VinhVD

[VinhVD @PlayerFi]

Ethereum is designed to survive the worst cases; the system is highly redundant and resilient. This characteristic makes Ethereum unique 🤫

[vitalik.eth @VitalikButerin]

Grats @dankrad @peter_szilagyi you got me to interrupt my work on EIPs and make a twitter response that turned into an unscheduled poast 😀

https://t.co/mmVaiEV68K

[Chris Dixon @cdixon]

https://t.co/zAHyO5TJ0c

[vitalik.eth @VitalikButerin]

There have recently been some discussions on the ongoing role of L2s in the Ethereum ecosystem, especially in the face of two facts:

* L2s' progress to stage 2 (and, secondarily, on interop) has been far slower and more difficult than originally expected
* L1 itself is scaling, fees are very low, and gaslimits are projected to increase greatly in 2026

Both of these facts, for their own separate reasons, mean that the original vision of L2s and their role in Ethereum no longer makes sense, and we need a new path.

First, let us recap the original vision. Ethereum needs to scale. The definition of "Ethereum scaling" is the existence of large quantities of block space that is backed by the full faith and credit of Ethereum - that is, block space where, if you do things (including with ETH) inside that block space, your activities are guaranteed to be valid, uncensored, unreverted, untouched, as long as Ethereum itself functions. If you create a 10000 TPS EVM where its connection to L1 is mediated by a multisig bridge, then you are not scaling Ethereum.

This vision no longer makes sense. L1 does not need L2s to be "branded shards", because L1 is itself scaling. And L2s are not able or willing to satisfy the properties that a true "branded shard" would require. I've even seen at least one explicitly saying that they may never want to go beyond stage 1, not just for technical reasons around ZK-EVM safety, but also because their customers' regulatory needs require them to have ultimate control. This may be doing the right thing for your customers. But it should be obvious that if you are doing this, then you are not "scaling Ethereum" in the sense meant by the rollup-centric roadmap. But that's fine! it's fine because Ethereum itself is now scaling directly on L1, with large planned increases to its gas limit this year and the years ahead.

We should stop thinking about L2s as literally being "branded shards" of Ethereum, with the social status and responsibilities that this entails. Instead, we can think of L2s as being a full spectrum, which includes both chains backed by the full faith and credit of Ethereum with various unique properties (eg. not just EVM), as well as a whole array of options at different levels of connection to Ethereum, that each person (or bot) is free to care about or not care about depending on their needs.

What would I do today if I were an L2?

* Identify a value add other than "scaling". Examples: (i) non-EVM specialized features/VMs around privacy, (ii) efficiency specialized around a particular application, (iii) truly extreme levels of scaling that even a greatly expanded L1 will not do, (iv) a totally different design for non-financial applications, eg. social, identity, AI, (v) ultra-low-latency and other sequencing properties, (vi) maybe built-in oracles or decentralized dispute resolution or other "non-computationally-verifiable" features
* Be stage 1 at the minimum (otherwise you really are just a separate L1 with a bridge, and you should just call yourself that) if you're doing things with ETH or other ethereum-issued assets
* Support maximum interoperability with Ethereum, though this will differ for each one (eg. what if you're not EVM, or even not financial?)

From Ethereum's side, over the past few months I've become more convinced of the value of the native rollup precompile, particuarly once we have enshrined ZK-EVM proofs that we need anyway to scale L1. This is a precompile that verifies a ZK-EVM proof, and it's "part of Ethereum", so (i) it auto-upgrades along with Ethereum, and (ii) if the precompile has a bug, Ethereum will hard-fork to fix the bug.

The native rollup precompile would make full, security-council-free, EVM verification accessible. We should spend much more time working out how to design it in such a way that if your L2 is "EVM plus other stuff", then the native rollup precompile would verify the EVM, and you only have to bring your own prover for the "other stuff" (eg. Stylus). This might involve a canonical way of exposing a lookup table between contract call inputs and outputs, and letting you provide your own values to the lookup table (that you would prove separately).

This would make it easy to have safe, strong, trustless interoperability with Ethereum. It also enables synchronous composability (see: https://t.co/9jy6v1X6Fw and https://t.co/gZmu3YjebM ). And from there, it's each L2's choice exactly what they want to build. Don't just "extend L1", figure out something new to add.

This of course means that some will add things that are trust-dependent, or backdoored, or otherwise insecure; this is unavoidable in a permissionless ecosystem where developers have freedom. Our job should make to make it clear to users what guarantees they have, and to build up the strongest Ethereum that we can.

[Push & Pop @the_bytecode]

Philogy is hosting the podcast now??

@philogy and @sendmoodz look at the @EkuboProtocol smart contracts!

[PaperImperium @ImperiumPaper]

In October 2024, @Mint_Ventures put in the work to publish an estimate Ethena (the project, not the company)had a lifetime net income of negative $868m.

I’m working on updating that estimate through end of 2025. What is your estimate of Ethena’s lifetime profitability?

