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(But links are outdated because Google Cloud has new UI)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

More from Crypto

Dan Held
Dan Held
@danheld
1/ Bitcoin: a bold new world.

Satoshi published the white paper on 10/31/2008. Right at the moment of peak despair during the 2008 financial crisis. Trust had been lost in a world that ran on trust.

2/ But why October 31st? It certainly wasn’t because Satoshi was a fan of halloween, it must have had a deeper meaning. With all of his actions, he demonstrated a careful precision.

He had been working on Bitcoin for at least a year and a half before publishing the white paper.

3/ “I believe I've worked through all those little details over the last year and a half while coding it, and there were a lot of them. The functional details are not covered in the paper, but the sourcecode is coming soon” - Satoshi Nakamoto

4/ On August 18, 2008 Satoshi registers registers https://t.co/rMWwiEwtxT through https://t.co/Uj8lMr10kB.

Satoshi was ready and waiting to hit the send button throughout 2008. What was so special about October 31st?

5/ I believe that Satoshi published the Bitcoin white paper on 10/31 as a hat tip to the ancient Gaelic festival of “Samhain” which was also the date in which Martin Luther nailed his 95 Theses to a church door. Both represent an end of the old and the beginning of the new.
CRYPTO
Stack H\xf6dler
Stack Hödler
@stackhodler
“What do you think about Ethereum?”

A question all Bitcoiners should have a good answer to when their friends and family ask them.

A few thoughts beyond the “shitcoin” meme...

The truth that ETH devs won’t admit is that they’re a bunch of tech nerds that want to hack on something exciting. Their priority isn’t to move humanity to sound money. They want to build the next big thing and feel like they’re on the cutting edge. Typical developer / SV mindset

Bitcoin is a binary bet on the whole market. There are two possibilities:

1. Bitcoin survives and goes to $10MM a coin because it is humanity’s first perfect money

2. Bitcoin is destroyed by central bankers / governments in which case ETH will certainly meet the same fate.

We know exactly what Bitcoin is.

Perfect money: Scarce. Transferable. Divisible. It’s doing one thing, and doing it well. And that one thing has enormous upside potential. Buy it, hold it, and don’t worry about it changing.

Ethereum on the other hand…

I’ve seen Ethereum change from:

- The new Internet infrastructure (lol at Blockchain replacing relational databases)
- Crypto Kitties with massive gas fees
- ICO scam platform
- “Eth is money”
- “Eth is bonds”
- DeFi platform for a bunch of two-bit startups relying on AWS
CRYPTO
Advertisement
Eric Tymoigne
Eric Tymoigne
@tymoignee
This "bitcoin is better than gold" statement going around once more show that bitcoiners have no clue about monetary history and what the purpose of a monetary system is. A thread.

1- Metal standards were never inflexible; they could not in order to operate properly. Qty of metal was changed, usually lowered, to accommodate for changing economic conditions: price of metal, scarcity of coins, financial needs of economic units (state and private), etc.

2- The purpose of a monetary system is to make the rest of the economy go. It is there to accommodate financial needs. The more elastic one can design the supply, the better.
That doesn't mean that monetary creation & destruction shouldn't follow any rules & have no constraint.

3- Rules and constraint impose depend on economic system and evolve over time has we learn how to manage better the system. In a capitalist economy, the private sector is subject to the profitability constraint. We have learned from experience that this is not enough.

3 (ii) Financial stability requires a "hedge finance" constraint for most private agents: profitability should be judged on income gains, not capital gains.
In the government sector, the constraints are ressource availability and political constraints.
CRYPTO
Demetri Kofinas
Demetri Kofinas
@kofinas
1/ If you’ve been listening to @HiddenForcesPod over the last few months, you will know that I’ve been wrestling with many emotions as we’ve moved through the 2020 election, past the inauguration and towards the start of a new presidential administration.

2/ I’ve felt some combination of anxiety, nervousness, distress and sometimes even, anger.

I think these result from the threat I feel emanating from our broken society, as evidenced by not only the assault on the Capitol but by the larger forces that have led us to this moment.


3/ Rather than make an effort to bring our country together, our partisan media and talking heads on cable news outlets find every opportunity to tear it apart.

Likewise, our regulators continue to turn a blind eye to the systemic build-up of risk happening in financial markets.

4/ The celebrated rise of Bitcoin is a symptom of these broken markets.

People have such little faith in government that they'd prefer to hold their money in a database with the carbon footprint of a small nation than in government bonds or in their FDIC insured bank accounts.

5/ And this illuminates a larger observation, which has to do with the generational divide that we are experiencing—a divide which cuts much deeper than any political fissure currently tearing the country apart.

