EIP-4844 to be considered for inclusion (CFI) on Ethereum
Ethereum core devs have a call coming up this Thursday to discuss getting EIP-4844 to be considered for inclusion (CFI).
This is a huge moment for the many teams that have been working on getting this EIP to production this year!
Here is why I think it's time for CFI 👇
— liam.eth (@liamihorne) November 24, 2022
Reminder: EIP-4844 adds a new fee market to ethereum for short-lived data. Rollups would use this for data availability instead of hijacking regular gas.
This is a GAME CHANGER for the rollup-centric roadmap, as fees could be lowered ~100x.https://t.co/tgy8GHVFUM
— liam.eth (@liamihorne) November 24, 2022
TL;DR Why 4844 should be CFI:
♻️ Built on withdrawals
👶 Spec ~done after 9+ months of iteration
🧪 Interop repo with stress tests
🍵 KZG ceremony spec done + working frontends
📘 KZG library support for Node, C#, Rust, Python, etc
🕸 Devnet v3 will support 6/9 major clients— liam.eth (@liamihorne) November 24, 2022
Let me explain each piece. First, 4844 is built on the withdrawals spec. Both the execution layer and consensus layer work has been built directly on top of the existing withdrawals implementations. There is no rebasing needing; it’s purely additive.
— liam.eth (@liamihorne) November 24, 2022
The spec has 9 months of intense iteration on it and the remaining changes are very minimal.
Most client teams have already reviewed (+ implemented) it, even! Plus, there are complementary consensus layer and engine API specs.https://t.co/ZO7JcBFlgZ
— liam.eth (@liamihorne) November 24, 2022
Significant work has gone into interoperability which have led to multiple diverse devnets with additional network stress testing being done by @gakonst.
Conservatively, though, we've reduced back the blobs parameter for the initial iteration.https://t.co/ZNi2AZN19X
— liam.eth (@liamihorne) November 24, 2022
In terms of the KZG trusted setup ceremony, we are ready.
There is a finished spec with three frontend implementations ready and the sequencer is implemented and audited.https://t.co/wouwVepDTW
— liam.eth (@liamihorne) November 24, 2022
To make implementations smoother and more reliable, we also have significant progess on KZG libraries. C-kzg-4844 is active and implements the needed components with NodeJS, CSharp, Python and ongoing Rust bindings. Go-KZG is ready.https://t.co/wQ7T2RIjGD
— liam.eth (@liamihorne) November 24, 2022
We've also made tremendous headway on devnets.
The next devnet, v3, will support 6 of the 9 major clients (nice) and should be ready on November 30th.https://t.co/RFo0v48t9a
— liam.eth (@liamihorne) November 24, 2022
All the while, the community and ecosystem has been consistently kept up-to-date with the ever evolving public site that contains all of this information and has for nearly a year. https://t.co/yODLQwvM7t
— liam.eth (@liamihorne) November 24, 2022
In my view, EIP-4844 is the most promising EIP contributing to the future of ethereum after The Merge.
Several L2 teams, various core devs from the EF, large crypto businesses, and major new projects all contributing to it because WE WANT TO SEE ETHEREUM WIN. pic.twitter.com/g9g0quwDKI
— liam.eth (@liamihorne) November 24, 2022
Now, I do want add that CFI does not mean "included" in the next hard fork. What gets decided in Shanghai is a separate process.
However, given 4844 and withdrawals both span the across the CL and EL layers, there does seem to be good reason to consider it for Shanghai.
— liam.eth (@liamihorne) November 24, 2022
Regardless, I hope that in this upcoming all core devs call we can understand the case for 4844 and make a strong judgment on the deservedness of CFI status!
— liam.eth (@liamihorne) November 24, 2022
If you have any thoughts on the EIP and want to contribute on the next ACD call, check out the agenda: https://t.co/L9v7dnA8oV
— liam.eth (@liamihorne) November 24, 2022
How did FTX/Alameda lose $8-10B?
1/ How did FTX/Alameda lose $8-10B?
Why is Genesis impacted?
I dug into the @nansen_ai FTX report to find out: pic.twitter.com/okxuaXgHVB
— Martin Lee | Nansen 🧭 (@themlpx) November 24, 2022
2/ Starts of with the heavy involvement of Alameda since FTX's genesis in 2019:
– Main non-CEX entity that interacted with FTX wallets pre-launch
– Received 5M FTT before official listing and was able to transfer the tokens (should have been locked) pic.twitter.com/o1mBX752xu
— Martin Lee | Nansen 🧭 (@themlpx) November 24, 2022
3/ (Cont.)
– Almost all FTT tokens flowed through Alameda
– Alameda & FTX owned majority (up to 90%) of FTT's supply creating relatively low liquidity
– Small price movements = large balance sheet changes, both entities fates were heavily tied to the value of FTT pic.twitter.com/ocQO3ozQJI
— Martin Lee | Nansen 🧭 (@themlpx) November 24, 2022
4/ Using FTT as collateral:
With much of Alameda's value tied to illiquid FTT, using it as collateral was a important source of liquidity
We see clear examples of that on-chain via their interactions with @SushiSwap
Deposit FTT, withdraw MIM pic.twitter.com/SYh4o0ZGnu
— Martin Lee | Nansen 🧭 (@themlpx) November 24, 2022
5/ Potential evidence of loans from Genesis:
Nov – Dec 21: Alameda sends $1.7B in FTT to Genesis
June – July 22: Genesis sends back $1.4B in FTT during
While difficult to tell what the transfers were for, the sheer size suggest that Genesis might be a key lender to Alameda. pic.twitter.com/wi354AtOGo
— Martin Lee | Nansen 🧭 (@themlpx) November 24, 2022
6/ Potential evidence of loans from FTX:
June – July 22: Alameda sends a total of $4B in FTT to FTX
Transfers peaking during the week that 3AC collapsed
The tokens were potentially collateral for a $4B loan that Alameda took from FTX pic.twitter.com/yJq600esRN
— Martin Lee | Nansen 🧭 (@themlpx) November 24, 2022
7/ Other interesting txs between Alameda, FTX & Genesis:
12 May 22: FTX sends $758M in ETH & FTT to Alameda who sends it to Genesis
26 May 22: FTX sends $103M in FTT to Alameda who again sends it to Genesis pic.twitter.com/eayNRKxWu4
— Martin Lee | Nansen 🧭 (@themlpx) November 24, 2022
8/ The final days:
28 Sept 22: Alameda receives $4.1B FTT from the FTT ICO contract and sends it to the FTT deployer.
31 Oct – 1 Nov 22: FTX & FTX US sends $388M worth of stables to Circle & Binance
2 Nov 22: CoinDesk drops their report on Alameda's balance sheet pic.twitter.com/wmeFX1GlSr
— Martin Lee | Nansen 🧭 (@themlpx) November 24, 2022
9/ (Cont.)
6 Nov 22: CZ tweets about selling FTT, flurry of lies from @SBF_FTX @carolinecapital
7 Nov 22: Mass withdrawals from FTX, more lies from the 2
and the rest is history pic.twitter.com/Jxrfub6Axx
— Martin Lee | Nansen 🧭 (@themlpx) November 24, 2022
10/ It's difficult to determine what exactly the transactions between FTX, Alameda and Genesis were for since centralized entities are black boxes
However, it's clear that FTX and Alameda were closely linked and Genesis had massive transactions with Alameda.
— Martin Lee | Nansen 🧭 (@themlpx) November 24, 2022
Source: https://www.cryptopolitan.com/best-twitter-threads-of-the-day-november-24/