TLDR CRYPTO 2024-07-30

COMP DOWN 6.7% AFTER SUPPOSED 'GOVERNANCE ATTACK' ON COMPOUND DAO

COMP has suffered a ‘governance attack' after a group known as the Golden Boys passed a proposal to distribute $24 million in COMP to a new protocol controlled by their multi-sig. They had two prior proposals fail, but a third went through after there was insufficient support to veto the proposal. The leader of the Golden Boys, Humpy, previously executed a similar attack on Balancer in 2022. The Compound forums state that Humpy will cancel the proposal in exchange for the protocol sharing fees with COMP holders.

POTENTIAL ISSUES WITH SENATOR LUMMIS' BITCOIN RESERVE PROPOSAL

Lummis' plan would see the US Treasury revalue its gold, which is officially valued at 1/6th its market value, and a small portion of it to purchase $64 billion worth of BTC. However, any money spent from the Treasury General account adds as much to bank reserves, and the Fed must pay interest on those reserves. Since BTC and gold are non-interest bearing, additional operation expenses could prevent the Fed from remaining self-financing.

ROLLUP-CENTRIC CONSIDERATIONS OF BASED PRECONFIRMATIONS

Taiko Labs' Gwyneth is designed to improve L2 block building profitability and timeliness using preconfirmations. Its approach addresses decentralized proposal challenges like profitability issues and timing games. The design suggests a just-in-time market for exchanging L1/L2 block space, execution tickets, and leader elections.

HERE'S EVERYTHING YOU NEED TO KNOW ABOUT $RAGE

The largest perpetual aggregator on HyperliquidX, $RAGE, is launching with a $10 million market cap, over $880 million in volume, and more than 4,000 users. Key details include its tokenomics with a $30 million fully diluted valuation, public sale without cliffs or vesting, airdrop and private investor allocations, and a unique "Rage Quit" feature to enhance community ownership by allowing recipients to forfeit a portion of their allocation to reduce inflationary pressure.

EVERYTHING ABOUT SOLANA'S CONSENSUS MODEL

This detailed infographic explains the complex details of Solana's consensus. Each 2-3 days, the leaders for each slot and the rewards pool are determined, after which blocks are proposed every 400 milliseconds. Non-conflicting transactions are processed in parallel and conflicting ones sequentially after being scheduled by the prio graph scheduler.

USEFUL ETHEREUM DEVELOPMENT TOOLS

This thread highlights libraries, frameworks, and additional tools like compilers and test suites for Ethereum dapp development. It includes 13 tools, including tevm for transaction simulation, halmos for formal verification, and EQL for querying blockchain data.

THE SLOW DEATH OF ON-CHAIN DEFI

This thread discusses the decline of on-chain DeFi, attributing it to security vulnerabilities and the rise of CeDeFi protocols. Key issues highlighted include the increased reliance on centralized off-chain infrastructure, the trend towards centralization and control by developers, and the dominance of powerful intermediaries or "solvers," which ultimately undermine the decentralized vision of DeFi by creating centralized storefronts that prioritize user experience and profitability over true decentralization.

A DEFENSE OF CRYPTO

This argument explains why a middle-class American who believes in the current system should support crypto. The government has been aggressively anti-crypto and in some cases criminal, like in the Debt Box case where the SEC was sanctioned for committing perjury. Furthermore, the current financial system penalizes small and medium-sized businesses by not providing adequate protections against the risks the banks take with their money. Change to this system will have to come from the outside, with competitive products that challenge the status quo through low transaction costs, self-custody, and a lower risk profile.

SOLANA'S CULTURE OF PURSUING GROWTH AT ALL COSTS

COMP GOVERNANCE DEEP DIVE

The $COMP governance drama centers around a proposal to move 5% of the Compound treasury into a DeFi vault controlled by a group known as the "Golden Boys," led by Humpy, known for similar tactics in other DeFi projects.

BLOCKCHAIN SECURITY BUDGET ANALYSIS

As Bitcoin issuance continues to halve, transaction fees must become the primary source of fees, otherwise network security is at risk.

MAKER AIMS FOR $100BN STABLECOIN DESPITE AI DELAY

Maker's Endgame plan originally was going to launch with several AI-enabled subDAOs to make governance simpler.

DEX MARKET SHARE AT ATH RELATIVE TO CEX

Decentralized exchange volume is nearly 15% of centralized exchange spot trading volume, an all-time high.