él Pedro del torro

[Joseph Chalom @joechalom]

https://t.co/CEhi4vF5rL

[vitalik.eth @VitalikButerin]

Some of my perspective on where the @ethereumfndn is going.

First of all, this is only my own view. The board is not just me, and I have no extra special powers on the board that the other board members do not. @aerugoettinea is the one executing much of this transition. My input has been largely on technical questions. The board is in the process of expanding, and my own power within the org will continue to decrease, which is honestly what I want.

The 2025 era brought many important improvements to EF and its ability to execute. Many issues were resolved, and EF continues to benefit from its improved efficiency and greater focus on concrete goals to this day. And so with those problems resolved, early this year, the largest remaining hole that I perceived was something different nagging at me: I would regularly spot people saying things like "vitalik says these beautiful things about ethereum needing to be decentralized, and have privacy, and be a sanctuary technology, but why do the EF's actions not reflect that?"

Now, you may have been hearing something different. You may not have been sensing a feeling of crisis at all, and maybe were hearing people saying that finally we were taking execution and BD seriously and the main task for us is to keep going that way and be even better and faster. Then probably there is genuine difference between you and me, in what kinds of criticism I take most seriously, and what kinds of critics through their criticism are most able to make me feel pain.

As an analogy, let's briefly switch over to a different domain.

One belief you can have about Google is that it is a success story, and has brought a lot of good to humanity in organizing the world's information. Another belief you can have about Google is that they had a beautiful idealistic beginning, but at some point the corruption of mainstream corporate attitudes seeped in, and they slowly bit by bit completely abandoned the "don't be evil" slogan.

My belief on Google specifically is probably somewhere between the two. BUT, if you had taken me back in time to ~2008, and offered me a button to press to make Google one or two standard deviations more "dogmatic", eg. give Richard Stallman permanent veto power over some key policies, I would immediately press it.

Why? Because a choice for one company is not a choice for the world, or even one country. Google existed and exists in the context of a technology industry generally drifting away from early idealistic don't-be-evil roots and toward greed for financial gain, totalizing visions of accelerated superintelligence, infiltration by sociopaths, and craven capitulation to (or worse, active participation in) government pressure for ideological control, surveillance and war. And so *one company* doing something different, positioning itself to be what George Bernard Shaw calls the Unreasonable Man, resisting the trend of the times, would have been better for freedom, balance of power and stability of society as a whole, than *all* large companies bending to dominant trends. This is a part of my version of pluralism.

This line of thinking is not just mine, but I also is not too far off from what Aya and others had in mind with the Mandate.

Now how does this all get to the role of the EF?

EF is not a "center of Ethereum", rather EF is "one node, with a defined purpose, alongside other nodes". We've always said that the EF should be the latter, but many in the Ethereum ecosystem (and even within the EF) wanted us to be the former. Now, we are taking action to ensure that we will be the latter.

This is particularly important because EF is a limited organization, with limited resources and limited organizational capacity. The EF has only ~0.16% of all ETH (less than many other individual ETH holders), whereas among other blockchains it's common for "the central foundation" to have 10-50%. Fiscally, the EF was originally designed to fulfill a limited work scope defined in the token sale docs and other pre-launch materials (building the chain software; getting through Frontier, Homestead, Metropolis, Serenity), which was fully completed in 2022; it was not designed to be an eternal steward.

And so today, the EF is choosing to use its remaining resources to pursue longevity over breadth (yes, this means we sell less ETH). The EF focuses *specifically* on those activities critical to the success of ethereum as a censorship/capture-resistant, open, private and secure system, that would not happen otherwise. This means making hard choices, and in some cases even activities that we highly approve of and people that we highly respect becoming outside of the EF. People of great technical talent, public respect and even alignment with the mission and CROPS being outside of the EF is in fact necessary if we want important tasks to be able to attract outside capital. This also means the EF taking opinionated stands culturally.

This is all intended in cooperation with all other parts of ethereum. We recognize that many other parts of the ethereum world highly respect CROPS and related values. But highly respecting is not the same as choosing to specialize and totally dedicate to a domain (Compare in a different domain: I think reducing animal cruelty is important, and I like vegan food, but am not full unconditional vegan myself)

EF is still in a transition period, and we expect its new long-term form to stabilize over the next few months. What are the guiding principles of this new form? Again, I am only one person, but I can give my answer from a technical perspective (there are also critical non-technical aspects).

At the core, *Ethereum must be impressive*. We are living in an age of highly intelligent AI and all kinds of other technological acceleration. "Status quo EVM, with a hard fork or two a year to optimize for short-term needs of users" is not interesting.

To some, "impressive" means: 250ms latency and 1M TPS. I think Ethereum trying to go that route is a mistake. Being as fast and as scalable as possible, and only a small epsilon more decentralized than the others, is a route to mediocrity, and if we try it we will lose.

I think Ethereum should scale. But I think Ethereum should strive the hardest to be deeply impressive in a different dimension: the CROPS dimension. This means things like:

* Provably bug-free Ethereum. This is a goal that all cybersecurity researchers would have thought is absurd and impossible, up until roughly 6 months ago. Now, it's on the cusp of being possible, thanks to AI-assisted formal verification. So we should be frontrunners in doing this.

