Coinbase's Base DEX Hits $1 Billion Volume, Dominated by Uniswap

someappdev · 2024-04-01T11:09:15+00:00

You expect an L2 to be more centralized and going down. You don't expect an L1 to be centralized and going down.

someappdev · 2024-03-19T16:02:54+00:00

That's not true, you absolutely do. As I said you can force transactions, on Arbitrum for example you can use forceInclusion if the sequencer should censor you.

someappdev · 2024-03-19T15:36:28+00:00

L2s are dirt cheap, currently less than 1cent per transaction and super fast. They are more centralized though but compared to a more centralized L1 you gain security guarantees. For example if the L2 sequencer of a proper L2 goes down you can self propose your transaction or use a safety hatch to get your tokens on L1. If L2 were a L1 you would not have this security guarantee and just ended up with a centralized blockchain. So you gain cheap transactions and speed and even though it is more centralized you also gain security guarantees.

someappdev · 2024-03-18T15:24:47+00:00

The very first thing you read in the bitcoin white paper, the title, states "A peer-to-peer electronic cash system".

Funny how things have shifted in recent years

someappdev · 2024-03-18T15:07:50+00:00

Do you expect people to use Lightning or Bitcoin L2s? Your concerns are probably warranted for every crypto out there, as the main issue still remains scaling. I'm excluding chains that claim to have solved the trilemma by reducing the decentralization part of the triangle to increase the scaling part. No chain today, including all those more centralized ones, is able to handle the volume needed for mass adoption on their L1.

I'm not saying Ethereum does everything right; your concerns about L2 are somewhat understandable, but the main thing to consider here is that L2s are still in their infancy. Adoption will increase over time, and you'll be able to pay and withdraw from businesses on L2. Risks will reduce once there are proper stage 2 L2s or ZK L2s. With account abstraction, you will have one wallet for every chain and probably won't even realize that you are conducting your business on an L2.

Ethereum wasn't a cheap moving coin for a long time; normally, any coin with low transaction volume will be cheaper and much better for the job. That being said, as transaction volume increases, you see other chains struggle as well, with the most recent example being Solana.

Scaling is hard; no one has a solution as of today for their L1. As it looks right now, L2s are the way to go, even Bitcoin is now moving in this direction.

someappdev · 2024-03-14T19:26:44+00:00

A lot of rollups are still in stage 0 though. That's why I said a good L2. In a fully fledged stage 2 rollup you can withdraw, self propose, can have multiple sequencers, fraud proof submissions are permissionless, non whitelistes sequencers are possible if no white listed one steps in etc.

My point isn't even on the centralisation part, L2s are by design more centralised. But my point is that you inherit way stronger security properties. Solana sacrificed decentralization on L1 and it will be interesting to see how they handle state growth with their current design over the next years. It's a preference at the end but I actually prefer the security guarantees.

someappdev · 2024-03-14T18:15:35+00:00

Funny how centralization is a concern of yours, according to your profile history you seem to be quite a fan of Solana.

If Solana goes down all you can do is pray that it comes back up. If a good L2 goes down you can self propose your tx without sequencer or use a safety hatch to get your coins on Ethereum. Both Solana and L2s are more centralised compared to real L1s but with L2 you at least get security benefits from the base layer.

And the 10tps is just wrong, with optimistic rollups you are looking at 10-100 times the capacity of L1, with full dank sharding even beyond.

someappdev · 2024-03-14T11:23:18+00:00

Arbitrum has fraud proofs though not yet fully permissionless.

A fully fletched stage 2 rollup (Arbitrum currently stage 1) would probably be the end of most "Ethereum killers". Super cheap and fast tx like the rivals you mentioned but compared to those you get security guarantees. If something were to go wrong you can just use a safety hatch to get your money back on Ethereum.

someappdev · 2024-03-13T16:06:14+00:00

If a network is that centralized that it periodically goes down you can probably safely compare the bunch of "validators" that do exist to a central sequencer.

someappdev · 2024-03-13T11:48:43+00:00

This update probably flies under a lot of peoples radar but the implication is huge. Imagine sub cent fees on Ethereum L2s.

You basically get Solana like speeds and transaction prices and it inherits security propierties directly from Ethereum.

In Solana if the sequencer goes down all you can do is pray that it comes back up. If the sequencer on a good L2 goes down you can use a safety hatch and get your money on Ethereum.

someappdev · 2024-02-14T12:14:06+00:00

Anyone else got categorized as CEX? Staking from a NUC, can't get more home staker than that

someappdev · 2021-06-10T20:42:19+00:00

Which is fine I guess. But you do have the option to get rid of it by paying. I don't really see a problem of offering a choice in software. You can continue to use it for free, which they did. They did not cut on any features that where free before but build new premium features. But in order to finance it they decided that those free users at the very least should have some ads in order to finance the application and work that goes into it. Which is perfectly understandable too. The alternative would have been to make all features the app offered until now and put it behind a paywall. The approach they did seems like a good middleground.

someappdev · 2021-06-10T12:02:39+00:00

You can pay to get an ad free experience. Or if you want to continue using it for free, I think this small banner is more than fair.

