Peep Pepp

Peeping and tweeting about e-commerce and economics on the web.

[Peep Pepp @PeepBitcoin]

These men should never have been charged let alone sentenced to prison!

Imprisoning people for providing privacy is utterly authitorian!

[Ross Ulbricht @RealRossU]

These men created tools of freedom and financial independence. They wrote code and ran businesses. They are good people.

They were rewarded with federal prison sentences.

Keonne Rodriguez
William Hill
Ian Freeman
Roman Sterlingov
Roman Storm

Free the crypto prisoners.

[⟠ @ryanberckmans]

ETHConf in NYC has had fantastic speakers and topics, and the X account is doing a great job publishing it all as it happens. Next year let's livestream everything so the global community can better participate, and push every talk to YouTube asap. Great new US Flagship Eth Event

[Sam Tabar @SamirTabar]

The negativity in crypto is noise.

Underneath it, something very real has been built. ETH as settlement infrastructure, institutions with real on-chain exposure.

Global finance is beginning to run on-chain.

[Watcher.Guru @WatcherGuru]

JUST IN: 🇺🇸 Top crypto companies send joint letter urging Congress to include legal protections for developers in crypto Clarity Act.

• a16z
• Aave
• 1inch
• Block
• BitGo
• Aptos
• Zcash
• Solana
• Galaxy
• Ledger
• Kraken
• Uniswap
• Coinbase
• Hyperliquid
• Many others

[AminCad Ξ🐬🔊 - evm/acc @AminCad]

Achieving massive scalability on Ethereum L1 — around 10,000 transactions per second — would have enormous implications for what blockchains can realistically do.

That is about 864 million transactions per day. At that scale, Ethereum would no longer be limited to niche crypto apps or high-value settlement between other systems. It could start handling the normal economic activity of large consumer platforms.

That does not mean every part of a global app would run onchain. Videos, feeds, etc would still mostly run off-chain.

But the important parts of apps that decide who gets paid, who owns the account, who has a contract, who has a reputation, and who can take their business elsewhere could move onto Ethereum.

For example, with a YouTube or TikTok-scale creator platform, the videos would still be hosted offchain, and the feed would still be managed by an app, but the creator's income could go directly into their own wallet. Their paid subscribers could be connected to them onchain. Their membership payments, tips and revenue shares would not just be entries in one company's private database.

A platform could still remove them from its own app, but it could not seize their balance, delete their paying audience, or cut off their ability to get paid by anyone else.

Think an onchain version of Uber or Upwork: the app could still match drivers with riders or freelancers with clients. But the payment, deposit, work contract and reputation could live outside the app:

A driver with 10,000 completed rides would not have to leave that history behind if they moved to another marketplace, and a freelancer's work record would not be trapped inside one company's database.

A client could put money into escrow, the worker could complete the job, and payment could settle automatically without either side needing to trust the platform as much.

Or consider stablecoin payments at the scale of national payment networks.

A worker could get paid in dollars without needing a bank account.

If you wanted to start accepting payments on your own website, you would not need to apply for a merchant account with a credit card processor.

Anyone could open a small online business and start receiving global payments with almost no friction.

That means fewer barriers to commerce. More people can sell. More people can work. More people can get paid. More people can build businesses without asking a bank, platform or payment processor for permission first.

The result of all of this would be a less siloed economy: more open, more efficient and more competitive, with fewer monopolistic gatekeepers controlling entire markets from the top.

And as those benefits compound over time, the result should be a much more prosperous society.

[Nick Anthony @EconWithNick]

"One of the central premises of our republic is that power without checks and balances will be abused. The post-World War II Supreme Court forgot this. This error should be corrected." - @SolveigSinglet
https://t.co/5MIFJEImvP

[BMNR Bullz @BMNRBullz]

BITMINE WEEKLY UPDATE

TOM LEE and Bitmine just added another 126,971 $ETH in one week.

