Why ETH is Permissionless Money | Mike Neuder
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Welcome to the bank summer. A series of talks from speakers all around the a hearing ecosystems were represented at a one day event hosted the day after dept. N called the bank of summer. Mike nodder spoke at the summer talking about how eat is permissionless money. Mike is a researcher at the a theory foundation, and this talk is a formalization of an idea that combines these strong property rights assurances that the syrians stage true role bs offers, along with the monetary networks that they create, along with the sound money properties that ease economics, has overrated together into a single talk, along with some very up quotes from higher, graver and misses, to make this one of the stronger articulations of what is and the syrian are in twenty twenty four. I hope you enjoy, because I certainly did this talk from mike noted, but first, a moment to talk about on these fantastic sponsors that make the show possible.

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Go hello, hello. Has IT going OK raise your hand if you're at dev con kay prevent ch, everyone. So yeah, thanks for coming second half of the day of the conference after the conference.

So thanks for sticking with us. Yeah, the title of my talk is the sticker is eat, which is this kind of meme that the talk tweet out. But really the true title is eat this permissionless money. So that kind of vote will go into.

And yeah, i'll divide the talking to two, have the first half will be eat this permissionless and so kind of talk about property rights, about what I think is the most important feature of either the set and how IT spreads property rights to the altus and kind of beyond. And the second half talk about money and that will be kind of my personnel take on how I think about money and how either spreads as the monetary asset as well. So yeah, let's jump back into IT.

So if is permissions onless and i'll start with a few quotes to kind of motivate why this matters, this ones from haag. And he says, what our generation has forgotten is that the system of private property is the most important guarantee of freedom. And a similar sentiment for melt in freedman. I think that nothing is important for freedom as recognizing in the law each individual natural right to property.

So yeah, both of these kind of elude to the same point and really is the core of why i'm super excited about a theory and cypher to generally, which is IT gives strong property rights to digital assets and that's fundamentally the value proposition of theory um and eat asset to me. So how does this work? What are probably rights of east?

I think it's useful to start with eat on the lone and kind of remind ourselves from first principles what purposes serves on l one. And it's pretty amazing we can summarize IT and I think one sentence pretty sickly by saying anyone can permissions lesly store, send and program eat the native asset, right? And this is kind of remarkable, and it's all right.

And to kind of help illustrate this, I have a diagram. We have three or may net and has a few different accounts and a contract, right? So these are kind of like the two different ways that you can interact with each on mean that obviously you can transfer eat from one account to another.

And just this in itself is like prety amazing, right? You can send money globally in twelve seconds and it's like super secure and extremely easy to do so. You know, sending money over banking infrastructure is like very painful.

And this is a remarkably simple way to do IT. But of course, beyond that, there's this program mably aspect, right? So we have an account here, number three, and it's interacting with you to swap, to swap for some stable coin die.

Or as someone pointed out, IT should be rebranded to U. S. D. S, which is kind of to make a rebranded of their stable point. So yeah, this is kind of table stakes. Everyone here is probably ly heard this story million times, but I think it's worth readership and kind grounding what either does on the l one before moving on to kind of either in the role epson tric grow up more broadly, which is what we get you out.

So what about the property rights of east on grow ups? right? This is kind of the next stage of the scaling road map of how we expect people to interact with these decentish ed applications, these box chains.

And the one center summer here is actually maybe something different than what you ve heard before, which is anyone can permissionless ally bridge east in and out of rolls. So this isn't to say anything about being able to have continuously use any application on any roller that kind of not possible. That's one of the sacrifices we make by moving to the role center code map.

But the core thing that the role bs do preserve is the property rights of the east. And importantly, once you bridge your eat in, you can always IT out no matter what the sequencer says, even if the sequence CER goes offline or is like explicit, trying to sense you to stop the transfer of your value. It's not able to do so because of this forced exit mechanism.

And we'll have go through that now. And i'll say before jump ing into this, when I say roll up, i'm talking about the kind of canonical definition of roll up where there's a smart contract bridge on the remaining that has da that IT posts the transaction data onto theoria blos themselves and that kind of important and will see why in the next light right? So diagram number two, we have a theory um in net and now we also have this system um roll up on the right and the roll up is a different state.

It's separate from the three year main net state, but you can bridge from main net into the rolled up by sending either to this bridge. I'm kind of representing IT with this bridge in this gets reflected in the role state by a crediting account, one with some baLance right? right? And now this either is locked in the contract on l one, but kind of from the view of the roll up, this is now able to be used by account one in that state.

