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    The Ethereum vs. Solana Debate | Justin Drake vs. Anatoly Yakovenko

    enJune 03, 2024

    Podcast Summary

    • Ethereum vs SolanaEthereum's network effects, economic security, and access to TVL and apps make its data more valuable than Solana's, according to Ethereum researcher Justin Drake and Solana co-founder Anatol Yakovenko in a debate on the Bankless podcast.

      Ethereum's network effects, economic security, and access to Total Value Locked (TVL) and applications make its data availability more valuable than Solana's. This was a key theme in a debate between Ethereum researcher Justin Drake and Solana co-founder Anatol Yakovenko on the Bankless podcast. Both guests discussed the merits and drawbacks of their respective blockchain ecosystems, touching on topics like architecture and economic security. The conversation was sparked by a question from a Bankless Discord member and resulted in some lively debate, with both guests attacking, defending, and complimenting each other. The episode explored how people become members of different crypto tribes and highlighted some significant dividing lines between Ethereum and Solana. Overall, it was an entertaining and informative discussion that shed light on the unique strengths and challenges of each blockchain.

    • Solana vs EthereumSolana and Ethereum offer unique strengths: Solana focuses on high throughput, low fees, good UX, and quick execution, while Ethereum prioritizes security and fault tolerance through a large network and multiple clients.

      Both Solana and Ethereum bring unique strengths to the table in the blockchain space. Solana's advantages include high throughput, low fees, good UX, and quick execution, which have contributed to its rapid rise to the third-largest layer one blockchain by fully diluted valuation. Solana also offers the potential for a global state machine and synchronicity, allowing for high scalability and synchronous calls between different parts of the state. Ethereum, on the other hand, boasts a large distributed network, providing stronger security guarantees than an honest majority. Ethereum's focus on security and the use of multiple clients ensures fault tolerance and better protection against potential attacks. Both projects offer valuable insights and are making significant strides in their respective areas, with Solana focusing on building for future hardware capabilities and Ethereum innovating in areas like data availability sampling and synchrony. Overall, the competition between these two projects drives advancements in the blockchain industry and pushes the boundaries of what is possible in decentralized systems.

    • Ethereum's problem setEthereum's safety is a strength but it faces challenges around liveness and essential persistence, while Solana focuses on apps and user experience, and Ethereum's infrastructure improvements and L2 solutions are changing the landscape, but its EVM presents technical challenges

      While Ethereum's safety is a strength, its current problem set, or the "bad," includes issues around liveness and essential persistence that are often overlooked. Anatoly, a podcast host, emphasized Ethereum's safety but underestimated these subtler attacks. Ethereum's network effects, maturity, and security make it a strong contender for the winner-takes-all layer one space. Solana, on the other hand, is succeeding by focusing on apps and user experience, with a high percentage of investments going towards user-targeting products. Ethereum's infrastructure focus and the emergence of L2 solutions like Arbitrum and Optimism are changing the game, allowing developers to focus on building without worrying about infrastructure. However, Ethereum's EVM, designed by academics, presents technical challenges that require significant effort to address. These issues, while not insurmountable, are currently part of the Ethereum ecosystem's problem set.

    • Blockchain landscape and development choicesUnderstanding the trade-offs of various L1 and L2 solutions, such as Solana's global synchronization and high throughput versus Ethereum's synchronous composability and removal of silos, is crucial for developers when making development decisions in the complex and fragmented blockchain landscape.

      The blockchain landscape is complex and fragmented, with various L1 and L2 solutions offering different trade-offs in terms of throughput, latency, and synchronization. The ultimate choice for developers depends on their specific needs and the evolving ecosystem. Solana, with its focus on global synchronization and high throughput, aims to provide a single, unified global state machine. Ethereum, on the other hand, is working towards achieving synchronous composability and removing silos between different L2 solutions. Both have their strengths and weaknesses, and it's essential to understand these nuances when making development decisions. Ultimately, the goal is to create a unified, high-performance blockchain ecosystem that can handle the demands of decentralized applications and global finance.

    • Reducing latency in blockchain networksBalancing decryption and information availability, decentralized pre-confirmations, shortening block times, slot to ping ratio, and decoupling block building and validation are crucial for reducing latency in blockchain networks and maintaining a level playing field for all participants.

