L1s are massively overpaying for security

James Prestwich I will say (ignoring our disagreement about the issuance topic itself) that I don't think the EF is a relevant category here. 3074 is the best example, back then we were still at Quilt! EF is a shelling point for (largely independent) Ethereum researchers, nothing more imo.

PROOF that you can disagree with someone about Ethereum's issuance policies and still be friends and respect the heck out of each other

nixo.eth 🦇🔊 🤝Christine Kim

💚open.spotify.com/episode/38DxPN…
💜podcasts.apple.com/us/podcast/inf…
❤️youtube.com/watch?v=qw4Kp8…

PREMIERE:

The Debate Over ETH's Monetary Policy

The Ethereum community is in debate -- are we going to change the monetary policy of ETH? Why should we? Who gets to decide? What should it be?

Today's episode is a masterclass on monetary policy for Ethereum & beyond 👇

Improving Ethereum's decentralization through anti-correlation penalties.
In this post, I analyse correlated attestation penalties and their impact on today's staking landscape.
ethresear.ch/t/analysis-on-…

Martin Köppelmann 🦉💳 Super interesting that 'better' has a slight majority of votes so far! I'd be very curious to hear the reasons. To me it's pretty clear cut worse:

- rewards for stakers will be much lower (and the majority of the remaining rewards will be eaten away by inflation)
- stETH / cbETH…

I think Hasu here identifies main reason for the backlash against the recent issuance change proposal by caspar and me.

To be clear: Hasu is 100% right. Of course any change to such a sensitive part of the protocol requires broad community buy-in. Our intention was purely…

There's been a lot of chatter around the ETH issuance curve lately and in the latest The Daily Gwei 🦇🔊 Refuel I tried to summarize the discussion in a neutral way.

I've clipped it here for all of you to enjoy :)

super helpful framing of the current issuance curve discussion, productively pointing to both sides of the argument.

This EIP research post provides the rationale for adjusting Ethereum’s issuance policy to use a reward curve with tempered issuance. The post covers the relevant trade-offs that must be navigated, reviews security considerations, and discusses the endgame.
ethresear.ch/t/reward-curve…

I tried it and it works very smoothly. With monerium the on and off ramp of stables is incredibly quick and low friction. we’re really starting to see pieces come together. more and more real world ethereum

mike having changed his mind on issuance is very high signal

Are validators in the same cluster (eg same exchange, same user) more likely than unrelated validators to miss attestations at the same time? If so, can we tweak rewards to favor decentralized staking?

Possibly yes.

ethresear.ch/t/supporting-d…

best podcast i've heard in a long time - you should listen because shifts in eth issuance policies have ripple effects across all of defi

but it also made me grateful for the thoughtfulness and care that ethereum (and lido) researchers take to ensure the protocol's future

Last RIG update is out 👀

A great way to keep up with what we've been up to

open.substack.com/pub/robustince…

This is amazing news for all data heads

If you switch to running Lodestar (or spin up a new one) and we verify it, myself and someone from the ChainSafe crew will happily do one of the following:

1. Schedule a 1hr chat to help you on anything
2. Async UX/product review via Loom
3. Other...?

To cite caspar, when you listening to the ep/read the proposal:

Don't compare it to the current state but compare the long-term equilibria we can arrive at under different approaches.

I think that it's an important perspective to keep in mind when thinking of this topic.

Finally done listening to this beast (i retweeted earlier without listening, purely on the basis of aggregate chadness)

Woweewow

Amazing to hear caspar and ansgar.eth 🦇🔊 .oO make the case for their current work. Also great moderation from Hasu⚡️🤖 and Jon Charbonneau. Must hear!

I think some of the initial reaction to our posts was unnecessarily contentious, because Caspar and I did a bad job providing context for it. Hopefully we did better in this episode.

The idea was always to start a conversation, not to preempt an outcome.

x.com/jon_charb/stat…