Last week was my last week at Consensys. Today is my first day at @anza_xyz.
I’m taking my talents to Solana.
In my first 100 days, I plan on writing a spec for as much of the Solana protocol as I can get to, prioritizing fee markets and consensus implementations where I believe I can have the highest impact. This is primarily so that I can get up to speed on implementation details as quickly as possible but I hope it will help others contribute to the Solana protocol in the future.
Anza is a Solana R&D firm developing the Agave client. Those of you in Eth land may not have heard much from them, that’s because they have been quietly shipping major improvements to the network over the past year. Anza developers are extremely cracked and I’m excited to get the opportunity to work with them.
I’ve been extremely privileged to work with the @specialmech and broader Consensys team over the past 2 years and I will continue to work with them in an advisory capacity as a Research Fellow while I focus on my new role. The SMG team is stacked with top talent, and two major new hires have augmented that capacity even further. @0x81B, @malleshpai, and the rest of the SMG team will continue to drive outsized impact internally within Consensys, in the Ethereum community, and in blockchain research and development more broadly.
That's all for now. IBRL my fellow manlets.
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Make no mistake, the Solana of the ore era (march 2024) could not have handled this launch gracefully. The degree to which Solana knocked it out of the park on a technical level last night is astonishing. So much progress in just 9 months and we are just getting started. IBRL
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One precision tactical strike on (52.3675,4.9041) in Amsterdam and bye bye Solana. This is what we mean by ETH needs to be in war mode.
The ticker is ETH
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Today was a resounding success for the Solana Blockchain and a vindication of the idea that you don't need a modular aproach to scale. Work done by @anza @jump_firedancer @triton_one @heliuslabs @phantom and all of the other infrastructure providers working to make Solana the #1 blockchain over the past 2 years paid off big time today.
if we are grading on a curve, Solana gets an A++. If we are grading in absolute terms, there are still things to work on, and we know what those are now so back to work.
Building a block chain to house global markets requires a committment to extraordinary quality of service, specifically on days when markets move the most. Of all the chains, layer 2s and exchanges impacted by today's volatility, Solana performed by far the best.
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I'm tired of Ethereum Losing to Solana. I want us to start winning again. But that means we need to start playing our game, not theirs. Apple doesn't compete on price with 100$ Chinese androids. They compete on quality. They simply build better products that people want to use.
We have better dev tooling, more decentralization, more security, and better mechanism design, but we need to use these tools to deliver a compelling user experience.
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Today marks the end of the first major arc for Solana. Through all of the trials, Solana persisted, fixed the bugs, built the tools — and the apps that used those tools to bring value to end users. Now Solana has been accepted into the most exclusive private club in the word: US Markets.
But the story is only begining. The world is waking up to stablecoins as a tremendously valuable tool. In the near future nearly all global payments infrastructure will live on blockchains. But will they live on Solana or one of our competitors?
Similarly 500T dollars worth of global securities are ready and waiting to come on chain. With they be issued, traded, and settled on Solana or some other chain?
What we accomplish in the next few years will decide whether Solana becomes a central way point in all of global finance, or a footnote in the anals of economic history.
Now is the time where the right choices mean we truly win forever.
DO NOT UNDER ANY CIRCUMSTANCES TAKE YOUR FOOT OFF THE GAS. PRESS DOWN HARDER TILL THE GAS PEDAL IS SO FAR UNDER YOUR BOOT IT NEVER WANTS TO GET BACK UP.
We cannot stop shipping upgrades to the chain or competitors will catch up. Avoid the temptation to rest on our laurels, accelerate, accelerate, and accelerate some more.
We are in the lead. Please do not stop running until we cross the finish line.
A few more hard quarters...
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I think you got it wrong.
I abandoned Ethereum
And Ethereum became irrelevant
I’m having much higher impact now in Solana than I ever had on Ethereum because people here listen ideas and are open to change.
With or without me, the Solana protocol in 2 years will be completely unrecognizable compared to today. Just like it is unrecognizable today compared to the Solana from 2 years ago. This gives me an opportunity to fit my little piece into the mosaic because changing the protocol is met with curiosity rather than an immune response.
With or without me, the Ethereum protocol in 2 years will look almost exactly the same as it does today. And the Ethereum protocol today looks almost exactly the same as it did 2 years ago.
Max resnick abandoned Ethereum
And became irrelevant
I’m not saying Ethereum is perfect.