      Reducing latency in blockchain networks, such as Ethereum, is crucial for optimal market functioning and efficient price discovery. The ideal system is one where decryption and information availability occur as quickly as possible. Decentralized pre-confirmations and shortening block times can help achieve this goal, but it's essential to strike a balance to prevent the emergence of unfair advantages and the weakening of security. The concept of slot to ping ratio is important in maintaining fairness and preventing the need for sophisticated infrastructure among validators. Block building and validation can be decoupled, and the focus on timing games for attesters is a more fundamental concern. Ultimately, the goal is to create a level playing field for all participants in the network, ensuring that the benefits of blockchain technology are accessible to all.

    • MEV and blockchain centralizationShorter block times lead to increased competition among block builders for MEV, resulting in a centralizing network due to the need for millisecond edges to maximize profits, and the lack of PoS and presence of concurrent block producers on Solana exacerbate this trend

      In the context of blockchain networks like Solana, the race to build the next block and capture maximum value from MEV (Maximal Extractable Value) can lead to an acceleratingly centralizing network due to increased value capture. This is because sophisticated block builders aim to build their blocks at the last possible moment to maximize their profit margin. This results in a significant edge for those who can build blocks faster, leading to a centralization of power. The discussion also highlighted that as block times get shorter, the number of transactions increases, but the individual transaction value decreases. This means that the profit margin for block builders might only be a small percentage, making a millisecond edge in building blocks crucial to maximize profits. Moreover, the lack of Proof of Stake (PoS) on Solana and the presence of concurrent block producers create a highly competitive environment, making it challenging for individual block builders to gain an edge over the default. However, it's important to note that the specifics of this dynamic, such as the actual profit margins and the impact on network decentralization, require further research and analysis.

    • Solana vs Ethereum optimizationSolana prioritizes deterministic timeliness for improved user experience and reduced front running opportunities, while Ethereum focuses on transaction confirmation speed which may lead to longer windows for front running and higher fees

      Ethereum's current optimization for transaction confirmation speed is a significant factor contributing to longer windows for front running, higher fees, and a worse user experience. Solana, on the other hand, prioritizes deterministic timeliness to minimize boundary effects and potential for timing games. The debate between Anatoly and Justin revolves around whether Solana's design decisions will lead to centralization or not. If Solana reduces slot times significantly, Justin predicts hyper centralization within each slot. Anatoly, however, believes that with appropriate parameters, anyone can validate and earn similar returns regardless of their location. The outcome of this prediction will be important to watch in the future.

    • Cello Layer 2 network progressCello Layer 2 network, which offers low gas fees, interoperability, and community governance, is making progress towards transitioning to a Layer 1 using Optimism's OP stack, with a TestNet expected in summer 2024. Mantle L2, a part of Cello, is attracting users and developers with high DeFi yields, team support, and a $3 billion treasury.

      The Cello Layer 2 network is making strides in Ethereum's ecosystem, offering low gas fees, interoperability with ERC-20 tokens, and community governance. Cello aims to transition from a Layer 2 to a L1 using Optimism's OP stack, with a TestNet expected as early as summer 2024. Additionally, Mantle Layer 2, a part of Cello, is attracting developers and users due to high yields in DeFi, helpful team support, and the $3 billion Mantle Treasury. Toku is also available to help developers navigate the complex world of token launches and tax implications. Despite some criticisms, such as the lack of client diversity and formal spec, these issues are being addressed. Overall, Cello and Mantle are making significant progress in the crypto space, offering innovative solutions and opportunities for growth.

    • Economic security in blockchain networksEconomic security in blockchain networks is crucial for preventing attacks aimed at manipulating markets or filtering transactions, which can result in significant financial gains.

      Economic security in the context of blockchain networks is essential for ensuring liveness and censorship resistance. While it may not be necessary to verify the correctness of blocks, economic security becomes crucial when dealing with attacks that aim to manipulate markets or filter out specific transactions. These attacks can result in significant financial gains, making economic security an important aspect of network security. However, it's important to note that economic security does not make a network immune to all attacks, and other factors like social interventions and network activity also play a role in maintaining network security. Additionally, the cost and feasibility of mounting such attacks vary between networks, and it's essential to consider these factors when evaluating the security of different blockchain networks.

    • Economic security in blockchain networksEconomic security is crucial in blockchain networks as it prevents potential 51% attacks and toxic MEV harvesting, while networks like Solana with social slashing mechanisms face limitations and potential risks.

