BC CRYPTO
Saved by @Mollyycolllinss

1/ ERC-20 token standard approve() has caused an unnecessary cost of $53.8M for #Ethereum and #DeFi users

This is bad. Continue reading why and how to avoid this in the future.

👇👇👇

 2/ Before you go all rage on the flaws of my analysis, please read the whole Twitter thread for disclaimers and caveats.
3/ approve() is an unnecessary step of ERC-20 tokens when they interact with smart contracts.

You know this because when you do a Uniswap trade you need press two transaction buttons instead of one.
4/ Why there is approve() - you can read the history in this Twitter thread

https://t.co/ZHXzPBbqJJ
5/ I queried all approve() transactions on Google BigQuery public dataset and calculated their ETH cost and then converted this to the USD with the current ETH price.
6/ These queries were made possible to awesome @EthereumETL team. They have created Google BigQuery dataset from real-time blockchain data. You can query over terabytes of Ethereum data FOR FREE.
7/ Here are instructions on how to execute your own queries:

https://t.co/YnK1p8u75n

(But links are outdated because Google Cloud has new UI)
8/ Total transaction on #Ethereum blockchain: 989,461,092

Woo! One billion transactions will be done in a few days!
9/ Total ERC-20 transfers(): 304,382,558

Includes only Externally Owned Accounts, EOAs.
10/ Total ERC-20 approves(): 14,921,106

Includes only Externally Owned Accounts, EOAs.
11/ The gas cost ERC-20 approves():

41327.870139658684 ETH
12/ Here is my query

https://t.co/FqNWBAxjwt
13/ You can query Ethereum transactions that call a particular smart contract function by the 4-byte signature of the function that is 1st parameter of tx data field.
14/ Binary function signatures are 4-bytes keccak256() hash of the @solidity_lang signature string. Here is an example:
15/ If you are a @solidity_lang or Vyper developer, consider ditching ERC-20 and include alternative token standard in your next token.

Alternatives for ERC-20 include:

ERC-777
ERC-667
ERC-827
ERC-223
(did I miss any?)
16/ Most of the new token standards, like ERC-777 are backwards compatible and work with ERC-20 enabled centralised exchanges.

Centralised exchanges do not need to do anything to support these new, better, token standards that make smart contract and #DeFi interactions safer.
17/ Or let's put it this way...

Every time someone creates a new ERC-20 token, hundreds of thousands of dollars die.

Let's actively demanding non-ERC 20 tokens from developers.

And if that does not work I suggest we start punching ERC-20 developers to face over the internet
18/ Newer token standards may "increase the attack surface", but in practice, this has not been a problem for high-quality #DeFi projects since 2018 or so.
18/ Note that raw approve() cost calculation comparison to newer token standard is not 1:1.

Newer token standards need some similar mechanism to pass user data as the part of the transaction, but this cost is lower compared to additional approve() tx.

Prove me wrong.
19/ FIN

CC @dmihal @FrancescoRenziA @abcoathup

Now I am going to climb the mountain, get fresh air and visit monkies

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You follow this account, you know that I straddle the terminator - one foot in light, one in shadow. Good-ish bad guys, bad-ish good guys, I've never belonged anywhere else.

Right before the election, I was shown some things. How it started, it was worth following. Caution was indicated. *extreme* caution.


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I am going to be using #bitcoin & borrowing from myself to buy my first rental property.

Want to know how?

Time for a thread...👇🏻👇🏻👇🏻

At the beginning of 2020 I set a goal for myself to accumulate as much #bitcoin as possible.

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Let me explain...

Step 1 - I took all of 2020 to accumulate #btc and put it on an exchange (Blockfi) that pays me interest on my bitcoin.

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I can now utilize this platform to take loans out against my position (which is in the mid 5 figures.)

Double winning:

I can take a $ amount loan out against my bitcoin and use that to pay the 15% down required on a rental property and allow the bank to pay other 85%.

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I am borrowing from myself and a bank to acquire another asset.

That real estate 🏡 will be paid for by someone else and produces more cash flow for me.

I will use that cashflow to immediately pay off the loan I took against my bitcoin.
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1/ [December Bitcoin yield update]

Over the last year and a half, I’ve earned ~1.2BTC with various yield generating services to earn an average of 5% on 30 BTC.

Here’s my journey and how to guide👇

2/ Here are the ways you can earn yield:

Lending (Easiest/most popular)
Yield: 3-6%
- Ledn: https://t.co/4x0YATuQ0v
- BlockFi: https://t.co/90Xtg2cNka

Covered calls (Harder)
Yield: 1-80%
- Deribit: https://t.co/2iQVkXlylP
- LedgerX:

3/ Earning a yield enables you to stack more sats (what I’m doing), or reduce the temptation to sell your coin through earning an income.

The yield you earn comes with RISK!

Below is my current allocation for Dec (will update MoM)

(yellow = changes)

https://t.co/PZwVYs8lFT


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Tesla just announced that it had bought 1.5 billion dollars of bitcoin and could in the future sell cars in bitcoins. Since this morning both Bitcoin and Tesla are going up in the market. Maybe there is afterall something in the saying that“Bitcoin is Tesla without the cars”1/ 20

Musk is seen as a genius, a true Midas, by many investors and millennials. For them he can never go wrong. He became recently the richest man in the world dur to Tesla stock valuation (+353% yoy). He moves markets and today´s announcement is “kind of legitimise “ bitcoin 2/

Tesla shares attained $870 which represents a Price/ Earnings ratio of 1.747 (!) on the basis of last year´s profits. Apple is at 37 and the S&P firms average is 23 (against a historical average ≈16). Future profits would have to increase a lot to justify a more normal ratio 3/


Tesla has a good product but the question is if it will sell enough cars to get such profits in face of coming fierce competition. However, this is not the question I want to comment upon. It is also not about what may interest the SEC and market conduct…4/

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[1/13] It may be initially confusing to fully grasp how deposits and withdrawals from L1 to @optimismPBC are actually implemented, and it helps to see the on-chain action of what is happening behind the scenes.

[2/13] Initial setup (simplified): on L1 we have SyntheticBridgeToOptimism from Synthetic and OVM_L1CrossDomainManager from Optimism contracts. On L2 we have SynthetixBridgeToBase and OVM_L2_CrossDomainManager contracts.

[3/13] Additionally we have Sequencer (L2 mining node) that verifies all L2 transactions and submits them in batches to L1 for future reference and Relayer that is responsible for relaying messages from L2 —> L1

[4/13] Step 1 - Alice wants to deposit $SNX to L2. To do that she calls initiateDeposit() method on the L1 SyntheticBridgeToOptimism which takes her $SNX, puts it in the escrow and calls OVM_L1CrossDomainManager sendMessage() method.

[5/13] The CrossDomainManager puts this request to CanonicalTransactionChain (this is an “official” and “unmutable” list of all L2 transactions on L1). As a consequence the Sequencer (L2 mining node) will need to execute this transaction on L2.
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