The KZG ceremony is opening up for public contributions again, but things are a little different this time. Due the lobby getting crazily large we are trying something new: we're starting with really high nonce requirements and we're gonna keep reducing them.

🕯️announcing the final round of of contributions to the KZG ceremony. 🕯️ if you haven't contributed yet, now's the time: - the minimum number of transactions has been lowered to 8 - the blacklist was just cleared - contribtutions will close 23-07-23 ceremony.ethereum.org

We’re beyond excited for Danny to join as Etherealize’s cofounder. Our mission is to connect the world to Ethereum. And Danny is the perfect person to bring Ethereum to the world. Danny — thank you for all you’ve done for Ethereum thus far. This next chapter will be epic.

London target fork block number end in 1559?

"Dude, what’s the #danksharding situation?" 📣 EF Research team is hosting an educational seminar with researchers and core devs on scaling solution "Danksharding" on Feb 14th at 14:30 UTC. Join us with @dankrad and @VitalikButerin! Agenda: notes.ethereum.org/@hww/work…

Has Polymarket ever done anything to show that they're ethereum-aligned? Feels like they would launch their own alt-L1 if it meant more $$$ It's one reason I prefer using @Truemarketsorg and @trylimitless

🕯️ in light of continued demand and due to the remaining time before the expected 4844 upgrade, we've decided to extend the ceremony 1 month 🕯️ so if you haven't contributed yet you have until 23-08-23 23:08:23 UTC to do so

More details on the Formal Verification of @ethereum 2.0 Deposit Smart Contract: bit.ly/2TJLNdX The final report is available here: bit.ly/38qm0M8

new post "Wrapping up the KZG Ceremony!" Started nearly 2 yrs ago, big thanks to anyone who contributed: 🕯️designs🕯️audits🕯️ 🕯️support🕯️entropy🕯️ 🕯️stories🕯️ When the Dencun upgrade goes live, our collective effort becomes embedded within the chain ❤️ blog.ethereum.org/2024/01/23…

YAM Summary 🍠😭🍠😭 - There was a severe bug in the rebase logic - Governance CANNOT HAPPEN anymore - $750,000 in Curve y tokens are locked in the governance - Staking pools are safe as far as we know - Every 12 hours more y tokens are locked - Get out of the YAM uniswap NOW!

Skiff is joining @NotionHQ 🎉 We're excited to accelerate Skiff's mission by joining Notion. The world needs tools that empower people and put their interests first. We're in a better position than ever to deliver this change. Read more on👇 skiff.com

The KZG ceremony is opening up for public contributions again, but things are a little different this time. Due the lobby getting crazily large we are trying something new: we're starting with really high nonce requirements and we're gonna keep reducing them.

RIP-7212 is live for the first time on a public network after being finalized! Congrats to @0xPolygon team, coming to @zksync @Optimism @KakarotZkEvm next 👀🪄 Try it yourself 👇 gist.github.com/ulerdogan/8f…

Blip blop 🤖📡💻🔒 🛰️ Gm Ethereum Uploading the KZG ceremony state securely to the #Crypto2 satellite! Ensuring the validity of Ethereum 🛡️💪 Track the space trusted setup ceremony 👉kzg.cryptosat.io👈 ⟠📡🪐🛰️⟠