      The discussion revolves around the importance of economic security in blockchain networks, specifically in the context of Solana. Anatoly argues that economic security is an overhyped concept and that networks like Solana have adequate security due to their social slashing mechanisms. However, Justin counters that economic security is crucial and that a potential bad outcome could be a 51% attack on a smaller chain with less economic security, leading to toxic MEV harvesting and potential losses for users. Additionally, Justin criticizes Solana for being an L1, isolating it from existing network effects, which could limit its long-term success. The conversation also touches upon the limitations of social slashing and the potential for attackers to spread their stake across validators to avoid being slashed. Ultimately, the debate underscores the importance of robust economic security in blockchain networks and the potential risks associated with a lack thereof.

    • Solana's limitationsSolana's lack of support for light clients and real-time state mechanization makes it less desirable for users and developers, leading to reliance on trusted bridges and intermediaries. Ethereum's focus on decentralized money and low fees prioritizes execution over settlement, and TVL is not a reliable indicator of a blockchain's utility or usage.

      While Solana has accumulated less USDT than other projects like Arbitrum, TVL (Total Value Locked) is not a reliable indicator of a blockchain's utility or usage. Anatoly, the speaker, argues that Solana's lack of support for light clients and real-time state mechanization makes it less desirable for users and developers, leading to a reliance on trusted bridges and intermediaries. He also criticizes Ethereum's focus on decentralized money and low fees, which he believes results in a lack of value capture on the L1 and prioritizes execution over settlement. Ultimately, the discussion highlights the importance of considering multiple factors beyond TVL when evaluating the potential of a blockchain project.

    • Ethereum vs Solana scaling and monetizationEthereum focuses on building the smallest chain possible with low per-transaction fees, while Solana aims to maximize Moore's law and Nielsen's law for better user experiences and has high average fees and low median fees

      While both Ethereum and Solana have their merits, their approaches to scaling and monetization differ significantly. Solana aims to maximize Moore's law and Nielsen's law to provide better user experiences, while Ethereum's focus is on building the smallest chain possible with low per-transaction fees. Ethereum's L1 primarily charges for data, which is a commodity, and as the world moves towards cheaper data costs, Ethereum's revenue model may face challenges. Solana, on the other hand, has high average fees and low median fees, enabling wider access to the network for users. The end game may involve coexistence or one becoming larger than the other, depending on the success of decentralized finance and the role of network effects, TVL, and price discovery engines. Ultimately, the success of both networks will depend on their ability to adapt and innovate in a rapidly evolving landscape.

    • Network effects and dominanceEthereum's emphasis on decentralized stablecoins and synchronous composition makes it the most likely candidate for dominance due to its established network effects, economic bandwidth, and shared security, but underdogs like Solana still have a chance

      While Solana and Ethereum both offer innovative blockchain technologies, the end game may favor the network with the strongest network effects, economic bandwidth, and shared security. Ethereum, with its emphasis on decentralized stablecoins and synchronous composition, is seen as the most likely candidate for dominance. However, there's still a chance for underdogs like Solana, but the odds are stacked against them due to the significant lead and network effects Ethereum has established. The conversation also highlighted the importance of cultural, economic, and mimetic forces in the blockchain space, which cannot be easily copied.

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    ------
    TIMESTAMPS

    0:00 Intro

    2:26 Eric Balchunas
    https://x.com/EricBalchunas/status/1794023427327533456 

    4:44 ETH Narratives
    https://x.com/TrustlessState/status/1795595286972383494  

    5:58 Ethereum is a Tokenization Platform
    https://twitter.com/ChainLinkGod/status/1798133271139901668 
    https://twitter.com/ChainLinkGod/status/1798133271139901668/photo/1 

    9:26 Ethereum is an app store
    https://twitter.com/jdorman81/status/1792927796353814640 

    13:56 Operating system and app store
    https://x.com/RasterlyRock/status/1791217181012701682 

    17:15 ETH is Digital Oil
    ​​https://twitter.com/0xkydo/status/1740750772093296938  

    20:37 ETH is an Internet Bond
    https://www.bankless.com/eth-the-internet-bond 

    23:38 Programmable Money
    https://x.com/econoar/status/1124311475428790273 

    25:59 "ETH is Ultra Sound Money"
    https://twitter.com/drakefjustin/status/1352734923703123968 

    31:44 Pitches + Debrief/Analysis + Vote https://www.jokerace.io/contest/base/0x0f2211f6727e85dbfae20e7dbfe57875a1f2b706 

    44:05 Closing & Disclaimers

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures  

    Bankless
    enJune 12, 2024

    The End of the Petrodollar | Luke Gromen

    The End of the Petrodollar | Luke Gromen

    “Energy is the base layer of money” -  that’s how our guest Luke Gromen puts it in today’s episode.