Obviously, you can transfer IT around. You can use IT in applications on the l two. But the element of the east, on the theory al op. That I want to focus on is the ability to exit, the right to exit, and that comes through this force withdraw mechanism that takes place for these rolph.

So the force draw mechanism is a pretty cool feature where you include transaction on a theoria magnet to unlock IT from the bridge and the kind of key distinction about property rights of east on rollos specifically is that this force with draw function only depends on theory. M, D A. So A R, M, D A is the set of blows.

This was what was the focus of the previous APP for for four. And it's kind of remarkable that you get this property that now theoria rops have given the kind of exact same property rights to eat on their chains because they only have to depend on the syrian blows to do that. Force, withdraw, exit.

And this will allow the bridge out to take place. And you know you now have access to your either back on if remain that. So this is kind of what I mean when I say that a theory um rolph don't scale a theory execution, but they also scale the property rights of either asset as IT kind of moves around this l two ecosystem.

But what about property rates of east on nona thorium da altus, right? So this is a very common pattern that people are saying all the theory um blobs are going to be too expensive. There's only three block, so we're going to use non etherium da like less D A like egan da to post R L two transaction data.

So I think this is fine. I don't think you know that type of construction is kind of categories wrong or that no one should use IT, but it's important to acknowledge that this changes the property rights of east on those systems. And in particular, you now no longer have the exact same guarantees and kind of strong censorship persistence that you had previously.

And this is why the reason is this kind of first eta sized part of the sentence, which says if the external da layers live, anyone can permissionless ssl bridge eat in and out. So now you have this kind of added trust assumption, right? You have not only theory in main that, but you have to depend on some other dataset.

Ce, in order for this force with drop to take place, and I kind of put the car ahead, the horse there, let's just show this on the dirac, right? So the same diagram as before, except we have this new thing, which is another blockchain, doesn't necessarily need to be a different blogg chain. This could be like an amazon s 3 bucket， but the point is the da is coming from some external source. The bridge inflow is quite similar. Zed, before you send east from an account on l one to the bridge contract that is reflected in the state.

Oh, and I should say the right hand side is an a theory um optimize I use that word to kind of succinctly ally say on the theory um optimistic roll up that posts its D A to a different D A layer, not the blows so it's kind of one of those words that sounds like a size I term but whatever it's sync for this case so yeah as before, you can kind of interact with either on this l two. But again, the thing we care most about is this process of force withdraw. How do I get access to my ease if the sequence CER that is sequencing optimize goes offline or is actively sending me? And the kind of key dependency that we inject here is that this checked alida function now depends on some external D A source.

And now your property rights kind of fundamentally have shifted from being only centered on the authorities may net and theoria validator said to depending on the other block chains well, and only after that check passes will you be able to bridge the either out of the bridge contract into your account. Number one. And then one quick aside.

So we just talked about like all of this was just focused on either the assets, specifically on l one, on l two and on optimize. But people also think about when they are talking about program able money. Often times they kind of say, what about USD c, what about us? D T like these things are genomically in U S.

dollars. This is something everyone's very familiar with. And IT has the same kind of program. mably. IT still has the c twenty native token interface, like you can do most of the things that you do with each.

But the reality, the situation is that you have no property rights with either these because you are effectively banking with the stable coin issue, who has the real dollars that back the stable points. So these two doing histogram or bar chart ds show the increase in the number of band addresses for U S, D, C. And usdt.

And these numbers are only going up. And it's not actually that different from the existing traditional financial rails where the government can effectively decide whether or not you have access to this value. And so it's kind of important to access ledge that sure USD c and USD t can be programmable, but they're certainly not permissionless money is a very permissionless money, in fact, right? bad.

So to summarize the first half the talk, we made the argument that eat this permissionless first on the l one, eat this permission less and programmable. Roll up scale, the property rites of eat, the asset property rights on non thim D A L tools depend on another chain, but is still kind of expands the effect of east of the asset and the amount of surface area you have to interact with IT, which will talk about following slides. And USD c and USD t have no property rights.

good. So that was the permissionless part. Now let's talk about eat this money. And to motivate this section, I have two more quotes.

This one from john in or cains, by a continuing process of inflation, governments can confiscate secretly and unobserved an important part of the wealth of their citizens. So this kind of motivates the initial part of the ecs money discussion. And we'll talk about supply.

