ETH Denver Debate: Should Testnet ETH Be Free or Have a Price? - Ep. 464
LayerZero launched a testnet bridge that allows users to swap mainnet ETH for Goerli ETH (GoETH), which led to a sudden emergence of a liquid market for GoETH tokens.
This was a hugely controversial decision, as many in the Ethereum community believe that testnet tokens should remain free.
At ETH Denver, Laura moderated a panel discussion about this hot topic with Bryan Pellegrino, cofounder and CEO of LayerZero Labs, Greg Markou, founder of Chainsafe and Matt Garnett, software engineer for the Ethereum Foundation.
Show highlights:
why LazerZero launched a testnet bridge for Goerli ETH (GoETH)
the three reasons why Greg is opposed to Goerli ETH having a price
why Bryan believes it is impossible for a permissionless testnet to have free tokens
the three types of constituencies that use testnets
whether the Sepolia testnet solves the issues with Goerli
the upcoming Holli testnet and the problems it aims to solve
how to create a permissionless testnet that takes into account the needs of developers from all over the world
whether LayerZero’s move will create more problems in the future
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Panel
Bryan Pellegrino, cofounder and CEO of LayerZero Labs.
Greg Markou, founder of Chainsafe
Matt Garnett, software engineer for the Ethereum Foundation
Links:
Unchained: Goerli Testnet ETH Is Now Being Monetized
CoinDesk: Start of the End? Testnet Goerli Ether Spikes to $1.60 as Traders Jump on Opportunity Meant for Developers
LayerZero blog post: Public Goods by LayerZero.
Alchemy: What is the Sepolia testnet?
Ethereum (ETH) Developer Announces Plan To Launch New ‘Holli’ Testnet Later This Year
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
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EIP1559 Expert Panel | Tim Beiko, Hasu, Micah Zoltu, Barnabe Monnot, Matt (LightClients)
The time has come. With the London Fork just around the corner, the much anticipated EIP-1559 will be implemented. This fundamentally changes the relationship among miners, users, and gas.
This panel, moderated by Ethereum core developer Tim Beiko, is set to discuss the macro and micro shifts to the ecosystem. We've talked about this a lot on Bankless, so it's time to hear from experts around the community about this massive turning point.
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Topics Covered:
0:00 Intro 8:00 Understanding EIP 1559 ETH Research post: https://ethresear.ch/t/first-and-second-price-auctions-and-improved-transaction-fee-markets/2410 20:34 Changing Metrics 26:21 Improving User Experience Micah’s article: https://medium.com/coinmonks/a-tale-of-two-pricing-schemes-dc9c8717906 33:45 Advice for Smart Contract Devs JSON RPC Changes: https://hackmd.io/@timbeiko/1559-json-rpc 42:30 Miners, Burning Fees, and MEV 53:52 Clarifying MEV and Gas Prices 57:00 EIP 1559 on Geth 1:04:44 Hasu's Turning Point on ETH 1:11:11 David & Ryan ask Community Questions 1:15:51 Fifteen Fifty-Nine 1:19:40 Old Transactions in a New Paradigm 1:22:00 Stuck & Pending Transactions 1:24:16 Changing Monetary Policy 1:36:01 Manipulating Block Size 1:39:58 Discussing Timelines 1:47:25 Closing & Disclaimers
------ Resources:
Tim Beiko on Twitter: https://twitter.com/TimBeiko?s=20
Barnabe Monnot on Twitter: https://twitter.com/barnabemonnot?s=20
Hasu on Twitter: https://twitter.com/hasufl?s=20
Lightclients on Twitter: https://twitter.com/lightclients?s=20
Micah Zoltu on Twitter: https://twitter.com/MicahZoltu?s=20
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures