[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.
[6/13] This will result in invoking completeDeposit() method of SyntheticBridgeToBase on L2. This method will simply mint L2 $SNX tokens for Alice. See the trace below: https://t.co/VKFgJFyOWw
[7/13] Step 2 - Enjoy cheap L2 life. This trace below shows the L2 Sequencer submitting a batch of 346 L2 transactions issueMaxSynths(), burntSynth(), initiateWithdrawal(), updateRates(), etc… to L1.
[8/13] With no gas optimisation, on average, gas used per L2 tx was 26,138 or 3$ per transaction. All transactions are put in the CanonicalTransactionChain, the same used by CrossDomainManager before. https://t.co/vZK32LjJTn
[9/13] Step 3 - Alice wants do withdraw her $SNX from L2. To this end she calls initiateWithdrawal() on SynthetixBridgeToBase on L2 which sends the msg to L1 through OVM_L2_CrossDomainManager.
[10/13] CrossDomainManager changes its state which forces the Sequencer to commit this new L2 state to L1. You can see this in the next trace, with the inititateWithdraw() method being present in the Sequencer’s batch of 6 L2 transactions https://t.co/J2GeauWFRN
[11/13] Step 4 - Now we wait to make sure that the state root commitment submitted by the Sequencer is indeed valid. If nobody submits Fraud Proof that the state is incorrect, we can assume that it is indeed OK and it will never be rolled back
[12/13] Step 5 - after the FraudProofWindow has passed, the Relayer can finally relay message from L2 to SynthetixBridgeToOptimism contract. It constructs proof that convinces OVML1CrossDomainManager that this message was indeed submitted by Sequencer to CanonicalTransactionChain
[13/13] As a result L1CrossDomainManager will call completeWithdrawal() method on SynthetixBridgeToOptimism which will release escrowed L1 $SNX tokens kept there. https://t.co/1O3E78f0Sp
https://t.co/m2H1lCMDzB
https://t.co/KSUmMWFNeG

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Out of curiosity I dug into how NFT's actually reference the media you're "buying" and my eyebrows are now orbiting the moon

Short version:

The NFT token you bought either points to a URL on the internet, or an IPFS hash. In most circumstances it references an IPFS gateway on the internet run by the startup you bought the NFT from.

Oh, and that URL is not the media. That URL is a JSON metadata file

Here's an example. This artwork is by Beeple and sold via Nifty:

https://t.co/TlJKH8kAew

The NFT token is for this JSON file hosted directly on Nifty's servers:

https://t.co/GQUaCnObvX


THAT file refers to the actual media you just "bought". Which in this case is hosted via a @cloudinary CDN, served by Nifty's servers again.

So if Nifty goes bust, your token is now worthless. It refers to nothing. This can't be changed.

"But you said some use IPFS!"

Let's look at the $65m Beeple, sold by Christies. Fancy.

https://t.co/1G9nCAdetk

That NFT token refers directly to an IPFS hash (https://t.co/QUdtdgtssH). We can take that IPFS hash and fetch the JSON metadata using a public gateway:

https://t.co/CoML7psBhF
1/ A thread on Nexgen’s Arrow & the #uranium cycle ($NXE)


2/ Given the scale and cost structure of Arrow, it makes sense that investors are intensely focused on its delivery timeline. This thread will discuss possible timelines, current market expectations (i.e., what’s “priced in”) & how different Arrow scenarios will impact the mkt.

3/ As you can see from the litany of responses to Michael’s tweet, there is great skepticism in the market regarding Arrow’s timeline. This is largely due to a bearish narrative conveyed by competing CEO’s whose assets only hold value if Arrow is substantially delayed.

4/ Those who played “King of the Hill” as a child would remember that it is the person at the top who is constantly attacked, not the kid sitting at the bottom of the hill in the mud. No one cares enough about that kid to attack them. This is a good parable for $NXE & Uranium.

5/ First a quick note on “this cycle” – Segra generally defines this cycle as the deficits forecasted from the mid-2020s to late-2030s. When people imply an asset producing in the mid-to-late 2020s will “miss the cycle”, they clearly have not done any real S/D modelling.

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Great article from @AsheSchow. I lived thru the 'Satanic Panic' of the 1980's/early 1990's asking myself "Has eveyrbody lost their GODDAMN MINDS?!"


The 3 big things that made the 1980's/early 1990's surreal for me.

1) Satanic Panic - satanism in the day cares ahhhh!

2) "Repressed memory" syndrome

3) Facilitated Communication [FC]

All 3 led to massive abuse.

"Therapists" -and I use the term to describe these quacks loosely - would hypnotize people & convince they they were 'reliving' past memories of Mom & Dad killing babies in Satanic rituals in the basement while they were growing up.

Other 'therapists' would badger kids until they invented stories about watching alligators eat babies dropped into a lake from a hot air balloon. Kids would deny anything happened for hours until the therapist 'broke through' and 'found' the 'truth'.

FC was a movement that started with the claim severely handicapped individuals were able to 'type' legible sentences & communicate if a 'helper' guided their hands over a keyboard.