Updated holdings:

🔹 204 Bitcoin
🔹 $247M cash
🔹 $88M stake in Eightco $ORBS
🔹 $180M stake in Beast Industries
🔹 5,543,872 $ETH worth $9.04B

Bitmine now owns 4.59% of the total $ETH supply.

92% of the way to its 5% target.

$ETH $BMNR

[AminCad Ξ🐬🔊 - evm/acc @AminCad]

A reminder: this guy is in prison for developing a privacy wallet. The crimes committed by those who used that wallet are being blamed on him.

To put into perspective how authoritarian the DoJ's treatment of Samourai/TC are: they could just as easily argue that the developers of the MetaMask wallet are running a money laundering service because criminals used the wallet to launder money. Everyone who builds in the crypto space is potentially liable under this new doctrine, which essentially turns "developer of user-controlled software" into "operator of a financial service" based on generic protocol-team activity.

[Stand With Crypto🛡️ @standwithcrypto]

Stand With Crypto and over 200 organizations sent a simple message to Senate leadership: it's time for the Clarity Act.

The community is unified — large companies, startups, associations, and grassroots groups across the country are counting on their lawmakers to deliver rules of the road for crypto in America.

The Clarity Act passed the Senate Banking Committee with bipartisan support.

Now it needs to cross the finish line. Tell your Senators you want Clarity 👇

[marek.celo.eth 🦇🌳 @marek_]

Since my comments welcoming @Cardano builders to @Celo last week, I got curious about Cardano, and what things looked like there. To my surprise, the throughput and decentralization numbers looked even worse than I assumed

On throughput: the base chain is running around 0.34 TPS right now, with a theoretical ceiling near 18 TPS and a max ever observed of 11.62. Block time is 22 seconds, finality takes 2 minutes. After 9 years of peer-reviewed research, that's the live state

On decentralization, the headline is "thousands of stake pools." But once you group pools by the operators who actually control them, the Nakamoto coefficient sits around 22. The protocol parameter meant to spread stake out gets gamed by pool splitting, and most of the supply sits with a small set of large holders

None of this is a dunk for its own sake. I went in expecting the claimed academic rigor to show up somewhere. It mostly didn't. If you're a Cardano builder who wants sub-second blocks, real throughput, and a chain optimized for payments and stablecoins, the door at Celo is open

[Etherealize @Etherealize_io]

.@drakefjustin: "I don't see how ETH could not flip BTC"

Justin is asked: What's Ethereum? Is it a settlement layer? A world computer? Monetary network?

He responds:

"For me, this hasn't changed for many years. Ethereum is the Internet of Value."

"In order to be successful as the Internet of Value you need very good money at the center of it because that will be the substrate -- the economic bandwidth -- that will allow you to build a lot of services (e.g. loans, stablecoins)."

"In some sense, the success of the platform and the success of the money are tied at the hip. This is why I think those who are pushing for ETH as money are really helping the platform and vice versa -- those who are helping the platform are helping with ETH the money."

"One of my theses is that we'll have winner-takes-most platforms. There's only one Internet. There's only going to be one Internet of Value that captures 90-99% of all economic activity. And just for weird, path-dependent reasons, we have Bitcoin that is the largest money right now. But I think this is a highly-unstable equilibrium for multiple reasons. And I think the best candidate to win the Internet of Value is by far Ethereum."

@fede_intern adds to this point, "I was never convinced there was a chance of [Ethereum flipping Bitcoin] to be honest. But I'm getting convinced there's a high probability -- you [Justin] have played a part in convincing me because of the issuance (declining block subsidy) and now the post-quantum. I do think there's a high chance that ETH becomes the dominant economic substrate in the long-term. I don't see how proof-of-work could work long-term."

Justin echoes this:

"Unless there's some catastrophic failure of Ethereum, I don't see how Ethereum could not flip Bitcoin."

Source: @blockspaceforum

Read our thesis on why ETH is better money than BTC below 👇

[BMNR Bullz @BMNRBullz]

JOE LUBIN: ETHEREUM IS NO LONGER A ONE FOUNDATION ECOSYSTEM.

