polynya

@polynya

127 Following

252619 Followers

polynya pfp

For my personal use, crypto is in a great place. Fees, speeds, wallet UX, applications are perfectly fine for my usecases, and they'll keep getting better. However, I'd like to see some things significantly improved, in order of importance: - CRITICAL: Configurable withdrawal rate limiting in Safe & smart wallets and indeed, in all smart contracts, should be a standard. Without this, I significantly limit my usage of crypto - Custodial standards for smart wallets - Stage 2+ decentralisation for L2s, complete overhaul for Tron (normies receive USDT on Tron) - EUR stables w/ liquidity - Better frontends & standards - More competition & options for minimal hardware wallets - Range order management for Uniswap V4 - Significantly less volatile, reliable, long-term sustainable and high liquidity SoVs (BTC and ETH are far too erratic) - Integration into widely adopted payment networks, both global and domestic - Some inaccessible assets tokenised as RWAs - Farcaster with bustling non-crypto content/discussions

66 replies

354 recasts

1751 reactions

polynya pfp

Uniswap v4 feels like crypto's first complete product. Uniswap v3 was already nearly there, which is one reason why while previous versions took ~1 year, v4 took 4 years. I can see additional functionality (e.g. unified liquidity) and responding to infra changes (e.g. quantum-resistant zkVMs) that will justify a v5, but the core purpose of this application now feels complete for the foreseeable future. What's remaining is now on the governance & social end. Aave v4 is the next candidate for a complete product. Interestingly, the applications are hitting final form years ahead of the infra they're built on, and in cases like Aave v4, being intertwined with infra itself. (Side-note: of course, simple "products" like memecoins or USDT are "complete")

60 replies

198 recasts

948 reactions

polynya pfp

The darkest characteristic of the crypto industry is not all the harm (and evidently, death) it causes, but that no one cares

5 replies

18 recasts

111 reactions

polynya pfp

Blockspace demand/supply graph, the current situation and what's happening (S*) What should happen: the industry must pivot completely to demand-side, instead of continuing to be all-in on the supply side

22 replies

148 recasts

616 reactions

polynya pfp

0 reply

0 recast

2 reactions

polynya pfp

Correction, as some point out: at least one person did die No silver linings I guess, cryptobro degeneracy remains a virulent affliction

1 reply

23 recasts

149 reactions

polynya pfp

Checking in on my final blog post nearly one year on My only regret is it was not alarmist enough, should have gone harder & more brutally honest This was the most hate I've ever received, a little more wouldn't matter Silver lining, the memecoin bubble burst before we got into truly violent territory and someone died (that we're aware of) https://polynya.mirror.xyz/ptscXuh3J3KOj2uJAn0vrEanpn2nauwA7iytYZ4cM9U

14 replies

34 recasts

173 reactions

polynya pfp

I'd like to see more sophisticated rate-limiting features on Safe and competing multisig wallets. Is it possible via transaction guards? How can non-coder users access it? So, for example: - Can only send $10,000 via the Uniswap contract per 24 hours - Can only send $1,000 to address X per 1 hour Nothing else can be sent from the wallet. Changing these requires X/Y multisig permissions, and takes 7 days to execute. Just an example, but the point is, the user can customise as per their needs. Rationale: User doesn't lose everything in one go if hacked - there's time and possibility to fix the situation.

4 replies

15 recasts

135 reactions

polynya pfp

See for yourself :) https://x.com/apolynya

1 reply

0 recast

0 reaction

polynya pfp

Greed is the human instinct we have failed to keep in check. It's not inevitable at all, most emerging industries have consortiums and strong intra-industry cooperation. In crypto, there's too much infighting with the focus on attracting greater fools, than improving our mechanism design and culture to be less negative-sum. Worse still, most people actively encourage it, while the minority who see it as a problem just give up "it's just human nature, we can't do anything about it, I'll just focus on my lane". Categorically false. Literally, capitalism, which makes the modern world go round, is an exercise in harnessing greed to be positive-sum through good design & regulations. Crypto is a rare and specific failure case, and it'll continue to be till the industry self-reflects and forms a will to improve. There's also a lack of good regulations by most governments, but I'd argue this is largely downstream of the above.

1 reply

0 recast

4 reactions

polynya pfp

Alas, in the 2+ years since, the vast majority in crypto have pivoted sharply towards full on greed, degeneracy, nihilism, and crime. Of course, there's a small minority that continues working on useful sustainability, and I have the utmost respect for them, but that keeps getting smaller by the day.

10 replies

49 recasts

225 reactions

polynya pfp

Finally, a good usecase for a memecoin Redistribute wealth from degenerate cryptobros to a LDC (corruption aside) https://x.com/FA_Touadera/status/1888722674265764017

4 replies

8 recasts

68 reactions

polynya pfp

Quite amusing that a year after I quit CT, Elon gave my account a Verified tick for free, and another year after that I still have that tick, for free. Surely, at some point they'll realise the account is inactive and take it back?

16 replies

20 recasts

143 reactions

polynya pfp

I haven't commented about rollups in several months, if not over a year, so I'm just a casual observer now... Native rollups are pretty cool, and what I meant by "enshrined zkEVM bridge" a couple of years ago (except they've got a wider scope than zkEVMs) However, they are not "enshrined rollups", as I wrote about them at least, which are in-protocol, L1 rollups Overarching thought on rollups: there simply has not been anywhere enough demand to saturate 1,000+ chains by 2025 like I had expected in 2021. Including all L1s and L2s, there's maybe like 10, at most. I'm sure demand will grow, but not to the magnitude anyone expected. It would be prudent to factor in this lower terminal demand in infrastructure designs, instead of just "build it they'll come" hopium. https://x.com/apolynya/status/1629651981768990720

3 replies

13 recasts

99 reactions

polynya pfp

It is pretty clear that Bitcoin as a blockchain is a colossal waste of energy. As BTC custody continues centralizing to a few ETFs, CEXs, institutions, in the long term >50% of BTC will be held by a handful of organisations Might as well just cancel PoW and move to PoA at that point. It would actually be *more decentralized* as PoW will inevitably centralize over to a handful of industrial players and pools due to crippling economies of scale. Plus, it'll solve the security budget problem. As before, the full nodes will be there as the last line of defence irrespective The only thing matters for BTC is it remains a speculative store-of-value, doesn't matter the mechanism to achieve that https://x.com/i/trending/1885868663116296256

30 replies

67 recasts

411 reactions

polynya pfp

Relieved at least someone still takes being a neutral global platform seriously https://warpcast.com/vitalik.eth/0x4ec62843

0 reply

0 recast

3 reactions

polynya pfp

Lol, exactly, the seed he planted has grown to its final form

1 reply

0 recast

4 reactions

polynya pfp

I used to complain a lot about DeFi, L2 tokens etc. and their abysmal token distributions in 2021/22, to deaf ears That particular slippery slope has met its valley Just straight up criminal extortion, no filter 🤣

8 replies

23 recasts

126 reactions

polynya pfp

It's surreal to see cryptobros cheer on blatant capture by 1 country, real or imagined, by heavily shilling "American coins", with very little resistance Just more evidence for what we all know - very few give a fuck about defending a neutral globally accessible system, it's all about greed & whatever pumps your bags

19 replies

47 recasts

208 reactions

polynya pfp

Well, if it helps even one person bring some logic back into this space, that makes me happy :) I still participate, albeit barely. I'd absolutely be open to participating more again if even a semblance of said logic does return, but I'm not holding any breaths All that said, I'm sure you know, but just note that a lot of my content is really old and may be wrong and obsolete, especially in something as fast moving as crypto

0 reply

0 recast

0 reaction