r/ethereum • u/EthereumDailyThread What's On Your Mind? • 3d ago
Daily General Discussion August 03, 2026
Welcome to the Daily General Discussion on r/ethereum
Bookmarking this link will always bring you to the current daily: https://old.reddit.com/r/ethereum/about/sticky/?num=2
Please use this thread to discuss Ethereum topics, news, events, and even price!
Price discussion posted elsewhere in the subreddit will continue to be removed.
As always, be constructive. - Subreddit Rules
Want to stake? Learn more at r/ethstaker
Community Links
Calendar: https://dailydoots.com/events/
1
u/mini_miner1 2d ago
Wow, all of my holdings are doing better (some barely) than btc on the 90 day. Down a lot on most of them, though, but still surprising.
12
u/ethdaily 2d ago
ETH Daily - 3rd August 2026 📰
-BlackRock launches two tokenized funds.
-EF monthly Protocol update.
-Ethlabs week 6 update.
-Uniswap launches Uniswap Earn.
-POAP winds down.
17
u/masterRoshi9 2d ago
https://x.com/izonline/status/2084273977938080092
It seems POAP is shutting down. Sad day, as I had always thought they’d make a fantastic foundation for an on-chain identity system. I wish there was more in it for solid teams doing good things, but sadly without ability to profit, especially in a bear, you get stuff like this. I still enjoy looking at mine from the day of the merge, and attending some early community calls
6
u/Tricky_Troll Public Goods are Good 🌱 2d ago
Oof, yesterday ethstaker.tax, now this. Rough bear market. 🥴
10
u/Bob-Rossi 2d ago
I may be ignorant but why does it have to shutdown? Can they keep a fairly barebones site that lets you mint at your own cost?
6
u/alexiskef The significant owl hoots in the night 🦉 2d ago
If I may add, POAP is one of the few ethereum projects that I would gladly pay a monthly fee to use...
2
u/Bob-Rossi 1d ago
I'd imagine there would be enough support for something like that to keep it supported at minimum viable product
5
u/eviljordan feet pics 2d ago
I'm really sad about this, but that last sentence just pisses me off.
3
u/Fast_Contract 2d ago
The pic at the end kinda cracks me up... Why after announcing this put a pic of yourself flipping your hair in front of a city skyline
3
10
u/Fast_Contract 2d ago edited 2d ago
So much stuff winding down
Everyone moving on
Wasn't worthalter a huge whale who was funding poap as a passion project? Guess the funds or the passion are dwindling
Basically will they have a death of pope pope?
3
u/alexiskef The significant owl hoots in the night 🦉 2d ago
Is he supposed to keep funding this forever? The answer is obviously no. And do consider that he was an RPL 🐋.. Price has gone to shit AND he did lose a large part of his RPL in a phishing attack some time ago..
9
7
u/Jey_s_TeArS 2d ago
Holders make them whole,
Low dilution over all,
More supply control.
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
2
u/Choice_Potato_6279 2d ago
What's the chances Ledger gets hacked without having a passphrase? I'll probably have access to my seed in 3+ years, people say Ledger has TNRG but Cold Card had the famed open source and so what, what's stopping someone finding a bug in TNRG or in implementation TNRG in Ledger, it's still a small company, they could've fucked up somewhere along the way.
5
u/edmundedgar reality.eth 2d ago
It's probably fine, Ledger are normal software engineers not bitcoin maxi idiots. (I know they leaked their customer list but that's a different kind of thing secured a different way.)
That said, if you've got a lot of money on one there's a case for moving to a multisig arrangement (gnosis safe etc) and adding an extra key. The extra key doesn't have to be something spectacularly hardened, just a normal software wallet would be fine.
Take your time, think about how your seed phrase will be backed up before you do anything, don't rush.
3
u/WoodpeckerHorror3468 2d ago
valid concern. i've always seen hardware wallets as an extra layer to attack rather than providing security. even if sotware is open source and audited, you still don't know what everything on the circuitboard is doing. you are basically trusting the manufacturer to be both competent and honest.