But it’s the only SC layer that matters.
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No amount of meme coin grifting will change the fact that Solana has been technically headed in the right direction for years and continues to make incremental progress every day. Yesterday we found some potential performance improvements in Agave turbine tree construction: currently, despite drawing with replacement, the Agave codebase does a random stake weighted full shuffle of the validator set for each shred. A simple random draw would be sufficient. This was showing up in turbine profiles.
IBRL continues every day.
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Uniswap founder discovers that lower fee pools have higher volume 😂.
Wow the top Uniswap pool across all chains is a new custom fee (0.001%) v4 usdc/usdt pool
$300m 24h volume on just $6m tvl with custom fee set to only 0.001%
15x the volume of 3pool on 1/30th the tvl
V4 flexibility is crazy powerful, and it’s only the very beginning
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Looks like Hudson didn't get the memo that cancel culture was canceled for good a week ago. What transpired last night was an extremely heated debate between myself and Phil (which he instigated). There were personal attacks from both sides. For my part anything I said about Phils lifestyle was uncalled for which is why I reached out to him this morning to apologize. When someone attacks you and your work for an hour calling It "garbage" and "napkin research" without offering a single substantive argument other than ad hominem attacks in front of an audience of your friends it can be difficult to maintain your composure. I slipped up this time hope I can improve in the future.
Max Resnick (@maxresnick) was the one who said this to Phil at the private dinner. From my understanding, this isn't an isolated incident of someone getting overheated and saying something out of line. Anyone I've talked to people who have tried to reach out to him about this has said he hasn't responded, yet he has been active on Twitter all morning.
The rest of this thread is my previous interactions with Max and why I think it's important to call this out.
A major theme of Devcon this week is to make sure we are aligning values and collaborating to build for the future. I personally can't prevent Max from participating in Ethereum research, but if he is going to contribute I don't want him being hurtful and toxic to people about their personal lives. This needs to stop here.
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We are behind on Execution
We are behind on Networking
We are behind on Consenus
But we have a secret weapon that others don't:
Zero Knowledge.
ZK is completely unintuitive and overpowered. Chances are high some ZK black magic will come out in the next 2 years that blows all known scaling bounds and tradeoffs off the map. And we will be the first to have that technology because the Ethereum community has embraced ZK technology more than any other ecosystem.
Bullish on ZK, bullish on Ethereum.
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Probably the best advice you could've given uniswap 6-12 months ago would have been to launch on Solana as soon as possible. Influential people, some of whom I think are very smart and respect told them to launch the 1000th Ethereum L2. This is the result.
📊REPORT: @RaydiumProtocol surpasses @Uniswap in 30-day volume to become the #1 DEX across all chains, despite operating solely on @Solana.
- Uniswap: $98 billion
- Raydium: $122 billion
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As an Ethereum person who attended Breakpoint, I'll share my perspective on this.
1) I had the privilege of discussing Multiple Concurrent Proposers with @toly on stage at DeFi Day. We are incredibly aligned on the vision for multi proposer to support decentralized finance on-chain with better execution than tradFi.
2) I attended the Solana Core Dev meeting and was extremely impressed by the raw talent density of the people working on Solana from @jump_firedancer, @temporal_xyz, @anza_xyz, Asymmetric, and the Foundation. Ultimately, there seems to be a lot of work to do on the networking stack in particular, but there is some positive movement on fees, e.g., chili pepper. I didn't get the chance to attend the SVM session but heard good things about that session as well.
3) I caught up with @VitalikButerin to discuss learnings from observing the Solana ecosystem and what we can do better to help us compete. We also discussed the latest on BRAID research and FOCIL, as well as proposals for delaying the state root and shortening the block time. Ultimately, there are still a lot of unknowns to resolve about these, but I'm cautiously optimistic that some of these changes may make it to the L1 soon.
We as ETH need to lock in to compete. We have superior network effects (for now), but we need to align on a long-term vision for where we want to be. We need a new merge to keep us from debating the direction (unproductive) and start debating the hardcore implementation details (productive).
