Protocol Design & Strategies
Protocol Design & Strategies
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Thought I would share the stuff being built/ideas being talked about that excites me.
Account abstraction
https://hackmd.io/@s0lness/BJUb16Yo9
Smart contract based wallets are getting more and more focus, I am pretty excited for the fact that UX is becoming more flexible, seamless and less complex. I think right now Metamask, or the whole flow to interact with blockchains is still quite a hassle and unintuitive, and eventually the space will grow to the point where the technology is abstracted in front of users. Users of web2 doesn’t need to know about http, packets, tcp-ip to search on Google. Connecting wallets is like dialing-up to internet 20 years ago.
That’s also why I think we are still at a very very early stage in terms of adoption, the recognition of cryptocurrencies is wide but web3 is still a very distant concept from most people’s daily lives, and smart contract wallets will bring better onboarding and user protection that largely eliminates the potential problems each user need to figure out when operating on an autonomous, permissionless network.
Better stablecoins
Painful lessons taught legit founders to take even more emphasis on building a stable, redeemable, all-weather stablecoin infrastructure, no matter centralized (backed by real USD), or decentralized (backed by coins/tokens). I think the fact that the lessons happening on 2022, 2 years post defi summer, actually pushes ahead the timeline for a crypto-native central bank and make the industry more ready to unbank the banked.
I am hyped for the Curve new stablecoin whitepaper upcoming release, and the latest passing of Aave’s GHO proposal.
Better scaling tech and infrastructure
Optimism working on Bedrock, Arbitrum working on Nitro, zkEVMs/zk-Rollups have many teams dedicating on the matter, and of course EIP4844. I think we are getting much closer to useable, super secure, scalable blockchains that we might be able to even abstract gas fees away from users (much like companies paying for server costs when delivering web-based products).
https://twitter.com/kelvinfichter/status/1553323138758463489
https://twitter.com/sgoldfed/status/1552852459663540226
Wild thought that might be dumb: Will the future of L2s with app-based roll-ups? Each crypto company/DAO will host its own chain with its own spec, and make use of Ethereum as its own settlement layer for transactions from its chain?
Also, I think it’s time to think about how to make smart contracts/liquidity omni-chain. Rollups are great but liquidity is fragmenting hard and I don’t think deploying Uniswap forks on each chain is a long-term solution. Imagine five workable roll-ups and there are five AMMs chasing for liquidity and this burns ecosystem incentives. I therefore think there should be bridges that spontaneously zap a market maker’s tokens from x-rollup to y-rollup to fulfill relevant market orders originated from an aggregator that connects to MMs like Paraswap/0x, essentially like a chain-agnostic JIT liquidity solution.
Thought I would share the stuff being built/ideas being talked about that excites me.
Account abstraction
https://hackmd.io/@s0lness/BJUb16Yo9
Smart contract based wallets are getting more and more focus, I am pretty excited for the fact that UX is becoming more flexible, seamless and less complex. I think right now Metamask, or the whole flow to interact with blockchains is still quite a hassle and unintuitive, and eventually the space will grow to the point where the technology is abstracted in front of users. Users of web2 doesn’t need to know about http, packets, tcp-ip to search on Google. Connecting wallets is like dialing-up to internet 20 years ago.
That’s also why I think we are still at a very very early stage in terms of adoption, the recognition of cryptocurrencies is wide but web3 is still a very distant concept from most people’s daily lives, and smart contract wallets will bring better onboarding and user protection that largely eliminates the potential problems each user need to figure out when operating on an autonomous, permissionless network.
Better stablecoins
Painful lessons taught legit founders to take even more emphasis on building a stable, redeemable, all-weather stablecoin infrastructure, no matter centralized (backed by real USD), or decentralized (backed by coins/tokens). I think the fact that the lessons happening on 2022, 2 years post defi summer, actually pushes ahead the timeline for a crypto-native central bank and make the industry more ready to unbank the banked.
I am hyped for the Curve new stablecoin whitepaper upcoming release, and the latest passing of Aave’s GHO proposal.
Better scaling tech and infrastructure
Optimism working on Bedrock, Arbitrum working on Nitro, zkEVMs/zk-Rollups have many teams dedicating on the matter, and of course EIP4844. I think we are getting much closer to useable, super secure, scalable blockchains that we might be able to even abstract gas fees away from users (much like companies paying for server costs when delivering web-based products).
https://twitter.com/kelvinfichter/status/1553323138758463489
https://twitter.com/sgoldfed/status/1552852459663540226
Wild thought that might be dumb: Will the future of L2s with app-based roll-ups? Each crypto company/DAO will host its own chain with its own spec, and make use of Ethereum as its own settlement layer for transactions from its chain?
Also, I think it’s time to think about how to make smart contracts/liquidity omni-chain. Rollups are great but liquidity is fragmenting hard and I don’t think deploying Uniswap forks on each chain is a long-term solution. Imagine five workable roll-ups and there are five AMMs chasing for liquidity and this burns ecosystem incentives. I therefore think there should be bridges that spontaneously zap a market maker’s tokens from x-rollup to y-rollup to fulfill relevant market orders originated from an aggregator that connects to MMs like Paraswap/0x, essentially like a chain-agnostic JIT liquidity solution.
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