This is so disappointing on every level. EIP released with 48 hours notice for comments. Realistically 4 months before it goes live. For a major network economics change with far reaching implications for all of DeFi. Every builder on Ethereum opposes this. Why is this a focus? None of the reasoning makes any damn sense. This will self evidently push out solo stakers who aren't subsidized by the EF or others. It will essentially guarantee that the only ones staking are large centralized entities with zero cost of capital where users passively hold their ETH. Why? It will obviously kill a huge chunk of DeFi which is built around the staking ecosystem. Seven of the top 10 DeFi protocols with face a capital exodus. Why? Is the idea that a 0.8% reduction in issuance is somehow going to help ETH price? People who stake ETH don't sell it. This change will halt any new ETH getting staked and realistically will result in tens of billions of $ of ETH getting unstaked and entering into the market, not to mention the implosion of the core Ethereum use case. Why? Is the concern that liquid staking tokens, which intermediate about a quarter of staked ETH, displace ETH as money? This reasoning betrays a cash-accounting level of understanding of the economy, as if only M1 counts as real money. LSTs serve as valuable building blocks, and in fact implement a lot of user protections that would not be appropriate to do at the network level. At a near zero cost of 10-15 bps. I say this as a builder on Ethereum, not as someone who stands to benefit from staking issuance. I don't have much at risk here. Almost all of @ether_fi revenue is now coming from vaults and payments, staking is a small (and shrinking) part of our business. This is bad for decentralization, this is bad for Ethereum adoption, and this is bad for the credibility of the network to roll things out this way. This reinforces the Ethereum critics' position that the network is run by a small group of insiders with no regard for the actual users and builders on the chain. I can say that neither I nor any builder I know was asked for feedback on this before it went live. Any nation state or large institution looking at this will justifiably have a dramatic loss of confidence in the governance and stability of Ethereum.

The @ether_fi product is absurdly better than anything else. Most importantly, you can actually trust the team. No hidden fees, no lies about cashback, no forcing users to stake some shitcoin. We suck at marketing tho.

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We are supportive of the @arbitrum proposal to return funds to users as soon as possible. We are confident that the absurd legal threats to restrain the ETH on the basis that it is North Korean property will be vacated shortly.

The $290M KelpDAO hack was a near death moment for DeFi We invited Stani Kulechov & Mike Silagadze to break down what actually happened @StaniKulechov @MikeSilagadze @JasonYanowitz We discuss: - KelpDAO's exploit - How DeFi survived - Launching DeFi United - How to prevent hacks - Why DeFi tokens are uninvestable & more! Timestamps: 04:08 How KelpDAO's Exploit Could Have Killed DeFi 14:13 Fidelity Crypto Ad 14:48 Launching DeFi United 30:12 Fidelity Crypto Ad 30:52 The Future of @aave & @ether_fi 39:00 DeFi’s Speculative Premium 43:00 How To Prevent DeFi Hacks? 53:00 Why DeFi Tokens Are Uninvestable

Why did @ether_fi commit 5k ETH to the Kelp hack recovery fund? Because we believe there was a very real risk that this could have killed DeFi. The default path was: Kelp bankruptcy -> $1.5B of rsETH tied up for years -> $30B Aave lending market locked up -> Cascade of DeFi and CeFi implosions. Game over for crypto. FTX would have looked small in comparison. In the face of these systemic risks we saw almost everyone pull back and hide behind lawyers. The worst case scenario was playing out. The one team that stood out and stepped up was Aave. In many ways they were the least to blame (and there was plenty of blame to go around) but they took ownership and immediately began raising funds to fill the hole left by the hack. If the @ether_fi team helped in some small way, it was mainly to open up communication help others see the gravity of the situation. There’s a lot more to be written about what happened, and things are still playing out. But I think the worst case scenario has been averted. Lots of soul searching to be done about systemic risks and decentralization theatre by everyone. We’ll do a longer write up in a few weeks.

After discussions with several stakeholders, Aave service providers, @Ether_fi, @KelpDAO, @LayerZero_Core, @compound_xyz, and others have submitted a governance proposal to the @arbitrum DAO requesting the release of ETH frozen by the Arbitrum Security Council following the April 18 rsETH incident. If released, the funds will be directed into DeFi United, a coordinated cross-protocol recovery effort aimed at restoring rsETH backing and remediating impairment of rsETH for users. This contribution would meaningfully advance the path to resolution as others confirm their commitments. The proposal is open for review, and we welcome feedback from the Arbitrum community.