Twitter Handle Smart Liquidity expressed, According to the results of May, for the first time in history, Ethereum miners earned more than $2 billion in total, surpassing similar indicators in the Bitcoin network by almost $1 billion – $2.35 billion against $1.45 billion.

The Bullish news for ETH is that the commissions on the Ethereum network now is around $1.

Binance Smart Chain recently expressed, Work with your audit companies to do another health check. If you are forked projects, please double and triple check your changes from original version. Apply necessary risk control measures to actively monitor any anomaly in a real-time manner and pause the protocol if any anomaly indeed occurs. Plan a contingency plan for the worst case if really happening. Plan a contingency plan for the worst case if really happening.

Looking at the term “Forked Projects” Ethereum guys were like:  Copy and paste from Ethereum, but leave out important security measures to make it cheaper.  Where did we hear that before?

Previously, Vitalik Buterin spoke about legitimacy in the Bankless podcast.

Vitalik spoke in the podcast about how legitimacy is the deep and powerful social force riding Ethereum and Bitcoin.  Both of these are able to bring in massive capital, but were restricted to how the capital is used.

Legitimacy as a social phenomenon is emergent higher order of acceptance of the society that describes things which are broadly and generally accepted in a coordination system. When everyone chooses the same outcome, then that outcome is bestowed with legitimacy. And legitimacy as a social reality gains acceptance every step of the way.

Legitimate things include de facto norms and collective expectations of groups, whether you like it or not. According to Vitalik, “there are a number of ways to achieve legitimacy: brute force, continuity (inertia), fairness, process, performance, and participation – these are not mutually exclusive.”

Coming to cryptocurrencies and blockchain ecosystems, they ‘earn’ legitimacy by community acceptance and adoption, but the continued legitimacy of these things is dependent on maintaining that which made it legitimate in the first place like the promises and proofs of decentralization and security.

Further Vitalik spoke about funding public goods.

He stated, Ethereum can’t summon capital for public goods without sacrificing the decentralization and soundness that give it legitimacy. While these expectations are not carried as strongly in the app layer. This gives the ecosystem flexibility to coordinate and provide for the health of the network beyond base layer security and decentralization.

Legitimacy determines our best practices for interacting with the world, understanding and wielding the power of this concept is necessary to maximize the benefits we bring to it.

Those who are interested to check in to the full episode will find it interesting from Vitalik exploring several things like legitimacy for performance, participation, people-first, patterns and mechanisms, BTC monetary policy, Legit Ultra Sound Money, Social Contracts, and Legitimizing Ethereum.