Thanks to MEVBandit for helping me on this and other mechanisms or whatever. Also special thanks to Tim Beiko at the EF. He hasn’t read this and I’m pretty certain he will not agree with the premise but he just seems like a sweetheart so I wanted to say thanks to him too.
I think this schism in "community" values could become even pronounced if coordination amongst Lido's independent node operators for optimal MEV extraction becomes a thing.
My hope at this point is that the introduction of spot staked ether ETFs could introduce significant capital flows to other node operators outside of lido. Perhaps this is mid curve take though.
Tbh, I disagree here conceptually. I‘m not stacking ETH and merely use it for building non-finance dapps like I always have since 2014 (before the DAO fork) and first on BTC.
I know it‘s stupid that PoS has given the haves more power and tbh it‘s obvious in hindsight. I agreed to the PoS switch bc of climate change, I still think PoW has really good properties that make power way more indirect.
Anyways, I don‘t care much about finance. We need the chains money component a little, but also NFTs and ENS. We don‘t need 90% of the DeFi stuff out there. If Lido takes over power then to me this ups my „Ethereum now has platform risk“ risk as a builder of non-finance apps. Eventually, if you people enshitify it more and more with your bullshit, I will as I have also done back with Bitcoin, find a new home and you can all MEV circle jerk each other. I don‘t care.
Greetings from someone that remembers ETH before the invention of DeFi
Substackers rise up.
I think this schism in "community" values could become even pronounced if coordination amongst Lido's independent node operators for optimal MEV extraction becomes a thing.
My hope at this point is that the introduction of spot staked ether ETFs could introduce significant capital flows to other node operators outside of lido. Perhaps this is mid curve take though.
Good post
Tbh, I disagree here conceptually. I‘m not stacking ETH and merely use it for building non-finance dapps like I always have since 2014 (before the DAO fork) and first on BTC.
I know it‘s stupid that PoS has given the haves more power and tbh it‘s obvious in hindsight. I agreed to the PoS switch bc of climate change, I still think PoW has really good properties that make power way more indirect.
Anyways, I don‘t care much about finance. We need the chains money component a little, but also NFTs and ENS. We don‘t need 90% of the DeFi stuff out there. If Lido takes over power then to me this ups my „Ethereum now has platform risk“ risk as a builder of non-finance apps. Eventually, if you people enshitify it more and more with your bullshit, I will as I have also done back with Bitcoin, find a new home and you can all MEV circle jerk each other. I don‘t care.
Greetings from someone that remembers ETH before the invention of DeFi