The only thing I can think of that is the right level of difficulty and payoff for that at the moment is full multiple proposer with execution consensus separation, but I'm happy to hear other ideas.
ethereum people would cry at how much it's over for them if they attended @SolanaConf tbh
but good thing we're bringing solana to ethereum
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5 years to get to 4 second blocktimes
5 years to get to 4 second blocktimes 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
5 years to get to 4 second blocktimes 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
5 years to get to 4 second blocktimes 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
5 years to get to 4 second blocktimes 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
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Was at a crypto event tonight with people from all different ecosystems. When the Kanye coin dropped all the Solana people got out their laptops and were monitoring the situation. Everyone else was milling about wondering what was going on. If you want to be part of the action build in Solana.
If you want to build where things are happening, build on Solana.
If you want to build on a chain that can handle price discovery on a brand new multi billion dollar asset without even breaking a sweat, build on Solana.
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Base is not Ethereum it is Base
Arbitrum is not Ethereum it is Arbitrum
Optimism is not Ethereum it is Optimism
L2s are not extensions of the L1.
It's like saying if YouTube posts videos to the Ethereum L1, then YouTube is an extension of Ethereum.
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Thesis for ETH:
-high IQ bitcoin
-you wouldn’t get it if you don’t have a PhD in eth research
-good things come to those who wait (4 second block times, 5 years)
Thesis for SOL:
-Fast and Cheap
-Internet Financial System
-Increase Bandwidth Reduce Latency
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Listen up manlets. It's time to lock in. This post is to notify you that 500 Trillion dollars in securities are are not asking to come on chain they are coming to Solana whether we like it or not. We need to prepare.
Class A common shares of nasdaq listed companies are already being issued on the Solana blockchain conveying the full rights.
The next step is trading these things. And that is coming soon, probably later this year.
It's time to stop the bickering and nitting on the timeline. That is unproductive 0 sum behavior. If Solana wins securities, everyone will win.
Increase rate limits, download more ram. Harden your apps and infrastructure for what is going to be an unprecedented tsunami of activity once the floodgates open.
If we land the right features and execute on this, Solana will suplant the global financial system.
Just a few more hard quarters.
Thank you for your attention to this matter.
Solana
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All chains are fundamentally fucked technically right now. Whoever unfucks their chain the fastest eats the entire finance industry and becomes richer than god. It's the world's highest-stakes hackathon.
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I can’t believe that this election, 300M Americans will be spending every minute checking Polymarket
An app built on Cardano
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My primary goal is to make Ethereum better. But the way I have been going about it over the past few weeks was not the right approach and (understandably) rubbed some people the wrong way. For that I apologize.
My views on solo stakers have not changed but I do regret the way I expressed them. In particular telling @benjaminion_xyz to shut down his node. I have apologized to him in DMs already but wanted to share it here so everyone knows that I don't think that was productive nor do I think he is selfish for wanting to run a node from his home.
I'm working on pulling together some data and details on the 4 CFI'd blob EIPs before the next ACD call. Would be happy to colab with anyone else working on this. DMs are open.
Ultimately, due to the twitter algorithm, many people's first impressions of me are snarky tweets rather than the work that we have done to contribute to our understanding of the MEV supply chain, Censorship Resistance, and PBS. If you want to see more of that side check out our body of work at mechanism . org
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Ethereum is the ledger of record for Ether the asset. But its so much more than that:
Ethereum isn't just a store of value.
Ethereum isn't just money.
Ethereum is the future of finance.
I would rather work on making global markets more efficient than digital silver or permissionless Venmo.
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Solana is taking major steps to become the home of Internet Capital Markets. Here is a deep dive into what that means for builders and end users. 🧵👇
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Between November 06, 2024 and November 11, 2024 Ethereum and Solana ETF inflows combined for $513 million. Ethereum had 513, Solana had 0.
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Everyone is distracted by payments, meanwhile SEC comissioner Paul Atkins is telling everyone that blockchains are about to become the ledger of record for the $500T global securities market.
Talk about missing the forest for the trees.
Solana
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This is not in fact how the base sequencer works. It does not in fact order transactions on a first-in/first-out basis. Transactions are ordered by priority fee in 200ms batches.
That leaves 3 possibilities:
1) Jesse doesn't know how his own sequencer works.
2) a lawyer wrote this up for Jesse and the lawyer didn't know how the base sequencer works
3) Jesse, or the Lawyer who wrote this up for him know how the base sequencer works and are knowingly misrepresenting the facts.
fwiw i'm pretty sure its 1)
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When things are broken, we fix them. Application Controlled Execution is coming to Solana, not in a few years, in a few months.
