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Hasu and Jon catchup on what’s new in the EVM (Ethereum Virtual Machine) and SVM (Solana Virtual Machine) worlds.
For the EVM, Ethereum has pushed vertical scaling efforts to other chains. This includes Monad, who is building a new EVM L1 with fundamental optimizations to improve scalability.
For the SVM, the Solana ecosystem continues to gain momentum across the board. Meanwhile, Eclipse is gearing up to launch their SVM Ethereum L2.
DBA is an investor in Eclipse Laboratories, Inc. and SOL. Jon has material personal investments in SOL, JitoSOL, ETH, stETH, and TIA. Hasu has material personal investments in ETH and Monad.
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Timestamps:
(00:00) Intro
(00:25) Catch up
(00:56) VM Performance Improvements
(02:32) Solana & Eclipse
(04:26) DA vs Execution Bottlenecks
(05:53) Rollups & Parallel Execution
(07:10) Breakpoint
(08:29) Solana & Eclipse – Competitive or Complementary?
(12:48) Ethereum & Solana Funds
(13:33) DBA Research Club
(15:01) What is a VM?
(16:33) Optimistic Parallel Execution vs. Access Lists
(23:45) Solana Resource Pricing
(25:03) Local Fee Markets
(30:48) Liveness Failures
(31:58) A Bottleneck vs. *The* Bottleneck
(35:39) State Growth
(41:29) Weak Statelessness
(45:33) State Expiry & State Rent
(51:10) Solana Un-merklizes State
(51:55) Client Level Optimizations
(53:45) Optimizations for New vs. Old Chains
(57:17) Will Everyone Converge?
(01:00:36) Outro
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Hasu - https://twitter.com/hasufl
Jon Charbonneau - https://twitter.com/jon_charb
Uncommon Core 2.0 - https://twitter.com/UCC2_xyz
Ethereum - https://twitter.com/ethereum
Solana - https://twitter.com/solana
Eclipse - https://twitter.com/EclipseFND
Monad - https://twitter.com/monad_xyz
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Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.
Hasu and Jon bring on Ansgar and Caspar from the Ethereum Foundation to discuss the ETH staking endgame.
Ansgar and Caspar recently published two controversial research posts which included a proposal to change Ethereum’s issuance curve. They are concerned that the current ETH staking economics could lead to nearly 100% of ETH being staked, with much of that in LSTs. They propose reducing issuance and targeting a lower stake rate.
We go deep in this episode on PoS economics, liquid staking, restaking, economic security, centralization concerns, and much more.
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Timestamps:
(00:00) Intro
(00:25) Possible Changes to ETH Staking?
(00:49) Overview of Current ETH Staking
(16:32) LSTs & Staking Rate Increasing
(21:36) Nominal vs Real Yield
(23:22) Tax Implications of Staking
(27:57) Staking Demand & External Revenue
(35:33) Stake Ratio Targeting
(36:21) Is 100% Staking Bad?
(40:05) Can ETH LSTs be Money?
(55:24) Would Any Changes Make a Difference?
(01:04:05) Stake Targeting
(01:10:20) Will Targeting Centralize Validators?
(01:22:53) Fiat Money Parallels
(01:25:16) MEV & Restaking Revenue
(01:30:52) Electra Proposal to Change Issuance
(01:46:01) Security Budget & Economic Security
(01:53:40) Validator Set Quality
(01:55:10) Incentives to Maximize Validator Decentralization
(02:19:00) PoS vs PoW Political Complexity
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Twitter:
Hasu - https://twitter.com/hasufl
Jon Charbonneau - https://twitter.com/jon_charb
Uncommon Core 2.0 - https://twitter.com/UCC2_xyz
Ansgar - https://twitter.com/adietrichs
Caspar - https://twitter.com/casparschwa
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Referenced Materials:
Endgame Staking Economics: A Case for Targeting - https://ethresear.ch/t/endgame-staking-economics-a-case-for-targeting/18751
Electra: Issuance Curve Adjustment Proposal - https://ethereum-magicians.org/t/electra-issuance-curve-adjustment-proposal/18825
Properties of issuance level: consensus incentives and variability across potential reward curves - https://ethresear.ch/t/properties-of-issuance-level-consensus-incentives-and-variability-across-potential-reward-curves/18448
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Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.