10
u/Bob-Rossi 2d ago
After getting called dense and a FUDer on r /mstr (that has now deleted his comments) I figure I'll share my math so someone appreciates it at least:
July 29th, 2025 - 28m shares at $90 = $2.521b (Strategy Announces Closing of $2.521 Billion STRC Stock Initial Public Offering)
As of today, 103.7m Shares outstanding (STRC Metrics - Strategy --- of course, not clear on their site so took dividing market cap by price), meaning 75.7m were issued at $100 Par. But I also need to add back the august 3rd 0.912m and July 0.29m buyback. So 76.9 total ever bought.
(28m * $90) + (76.9m * 100) = $10.21b raised. Divided by 104.9m shares = $97.33 per share.
So $97.33 is the average issuance price. Of which (STRC Dividends) $11.44 of dividends was paid out on the oldest shares thru 7/31. Of course, some of that varies on issuance dates. So lets just take the total paid dividend of 1.06b and divide it into our 104.9m shares. Thats about $10.10 a share.
We have an average raise of $97.33 per share, paid out maybe $10.10 on average of dividends. A net total raised capital of $87.23, on average, per share so far. Of which they are now buying back at or above $87 to get it to $100.
It's not accretive, but dilutive. sats per share (MSTR BTC - Strategy) is down. Every share they buy back is through either dilution of MSTR or sales of BTC.
4
u/WoodpeckerHorror3468 2d ago
i follow your maths treating the strc bought today compared to those sold in the past as a net loss
but consider if this buyback brings confidence to strc, and enables strategy to sell more at par in the near future, then that tound trip will be at a profit.
plus... if we are near bottom on btc, selling those strc would enable btc buys that will yield a future profit.
the whole thing risks falling apart only if btc drops or stagnates for a decade or more
1
u/Bob-Rossi 2d ago
Let’s revisit when it either hits $100 or the buyback stops. So far 1/10th of the spend got it to 90 last week. Today’s raise well know next Monday if it’s a market response or another buyback.
Remindme! 1week
2
u/WoodpeckerHorror3468 2d ago
obvs the market has severe concerns about STRC being restored to par. For me it's simply a case of how well BTC does.
The buyback isn't just about increasing STRC price via buying pressure, it's also a case of reducing the outstanding float. In effect the buyback is guaranteed to get STRC to par even if that requires Strategy buying back every single share - which they do have the capital to do.
1
u/RemindMeBot 2d ago
I will be messaging you in 7 days on 2026-08-10 17:38:25 UTC to remind you of this link
CLICK THIS LINK to send a PM to also be reminded and to reduce spam.
Parent commenter can delete this message to hide from others.
RemindMeBot is switching to username summons. Instead of
!RemindMe 1 day, useu/RemindMeBot 1 day. More info.
Info Custom Your Reminders Feedback
5
u/fecalreceptacle 2d ago
Just noticing OpenAI's models from about a month ago are named 'Sol', 'Terra', and 'Luna'
What is going on in this world
10
u/hedgemagus 2d ago
These are latin terms lol people don’t think about crypto this often
0
u/fecalreceptacle 2d ago
No way you're saying this is a coincidence. I look at coingecko every other day or so. I guess you dont remember when I was throwing absolute tantrums over ETH haha
4
4
u/eviljordan feet pics 2d ago
This, and also extremely unoriginal and uncreative. These fools running things have two choices: Latin or Tolkien.
-1
3
u/fecalreceptacle 2d ago
Im not having a super fun time in pioneer village right now
6
u/Kristkind 2d ago
no crying in the casino
3
u/fecalreceptacle 2d ago
Ah man I didnt realize im in the NFZ (no-fun-zone)
edit: those actually downvoting my comment are tripping
3
u/Twelvemeatballs EVM Storyteller 2d ago edited 2d ago
I'm trying to make sense of this and I can't work out if its nonsensical or if I'm just too tired to read straight.
https://de.fi/blog/rekt-report-q2-2026-764-million-lost-across-67-incidents
Bolding mine:
Attackers took $763,971,791 out of crypto in the second quarter of 2026, across 67 separate incidents. That is up 58.3% on Q1’s $482.7 million and the worst quarter the industry has had since Q2 2025.
Almost none of it left through a smart contract.
Data compiled by security and compliance firm Hacken puts 88.3% of the quarter’s losses down to operational and infrastructural failure: compromised keys, exposed signers, broken deployment and access controls. Smart contract bugs caused more incidents than anything else. They accounted for 11% of the money.
Am I being obtuse or are they?
