Submit your token for verification in seconds.
Help keep traders safe from impostors
Visit https://t.co/UV19OaboMy to do your part
Just enter your project's CA and X, then monitor your status
A good book, worth reading to understand the basic case for why many people, even those who are generally very enthusiastic about speeding up technological progress, consider superintelligent AI uniquely risky
🚀 Week in Crypto Adoption: Nigeria Opens Stablecoin Gates, Philippines Boots Major Exchanges, Vietnam Drops National Blockchain.
Nigeria embraces stablecoins! Philippines bans 10 major exchanges! Vietnam launches state blockchain infrastructure! Indonesia increases crypto taxes! Brazil debates a sovereign Bitcoin strategy!
Let’s unpack this week’s crypto adoption madness. 🧵
1/8
Binance Pool Savings offers a flexible way for BTC miners to grow their idle mining rewards with up to 1.5% APR and daily compounding.
With no lock-up periods or fees, it integrates smoothly with #Binance Exchange to help manage earnings amid market fluctuations.
Learn how Pool Savings can support more stable mining income.
Read more 👉 https://t.co/kOlcaH4CyV
Quickly access your funds with Binance’s Sell to Card feature — simple, secure, and fast off-ramping.
Convert crypto to fiat and withdraw it directly to an eligible Mastercard with near-real time availability.
Find out more 👉 https://t.co/iln5qhoCC6
Amazing to see so many major L2s now at stage 1.
The next goal we should shoot for is, in my view, fast (<1h) withdrawal times, enabled by validity (aka ZK) proof systems.
I consider this even more important than stage 2.
Fast withdrawal times are important because waiting a week to withdraw is simply far too long for people, and even for intent-based bridging (eg. ERC-7683), the cost of capital becomes too high if the liquidity provider has to wait a week. This creates large incentives to instead use solutions with unacceptable trust assumptions (eg. multisigs/MPC) that undermine the whole point of having L2s instead of fully independent L1s.
If we can reduce native withdrawal times to under 1h short term, and 12s medium term, then we can further cement the Ethereum L1 as the default place to issue assets, and the economic center of the Ethereum ecosystem.
To do this, we need to move away from optimistic proof systems, which inherently require waiting multiple days to withdraw.
Historically, ZK proof tech has been immature and expensive, which made optimistic proofs the smart and safe choice. But recently, this is changing rapidly. https://t.co/MRqAcqiGre is an excellent place to track the progress of ZK-EVM proofs, which have been improving rapidly. Formal verification on ZK proofs is also advancing.
Earlier this year, I proposed a 2-of-3 ZK + OP + TEE proof system strategy that threads the needle between security, speed and maturity:
https://t.co/Z5N81HiiNi
* 2 of 3 systems (ZK, OP) are trustless, so no single actor (incl TEE manufacturer or side channel attacker) can break the proof system by violating a trust assumption
* 2 of 3 systems (ZK, TEE) are instant, so you get fast withdrawals in the normal case
* 2 of 3 systems (TEE, OP) have been in production in various contexts for years
This is one approach; perhaps people will opt to instead do ZK + ZK + OP tiebreak, or ZK + ZK + security council tiebreak. I have no strong opinions here, I care about the underlying goal, which is to be fast (in the normal case) and secure.
With such proof systems, the only remaining bottleneck to fast settlement becomes the gas cost of submitting proofs onchain. This is why short term I say once per hour: if you try to submit a 500k+ gas ZK proof (or a 5m gas STARK) much more often, it adds a high additional cost.
In the longer term, we can solve this with aggregation: N proofs from N rollups (plus txs from privacy-protocol users) can be replaced by a single proof that proves the validity of the N proofs. This becomes economical to submit once per slot, enabling the endgame: near-instant native cross-L2 asset movement through the L1.
Let's work together to make this happen.
We're excited to support a new accelerator for RWA builders called Ascend. It runs from Sep 3 - Oct 28.
There is up to $500k available in funding at Demo Day, and you get access to leaders in the space like Plume, Galaxy, Centrifuge, and Anchorage Digital (along with our team) to help with product and GTM.
Applications are open through August 18th. Time to build.
Apply here: https://t.co/SORbEBDz9U
Say HeyPal to our latest provider, PayPal!
You can now on and offramp directly to your PayPal account using ZKP2P in 7 different currencies, with ~$60K liquidity ready to be used.
In June, we introduced Protocol: a new structure to align the EF around our three strategic goals — Scale L1, Scale Blobs, Improve UX — without compromising on hardness or security.
Here's an update on the first track, Scale L1 👇
ICYMI: The quarterly transfer volume for @PayPal's PYUSD on @ethereum grew from $2.7b to $10.7b YoY.
Publicly listed companies are scaling on Ethereum.