Why Ethereum MUST Change Its Monetary Policy | Sam Jernigan and Jerome de Tychey
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Bankless Nation, the debate around the EIP that changes EIP's issuance policy is not over. On this episode, I have Jerome Des Tousseau, founder of the ECC conference and also one of the core authors and proponents behind EIP eight three six one, the stake targeting EIP. Jerome, welcome to Bankless.
Thank you so much for having me. I'm also a solo staker, and the official number is 8363 now. So if you're looking for the
8363. Yeah. Also joining, Jerome is Sam. Sam Jernigan, he is the ETH Maxey of Wall Street, the CIO of Lafayette Macro and CEO of Lafayette Digital Acquisition Corp. Probably one of the louder proponents on Twitter about stake targeting. Sam, welcome back to Bankless.
Nice to be back.
Jerome, let me just start with you since you're the the core author and you really introduced this EIP into the zeitgeist and has caused much of a gnashing of teeth and debates in the Ethereum community. What is the problem that we are trying to solve here? Why is this EIP important and urgent?
Yeah. So there's there's many many sub questions in what you just asked. So let me, let me try to be as as short as possible. First, it's not a it's not an old problem. We we knew about this issue for a few years now. Actually, since before even the the launch of the the proof of stake, we knew that the the curve that we were using is would probably have to be recalibrated at some point. The debates the initial debate really started in late twenty twenty three and had a first intense debate in early twenty twenty four. And then it was rekindled in late twenty twenty five. And now is the time t
I think a lot of what you said, Jerome, checks out to me and also at the same time, in order to change the monetary policy around ether, you need to have overwhelming evidence that this is not just something in pursuit of a better outcome, but something like meaningfully catastrophic if we do not do this. And so maybe Sam, I'll I'll throw this to you about like, you know, some of the things that Jerome says is like, you know, like we're approaching 100% of ETH stakes, you know, in vanilla ETH holders are paying with dilution. 50 yeah. But, like, but the incentive, as you as you said, the incen
Right. Thank you again for for having me and including me. I I do think this is a very important topic. And before we even really get to the monetary case for it or the, you know, go as far as to say a 100%, you know, the the curve stops or goes to zero at 50% for a reason. And that's because we have to maintain above any other priority Ethereum's credible neutrality. And when you cross above that threshold, and arguably before, unfortunately. But I and I think that's something we should get into. I mean, arguably, the the the risk to Ethereum's credible neutrality is is well short of 50%, but
Yeah. That there's a there's a ton of, moral hazard coming out of a a big Pandora's box where, lots of things get intertwined between the consensus layer and the execution layer, sticking to everybody else that, mingle into DeFi. They make the case for, oh, oh, are we going to roll this back or are we going to change this? A much harder decision to make. Beyond the more purely credibly credibly neutrality problems, like, at what stage do we consider that the the the network has been captured and we start to censor transaction and so on. But if we look at 34%, what is what do what concretely br
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