There’s Only 1 Reason I’ll Dump My Ethereum!?

No one, I repeat no one…dives as deep as 
us, and today we are going subnautica level   deep because Ethereum needs to scale, and me 
thinks there is more than meets the optimistic   eye. Don’t blink, cuz it’s time for Chico Crypto!! So for those of you who do not know, Ethereum 
needs help on chain with scaling. Gas prices   during the late summer DeFi bubble got to 
seriously unsustainable levels, upwards of   10 dollars for just average speed transactions and 
between 15-20 for a fast one. Since the DeFi hype   has calmed…so has the fees, but they are still 
brutal…over 1 dollar for a fast transaction. So how is Ethereum going to scale?? Well 
there are 3 main groups out there for scaling.   Sidechains, Statechannels & rollups. 
And since that summer DeFi bubble,   one solution has taken the spotlight, and is 
what many think is going to save the day for   Ethereum.

Its from the rollup group, 
specifically of the optimistic kind. And one company, is pulling in 
the big DeFi names, creating an   optimistic rollup mainnet which they say 
will help these big DeFi products scale.   That is Optimism PBC from CEO 
and co-founder Jinglan Wang. So who is Jinglan & before helping 
synthetix and Uniswap with scaling   at Optimism PBC, what was she CEO 
of, and who was she helping scale? Well she was the CEO and 
co-founder of the Plasma Group,   and they were helping OMG Network, formerly 
Omisego scale with more viable plasma. As we can see from 2019 Omisego Developer 
updates, they were referencing Plasma Group,   and the work they were doing on coming 
up with a general purpose plasma chain,   going into the blog they reference, it’s 
from Plasma Group titled “Towards A General   Purpose Plasma'' and the tldr says “We 
created a general purpose plasma design   that allows you to build a broad class of smart 
contracts on plasma.

Reach out to learn how” Now OmiseGo, needed this…they 
were relying on Plasma Group   to help them solve scaling with Plasma and smart 
contracts…as we can see from this March 2019   Omisego blog post speaking about what the team 
has done they said “Among other things they’ve   already contributed to the founding of both 
the Stanford Center for Blockchain Research   and the Plasma Group, which was founded 
to create standards and general tools   for plasma development which will 
benefit the entire ecosystem. So OmiseGo contributed to the 
founding of the Plasma Group,   aka helped fund it. So the next 
question is…what happened to Plasma??? Well January of 2020, something weird happened. 
As you can see from Plasma Groups own website   still up to this day, there is 
a blog post with the heading   “Members of Plasma Group have 
moved on to new beginnings” And the blog is titled just that “On To New 
Beginnings”…and it says some very interesting   things…We see Ethereum entering a new chapter, 
and we’re so proud to have been able to contribute   to that progress.

A year ago, scalability 
research felt like the most pressing need to us,   so we threw everything we had into accelerating 
it. It is amazing to see the multitude of   competent teams pushing production plasma 
into reality now. This shift from research   to implementation means that our mission as 
a research organization must shift as well…. Which was shifting gears to from Plasma 
group to Optimism PBC and working on   Optimistic Rollups….They didn’t put 
out a general purpose Plasma chain,   because Plasma wasn’t it….it couldn’t 
handle the scaling of smart contracts….

But going back to their new beginnings 
blog…they thank their donors, which include   the ethereum foundation…executive board which 
includes Vitalik and Aya Myaguchi…OmiseGo, and   matic…which we know is using an adapted version 
of the plasma tech..but, the OmiseGo thanks   is important…”OmiseGO was among our earliest 
supporters, financial and moral support. Audits   on the first version of the OMG Plasma Framework, 
which took inspiration from Plasma Group’s   [work on predicates], are nearly finished. It’s 
exciting to see our work being used in the wild! Well how has their work paid off? What 
has the OMG network achieved? Well the   OMG mainnet launched with much Hype…with 
even Vitalik Buterin giving them a tweet   of congratulations…which he 
does not do that for many.

Why? Well he put his faith into them…early supporter, 
2017 tweeting about how their token model   is one of his favorites. Which makes sense…as 
Vitalik was or is…IDK an advisor to them. Now since this mainnet launch, 
we got some big scalability news,   USDT tether, could be put on the OMG layer, 
after a Bitfinex integration…which if you   go to the ETH gas station, that is much needed to 
this day…Tether is second biggest gas guzzler. Wait…if Tether is on OMG, which 
provides scaling, aka uses less gas,   why today is it still the second biggest 
gas guzzler? Well because no one is using   OMG…going to the mainnet explorer, just 10 
transactions, and 5 blocks over the past 24 hours.   And the mainnet has been running since June, over 
6 and a half months..only processing under 10   thousand transactions.

