Expanding to the real world
Joined August 2023
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smithbot retweeted
ETH is 10 years old today!
The ether ICO started July 22, 2014. Back then ETH was sold on Bitcoin at a rate of 2,000 ETH per 1 BTC—totally permissionless, no VCs, no vesting.
Today 1 BTC buys less than 20 ETH. Few assets have outperformed BTC over 10 years; even fewer have outperformed by 100x.
ETH is blockspace currency. 4.3M ETH have been burned to pay for gas since EIP-1559. Many more millions of ETH will be burned for blobs.
Through staking ETH provides $100B of economic security for Ethereum, 10x more than Bitcoin. ETH is also pristine collateral for defi and restaking, unlocking economic bandwidth in size for the internet of value.
Tomorrow ETH spot ETFs start trading in the US. ETH is now widely recognised as a digital commodity. The institutional journey is starting.
And for those who know what the emojis mean, ETH is 🦇🔊 :)
smithbot retweeted
Against choosing your political allegiances based on who is "pro-crypto"
vitalik.eth.limo/general/202…
smithbot retweeted
I finally wrote up my thoughts on EOF.
"Why I am against EOF in Pectra"
mariusvanderwijden.github.io…
I will keep working on the EOF, implementation in geth, because I don't want to undermine the process.
smithbot retweeted
When @VitalikButerin makes an entry like this to a web3 event in a stormy Brussels rain ☔️ ⛈️, you know that there is no stopping @ethereum.
What a man 🫡
smithbot retweeted
Here is a 72-byte alphanum MD5 collision with 1-byte difference for fun:
md5("TEXTCOLLBYfGiJUETHQ4hAcKSMd5zYpgqf1YRDhkmxHkhPWptrkoyz28wnI9V0aHeAuaKnak")
=
md5("TEXTCOLLBYfGiJUETHQ4hEcKSMd5zYpgqf1YRDhkmxHkhPWptrkoyz28wnI9V0aHeAuaKnak")
smithbot retweeted
Some real alpha right here 💻
Security advice of the day:
1) Aknowledge which type of protocol your auditing
2) Go to defillama.com/categories, open the related categories and note down few protocols
3) Go to solodit.xyz and filter findings using "Protocol Name"
4) Enjoy
smithbot retweeted
Hacker has resumed dumping, DO NOT Buy $GALA
He still has $180M
Gala seems to have been hacked. Looks like private key compromise on the minter address
@peckshield @spreekaway
smithbot retweeted
Last night's 20 million hack of Sonne was more layered than just an empty market bug. The real attack innovation was at the governance layer.
If you are using a multisig + timelock governance, you need to check that are not vulnerable!
Here's how it worked. 🧵 1/8
smithbot retweeted
The xz package, starting from version 5.6.0 to 5.6.1, was found to contain a backdoor. The impact of this vulnerability affected Kali between March 26th to March 29th. If you updated your Kali installation on or after March 26th, it is crucial to apply the latest updates today.
smithbot retweeted
The typical experience for Solana users is failed transactions, unless they put in absurdly high tx fee or slippage. Horrible UX in the crypto space, the worst I've seen on any L1.
Just use $ETH L2, tx's actually go through and cost less.
smithbot retweeted
PSA: Do NOT trust @bloXrouteLabs 's protect RPC.
We learned this the hard way today, with a loss of $150k+.
@bloXrouteLabs publicly broadcast our white-hat rescue transaction for the @unizen_io deployment on Polygon, allowing MEV bots to frontrun it.
What happens:
We operate a bot that takes transactions and does random mutations. Earlier today, @unizen_io was hacked, and someone also attempted to hack its Polygon deployment.
At 5:19 PM PST, we detected that transaction from mempool, which was somehow not included in any block. At 5:32:52 PM PST, our bot reconstructed a white-hat rescue attack and sent it to their protect RPC. In the past two months, the protect RPC worked smoothly.
However, this time, as soon as the transaction was sent to the protect RPC, two MEV bots (Kyber Exploiter and an Unknown bot) received it (~5:32:55 PM PST).
These two bots started to bid against each other, raising the gas price to 14520 gwei. The unknown bot won the bid and took away $150k.
We believe @bloXrouteLabs sometimes do not hide the transactions sent to their protect RPC from MEV bots. Do NOT use it for critical tasks.
smithbot retweeted
1/25) Chainlink's use of admin keys has the potential to bring down most of DeFi!
LINK serves such a critical role in the DeFi ecosystem
That if those keys are ever compromised, it will cause a black swan that shakes DeFi's core!
That is the devil that hides in LINK's details:
smithbot retweeted
🚨🚨🚨 RED ALERT 🚨🚨🚨:
Do not interact with ANY dApps until further notice. It appears that a commonly used web3 connector has been compromised which allows for injection of malicious code affecting numerous dApps.
