# Top stories on Kiwi News, week 38 2024 Mon 16 to Sun 22 September 2024 Page: https://news.kiwistand.com/weekly/2024-W38 The 20 top stories on Kiwi News from Mon 16 to Sun 22 September 2024, ranked by upvotes, comments and clicks, with 19 comments in total. Most-shared sources: app.t2.world. Summaries are AI summaries of the linked article. ## 1. L2s' Competition& Culture: How Asymmetric Info Shapes the Landscape - Kiwi News: https://news.kiwistand.com/stories/L2s-Competitionand-Culture-How-Asymmetric-Info-Shapes-the-Landscape?index=0x66f06e2c94a6764b8d50fa60044e8f4be23b3e83b4488fce26cadc71fa884de8b7c18beb - Source: https://app.t2.world/article/cm1dxfr1a44115121mc6f9hxn7t - Submitted by 183aaros.eth, 15 upvotes, 1 comment Asymmetric information theory is presented as a way to explain the competition and collaboration problems facing Ethereum layer-2 networks. Citing Dune data from jhackworth (2024), it reports that L2s rose from nearly 60% to over 80% of Ethereum transactions after March 2024, while L2 fees fell sharply after a late-March 2024 peak, reducing their revenue. Citing Coinbase, it says web3 developers make up less than 1% of the 31.1M software developers globally. It also cites Notheisen and Weinhardt (2019), who found that blockchain lets bad actors claim high-quality "plums" first. ## 2. Is Ethereum experiencing an existential crisis? - Kiwi News: https://news.kiwistand.com/stories/Is-Ethereum-experiencing-an-existential-crisis?index=0x66ec3c27591e5baf58da2fa9e3e534dbe9de55be974dbc855fa3729486730ddeadb0378c - Source: https://app.t2.world/article/cm13hjiki91314821mcrbk78i1q - Submitted by ahouraz.eth, 13 upvotes, 1 comment The essay argues that Ethereum is not in an existential crisis but an evolutionary transformation, and it proposes that Layer 2 networks adopt distinct cultural identities and that the community become more welcoming to newcomers. The author draws on ideas from Hans Widmer's bolo'bolo, such as hospitality, voluntary work and cultural diversity, to frame these proposals. The essay cites Ethereum's over $500 billion in Total Value Locked, with $30 billion on Layer 2s, and states that only 0.1% of the world's 26 million software developers are active in Web3. It also says Ethereum's revenue from Layer 2 settlement is down by more than 99%, and it suggests student clubs and local communities as channels for adoption. ## 3. How Passkey Crypto Wallets Work: Account Abstraction Explained - Kiwi News: https://news.kiwistand.com/stories/How-Passkey-Crypto-Wallets-Work-Account-Abstraction-Explained?index=0x66ea98ae4436a948e9baee2a451165811574e117a69bdecda21121fedfb9cb7c9ec601fb - Source: https://abs.xyz/blog/articles/how-passkey-wallets-work - Submitted by tim, 10 upvotes, 1 comment ## 4. L2s are just the Internet Re-treading its Steps - Kiwi News: https://news.kiwistand.com/stories/L2s-are-just-the-Internet-Re-treading-its-Steps?index=0x66f094cc44316b937d40f1533f6f6b2e42142bee85203c80d2c424136c04a6564fcddc60 - Source: https://app.t2.world/article/cm1e3y3si65115721mcecsjvn51 - Submitted by kairon.eth, 7 upvotes, 4 comments The article argues that L2s are the internet repeating patterns from earlier eras, as culture and technology repeatedly diverge, converge and branch into new communities. It traces this from early programming languages to web languages and then to Silicon Valley ecosystems such as Java, Swift and React, which attracted developers through their surrounding platforms. The author suggests that future chains will each serve specific use cases, with apps combining tools from several ecosystems, such as Arbitrum, Optimism and Aleo, rather than any single ledger covering everything. ## 5. The Rollup Trap: How Incentives Are Shaping the Future of Ethereum - Kiwi News: https://news.kiwistand.com/stories/The-Rollup-Trap-How-Incentives-Are-Shaping-the-Future-of-Ethereum?index=0x66edd6cd8e143cfd4427afe2e676819366bf1b9999c2672d510f23cdf52666fb5f569bbb - Source: https://app.t2.world/article/cm1b4fo0y52908121mcfc9zjwkz - Submitted by 0x45cC...BF22, 5 upvotes, 2 comments The author argues that rollup incentives are inflating demand for blockspace without scaling real use cases on Ethereum. Describing a recurring cycle, the author says new L2s launch testnet and incentive programs, activity spikes before airdrops, and users then leave, while most dApps are clones or expansions by the same teams. Drawing on Parkinson's Law and induced demand, the author suggests that more blockspace supply could create an endless loop of demand, and concludes that projects should focus on useful applications