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Source: medium.com ·
Not necessarily out of money, but the current Ethereum gas market, the rise of DeFi, and new browser standards have changed the game significantly enough that we don’t see a way forward with the…
Kyle Samani - @KyleSamani
4 months ago
RT @Jarvis_Network: 💪 We have anticipated that for quite some time now, especially with constant gas fees increase ⛽. Therefore, we got closer with @TorusLabs for a month now, and we are developing our new wallet based on Torus technologies.
https://t.co/qjLbjNDYY0
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Noah Ruderman ⚡ - @devilscompiler
4 months ago
Defi gentrification is happening. High-value transactions are crowding out low-value transactions on smart contract platforms. https://t.co/0PAKWBxg4m
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Peter Todd - @peterktodd
4 months ago
"DeFi gentrification" 😂
Don't deflect blame with social justice narratives. Take responsibility and build scalable tech. https://t.co/lgEh36Tqzw
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Paul Sztorc - @Truthcoin
4 months ago
RT @avsa: Unilogin is out of gas: we’re unfortunately shutting down the project. Many factors contributed to it, but mainly: gas prices, DeFi gentrification and being collateral damage in a war of between the tech giants.
https://t.co/QDFNizg3iH
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nic carter - @nic__carter
4 months ago
https://t.co/BLv2awpPyY
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Mason & Co. - @masonic_tweets
4 months ago
Businesses not designed for high gas prices will have to close their doors. https://t.co/LA2I9k5MCH
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alex van de sande (4 character handle ? me : bot) - @avsa
4 months ago
Unilogin is out of gas: we’re unfortunately shutting down the project. Many factors contributed to it, but mainly: gas prices, DeFi gentrification and being collateral damage in a war of between the tech giants.
https://t.co/QDFNizg3iH
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FUSCN8A
4 months ago
Until yield farming destroys itself (and possibly Ethereum in the processes), this kind of news won't stop.
Even if we solve yield farming GAS issues, something else will replace the demand (remember Crypto Kitties?).
All hands on deck to fix the GAS problem now!
Let's finally get off ETH 1.0 and start staking or figure out a way to force the proceeds earned by these high-volume, high earning smart contracts to start subsidizing GAS.
Ethereum like Bitcoin, has unfortunately failed as a technology for its intended purpose simply due to popularity.
This is the limits of Proof of Work for Ethereum and to be honest, I'm surprised its lasted as long as it did.
I think one of the worst things we allowed as a community was removing the time-bomb functionality which forced hard forks. This created forced discourse and change which is now lacking.
It's not too late to change. We just need to remove some of these 1 MB Greg types out of the decision making process and learn to take risks and be OK with failure.
Acknowledging the elephant in the room - failure is first needed (like this Blog has done!) which is a great sign. Next is strong leadership and swift action instead of words.
I still have hope we can pull this off.
Having participated in and surviving the DAOsaster - that was a time of rapid change and risk taking along with strong leadership. We need to be OK with failure even when there's money on the line.
Let's go!
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alicenekocat
4 months ago
It's sad to see more projects shut down due to Ethereum's problems. Hopefully more diverse applications are once again possible in Ethereum. In my view, I wouldn't want it to become a DeFi only blockchain.
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InquisitiveBoba
4 months ago
if its possible to be shut down then it wasn't decentralized to begin with
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alicenekocat
4 months ago
FYI most current DeFi "dapps" are not that decentralized either. Many have admin / root keys and trusted third parties.
Uniswap is a notable exception.
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InquisitiveBoba
4 months ago
So is no better then finance 1.0
In fact its worse because you can be anon and do rug pulls on lots of people because you don't have to deal with regulation.
Uniswap isnt the exception anymore with the governance token. The FED could just print some USD and then buy 51% of the UNI supply and then vote in anything they want.
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capitalol
4 months ago
I wonder if this is a canary in the coalmine. Which other projects are now quietly closing shop... or moving elsewhere?
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alicenekocat
4 months ago
NFTs and gaming have been moving away from Ethereum for some time now. Remember MLB and cryptokitties? check where they are developing now.
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redditsucks_goruqqus
4 months ago
Anything that is not DeFi will struggle according to the [guy that runs the top crypto VC, Olaf Carlsen](https://old.reddit.com/r/polkadot_market/comments/iw5ium/not_sure_why_this_wasnt_posted_before_olaf/).
I'm legitimately sad that one of my favorite projects - Etheroll - is down to [7 players and 12 rolls this week](https://old.reddit.com/r/etheroll/comments/irzq9a/myetherolls_weekly_game_summary_week_37_2020/). I used to explain the potential of smart contracts to people back in 2017 using Etheroll as an example. It was such a simple dapp that most people instantly got the value of smart contracts: there's no permissions needed, no trust needed... just read the code and press roll.
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reuptaken
4 months ago
Social Sets (part of Token Sets) are struggling, most suspended trading, mine included. It can cost several hundreds USD to start a Set rebalancing process (change of asset allocation)
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edmundedgar
reality.eth 4 months ago
Really sad to see, it was such a great project. But you have to respect teams that give the money back to investors once they realize their initial plan isn't going to pan out rather than doing endless pivots until they've spent it all.
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[deleted]
4 months ago
100% this. If you know the project isn't going to work, shut it down, and give back whatever you can.
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Crypto_Economist42
4 months ago
Wrong assumption #1 always seemed like a problem to me from day 1. Suprised you guys even tried to make it work.
All 'freemium' models where multisig wallets are created for free by the service provider on behalf of the user just won't scale in the long run. How can an SP afford even $1 per signup if its trivial to sybil attack that?
Argent will run into this problem also. It's only a matter of time.
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vvpan
4 months ago
Not sure about Unilogin but at the moment Argent requires you to provide your phone number and the account is tied to it. I am no security expert to claim that it prevents Sybil attacks, but so-far it's been working. But yes - being a business subsidizing transactions ain't easy at the moment. Argent better monetize, cause I really like them (they are also #22 on the Eth Gas Station ETH25 Leaderboard, yay).
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trogdortb001
MyCrypto - Jordan 4 months ago
This is a bummer. This is also a FANTASTIC post and outlines many problems, assumptions, and results, and I recommend everyone read this from top to bottom.
Best of luck to Alex and the rest of the UniLogin team in their future endeavors.
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redditsucks_goruqqus
4 months ago
>This is a bummer.
Double bummer when you consider that UniLogin is entirely aware of existing and upcoming L2 solutions but found them lacking.
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alicenekocat
4 months ago
Despite on what many think, L2s lack on many fronts. Complexity increases almost exponentially and lack of composability is a real issue that no L2 deals with.
That's why the recommendation is always: "Use it if you just wanna move tokens around". Else, build at your own risk.
Developer time is precious and finite, you can't just go and explore a production ready app on L2 just because. The switch to ETH 2 also adds an additional dose of uncertainty to the mix.
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epic_trader
4 months ago
Triple bummer when you consider that avsa loudly encouraged everyone else to stop working on login solutions because his team was working on it and made it sound like everyone else would be wasting their time
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