Welcome to Slate SundaysThe new weekly advantage of Cryptoslate that displays in -depth interviews, expert analysis, and virtual spaces for thinking that go beyond the main titles to explore ideas and sounds that make up the future of encryption.
Alon Morach is a man on a mission. As the founder of SSV LABS, who contributes to the second largest Ethereum Staking Infra, Network SSV, Alon has enthusiastically attached to the virtues of the second currency in industry since the first days. A long time before Ethereum turned into a stake, Alon contributed to ETHEREUM initial customers. The pale performance of ETH and a knockout price disturbed it. a lot.
A lot, in fact, to the extent that it is behind speaking in Stokeing SummitShe is one of the forces in playing that brings Alon to Dubai today, raising awareness about the elephant in the room does not want the ETH bag to discuss it. Explain:
“Most of the negative comments that Ethereum gets now are due to the distinctive symbol, not necessarily technology, and I think Ethereum needs to be recognized. Ethereum needs to be recognized and then give it priority, because this difference will become very dangerous.”
With 100,000 ETHEREUM health, the SSV network secures about 10 % of all ETH Stapled, so Alon is very investing in seeing the high price of the distinctive symbol. And his feeling of urgency is clear.
“We don’t focus enough on the narration and the reason for keeping ETH. For this reason ETH is like this,” is bemoans.
In the depths of Ethereum weeds, even deeper into Souk
This is the first time that Alon met, and I am not aware of his mood, but I can say that there is a lot in his mind. ETH price, for one, which is less than $ 1,800. At least 20 minutes after the time of our scheduled meeting, he had already requested his coffee when it reached the crowded courtyard.
After passing the external area between the conference hall and Madinat Souk at the afternoon heat of the punishment, it will be more miles towards a A nice cold beer From the hot cappuccino. I feel confused and red presence after walking in circles, and I lost, in the depths of the nest of mice from perfumes, textiles, stuffed beauty, dates, and several other talents for sale. It was difficult to find Starbucks from a patch of shade in the desert.
I bet that Alon did not have much trouble. After 10 years of moving on his way through many fluctuations, turns and narrative changes in Ethereum, Google Maps may have been probably in the garden. I apologize for the skills of reading the poor map and ask what he prompted to Ethereum in the first place.
“Ethereum at the forefront of decentralization …” answers, “I was in Ethereum from the beginning.”
With the price of ETH like the affected dog, a divided society that shines on its direction, and a degree of alternative smart contracts that offer the best, fastest and cheaper, ask alon whether Ethereum still occupies this central role today. Stop:
“Yes, and no. Ethereum, The Blockchain, I think it is.
“Dangerous difference” between ETH, the distinctive symbol, ETH, Blockchain
He mentioned the exacerbated contrast between Ethereum Blockchain and his original symbol several times. I ask him to expand.
“With regard to the distinctive symbol, it falls backward, and there is a difference that happens there, which is very risky for Ethereum. I can discuss the difference until tomorrow between Solana, Cosmos, Polkadot and Ethereum, and why Bitcoin is like a technology. I can discuss, but this does not translate well into the actual limits of adoption at the present time.”
actually. However, if the ETHEREUM problem is simply related to the formulation of a better narration, then why do projects migrate to other ecosystems in search of more convenient economic models, such as UISWAP or DYDX? It is not in stages:
“There will always be projects that prefer other ingredients. I think it is a much more marketing opportunity than anything else. You can find very cheap transactions on Ethereum.”
Sip his coffee before he multiplied:
“The challenges faced by ETHEREUM at the present time are not technological. It is often a narrative and a simple question:“ Why does the Mediterranean Traffi user, who really does not understand decentralization or TPS, does not know how to distinguish between Solana and Cosmos, or Ethereum for this issue, stick to it? It is a very big question. “
He explains that it is traditionally, Ethereum did not pay great attention to novels, marketing and public relations, but the times have changed, and it became impossible to ignore it.
“It was customary that the institutions had reached the encryption of learning, and then I immediately went to Ethereum, because that was the only game in the city. Now, if you looked at Wall Street today, well, they may understand the concepts of decentralization and self -self, but they do not care about that.
Finding a new reason for the cause of ethereum in the hearts and minds of the distinguished symbols are not the feat, especially in an industry in which not everyone is “technology”. When NGU stops delivery and prices steadily, Alon reduced his work.
