Ten thousand words long article captures the era value of ZK Rollup

niuaniua 2022-05-14 04:04:29 阅读数:424

thousandwordslongarticlecaptures
Ethereum is about to usher in its Layer 2 Time , And in all L2 In capacity expansion technology ZK Rollup Is one of the best solutions . Zero knowledge proof technology plus Rollup What kind of spark can capacity expansion technology spark ?

author :Lewis Liao,Zonff Partners

Why focus on Zero-Knowledge(ZK) Rollup?

Zero knowledge (Zero-Knowledge) Cryptography is known as one of the most underestimated technologies of our generation , Different from the overwhelming publicity of artificial intelligence and big data in news reports , There is little media attention to zero knowledge technology . For all that , This technology is still a great breakthrough , It gives this era of big data where personal information has nowhere to hide , Brings valuable privacy protection .

Zero knowledge cryptography is a broad topic , But in this article , We only focus on one area most relevant to blockchain : Proof of zero knowledge . Zero knowledge proof is a non interactive method 、 Knowledge demonstration of zero knowledge , The scheme assumes that there are two parties : Certifier and verifier . The certifier wants to prove to the verifier that they know some information , But don't reveal what it is . meanwhile , The verifier will look at the certificate and accept or reject it .

These schemes have three properties :

  • integrity : Any valid result can prove that a given program

  • robustness : No dishonest actor can create valid proof

  • Zero knowledge : The verifier knows nothing about the input of the certificate , Only know the result

Blockchain domain that is publicly visible on all data chains , This proves that a statement is a powerful primitive without revealing the truth of the statement . Whether for individuals 、 Enterprises or the government , This technology can solve many painful and difficult problems in reality , Such as protecting user data 、 Design sensitive systems or contracts 、 Government institutions that demonstrate the fairness of the distribution of public goods and achieve more efficient and economic .

In the area of blockchain , In addition to privacy protection , The most eye-catching application is Ethereum's capacity expansion scheme ZK Rollup. At present, Ethereum is embracing Rollup A capacity expansion scheme centered on , It's decentralizing 、 Security and scalability reflect the optimal trade-off . essentially , Ethereum upgrade will make the network more scalable 、 Sustainability and safety .

Ethereum's capacity expansion scheme is divided into on chain capacity expansion and off chain capacity expansion .

The on chain extension technology is an upgrade of the basic layer of blockchain , To improve scalability . Ethereum's long-term on chain expansion solution is called fragmentation , It actually divides the base layer into 64 Chain , Ensure sharing security by beacon chain .

Offline extension refers to an extension solution that uses an external execution layer instead of the basic layer . These are 2 Layer or “L2” Is an auxiliary layer above the base layer , Provide more trading capabilities for the whole blockchain .

Embrace Ethereum L2s The plan is Rollup, It can bring the following features :

  • adopt Rollup, Ethereum can start from about... Without sacrificing security 25 TPS Add to 3,000 TPS;

  • adopt Rollup, Users' funds will not be stolen or censored ( As is the case with some side chains );

  • Users can always access L1 The data on the , No one can stop users' funds from exiting safely at any time Rollup;

There are two current solutions ( The main ) Type of Rollup:

ZK Rollup(ZKRU) and Optimistic Rollup(OR)

Optimistic And ZK Scheme comparison

Optimistic Rollup be relative to ZKRU Is a more mature solution . at present Optimstic and Arbiturm Our products are already available to Ethereum developers . However, due to the use of fraud proof mechanism , At present, its withdrawal time and security are debatable , At the same time, its cost optimization is compared with ZK Also slightly inferior . and ZK Rollup Our weaknesses are basically technical problems , As a large number of excellent developers invest in relevant research , Include Vitalik Most people, including, agree that ZK Rollup It will be a better expansion plan in the future .

Compare the two , Of each solution Gas Fees and TPS as follows :

The respective costs of the four schemes

source :Xiang|W3.Hitchhiker, The above calculation is based on the current ETH The price for 2500u, block gaslimit by 30000000,gas The cost is 30Gwei, Average 13 The block out time of seconds is calculated , limit TPS It means that the corresponding operating environment occupies all Ethereum block space ( Spend... On proof verification 500000 gas), Ordinary TPS It means that the corresponding operating environment occupies all Ethereum 1/3 Block space .

In terms of efficiency and cost , ZK The plan is better than OR The scheme is more efficient , Have a higher TPS And lower costs .

In terms of time cost , Due to the fraud proof mechanism , stay Optimtisc Rollup You need to withdraw money from the bank 7-14 A filing period of days for others to falsify potential wrongdoing . Although there are already similar Boba Network etc. Optimstic Rollup The solution proposes a liquidity pool mechanism to reduce the withdrawal period .

