Bonanas

Analytics Engineer @Amberdata | gm | @rcsdao | ex-@Coinbase

[DEFINITIVE @DefinitiveFi]

Priced out of the GTA VI preorder? We got you, twin.

50 traders on Definitive will get a FREE copy of GTA VI come November.

Enter in under 60s:
1. Install Definitive Mobile (link in reply)
2. Join the contest leaderboard using code "GTA6"
3. Place in the top 50 by November 1st

Not a trader? No problem 🤙
Repost this post for an easy chance to lock in 1 of 5 copies early.
Winners notified next Friday.

[hdahmΞ 🛡️ @IsTheBaron]

We just achieved 49.6% on the SQLite part of Spider2.

The benchmark that breaks every agentic system.

GPT-4o drops from 86% to 10%.
o1-preview falls from 90% to 17%.

I've been doing SQL for 10+ years and would have no idea how to approach most of these queries.

Here's what we learned about agentic reasoning: 🧵 (1/11)

[Ryan Rasmussen @RasterlyRock]

Why Coinbase entering the S&P 500 matters

[Sam Altman @sama]

many people worked on this, but @michpokrass really drove it. she is truly amazing, and one of the rare people who can do everything from deeply understand what users want to complex details of research and everything in between.

although rare, these people make magic happen!

[Bonanas @Bonanas_eth]

@coinbase I'm finding it more difficult to trust you with my money. This is not a feature, this is a bug. Every transaction should require 2FA if I have 2FA set. There's not even an option to enable that, you just forced me to be unsecure.

[h3idi @h3idilao]

1/ @opensea has been quietly working on a token allocation system since June.

Let's break it down.

[Bill Hughes @BillHughesDC]

BIG NEWS: Federal appeals court says Treasury overstepped its authority when sanctioning immutable smart contracts deployed by the @TornadoCash devs because they are NOT property of a foreign person or entity.

"The immutable smart contracts at issue in this appeal are not property because they are not capable of being owned. More than one thousand volunteers participated in a “trusted setup ceremony” to “irrevocably remov[e] the option for anyone to update, remove, or otherwise control those lines of code.” And as a result, no one can “exclude” anyone from using the Tornado Cash pool smart contracts. In fact, because these immutable smart contracts are unchangeable and unremovable, they remain available for anyone to use and “the targeted North Korean wrongdoers are not actually blocked from retrieving their assets,” even under the sanctions regime. Simply put, regardless of OFAC’s designation of Tornado Cash, the immutable smart contracts continue operating. And furthermore, because the software continues to operate regardless of the sanctions, and the blockchain technology “allows peer-to-peer transfers . . . without requiring the recipient to consent to transfer,” some users may become liable whenever someone transfers them digital assets via Tornado Cash, even without their knowledge or consent."

Further, OFAC's longstanding practice of including "contracts" and "services" as property doesn't apply here, because these smart contracts aren't contracts or services. On the services point, "No human effort is expended by the immutable smart contracts.
And even by the Department’s definition, the immutable smart contracts, which are nothing more than lines of code, are less like a “service” and more like a tool that is used in performing a service. That is not the same as being a service.”

Moreover, they aren't ownable, so even under OFAC's own regulations they aren't property that can be sanctioned.

In sum, they cannot be blocked under federal law. They certainly can't be blocked as an exercise of OFAC's discretion.

This does NOT mean that the rest of Tornado Cash is out of bounds for Treasury/OFAC too. The issue was about smart contracts with no admin key.

A good win. One which the Supreme Court would be unlikely to reverse. Another case where Loper Bright helped because the court wasn't required to defer to a permissible reading by the agency.

Kudos to @coinbase (@iampaulgrewal) for being a big driver of this.

[Joe McCann @joemccann]

Shoutout @bitwise for this artwork

[Tay 💖 @tayvano_]

🚨WARNING 🚨

If you go to get on a video call...
and you see this screen...
YOU ARE ABOUT TO GET REKT!

1. STOP what you are doing!
2. Close the window.
3. Do not say ANYTHING to the person youre supposed to have the call with.
4. Message https://t.co/KpaDMTqJ5L for help!

[Austin Campbell @austincampbell]

1/ Now that @cz_binance has been released, I want to take a moment to comment on the situation involving @binance and the US approach to crypto.

[bread.mega @bread_]

I avoided responding to this post last night because I didn't think it was coherent, but now that people have given it cope-attention and given that I'm the #1 blobspace FUDoooor I feel an obligation to push back.

Here's why @0xKofi is mistaken ☺️

"L2s profit per-tx decreased 90%, so sell pressure is less!"

First of all: lol at using a per-tx metric to justify total sell pressure.

Using simple math to explain why that's silly, we can decrease per-tx costs by 50% and increase raw tx by 100% and guess what? Earnings remain the same.

Surprise surprise: that's what happened since 4844.

