Ledger 🇺🇸

Constantly curious.

[Ledger 🇺🇸 @ledgerstatus]

@templecrash Yep

[Ledger 🇺🇸 @ledgerstatus]

Ledger Status, amateur road builder

[Ledger 🇺🇸 @ledgerstatus]

@Hiraweb3 The other side is better :)

[Ledger 🇺🇸 @ledgerstatus]

@joshmanmode_ Mercy brother what you mowing a bog for

[Ledger 🇺🇸 @ledgerstatus]

Imagine when Saylor actually has to sell.

[Ledger 🇺🇸 @ledgerstatus]

200W moving average is historically a great buy but last cycle it also made you a bag holder for a while. But we are all bag holders anyway so…

[Ledger 🇺🇸 @ledgerstatus]

@beteNoire00 @kingbtc Yep

[Ledger 🇺🇸 @ledgerstatus]

Missing the Uranium super cycle after watching garbage uranium stocks for like 3 years is peak Ledger Status

[Ledger 🇺🇸 @ledgerstatus]

Obliterated my back playing kickball with my kids. I’m manifesting the full grandma meme.

[Ledger 🇺🇸 @ledgerstatus]

Like we needed more reasons to avoid cruise ships

[Ledger 🇺🇸 @ledgerstatus]

@gainzy222 Looks like a costume from Waterworld

[Ledger 🇺🇸 @ledgerstatus]

@CryptoVonDoom Doesn’t even remotely cover the core question of how he can finance this deal. It only answers how he thinks he can streamline after a deal is done.

[Bryan Pellegrino (臭企鹅) @PrimordialAA]

I’ve been asking myself why has it taken me so long to write this? Ultimately I still carry a huge amount of cognitive dissonance here. In my mind LayerZero the protocol was like Gnosis Safe and the application was setting their config, and who the )@(!$ would secure billions in TVL on a 1/1? I even tweeted about it, literally 0, I would have bet almost anything on that because almost every major application we helped setup their configs. Someone then going and manually changing that to a 1/1 was outside of the realm of possibility for me.

I was wrong.

It’s easy to sit back and say ‘it’s just a protocol we have no control over how people use it’ but we have the opportunity to be better.

There was a conversation this week speaking to a customer and they just… screamed at me, at the top of their lungs, and swore for a solid ~3-5 minutes straight. We had implemented additional security measures of forcing a more stringent RPC quorum and forcing every chain to provide multiple RPCs and we had done it without telling them and it !)@$d with their business, which frankly is a deadly sin. We had messed with their business and they said communication wise we were completely blowing this. They were completely right.

This is something I care about a ton, it is both the result of a huge portion of my life and something that I fundamentally believe in. I literally gifted a copy of Unreasonable Hospitality to every single manager in the company. The entire point of what we’ve built is to enable others to build on top of it, it is to provide a protocol and a platform for people to build on, and we’ve been failing some of our largest customers.

The past two weeks have been unbelievably miserable. I’m incredibly grateful for all of the applications who have worked with us over the past 2 weeks, for @zeroshadow_io who has spent endless cycles with us tracking and seizing millions in attacker funds which will be returned to the rsETH team, and for all of the parties who brought together DefiUnited. Particularly @aave for leading and @MikeSilagadze for pushing everyone to get their !@)($ together and sort things out as quickly as possible, and putting himself in the frontline of acquisition talks and everything else to try to get to a solution quickly.

@LayerZero_Core is one of the most critical pieces of infrastructure in the industry, the LayerZero protocol has earned the trust of the largest and most important asset issuers in the space. We will do better and we will make the industry better for it.

My entire focus over the past 2 weeks has singularly been working with applications to harden their setup, building tooling to assist in tracking and freezing hacker funds, and the rsETH recovery efforts.

That is going to shift now to where LayerZero Labs spends it's time and effort. The only thing this company will spend time on is how we can better serve our asset issuers and the upcoming launch of Zero.

[Bryan Pellegrino (臭企鹅) @PrimordialAA]

A ton of this is just completely untrue.

1) Kelp originally used the defaults which were MultiDVN or DeadDVN and manually migrated to a 1/1 config later

2) Almost 100% of the volume on a 1/1 config was rsETH

3) Not using a 1/1 for production applications is mentioned many times in the documentation.

The defaults Kelp is referencing in their screenshot were multiDVN or DeadDVN, which force-rejects an application using the defaults at all and requires them to manually set configuration.

rsETH was originally configured to use the default LayerZero configuration of a multiDVN setup of LayerZero Labs + Google:

Here are the exact transactions where that happens

Ethereum → Arbitrum:
https://t.co/C2uCxmpBCX
at 2024-02-06 03:09:47 UTC

Ethereum → Optimism:
https://t.co/vuQWxeyUUA
at 2024-02-06 03:09:59 UTC

KelpDAO then manually changed these to 1/1 configs:

For the original Feb 6 Ethereum routes to Arbitrum/Optimism, KelpDAO’s Ethereum contract switched from defaults to manual OApp-scoped config on 2024-04-01:

Send-side manual config:
https://t.co/HKCE8C8n7F
2024-04-01 07:12:11 UTC

Receive-side manual config:
https://t.co/FZTiol0qAp
2024-04-01 07:12:23 UTC

From this point on, Kelp began deploying all of their configurations as 1/1 configs. Here is Kelp’s deployment on Unichain:

Unichain → Ethereum was opened on 2025-04-01 18:55:41 UTC.

Pathway-open / setPeer tx:
https://t.co/0MlFpIxCfA

The manual ULN config followed 6 seconds later in https://t.co/0di0j78zYc.

During this time the Unichain -> Ethereum and Ethereum -> Unichain defaults were set to DeadDVN which is a contract which makes it impossible for any application to transact without manually configuring their DVNs, this was not possible on the defaults of this pathway.

