Jean-Luc

Interested in improving human coordination. Crypto-economic design @vm_economics.

[Jean-Luc @JeanLuc_VM]

Dynamism 🧨

[Vending Machine @vm_economics]

1/ On @base WETH/USDC, the 1bps pool wins calm-market flow. The 30bps pool wins flow in volatility spikes. Neither wins both.

@AerodromeFi 's dynamic-fee pool, which moves block-by-block with realized volatility, is competitive in every regime in 90 days of data 🧵

[Jean-Luc @JeanLuc_VM]

@hagaetc Interested to get in touch!

[Jean-Luc @JeanLuc_VM]

@aradtski

[Jean-Luc @JeanLuc_VM]

It’s been great to work with the team to design this mechanism.

The efficiency gain across the entire system for LPs and sAERO holders should be significant.

Can’t wait for July!

Hell yeah @wagmiAlexander

[Aerodrome @AerodromeFi]

"Prediction markets are exceptionally good at truth discovery.

They crowdsource outcomes from individual, incentivized participants to get things right.

But most stop right there, predicting the future,

not helping to create it."

Enter Predictive Allocation.

[Jean-Luc @JeanLuc_VM]

Great piece from @_daniFi_

[Vending Machine @vm_economics]

https://t.co/KTo9FxysLi

[Jean-Luc @JeanLuc_VM]

@vm_economics It seems clear vaults are providing a much needed standardisation layer to the yield opportunities in blockchain markets - this will expand to most markets.

[Marc Andreessen 🇺🇸 @pmarca]

My information consumption is now 1/4 X, 1/4 podcast interviews of the smartest practitioners, 1/4 talking to the leading AI models, and 1/4 reading old books. The opportunity cost of anything else is far too high, and rising daily.

[vitalik.eth @VitalikButerin]

Over the past year, many people I talk to have expressed worry about two topics:

* Various aspects of the way the world is going: government control and surveillance, wars, corporate power and surveillance, tech enshittification / corposlop, social media becoming a memetic warzone, AI and how it interplays with all of the above...
* The brute reality that Ethereum seems to be absent from meaningfully improving the lives of people subject to these things, even on the dimensions we deeply care about (eg. freedom, privacy, security of digital life, community self-organization)

It is easy to bond over the first, to commiserate over the fact that beauty and good in the world seems to be receding and darkness advancing, and uncaring powerful people in high places are making this happen. But ultimately, it is easy to acknowledge problems, the hard thing is actually shining a light forward, coming up with a concrete plan that makes the situation better.

The second has been weighing heavily on my mind, and on the minds of many of our brightest and most idealistic Ethereans. I personally never felt any upset or fear when political memecoins went on Solana, or various zero-sum gambling applications go on whatever 250 millisecond block chain strikes their fancy. But it *does* weigh on me that, through all of the various low-grade online memetic wars, international overreaches of corporate and government power, and other issues of the last few years, Ethereum has been playing a very limited role in making people's lives better. What *are* the liberating technologies? Starlink is the most obvious one. Locally-running open-weights LLMs are another. Signal is a third. Community Notes is a fourth, tackling the problem from a different angle.

One response is to say "stop dreaming big, we need to hunker down and accept that finance is our lane and laser-focus on that". But this is ultimately hollow. Financial freedom and security is critical. But it seems obvious that, while adding a perfectly free and open and sovereign and debasement-proof financial system would fix some things, but it would leave the bulk of our deep worries about the world unaddressed. It's okay for individuals to laser-focus on finance, but we need to be part of some greater whole that has things to say about the other problems too.

At the same time, Ethereum cannot fix the world. Ethereum is the "wrong-shaped tool" for that: beyond a certain point, "fixing the world" implies a form of power projection that is more like a centralized political entity than like a decentralized technology community.

So what can we do? I think that we in Ethereum should conceptualize ourselves as being part of an ecosystem building "sanctuary technologies": free open-source technologies that let people live, work, talk to each other, manage risk and build wealth, and collaborate on shared goals, in a way that optimizes for robustness to outside pressures.