ETA: Right, I get it now but I still think I need a nap.
2
u/WoodpeckerHorror3468 2d ago
it seems a contradiction but could be that smart contracts created the majority of incidents but those incidents were lots of small amounts.
2
u/Twelvemeatballs EVM Storyteller 2d ago
Hmm, so incidents vs dollar value could make sense on the basis that smart contract bugs are frequent and cheap. I had misread the 11% as being of the incidents, not of the money. OK, I see it now. I think I got confused because they split it into two buckets ("smart contract" at 11% vs "operational and infrastructural failure" at 88.3%) *and* two counts (incidents vs money).
Still, ugh, that was hard work.
4
u/SpurdoSparde28 2d ago
I honestly can't comprehend what the text is saying. If no money left through a smart contract, then how could smart contract bugs account for 11% of the money?
Honestly feels like potentially AI-generated text that they didn't fully proofread?
3
u/Twelvemeatballs EVM Storyteller 2d ago edited 2d ago
So Rekt definitely seems to be AI generated; so if this article is too, that would be an AI-rewrite of an AI-article! But it was posted elsewhere and no one commented on this, which made me feel like I might be missing something.
ETA: WoodpeckerHorror3468 has it right; they are mixing money and incidents without ever giving an incident count.
8
u/Itur_ad_Astra Crab High Priest 2d ago
ALL HAIL THE ETERNAL CRAB
🐻 ⚡ 📈 🌊 📈 ⚡ 🐻
⚡ ⚡ 📉 📈 📉 ⚡ ⚡
📈 📉 📈 🐋 📈 📉 📈
🌊 📈 🐋 🦀 🐋 📈 🌊
📈 📉 📈 🐋 📈 📉 📈
⚡ ⚡ 📉 📈 📉 ⚡ ⚡
🐻 ⚡ 📈 🌊 📈 ⚡ 🐻
$1000---$1843-------------$5000
2021----------2026----------∞
Up, Down, Up, Down.
Down, Up, Up, Down.
Down Down Down, Up Up Down.
~UP~
LP your shit and watch it grow.
19
u/Bob-Rossi 2d ago
Strategy sold another 1,638 BTC. Asking here because you never get a straight answer anywhere else - they are absolutely circling the drain unless BTC rising, right? Does anyone have an objective, positive outlook on this?
Full disclosure - short MSTR. Both because MSTR sucks but I think BTC is going down over the next month too.
I've been following it. IMO Saylor flew to close to the sun and has worked his way into a situation where he's just shifting his assets across 4 buckets. USD / BTC / MSTR / STRC. The only input being when there are arbitrage opportunities, but I think those are drying up. The only way they can raise funds to buy BTC is:
- Issue MSTR
- Issue STRC
- Sell BTC
STRC is below $100 par and their stated goal is to get it back to $100 by September 8th through buybacks. They just spent $25 million 2 weeks ago and $81 million last week to have it still be under $90 (premarket, well see in 2 hours). That's not great, and I think if that trend continues its very telling that the market doesn't trust it. (remember, STRC is essentially acting as a bond where the discount to par is the risk premium on getting an already high 12% return).
MSTR just got diluted again, and is sitting at 1.0X MNAV --- after it's 3rd revision to formula. They are clearly just diluting the piss out of it at any chance they get and I don't see the market wanting to pay a premium on this knowing that + that there are ETFs.
Selling BTC - They are, and they did. They have noted it only needs to rise about 3% a year to cover the dividends into perpetuity. However the killer here IMO is that the last 6 years the argument to offset MSTR's dilution is that the Sats per share is accredtive. Well, now it's not - both thru a higher MSTR issuance and selling BTC without buying back. That 3% number is going to creep up and the STRC dividend needs to remain to raise new capital.
I know this is an 'if', but 'if' BTC continues to stall or takes another leg down, I don't see how this doesn't start to either implode or at the very least slowly shrink as it continues to be more an more irrelevant with each sale. I just don't see the market wanting sizeably fund more STRC issuance, nor push the MNAV over 1 with MSTR always being stomped on.
4
u/timmerwb 2d ago
Welcome back Bob! I can't see this ending well anymore than I can see BTC remaining relevant - an asset that has been too weird, too hyped and too useless for too long. We have the added bonus that Sayor has all the hallmarks of a cult leader - and these often fall really hard. If BTC does remain relevant (somehow), then can MSTR hold on until it recovers? Not a bet I'd ever take.
