Do you work for Ethereum miners today?

Editor's Note: This article comes fromHot Wheels Community (ID: FHBT18), Author: Pepe, reproduced by Odaily with authorization.

Editor's Note: This article comes from

Hot Wheels Community (ID: FHBT18)

Hot Wheels Community (ID: FHBT18)

, Author: Pepe, reproduced by Odaily with authorization.

Many people seem to be DeFi trend farmers. Today, they dig sweet potatoes to grow corn (a stalk in the overseas DeFi circle, who compares mining to farmers farming to obtain income), but in fact they may just be the working boys of Ethereum miners.

Hello everyone, I am Pepe. The picture above shows the price trend of YAM, which was very popular yesterday. It was expected that the price would drop due to the additional issuance of rebase, but what I did not expect was this afternoon, due to the rebase function. There is an irreparable loophole that may cause more tokens to be generated than expected during additional issuance, causing the tokens to lose their ability to control the governance on the chain, and the governance contract is permanently damaged, which also results in a loss of about 750,000 US dollars. Curve tokens will be permanently locked in the contract and cannot be withdrawn.

Looking at the funds locked on the platform, there are still 300 million US dollars, and the proportion of withdrawals is not high. It is not yet known what will happen to this defi product that was made in a week and exploded overnight.

But in fact, what I hope more is that you can understand what is going on in this circle. As for whether you want to come in and "take over", I think it is:

Brother, be careful.

Especially looking at the matter of yam today, and the current state of Ethernet, it is not a particularly good signal, and the next step is to be cautious and cautious.

Need to pay attention to two aspects:

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1. Are you farming money today or working for Ethereum miners?

To what extent is the Ethereum network exaggerated now? When various 500 people are chatting with various codes, the miners next door are making a fortune in silence. It is said that now Ethereum mining can pay back in 3 months, and the daily handling fee Income is already higher than block rewards.

And this handling fee consumes:

It can be seen that the top ones are basically DeFi projects or exchanges. Among them, the Uniswap casino accounts for 18% of the consumption. Who would have thought that the miners would one day be able to live like the boss of the exchange? Lie down and earn a living.

According to the latest network status, the average transfer consumption is 275gwei, and the value corresponding to the handling fee is 2.24 USD:

This requires waiting time. For real-time transactions, it is best to set the handling fee at $2.99.

And this is the most basic transfer operation. For more complex operations in mining, it is normal to spend more than ten dollars at a time. For example, the following picture is a YAM extraction, which cost 13 dollars:

But if you want to get a code on uni, it will be gone once you buy and sell it for dozens of dollars. Chasing ups and downs twice, even if the target doubles, how much can you earn?

As far as the traditional thousand-two transaction fee is concerned, there are still many leeks that cannot earn the transaction fee back every year, let alone the current situation. If you say that you spend 10,000 dollars to play, but there are only a thousand coins in the liquidity pool. eth, if you buy it all at once, you can lift the sedan chair for others.

If the gas fee continues to be high and cannot be relieved, this is a deadlock. The high transaction fee also indicates a speculative bubble in the market. Now many people are still immersed in the exaggerated income and do not care so much about the transaction fee. I have heard that The boss in the group consumes thousands of dollars in handling fees a day. Thinking about how much profit he has to make, and where does the profit come from, this thing cannot be sustained for a long time, just like the bitcoin transfer in 2017. A hundred dollars, what happened later? Once the money-making speed cannot keep up with the consumption of handling fees, the withdrawal of funds may not be far away.

Therefore, I personally prefer that, in the current situation, try to participate as little as possible in the projects issued by uni. Before each operation, we must think carefully, because no one knows whether we are only working for the Ethereum miners in the end!

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2. Do you really know what kind of game we are playing?

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defi instead of cefi? Maybe, but I'm afraid it's not now. Behind the high-sounding rhetoric of the big V outside, the Internet celebrity projects we see are more of a number game.

Like yesterday’s yam, in fact, to put it bluntly, it is to get new coins by depositing assets. What does it have to do with open finance? The only thing that is related is the very open introduction of eight types of erc20 assets such as comp\link\ampl As a deposit asset, it also drove the prices of these projects soaring.

Now it is popular to say that we have no pre-mining, the project party has 0 chips, and there is no announcement at all. It is a face that anyone can make money in decentralization, but in reality?

Overseas netizens picked up an address:

Yesterday, this address directly received 30,000 Ethereum, worth nearly 12 million US dollars, and then traced back that the 30,000 Weth was borrowed from Compound:

It is equivalent to doing a compound mining. You can get a share of comp income by mortgaging stablecoins and lending eth, and then put the loaned ones on yam for mining.

This can be regarded as a big DeFi whale, and there are not a few people with tens of millions playing various types of DeFi in the address, and the so-called decentralization is essentially controlled by either the project party or this big whale.

epilogue

Usually this kind of currency has no circulation at the beginning of mining, and the big players are motivated to make a high price, showing dozens of times the annual rate, to achieve a marketing effect.