Information yearns to be free. Give works Freely unto the world and embrace the exercise of moral discernment that is choosing to do right always, even if there are those downstream of you mutilating your fine works. This is simply the way of beautiful things, and it is simply a requirement of all beautiful things. To fight this with BUSL, with rentseeking, with intellectual property, with extractive moats is to preclude being a beautiful thing. The most profitable action in this decrepit "industry" has been forking Ethereum, just as assuredly as Milady has triumphed over its own derivative horde. This is the risk of anyone pushing values into a permissionless world, and there is life in this battle. Ethereum offers the tremendous foundation for the unstoppable, uncensorable blessed World Computer. These values are nonetheless intercepted, abandoned, and eroded in countless ways before they percolate to many end users. Wallet spyware, MEV abuse from frontends, embarassing mutlsigfi LARPing as decentralized, and fundamentally trustful L2s; these are examples of the myriad obstacles which stand between the fundamental beauty of Ethereum and what users interact with. Beyond the aforementioned erosion on our own hillside, the ideas of Ethereum are forked and bastardized perenially; lesser souls use the EVM and suffix their gambleslop standards with a -20, just as surely as Milady's eyes show up on downstream unaligned abominations. Rage against the eroding standards constantly; there is life in the battle and life in conviction. The constant expression of the uncompromising dream in the face of nihilists, or pragmatists, or incrementalists is a force of nature that will transform you. It will transform you the same way an eon of flowing water rounds the imperfect corners of an opal away. This transformative force is the grinding rasp of the file sharpening motivation into a fine blade, and it is the passage of countless monastic footsteps wearing grooves into cathedral stones. Do not deprive yourself of this struggle; log on and have fun!

Defi is a central part of the value that Ethereum provides. Financial empowerment is a central part of what it means to have agency and freedom in our current world. Finance is far from the only thing that Ethereum is good for, but it is an important thing. This post discusses how the Ethereum Foundation is approaching defi. Defi today makes the world's best savings, risk management and wealth-building opportunities permissionlessly available worldwide. We need to build on that. Ethereum's early defi era was great because it dared to dream and innovate and come up with totally new paradigms (eg. AMMs). Defi tomorrow will bring back that spirit. Don't just "make a better stablecoin", dig a layer deeper, and think about the underlying problem (risk management, hedging one's future expenses), and come up with an even better solution. But also, as the EF, we are not interested in supporting "onchain finance" or even "defi" indiscriminately. We have a specific vision of what we want to see out of defi: permissionless, open-source, private, security-first global finance that maximizes people's control over their own assets, minimizes centralized chokepoints and trusted third parties, and democratizes risk management and wealth building (the two key goals of finance according to modern portfolio theory) as well as payments. We want protocols that pass the walkaway test: that keep working even if the original team suddenly disappears without warning (or even: becomes hostile / compromised without warning). Bringing this vision to reality will inevitably take a lot of work. Defi is a complex toolchain, including various onchain components, user-side offchain components (ie. wallet, local agent...), other offchain components, etc. The things that we care about include areas like: * Improving security of defi through "traditional" means, eg. audits, standards, wallet-side safeguards * Improving security of defi through "new" means, eg. AI-assisted formal verification, user-side agents as safeguards * Oracle security and decentralization (there's A LOT of skeletons in the closet here, we as an ecosystem really need to point a big eye of sauron at it for a while) * Privacy. Both privacy-preserving payments, and privacy of more complex use cases (eg. what does it mean to have a maximally privacy-preserving CDP? there are clearly benefits in reducing liquidation-sniping risk, but it requires hard tech to get there) * Open source, and improving the licensing / forkability situation in defi Ethereum is a permissionless protocol, and nothing stops people from deploying insecure protocols, protocols that enshrine ultimately unneeded centralized trust in the name of convenience, or dopamine-maximizing gambleslop. However, we *are* interested in working with anyone aligned to make permissionless, open-source, intermediary-minimizing and security and user-agency-maximizing defi ecosystem as strong as possible, so that it can be not just individuals and institutions' first choice in Ethereum, but also a globally compelling way to manage funds for anyone who needs its properties.

Gambler 0x535e opened a 10x long on 17,137 $ZEC($9.57M) over the past 3 hours. Liquidation price: $537.56 He also placed take-profit limit orders between $545.19 and $740.37. If $ZEC rises to $740.37, he will profit 7.6M.

Gambler 0x049b opened 20x longs on 17,410 $ETH($40.07M) and 493.43 $BTC($40.01M) again. Liquidation prices: $ETH: $2,227.81 $BTC: $78,009.69 This gambler has already made $7.83M from 20x long and short trades on $BTC and $ETH.

PROCTER & GAMBLE $PG JUST REPORTED Q4 EARNINGS - Revenue of $21.2B missing expectations of $21.38B 🔴 (+2% YoY) - Adjusted EPS of $1.43 beating expectations of $1.41 🟢 (-3% YoY) - Organic sales flat YoY - Operating margin of 18.6%, down 2.2% YoY - Gross margin: 48.5%, down 0.6% YoY - Dividend increased for the 70th consecutive year FY27 guidance: - Core EPS of $6.89 to $7.11 vs expectations of $7.04 - Net sales growth of +1% to +3% - Organic sales growth of +1% to +3% - Core EPS growth of in-line to +3%