”