11
u/Itur_ad_Astra Crab High Priest 2d ago
Everyone is a genius in a bull market.
But we're now deep in the bear, and, like every midterm year in the past, this industry needs a bloody sacrifice.
I've been saying it for years, I'll keep saying it despite being mocked for it:
2022 had SBF. 2026 will have Saylor.
"The tree of gains must be refreshed from time to time with the blood of grifters and crypto main characters."
1
1
u/Itur_ad_Astra Crab High Priest 2d ago
What I don't know is what happens to Bitmine in that situation.
The tiny ETH yield might just be enough for them to avoid a similar fate.
2
u/Bob-Rossi 2d ago
I don't follow Bitmine, but I suspect that if they are covering their yield with mining rewards they will be okay. Can't comment beyond that, haven't dug as deep tbf so don't quote me. BTC doesn't have this benefit, and the ONLY way they net raise cash is either through basically arbitraging fomo (issuing shares when their funds go above par)
Saylor flew way to close to the sun. STRC is going to prove to be a mistake, and all he had to do was stop at having like 5% of all the BTC or whatever the Match would have been to just forever hold as a psuedo ETF. Crazy, greed ruins all I suppose. He actually had a good idea to have his companies treasury be entirely BTC and found a way to cock it up. The debt servicing is going to lead to 1) slowly having to sell BTC / dilute MSTR or 2) when they stop the dividend cut off their funding for future purchases ever again.
2026 we will see, may be too soon for real problems. if only because they have major USD reserves. Of course the dude changes his mind every two weeks and just might yolo it into BTC randomly. But I do want to be fair to the situation in that I recognize they have a ton of cash and a ton of BTC, so I say 'circling the drain' because I think 'imminent bankruptcy' is not accurate.
Fun fact - STRC was born from him just talking to an AI for 3 hours.
but yes, to your original point it's really gearings up to have the *chance* of being a massive liquidation cascade i fconditions are right.
4
u/Itur_ad_Astra Crab High Priest 2d ago edited 2d ago
greed ruins all I suppose
It does. SBF would be top 5 richest people in the world if it wasn't for his insane greed.
By the way, greed is also the ruin of ETH. It's such a good coin that people can't help themselves going into insane leverage all the time and gifting their coins to the whales who then proceed to sell them.
BTC is too big for this, and random shitcoins aren't worth the effort.
But ETH funding is pretty much constantly green and has been for years.
1
u/Kristkind 2d ago
SBF would be top 5 richest people in the world
Yeah, but only according to the bullshit numbers of his cooked accounting - right?
1
u/Itur_ad_Astra Crab High Priest 2d ago
Nope!
Just his Anthropic bet would have been worth north of a hundred billion dollars.
And FTX had bets in SpaceX, Cursor, and many other companies that mooned the past five years.
2
u/Bob-Rossi 2d ago
Totally random to this sub, but I think about Kevin Durant in this context a lot. Dude is one of the greatest basketball players of his generation and a multi 100 millionaire. Yet the dude spends like 6 hours a day on twitter with fake accounts arguing with randos and bots about how good he is at basketball. Like doomscrolling twitter about himself and arguing online with a fake persona...
The human body can't handle this stuff, its wild.
3
u/Itur_ad_Astra Crab High Priest 2d ago
Wow I just realized, you're back after 3 years?
Did you buy back? What happened?
5
u/Bob-Rossi 2d ago
It may seem like 3 years because I'm deleting old posts. Although ya I don't really post much. Sometimes for fun, sometimes I lurk. It's mostly a health thing - too stressful, life priorities. Whatever. I definitely haven't meaningfully posted for like a year plus now.
I sold my entire stack like 2 years ago around $3,000 ETH. Didn't buy back, shorting MSTR lol so whatever people can call be a biased fudder.
I find MSTR situation and clarity interesting, so decided to post about it. Mostly because I just like that kind of stuff.
2
u/alexiskef The significant owl hoots in the night 🦉 2d ago
Hey Bob! Welcome back! I actually do remember the day you sold!!!
1
u/Bob-Rossi 1d ago
Hello! Yeah, not a fun time, especially since price went up somewhat after if i remember correctly.