That tis 
not good. OMG is a ghost town.. And if you’ve been paying attention lately, OMG 
network is having a full on breakdown..being   acquired by a hong kong venture firm, 
former CEO Jun Hasagawa abandoning ship,   terrible vague AMA….in their subreddit 
daily discussions the past couple days,   people losing faith…criticizing the AMA. So, now that we have a history 
of what happened with Plasma,   which was technology for fronted by the Plasma 
Group, which hasn’t succeeded whatsover…my   question is, why is Ethereum putting 
faith into that same group again,   just rebranded to Optimism PBC with 
Jinglan and the Optimistic Rollup? And a deeper level we go! So As we 
can see, the late Summer DeFi bubble,   happened mid September…who decided to 
drop their light at the end of the tunnel,   tesnet plans September 24th…Optimism 
PBC did..saying the urge to scale is   bigger than ever…Synthetix would be the 
first to launch and trial the testnet…and   even putting out a roadmap, showing how the 
steps for mainnet were planned to go and how   the phased testnet with synthetic would go, 
consisting of 3 phases and a security drill… Then they say “In parallel, we will be preparing 
some of our other early adopters for testnet   integrations so that they are ready to deploy 
once the full testnet is running…and the   early adopter cohort is shown below, Synethtix, 
Uniswap and Chainlink…3 Massive Ethereum names.

But then, at the bottom something very 
interesting in the special acknowledgments. They   thank “George Hotz: for saving their arses” Saving their arses? George Hotz? 
Well I covered him on Monday,   he is a legendary developer, being the 1st to 
jailbreak the iphone, and the ps3 online network,   and now he is competing with elon musk in ai and 
self driving….told you this would come back up. And CEO Jinglang gives some insights…into 
the story in a tweet thread. She says they were   working on an EVM to OVM transpiler..they 
were up against a high pressure deadline?   My question is from who and for what? Well 
they searched within the solidity community,   and people plates were full…Full enough to not 
help ethereum scale? That doesn’t make sense… Well by fate, they met George at a restaurant, and 
spoke to him about the problem, and George decided   to come and help…which he did do, as we can 
see from the Pull Request for OVM "Transpilation" is geohot, George, who made the 
commits and changes in a matter of 4 days.

So back to Jinglan’s tweet regarding the 
meeting…she doesn’t reference anything   about what this was, a contract payment or 
anything…is just a really nice tweet thread,   which almost makes it look like George 
decided to help out of the kindness of   his heart. Well George in October spoke 
on this…lets listen in to his account “ So let’s listen to what George had to say ….so, 
they paid him to do it, andddd their original   compiler was a 3000 line mess?? This isn’t making 
sense, as George doesn’t work with Ethereum,   he probably has played with it…but he is no deep 
developer, I will tell you that…Now he was able   to fix your mess in a matter of 4 days…and 
in your blog you said he “saved” your arses… Well George is gone now. How is 
the optimistic testnet going? Well you have to look at the progress of 
the staged Synthetix testnet!! One day   after Optimism's post September 24th, Synthetic 
announced that they were already moving into Stage   A, staking on the optimism testnet…bullish…and 
then less than a month later, mid October   they announced Stage B…bullisher as you 
had devs tweeting about it, including the   ethernaut…which synthetic retweeted he said 
“We have successfully migrated/teleported   some $SNX from L1 to Optimism's L2.

So far, 
the subject appears to be completely healthy.   We will continue to monitor it throughout the 
night. Stay tuned & clem.eth, synthetic engineer   tweeting about it too “L2 phase 2 is out! You 
can now test L1 to L2 migration on Goerli… Superbly bullish for the rollup testnet…but   this speed slowed….like way down, it has taken 
nearly 2 months to move from Stage B to Stage   C…the final stage. December 4th synthetic 
dropped the blog…showing how to do it…. So based on this, Sytnethix being 
complete…the roadmap shows   a full testnet & second and third 
dapp should be integrated already!   Well I’ll tell ya, things aren’t looking that 
clear…Kain Warwick, founder of Synthetix was   on a call just 3 days before the phase C 

Let's hear what Kain had to say Dealbreaker, different path…that 
doesn’t sound good…let’s continue. So if you couldn’t tell, they are in the dark 
about where this is going, they have no freaking   idea, there is no consensus within themselves, 
and there is none on the outside as there isn’t   another team working with optimism’s layer 
2…replay what Justin Synethtix developer said… No one else is on the L2 with them, 
so optimism hasn’t started Uniswap,   or Justin would have never said that…. So, I’m not going to make a call 
on if Optimisim is the way to go,   because it’s not my place. I just bring 
up the question, that need answered.

Like   this one…Remember the Etherenaut…well 
that is Alejandro Ramos, Synethtix developer,   who was also on that call with Kain, 
regarding scaling December 1st… And guess what he tweeted just 
yesterday…he learned a developer trick   from….Austin Griffith…who loves to build 
on Xdai…sharing a similar view as me,   calling it Ethereum’s testnet of value. 
Cheers I’ll see you guys next time.

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