roenpc

[roenpc @roenft]

Interesting space about bitmaps and ordinals.

[Kimi Boy @KimiBoyNFT]

https://t.co/y8JkW7O1li

[Eric Wall @ercwl]

if you don't know what's going on right now with the fee situation it's probably because you don't know anything about XEN or BRC-20

they're both essentially doing the same thing

BRC-20 is issuing tokens on bitcoin in tiny batches via ordinal inscriptions (lots of different tickers)

XEN is a specific ERC-20 that is issued on ETH and other EVM chains. it is minted for free by wasting gas.

both are essentially "you get a shitcoin if you waste blockchain capacity/burn fees"-schemes

on top days, XEN has been responsible for ~750 ETH burn/day. if you take that in comparison to what the burn rate is on average (~2400 ETH/day since the merge), XEN peaks at ~30% of the total gas burn

BRC-20-related transactions on Bitcoin just exceeded 50%. they're also responsible for ~30% of the total btc fee expenditure right now

there are other chains that have it much worse. moonbeam (EVM chain) state is growing *500x* faster over the last couple of days due to XEN minting (2nd screenshot)

market dynamics dictate that people will keep issuing these coins as long as issuing them is cheaper than what the shitcoin is worth. shitcoin demand thus dictates how big the capacity burn is.

there is no trivial way to stop this. the way you limit "bloat" is by setting block size / gas limits at the consensus level

that someone is using your blockspace should never come as a surprise to you or have any negative impact on the syncability of the chain or the resource requirements of running a node--that's what the consensus limits are for!

what these "abnormalities" can do however, is cause fee levels to rise and give us a tiny hint into the very natural challenges of scalability that we're eventually going to have to face anyway if we want mainstream adoption

they push us to make sure we have L2 solutions in place and wallet infrastructure that can accommodate it. it's a stress test. it's good and you should stop crying about it.

[roenpc @roenft]

Do you remember when you joined Twitter? I do! #MyTwitterAnniversary

[roenpc @roenft]

@franklinsibored ok

[roenpc @roenft]

@LeonidasNFT

[roenpc @roenft]

@OrdinalSnakes @nenad_s92 @Zapresici @MarkoZgubidanko

[roenpc @roenft]

@OrdinalsNFT i have seen many
ordinals around the block
just to take a smoke

[roenpc @roenft]

@daniRMPT @SatoshiReserve @ordswap me2

[The Dev @HeyItsMeTheDev]

Let the ride begin

[The Devs @TheDevsNFT]

We are all Devs

Interact for WL spots

[The Devs @TheDevsNFT]

Does he dev like me?

[roenpc @roenft]

I just bridged to Base and minted Coinbase's commemorative NFT on @layer3 👇

https://t.co/UjtdsJJMBE

[roenpc @roenft]

@MrBeast 1% of 1% of 1% of 1%
of 1%

[roenpc @roenft]

@elonmusk Finally!

[Irena Buzarewicz @IrenaBuzarewicz]

Rolex 2022

[roenpc @roenft]

@ParallelFi Done :)

[Parallel Labs @ParallelLabs_]

Coming soon... 👀🔥

5 lucky winners who correctly comment on what it's about will receive 1000 $PARA each! 💰

To enter:

1. Like and Retweet

2. Comment below

Follow us on Telegram: https://t.co/Hx2imYIZPy

[vitalik.eth @VitalikButerin]

And we finalized!

Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.

[roenpc @roenft]

@layer3 is pretty good community for newcomers in blockchain space, they will help you to explore cross-chain universe. Follow their bounties and enjoy your journey. Collect that experience and good luck everyone!