#35: Jerome de Tychey | EIP-8363, the 50% staking line, and Ethereum's issuance fight

Today’s guest is Jérôme de Tychey, president of Ethereum France, founder of EthCC, and a co-author of EIP-8363. He makes the case that Ethereum’s issuance curve has no equilibrium, concedes that the proposal’s original solo staker claim was a mistake his own team had to walk back, and puts community feedback at roughly 60 percent negative. We get into what actually breaks above a 50 percent staking ratio, the 15 hours he spent trying to convince SharpLink, and what he would still change about the proposal.Guest Links* Jérôme de Tychey: https://x.com/jdetychey* EthCC: https://x.com/EthCC* Ethereum France: https://x.com/Ethereum_France* EIP-8363 discussion thread: https://ethereum-magicians.org/t/eip-8363-tapered-issuance-burn/29263* Issuance research index: https://issuance.wtf/Host Links* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyi* API Docs: https://docs.vaults.fyi/Subscribe to the Podcast* https://wallfacer.io/podcastTimestamps[00:00] Intro[01:13] Why issuance, and why now[02:22] Ethereum’s history of cutting issuance, from 5 ETH blocks to the Merge[04:29] The original curve was set before LSTs and ETFs existed[07:17] Justin Drake on why the topic stalled, and “impossible is not French”[09:20] How the proposal came together, and the shape of the curve[12:44] What actually breaks above a 50 percent staking ratio[13:35] Slashing risk, LSTs, and the bailout expectation[18:15] Economic finality, and why 20 to 30 percent is the target[25:48] Why the diversity of the validator set matters more than the ratio[28:26] The Nakamoto coefficient, and contestability over concentration[30:28] “That was our own fault”: walking back the solo staker claim[32:58] Talking to SharpLink, Bitmine, and the ETF issuers[35:25] The coupon versus the principal, and what Grayscale pushed for[39:48] Store of value, looping, and what ETH actually gets used for[45:14] Monetary neutrality, and comparing ETH issuance to Bitcoin[50:00] What he has changed his mind on since publishing[52:05] The missing cascade model, and early signs of convergence[54:41] Where to follow the debate This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com