and a shared rollup standard rather than separate chains and tokens. ## 6. L2s: The Key to Ethereum’s Scalable, Sustainable Future - Kiwi News: https://news.kiwistand.com/stories/L2s-The-Key-to-Ethereums-Scalable-Sustainable-Future?index=0x66e8a6021128f409f899fa82aea747e65a18b7923506fa779b3df6f8fd45e83066ee24e2 - Source: https://app.t2.world/article/cm15hj31f79372721mci46dsx92 - Submitted by 0x98aa...7b8e, 2 upvotes, 1 comment This article explains Layer 2 scaling for Ethereum, focusing on rollups and zero-knowledge proofs as ways to increase throughput while keeping security and decentralization. It states that Ethereum can process roughly 15 transactions per second and that rollups address this by bundling many transactions into a single batch submitted to Ethereum. It contrasts Optimistic Rollups, such as Arbitrum, Base and Optimism, which assume transactions are valid and use fraud proofs and a challenge period, with ZK Rollups, such as zkSync and StarkNet, which use validity proofs. The article describes zkSync's use of zk-SNARKs and StarkNet's use of zk-STARKs, noting that zk-STARKs do not require a trusted setup and resist quantum attacks. ## 7. A Primer on DAO Treasury Diversification - Kiwi News: https://news.kiwistand.com/stories/A-Primer-on-DAO-Treasury-Diversification?index=0x66f0677054f7b124ab26bbcbc174cc3e15c166b18c814b94019cb415a03a324d9d759828 - Source: https://app.t2.world/article/cm1dlyqi9164572721mcmxo7x0nc - Submitted by devansh.voicedeck.eth, 3 upvotes, 1 comment Devansh Mehta argues that DAOs should diversify their treasuries into stablecoins and yield-bearing products, using diversification to grow their ecosystems rather than simply selling native tokens. He notes that 60% of the top 25 DAOs hold 90% of their assets in their native token, which makes proposals cheap when prices are high and expensive when prices fall. As an example, in April 2024 the Arbitrum DAO voted to diversify 1% of its treasury, or 35 million ARB, into stable, liquid products such as T-bills, and the article says the $30 million allocation earned $1-$2 million per year in yield while boosting the RWA ecosystem on Arbitrum. ## 8. Introducing the WalletConnect Foundation - Kiwi News: https://news.kiwistand.com/stories/Introducing-the-WalletConnect-Foundation?index=0x66e97742af5cb3c1ecfde62074820555fd9d79eefaaafaeff030b8312b37bbbcf6d65753 - Source: https://walletconnect.network/blog/introducing-the-walletconnect-foundation - Submitted by pedrovilela.eth, 5 upvotes, 1 comment The WalletConnect Foundation announced the launch of the WalletConnect Token (WCT), a native utility token for the WalletConnect Network, as the next phase of the network's move toward decentralization. WCT holders would be able to propose and vote on governance decisions, stake tokens, and receive token rewards for helping keep the network secure, with fees to be introduced later through governance. Pedro Gomes, Director of the WalletConnect Foundation, said the network has grown 240% in the past 12 months and has facilitated over 150 million connections for more than 23 million users since its 2018 inception. The network has also introduced node operators, including Reown, Consensys, and Ledger. ## 9. Onchain companies - Kiwi News: https://news.kiwistand.com/stories/Onchain-companies?index=0x66eef1b8dbe1ca745619884c6cef0e464d4eb5500c19e2e030165f202be383c97d598ef7 - Source: https://otoco.io - Submitted by tim, 5 upvotes, 1 comment OtoCo is a service that forms US LLCs in Delaware and Wyoming, with more states planned, and lets founders, including non-US founders, manage them from a crypto wallet. The page says companies get a registered agent, an EIN without an SSN, and a Mercury FDIC-insured bank account, and that filings such as annual reports and franchise tax are tracked and filed on schedule. It also describes accepting stablecoins and crypto, and a Master LLC option offered at no additional charge, with a standalone LLC option for users who want independent state filing. ## 10. Key Opinion Leaders Are Bad for the Crypto Industry - Kiwi News: https://news.kiwistand.com/stories/Key-Opinion-Leaders-Are-Bad-for-the-Crypto-Industry?index=0x66ec4b88fc0cb817fa6b482a663aa63d9942cacb5af1c2e63847f4d8086a735ccf4daeb0 - Source: https://www.coindesk.com/opinion/2024/09/17/key-opinion-leaders-are-bad-for-the-crypto-industry?_gl=1*1p8jkiy*_up*MQ..*_ga*Njk4NDA2MzczLjE3MjY3NjE4MDc.