“When you buy Bitcoin, you carry one of 21 million. This is a good thing. This is a good narration, Wall Street, Trafi and everyone else calls.
As Bitcoiner first, I admit that I was asking the same question for several years, but I don’t say that to colors. Instead, I am waiting for his answer:
“ETH does not have no one wins and competes with him. He is already the largest smart contract platform, so there should be another expansion. Historically, there were very good reasons to keep ICOS, and you had to keep ETH in order to reach ICOS. With Defi, you had to keep ETH to provide liquidity or trade. There were really good reasons.
What is the reason now? At the end, it is the reason why Ethereum made the confidence and safety layer for the entire internet. If we can make this and attract the value to ETH, the distinctive symbol, there is a really good reason to keep it. “
What makes Ethereum a good leveling layer compared to other Blockchains? Wide widely indicated from Bitcoin. Alon mocked:
“Bitcoin has zero capabilities of smart contracting, and therefore developers have mainly penetrated ways to secure things on Bitcoin. Ethereum has smart contracts, so many of these types of use are simply decades on ethereum. What I say somewhere in this direction.
These auditors know how to run high -performance programs for a very long time. It contains entities on the chain with performance and all, in addition to that you see a lot of ingredients outside the series responsible for very important applications services, etc. If you can run all these services using the ETHEREUM auditors and pay the rewards for them, then this revenue and bonuses will get the ETH holders. “
Bitcoin, ethereum, Solana, my country!
Alon does not miss an opportunity to share his views on Bitcoin as an old technology, but what are his ideas about Solana, which seems to be the favorite institutional investor game? He answers that “the last good competitors” from Ethereum were EOS, but they failed because “their founders did other things.” Solana says, “Basically, it would not have been for EOS if they had serious founders,” but:
“With regard to technical capabilities, Solana takes over the bodies of more than Ethereum. It is not technically like Ethereum, especially from decentralization, control -resistant control, and stability view. However, they do a lot of good work, interact with developers, promote some of them to communicate with that. Work.”
Mention POV that I heard that Ethereum could not have turned into a class. Looking at the nature of Alon’s business, I am not surprised when it is closed immediately. It interferes:
“It was one of the best decisions.
Keep it on the basis
Besides alerting everyone to the problems facing Ethereum, what does Alon do to convert Ethereum ship around? He corrects me:
“See, there is a challenge here. It is not a problem. It is not regular. It is a challenge that we need to address because the times have changed, and we have competition.”
What are the applications based on SSV pioneering?
“Existing applications are the name of the types of services, protocols and applications that work on ETHEREUM. It is basically SSV 2.0. We have formulated the applications -based applications. They are applications based on their security on ETHEREUM health. For this reason they are called call.
It is a kind of decentralized applications that work on ETHEREUM health and get jobs and safety from them. Oracles or bridges, data availability, ZK-Problaring, artificial intelligence agents, or any type of applications that are operated in a distributed way. Instead of re -invention of the wheel and building your audit group, you can simply take advantage of Ethereum and get much better safety, much cheaper, as well as contact with ETHEREUM in a much better way. “
Where are the existing applications fit with the broader security scene, and how to accumulate, for example, eignlayer? Explain:
“Eignlayer is similar, meaning that it provides security. The main difference is that eignlayer uses capital. We use auditors from Ethereum. So, in eignlayer, you take a handful of capital, and close it in a smart contract, and then you have linked workers.
What we decided to do is go and use the auditors themselves, which are 95 % cheaper and provide properties that do not exceed the capital because they directly represent part of the Ethereum value. “
Suddenly, everything started logical. The applications based on the outstanding level benefit from safety, the basic layer provides, and ETHEREUM receives compensation, instead of the value that is extracted. What’s more, it’s “about 95 % cheaper,” says Alon.
“This is very important because security is the most expensive component in the decentralized service, and the existing applications are in line with Ethereum because, as I said before, it comes from the point of creating more value to my holders, so this additional dimension … we need to provide a way forward, which I think is by giving a way to attract more value to Token.”
I wish him success, and we conclude the interview. Although Ethereum overcomes as much as a frequency such as Alon Badmouthes Bitcoin, I can’t imagine the encryption space without it, and I will be sorry for seeing it. The bright side? When you are ~ 60 % of your highest levels ever, the only way you can go.