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We are fighting alone and we are going to win. Solana is one of the last places in crypto where there is still hope that decentralized systems can outperform centralized ones. We have hope because we can see the light at the end of the tunnel. Centralized systems can't do what Solana will be able to do in 2 years. If you are paying attention you can see what is coming.
solana is fighting alone against an infinite network of highly specialized chains
L2s are cheaper & faster. no L1 can beat their low latency & unlimited horizontal scalability.
ethereum L1 is credibly neutral & censorship-resistant. it cannot be stopped with its maximal decentralization.
ethereum is built to outlast & outnumber
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Decentralized blockchains will be superior to centralized ones in every way
1) Both Anza and Firedancer will be capable of ingesting, verifying, and scheduling millions of transactions per second.
2) Centralized blockchains and L2s will not be able to list securities without heavy regulatory overhead. Decentralized blockchains with thousands of nodes will be.
3) Market structure will be superior in a globally distributed but unified exchange with multiple leaders.
4) Distributed BFT consensus is more resilient than single servers.
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It costs 50,000$ to stake a node but somehow it's super important to be able to run it on a 50$ raspberry pie 🤷♂️
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Of course the election result is more bullish for Eth than it is for BTC.
Ethereum is for builders.
Bitcoin is for holders.
A friendly regulatory environment matters for people who want to build things on chain. It doesn’t matter for HODLers.
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Solana is digital silicon.
We aren’t building a world computer.
We are building a world supercluster.
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Zoom out. Blockchains that work will crush blockchains that don't. Blockchains that do 1000s of TPS will destroy blockchains that don't. Blockchains that ruthlessly optimize for round trip latency will evicerate those who don't. In 3 months, when the froth dies down, these truths will be self evident. You might as well get to the conclusion 3 months before everyone else.
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Anyone who thinks Solana isn’t a credible competitor has never talked to a single Solana core Dev. Open your eyes sheeple.
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Wow BSOL day 1 volume was higher than any of the 850 other etf launches this year and today was even higher.
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I cannot Imagine how brainfucked you have to be to think that faster blocks != less MEV. Eth maximalists are rapidly becoming the flat earthers of crypto. Just because your legacy chain has slow blocks doesn't make slow blocks good.
EBOLA
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1 million TPS at .2c per transaction is 63,115,200,000 dollars a year... probably nothing.
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This is why Ethereum is losing. People propose a very well speced and concretely motivated EIP then some alignment larp tells them "eth solves for economic incentives with real consequences". Bro do you realize your chain has 12 second block times? Do you realize your chain processes 100x fewer tps than Solana? Do you realize that economic activity has fled to Solana? Why don't you guys go solve those real economic problems then?
Oh wait you can't because thats not your job. Your job is to "sell ethereum to tradfi", and the first EIP in years that might have helped you do that got killed because of religious zealotry on ACD. Gaurentee you if this EIP had passed you would be spam tweeting about how this was going to turbo charge ethereum ETFs or some other equally unoriginal take to the one you have offered here because that is what you do. You are basically an AI agent prompted with "whatever anyone says on X dot com, find a way to spin it into being bullish for ethereum".
Reminder that this alt-L1 has no slashing—so staking is just theater to justify their inflation.
ETH solves for economic incentives with real consequences.
Others solve for getting their staking ETF approved quickly to mint more tokens to subsidize their data center validators.
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Toly and I wrote a detailed explanation of how Multiple Leaders can enable tighter spreads on Solana. Here is a little preview but I highly reccomend checking out the full article on the Anza blog
🧵👇
Check out the new blog post by our very own @maxresnick and guest blogger @toly! It explains how multiple concurrent leaders will make decentralized NASDAQ a reality on Solana. Link below 👇
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The many chains thesis was wrong, has always been wrong, is still wrong and will continue to be wrong long into the future.
IBRL
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Solana needs issuance to incentivize validators to stake the native token, and incentivize staked validators to participate honestly in the protocol. But issuance is a leaky bucket. Here are some thoughts on how get to optimal issuance from first principles. (link below)
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Ethereum is for bulletproof finance.
If there was a nuclear war 2 things would survive: cockroaches and your ability to trade Shiba Inu.
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The Solana mindset: we talked to our users and there are only 6 smart contracts that people actually want to use so we should optimize the chain for those things.
The Ethereum mindset: what is a user?