2⃣0⃣,0⃣0⃣0⃣

My bat signal 🦇🔊 will return when ETH is ultra sound again, soon enough™. ETH supply currently grows 0.5%/year. That's 1%/year of issuance minus 0.5%/year of burn. To become ultra sound again, either issuance has to decrease or the burn has to increase. I believe both will happen, let me explain :) ETH vs BTC Before diving into Ethereum's issuance and burn, quick interlude on ETH vs BTC. Internet-native money is an enormous opportunity, think tens of trillions of dollars. Monetary premium rarely accrues at scale. You need a truly attractive asset with outstanding properties for society to coordinate around. At first approximation moneyness is a zero-sum game. Gold is primed for demonetisation in the internet age. There are only two candidates to supplant it and win internet money—BTC and ETH. Nothing else comes close. IMO the determining Schelling points are credible neutrality, security, and scarcity. Since the merge, ETH is definitely scarcer than BTC. It's remarkable BTC supply grew 666K BTC, worth $66B, all while ETH supply stayed flat. Today BTC supply grows 0.83%/year, 66% faster than ETH. And for those looking ahead, as I explain below, ETH supply is poised to decrease again. Scarcity is important, but ultimately the fight for internet money will likely be settled by security. Ironically, the famous 21M BTC cap is to blame. BTC issuance is going to zero—that's Bitcoin's strongest social contract. In a few halvings, issuance will be so small as to be irrelevant. Here's a shocking stat: in the last 7 days only 1% of miner revenue came from Bitcoin fees. Yes, 99% came from issuance. And that's despite 4 halvings that reduced issuance by 16x, and despite 15 years of search for transactional utility on Bitcoin. IMO the Bitcoin blockchain is cooked. It takes roughly $10B and access to 10GW to permanently 51% attack Bitcoin. The cost is peanuts for nation states. As for the power, Texas—a single state of a single country—can produce 80GW. The BTC security ratio is 200-to-1, it's a $2T asset secured by $10B of economic security. Any shortable instrument correlated to BTC mining incentivises an 51% attack attack. There's $20B of Bitcoin mining stocks—those would insta-nuke. There's $40B of open interest on BTC perps—direct short exposure. Not to mention potential short exposure through the $100B in ETFs and the $100B in MSTR. Will BitVM solve the fee problem? Any BitVM bridge is an incentive to 51% attack Bitcoin. Indeed, a 51% attacker can censor fraud proofs over the challenge period and drain BitVM bridges. Ironically, BitVM is arguably a direct attack on Bitcoin. And no, Bitcoin doesn't have social slashing to recover from 51% attacks. What if the BTC price grows by 10x, flipping gold, is Bitcoin safe then? Let's say this happens in the next 11 years. BTC would be a $20T asset but issuance would shrink 8x because of the three halvings. The security ratio would grow beyond 1000-to-1. IMO this is untenable especially as BTC institutionalises, becomes more liquid, and ultimately become easier to short in size. Imagine $1T of perp open interest but just $10B of economic security. Can Bitcoin somehow fix itself before it's too late? Bitcoin is the epitome of blockchain ossification. Can it have 1%/year tail issuance? Ha, good luck fighting the 21M cap! Maybe Bitcoin can switch to PoS and rely on minimal fees? PoS is sacrilege. Maybe Bitcoin can change to another PoW algorithm? Nope, that nuclear option won't help. Maybe Bitcoin can have big blocks and sell data availability at scale? Ser, a holy war was fought over small blocks. If you made it this far and understood the above, congrats. Even today few appreciate how screwed Bitcoin PoW is long term and what the ramifications are for BTC the asset. This is a frontrunable opportunity but it requires patience. The time frame is not 1 month or even 1 year—it's 10 years. Talking about long time frames, the Lummis proposal to lock BTC for 20 years is kinda insane—Bitcoin will be smoked by then. Worse, if the US were to hold trillions in BTC it would directly incentivise US enemies to muster a 51% attack. Contrary to popular belief, Bitcoin is not remotely resistant to nation states—China and Russia can pull off a 51% attack with ease. ETH issuance Ok, back to ETH :) The current issuance curve is a trap. Unfortunately, like Bitcoin's issuance, Ethereum's issuance was misdesigned. It guarantees 2% tail APR, even if 100% ETH is staked. Every rational ETH holder is incentivised to stake as staking costs are significantly lower than 2%. We all lose when most ETH stakes: → ETH displacement: Liquid staking tokens like stETH and cbETH displace pristine ETH as unit of collateral. This injects systemic risks—custodial risks, slashing risks, governance risks, smart contract risks—into the core of defi. This displacement also erodes ETH as a unit of account, with further knock-on effects to monetary premium. → real yields and taxes: Real yield, i.e. the yield adjusted for supply growth, decrease as more ETH stakes. When 100% of ETH stakes all ETH holders get equally diluted. Worse, income taxes are drawn on nominal yield. It would be a tragedy of the commons for no staker to enjoy positive real yield and for all ETH holders to suffer billions of dollars per year of tax sell pressure. IMO the issuance curve should drive discovery of a fair issuance rate through staker competition—no arbitrary 2% floor. This means the issuance curve must eventually decline and return to zero with increased ETH stake. My suggestion is "croissant issuance". Croissant issuance is a simple half-oval with two parameters: → soft cap: The staking fraction where issuance returns to zero. To me a 50% staking soft cap feels credibly neutral and pragmatic. In particular it's large enough to address discouragements attacks. → peak issuance: The theoretically-maximal issuance borne by ETH holders. An arbitrary round number like 1%/year will do as ultimately the equilibrium rate would be market-set. EF researchers have studied issuance for years—IMO there's rough consensus the current curve is broken and needs to change. Navigating the social layer to change issuance won't be easy. This is an opportunity for a champion to rise to the occasion and coordinate change to mainnet over the next couple years. ETH burn IMO the sustainable way to burn vast amounts of ETH is to scale data availability. It's much more lucrative to have 10M TPS with each transaction paying $0.001 in DA than it is to have 100 TPS at $100/tx. Yes, the data availability supply shock from EIP-4844 that introduced blobs temporary lowered total burn. This is the nature of supply and demand. When demand for DA catches up expect the blobs to burn hard. The Pectra hard fork, in a couple months, will double blob count. The short-term goal is growth and I expect lots of it. For the next couple years it will be a cat-and-mouse game between supply and demand as full danksharding is deployed. I wouldn't be surprised if this year we see hundreds of ETH per day of blob burn, and then that burn suddenly collapsing again with peer DAS in the Fusaka fork. Zooming out, we're here to build infrastructure for the next decades and centuries. Fundamentals will play out over years. Whether it's Bitcoin security, ETH issuance, or the ETH burn, stay patient and have conviction :)

Wanna see something cool? @daniel_knopik and I implemented a coordinator and client for the KZG ceremony. This is a prerequisite for danksharding. Check it out here: dknopik.de/ (and if you are @EthPrague vote for us: devpost.com/software/towers-…)

1/🕯️ KZG Ceremony 🕯️ special contributions started this week! These are community members who have entropy generation with a large group, or special time constraints who have been allocated slots. ↓ slow thread ↓

Summoning Danksharding, hope this works! 🕯 🕯 🕯 🕯 🕯 🕯 Danksharding 🕯 🕯 🕯 🕯 🕯 🕯

The first eth2.0-specs commit is 6 month old 🎉 Tons of phase 0 and phase 1 progress. Plausible timing for 2019: * Q2: phase 0 spec freeze * Q3: phase 1 spec freeze * Q4: phase 0 launch github.com/ethereum/eth2.0-s…

1/ For the past ~6 months, contributors have been building the KZG Ceremony, a pre-req for protodanksharding / EIP-4844 Hopefully, in 2 weeks we'll be collecting a community contribution from the mainstage audience at @EFDevcon! 👀 ↓ learn more ↓ github.com/ethereum/kzg-cere…

"Many of you have heard not to roll your own crypto...I'm trying to tell you, you should roll your own crypto." -@CarlBeek, Researcher @Ethereum on the Main Stage at #Devcon