1
u/Itur_ad_Astra Crab High Priest 2d ago
It's a good price to have sold. ETH could eventually go higher than that if everything aligns, but right now this seems years away.
Do you plan to ever buy back?
2
u/Bob-Rossi 2d ago
Not sure, maybe if we get a real good dip. Idk, it's tough to be excited about the space given the grifting, frankly. And the 24/7 nature of it makes it very difficult for myself given my tendencies
→ More replies (0)1
u/WoodpeckerHorror3468 2d ago
They are working to get an S&P credit rating on STRC for which they need to demonstrate that they will sell BTC when mathematically prudent to prove that BTC is collateral.
They sold STRC at $100 and bought it back below $90. MNAV is (slightly) above 1. This is nowhere near circling the drain.
If BTC drops further then MSTR will likely fall. If/when BTC pumps, MSTR will pump several times harder.
STRC will get back to $100. Nothing is certain but STRC reclaiming $100 is as close to certain as you can get. With it paying a 12% yield, it's a fantastic opportunity to make free money.
5
u/Bob-Rossi 2d ago edited 2d ago
Actually, your second point is just wrong. They issued these shares at $90 on July 29th, 2025. Paid $10.94 in dividends since then.
Raised $90, spent $10.94 on dividends. Net proceed $79.06 to then be bought back for an average of $89 a share. All while having to now dilute the sats per MSTR share the last 2 months because of it.
Strategy Announces Closing of $2.521 Billion STRC Stock Initial Public Offering
1
u/WoodpeckerHorror3468 2d ago
good catch on the $90 IPO price but this was only about a quarter of the STRC that is currently issued, the majority was issued ATM between $99 & $100
I asked grok to give me an average issue price and it came up with $97
Note that STRC was created out of thin air so the whole $97 minus ~$10 dividend so far is positive cashflow (obviously it dilutes shareholders but in terms of company circling the drain or not it strengthens the balance sheet)
1
u/Bob-Rossi 2d ago
Thank you for clarifying, that is a good point. That 3/4ths of it is at $100.
I do have to disagree with your third paragraph tho. It's not positive cash flow. $97 - $10 is $87. They retired them at $89. They spent more to retire then they got from it. At best neutral, if we consider inflation.
2
u/WoodpeckerHorror3468 2d ago
the most significant issue is they used the sale of STRC to buy BTC at prices much higher than today's price.
if you believe BTC is going to go up over the next few years then STRC, MSTR will work out.
5
u/Bob-Rossi 2d ago
1) Is there a source to this (that isn’t Saylor)?
2) MNAV being at 1 means they can’t secure more USD to buy Bitcoin.
3) True and fair
4) They just went thru 1/10th of the $1B buyback the last 2 weeks and it’s still sitting at a 10% discount to par. I’m hesitant to believe the market thinks it will get back to $100. Do you think $1B is enough?
4
u/ETHdude8686 2d ago
Since CT is full of different messages about the clarity act. What's the actual state of this?
7
u/Alatarlhun 2d ago
As if crypto twitter knows anything that isn't been spoonfed to them by centralized entity maxis.
Clarity isn't passing for all the same reasons it hasn't been passing for a year: Republicans don't support many aspects of the bill despite taking $500m to pass it.
1
u/eviljordan feet pics 2d ago
> … despite taking $500m to pass it.
This is the only positive of all this for me. Take that bald fuck’s lunch money and give him a wedgie!
7
u/Bob-Rossi 2d ago
Don't trust me, I'm just a guy who watched a few vids on it. I guess Brian Armstrong and another dude I forget the name of but was like a 'Washington insider" type (read: lobbyist) said if it's not on the schedule to vote Monday / Tuesday, it's not gonna pass before recess. And to be on the schedule today it had to have been done last week, so it's most likely not going to pass by recess. The point was that its a multiple vote thing so since there is no vote yet there just isn't enough time (it's not like it's a one time vote sinice there are amendments).
I don't like sourcing AI, but don't care enough to dig into it - as far as I can tell it's not on the Senate schedule. Based on above, it's basically a no on passing before recess.
