Everything is going to be different
March, typically a terrible month for crypto, has shrugged its price drop driven misery, and is instead finding strength in the narrative of the “new”. Which is that in this changed, post Covid world, everything is going to be different.
Certainly it feels as though the opportunity to stake Ethereum and other coins is now not something we just talk about with people on Reddit, instead the chat is happening more with Managing Directors and CTOs of banks in Europe and the US. The new kids do not see staking as the latest chapter in the turbo charged hunt for yield, but as a long term space they want to be in.
Which blockchains should we be involved in?
Internally we are having lots of lively discussions about which blockchains we should be involved in beyond Ethereum, and how we make staking easy in a non-custodial way for them. The school of thought that says changing our logo is a massive headache, so why bother, apparently does not accurately reflect what you – our clients – would like us to do.
As I read the Chen, Xia, Lo, Grundy and Yang paper on Maintaining Smart Contracts on Ethereum, I am struck by how crude DELEGATECALL and SELFDESTRUCT are, as tools to manage and update smart contracts. This contrasts with the quality of the Ethereum ecosystem, and practical use cases of ETH, that today have no equal. I want Cardano and the rest to succeed because we have so much work to do to decentralise the platforms and digital business models that use them.
Prices go up and down
“Narrative” is as overused as “unprecedented” in these changing times. This week I keep thinking that change could be the wrong verb, and the real focus needs to be on the fact that prices go up and down. But don’t worry if you are staking Ethereum right now, there are options changing hands with the price of Ethereum pegged at $25k. Perhaps Tupac had it right, “that’s just the way it is”.
Have a great week!