[VinhVD @PlayerFi]

RT @haydenzadams: DEX and AMM have already ensured free listing, exchange, and liquidity for any asset

If a project is willing to pay high…

[Benson Sun @BensonTWN]

https://t.co/WZPivwJEdw

[VinhVD @PlayerFi]

@impossible_ DePIN’s hibernating, not dead. Infra’s still getting built, only the resilient will survive

[Nathan @proofofnathan]

https://t.co/v5TwEPpT3y

[VinhVD @PlayerFi]

@NFTevening @bileelee_ @1st_dot_ 107100

[Bilee @bileelee_]

https://t.co/jLH4AguWFN

[Ethereum @ethereum]

Pectra is live on Ethereum mainnet!

- Smart account wallet UX features now active
- L2 scaling data storage blobs increased by 2x
- Validator UX improvements live

Community members will continue to monitor for any issues over the next 24 hours.

[Ethereum @ethereum]

Ethereum is for onboarding.

[HookRank @HookRank]

https://t.co/X4xOAofKYR

[peteris erins @p_e]

Even before incentives Uniswap v4 already had a couple promising live hooks.

@bunni_xyz led them in volume.

Its ability to attract significant order flow in a pre-incentive state is really interesting and shows how Uniswap v4 enables hooks to compete.

[zefram.eth @boredGenius]

The dawn of LP profitability is here.

Me and the @bunni_xyz team have done a set of unprecedented experiments that gives us a clear path to profitability for passive DEX LPs.

Bunni is on track to become the first profitable & capital efficient DEX with a set-and-forget UX.

[Felipe Montealegre @TheiaResearch]

Tokens are Broken

Tokens are broken for teams who spend too much time looking at price charts and not enough time focused on customers and product-market fit. Tokens are broken when morale fluctuates with macro and market beta, and for teams attempting to negotiate funding rounds with declining token prices. Teams should not spend hundreds of hours building complex, gamified tokens or thinking about monetary policy.

Tokens are broken for VCs that deployed entire funds into "Token is the Product" businesses only to learn that the market had moved on by the unlock. The mentality (and sometimes reality) of "Token as Product" obfuscated lack of product-market fit and directed capital to too many products that never should have been built. Then Low Float / High FDV (LFHF) decimated the unsophisticated token buyer and eliminated the path to exit.

Tokens are broken for liquid investors who have to deal with insufficient legal protections. As a liquid investor, you learn to live with the Damocles Sword of additional tokens (can you image Amazon's backers worrying about whether they would receive value from AWS) and equity holders siphoning off value. You learn to understand that founders sometimes sell tens of millions into illiquid markets and check out, or siphon off cash flow through advisory contracts with offshore foundations (and you learn how to avoid these founders). You learn to verify everything ~ the entire practice of liquid token investing is an Indiana Jones dungeon ~ and underwrite to a higher cost of capital.

Tokens are broken for M&A. We don't have good precedents on how value should flow, making an already difficult business transaction much more complicated and likely to fail.

What do we do about this? We may have invented the best tool for capital formation the world has ever known and a mess of the entire enterprise. The latent potential is an opportunity. A few ideas on how to move in the right direction:

1. We need better standards for token transparency. Markets are wonderful but they don't work with asymmetric information. I believe increasing transparency around core token categories (eg insider selling, cashflow, relationship with equity) will go a long way.

2. We need to completely abandon the idea of 'Token as Product' and acknowledge that tokens derive value from future cash flows associated with the underlying business. This idea has singlehandedly been responsible for the misallocation of over half the resources allocated to us as an industry.

3. Social layer needs to obliterate people who use the grey area to misbehave and siphon value. This type of behavior raises the cost of capital on all companies in the industry.

4. We need better regulations as the market did not, in fact, regulate itself. Good faith regulation has helped many markets overcome some of these early problems and the Securities Act of 1933 was instrumental in building the greatest capital markets in the history of the world.

5. Better governance would go a long way. In particular, I am excited about Futarchy and the ability to build in tokenholder rights directly into the token. It's still early days here.

I believe this is the single biggest problem in the market right now, and I also believe we can solve it.

[Gauntlet @gauntlet_xyz]

1/ Now LIVE!

Gauntlet is launching a multi-month incentives campaign to fuel deep liquidity and drive the adoption of Uniswap v4, starting with @Unichain.

Phase 1 begins TODAY, April 15.
Millions in $UNI are up for grabs across 12 pools.

Everything you need to know 👇

[Sorella Labs @SorellaLabs]

Introducing https://t.co/KtnQzImvE1 📊

LPs are losing billions to LVR (Loss-Versus-Rebalancing) - often without realizing it.

Together with @fenbushi, we built https://t.co/KtnQzImvE1 – a data dashboard that shows exactly what, where and how much is being lost.

Identify. Quantify. Revive.

[nour @NourHaridy]

Excited to finally unveil Monolith, a permissionless stablecoin deployment platform and @InverseFinance's (proposed) sister project.

Monolith enables anyone to launch their own new immutable stablecoin using any collateral on any chain, powered by the most advanced features ever built into a stablecoin.

Monolith contracts code is already complete and pending audits.

Read the proposal to launch Monolith as a sister project, fully owned by INV holders from day 1

https://t.co/xfn3KcPFUA

[Bolt Liquidity @BoltLiquidity]

Introducing Bolt, the first on-demand liquidity network. ⚡

Imagine trading any asset, on any chain, at the best price — with ZERO SLIPPAGE.

This is the future of liquidity. 👇