In terms of compatibility ,Optimsitic and ZK Are faced with the need for compatibility and adaptation EVM The problem of contract call operation , but Optimstic It's easier to achieve , Include Arbiturm,Optimsim Inside OR All solutions have EVM Compatible virtual machines , Allow it to handle all transactions that occur on the Ethereum main chain .

ZK Rollup One of the most important problems limiting development is Ethereum EVM Compatibility problem . stay EVM At the beginning of design , Developers didn't expect to use it later ZK technology ,EVM It is almost impossible for an operation to generate a usable zero knowledge proof , This gave birth to ZK-EVM The needs of . Before, many people thought that the realization of ZKSync 2.0 It will take at least a few years , however ZKSync 2.0 The public test network was officially launched at the end of February , This is also the first compatible on Ethereum test network EVM Of ZK Rollup, Maybe ZK Rollup The formal large-scale actual use of is faster than we think .

Why compatible with EVM about ZK It's so difficult for me ?

The existing ZK Rollup In solution , Most can only support simple payment and Swap scene . The reason is ,ZKEVM In addition to the bytecode that needs to execute the smart contract normally , You also need to generate a Proof To indicate that the status has been updated correctly after the transaction is completed , because EVM Design and ZK Prove the principle of the algorithm , Making them compatible is very difficult .

In terms of security ,OR Security comes from economics , A reasonable incentive mechanism must be designed to drive a group of verifiers in the main chain to monitor the submitter at any time , And prepare to submit proof of fraud , For committers , It is also necessary to ensure that the node will pay the corresponding price by means of pledge .ZK Security comes from mathematics or cryptography , Be able to de trust , Mathematics and cryptography provide far more security than optimistic belief that human nature will not do evil .

Compare the two ,ZK Rollups The advantages and disadvantages are as follows .

advantage

  • Each transaction contains less data , Added the second 2 Layer throughput and scalability , And Optimistic Rollups comparison , Benefits of greater scalability and lower transaction costs ;

  • No one needs to monitor ZKR;

  • No need to be like Optimistic Rollups A window of fraud controversy like that in , Change the withdrawal time from about 2 The week is reduced to a few minutes ;

  • Privacy is enabled by default ;

shortcoming

  • The difficulty of calculating the zero knowledge proof will require data optimization to obtain the maximum throughput ;

  • Initially built and integrated into the Ethereum network Optimistic rollups Harder to ;

relatively speaking ,ZK Rollup Our weaknesses are basically technical problems , As a large number of excellent developers invest in relevant research , I believe these problems will be solved , And includes Vitalik Most people, including, agree that ZK Rollup It will be a better expansion plan in the future .

ZK Rollup What is the pattern of the expansion plan ?

ZK Rollups Comparison of main players

ZK Rollup There are two main players in the technology field :zkSync and StarkWare

The following table from the team 、 technology 、 Data availability 、 Financing and supporters, as well as current products and road maps, visually show some of the main differences between the two before .

As a team ,StarkWare More academic , The team consists of world-class cryptologists and scientists , Over the years, we have developed and innovated in the field of zero knowledge , Published many academic papers , And is transforming it into a real product StarkWare;zkSync The team couldn't find more information , But judging from its product release , With the temperament of cross industry , High efficiency .

Technically ,StarkWare Generally speaking, it is a better technology , It provides blockchain finality (finality), This means that its capital efficiency is optimal . Besides STARK The main advantage of :

  • Invent and build your own ZK-STARK System , and zkSync The technology stack was built by others ( from Aztec Built PLONK). It also means that StarkWare The ability to master and improve technology is stronger ;

  • There are already multiple systems running in the production environment , These systems use a method called Cairo Turing complete programming language , The language is ready to use .Matter Labs There is only one simple payment system in the production environment , There is no Turing complete language available ;

  • faster 、 More secure ( In the sense of cryptography )、 transparent ( No trusted settings required ) And post quantum security , and Matter Labs The core technology used ( Built by another team ) slower , Trusted settings are required , And it can be broken down by quantum computers ;

In terms of data availability ,StarkWare Pioneered Volition The system is used to solve DA problem .Volition Allow end users to make every transaction in rollup programme ( Data availability on the chain ) and validium programme ( Offline data availability ) Choose between .zkSync The use is based on Volition Of zkPorter technology , The main difference is :Volition In the scheme, the user can select the data storage method based on each transaction , and zkPorter In the scheme, the user selects the transaction settlement method based on each account (zkPorter The account can only be offline DA Way to generate transactions ). in addition ,zkPorter Under the chain of DA The system is more decentralized , Because of its DA from zkSync The guardian network inspired by native tokens (Guardian) Provide security , Not a centralized “DAC”.

