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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!
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.
if its possible to be shut down then it wasn't decentralized to begin with
I wonder if this is a canary in the coalmine. Which other projects are now quietly closing shop... or moving elsewhere?
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.
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.
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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