* Available chain consensus. Ethereum is, and with lean consensus will cotninue to be, the ONLY chain that has both (i) traditional-BFT style properties that it's safe under asynchrony up to a high level of fault tolerance, and (ii) the bitcoin PoW-style property that under synchrony it's safe up to 49% attackers. As far as I can tell, literally no other chain has this or is planning for it; bitcoin goes for (ii) only and most other chains go for (i) only. Some will remember I fought hard for this, Unreasonably insisting that it is not OK for ethereum to rely on social consensus and hard forks to rescue ethereum from 34% of nodes going offline. It's OK for chains like hyperledger, bnb, solana, tempo, etc. It's not OK for bitcoin or ethereum or eg. zcash.

* Intermediary minimization. The fact that smart contract wallets, protocols like railgun, etc have to send transactions through intermediaries to get included onchain is honestly embarrassing, and it's a constant point of fragility. Hence the work on FOCIL and EIP-8141 (and 7701 and years of work before) to make transaction sending intermediary-minimized with public mempool and strong inclusion properties, in a truly general-purpose way, that covers not just eg. secp256r1, but also privacy protocols and much more. Kohaku is pushing intermediary minimization at the user layer, pulling Ethereum away from the dystopian status quo world where our wallets don't even verify the chain, send our private data out to a dozen third-party servers, and toward a brighter CROPS future.

Some of these goals are Unreasonable - maybe Ethereum would be "fine" getting only 50% of the way - what if we depend on intermediaries, but make it easy to switch? But going 50% of the way would not make Ethereum Deeply Impressive in the CROPS way. So we push for 100%.

Fortunately all these goals are compatible with high TPS, this is a major focus of research (esp. on scaling the state). Well-designed L2s can also help, especially L2s optimized for specific applications (eg. high-volume trading, privacy...). These goals are even compatible with significantly lower slot times, thanks to Raul's work on erasure-coded P2P, and many other optimizations.

The most high-value "product" of the ethereum blockchain, financially speaking, is ETH the asset. Ethereum secures $250 billion of ETH. The types of properties of Ethereum that I mentioned above are very good for ETH the asset. Nearly 90% of my net worth is in ETH, and most of the remainder is ~$40m of onchain fiat of which every dollar has already been allocated for some open-source biotech or software or hardware initiative. That said, there are aspects of supporting ETH the asset - *necessary* aspects even - that are outside the scope of the EF. This is where we need other heroes (some of whom hold more ETH than the EF does) to step in and help. EF has been recently thinking more about how it will relate to other such organizations, and give them needed initial support.

EF will be a smaller ship than in previous years, a more opinionated one - in some cases more opinionated in ways that might be difficult to comprehend - but a longer-lasting one, and one suited to making sure that ethereum brings something meaningful to the world. We are grateful to all those inside and outside the EF who are helping to make this happen.

[⟠ @ryanberckmans]

REV maximalism is bag-pumping BS

REV by itself isn't the best or even a reasonable way to value an L1 token - not by a long shot.

This season, some crypto folks are pushing aggressive REV maximalism, which is the idea that REV is the "top-line metric of a blockchain" and/or "the best way to measure value accrual to an L1 token".

These are real quotes from REV maximalists - let's examine why they don't hold up to reality.

First, what is this metric? REV (Realized Extractible Value or Real Economic Value) is just all the money users pay to an L1, ie. total L1 fees plus extracted MEV.

REV was invented by flashbots to represent the subset of theoretical MEV that was actually extracted.

These days, REV is in the limelight and is often inappropriately encouraged to be the defining lens to underwrite an investment in an L1.

L1 valuations are a complex topic, but boil down to investor confidence. L1 tokens are confidence-based assets, similar to USD or gold. Confidence can come from potentially many different sources, including REV. Every source might be net bullish or bearish, but all sources need interpretation and contextualization.

Every L1 valuation is a mosaic - the whole is greater (or maybe lesser) than the sum of its parts. It's the same for publicly traded companies, this isn't a new or controversial idea.

Sometimes, high REV can coincide with an extremely low L1 valuation, or low REV can coincide with an extremely high valuation.

Here are two case studies illustrating why REV maximalism is not a serious investment philosophy (except perhaps to seriously get you to buy its proponents' bags)

In Nov 2021, Solana hit a new ATH FDV of $131.6B (with, btw, a staggering $54B or 40% uncirculating supply)[1]. Sol REV also hit a new ATH of $8M for that month[2]. This gave SOL a FDV-to-REV multiple of 1,370x (in equity terms, that's 1370 years for the valuation to be earned from revenue; tesla's is currently 192 years, msft's 35 years). It's an example nearly zero REV coinciding with a super high valuation.