In terms of financing and supporters ,StarkWare The valuation 20 Billion dollars , And is in the process of 60 A $billion valuation is under way D Round of funding . This is a world-class level of financing , There are many famous investors . Its supporters include some tycoons and members of the Ethereum Foundation ,Vitalik I also examined StarkWare Most of the articles published .zkSync and StarkWare comparison , There are not so many famous investors , It looks like a big Defi/CEX Encrypted home financing . Each of these projects is well known , Together, they can form a good ecology . But this is important ,ZK Rollup Your success will depend largely on DeFi Accession to and agreement with CEX Direct integration of .

In terms of current products and roadmap ,2020 year 6 month ,StarkWare First of all StarEx, This is equivalent to... In their roadmap “ A planet ”(Planets) Stage , It also allows the creation of Cairo and STARKs Licensed to provide support 、 Application specific ZK Rollup, namely dydx、Immutable、Deversifi、Sorare etc. , They are made up of StarkEx The in production version of supports 4 There are three main applications . By 2022 year 3 month ,StarkEx It has been dealt with 1.34 Billion deals , Its cumulative trading volume reached 4900 Billion dollars , Lock up the warehouse for 11 Billion dollars .

stay 2021 year 11 month 29 Japan , They released StarkNet The home network of Alpha edition , Move quickly to... In the road map “ Constellation ”(Constellations) Stage development .StarkNet It's what we expect without permission 、 Versatile for multiple applications ZK Rollup. By 2022 year 3 month ,StarkNet Test net Goerli Co generation 140 Million transactions , The main network generates 4.5 Million transactions . In terms of contract deployment , Test net Goerli I have in common 2.6 Million contracts , There are... On the main network 1600 contract .

Preliminary stage StarkNet Will be driven by a centralized prover , The application will need to apply for a whitelist to deploy in order , image Optimism equally . Their plan is to develop ecosystems , And gradually StarkNet Decentralize to achieve... In the roadmap “ The universe ”(Universe) Stage .

zkSync The road map can be summarized as the following figure 4 A step . The first stage corresponds to 2020 year 6 Month launched zkSync 1.0, It is roughly equivalent to a system without smart contract integration ZK Rollup. Users can send and receive tokens , But lack of composability . At present, many promising projects have been deployed in 1.0 It's on the version .

The second phase of the road map follows zkSync 2.0 On the main network line , It contains everything we expect : Fully compatible with EVM Of ZK Rollup And it has intelligent contract composability .ZkSync 2.0 Originally planned for 8 Launched on the main website in June , But it was delayed due to some technical problems . These questions are now being tested online , And gradually solved ,10 month zkSync Announced some technical details of its recent completion and deployed a similar AMM The test network of (uniswap) To verify it EVM Compatibility .Matter Labs To ensure LLVM/Solidity Delayed release due to compatibility , It can be frustrating at first , But it will help every Ethereum tool and rely on zkSync 2.0 Achieve local integration .

ZK Rollup The advantages of

ZK Rollup Solutions can bring some unique advantages , Such as privacy protection 、 Retain scalability and implementation of cross chain applications .

  • Privacy is ZK Rollup One of the advantages and characteristics of

Unlicensed blockchains can achieve computational integrity without trusting third parties , But they pay a price in terms of scalability and privacy . from 1980 s , Such as zero knowledge proof 、 The theoretical work of proof systems such as interactive proof and probability checkable proof has clarified the ways to solve these two problems , And embodied in practical application ;

  • Preserving scalability gives developers virtually unlimited computing power in theory

This makes it possible to transplant the ecology on the Internet , For example, the game of war was difficult to realize on Ethereum before , but ZK Rollup You can change that . Besides , Strong computing power, coupled with the characteristics of blockchain , It can also derive many new applications ;

  • Another is cross chain application ,ZK Rollup One of the representatives of ,StarkNet It has very diversified bridging functions

Developers can learn from L1 towards L2 Send any load ( Not a transfer ), Namely the dApp The head is deployed in L2, Low cost governance or game operation can be carried out here , But toward L1 Liquidity to send instructions . It's like going to L2 As a brain , and L1 As a muscle ;

ZK Rollup The pain points

ZK Rollup Although it is a very good Ethereum expansion scheme , But its application is still accompanied by some risks , Such as liquidity fragmentation 、 The combination bank reduction and centralization risk caused by communication problems and technical barriers .

