Coinbase : analyse du plan d'expansion d'Ethereum

At the end of 2021, Ethereum was designed to support thousands of applications in DeFi, NFT, GameFi and more. The entire network generates billions of dollars in revenue every year, and more than $ 170 billion is stuck in the platform.

But as the saying goes, more money means more problems. Ethereum's decentralized design ultimately limits the packaging industry it can handle to 15 industries per second. Ethereum caters to well over 15 markets per second, resulting in long waits and costs of up to $ 200 per exchange. Ultimately, this affects many users and limits the types of applications Ethereum can solve today.

If smart blockchains continue to support millions of users of financial and Web3 apps, the solutions need to be measured.Thanks to the military began to arrive, and many of the recent solutions are available online.

In this issue of “Environment Block”, we talked about the world of cryptocurrencies.

Competitive los yog complementary?

The aim is to increase the number of businesses that a publicly viable contract can achieve while maintaining adequate impact. Scaling a smart contract platform with central, organization-managed resolution isn't important (Visa can make 45,000 purchases per second), but we'll get back to where we started soon. A powerful participant in the world that few people have.

There are two ways to solve this problem. (1) create new networks that compete with Ethereum for greater efficiency, or (2) create add-ons capable of handling Ethereum's overcapacity.

In general, they fall into several categories:

1) Level 1 blockchain (in competition with Ethereum)

2) Sidechain (an add-on with Ethereum)

3) Layer 2 network (Full Ethereum)

Every architecture and approach is different, but the goal is the same.Users can use the real network (like interference with DeFi, NFT, etc.) without having to pay too much or have long term interference.

layer 1

Ethereum is considered a System 1 blockchain, an independent network that can protect users' money and operate in one place. Want to convert 100 USDC to DAI using DeFi app like Uniswap? Ethereum is where it all happens.

The first level of competition can do whatever Ethereum does, but it can do it on the new network. The difference between them is that new designs can be more complete, lowering trade-in costs, but most costs increase in the medium term.

Over the past 10 months, new Tier 1 networks have come online en masse, and the total value of these networks has grown from $ 0 billion to $ 75 billion in the same time frame. The current position is managed by Solana, Avalanche, Terra, and Binance Smart Chain, each with a growing ecosystem worth over $ 10 billion.

Agent TVL not ETH L1

All Tier 1s competed against each other to attract both developers and consumers. It is very difficult to easily create and use apps without Ethereum's tools and processes. To make this difference, many Tier 1s adopt a concept called EVM compatibility.

EVM stands for Ethereum Virtual Machine, which is the heart of the brain that runs business applications.By making the network EVM compliant, Ethereum developers can easily deliver existing Ethereum applications to the new standard 1 thanks to the importance of copying and pasting code. Additionally, users can easily access EVM-enabled Level 1 using their existing wallets, making migration easy.

Use Binance Smart Chain (BSC) as an example. By launching an EVM-enabled network and refining its vision to make products more commercially available and more affordable, BSC has seen an increase in the use of several DeFi-like applications. Uniswap and Curve last summer. A popular Ethereum application. Avalanche, Fantom, Tron and Celo have followed the same path. In contrast, Terra and Solana currently do not support EVM compatibility.

Comparison TVL L1 compliant and non-compliant with EVM

Interoperability chain

Slightly different Tier 1 repositories include blockchain ecosystems such as Cosmos and Polkadot. This project is not about creating a new stand-alone blockchain, but about creating designs that will allow developers to build special blockchain applications that can communicate with each other. For example, this allows tokens from blockchain games to be used by applications created on a separate blockchain for communication.

Currently, there are over $ 100 billion worth of chains designed using the Cosmos model and that may eventually have an impact. At the same time, Polkadot recently took the leap and will integrate the blockchain ecosystem.

Going forward, Ethereum's competitors are directly introducing various models today, and there will be many more in the future.

scie sab

The difference between the new side chains and the 1st layer is unrealistic. Side chains are similar to EVM Compatibility Layer 1, except that they are specifically designed to handle Ethereum's overcapacity rather than competing with all of Ethereum. This ecosystem is tightly integrated with the Ethereum community and hosts Ethereum applications in additional ways.

