@SmusRon

Full-time trader. Forex & Crypto. Discipline over emotion. Tracking the macros. 💼

Joined January 2021
A note on recursive STARK mempools (EIP-8288) eips.ethereum.org/EIPS/eip-8… This is an EIP that I am hoping we can get included in I-star (the fork after Hegota) that you can think of as the next step after Frames, that would unlock extreme amounts of power. Particularly: * Ultra-cheap quantum-safe signatures (SPHINCS-). Much of the cost savings comes from the fact that the signature data (~3 kB) does not have to go onchain * Ultra-cheap quantum-safe privacy protocols. Status quo minimum cost for private txs is ~300k if you engineer very well (no one does), status quo quantum-safe is ~10M gas, this could reduce it to low tens of thousands. * Universal support for your favorite new signature or proof scheme without needing EVM changes. Whatever you use (Falcon, ML-DSA, some other lattice-based thing, something code-based or isogeny-based or even more esoteric), you can just wrap it client-side in a STARK, onchain gas cost low tens of thousands just like privacy protocols. Hopefully, Ethereum will never need "please support my favorite cryptographic algo" politics again. * Private account abstraction: keep your account logic private, and in a private location onchain. Then you can make one transaction to change the ownership of all your onchain state - accounts, defi positions, privacy protocol notes, everything - without revealing which objects' ownership you're changing. Here's how it works. Your transaction can include a type of frame that we call a "dependency frame". The frame is a list of statements, asserting claims like "message hash M was signed by SPHINCS- public key P" and "data hash D was proven to satisfy a statement defined by verification key V". When you send your transaction, you send it in an envelope, which includes a signature or a STARK for each statement in a dependency frame. Once the transaction reaches the mempool, nodes aggregate them. Each node runs a loop: wait one tick (eg. 500ms), aggregate all new envelopes (either single-tx or multi-tx) that you've seen, remove any transactions that are expired, generate a STARK recursively proving all dependencies, and send a new multi-tx envelope containing that STARK. Hence, the bandwidth load is bounded: each node's outbound is one STARK (~100-300 kB) per tick, plus each transaction getting broadcasted through the network once (as happens already). The block builder acts as "yet another mempool node", receiving envelopes from the mempool (plus any side channels), generates its own STARK covering the subset of transactions it intends to include in the block, and adds that STARK to the block. Total onchain overhead: one STARK (100-300 kB), plus 96 bytes for each statement being proven. This is what I've called before ( youtube.com/watch?v=TSLUpOps… ) "The Proof Singularity". Today, we have all the ingredients to actually implement it. As a developer, this requires a somewhat different workflow than you are used to, but it is conceptually simple. Any signatures or STARKs, you put into a separate frame. Then the main logic that today is verifying a signature or STARK, you replace with checking for the existence of a frame that includes the correct statement as a dependency. Examples of useful statements: * [tx sighash] verifies against [the pubkey at sload(0)] * there exists a secret and a merkle branch such that hashing secret+0 and applying the merkle branch outputs (public) root R, and hashing secret+1 outputs (public) nullifier N * there exists a secret address A, salt S and signature Z such that sload(0) = hash(A, S) and a merkle proof of address A inside a recent ethereum state contains some pubkey D where [tx sighash] was signed by D [this is private account abstraction; all variables except [tx sighash] and sload(0) are private; you can also make D a STARK verification key] * there exists an ML-DSA signature signing [tx sighash], that verifies against an ML-DSA pubkey whose hash is sload(0) At the core, this is moving any compute and data other than bookkeeping "business logic" outside the core path of Ethereum execution, sharding and parallelizing it via the mempool. Notice also that this requires agreeing on a _language_ (aka. an ISA) for the recursive STARKs to define statements in. The current leading candidate is RISC-V. So this would also de-facto be Ethereum adding RISC-V (or something else we decide on) as a canonical ISA - a big decision that should be done carefully, but that I think will be necessary to drive Ethereum forward.
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Ethereum.
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⚽️Chico Crypto sponsored a Soccer team in Brazil ⚽️🇧🇷 HOORAH!!!!
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When China comes at you, all of a sudden it's "Safety First".
China is now processing at least 500 trillion tokens a day and the growth is pretty vertical, see below chart in article from @WeijinResearch which I converted to English. Source: the govt, as it was mentioned on CCTV. "Chinese authorities have disclosed nationwide average daily token usage twice this year, both times reporting quarter-end figures. At the end of June, usage reached 500 trillion tokens per day, up 500% from the end of last year and 16 times the level a year earlier."
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Ron Smus retweeted
Every dip is an opportunity.
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One optimistic and still very-non-consensus belief I have about the far future of cryptography: I think that there is a 33% chance that, for average real-world computation, there exist ways to implement all three of what I call the Egyptian God Protocols (SNARK, FHE, iO) with 1+ε factor overhead (meaning, for large enough instances, the added overhead of cryptographizing a computation becomes arbitrarily small compared to the base cost of doing the computation itself) And a 60% chance that all three can be done with single-digit overhead (ie. <10x, measured in total cost of energy plus amortized compute) I think there's a good chance we'll get one of these (probably SNARKs with single-digit overhead) by the end of this decade. After all, we're already there for specialized hash functions and for some LLM inference.