    Luke is an Author and Investor who gives us a completely new way to look at money, through the lens of energy costs. 

    The essential learning of today’s show is that you can’t understand money until you understand energy markets. Apart from that Luke explains why the price of oil is about to force a monetary system change, why the 60/40 portfolio is dead and much more.

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    🎬 DEBRIEF | Ryan & David unpacking the episode:
    https://www.bankless.com/debrief-the-luke-gromen-interview 

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    🔗CELO | CEL2 COMING SOON
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    ------
    TIMESTAMPS

    0:00 Intro
    5:57 Luke’s Thesis
    12:23 Energy lens
    23:23 Arc of the Dollar
    28:31 Why Oil?
    31:31 Energy as a Denominator
    38:12 Energy Price Changes
    45:31 Energy Miracles
    59:22 Monetary System Change
    1:10:41 Capital Controls
    1:18:12 Future of the US
    1:24:56 How to Prepare
    1:30:37 Closing & Disclaimers

    ------
    RESOURCES

    Luke Gromen
    https://x.com/LukeGromen  

    FTT, LLC
    https://fftt-llc.com/  

    Luke Gromen Weekly Newsletter
    https://fftt-treerings.com/  

    Visualizing the History of Energy Transitions
    https://www.visualcapitalist.com/visualizing-the-history-of-energy-transitions/  

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures⁠   

    Bankless
    enJune 10, 2024

    ROLLUP: ETFs Back? | Robinhood Acquires Bitstamp | Biden SAB-121 Veto

    ROLLUP: ETFs Back? | Robinhood Acquires Bitstamp | Biden SAB-121 Veto

    Bankless Friday Weekly Rollup 
    1st Week of June 2024

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    ⚡️ CARTESI | LINUX-POWERED ROLLUPS
    https://bankless.cc/CartesiGovernance 
     
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    🌐 TRANSPORTER | CROSS CHAINS WITH CONFIDENCE
    https://transporter.io/ 

    🔗CELO | CEL2 COMING SOON
    https://bankless.cc/Celo 

    ------

    TIMESTAMPS & RESOURCES

    0:00 Intro

    3:26 Prices

    4:30 L2 Update
    https://x.com/jessepollak/status/1798731497173905439 
    https://x.com/0xKofi/status/1797645289307951127 
    https://x.com/Uniswap/status/1797624523711561828 
    https://x.com/RyanSAdams/status/1798460468069085234 

    10:00 3 more milestone numbers on the wk
    https://x.com/TrustlessState/status/1798497346512412898  
    https://x.com/0xDeFiDevin/status/1797462120713613511 
    https://twitter.com/sorellalabs 
    https://www.coingecko.com/en/coins/bnb 

    17:52  FROTHY STONKS
    https://x.com/greg16676935420/status/1798404597897363936 
    https://companiesmarketcap.com/assets-by-market-cap/ 
    https://www.reddit.com/user/DeepFuckingValue/ 
    https://www.tradingview.com/chart/?symbol=NYSE%3AGME 
    https://x.com/JasonHitchcock/status/1797437168324899192 

    26:04 ETFs are back baby! Wen ETH ETF, wen banana zone for ETH?
    https://x.com/CarpeNoctom/status/1798170536146825630 
    https://x.com/ericbalchunas/status/1798156058487382232 
    https://x.com/bitcoinmagazine/status/1796120216780333409  
    https://x.com/EricBalchunas/status/1797644643712262482 
    https://finance.yahoo.com/news/blackrock-says-10m-seed-money-174942096.html 
    https://x.com/ericbalchunas/status/1796606348324634798 
    https://x.com/EricBalchunas/status/1797589909768949827 
    https://x.com/EleanorTerrett/status/1798351844248576311  
    https://x.com/AlexanderGrieve/status/1798352191713157308  
    https://x.com/RyanSAdams/status/1796543517671424065 
    https://x.com/tradetheflow_/status/1797520578087465295/photo/2 
    https://x.com/vaneck_us/status/1798428976068657411 
    https://x.com/vaneck_us/status/1798432653726658619 

    43:55 President Biden missed the layup - vetoed SAB-121 
    https://www.whitehouse.gov/briefing-room/presidential-actions/2024/05/31/a-message-to-the-house-of-representatives-on-the-presidents-veto-of-h-j-res-109/ 
    https://www.aba.com/advocacy/policy-analysis/letter-to-president-biden-sab-121 
    https://x.com/faryarshirzad/status/1796837972978872764 
    https://x.com/nic__carter/status/1796687373314445766 
    https://x.com/standwithcrypto/status/1798433256339079417 
    https://x.com/fejau_inc/status/1796310685330051121 
    https://www.coindesk.com/markets/2024/05/30/trump-token-sinks-after-former-us-president-is-found-guilty-in-new-york/ 