In the past 365 days, Tron had 1.37x more REV than Solana[3], and 3.2x more in terms of Q2 run rate. If Tron were valued at Solana's current FDV-to-REV multiple, it would confer a 12x higher valuation - from Tron's current $25B FDV to a hypothetical $292B. This hypothetical valuation is, of course, absurd, because REV maximalism simply incorrect. Tron became an admirable success story when they actually banked tens of millions of unbanked people, but has structural headwinds that cause its high REV to be accompanied by a lower valuation.

These examples help show what should be common sense: L1 valuations don't boil down to one metric, not even close.

But if it did somehow boil down to one metric, REV probably wouldn't be it.

REV is a user cost that, imo, reflects confidence and value creation less effectively than other metrics - such as GDP[4] or User Assets (which themselves don't tell the full story). It's also highly sensitive to congestion and MEV maturity. If you double blockspace and improve MEV protection, REV might drop by 95%+.

If you're investing in L1 tokens, it makes sense to look at REV. But it also makes sense to look at GDP, User Assets, and many other stats and details, and then step back and try to contextualize it all into what's actually going on with the L1 and its confidence trajectory. Where do an L1's REV/GDP/User Assets come from? How is that likely to change over time? Are users satisfied with or even fully aware of the fees they are paying (be it spent on GDP or REV)? Are User Assets durable, like stablecoins, or much more volatile/ephemeral, like memecoins or low float app tokens?

The Ethereum community and our many partners have done a lot of work to lay deep foundations for ETH to grow into a multi-trillion-dollar asset. Some of this work is already visible in key metrics, such as in eth's best-in-class User Assets (aka App Capital, ~$225B, ~10x more than Sol, ~3x more than Tron), or in eth's ~80% market share in RWAs[5].

In short, REV maximalism is nonsense. REV must be evaluated alongside and in the context of other primary and secondary metrics, as well as with the L1's actual story and details.

---

[1] https://t.co/MNZnqTOu19
[2] https://t.co/vxFGZz9w8t
[3] https://t.co/9NQdSE8ZuA
[4] NB some analytics platforms report GDP with material inaccuracies, including eg. using protocols' gross profit instead of actual topline revenue, or by excluding stablecoin investment income from GDP - even though this is the vast majority of GDP onchain today. Some of the best GDP data are defillama's "advanced fees" https://t.co/RPXO8J4Ezf, but they don't yet provide an aggregated view of L1+L2s (or even full rollups), and they also haven't yet added stablecoin investment income for certain chains. As an industry and asset class, we need better, more neutral data for GDP, and User Assets, and REV.
[5] https://t.co/2oDzrJADZ0

[él Pedro del torro @pedro_torro]

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[él Pedro del torro @pedro_torro]

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[él Pedro del torro @pedro_torro]

Jesnneje

[Catizen @CatizenAI]

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[Catizen @CatizenAI]

Catizen Launchpool is set to go live in-game with this latest update! The official start time for the Launchpool is April 28th at 0AM UTC. To ensure you don't miss out on rewards, feel free to stake your Highest-level Cat and Fish Coins in the pool before it starts!

For this 1st Catizen's Launchpool, participation requirements are set at Cat level of ≥110 or staking at least 1,000 Fish Coins. Based on our data tracking, these requirements cater to different player groups, covering the majority of Catizen players.

Additionally, during the launchpool warm-up to end period, we'll have a special event where you can get Double Fish Coins for inviting friends! This means you'll receive double Fish Coin rewards for every new player you invite during the launchpool period or for any previously invited players who upgrade!

Please note: Catizen's governance token airdrop will airdrop to game players and $wCATI point holders. This 1st Catizen Launchpool is just the beginning, with more $wCATI points and tokens from other high-quality projects in @ton_blockchain awaiting mining in the future!

Don't miss out on the opportunity to earn more fish coins and participate in the Launchpool by inviting friends and completing quest bot tasks!

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[DeFi Dad ⟠ defidad.eth @DeFi_Dad]

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[cagy | youtube/cagyjan @cagyjan1]

I have bought some $MAGIC on Arbitrium Chain.

Why?

- Undervalued at 276M FDV
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- The founder is a true believer in the fusion of crypto + games, no tippie toeing, no flip flopping.
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[Michaël van de Poppe @CryptoMichNL]

#Altcoins crashing again.

What do I do with my portfolio and what's the latest news in the #Crypto markets?

Check the update here:
https://t.co/cGM65zbQur

Make sure to subscribe!

[Adam Cochran (adamscochran.eth) @adamscochran]

57/268

In order for Curve to launch its crvUSD and take on diverse collateral, it's pools would need to be able to easily soak up liquidations.

Not something you can do if a pool has light liquidity, that'd pose a huge manipulation risk.

[south.s💥 @south_TOA]

Spent one day as a paid member of @ReveloIntel and all I can say is WORTH IT. Feel like I've already got a month's worth reading 2 Breakdowns.

10/10, would recommend

[Adam Cochran (adamscochran.eth) @adamscochran]

Peak crypto life is when you spend hours checking new protocols because you’re confident that on one of your wallets you deposited a bunch of tokens into a farm that isn’t tracked on Debank, but you can’t remember for the life of you where or what it is 🤣