The Ethereum Foundation is reducing its budget and focusing on core protocol development.

Meanwhile, Lubin says new organizations are emerging to help drive adoption, commercialization and ecosystem growth.

Most notably, he confirmed discussions involving ConsenSys, SharpLink and BitMine. @fundstrat

"We've actually been talking to our friends at BMNR."

Ethereum is becoming a network of specialized institutions, not a network dependent on a single foundation.

$ETH $BMNR $SBET

[Thomas (Tom) Lee (not drummer) FundstratDirect.com @fundstrat]

Don’t fall for false narratives

- Equity bull market intact
- Crypto only way for tokenization
- Crypto key in a machine to machine AI world

[AminCad Ξ🐬🔊 - evm/acc @AminCad]

Ethereum has spent the last several years scaling without taking the easy shortcut of turning the base chain into a datacenter chain.

Since 2020, the major upgrades have been:

• Beacon Chain: introduced Proof of Stake.
• The Merge: completed the transition from Proof of Work to Proof of Stake, laying the groundwork for data sharding to enhance rollup scalability.
• EIP-4844 (Proto-Danksharding): introduced data blobs, enabling massive scaling of rollup solutions by significantly reducing data availability costs through the use of KZG polynomial commitments to enable Ethereum to verify that blob data without putting that data permanently into L1 calldata. Raised rollup scalability to 650 transactions per second (TPS).
• Pectra: doubled target blob throughput per block, from 3 to 6, with the maximum rising from 6 to 9. This raised rollup capacity to roughly 980 TPS.
• Fusaka: introduced PeerDAS, so nodes no longer need to download every piece of blob data in full. They can sample the data instead, using erasure coding to efficiently reconstruct the full data. This is the first real stage of data sharding.
• Blob Parameter Only forks: lets Ethereum keep increasing blob capacity without waiting for a full hard fork. The first two BPO increases raised Ethereum to 14 blobs, with a maximum of 21. That raised maximum rollup capacity to 2,300 TPS.

At the same time, Ethereum's L1 gas limit has been raised to around 60M, or 238 TPS, from 45 TPS in 2020.

The next major upgrade, Glamsterdam, is aimed at making much higher L1 capacity safe through ePBS, block-level access lists, and parallel execution. It will also continue blob scaling for rollups.

The post-Glamsterdam target is 200M gas limit, or 790 TPS on Mainnet.

The long-term roadmap has also expanded, with Ethereum now working toward bringing ZK verification directly into mainnet. That means using ZK proofs of EVM execution to raise throughput without forcing every validator to run much more powerful hardware. This is about Ethereum L1 itself becoming ZK-verifiable.

The long-term goal is around 10,000 transactions per second on Ethereum mainnet, with rollups scaling to 10M TPS. So gigagas L1 and a much larger rollup data layer, while still preserving the property that makes Ethereum ultra-hard: ordinary people being able to verify the chain.

[Nick Anthony @EconWithNick]

“Over the decades, [the Bank Secrecy Act] has become a bloated surveillance machine demanding endless reports without delivering proportional results.” - @WarrenDavidson

https://t.co/38bxolu6DD

[prestonvanloon.eth @preston_vanloon]

In the age of AI discovering critical bugs in blockchain protocols, client diversity has never been more important.

A bug in one Ethereum client implementation is limited to a subset of nodes, while the majority of nodes can reject the invalid behavior.