I'll talk about inflation, how inflation is the process by which kind of wealth is transferred from those who aren't protected against inflation to those who are. And the second quote is from David graber in his book, money has no essence. It's not really anything.

Therefore, its nature has always been, and presuming always will be, a matter of political contention. So I put this point out there just a kind of caviar and tour that this is my opinion of what eat is, money is and hopefully just like a useful additional framework for you to think about. But clearly, like there's no definitive thing that we can say what money is or that eat is money specifically.

So yeah, that kind of your mileage may very right. So I thought I would be useful to just go through A A brief history of the east supply also did a great job kind of running us through the whole history of theory. Um so some of this may look familiar and go relatively quickly.

But on the left side, we have twenty sixteen. This is like immediately post genesis. And here we have twenty four on the right.

And you can see that there's kind of a few very important changes like regime shifts in the history of the three um supply. So in october twenty seventeen, there was in the IP that changed the blocker wards from five east to three eth. In two thousand nine that robot was change from three to two.

So these are kind of like monetary policy changes in every block now issues a smaller amount of east than I did previously in August twenty twenty one. This is when p. One five five nine was activated.

This is probably the most cip, and the burn started happening. So as you can see prior to this, the supply was kind of increasing at a relatively linear rate. But at this moment, you have the burn kicking. And now not only you have the inflationary pressure of blocker wards coming at each block, but you also have a burn that is resulting from transaction fee usage on main net.

So that kind of leads us to the most important day in the year histories, september twenty two, where the merch happened and we no longer have proof work rewards, right? And you can see that at this point, like for the past two years, effectively since then, the supply of either has completely flattened out and it's right about hundred twenty million etha tokens and existence. And yeah effectively the total growth of the supply has plateaued.

And one more day to point out march twenty, twenty four. This is about six months ago now, which is when four four went live and blows came out. So as you can see, like this didn't really impact the supply very meaningfully even though a lot of the l one activity did start to migrate to l tooth.

And that's because if you zoom all the way out on the total supply change, you know view of either the asset, the amount of inflation is like effectively rounding error at the current moment. cool. So just a kind of double click on that.

Lets look at the numerical values for eat inflation because it's interesting to kind of see and think about compared to other assets. So there's one hundred twenty million eat supply. We saw that in the previous slide and about thirty four million of the estate.

So that's about twenty eight percent. And at that stake rate, we have three point two five percent yield for each of the ether state. So you multiple that through and you get about one million new eth per year, which is less than one percent annual inflation, right? right?

So you know, if you think about compared to fiat currencies that have seen like much higher inflation rates recently in the U. S. And the target of two percent, we're already like way below that in terms of what is theoria supply is growing out currently on the sonic IDE things looks likely different.

The supply is five hundred, eighty eight million and four hundred million of a estate and IT staked at at seven percent yield. So not only is the stake rate more than double what the theme take rate is, but IT also has more than two x of the yield for each of those stakes. Soul, again, you do the math and you see that the overall annual inflation rate is four point seven percent or five times higher than the either inflation.

So this is kind of just another point of comparison to another asset in the ecosystem and showing that the monetary properties of either are actually very good compared to this. Bitcoin also has inflation currently, which is kind of counterintuitive thing because when people think about bitcoin, they think about the twenty one million supply up. They think, oh, it's zero inflation.

But actually we have not reached at twenty one million supply up. There's only one thousand nine point seven eight million bitcoin in supply and with the present three point one two five bitcoin per blocker reward that results in about the same inflation rate that we have in a theoria, which is yeah zero point eight percent in your inflation. So for the next four years, until the next evening, the rate of bitcoin inflation is going to be about the same as the rate of either inflation, which is kind of an interesting thought experiment.

Of course, the monetary policy of bitcoin is program so that that inflation rate will get cut in half in twenty twenty eight and twenty thirty two and so on. But obviously, the thing that the compromise on in that situation is that your security budget, like that's what you're paying people to secure the network, you keep cutting that in half. And the kind of, in my mind, the the multitrillion dollar question for bitcoin security is how does that economic security play out when the blocker words are actually zero? And there's kind of a lot of work questioning that I don't have time to go into a too much here, but that's why bitcoin inflation kind of in the current form is still necessary to compensate minors for producing blocks and doing the proof work.

cool. So let's talk briefly about the burn. know. We're talking about eat this money. We've made IT know fifteen minutes into the talk and haven't talked about the burn.

