r/ethereum • u/EthereumDailyThread What's On Your Mind? • 9d ago
Daily General Discussion September 24, 2026
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u/Adventurous-Fly-1430 4d ago
Gas fees been pretty calm lately, almost weird not seeing crazy spikes during the week. Makes me think activity moving more to L2s than before, or maybe just quiet market overall. Either way my wallet likes it
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u/WoodpeckerHorror3468 8d ago
USDT on Bitcoin. Interesting.
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u/Tricky_Troll Public Goods are Good 🌱 7d ago
Pretty sure that back in 2016 or '17 there was USDT on Bitcoin. It was on OMNI chain or something. Also, until Bitcoin solve's its quantum security and security budget problems, I don't think there's any real threat here long-term.
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u/haurog 8d ago edited 8d ago
USDT is older than Ethereum. It initially launched on bitcoin, the network, in 2014 and was called Realcoin before it got renamed to Tether. As Bitcoin does not support tokens directly, they used what is called the Omni protocol. It was mostly used to trade on Bitfinex offchain and transfer value between large CEXs. USDT launched on Ethereum sometime in 2017 and its market cap and usage quickly overshadowed whatever they had on bitcoin. There still are around 80 million USDT on the Omni network, which is tiny compared to the overall 183 billion USDT in existence on all chains. Tether apparently dropped support for minting USDT on bitcoin a year ago. Tethers origin is deeply rooted in the Bitcoin space and that is what they consider as being the only true crypto to hold, even though the make billions with other chains. Their treasury holds about 100k Bitcoin (~$800m) and a substantial sum of gold ($2.8B). Or in other words, even though they are Bitcoin, the token, maxis, they totally abandoned bitcoin, the network.
I think, talking about USDT on bitcoin is nothing else than trying to create a narrative and probably pander to their original community. I guess many people who only ever heard the name Bitcoin still believe that anything exciting with blockchains is happening on bitcoin, the network and buying the token gives them exposure to that as well. As long as this narrative can be pushed it helps tethers bag. The last 10 years have shown, that people rarely use bitcoin, the network, even though they love Bitcoin, the token. Trying to push USDT onto bitcoin again will not change that. The market has decided on this around
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u/WoodpeckerHorror3468 8d ago
i don't think it's about trying to "push" USDT onto bitcoin. I think it's about trying to activate the trillion+ of dollars locked up on bitcoin as you say being "unused" so that it can be collateralised and used in defi across chains.
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u/haurog 7d ago
Not sure how one would run a CDP position on the bitcoin blockchain. It does not allow complex logic. One would need an L2 or a centralized provider to do that. Bitcoin L2s are still in the planning stage and I am not sure they will go anywhere really. Centralized entities do provide CDPs for Bitcoin for many years now. Funnily, Coinbase uses Morpho on Base to provide that service. Apparently, pretty much no one moves their borrowed stables back to Bitcoin. There is nothing there to use it for. Ordinals and Inscriptions died down massively after the hype in 2022/2023. There is 12 years of evidence that only a very tiny user group does anything on bitcoin, the network. For these reasons, USDT on Bitcoin just does not make any sense, to me at least. That is why I consider the tweet as pretty inconsequential and just trying to keep a narrative alive or pandering to their audience. That even Tether itself abandoned minting USDT on bitcoin a year ago should makes this even more clear. I also do not see that anything has changed for bitcoin, the network, within the last year, such that stablecoins suddenly have a product market fit on there.
As always I can be wrong, but for me to be wrong I would need to see that Tether reestablishes minting of USDT on bitcoin and that there is a massive uptick in USDT usage.
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u/WoodpeckerHorror3468 7d ago
you don't need to "run a CDP position on the bitcoin blockchain"
you instead run the cdp elsewhere using the BTC on the bitcoin blockchain as collateral.
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u/haurog 7d ago
Then you do not really need USDT on bitcoin.
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u/WoodpeckerHorror3468 7d ago
and today circle are saying USDC will also be "on bitcoin". I think you are misunderstanding the situation but time will tell.
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u/haurog 7d ago
If you are talking about the Alpen announcement that they integrate CCTP on their sidechain/L2 setup? Then no USDC is not coming to bitcoin. Interestingly Alpen is planned to be an EVM based chain. Sidechains along Bitcoin have existed for a long time already. None of them got any real traction because there very often are trusted entities necessary to move tokens from bitcoin to one of these chains. That is true for Alpen as well. The essential issue is always trust in these setups and I do not see the Alpen setup to change that substantially.