[AminCad Ξ🐬�� - evm/acc @AminCad]

I believe the following companies and teams launching L2 blockchains on Ethereum gives the blockchain the critical momentum it needs to eventually emerge as the world's default settlement layer:

• Coinbase — Base (OP Stack; Azul upgrade with Base-native clients and a multi-proof system)

• Robinhood — Robinhood Chain (Arbitrum L2; public testnet live, tokenized asset focus)

• Robinhood / WonderFi — WonderFi L2 (ZKsync Elastic Network; now under Robinhood after the WonderFi acquisition)

• Kraken — Ink (OP Stack / Superchain; mainnet live)

• OKX — X Layer (migrated from Polygon CDK / validium architecture to OP Stack)

• Bitget — Morph (consumer-focused Ethereum L2; mainnet live and integrated with Bitget)

��� Upbit / Dunamu — GIWA Chain (OP Stack; testnet live, mainnet planned)

• Crypto dot com / Cronos — Cronos zkEVM (ZKsync ZK Stack; Ethereum L2)

• Ant Digital (Alibaba) — Jovay (Ethereum-compatible L2, TEE + ZK dual-proof design, RWA focus)

• HashKey — HashKey Chain (OP Stack; compliance-friendly L2 for onchain financial products)

• Bybit / BitDAO — Mantle (modular Ethereum L2)

• Uniswap Labs — Unichain (OP Stack + TEE block builder / MEV controls; mainnet live)

• Aevo — Aevo L2 (OP Stack + EigenDA)

• Paradex — Starknet appchain

• DeGate — DeGate V1 (ZK-rollup, Loopring fork)

• Sony — Soneium (OP Stack / Superchain; mainnet live)

• Deutsche Bank — Project DAMA 2 (ZKsync-based institutional tokenization architecture)

• Worldcoin — World Chain (OP Stack / Superchain; verified-human priority blockspace)

• Celo — Celo L2 (formerly an independent L1, now migrated to an OP Stack Ethereum L2 with EigenDA, which is secured by restaked ETH)

• Abstract — Abstract Chain (ZKsync ZK Stack; consumer chain from the Pudgy Penguins / Igloo ecosystem)

• Lens — Lens Chain (ZKsync + Avail; social appchain)

• The Sandbox — SANDchain (Ethereum ZK L2 for creators and gaming)

• ApeCoin / Yuga ecosystem — ApeChain (Arbitrum Orbit chain)

For a company looking to develop its own blockchain, the real choice is between running a sovereign L1, with all the permanent costs of consensus, validation, security and infrastructure, or running an L2 blockchain that uses Ethereum as the backend ledger.

Celo is the clearest example.

When Celo was an Alt-L1, it had to fund its own consensus system. Validators had to be paid whether the chain was busy or empty. Security was a permanent fixed cost.

After moving to Ethereum as an L2, almost all of those functions were delegated to Ethereum, while Celo still has its own user-facing blockchain. It still has fast confirmations, cheap transactions and scalable execution. But it no longer has to maintain a sovereign consensus system forever. Celo, for its part, reported a 99.8% reduction in its operational expenses by outsourcing consensus to Ethereum.

So raw economics is why Ethereum becomes the world's backend ledger.

The L2s, meanwhile, become the front-end blockchains, serving the massive array of diverse corporate needs.

[Samueldowsky @OlaoyeS26502737]

@royaaleweb3 @fhenix @MonacoTrading Fhenix is focused on confidential smart contracts and encrypted execution on Ethereum-compatible infrastructure, aiming to improve privacy in DeFi through standards like FHERC-20 and encrypted trading flows.

[91xTx9x3 #FreeSamourai ⛩️🥷 @91xTx93x3]

Free @SamouraiWallet

@keonne and @SamouraiDev are in prison
I hope for a brutal bear market so people can focus on what it really matters.

https://t.co/YcqdkswOjI

#FreeSamourai
#PardonSamourai

[timbeiko.eth @TimBeiko]

After taking a few weeks off, I'm excited to kick off @ETHConf next week talking about what it will take to make Ethereum reasonably necessary for the world 😄

If you're around NYC next week and want to chat about this, my DMs are open 📭

See you there!

[_gabrielShapir0 @lex_node]

very pleased that @MetaLeX_Labs has been selected to receive an ethereum security subsidy. ethereum startups are getting support like never before--build on Ethereum!