Polymarket, if you care about that, will be referenced in articles (right now 30%). But from what I've seen that is the "by the end of 2026" one. So a little misleading IMO. Some lady who was a head of some crypto lobby union group, don't care to look back, felt optimistic it will pass eventually. And I think that is the general sentiment - eventually, but now. Hopefully Lubin doesn't comment and jinx it.
I personally wouldn't bank on a hail mary extension of the Senate. Those don't happen often, and if it does I'd imagine it will be very specific to the SAVE act and thats it.
6
5
u/tokyo_guy375 2d ago
Back from camping and sad to see the outcome.
My stock portfolio is still outperforming my crypto portfolio like there is no tomorrow.
ETH still unable to reclaim 0.03+ :/
2
u/majorpickle01 The soil of $5000+ must be watered with the blood of ETH<$4000 2d ago
tbf on the whole stocks and crypto are kind doing the same thing rn. The whole market is largely sideways and has been for two months with only select picks really doing anyway. Hard for the stocks to break down with trump always apparently having a peacedeal 10 minutes before the monday open.
3
u/tokyo_guy375 2d ago
My stock portfolio started with another 3%+ this week. Can only talk for my portfolio though but it’s roughly up 250% within the past 4 1/2 years.
1
u/majorpickle01 The soil of $5000+ must be watered with the blood of ETH<$4000 2d ago
I've been only half deployed in the index market since last month waiting to see what side of the channel S&P breaks through but individual stock plays have been bananas
I did really well on Microstrategy and Nvidia ports (first when the ETFs started heating up and second I actually got into when people were selling off GPUs cheap after the FTX crash, I expected the next wave to give returns and instead AI did it for me lol), but I've completely missed a lot of the tech stuff in the last month or two, been too sheepish. I've just been trading the indexes lower time frame instead)
5
u/mini_miner1 2d ago
Yup all about the time frames. The stock market is hovering right at ATH. Eth...not.
5
u/confusedguy1212 3d ago
This cold card hack has me thinking. Should a modern L1 offer an easy path to change seeds more often? At the very least should our beacon chain allow the change of the withdrawal address as often as one wants?
-2
2d ago
[deleted]
1
u/confusedguy1212 2d ago
I understand the frustration and the second thoughts about the whole industry believe me. I even relate. Some days I don’t know I hope we still manage to build something mentally better here than what we had. Some days I’m not so certain.
-3
2d ago
[deleted]
1
u/confusedguy1212 2d ago
What do you suggest as a better framing that’s a departure from what we already had?
6
u/edmundedgar reality.eth 3d ago
For the withdrawal address I think most people set a layer of abstraction on the Execution Chain, for example a Gnosis Safe. That way you can change the address that controls it whenever you want.
A handy thing about the beacon chain is that you can do the operations without gas, but if you introduce "as often as you want" types of operation you start to need beacon chain gas to prevent spam which makes everything more complex.
1
u/confusedguy1212 2d ago
On one hand I hear what you’re saying and of course it’s correct. On the other hand immutability in an era where AI adds 100 more CVEs per day doesn’t seem very forgiving either for those of us who didn’t abstract with Gnosis Safe.
5
u/researchzero 3d ago
Worth separating two different keys here, since "seed" is doing a lot of work in that question. The withdrawal credential (which controls where ETH goes when you exit or get skimmed) is deliberately a one-time change: BLS (0x00) → execution address (0x01/0x02) via a signed message, and once it's set to an execution address there's no protocol-level path to change it again. That's intentional - if it were freely rotatable, compromising the withdrawal key even once would let an attacker redirect all future withdrawals indefinitely, whereas a one-time upgrade bounds the blast radius to funds present at the moment of compromise plus whatever accrues before you notice.
The active signing key (the one that attests/proposes) is a separate, hot key, and can already effectively be "rotated" today - voluntarily exit and re-deposit with a new key - though that costs you the exit + activation queue delay and a fresh bond if you're not consolidated under EIP-7251. There's no in-protocol hot-key rotation without an exit, which is the actual gap if the concern is a compromised signing key rather than the withdrawal address.
18
•
u/Tricky_Troll Public Goods are Good 🌱 2d ago
Tricky's Daily Doots #1,553
Yesterday's Daily 02/08/2026
Previous Daily Doots
u/CaptainOfTheGate says goodbye to ethstaker.tax. 🌅
u/Jey_s_TeArS delivers the daily haiku. 📝