The Ex-Official Weekly Newsletter™️
Joined January 2020
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Week in Ethereum News retweeted
17 Mar 2025
Etherealize is from the Ethereum wing of Ethereum
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Week in Ethereum News retweeted
May 18
🏁 NEW BLOG POST 🏁
"You don't ship a codec by reading the spec. You ship it by knocking the reference and getting your teeth kicked in."
A new encoder. Not just an API: sophon.rs/blog/a-new-encoder…
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Week in Ethereum News retweeted
May 16
I'm going to become the exact kind of person that I hate and say that @StoffelMPC solves this
May 15
This morning, THORChain was drained of roughly $10.8m
Node operators have freezed the network for nearly 13 hours. The full analysis isn't out yet, but according to @jpthor, this could be a MPC exploit.
ECDSA and TSS is hard. THORChain's vaults rely on TSS, a flavor of MPC where a quorum of nodes jointly produces a signature without ever reconstructing the private key. Clean for Schnorr or EdDSA; painful for ECDSA, which Bitcoin and Ethereum require. That's why we saw plenty of protocol attempts (Lindell17, GG18, GG20, CMP, CGGMP21, DKLS, KU23...), each patching flaws in the previous one.
GG20 has a track record. THORChain's TSS uses GG20, on a fork of Binance's tss-lib. GG20 has shipped two well-publicized critical bugs: CVE-2023-33241 and TSSHOCK. CGGMP21, now cggmp24, are the latest protocols, but GG20 is still widely deployed.
I often hear a misconception when I hear about MPC setup: "The key is split across many nodes, so any single co-signer doesn't really matter".
In every published GG18/GG20 attack, one malicious or compromised co-signer is enough to extract everyone else's shard and reconstruct the full key.
AI changes the threat model. Compromising a full software node, complex Go stack, exposed P2P, custom signing daemons, a churn protocol that admits new participants on a schedule, has always been difficult and acted as a barrier. With LLM-driven vulnerability discovery and exploit synthesis, the bar to compromise one of N validators is dropping fast.
Here, it's a plausible TSSHOCK-style playbook:
- compromise one operator
- wait for it to churn into an active Asgard vault
- send malformed proofs during keygen or signing
- reconstruct the key offline
- sweep in a single transaction
It's unclear yet if the attacker used a known-unpatched GG20 weakness, or a fresh cryptographic flaw.
But, in all cases, MPC and TSS are not a substitute for hardening every co-signer. They sit on top of co-signers that must each be treated as critical infrastructure, hardware-isolated enclaves, minimally exposed, continuously audited, and running protocol with security proofs.
While the investigation progresses, be careful in your interactions onchain. These TSS setup are used in various protocols.
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Pull from your US bank account into Hyperliquid, Polygon, or any chain in less than 30 seconds
Stop stitching together 10 providers and losing customers to bad onboarding
Demo in production on the @worldnetwork app
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Week in Ethereum News retweeted
May 19
TIA is down 98% from the moment Charbonio told us it was the future of everything
Very concerning!
13 Oct 2025
Remember when the concernooor was so worried about ETH while he was shilling TIA to his audience?
Concerning!
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Week in Ethereum News retweeted
May 12
Secret sharing is linear.
Addition of shares is free.
Multiplication is not.
Multiplying [x] × [y] directly doubles the polynomial degree —
which means you need more parties to reconstruct the result.
Beaver triples solve this without touching the threshold.
How: stoffelmpc.com/stoffel-blog/…
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Week in Ethereum News retweeted
May 12
1/ Five months after MONY, JP Morgan is launching a second tokenized money market fund — on the biggest, most institutional public blockchain:
Ethereum.
May 9
1/ Two years after BUIDL, Blackrock launches two more tokenized funds — on the most biggest, most institutional public blockchain:
Ethereum.
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Week in Ethereum News retweeted
May 11
The key thing in decentralized money is the *decentralization.*
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Week in Ethereum News retweeted
May 9
Tom Lee explains his $62,500 ETH price target
“If we clear this Middle East problem and the US economy holds up through higher oil, I think we’re looking at a bull market that could run through 2028. A major move in equities is the setup… and here’s something to keep in mind. Since the war started, the best performing asset in the world — outperforming energy stocks — was Ethereum. It outperformed the S&P 500 by almost 20 percentage points, and you can see it has massively outperformed gold and silver. And if you take a look at Ethereum’s chart over the last 10 years, I think it’s going through a massive consolidation.”