Axie Ifinity's Ronin sidechain is a good example. Axie Infinity is an NFT game originally developed by Ethereum. Since Ethereum's costs make games more expensive, the Ronin sidechain is designed to allow users to transfer NFTs and Ethereum tokens to the lower end. This allows more users to access the game at a lower cost before the game crashes.

As of this writing, users are transferring over $ 7.5 billion from Ethereum to Ronin to play Axie Infinity.

PLV polygone

Side chains like Ronin are special applications while other side chains are suitable for many applications. Today, Polygon's Proof of Stake (POS) sidechain is a market leader in assets valued at nearly US $ 5 billion and has used more than 100 DeFi and game applications, including brands. well known as Aave and Sushiswap, and the Uniswap clone called Quickswap. .

Likewise, Polygon POS and EVM Compatibility Layer 1 are no different. However, it was designed to be part of a framework that extends beyond competition with Ethereum. The Polygon group sees the future. Ethereum is also at the heart of blockchain for profitable and profitable marketing, and the modern industry is called Polygon low cost blockchain. (Polygon POS also interacts with Ethereum through authentication processes.)

Given that the exchange rate is less than 1 win, Polygon's vision for the future seems reasonable. With the help of help desks, users flocked to Polygon POS, where the volume of modern exchanges exceeds Ethereum (although spam exchanges have inflated the numbers).

Layer 2 (Winding)

Layer 1 and sidechains have clear challenges in security blockchains. This usually requires payment of further procedures by miners or proof-of-stake validators to enable and secure trading in the form of an increase in the value of the tokens below (such as Polygon $ MATIC, $ AVAX of Avalanche).

However, this raises important questions:

1) Having a token can lead to more competition for the ecosystem than adding Ethereum.

2) Identification and security activities are a difficult and difficult task, and the network is not responsible.

Would it be good if we could build an ecosystem that is adopted by Ethereum security? Access the Layer 2 network, specifically "Content". Simply put, the second layer is an independent ecosystem that sits on top of Ethereum and its security dependency on Ethereum.

Mostly, this means that Layer 2 does not need to be native in character, so it not only adds Ethereum, but is essentially part of Ethereum. Ethereum's approach also shows its respect for this idea by claiming that Ethereum 2.0 will be a “big pilot”.

How cumulation works

Layer 2 is often referred to as a rollup because it is "all" or bundles purchased together and runs them in a new location before sending the update files back to Ethereum. Instead of letting the Ethereum network handle just 1,000 (expensive!) Uniswap transactions, it removes the count from the second (bottom!) Layer before sending the profits back to Ethereum.

But when the results are sent back to Ethereum, how does Ethereum know the data is valid and usable? How can Ethereum stop someone from posting incorrect information? Here are the main issues that differentiate two types of races: bullish rollups and ZK rollups.

cumulative optimists

When returning the results to Ethereum, the best expectation is to use the "best" option. This means that the operator can point out the information they need (such as incorrect information or fraudulent information) and assume that it is correct. This is definitely an optimistic prospect! However, there are many ways to prevent fraud. Based on the reviews and the equations, there is a window for anyone to report fraud after deletion (remember the blockchain is transparent and anyone can see what is going on). If one of these inspectors can mathematically prove that the fraud took place (by submitting evidence of the fraud), the rollup will recover all the fraud. , will punish the bad guys and reward the detectives (a big awakening!).

The downside is that when exchanging funds between the competition and Ethereum, there is a short delay until the watcher finds the scam. In some cases, this period may last up to a week, but this period should gradually decrease.

The bottom line is that bullish accumulation is intrinsically linked to ETH and ready to help Ethereum evolve today. As a result, we have seen strong new growth as many major DeFi projects move to bullish accumulations (Arbitrum and Opimistic Ethereum).

Concepteur And Optimiste Ethereum

Arbitrum (powered by Off-chain Labs) and Optimistic Ethereum (powered by Optimism) are two major projects that use that hope today. Both are still in their infancy and the two companies will hold the basics of control, but plan to decentralize their time.