So currently on the l one transaction fee level, over the past thirty days, we're kind of advertizing IT out to about four hundred seventy thousand either burned per year, which is pretty remarkable given that like a lot of the l bunn activity has actually already migrated alti s like we're still brunning a lot of east on the l one, and there's still clearly demand for l one walks space. And I think a very important point about the burn is that is highly dependent on working conditions, right? So currently we're in a period of high volatility.

Prices rose after the election stuff is happening. So people are very eager to consume blocks based and very willing to pay high transaction fees to interact with the serum state. However, there's gonna be periods where there's not as much demands to use the theory um blocks space, the burn will go down.

And so I view the burn is kind of this natural absorbent of business cycles, right is kind of periods of inflation, periods of deflation. But overall, you still have the kind of underlying blocker wards that come from participating. Improve of steak.

That service is like the honesty budget. This is how much were willing to pay people to run proof stake. And this is critical to keeping the chain online and safe. Yeah, just as kind of a reminder, we're only producing about one million new east per year.

So even after for IT for four, after a lot of l two activity migrates, we're still burning fifty percent of the total inflation per year just through out one base fees, which kind of leads directly into the second question or the next light, which is what about burning from l two usage and the way that l two usage gets reflected into the burn is through blood fees. So blogs are these data types that are written to the three in block chain. L tus.

Pay to post this data to the theory network. And it's kind of worth going through the apt in math to see how much blocks space can be exported, title tus, and how cheap transactions can still be. Well, continuing to burn a lot of either on the l one.

And this is kind of like looting to justice point earlier, which is in his vision, there can still be very cheap transactions on our tours, but those transactions will still, in aggregate, end up paying a large amount for a three M D A. And for that, like a very strong property right guarantee that is provided to that all tooth. So the kind of folding, starting da layer vision of the theory um has one hundred twenty eight blobs per slot and you can kind of multiply that out to get to two giga gas per second.

So that's two billion gas per second in terms of transfers and swap. That turns into ninety five thousand transfers or six thousand swap. So these two things have different gas costs. But this is just like two reference points to think about how much scale can be absorb by.

These are tools given one hundred twenty eight blobs per slot to fully offset the issuance, which is just kind of like a reference point for how much each of these transactions would have to pay to allow the burn from blog fees themselves to offset the issuance completely. Is one tenth of a cent per transfer and one point five cents per swap. So the point here is that, in aggregate, these transactions are still effectively zero for all intents and purposes for the users.

But in aggregate, they can burn a lot of eat. So the T L D R S L two transaction fees stay low and can burn a lot of eat cool. So the first, you know, part of this moneys arc was really talking about eat as a storm of value, right? We were paying attention to the supply.

We will think about inflation, but there are other elements of money inness that are probably worth calling out and worth digin into when we think about either the asset and how IT is interacted with across the ecosystem. So this is the last quote, this once from adam smith, he says that wealth consists of money or in golden silver. Is a popular ocean, which naturally arises from the double function of money as the instrument of commerce and as the measure of value.

So if you google kind of like what is money, you almost always see kind of a version of the statement, which is that it's a storm of value, is a medium exchange and it's a unit of account. And this quote kind of focuses on the second two, which are now like highlights specifically about eat of the asset across the altus eat as a medium of exchange. So the one sentence summary here is that eat is the natural instrument of commerce, using atoms to this words for pain gas and for using applications.

So back to our diagrams, we have a theory remain that here, and when we're talking about instruments of commerce, there's kind of like a few things that this kind of represents in my mind for how eat is used on the one. First, it's both used as the gas token and it's useful in defy on our one itself. So you might send IT from an account to ova to end against IT or you might use IT in maker to meet u sds.

But the point is in both of these cases, either is kind of both being used to facilitate this transaction is kind of the lubberkin that allows this transaction to take place, and it's also used in each of those applications as the medium by which the value is, is stored. Of course, you can also bridge, as we've been talking about repeatedly, and if you begin to an nathian roll up, you can do many more things. And if they still being used in medium of exchange way throughout the world ecosystem, too, right? So you might swap with different poles on, you swap to buy other tokens or you might use E A S, the three medication service to make at the stations.

But the point is in each of these cases, you're still using either as the medium of exchange in the l two. Also you can bridge to thorium, optimize and in my mind, optimize, serve the best role as kind of the lowest security transactions. You might bridge a smaller count of eat there because you don't have the same property rights that you do on main net or on a roll up, but you're still willing to kind of do the long tail of activity, the high volume activity that might come up in social fice.