In its first consolidation of 2016, Ethereum went on to rise by 227x. In the second consolidation of 2018 and 2019, Ethereum rose by 54x. Tom points out that Ethereum is in the midst of its third consolidation:
“I think there is a massive move coming in Ethereum, driven by a couple of things: tokenization and agentic AI… I think this means you can get something like a 25x for Ethereum.”
Tom gives a quick overview of the tokenization thesis:
“I think we’re going through an important moment in the financial system that’s not too different from 1971. Tokenization is making almost every asset synthetic, and it follows a roadmap that happened when the US went off the gold standard in 1971. This led to a huge unleashing of innovation and products from money market funds to currency futures to CDOs to indexed futures all because the US was trying to preserve the sovereignty of the dollar when we went off the gold standard. I think that’s happening today because we’re digitizing everything.”
He points to the following quote from JPMorgan CEO Jamie Dimon (formerly one of crypto’s biggest skeptics): “Crypto is better than the current financial system.”
Tom continues:
“I think everyone who’s building in crypto is going to develop these future products — stablecoins, tokenized equities, monetized reputation. It’s also part of the future agentic system.”
On a separate slide he points out all of the things Agentic AI will need that work better on crypto rails. Two are identity and payments. “Agents almost certainly won’t want to use PayPal or Visa or MasterCard to do micropayments,” Tom argues.
Lastly, Tom turns to price:
“Blockchains should gain relevance against against crypto’s store of value, which is Bitcoin. In our minds, the way to think about the future of Ethereum is its price ratio to Bitcoin The 8-year average was 0.0479. The high was 0.087… We think fair value for Bitcoin is $250,000, so if Ethereum goes back to the 8 year average, that’s $12,000 ETH. If Ethereum goes back to its 2021 high, that’s $22,000 ETH. But of course I think it’s better positioned today than it was in 2021. So that gets us to what we think is the ‘payment rails’ number — that Ethereum is going to be roughly a quarter of the value of Bitcoin. And that gets you to $62,500. And that’s kind of following the previous historical price cycles.”
Source: @ParisBlockWeek (May 2026)
Read Etherealize's "Productive Money" report on the path to $250,000 ETH below 👇
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Week in Ethereum News retweeted
May 8
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Week in Ethereum News retweeted
May 8
Hey, did you read @StoffelMPC's new Beaver Triples article yet?
stoffelmpc.com/stoffel-blog/…
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Week in Ethereum News retweeted
May 9
1/ Two years after BUIDL, Blackrock launches two more tokenized funds — on the most biggest, most institutional public blockchain:
Ethereum.
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Week in Ethereum News retweeted
Apr 28
Why are you still continuing Elizabeth Warren's war on crypto by prosecuting Roman Storm?
#FreeRomanStorm
Former Senior NIAID Official Indicted for Concealing Federal Records During COVID-19 Pandemic
“These allegations represent a profound abuse of trust at a time when the American people needed it most — during the height of a global pandemic,” said Acting Attorney General Todd Blanche. “As alleged in the indictment, Dr. Morens and his co-conspirators deliberately concealed information and falsified records in an effort to suppress alternative theories regarding the origins of COVID-19. Government officials have a solemn duty to provide honest, well-grounded facts and advice in service of the public interest — not to advance their own personal or ideological agendas.”
🔗: justice.gov/opa/pr/former-se…
ALT Former Senior NIAID Official Indicted for Concealing Federal Records During COVID-19 Pandemic
ALT “These allegations represent a profound abuse of trust at a time when the American people needed it most — during the height of a global pandemic,” said Acting Attorney General Todd Blanche. “As alleged in the indictment, Dr. Morens and his co-conspirators deliberately concealed information and falsified records in an effort to suppress alternative theories regarding the origins of COVID-19. Government officials have a solemn duty to provide honest, well-grounded facts and advice in service of the public interest — not to advance their own personal or ideological agendas.”
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to vault curators reading this
after considering the events in the last 30 days: hacks, depegs, opsec exploits, frozen L2 funds,
what does your codified "circuit breaker" SOP actually look like?
not the notion doc or Slack war room. the policy that's onchain.
genuinely curious how many people have one.
