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david phelps 🐮🏰🃏



22 tweets

quotes from ledgerfest (updated throughout day):

“cosmos is the place where interesting experiments in mev are happening” — @Tarun Chitra

“the thing with the best product-market fit in crypto is stablecoins… so i don’t see oracles going away” — @Matthieu Gavaudan

“vilifying mev was useful for shining a light on it, but it’s not mathematically correct” — @Tarun Chitra

“people think scalability is transactions per section, but that ignores the core function of blockchains: verification. so i would define scalability as throughput divided by the cost to verify that throughput.” — @Nick White ✨

“the various definitions of scalability lead to different systems. we see three system: 1. high performance parallel-execution chains (solana, sun, autos) 2. interchain scalability 3. modular, data availability-based scaling” — @Sreeram Kannan

“this whole thing about how composability can only exist on a single chain? all of the internet was built on async composability across different systems. the goal needs to be for async composability to work as well as synchronous composability.” — @osmo1sunny 🧪

“rollups don’t give you liveness or MEV resistance guarantees.” — @osmo1sunny 🧪 “we don’t need monolithic chains’ synch composability for everything” — @Jon Charbonneau “in interchain security the more chains, the more counterparty risk without a common DA layer” — @Nick White ✨

“i think threshold encryption will solve most of MEV’s issues” — @osmo1sunny 🧪 (cc @Lit Protocol)

“rollups have made sacrifices to go to market, including centralized sequences without proofs. so if it’s one person running the sequencer with no proofs, well… …yeah.” — @Jon Charbonneau

“rollups have a built-in mechanism for recovery: an exit system. in the rollup world, there’s a final source of truth. in the cosmos vision, there’s no one final settlement layer, so it depends on social consensus that requires a multiparty decision-making process.” — @osmo1sunny 🧪

“we made fun of banks for having two day waiting times, and now we’re finding we need them as well to reach consensus on subjective decisions of finality.” — @osmo1sunny 🧪

“exclusive orderflow is good because builders have to compete on features. but the danger is that builders accumulate proprietary flow. even if we try to return value to the user, searchers and bundles can bribe users and wallets for order flow.” — @@bertcmiller ⚡️🤖

“people don’t like commitment-reveal schemes because of the UX issue. people prefer instantaneous transactions than extra steps, even if those extra steps prevent MEV.” — @@bertcmiller ⚡️🤖

“i would highly mention watching sudoswap and nftx to turn collections of nfts into erc20s—but i’m curious how people will use them the way they used uniswap in defi summer to launch nft collections” — @𝗻𝗶𝗿.𝗲𝘁𝗵 🪬

“imagine you could prove you’re over 21 to a bouncer without revealing your birth date and making them do the math. that’s a zero-knowledge proof.” — @jonwu.(🗽, 🍎)

“ethereum pioneered the modular stack. the value flow from ethereum to apps is trust; the value flow from apps to ethereum is fees. any app could be built on ethereum’s trust substrate. people no longer need to be trusted because the blockchain is trusted.” — @Sreeram Kannan

“modularity opens innovation but compromises trust—each layer’s trust network fragments liquidity. and the system is only as strong as its weakest link. eth can only provide trust for validating block production… unless we can restake eth on new services.” — @Sreeram Kannan

“EigenDA depends on ethereum for consensus. the sequencer gets attestations that the nodes have stored their chunk of the data. the sequencer posts the aggregate signature on ethereum. it’s an opt-in implementation of danksharding to increase throughout.” — @Sreeram Kannan

“ethereum’s settlement is slow—12 minutes to finality. but take nodes with restaked eth to run a new consensus protocol just for settlement. you don’t need state, so you don’t have state bloat, and zk-proofs can be parallelized—so you get fast settlement.” — @Sreeram Kannan

“limitations of ethereum: — slow data bandwidth — slow finalization time — centralized sequencer — low-quality bridges — MEV @EigenLayer can help solve all of these.” — @Sreeram Kannan

“the age-old problem is balancing interoperability with security. it was the problem for android and apple, and it’s the problem for blockchains.” — @Sreeram Kannan

david phelps 🐮🏰🃏


2x founder write on web3@ cocreated @ecodao_ @jokedao_ invest @thecowfund threads jokedao maxi david at cowfund dot co

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