The Solana mindset: You will eat bugs, you will live in a pod and you will deploy one of the 6 smart contracts that matter on a single chain.
The Ethereum mindset: come to our ecosystem and build unstoppable applications with whatever customizations you want. Any VM, any sequencing rules, any creative use-case.
Ethereum's modular approach is abundance mindset. It is a bet on developer creativity and infinitely many new applications. It is the future of crypto that I want to believe in.
Very obvious that this future requires > 1 computer and also an architecture that supports the full-stack customizability all the best builders require.
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Metrics looking good. Nobody messaging in slack. PoV when Kanye launches a coin on Solana.
Internet Capital Markets
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Bullish on the number of small startups quietly operating profitably on Solana.
Solana has more default alive companies built on top of it than anywhere else in crypto. OPOS.
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You realize EIP 7922 that you referenced is based on a paper I co authored?
I have forgotten more about the Ethereum protocol than you will ever know.
Max, I am going to outline this as simple as possible for you because I know you have a really hard time using critical thinking skills.
No one is saying that the current Ethereum staking queue dynamics are perfect or not in need of further tuning - they are simply correcting the misinformation that you and others are spreading about the exit queue (why it exists, why it has ballooned out recently, why it shouldn't be tuned just to appease some nation state etc).
In the first screenshot here, you are spreading misinformation that I debunked a week ago (nitter.app/sassal0x/status/196561…) because I knew people like you would use it to stir up fud about Ethereum. You are all so incredibly predictable.
Also, attached is another screenshot from The Daily Gwei Discord server where I argue that the entry/exit queue can indeed be improved by making it faster (and we have EIP-7922 for that already). There's also many other Ethereans, including protocol researchers, arguing for the same thing.
I think it'd be best for you to stick with whatever you're doing at Solana - you clearly have very little understanding of Ethereum and also don't seem to care about the truth at all - you are exactly what's wrong with this industry.
Delete your account.
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YTD revenue for pump is higher than all YTD Ethereum protocol revenues combined.
Makes you wonder what they are doing over there if they can't do any better than a factory for creating valueless tokens.
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Looks like my talk in Denver really triggered the .eths. Here's the unfortuante truth that got them so riled up:
ETH is failing to scale. It's not only failing to deliver on scaling the L1 which we knew already, it's also way behind on it's vision of scaling L2s. Base today does ~26 mgas/s and uses half of Ethereum blob capacity. Gigagas rollups are not coming any time soon, at least not on ETH DA.
Even after Fusaka ETH DA capacity will only be enough to support 1/3 of a gigagas rollup.
On the positive side i'm hearing through the grape vine that some of the more performance minded client times (reth, nethermind, erigon, etc) are gaining influence within core devs and there seems to be a renewed energy surrounding core development.
My recomendations would be drop everything non critical and focus on 3 changes for the next 2 hard forks after Pectra:
1. Focus on shipping some verson of turbine, raptorcast, etc then shorten blocktime to 6 seconds (this is 100% possible after turbine ships) <- this one seems massively under prioritized atm.
2. Ship a fast finality gadget on L1 (ideally 1 slot not 3), replace LMD ghost if you have to.
3. Ship peerDAS and scale blob capacity to support multiple gigagas rollups.
In addition ETH should adopt the minimum validator requirements of Monad which were very reasonable (100mb, 32gb, 2tb, latest gen ryzen CPU) and then use those to bench and scale gas limit rather than picking numbers out of thin air for blob capacity and gas limit.
This entire conference is ETH doom porn, who scheduled this? @maxresnick on main stage atm describing how cooked eth is and how happy he is he’s gone at Solana now.
The other stage is a speech on Sui Walrus
The main booth I saw walking to my upcoming panel was @Polkadot
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Chamath is concerned about the L2 roadmap now
Ethereum, despite being the second-largest cryptocurrency by market capitalization, faces challenges to its growth model.
The network's heavy reliance on Layer-2 solutions, which are separate networks built on top of Ethereum for faster and cheaper transactions, has created unexpected complications.
While Layer-2 adoption has seen an increase with popular networks like Base and Arbitrum, this success has undermined Ethereum's main network.
Users increasingly prefer the more efficient Layer-2 networks, which have reduced activity and fee generation on Ethereum's base layer.
This shift has two implications.