Raw transaction count has increased significantly (5.6M/d to 11.8M/d) since Dencun went live on March 13th to counteract some of the reduced per-tx fees:

The things to call out here isn't per-tx or total fees generated though, because those things are dependent on volumes, airdrops, etc, etc - it's profit margins.

That is what dictates sell pressure (if that's what he was trying to measure). It's the answer to the question of "what percentage of each ETH earned by an L2 can be sold by the L2 to fund XYZ?"

and on that front, L2s are eating. The largest profiting L2s are operating at a staggering 95%+ margin:

Before Dencun the numbers were at or below 50% across the board:
https://t.co/pNUNBQoYRx

"Now that L2s are super cheap, we've entered a new phase of the game where EVM users seeking low fees will opt for L2s instead of alt-EVM chains."

This one just feels disconnected from crypto users at this point, and only kinda works because it specifically calls out "alt-EVM" versus the place where everyone is actually going for low fees and better UX: Solana

So, yea, I guess 4844 stopped the bleed from L2s to...Fantom? (lol) but the more important thing to measure is has it stopped the bleed to ~any high throughput chain ecosystem and on that front the answer is "kind of."

If we solely compare high throughput chains throughout crypto (Sei, Sui, Solana, L2s, BNB, etc) we can see that:
🔹Solana dominance is generally up or lateral for key metrics (Stablecoin TVL, raw TVL, fees earned)
🔹Of the L2s considered only Base shows any signs of growth relative to all high capacity chains. All other L2s are lateral/down on dominance (Arbitrum included).

That latter point reinforces my thought that L2s are cannibalizing users from each other (and mainnet) and that we're going to continue to see powerlaw play out at that layer.

Data, courtesy of @artemis__xyz:

TVL

Fees

Conclusion
🔹Per-tx costs going down is a horrible metric to use to say "L2s are doing well and it's not bad for ETH"
🔹 Profit margins are the better thing to look at if we're trying to evaluate L2 "sell pressure"
🔹L2s becoming cheap hasn't really stopped the growth of other high capacity (read: cheap) chains
🔹 @growthepie_eth and @artemis__xyz are awesome tools

Follow me for more Bread Talks™️

[B3 @b3labs]

Tau Ceti: A new shooter from @Parallel, coming in 2025.

Built on B3.

[Andy Greenberg (@agreenberg at the other places) @a_greenberg]

This video👇is of Tigran Gambaryan, the former US federal agent who led many of the biggest crypto crime cases in history. He's being charged in Nigeria with money laundering and tax evasion, entirely for the actions of his employer, Binance. He's now been jailed and denied medical care for a herniated disc in his back that requires surgery.

Here you can see that Nigerian officials have even denied him the use of a wheelchair or any help walking into the courtroom in an attempt to avoid embarrassing photos/videos of his condition.

Where is the the US @StateDept? Where is @SecBlinken? Where is @StateSPEHA Roger D. Carstens, for whom this case should have met the criteria to be treated as a hostage situation months ago?

Why isn't the US doing more to help this American citizen and former civil servant?

It's long past time to bring Tigran home.

[Bonanas @Bonanas_eth]

@swaglord__420 This is the UX we were promised

[Ryan Bozarth @ryanbozarth]

The future of stablecoins is a three part story, each with their own impact:

Wave 1: The Pioneers

Early stablecoin pioneers like USDT and USDC have first-mover advantage and strong brand recognition. They exported the US dollar, and in turn grew rapidly. Tether, the company behind USDT, earned over $1 billion in interest income last quarter.

Wave 2: The Innovators

Today, we’re witnessing the second wave, marked by yield-generating stablecoins. New projects are distributing the revenue generated from the U.S. Treasuries. This allows users to earn yield on their U.S. Treasury-backed dollar anywhere in the world.

Wave 3: The Specialists

Looking ahead, the third wave will be closed system stablecoins. Next-gen FinTechs will build on stablecoin infrastructure and create their own stablecoins to earn interest income. This approach allows them to avoid the limitations of regional banks and eliminates the need to develop complex internal payment systems.

If it plays out this way, we'll be one step closer to economic freedom.

[Troy Cross @thetrocro]

1/n I'm really proud of this report on bitcoin ownership.
Our survey of 3,538 adults in the US found bitcoin ownership:
-covers the full spectrum of political identity
-is skewed young and male
-correlates weakly with a unique profile of moral values
-correlates strongly with knowledge of bitcoin
🧵

[aniutah.hl (RWA ARC) 🌍 @migbassi]

1 in 10 Nigerians own crypto.

#USDC & #USDT stablecoins have become an important part of our economy.

Now, our government is blaming crypto for its economic woes, reportedly asked for $150M from @binance, & has jailed its executive & US citizen.

An inside scoop on what is going on 👇

[ZachXBT @zachxbt]

@NGRPresident Ratio you clowns held Tigran Gambarayan from Binance hostage just to get a photo op with US feds out of it

(who became seriously ill with malaria and pneumonia in your custody).