At maturity,Optimal performance can be increased from 10 to 100x. Arbitrum and Optimism's DeFi app raised millions of dollars on the network early on.

Ideal is in the early stages of adoption and has spent over $ 300 million TVL in seven Fi applications including Uniswap, Synthetix and 1 inch.

Arbitrum goes further and offers TVL around $ 2.5 billion for over 60 applications (including advanced DeFi protocols like Curve, Sushiswap, and Balancer).

Arbitrum was also chosen as Reddit's preferred solution due to its long-awaited content presence on the social media platform of 500 million monthly users.

Cumul ZK

In the event of an optimistic rollup that thinks the business is viable and leaves room for others to prove the fraud, the ZK rollup will prove to the Ethereum network that the business is viable.

As a result of the exchange, the so-called proof of use was transferred to the Ethereum smart card. As the name suggests, the authentication credentials allow the Ethereum network to ensure that the switch is valid, so that relays cannot compromise the system. This eliminates the need for Windows scams, so the exchange of funds between Ethereum and the ZK stack is truly instant.

While immediate payment and withdrawal time are not required, ZK stacking is not without its advantages and disadvantages. First, the development of a proven track record includes the effort and the need for high performance machines to operate. Second, the difficult environmental proof of use has made it difficult to support EVM relationships and limits the types of smart contracts that can be provided in a ZK rollup. So while the best prospects can educate the market in advance and solve the problem better than Ethereum today, in the long run ZK rollup may still be the best solution.

Get the ZK cumulative

The ZK stacking environment is complete with a wide variety of teams and applications in manufacturing and operations. Participants include Starkware, Matter Labs, Hermez, and Aztec. Today, ZK rollup generally supports simple applications such as payment or exchange (due to the limited number of applications currently supported by ZK rollup). Derivatives trades in dYdX, for example, using Starkware's ZK aggregation solution (StarkEx) to support nearly 5 million trades per week and over $ 1 billion in TVL.

The real payoff, however, is the ZK solution which is fully compatible with EVM, allowing it to support popular apps (including all DeFi apps) without there being a slow shutdown of positive expectations. The main players in this space are zkSync 2.0 from MatterLab, Starknet from Starkware, zkEVM from Polygon Hermez and Polygon Miden, all currently working on the mainnet launch. (At the same time, the Aztecs focused on using zk proof for privacy.)

Many people in the industry (like Vitalik) want to combine Revenge 2.0 to spread revenge on ZK content solutions in the long run, mostly on their own. , still operates thousands of businesses per second, which will not threaten security or decentralization. not seen. With the ongoing scaling changes to Ethereum, the upcoming ZK rollup, which is fully EVM compatible, will be a major issue to note.

The earth explodes

In the long run, if your smart card platform has millions of users, you're going to need solutions like this. However, in the short term, these solutions can pose serious problems for crypto users and operators. Switching from Ethereum to these networks requires the use of cross-platform connections, which are difficult and risky for users. For example, a few cable ties may be the target of attacks over $ 1 million.

More importantly, many chains around the world are fragmented in terms of composability and liquidity. Think Sushiswap is now complete on Ethereum, Binance Smart Chain, Avalanche, Polygon, and Arbitrum. Sushiswap's liquidity was once concentrated on a single network (Ethereum), but is now spread across five different networks.

Ethereum applications take a long time to integrate. In other words, Ethereum's Sushiswap is plug-and-play with other Ethereum applications such as Aave or Compound. As applications develop in newer networks, applications used on Layer 1 / Sidechain / Layer 2 cannot be combined with applications on other layers, limiting accessibility and creating problems for users and developers.

the future is uncertain

Will new original sets like Avalanche or Solana continue to compete with Ethereum? Are Blockchain ecosystems like Cosmos and Polkadots proliferating? Will the side chains continue to work seamlessly with Ethereum and feel more capable? Has the integration with Ethereum 2.0 won? No one can say for sure.

The future is full of uncertainties, but anyone can correct the fact that there are many smart teams out there who are committed to solving the toughest problems that dialogue encounters. open, without authorization. Just as broadband eventually helped the internet support new apps like YouTube and Uber, we think we'll see better solutions eventually from the same point of view.