First, it weakens Ethereum's deflationary economic model, which relies on network activity to reduce token supply, and second, it has fragmented the ecosystem's liquidity and user base, leading to a more convoluted user experience.
This situation has created an opportunity for Solana, a competing cryptocurrency that processes transactions quickly and inexpensively without requiring additional layers.
Solana's native token has demonstrated stronger performance, rising 300% over the past year compared to Ethereum's 75% gain.
As a result, Solana has established itself as the second-largest platform for decentralized finance applications.
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This is simply false. The maximum size of a Solana transaction is 1232 bytes. At 1 million TPS that is 1.2GB/s of transactions at 100k TPS its just .12GB/S. With 10gb/s symmetric switches (current Solana min spec) 1m TPS is very close achievable today. Difficult from an engineering perspective certainly, but anyone who has followed Sol dev over the past year knows how much progress has already been made towards achieving this goal. Besides, that is the maximum price of a transaction. By introducing a seperate fee market for transaction size its probably possible to achieve 1m TPS today without increasing bandwidth.
Also double zero. 🎙️
Real answer: at those levels it's all bandwidth problems and no chain has an answer for it right now.
100k TPS is the threshold we put out because that's where things break down with today's functionality. That'd be above even EigenDA current throughput.
Solana has zero chance of hitting 1M TPS in a short-med timeframe for similar reasons (in addition to multiple clients creating blocks).
Everyone is going to push for it though, because we should. Hit 10k before 50k before 100k before 1m.
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Originally I attended Solana events so I could accumulate the good FUD to post on twitter but I ended up falling in love with the worlds fastest and cheapest blockchain. Now that I work at Anza I post the Solana FUD in the slack and it gets magically fixed by a cracked dev. 😍
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Ethereum is for the 0.1%, Solana is for everyone.
Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tost to me,
I lift my lamp beside the golden door!
I hereby disavow the stance that the L1 is not for users :)
It’s for the top 0.1%: early adopters (yes, you), rollups, whales, arbitrageurs, institutions, enterprises, nation states.
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78.4% of non vote transactions on Solana are successes. That is ~800 successful non vote txs per second, 2400x more than Cardano. Failed transactions on Solana pay fees. Each of these transactions paid at least .1c (11000$ total) to land on Solana. That is more than Cardano has made in chain fees in any 24 hour window since May.
A single Solana arb bot, landing just .05% of its transactions generated more protocol fees than Cardano generates in a day.
If you want to build where the action is, build on Solana.
Solana's low fees have created the ultimate "fake it till you make it" environment.
One bot just sent nearly 11 million transactions in 30 days. The most interesting part? It failed 99.95% of the time.
So, who cares about a bunch of failed transactions? They don't just vanish. They permanently bloat the ledger. This makes it a nightmare for the archive nodes that have to store the chain's full history, driving up costs for explorers and analytics tools we all rely on.
It’s a brutal reminder that headline stats like TPS can be pure vanity. 11 million transactions can mean almost nothing. Metrics have 0 value, when the fees are so low, bots like this are completely distorting these metrics, to trick investors into investing.
Please share for awareness and comment if you would like to see more of these posts.
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As promised, @Ashwinningg and I have been cooking for a while on how we might be able to eliminate vote fees and make timely vote credits more incentive compatible. We just opened a draft PR for SIMD 257 to share more about what changes this would entail. 1/4
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Solana trailing 12 month revenue ~ 2.85B. Almost all of that is profit from the network perspective since Foundation expenses come out of their slice not from revenue. That puts Solana p/e at about:
Solana: 29x
Apple: 36x
Walmart: 39x
Amazon: 31x
Microsoft: 38x
why are the SOL founders just a bunch of salty losers all the time
SOL makes fuck all money yet it’s valued at $100B
Solana makes less in a year than Hyperliquid makes in a month
Retardio
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Meanwhile in eth land 😂😂😂
First #Ethereum Full Node sync on a Raspberry Pi 5 running @go_ethereum + @prylabs Prysm. It took around 19h and 1.1 TB of database size.
HW:
✅@Raspberry_Pi 5 16 GB RAM
✅4 TB SSD Western Digital SN850X
SW:
✅OS: Raspberry Pi OS (64-bit)
✅Geth: 1.14.12
✅Prysm: 5.2.0
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Everyday the chain sucks a little less than it did the day before. Some days it sucks a lot less than it did the day before. Those days are good days. Never been more bullish on Solana than I am today.