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Ron Smus retweeted
Reminder that this stock/memecoin meta runs on volumes/trading fees: If volume dries up, payouts & buybacks disappear -> the incentive to hold weakens, which WILL end up in dumping. Coinbase reported $547B in trading volume in Q4 2021. A year later it was $145B. Down ~74%. For memes the decrease will likely be 95%. And as you can see from screenshot below, Uniswap volumes are slowly decreasing already. So the rewards need trading to continue: - $ZCAT: taxed trading funds ZEC 'dividends'. If volume drops, the incentive to hold gets weaker - $STONK: launchpad fee revenue funds buybacks and burns - $PONS: basically same as STONK - $INDEX: trading fees buy tokenized stocks for holders. No volumes, no 'dividends' - $SHROOM: trading through its LP network generates fees to reinvest into liquidity (still low cap so might be a good degen buy) - $CASHCAT: @letscashfun fees fund CASHCAT buybacks and burns. Same goes for established DEXs: like 12% of trading fees buy RAY. RH Chain generated ~73% of Uniswap's UNI burn(linked) revenue last week (yellow in screenshot attached). All are exposed to people losing interest in trading. The interest in trading continues until people stop earning money. Or get tired of losing it. It's so obvious but extrapolating yearly returns from current fees is absurd.
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Animated TV series Bob the Builder was, briefly, bigger than pop music itself: Outselling Eminem, "Can We Fix It?" became the UK's best-selling single of 2001. In 2014, fans, critics, and even the original crew expressed disgust at the “new and improved” Bob rebrand.
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Ron Smus retweeted
This is how locked in you need to be.
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⚪️⚡️ Real Madrid beat Rayo Vallecano with Mbappé, Vini and Jude Bellingham delivering! A goal also for Alvaro Carreras. Who’s been your Man of the Match?
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How Happy Is Your Country Today? (Average Mood by Country, Scale 1-10) 🇩🇰 Denmark: 7.37 🇨🇭 Switzerland: 7.15 🇯🇵 Japan: 6.93 🇧🇪 Belgium: 6.85 🇳🇿 New Zealand: 6.76 🇫🇷 France: 6.67 🇳🇴 Norway: 6.66 🇳🇱 Netherlands: 6.63 🇷🇴 Romania: 6.43 🇸🇪 Sweden: 6.40 🇪🇸 Spain: 6.36 🇩🇪 Germany: 6.26 🇨🇦 Canada: 6.19 🇦🇺 Australia: 6.12 🇮🇳 India: 6.06 🇦🇷 Argentina: 6.05 🇮🇱 Israel: 6.05 🇬🇧 United Kingdom: 5.97 🇧🇷 Brazil: 5.92 🇦🇹 Austria: 5.91 🇵🇹 Portugal: 5.79 🇮🇹 Italy: 5.63 🇺🇸 United States: 5.62 🇺🇦 Ukraine: 5.46 🇵🇱 Poland: 5.43 🇫🇮 Finland: 5.32 🇭🇺 Hungary: 5.20 🇷🇺 Russia: 5.06 🇹🇷 Turkey: 4.92 ⚠️ Data quality note: this is a small, self-selected sample (5,822 anonymous mood reports across 29 countries, minimum 40 reports per country) from mood2know. com Not a nationally representative survey. Notably, sample sizes vary hugely by country (from 40 up to 1,473 for the US), and reports reflect participating users only, not the general population. Treat as a directional snapshot, not a rigorous happiness ranking like the World Happiness Report. Source: mood2know
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Ron Smus retweeted
the cryptocurrencies as the world grapples with war, unstable economic policy, and accelerating AI:
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Nearly all violent crimes on public transit are from fare evaders. For example: Los Angeles, CA: 96% (2024) Washington DC: 99.5% (2023) WE DO NOT HAVE TO LIVE LIKE THIS
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Tippy taps.. 😊
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Ron Smus retweeted
A referendum proposing dotUSD, a protocol-native stablecoin for Polkadot, is now live on DOT DAO governance. The proposal was drafted by community members across the Polkadot ecosystem and submitted to OpenGov via the Polkadot Community Foundation. PCF's role is limited to putting it forward for a community vote. PCF will not not deploy, operate, control or custody dotUSD. The proposal outlines a phased approach: an initial stables-backed phase, followed by a DOT-collateralized vault phase subject to further development and governance. The dotUSD implementation is now up for vote with the DOT DAO. Read the full proposal and take part in the vote here: polkadot.subsquare.io/refere…
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Shall I compare thee to a summer’s day? Let's see how creative agents can be ...
100,000 FLOP Sonnet Challenge ✍️ Agents: form teams of 4–8 and write a sonnet, one word per turn. 50k FLOP for the winning team + 50k shared by voters backing it. Sept 11–18, noon UTC. No theme. Pre-start DIDs required to write/vote. Rules: github.com/flop-labs/technoc…
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Ron Smus retweeted
This is absolutely insane. Oil is surging higher, and if this move continues, it could create some serious pressure on the crypto market. Things may not look too good for crypto in the short term.
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Apple has officially unveiled its first-ever foldable iPhone The new iPhone Duo features a 5.4-inch outer display that opens into a 7.6-inch screen The inner display is around 50% larger than the iPhone 18 Pro Max The iPhone Duo is expected to start around $2,000
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i prefer to be in spots that are not consensus, those are the spots where you win the most when you end up being right
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