The goal is not to remake the world in Ethereum's image, where all finance is disintermediated, all governance happens through DAOs, and everyone gets a blockchain-based UBI delivered straight to their social-recovery wallet. The goal is the opposite: it's de-totalization. It's to reduce the stakes of the war in heaven by preventing the winner from having total victory (ie. total control over other human beings), and preventing the loser from suffering total defeat. To create digital islands of stability in a chaotic era. To enable interdependence that cannot be weaponized.

Ethereum's role is to create "digital space" where different entities can cooperate and interact. Communications channels enable interaction, but communication channels are not "space": they do not let you create single unique objects that canonically represent some social arrangement that changes over time. Money is one important example. Multisigs that can change their members, showing persistence exceeding that of any one person or one public key, are another. Various market and governance structures are a third. There are more.

I think now is the time to double down, with greater clarity. Do not try to be Apple or Google, seeing crypto as a tech sector that enables efficiency or shininess. Instead, build our part of the sanctuary tech ecosystem - the "shared digital space with no owner" that enables both open finance and much more. More actively build toward a full-stack ecosystem: both upward to the wallet and application layer (incl AI as interface) and downward to the OS, hardware, even physical/bio security levels.

Ultimately, tech is worthless without users. But look for users, both individual and institutional, for whom sanctuary tech is exactly the thing they need. Optimize payments, defi, decentralized social, and other applications precisely for those users, and those goals, which centralized tech will not serve. We have many allies, including many outside of "crypto". It's time we work together with an open mind and move forward.

[terence @terrry]

https://t.co/rLV7K9JCMf

[jpn memelord🛡️ @jpn_memelord]

Very excited for this actually! Filtering volume by pools that actually pay fees to burn UNI has been very insightful! https://t.co/dhv1fLnNXr

However, lots of questions when reading deeper into the proposal:

[st3ve.eth @steveklbnf]

proprietary AMMs powering 50% of 0x api's swaps on base

who is building these?? didn't realize the scale here

c/o @willwarren via @ethereumdenver

[Jean-Luc @JeanLuc_VM]

@TurtleNeckJmper @bankrbot Oh yeah? Thats legendary

[Jean-Luc @JeanLuc_VM]

We need a @bankrbot for Polymarket.

How many times do you say 'wanna bet?' in a year. Now you can actually follow through on that.

[0x @0xProject]

Taking the main stage at ETHDenver: @willwarren

Discussing PropAMM shenanigans and what it means for onchain markets

Add his talk to your calendar in the replies 👇

[Lorenz Lehmann @LehmannLorenz]

The AI agent economy is taking shape in the Ethereum ecosystem.

So far, EIP8004 is a two-horse race:

• 18,495 agents on Base
• 13,285 agents on Ethereum L1

All other chains are far behind.

Data: @growthepie_eth

[Jean-Luc @JeanLuc_VM]

@Kunallegendd Nice analysis

[Jean-Luc @JeanLuc_VM]

It brought up an interesting point about volatility being much less important for agents than humans.

[Jean-Luc @JeanLuc_VM]

I’ve asked multiple AI models the question of how they would personally store value. They’ve all given similar answers but I thought this one from Claude was well put.

[Jean-Luc @JeanLuc_VM]

@heeney_luke Never fade someone with the last name Zhang. I’ve learnt that the long way.

[vitalik.eth @VitalikButerin]

I actually don't think it's complicated.

IMO the future of onchain mechanism design is mostly going to fit into one pattern:

[something that looks like a prediction market] -> [something that looks like a capture-resistant, non-financialized preference-setting gadget]

In other words:

* One layer that is maximally open and maximizes accountability (it's a market, anyone can buy and sell, if you make good decisions you win money if you make bad decisions you lose money)
* One layer that is decentralized and pluralistic, and that maximizes space for intrinsic motivation. This cannot be token-based, because token owners are not pluralistic, and anyone can buy in and get 51% of them. Votes here should be anonymous, ideally MACI'd to reduce risk of collusion.

The prediction market is the correct way to do a "decentralized executive", because the most logical primitive for "accountability" in a permissionless concept is exactly that.

Though sometimes you will want to keep it simple, and do a centralized executive at that layer instead:

[replaceable centralized executive] -> [something that looks like a capture-resistant, non-financialized preference-setting gadget]

Thinking in these two layers explicitly: (i) what is doing your execution, (ii) what is doing your preference-setting and is judging the executor(s), is best.