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When a publicly traded for profit company making >200m ARR off of their centralized sequencer says that they will decentralize their sequencer soon:
We know that they are lying, they know that they are lying, they even know that we know they are lying, we also know that they know we know they are lying too, they of course know that we certainly know they know we know they are lying too as well, but they are still lying. In our country, the lie has become not just moral category, but the pillar industry of this country.
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Uma describes what she wants in a blockchain and it's just what Solana is today 🧐.
As a developer, I want an API that “just works” where:
- user sends tx on L1
- my code awaits for inclusion (as fast as possible, < 1 second seems fine, maybe 2 is upper bound)
- can update all app state after step 2, don’t need to worry about re-org logic, etc.
The finality guarantee needed for Step 3 imo is not that high. Today apps build on top of Base/Arb just trusting the sequencer pre-conf (which has no crypto economic security) and are fine with it.
From a dev perspective, having to maintain re-org aware logic is horrible or forcing users to wait longer is also bad.
6 seconds is too long imo, 1 second seems fine? Although the faster the better ofc.
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The idea that a general purpose blockchain cannot have application specific sequencing is now being pushed by the very same geniuses who told you that blockchains couldn’t scale.
Solana proved them wrong before and we are going to prove them wrong again.
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A centralized sequencer that can change the matching/execution of orders obviously must be regulated. Otherwise, any exchange could set up an "imutable matching engine program" and then run on their own server provider in order to bypass all US securities law. The base contract is upgradeable. The multisig can stop trades from going through the slow path if they want to.
3/ two critical things to note about this design:
first, the sequencer is only a fast lane to get into @base. at any point, a user can also transact on @base through @ethereum directly. this brings the full decentralization and censorship resistance of the ethereum validator set to transaction inclusion on base and is the key property that enables L2s to scale ethereum, while preserving the neutral global economy we care about.
second, sequencers do NOT act as "matching services" or engines like those in traditional exchanges. matching engines pair buy and sell orders at specific prices to execute trades. sequencer don't do that—they simply determine the order in which transactions are processed. transaction "matching" or execution happens at the application level, within smart contracts (e.g. a DEX). the sequencer ensures these transactions are executed in a consistent, ordered manner, but it doesn't decide matches or control trade logic. that's up to the code.
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Ethereum core devs had some religious aversion to optimizing their exit queue for ETFs despite the fact that we gave them a much better alternative in EIP 7922. This is the result.
In contrast, I am advocating strongly for reduced epoch times on Solana that allow staked ETFs to meet capital calls next day so that their liquidity constraints do not require them to hold a large % of sol unstaked.
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It's very simple. Instead of fidgeting around with macroeconomics, burning Eth, ultrasound money, etc, we just make Ethereum awesome. This is the only path to ETH 10xing from here.
Of course, making Ethereum awesome won't be easy. It will require solving unsolved problems, writing performant software, and coming together with a unified will to win. Luckily, Ethereum has some of the smartest developers and researchers in the world working on it.
We can make Ethereum awesome, and we will.
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Startup founders, your competition is working 9/9/6 in their NYC/SF office while your employees are calling in from Aruba at the pool. Remote work was a Covid era phenomenon. Covid is over, get back to work.
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Solana is not focused on CLOBs, FCFS, cancels before takes, or any other market structure. There are no Zealots here, only pragmatic people who want the tightest most liquid markets to exist on Solana. Whichever market structure leads to that is fine with us. But the reality today is that if an app wants to expirement with some new market structure Solana isn't the place to do that. Applications don't control their own sequencing on Solana, Validators do. That is not going to work long term.
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IWANT single slot finality
IWANT faster block times
IWANT to increase the gas limit
IWANT to make Ethereum great again
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I will debate you any time just give me a call. You have presented 0 arguments. Just ad hominem attacks. Shameful tbh.
Trying to reason with the people who say "L2's aren't Ethereum" is like trying to reason with a toddler having a tantrum
They're coping over the reality not being what they want it to be
L2's *are* Ethereum - anyone claiming otherwise has the intellectual capacity of a toddler
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This is going to be a difficult personal post but I wanted to share it with you all because the information is important. A while ago, my marriage was in bad shape. We were struggling with long distance because I was spending a lot of time traveling in Asia. We tried to do video calls to keep the intimacy alive but the video quality was spotty and the delays made it hard to connect. Then I got invited to try double zero. My wife and I started video calling on the fastest fiber known to mankind with latency boost technology powered by wormhole switches. We finally started to see face to face without the 200ms roundtrip nyc to tokyo delay and things slowly started to get better.
