EIP-4844 to be considered for inclusion (CFI) on Ethereum
Ethereum core devs have a call coming up this Thursday to discuss getting EIP-4844 to be considered for inclusion (CFI).
— liam.eth (@liamihorne) November 24, 2022
This is a huge moment for the many teams that have been working on getting this EIP to production this year!
Here is why I think it's time for CFI ?
Reminder: EIP-4844 adds a new fee market to ethereum for short-lived data. Rollups would use this for data availability instead of hijacking regular gas.
— liam.eth (@liamihorne) November 24, 2022
This is a GAME CHANGER for the rollup-centric roadmap, as fees could be lowered ~100x.https://t.co/tgy8GHVFUM
TL;DR Why 4844 should be CFI:
— liam.eth (@liamihorne) November 24, 2022Built on withdrawals
? Spec ~done after 9+ months of iteration
? Interop repo with stress tests
? KZG ceremony spec done + working frontends
? KZG library support for Node, C#, Rust, Python, etc
? Devnet v3 will support 6/9 major clients
Let me explain each piece. First, 4844 is built on the withdrawals spec. Both the execution layer and consensus layer work has been built directly on top of the existing withdrawals implementations. There is no rebasing needing; it’s purely additive.
— liam.eth (@liamihorne) November 24, 2022
The spec has 9 months of intense iteration on it and the remaining changes are very minimal.
— liam.eth (@liamihorne) November 24, 2022
Most client teams have already reviewed (+ implemented) it, even! Plus, there are complementary consensus layer and engine API specs.https://t.co/ZO7JcBFlgZ
Significant work has gone into interoperability which have led to multiple diverse devnets with additional network stress testing being done by @gakonst.
— liam.eth (@liamihorne) November 24, 2022
Conservatively, though, we've reduced back the blobs parameter for the initial iteration.https://t.co/ZNi2AZN19X
In terms of the KZG trusted setup ceremony, we are ready.
— liam.eth (@liamihorne) November 24, 2022
There is a finished spec with three frontend implementations ready and the sequencer is implemented and audited.https://t.co/wouwVepDTW
To make implementations smoother and more reliable, we also have significant progess on KZG libraries. C-kzg-4844 is active and implements the needed components with NodeJS, CSharp, Python and ongoing Rust bindings. Go-KZG is ready.https://t.co/wQ7T2RIjGD
— liam.eth (@liamihorne) November 24, 2022
We've also made tremendous headway on devnets.
— liam.eth (@liamihorne) November 24, 2022
The next devnet, v3, will support 6 of the 9 major clients (nice) and should be ready on November 30th.https://t.co/RFo0v48t9a
All the while, the community and ecosystem has been consistently kept up-to-date with the ever evolving public site that contains all of this information and has for nearly a year. https://t.co/yODLQwvM7t
— liam.eth (@liamihorne) November 24, 2022
In my view, EIP-4844 is the most promising EIP contributing to the future of ethereum after The Merge.
— liam.eth (@liamihorne) November 24, 2022
Several L2 teams, various core devs from the EF, large crypto businesses, and major new projects all contributing to it because WE WANT TO SEE ETHEREUM WIN. pic.twitter.com/g9g0quwDKI
Now, I do want add that CFI does not mean "included" in the next hard fork. What gets decided in Shanghai is a separate process.
— liam.eth (@liamihorne) November 24, 2022
However, given 4844 and withdrawals both span the across the CL and EL layers, there does seem to be good reason to consider it for Shanghai.
Regardless, I hope that in this upcoming all core devs call we can understand the case for 4844 and make a strong judgment on the deservedness of CFI status!
— liam.eth (@liamihorne) November 24, 2022
If you have any thoughts on the EIP and want to contribute on the next ACD call, check out the agenda: https://t.co/L9v7dnA8oV
— liam.eth (@liamihorne) November 24, 2022
How did FTX/Alameda lose $8-10B?
1/ How did FTX/Alameda lose $8-10B?
— Martin Lee | Nansen ? (@themlpx) November 24, 2022
Why is Genesis impacted?
I dug into the @nansen_ai FTX report to find out: pic.twitter.com/okxuaXgHVB
2/ Starts of with the heavy involvement of Alameda since FTX's genesis in 2019:
— Martin Lee | Nansen ? (@themlpx) November 24, 2022
– Main non-CEX entity that interacted with FTX wallets pre-launch
– Received 5M FTT before official listing and was able to transfer the tokens (should have been locked) pic.twitter.com/o1mBX752xu
3/ (Cont.)
— Martin Lee | Nansen ? (@themlpx) November 24, 2022
– Almost all FTT tokens flowed through Alameda
– Alameda & FTX owned majority (up to 90%) of FTT's supply creating relatively low liquidity
– Small price movements = large balance sheet changes, both entities fates were heavily tied to the value of FTT pic.twitter.com/ocQO3ozQJI
4/ Using FTT as collateral:
— Martin Lee | Nansen ? (@themlpx) November 24, 2022
With much of Alameda's value tied to illiquid FTT, using it as collateral was a important source of liquidity
We see clear examples of that on-chain via their interactions with @SushiSwap
Deposit FTT, withdraw MIM pic.twitter.com/SYh4o0ZGnu
5/ Potential evidence of loans from Genesis:
— Martin Lee | Nansen ? (@themlpx) November 24, 2022
Nov – Dec 21: Alameda sends $1.7B in FTT to Genesis
June – July 22: Genesis sends back $1.4B in FTT during
While difficult to tell what the transfers were for, the sheer size suggest that Genesis might be a key lender to Alameda. pic.twitter.com/wi354AtOGo
6/ Potential evidence of loans from FTX:
— Martin Lee | Nansen ? (@themlpx) November 24, 2022
June – July 22: Alameda sends a total of $4B in FTT to FTX
Transfers peaking during the week that 3AC collapsed
The tokens were potentially collateral for a $4B loan that Alameda took from FTX pic.twitter.com/yJq600esRN
7/ Other interesting txs between Alameda, FTX & Genesis:
— Martin Lee | Nansen ? (@themlpx) November 24, 2022
12 May 22: FTX sends $758M in ETH & FTT to Alameda who sends it to Genesis
26 May 22: FTX sends $103M in FTT to Alameda who again sends it to Genesis pic.twitter.com/eayNRKxWu4
8/ The final days:
— Martin Lee | Nansen ? (@themlpx) November 24, 2022
28 Sept 22: Alameda receives $4.1B FTT from the FTT ICO contract and sends it to the FTT deployer.
31 Oct – 1 Nov 22: FTX & FTX US sends $388M worth of stables to Circle & Binance
2 Nov 22: CoinDesk drops their report on Alameda's balance sheet pic.twitter.com/wmeFX1GlSr
9/ (Cont.)
— Martin Lee | Nansen ? (@themlpx) November 24, 2022
6 Nov 22: CZ tweets about selling FTT, flurry of lies from @SBF_FTX @carolinecapital
7 Nov 22: Mass withdrawals from FTX, more lies from the 2
and the rest is history pic.twitter.com/Jxrfub6Axx
10/ It's difficult to determine what exactly the transactions between FTX, Alameda and Genesis were for since centralized entities are black boxes
— Martin Lee | Nansen ? (@themlpx) November 24, 2022
However, it's clear that FTX and Alameda were closely linked and Genesis had massive transactions with Alameda.