Here is the code in the DeadDVN (https://t.co/mAge3W6NhP) that specifically prohibits this.

(Screenshot 1)

This is called out many many times in the docs:

1. Integration Checklist — "Do" list

- Last edited: 2025-11-26 (Nazreen)
- Content: "Do: … Use more than one DVN for each production pathway instead of relying on a single DVN."
- File: v2/tools/integration-checklist.mdx:244
- URL: https://t.co/h9GHby9ynE

2. Integration Checklist — "Don't" list

- Last edited: 2025-11-26 (Nazreen)
- Content: "Don't: … Configure only one DVN for a pathway and treat it as production‑ready."
- File: v2/tools/integration-checklist.mdx:251
- URL: https://t.co/h9GHby9ynE

3. Integration Checklist — Defaults are not safe

- Last edited: 2025-09-25 (Tino Martínez Molina)
- Content: "Do not assume defaults are safe for production. Always check explicitly: getSendLibrary, getReceiveLibrary, and getConfig. If these resolve to defaults, confirm whether the defaults are valid for the intended pathway. Unintentional fallbacks to defaults are a common cause of blocked or failing pathways."
- File: v2/tools/integration-checklist.mdx:126-128
- URL: https://t.co/a6SdjYCbOu

4. Integration Checklist — Default fallback warning

- Last edited: 2026-02-26 (migration; same wording predates it)
- Content: "Warning: If no configuration is set, the OApp will fallback to the default settings set by LayerZero Labs."
- File: v2/tools/integration-checklist.mdx:222-238
- URL: https://t.co/h9GHby9ynE

5. ONFT Quickstart — Production guidance

- Last edited: 2025-02-20 (Radek Sienkiewicz)
- Content: "DVN Settings: Use multiple DVNs in production to ensure message verification is robust."
- File: v2/developers/evm/onft/quickstart.mdx:700
- URL: https://t.co/b8nO2yrEiX

6. ONFT Quickstart — Strong recommendation to configure

- Last edited: 2025-03-10 (Radek Sienkiewicz)
- Content: "We strongly recommend reviewing these settings carefully and configuring your security stack according to your needs and preferences."
- File: v2/developers/evm/onft/quickstart.mdx:366
- URL: https://t.co/WcNuXHLbiG

7. Starknet FAQ — "Should I use multiple DVNs?"

- Last edited: 2026-01-21 (Nazreen)
- Content:
▎ Should I use multiple DVNs?

▎ Recommended for production. Multiple DVNs provide:
▎ - Increased security (multiple independent verifiers)
▎ - Resilience (no single point of failure)
▎ - Trust minimization
- File: v2/developers/starknet/troubleshooting/faq.mdx:290-296
- URL: https://t.co/vtSZUFLZPJ

Here are the exact recommendations we gave KelpDAO when asked about DVNs (typically 2/3)

(Screenshot 2)

Other LayerZero applications speaking on exactly what is advised by the team

https://t.co/0ulWmlTZ2y

https://t.co/vQ2B8YQrw9

For how much volume was actually configured on 1/1 here is the exact data.

(Screenshot 3)

We will publish a complete post-mortem as soon as the external security firms have completed it.

[Ledger 🇺🇸 @ledgerstatus]

Governments are a lot more efficient on the tax collection side versus any other service.

[Cred @CryptoCred]

Crypto's current state is a bit shit

1. Market cap is not an indicator of quality - the top 50 is made up of ghost coins or bloated governance slop that has underperformed and is uninvestable

2. The long tail speculative stuff went from high risk high reward to 'some dude in Miami is going to zero this if you hold it for more than 5.9 seconds'

3. Everything is extremely correlated and you can't meaningfully make bets based on sectors as it all converges into a tightly correlated mush, especially to the downside

4. Broad brush alt season is an artefact of the past that's very hard to replicate given (2) and given that there are simply too many coins and the excess of speculation doesn't really happen on centralised exchanges anymore - it's been siphoned off to bundled shit in max PvP settings

5. Crypto reputationally is no longer the sexy frontier of speculation. Institutional bid is in AI, retail speculative bid is in 0DTE equities, single name stocks etc.

6. Convexity has flattened. Even a lot of the historically safe blue chip stuff (BTC, ETH etc.) has underperformed and the historical anchor of 'buy deep drawdowns because all-time highs are guaranteed and explosive' has disappointed. All the shit we used to put up with because of the accessibly massive trend and momentum effects is now harder to justify because those same effects are getting neutered or siphoned off into other arenas.

The obvious rebuttal is 'cycles' but even this past cycle is a useful counterpoint: it was extremely concentrated versus broad brush wealth effect, plus something very obviously broke after 10/10.

So what does this all mean?

1. In previous cycles, nailing timing was enough and selection was the cherry on top (rising tide lifted all boats). I don't think that holds - both timing and selection matter now and in the future.

2. Participation alone can be an edge if the asset class is early enough and/or mispriced enough. I don't think that holds either, and we might actually have to learn how to trade (fuck).

3. Hopefully I'm an idiot doomposting the bottom

GM

[Ledger 🇺🇸 @ledgerstatus]

@intern Man

[Sam @flipwhisperer]

https://t.co/ugyX8cI8Nw

[Magoo PhD @HodlMagoo]

Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety.

~ Ben Franklin

[Ledger 🇺🇸 @ledgerstatus]

@csin02 Terminal + a PWA I built to execute outside of terminal that dispatch kinda does as well now

[Ledger 🇺🇸 @ledgerstatus]

I’m just coming up for air of a multi month Claude code deep dive and in a couple weeks they’ve released things that will make all I’ve built twice as good. I feel okay because it’s for business uses. But if I were building for the ai space I’d be completely demoralized.