Thats the story of how doublezero saved my marriage!
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We are now, in Ethereum land, grappling with an existential question:
Should DeFi happen on the L1?
I believe the answer is yes.
If DeFi doesn't happen on the L1, what will happen there?
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VCs talking to each other be like:
“Current thing”
“Yes current thing”
“Opinion that Chamath had on all in podcast about current thing”
“My bags of current thing are very good”
“What do you think about current thing #2?”
“Opinion that some guest at all in summit at had about current thing #2”
“Drama about who will make GP at benchmark/A16z next”
“What do you think about #1 hottest deal right now”
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I posted this note to Farcaster.
Hey everybody, I have decided to leave Crytpo.
This was a very difficult decision as I have had such an incredible time in Crypto. I got to join right before the Uniswap v3 whitepaper launched and helped gaslight people into thinking LVR was a problem with Alex Nezlobin and others. I feel so grateful to have gotten the opportunity to Censor an Ethereum block and help build and scale Ethereum to where it is today. Right now feels like a natural point for me to explore new opportunities outside of Crypto. This is a personal decision based on how I want to evolve the next phase of my career.
I am very grateful for all the opportunities Crypto has given me and all the support I have gotten from bagholder leadership such as Sysyphus and Ansem. I am in particular grateful for everything Venture Apologist has done and for being an excellent manager and colleague to me over my career in Crypto. The MEV gaslighting team has many many talented leaders and is being left in good hands.
Crypto is doing well and will continue to do incredible work and I am very optimistic about the future trajectory of the industry and will be rooting everybody on.
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“I think the Internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing, but that will soon be developed, is a reliable e-cash.”
— Milton Friedman, 1999
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A lot of people have been asking me for my thoughts on the latest Solana roadmap that toly just released. In general I think it's a bit too specific and long winded for my taste. Vitalik has set a great of example of clear concise communication about the roadmap which is accesible to non experts. Overall I think directionally correct but hard to parse.
solanaroadmap.com
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If you are not a deep seated ETH maxi when you are young, you have no heart, and if you are not a Solana maxi when old, you have no brain.
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I haven’t done too many angel rounds (just 2 at this point).
When I do, I look for founders who want to build a great product and have the skills and drive to achieve that. I also look for teams working on a project that has some sort of structural edge in the vertical.
After talking with the team (and stalking their GitHub) they passed the first part of my checklist.
Then I wanted to convince myself that they have a structural edge in the vertical they are trying to compete in. Ultimately many apps end up severely restricted by the underlying technology of the chain they are building on meaning the team spends so much time on trying to get around the limitations of the base layer and not enough time on improving the core product and user experience. I don’t think that will be a problem on MegaEth.
The primary use case for blockchains is trading and I don’t think we are anywhere close to the endgame of trading on chain. Excited to see what the GTE team can cook up.
The people’s chain deserves the people’s exchange.
Today, we’re proud to announce GTE’s seed fundraising, backed by top tier investors, market makers, angels, and most importantly:
Backed by you.
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Its very clear that New York City is becoming the global center of the cryptocurrency industry, despite the incompetence of US regulatory bodies and high cost of living. Either you move your company to New York City or you put your company at a huge disadvantage.
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For all the people working on shilling their DAT please take notes from Mary on the right way to do this. When you go on TV, don't talk about the arcane financial engineering behind your DAT, talk about Solana. Once they are sold on Solana you can talk about the DAT. The average listener doesn't know how Amazing the Solana product is. You need to avoid curse of knowledge and bring them along.
You watch Tom Lee on CNBC he spends 90% of his time talking about Ethereum.
Solana culture is very competitive and that can sometimes become zero or negative sum. Focus on growing the pie before you cut off your slice.
At @NYSE for #NYSEWired talking about why @Solana’s monolithic architecture (and not more L1s) is the only path to institutional-grade finance onchain
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I'm running some transaction landing experiments rn and i'm sending about 20 tps. Which I realized is more TPS that the entire Ethereum blockchain. I started with 0.05 Sol in my account, now i have 0.04984 Sol.
OPOS
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