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Week in Ethereum News retweeted
Apr 28
I'm generally in favor of ETH staking issuance reduction, but only if @fundstrat is 100% on board.
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Week in Ethereum News retweeted
$ETH is proving to be a store of value
As argued by @Etherealize_io
Apr 27
4/
"Several recent research reports, including the latest research by @Etherealize_io , argue ETH is a 'store of value' and will be held as collateral as digital assets are increasingly used in financial transactions.
This role for ETH has arguably been demonstrated by its outperformance since the Iran War commenced. ETH has outperformed the S&P 500 by 1,696 basis points since the war started and remains the single best performing asset in the world (beside crude oil prices),"
stated Lee.
"Moreover, Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains. In our view, there is a lot of meaning to ETH being the best 'war-time store of value' and to ETH being the asset leading since the war started,"
said Lee.
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tokenized stocks are finally leaving the demo phase.
the hard part now is not minting the wrapper.
it’s running issuance, settlement, limits, rebalances, and exits across chains and venues without turning the ops layer into a mess.
a lot of “RWA infra” is still just distribution with a nice deck.
the real moat is programmable execution.
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a "circuit breaker" is the most overused word in DeFi this week. let's look at how one would actually look like:
monitor: oracle deviation > X% from peg, sustained over Y blocks. cross-checked against a second source.
trigger: deviation crosses threshold. policy fires automatically. no human in the loop, no governance vote.
action, in order:
- freeze new borrows against the asset
- cap utilization on existing markets
- route redemption queue to a fallback venue
- alert curator protocol multisig
all of this defined offchain, enforced onchain. the contract doesn't need to know what an LRT is, it needs to know what its policy says.
zero curators publish this today.
if you do, link the doc, we would love to review.
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Week in Ethereum News retweeted
To me, this is a fresh and comprehensive take by @Etherealize_io on the importance of ethereum and how the $ETH coin will play an increasingly important role as a unit of exchange
- the case for $250,000 ETH ‼️🚨
Apr 22
The $250,000 ETH Productive Money Price Target Explained
"You just have to look at the monetary premium that currently exists in gold and Bitcoin. If ETH is better money than gold and Bitcoin, it should capture the monetary premium of those two assets. Today gold has a market cap of ~$30 trillion and Bitcoin has a market cap of ~$1.5 trillion. If you divide that by 121 million ETH, you get a price somewhere between $250,000 and $300,000."
@mikemcg0 continues:
"I view Bitcoin and gold as the rough TAMs for scarce assets without counterparty risk. That's what gold is and that's what Bitcoin is... and I actually think that could end up being low because it doesn't include other TAMs like the broader money supply -- M2 is ~$22 trillion. There's a monetary premium in asset classes like luxury real estate -- you're not buying an apartment in NYC for the cap rate; it's more of a store of value. If the world converged on ETH as its store of value, it might win that monetary premium as well."
@VivekVentures adds:
"It sounds audacious but Ethereum is audacious. It's a new technology and people need to start thinking in exponentials... Institutional investors are starting to realize too that it's not just a discounted cash flow model -- Ethereum is not a software company. It's going for money. The repricing from an asset that's not well-understood yet to a productive money that's the global reserve asset is not something that's going to stop at a 10x... And that's what the opportunity is. There aren't many assets out there that have an intrinsic value floor with actual fundamental value plus a monetary premium -- and you have the ability to capture the growth of an entire network that's kind of like owning a piece of the Internet early on. That's what ETH is. It's one of the greatest assets I've ever seen."
Mike adds:
"I know the number can sound crazy on the surface, but one sanity check I like to do is: there's ~60 million millionaires and there's ~121 million ETH. If every millionaire globally tried to buy some ETH, they'd each be able to own ~2. Obviously there are people out there who own a lot more than 2 ETH, so it'd be less than that. So that's another way of thinking about these few-hundred-thousand-dollar price targets. I used to think about Bitcoin the same way. It's just a nice sanity check: If this is the global reserve asset and the world converges on it, and everyone tries to buy it, how much is left to go around?"
Read the full report and watch the full @edge_pod interview with @VivekVentures and @mikemcg0 in the links below.
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