So you might send a cast to forecasting, you might battle your axes and axy infinity, but the point is you're still using either as the medium of exchange to facilitate this on chain activity, right? What about eat as a unit of account? So I summize this in one sentence, as eat is the default measure of value for pricing, economic security.

So a few examples of this. We have a theory um main net. We have kind of two optimisms on the top right and the theory roll up on the bottom.

And when I talk about measure of value for economic security, I think the best example of this is icon layer and mistaking right. So this is a way in which the economic security of other chains actually can depend on either of the asset. And this spreads the meme of either being used to Price security throughout the ecosystem.

And for those of you not familiar, I can layer allows optimize or other altus to effectively use the either that is bridged into the icon lair contract to provide the economic security for those chains. And the reason for that is these other chains might want run a proof stake network, but the value of their own token is not sufficient to create economic security for their proof state chains. And either, in this context, provides like a very strong guarantee around the economic value of your security and that kind of exports, the numerous of either to these other ecosystems as well.

Another example of unit of account is kind of the idea of pricing, right? And so if you bridge into theory and roll up, you also might want to buy some in coins with you. And and if you look at kind of lots of the uniform pools, very often times the numeral pair of that mean coin is know poled with is eat of the asset, right? So eat provides liquidity across all of these poles, and IT served as the value that other things are measure against.

Same with buying nfs. You might want to buy a lady. And nfs kind of historically have always been Priced in eat.

So again, this is another example of the value of either being used to kind of Price other assets in the crypto ecosystem. cool. So to summarized the eat this money section, we have the etherium of lide being stable.

We have inflation that's low and sustainable. We have l one burn off, setting half of the existing inflation and altus burning eat while preserving substance transactions through the consumption of the terim blogs. We also have eat as a medium of exchange and as a unit of account throughout the broadcast pto ecosystem. So to kind of summarized with one giant picture, I like this idea of kind of concentric circles growing out, and this being more and more surface area exposed, more and more on chain surface area that either can be used both as a permissionless less money and also as a money itself. So kind of first thinking about eat as a permissionless asset, as a barrel asset.

We have the ability to transmit and program either on the one we have the forced withdraw mechanism that abuse the same property rights to eat on the atherton rolls themselves, you have the force withdraw mechanism that depends on external da to ensure that some level of sovereign is retained over ether that's bridged into optimize. And this kind of complete the picture of how eat is permissionless across this space. In terms of money, we have either being burned on the a one, we have either burned through the blob fee on bolos, and we also have the spread of eat as a medium of exchange and the unit of count, both across optimisim and of course, within roll pse.

And that I want itself. And this is kind of the full picture of why I think eat is money. So that's all. Thank you very much, and i'm happy to take questions after this.

Questions time we got time for one question, who's got a hand? One guy. One guy.

Do you see any issue with theory about to not guaranteed property rights for are the tokens? Yeah, it's a good question. So I didn't get into this idea of ledger of record, and I think that's kind of the theme you're highlighting here, which is either the asset is a letter of record on theory, M, L one itself.

But you can imagine altus that issue different tokens where the l, two state basically defines what is the canonical source of truth for the value of those tokens. So for example, optimism is the place where the O P. Token contract is minted.

And so even if the O P tokens are kind of tried to bridge down to the l one itself, the source of truth is still optimism made in itself. I think this is a problem. I think in general in the future will probably see most tokens be issued on l wan.

To use the l one is the source of truth. But in kind of the grand scheme of things, I think what theory um should focus is maintaining that super strong sovereignty over eth of asset itself. And I think if anything, that is like more compelling reason to dominate your wealth, to hold you know eat as the store of value rather than a governance token.

And actually to one point I was going to mentioned that I talk and I forgot. So thanks for reminding me, which is, you know, people often talk about users maybe preferring to use op or arb as their gas token on the altus. But I actually think it's the opposite.

I think as someone who owns eat already and who wants to use the on chain economy, i'm very happy to be using eat across all the chains. And so I don't think it's like an a theory um alignment reason that all the L T S. Use eat as the gas token.

I think it's a market demand like users actually prefer to use and hold eve rather than to have know each of the l two respective of tokens that they're paying in gas with across the different ecosystem. Sop, yeah, that's another reason why I think eat is kind of the natural shelling point for the medium exchange across the space. So thanks for question round reports for mike, right? Are you mike?

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