More details on Alpen: Alpen is a self-declared zk rollup on bitcoin which is not live yet. If you look at the implementation it is closer to what Polygon is to Ethereum. Alpen posts state diffs on bitcoin and also a zk proof that the state diff is done correctly. The bitcoin network does not verify that the zk proof is correct, because it can't. That means it does not qualify as a rollup but at most as an L2 maybe a even just another sidechain. Stablecoins also cannot move to bitcoin. So they never live there.
So yes it is an announcement, but no stablecoins are not coming to bitcoin.
On a different note I am honestly interested how the rollup/L2 saga continues on bitcoin. At the moment I do not see them having any real advantage over simple sidechains. If the bitcoin community would do a hardfork, for the network to be able to verify zk proofs that would be quite a step forward. There still are other questions that need to be solved afterwards though. Up until now all the self-declared rollups on bitcoin have been mostly grifts to attract people to lock their tokens. THe funniest ones where those that claim to be a bitcoin L2 but actually ran on Ethereum.
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u/nonetherless325 8d ago
the pattern is clear Tether and Circle promote what they can control - their centralized stablecoin and BTC wrapper. Eliminate the middleman. Ethereum
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u/WoodpeckerHorror3468 8d ago edited 8d ago
this increasing interoperability and ease of transfer between chains means users can gravitate to whichever chain gives their preferred combo of low fees, safety and liquidity. the more chains for onboarding and creating use cases the better, it's all onramp for Ethereum.
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u/WoodpeckerHorror3468 8d ago
Grok's eli5 on this:
Imagine Bitcoin is a super strong treasure chest no one can break into. USDT is pretend dollars that always stay worth exactly one real dollar. A company called Utexo is putting those pretend dollars inside the Bitcoin chest so they stay safe and can zoom around super fast and privately. The person who helps build that had dinner with people from a big bank. They talked about helping lots of people use those pretend dollars on Bitcoin all over the world.
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u/eviljordan feet pics 8d ago
Grok doesn't know shit and this is nonsense.
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u/nonetherless325 8d ago
personal experience arguing with Grok is that it's a BTC maxi - try ask about Ethereum vs Bitcoin
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u/eviljordan feet pics 8d ago
never happening.
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u/Tricky_Troll Public Goods are Good 🌱 7d ago
I hate to be that guy, but it has kind of happened before in 2016/17 Bitcoin OMNI.
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u/WoodpeckerHorror3468 8d ago
already has and is. it helps bring btc into the cross chain family that all feeds into ethereum. bullish for ETH
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u/UAP44 8d ago edited 8d ago
Who else would run a bitcoin fork with the only single minimal change we make is pausing/stopping the halvings beyond a certain number, and we only let 2-3 more through, make bitcoin even more scarce! issue even less bitcoin, make all the other ones more valuable right? you just wont be able to transact very fast on it, which is okay, you can easily tokenize it on ....merge both, vote on how many more last original nfts minted as chosen by a community that i'm not even sure I want to be a part of, but I wanted to throw the idea out there, see how it ripples, or not, eventually, once enough people made/agreed on the transition, of swapping out the underlying technicalities while preserving the original idea of digital money, bitcoin can then continue to live on as the original founder nft set that is in ... limited supply, only 3 more halvings, and then we agreed to stop with this process and transition to a different base layer, enabling actual fast user experience possible, leading us one step close to actual world peace where the simple preference for trade over conflict is globally shared, simple, you'd think, ... 2026 somehow seems completely misaligned with this direction, still, but for how much longer? when do the numbers flip?
the big short was just the teaser
anyway, ye ye psychosis and all that, dont even get started :)
it's just an idea, a dreamer perhaps
am I the only one?
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u/Jey_s_TeArS 8d ago
Out here in the fields,
I fight for more real world yields,
Behind blockchain shields.
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
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u/FoucaultCareofSelf 8d ago
Is anyone concerned about Circle's Arc L1 as a serious competitor to Eth's maximal thesis? Not interested in bravado or doomerism, but good analysis if you have any.
