Galen

@galen

708 Following

651 Followers

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“The riddle is this: if our property can be infinitely reproduced and instantaneously distributed all over the planet without cost, without our knowledge, without its even leaving our possession, how can we protect it? How are we going to get paid for the work we do with our minds? And, if we can't get paid, what will assure the continued creation and distribution of such work?”

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“The Lindy effect creates temporal dominance. Every day that Ethereum persists, its life expectancy increases. Surviving the DAO hack proved resilience. Surviving crypto winter proved durability. Surviving DeFi summer stress tests proved scalability. Surviving the Terra and FTX collapses proved independence. Surviving the Biden Administration's hostility proved its decentralization. Ethereum and its best-in-class researchers and community are antifragile. Each crisis that doesn't kill Ethereum makes it stronger. New platforms must not only match current capabilities but also survive their own black swans. Those black swans are hiding in the reeds waiting for immature protocols to saunter by. Ethereum has survived them all—without blinking.”

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Ethereum's 3.3% yield on staked ETH is the risk-free rate of the emerging digital global economy, and adds a dimension to ETH not seen in traditional finance. Ethereum's 3.3% yield doesn't come from seigniorage, lending or leverage but from validators providing services in the production and consumption of digital trust. It is "real yield" in the economic sense as it represents productive value creation rather than value transfer.

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This transformation achieves something economists thought impossible: trust with near zero marginal cost. Adding another user to Ethereum's trust network costs nothing. Processing the billionth transaction costs the same as the first. Securing a trillion dollars requires the same infrastructure as securing a million. Conventional trust systems scale linearly: more activity means more judges, auditors, compliance officers, and police. Ethereum, by contrast, scales through a self-reinforcing network effect: each additional participant adds economic value, that value funds stronger security, and stronger security attracts the next wave of participants.

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“Bitcoin asks "how do we create money without banks?" Ethereum asks "how do we create an economy powered by digital trust?"”

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“Ethereum represents a fundamental turning point: The industrialization of trust. Just as the printing press and assembly line enabled the mass production of consumer goods, Ethereum enables the mass production of trust in digital form, through cryptography, consensus, and capital. Ethereum is the "trustware"1 that will power a digital world economy.”

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“The Ethereum network is evolving beyond a simple smart contract platform into something more essential: the apex provider of programmable, verifiable trust for the digital economy.” Banger opening

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National day is coming…

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Hell yeah! Sugar cane in the wine fridge.

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The Astronomer jumbotron captures two orthogonal moments: * Ego fulfillment — captured in BIG on the BIG SCREEN * Ego collapse — ‘captured’ by the BIG SCREEN Therein lies the spectator’s frisson.

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Exceptional writing from Austin Campbell and @davidzmorris “Stablecoins are a fundamentally different value proposition for people using the payments system than banks. In the context of a bank, the current setup for the average user (retail or small business) is: 1. Deposit at the bank 2. Earn 0% 3. The bank makes many loans with the money you deposit using leverage 4. If those loans go well, the bankers pay themselves big bonuses 5. If they go poorly, the depositors end up in FDIC resolution land, where uninsured deposits may be lost and insured deposits may experience disruptions in use” https://www.zero-knowledge.com/blog/stablecoins-arrive

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Found this Jordanian hummus for sale in Singapore ($1.50) What’s the over-under bet on whether it’s delicious or gross?

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Answer my question about TBA to win! https://www.weponder.io/predictions/33974

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The fashion highlight of EthCC was spotting a limited edition @lidofinance tshirt designed by Felix Lutsch Naturally I had to track down the source image. Stay liquid this summer!

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Will TBA be: 1) An illustration of permissionless proliferation of clients on the FC protocol 2) A speed run of centralization and protocol capture ???

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Best quality of life update this year: 1. unsubscribe from all ‘banter cast’ podcasts (eg Chapo) that parasocially simulate friendship 2. Replace with Substack text to speech (eg @davidzmorris ) 3. Replace with Reader app—turn any epub or pdf to audiobook. Thanks @timdaub.eth

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stVaults aren't just modular contracts—they're sovereignty infra. Institutions get compliance. Validators get customization. Stakers keep their liquidity. Making the complex effortless = Lido magic. https://x.com/LidoFinance/status/1945405852095037515

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I've seen TOO MUCH dunking on the NPR stablecoin piece. If you (normie) only see crypto as speculation, non-speculative stablecoins seem counterintuitive. Makes sense why people are confused. Let's help them! Stables are "room-temperature superconductors for financial services." What other definitions / explainers would you share with someone wanting to learn more (beyond the NPR piece 😀)?

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The 'Identified Community Stakers' framework is designed to help Lido autonomously identify home operators in the permissionless Community Staking Node Operator pool. Identification is important because the pool has lower minimum bond to start node operating and higher APR. Because of these awesome incentives it naturally attracts bigger Node Operators and professional setups. It's a bit like a bird feeder designed to deter squirrels. The ICS framework is built on: ∆ Proof of humanity ∆ Proof of experience ∆ Proof of Engagement Check out @dgusakov 's presentation below: https://www.youtube.com/live/dnuA71J2eq0?si=-pXuZs7CLdZ1lvC7&t=969

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