*_ga_VM3STRYVN8*MTcyNjc2MTgwNi4xLjAuMTcyNjc2MTgwNi4wLjAuMjM0MzMyMzY2 - Submitted by naomiii.eth, 5 upvotes, 2 comments The author of this CoinDesk opinion column argues that crypto projects should stop paying Key Opinion Leaders, influencers paid to promote projects, because their paid, often undisclosed endorsements mislead audiences and harm the industry. The column cites Polkadot's treasury report, which showed more than $87 million spent in the first half of the year, including $37 million on "Outreach" efforts such as advertising, sponsorships, events and influencers. It also points to YouTuber BitBoy (Ben Armstrong), who was caught taking payouts to pump tokens without disclosure, and to "Professor Crypto," whose KOL Award announcement was exposed as astroturfing. The author says the new project Last Network will build a coalition of industry and community figures instead. ## 11. Mint Protocol - Kiwi News: https://news.kiwistand.com/stories/Mint-Protocol?index=0x66f06cf76550736d199ad61a1a3e687b54dec89e3d3a10d52308368bf7fe7c4eb0bc8d39 - Source: https://mint.vv.xyz/guide - Submitted by macbudkowski.eth, 5 upvotes, 0 comments ## 12. Not All L2s Prioritize Ethereum's Security Equally! - Kiwi News: https://news.kiwistand.com/stories/Not-All-L2s-Prioritize-Ethereums-Security-Equally?index=0x66effbc8d5c24940c3194996ca5c1fa6d1768414a0a9d522b7490eb4d1bed3d30eeaef39 - Source: https://app.t2.world/article/cm1dfkb61113363221mc9excti2x - Submitted by ishitarastogi.eth, 4 upvotes, 0 comments The article argues that L2s differ in how much Ethereum security they pay for, and that applications should choose a security level based on the consequences of failure. It explains that rollups rely on Ethereum L1 for data availability and finality, but must pay calldata, proof verification and gas fees for that security, with about 90% of rollup costs going to publishing data on L1. It notes that blob fees rise as usage approaches the target of 3 blobs per block, while alternatives like Alt DA, Layer 3 and sovereign rollups cut costs but add risks such as centralization and liveness failures. Quoting Vitalik, it says social media and gaming do not need the same security model as L1, and it recommends security for high-value financial applications and scalability for high-volume, low-value uses. ## 13. A new era for PSE - Kiwi News: https://news.kiwistand.com/stories/A-new-era-for-PSE?index=0x66e9953b1f94791cbc5e2322da62ab3223416cef1ba99e9d6234061f859523d75006b453 - Source: https://pse-team.notion.site/A-new-era-for-PSE-f4cde2e1a20d49ed92071a93ad8ba7df - Submitted by sileo.eth, 4 upvotes, 2 comments ## 14. Are We Now Living in a Parasite Culture? - Kiwi News: https://news.kiwistand.com/stories/Are-We-Now-Living-in-a-Parasite-Culture?index=0x66e9c84a31390c5d990fe5a4f0c3064fad160f1dd89d4ff609155ef00cacf2bed0ab6248 - Source: https://www.honest-broker.com/p/are-we-now-living-in-a-parasite-culture - Submitted by misha, 4 upvotes, 1 comment Large digital platforms and AI companies are portrayed as parasites that create little while profiting from others' creative work. Examples include TikTok, where one creator earned $1.85 over five months from 713,000 followers and 11 million views, and Facebook, which relies on 3 billion users to create its content. Court filings and leaked documents show that Suno and Nvidia ingested vast amounts of music and video to train AI systems that could replace human artists. Proposed remedies include mandatory AI disclosures, a Creators Bill of Rights, opt-out as the default for AI training, and enforcement of the Sherman Antitrust Act. ## 15. A quick look at the future of on-chain in the post-capitalism - Kiwi News: https://news.kiwistand.com/stories/A-quick-look-at-the-future-of-on-chain-in-the-post-capitalism?index=0x66f04473b47bda0e50048a14b9e944726d9f7872710461f7296da236bcb86e89c75296ce - Source: https://app.t2.world/article/cm1ds71xa25193321mcfw11rfql - Submitted by @tg326, 3 upvotes, 0 comments The author argues that on-chain ecosystems, despite their decentralized aims, remain shaped by capital and market forces, so people should build their own collectives instead of waiting for protocols to change this. The essay cites Satoshi and Bitcoin, Vitalik Buterin and Ethereum, and Jesse Pollak and Base as examples of a recurring pattern where leading figures and capital structure the chains. It claims that Vitalik's attention to L2 subcultures shows the market using shared ideology to divide workers into atomized groups, and it calls for small collectives that help each other withstand cyclical shocks. ## 16. Canonical Tags for SEO: A Detailed Guide for 2024 - Kiwi News: https://news.kiwistand.com/stories/Canonical-Tags-for-SEO-A-Detailed-Guide-for-2024?index=0x66f0946114292d8bdf4f2e17714c0fc34782fff6edf924067692284fa5c9b61fe26f33fd - Source: https://detailed.com/canonical-tags - Submitted by pfedprog.eth, 6 upvotes, 1 comment Canonical tags tell search engines which version of a page is the preferred one to index and rank, and the guide argues that they help prevent duplicate content from diluting rankings. The article explains that the search engines Google, Yahoo!, and Bing created canonical tags together in 2009, and it quotes Google describing a canonical as a hint it "honors strongly" rather than a directive. It recommends canonicalizing every page, and covers use cases such as guest posts, URL parameters, and ecommerce categories, while advising against blocking duplicate pages in robots.txt. ## 17. Wallet Connect is now reown - Kiwi News: https://news.kiwistand.com/stories/Wallet-Connect-is-now-reown?index=0x66e97d1b44cafb3a89c4ef0b2316ab11fd73229ebdb62cc92dfe44fc01084fc6a355f692 - Source: https://reown.com/blog/walletconnect-is-now-reown - Submitted by tim, 5 upvotes, 0 comments WalletConnect Inc. has rebranded as Reown, a UX-focused company that provides the AppKit and WalletKit toolkits for building onchain applications. CEO Jess Houlgrave says web3 has not yet reached its goals, and that Reown will work with partners across chains and ecosystems to make using the decentralized internet more intuitive. The article says AppKit can be integrated in 20 lines of code and is free to use, while WalletKit lets wallets integrate directly with over 6,000 apps. The WalletConnect Network continues its decentralization roadmap, with Reown as a partner of the network. ## 18. An extremely brief history of layer 2s - Kiwi News: https://news.kiwistand.com/stories/An-extremely-brief-history-of-layer-2s?index=0x66eae1018e8444aced2f01a8bdc28c1a601dae8ba44615d0ca8cc7a7af4d02f7394d8511 - Source: https://app.t2.world/article/cm1549x6u6642021mcdkxqvb2i - Submitted by tim, 4 upvotes, 0 comments The author, who says they were an early technical contributor to blockchain scaling and worked on a Minimum Viable Plasma implementation, argues that critics of Ethereum's layer 2s miss the project's deeper purpose and that layer 2s are not parasites on Ethereum. They note that the Merge was first called "Ethereum 2.0," and that their own Plasma team, which struggled with wallet UX and never succeeded commercially, joked that their work was the real "Ethereum 2.0." They concede Ethereum's future looks uncertain and that moving to blob space reduced L1 demand for Ether. Their core claim is that Ethereum serves as a Schelling point for rollups, whose plural design keeps their interactions positive sum. ## 19. #330: The Evolution of Social Engagement Through NFTs - Kiwi News: https://news.kiwistand.com/stories/330-The-Evolution-of-Social-Engagement-Through-NFTs?index=0x66ea723847da289ae4beff63562e9fa37cf882cc57b804b4b736687bbf3d476bd1e65b7a - Source: https://tpan.substack.com/p/330-the-evolution-of-social-engagement - Submitted by tim, 6 upvotes, 0 comments Rodeo and Zora are emerging social platforms that replace likes with paid mints, arguing that minting creates more meaningful engagement than likes or comments. Rodeo, a ~3-month-old app developed by the Foundation team, lets followers mint posts for 24 hours at a fixed 0.0001 ETH (about 25 cents), with proceeds split 50/50 between Rodeo and the creator. Zora has moved to a flat mint price of 111 sparks (0.000111 ETH) and restricts comments to minters. The author cites Tinder Super Likes and the idea of micro-donations to charities as related examples of valuing engagement more highly. ## 20. Why should users care about L2s? - Kiwi News: https://news.kiwistand.com/stories/Why-should-users-care-about-L2s?index=0x66ec9430427f82e02c56251797685b657968db5d1451a1bf6f10b282580ff24c6b4fa135 - Source: https://app.t2.world/article/cm19s2qdu34634421mcd3otys3m - Submitted by zinkk.eth, 2 upvotes, 0 comments The author argues that Ethereum's scaling through L2s has succeeded technically, but users now face complexity from 70+ blockchains, so good UX and interoperability are needed for mainstream adoption. Wallets like Rabby Wallet help by supporting most L2s and making switching between them nearly seamless, but wallets alone are not enough. Projects including Polygon's AggLayer, Optimism's Superchain, zkSync's Elastic Chain and Hyperlane work on chain interoperability, though practical use cases have yet to appear. The piece expects a period of convergence toward a common open standard, after which most users would be sufficiently served by a base Ethereum scaled by homogeneous roll-ups.