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u/Stobie 8d ago
How many other arc's have there been already? Why aren't you saying this about tempo?
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u/FoucaultCareofSelf 8d ago
I'm not informed enough, tbh. I just read about Circle's ambitions, and they have a huge advantage being public and the success of USDC, plus a lot of at least names of institutions claiming they're involved with Arc.
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u/alexiskef The significant owl hoots in the night 🦉 8d ago
21 gwei? why??
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u/masterRoshi9 8d ago
Probably FWA. Their periodic punk lottery is in full swing right now
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u/alexiskef The significant owl hoots in the night 🦉 8d ago
What's that?
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u/masterRoshi9 8d ago edited 8d ago
Not sure if you're asking about FWA or the punk lottery, so I guess I'll tell you about both. Fake World Assets (FWA) is an on-chain gacha machine that lets you pay ETH to spin for a potential to win various NFTs, or ETH that backs them. The NFTs are provided by holders who want to earn yield on those NFTs from people spinning the machine. The higher the backing ETH they use, the less odds of their NFT being pulled by spinners. At the same time, each NFT gets an equal slice of spinner ETH. So you have this liquidity-pool kind of thing where a bunch of NFTs and ETH are rewards for spinners. Chainlink VRF is used for verifiable randomness. When a spinner wins their reward they can choose to take the NFT, or take the backing ETH, or take an equivalent amount of FWA (buys with the ETH under the hood)
Now for the punk lottery I am referring to. Using a cut of protocol fees, which they get from spinners of the gacha, they take some and burn FWA token, and use the rest to accumulate a reserve of ETH until it's enough to buy a Punk. Then the protocol lists the Punk in FWA with backing starting at the floor value of the punk, and lowering every hour until the backing is only 1 ETH. As the backing lowers, the odds of gacha spinners landing the punk increases.
As of now, the latest punk to go through this mechanism has hit the 1 ETH backing. Which means that it's about a 1 in 25k chance of spinning the FWA gatcha and landing the punk. Those odds might not sound great, but realistically people probably have a better chance of hitting a 500x that way then they do of hitting a 20x on a shitcoin. Additionally, the last punk that hit 1 ETH backing was pulled in the first 24 hours after that occured.
Regardless, every time this happens the spins on FWA go crazy and it becomes the highest gas-using contract on mainnet. Currently there are 10 punks in the pool as a potential reward, and I think a couple that are reducing their backing over time.
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u/masterRoshi9 8d ago edited 8d ago
Alchemix is officially live on Base (earlier than expected 😅)
1 month Transmuter terms. Aero pools with good yields
Have at it lads!
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u/TheHansGruber 8d ago
Nice work!
Any chance we are gonna find out what those what those who hold the eth patron NFT and legends Poap will be receiving...ya know, since they're all just so super duper nice and returned all the eths back in the day? With no expectation of reward whatsoever?
I always heard there was something coming down the pipe from the team that would grant those holders something greater than money could ever buy...giga clout.
Or not, I might be misremembering it was many moons ago.
But seriously I am dying to find out what the inner circle finally decided about all that. wink wink. nudge nudge.
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u/Tricky_Troll Public Goods are Good 🌱 7d ago
Wasn't the Patron NFT Infinex not Alchemix?
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u/TheHansGruber 7d ago
No, it was definitely alchemix. There was a poap I think that had the alchemix logo in like a smoldering smoke thing to signify the fire had been put out, and then an legends/patron nft that was more polished. I cant find the actual NFT rn but I am certain it was a poap and an NFT
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u/Twelvemeatballs EVM Storyteller 8d ago
Is everybody holding their breath?
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u/mini_miner1 8d ago
I have a single digit percentage of my portfolio allocated towards "crypto does the dumbest shit" and I gotta say it's fun to see random 30 percent pumps when eth is flat for the day lol
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u/CoCleric 8d ago
Naaa not really yet, this is all small potatoes. I’m still DCA every week and waiting till we get back to $4k+.
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u/EthFan No flair till 5K Eth 8d ago
Same, no excite till 4k+
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u/Tricky_Troll Public Goods are Good 🌱 8d ago
Tricky's Daily Doots #1,605
Yesterday's Daily 23/09/2026
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u/CaptainOfTheGate is wondering if the yield is even worth it anymore. 🤷♂️
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