    52:50 Robinhood Acquires Bitstamp
    https://x.com/RobinhoodApp/status/1798672303519342898 
    https://twitter.com/vladtenev/status/1798680590344126963 

    55:05 Celebcoin Culture Wars 
    https://www.coingecko.com/en/coins/mother-iggy 
    https://x.com/VitalikButerin/status/1798290424622113230 
    https://x.com/IGGYAZALEA/status/1798471807647068297 
    https://x.com/haydenzadams/status/1798551176834638114 

    59:32 ETH
    Coinbase’s smart wallets is now officially launched! Is this how we get to billions?
    https://www.coinbase.com/blog/a-new-era-in-crypto-wallets-smart-wallet-is-here 
    https://x.com/jessepollak/status/1797772737207062752 

    1:02:31 StarkWare plans to bring ZK scaling to Bitcoin alongside Ethereum
    https://x.com/StarkWareLtd/status/1797985467666940265
    https://bankless.cc/PermissionlessDiscount 

    1:05:31 Punks below 30 ETH
    https://x.com/punksOTC/status/1798093880711155918 

    1:06:26 Blackrock and Citadel wants to launch new rival Stock Exchange in Texas
    https://www.reuters.com/markets/us/blackrock-citadel-backed-group-start-new-national-stock-exchange-texas-wsj-2024-06-05/ 
    https://x.com/delzennejc/status/1798399433651974301 

    1:10:21 Raises and BVC Investments 
    Mountain raised $8M in Series A
    https://x.com/MountainUSDM/status/1798740495679815731 

    1:11:35 MEME of the Week
    https://x.com/TrustlessState/status/1798124339843449065  

    1:12:19 Closing & Disclaimers

    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures ⁠ 

    Bankless
    enJune 07, 2024

    When Will We Go Parabolic This Cycle? | RSA+DH

    When Will We Go Parabolic This Cycle? | RSA+DH

    After 3 months of flat crypto prices, people are asking “where are we in the cycle”? What if the real bull hasn't even started yet?

    How big of the impact can the ETH ETF's really have and can they really take us to the coveted.... Banana Zone? All of that and more on this weeks episode of Bankless Takes.

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    🔗CELO | CEL2 COMING SOON
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    ------
    TIMESTAMPS
    00:00 Intro
    03:18 The Bull Run is Boring
    06:35 What Inning Are We In?
    16:28 Demand For Gold Reserves
    23:19 The Banana Zone
    28:22 ETH ETF Impact
    35:30 Celeb Memecoins
    43:12 Key Takeaways

    ------
    Not financial or tax advice. See our investment disclosures here:
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    Bankless
    enJune 05, 2024

    The Ethereum vs. Solana Debate | Justin Drake vs. Anatoly Yakovenko

    The Ethereum vs. Solana Debate | Justin Drake vs. Anatoly Yakovenko

    ✨ Mint the episode on Zora ✨
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    ------
    🎬 DEBRIEF | Ryan & David unpacking the episode:
    https://www.bankless.com/debrief-the-justin-drake-vs-anatoly-yakovenko-interview 


    ------
    Ethereum vs. Solana. That’s the debate we’re having today.


    On Ethereum’s side we have Ethereum Researcher Justin Drake, and on the Solana’s we have Solana’s Co-Founder Anatoly Yakovenko.


    They give us the good, the bad and the ugly of each other’s blockchain, settling their endgame towards the end of the episode. 


    This was one, if not the spiciest debate we had on the show. We tried our best to give both guests time with minimal intervention. At times went well, at others it caused deep semantic rabbit holes. But overall both guests were able to communicate their messages.


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    🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION
    https://bankless.cc/toku


    ------
    TIMESTAMPS

     

    0:00 Intro

    7:16 The Good

    22:30 The Bad

    52:03 Global Shared State

    1:06:07 Economic Security

    1:30:08 The Ugly

    1:47:23 The Endgame

    1:55:22 Closing & Disclaimers


    ------
    RESOURCES


    Anatoly Yakovenko
    https://twitter.com/aeyakovenko  


    Justin Drake
    https://twitter.com/drakefjustin  


    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures⁠  

     

    Bankless
    enJune 03, 2024