Once again, we can turn to Bitcoin for answers.
CRYPTO
Art Hyde
Art Hyde
@JekyllCapital
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.
CRYPTO

You May Also Like

Gareth Harney
Gareth Harney
@OptimoPrincipi
1) The Temple of the Divine Claudius was a vast temple complex on Rome's Caelian Hill, overlooking the valley that would later be occupied by the Colosseum. Though almost nothing now remains of the structure, its scale and grandeur once rivalled anything in the city.. #LostRome


2) The 'Claudium' was intended as a sacred complex to revere Claudius and the imperial cult. Construction began soon after the death and deification of the emperor in 54 AD, initiated by his widow Agrippina who was likely responsible for his supposed death by poisoning. #LostRome


3) The sprawling temple complex sat on a gigantic podium that spread across the Caelian Hill, measuring 180 x 200 metres; with towering retaining walls of travertine that raised the structure 20 metres above the valley below. #LostRome


4) The elevated sacred area was likely entered by steps facing the temple on the west side. The temple itself had a projecting hexastyle porch and was surrounded by gardens and a grand portico, probably the 'porticus Claudia' mentioned in Martial's 'On the Spectacles'. #LostRome


5) Statues of both Agrippina and Claudius’ ill-fated young son Britannicus, sculpted in sumptuous dark Egyptian greywacke, were discovered among the ruins on the Caelian Hill in 1651 – and had almost certainly been displayed in the temple precinct. #LostRome
HISTORY
Invest Like the Best
Invest Like the Best
@InvestLikeBest
In 1937, a trucker got frustrated waiting for his cargo to be unloaded. He later sold his company for $1.1 billion.

Here’s the story of how Malcom McLean made a billion dollars and which startup could be following in his footsteps. (Inspired by our episode with @laurabehrenswu)


In the early 1950s, the shipping industry was a dying business.

New York’s docks were handling half as much domestic cargo in the early 1950s as they had been in the depressed 1930s.

In thirty years, no one had invested significant money in coastal shipping.

Why?

As McLean found out, loading ships was difficult and slow.

A truck or train would deliver items to the port. Each item was unloaded separately, recorded, and carried to storage.

When a ship was ready, each item was taken from storage, counted again, and hauled on-board.


The cost of this labor was significant. As one expert at the time explained:

“A four-thousand-mile voyage for a shipment might consume 50 percent of its costs in covering just the two ten-mile movements through two ports.”


Yet, despite the industry’s issues, it felt little pressure to change.

Foreigners were barred from operating domestically. Cartels ran international routes. And gov. subsidies eased the pain of labor costs.

Reshaping the industry needed an outsider.

Enter Malcolm McLean.
HISTORY
Advertisement
Jaya_Upadhyaya
Jaya_Upadhyaya
@Jayalko1
SRI KANTESH HANUMANTHA, KADARAMANDALAGI (KAR)
#bharatmandir

KANTESHA means Prabhu full of brightness.
Here, Sri Hanuman appears with a front face and sparkling eyes. Earlier, the village was also called KANTESHPURI on the name of Kantesha Hanuman.


Several thousands of years ago, Hanuman lived in this village. He once saw the Sun and mistaking it to be a fruit, began flying towards it. Since then, this village came to be known as Kadara Man Dalagi. (Kadar means rays, mandala is cluster of rays).


It is believed that King Janmejaya had set up the shrine to get rid of his difficulties.
There is a small pond on the right side of the kshetram where Teppotsava (Float festival) is celebrated.

Kanaka Dasa has praised Sri Kantesha in his various poetic compositions.


Kanaka Dasa was the first devotee to popularize the power of Kantesha. It is said that once Kanaka Dasa was deeply wounded in a battle. To seek blessings, he visited Tirupati but Sri Venkatesha appeared in his dream and advised him to see Kantesha first before seeing him.
ALL
Yoruba History - by NNP
Yoruba History - by NN...
@YorubaHistory
The Ife Primary Education Research Project (1970-1983).

aka

The Ife 6-Year Primary Project.


In 1970, as the Director of the Institute of Education of the then University of Ife (now Obafemi Awolowo University, Ile-Ife), later Dean Faculty of Education, Prof. Babs Fafunwa & his team embarked on one of the most groundbreaking research projects in education for Yorubaland.


The aim of the project was to test the hypothesis that the best instructional medium for good concept formation at a very tender age is the mother tongue.

This was bolstered by the observation that “of all the continents and peoples of the world, it is only in Africa…

…that formal education is offered in a language that is foreign to the child.”

So, Yoruba was to be used & tested as an exclusive medium of passing information or instructions to a set of pupils.

The project was based on the premise that:

(a). the child will benefit culturally, socially, linguistically & cognitively.

(b). the child’s command of English will be improved if he is taught English as an entirely separate subject by a specialist teacher through the 6 years.
ALL
The Chartians
The Chartians
@chartians
Took me 5 years to get the best Chartink scanners for Stock Market, but you’ll get it in 5 mminutes here ⏰

Do Share the above tweet 👆

These are going to be very simple yet effective pure price action based scanners, no fancy indicators nothing - hope you liked it.

https://t.co/JU0MJIbpRV

52 Week High
One of the classic scanners very you will get strong stocks to Bet on.

https://t.co/V69th0jwBr

Hourly Breakout
This scanner will give you short term bet breakouts like hourly or 2Hr breakout

Volume shocker
Volume spurt in a stock with massive X times
SCREENERS , ALL , CHARTLINK SCREENERS


Category Partner: Enkryptopedia