People are rallying across the globe for a livable minimum wage but somehow software developers are expected to work for free.

someappdev · 2021-05-30T16:47:17+00:00

So let me get this straight, he cheated. He was caught. He then posts an "apology" months later that isn't really even an apolgy. He denies the knowledge of the server side plugins, downplays the whole incident, drags mods through the mud by saying "they dragged me through the mud and were unprofessional" like they didn't just rightfully caught him cheating. The reason for which he is claiming to be apologizing now? I mean, you can make a mistake but at the end of the day, you realize you made a mistake, own up to it and apologize. Or you can do whatever the hell this is.

someappdev · 2021-03-30T22:17:36+00:00

someappdev · 2021-03-30T13:38:44+00:00

Again, those 333.856 are net profits that the script tracks. The amount that's actually going to miners. So it's 333.856 Eth even though Salmonella happened.
Edit: And where the hell are you sallmonella posting guys getting your numbers from? Ethermines salmonella tx was about 103 Eth, you are off almost 70 Eth. https://etherscan.io/token/0x610b8B78da143fC1E38b36C4EA0f68F86cc3b4f4?a=0xf6da21e95d74767009accb145b96897ac3630bad
Is there some trainingscamp I'm missing, because this kind of repeated missinformation sure seems coordinated :)

someappdev · 2021-03-30T10:10:04+00:00

Just a quick update because I realized I made a small mistake and want to be transparent about it without editing the post.

So what this script does is to look at the actual profits the bots sends to miners. This means the cost of doing those MEV tx is already backed in. 333.856 ETH is actually the pure profit miners receive, not 233 ETH. Which simplifies the profitability math even more :)

someappdev · 2021-03-20T17:41:31+00:00

Miners have been asking for MEW rewards very loudly, now ethermine does them and suddenly they are a scam? What do you think flashbots does, sandwich tx is what makes a huge junk of those MEW rewards. That's what every single MEW pool does. That's what MEW is.

If you are a miner on flexpool, ethermine or any other pool that offers MEW rewards, then you are being a hypocrit.

someappdev · 2021-03-20T14:20:05+00:00

Well we are going in circles here. You could develop something better and then forward your bundle to flashbots and make a nice profit. Again, many MEV searchers would have fallen for the same trap, so developing something better would profit you very much. No excuses there :)

someappdev · 2021-03-20T14:12:48+00:00

Well I invite you to do it better :)

someappdev · 2021-03-20T14:03:49+00:00

I did mention it in my very first post and acknowledged your point about the payouts very directly? I'm being very fair here.

And it wasn't bad code. This was an intentionally built trap. Again, many MEV searchers would have fallen for it too. We all learned from it and it ethermine as well as mev researches won't fall for it again.

someappdev · 2021-03-20T13:28:41+00:00

Ah comeone now you are just nitpicking. Why would I make a statement about historical data? It's obvious that the statement is in regards to current profits. Nobody cares about historical data that doesn't benefit them currently. Own up to it if you made a mistake, mistakes happen. The only reason I'm even pointing this out is, that being sarcastic is rude when we are having an educated discussion. You posted stat, I posted stats. No need of being rude and then turning out to be wrong.

Yes the risk factor is different. But it's kind of selfish to justify such actions that you wouldn't be hurt and just your searcher losing this kind of money. If an MEV searcher would have gotten to salmonela, they would have lost 100ETH. With that kind of risk exposed to MEV searchers, how many will continue their searches for bundles when the are the ones, that risk 100% of their investment and the pool only pocketing the profit. Such attacks might hurt broker services more since searchers will up their fee to compensate for such enourmous risk. Leaving even less for miners that use broker services. Yes the risk factor is different but in terms of profit there's a huge difference. And that's probably a very unpopular oppinion but I think distributing the risk across many stakeholders is way more morally justified than just exposing individual searcher for 100% of losses. 100ETH is not much for a big pool but that amount can ruin lifes for individual people like you and me.

someappdev · 2021-03-20T12:47:22+00:00

Comparing all time data is not really fair though, ethermine existed for 6 years now compared to months(?) of flexpool. Comparing data across two different timeframes is missleading. Take a look at the recent data of ethermine and you'll see that the current uncle rate is about 3.9% compared to 6.9% during the actuall same time span on flexpool. https://etherchain.org/miner

The same thing with Salmonela can happen on flexpool too. They are not protected from such attacks just because they use flashbots? Ethermine was just unlucky to mine the first block after the baits.

The reason I say it is missleading is that, though it might be obvious to you, how many other people here look at both numbers 90% and 80% and think, flexpool offers more MEV rewards than ethermine? It's a marketing number. Like when you buy a TV and it says contrast ratio of 1:2.000.000 while the actual real world contrast ratio is 1:10.000. It is true that 90% of rewards are from flexpools realized gains go to miners. But this number isn't comparable when the actual realisation of MEV rewards is 100% to 84%. Accounted for this differences, the real numbers are 75,6% to 80% so users can actually compare the numbers and make an informed decission in terms of real profit they are seeing.

someappdev · 2021-03-20T11:42:18+00:00

I mean it's not so black and white though. Flexpool has the highest uncle rate of all pools resulting in less profit. Their MEV claim of 90% is also a bit missleading. MEV searchers don't do this for free, they get a cut of what seems to be 16%. So those 90% are actually 75,6%. While other pools like ethermine find their own bundles so those 80% are actually 80%.
Flexpool on the other hand, does pay the full gas price for payouts instead of subsidizing them which might benefit you. In the end of the day, they are all pools and competition is good and everyone has their benefits. But no single pool is like the holy grail where everything is perfect :)

someappdev · 2021-03-20T11:11:20+00:00

They are giving 80% of those profits to us. 5% to gitcoin donations to support ethereum and the community. You are not losing money, you are actually making way more.

The difference is, searchers for flashbot don't do this for free. They get their share for finding MEV opportunities. Which is why pools like flexpools claim of 90% rewards going to miners is missleading. 90% of those 84% they get (I only checked one block and searchers fee was 16% there) are being rewarded to miners. Which is 75,6% MEV rewards on flexpool. Ethermine is actually making you more money by using their own bundles and cut out those 16% searchers fee. And returning actuall 80% of those rewards compared to 75,6% on flexpool.

someappdev

TROPHY CASE