  • The problem of liquidity fragmentation has become increasingly prominent in the current multi chain pattern , This is not ZK Rollup Unique problems faced by applications

Due to the existence of a variety of technical solutions , future rollup There are more networks , It will lead to more serious liquidity fragmentation . The good news is that there are many cross chain communication technology solutions to solve this problem , Such as LayerZero stay 2022 year 3 Monthly online StarGate( Be careful , at present StarGate Does not support ZK Rollup).LayerZero On the premise of ensuring safety , Is bringing us a “ The future of the whole chain ”, Including state sharing 、 The mobility of the unified bridge 、 Cross chain lending 、Swap And Multi Chain Revenue aggregator ;

  • The problem of composability is mainly reflected in the main chain dapp And sub chains dapp Interaction between

Every new protocol built on Ethereum is like Lego building blocks , Other protocols can be easily built on them , This is also DeFi One of the reasons for the rapid development . If communication and contract standards cannot be solved , So, on the sub chain dapp We need to rebuild our ecology , This creates a greater waste of resources . Not just between the sub chain and the main chain , Communication mechanism and corresponding contract standards also need to be built between sub chains ;

  • The centralization risk is mainly due to the current various Rollup In solution

Responsible for the execution of 、 Sort 、 Compress and package transactions sequencer At present, it is a more centralized role .Rollup If you want to further improve security , We must start to solve the problem of centralization of course ;

What is the future of capacity expansion

In Ethereum's expansion roadmap , Describes a short-term Ethereum to Optimistic Rollup Mainly , In the medium and long term “ Fragmentation + ZK Rollup” Extended scenario .

Taken together ,Rollup It is undoubtedly the best choice for Ethereum expansion , Its biggest feature is security and scalability , Although it takes time to tackle technical problems in terms of programmability , But in the medium to long term , This is a very ideal capacity expansion technology , Ethereum segmentation and ZK Rollup The combination of , Will crack the so-called Impossible Triangle , meanwhile zkEVM The introduction of can give consideration to programmability , Help developers move more easily to the second tier .

Medium and long term , With ZK-SNARK Technological improvements ,ZK rollups Will win out of all use cases .— Vitalik Buterin

For all that ,ZK Rollup To really large-scale application , There are still many problems to overcome , This includes technology 、GTM(Go to Market) and GTC(Go to Community) Other questions .

Technical problems

The above is simple ZK Rollup The technical problems are explained , Here are some details .

About compatibility ,ZK Rollup The main technical problem is that it is not friendly to developers , Resulting in limited functionality , Before, it was mainly due to the following two reasons , It's hard to build a generic DApp.

  • First , If you want to ZK Rollup In the development DApp, You need to use a special language ( namely R1CS) Write all your smart contract logic . Not only is the syntax of the required language complex , And doing so also requires strong zero knowledge proof expertise ;

  • secondly ,ZK Rollup Composability is not supported . It means different ZK Rollup The application cannot be on page 2 Interaction within the layer . This quality greatly destroys DeFi Composability of applications ;

stay ZK Rollup There are two ways to build a common DApp Methods , One is for different DApp Build a dedicated circuit “ASIC”, This is early ZK Rollup The path taken by , Corresponding StarkWare The planetary phase of , There is no interaction between applications . The other is to build a general for smart contract execution “EVM” circuit , at present StarkWare and zkSync Great progress has been made in solving this problem .

From the current situation ,StarkWare The development of is in “ Constellation ” (Constellations) Stage .2021 year 9 month ,StarkWare Announced the launch of no license 、 Versatile for multiple applications ZK Rollup, And through Cairo The language supports smart contracts .zkSync The development of is also in the second stage ,2022 year 2 month ,zkSync 2.0 Test the Internet , Continuous testing to ensure LLVM/Solidity Compatibility , To be fully compatible EVM And ensure the composability of smart contracts .

Be careful , In terms of solutions ,StarkWare and zkSync Two completely different technical solutions are adopted .

StarkWare It adopts a new Turing complete programming language Cairo, And with OpenZeppelin Cooperative development of standardization contract , Just as they worked with Ethereum , This means that they are using new contract standards to achieve composability . This is undoubtedly a bold decision , Because this will greatly increase the entry cost of developers , at present Nethermind Of Warp The team is helping developers to ERC-20 The contract starts from EVM Bytecode to StarkNet Contract and in StarkNet Upper Department . The work is progressing rapidly , Its next goal is to remove any smart contract from Yul Transferred to the Cairo.

zkSync Is using zkEVM Plan to achieve EVM compatible . about zkEVM, At present, there are two main implementation strategies :

  • Direct support for EVM Existing instruction set , Fully compatible with solidity Instruction set . Examples of using this scheme include Hermez And the Ethereum Foundation zkEVM;

  • Redesign a virtual machine , The virtual machine is friendly to zero knowledge proof , At the same time EVM Development tools for adaptation , To keep right solidity Compatibility , The main reasons for using this scheme are zkSync;

in general , The first strategy is more compatible , safer , But the workload is greater ,Hermez That's the solution ; The second strategy is more flexible , Less workload , But it takes extra effort to adapt ,zkSync This scheme is adopted .zkSync At the same time, two sets for zkEVM The compiler front end of :Yul and Zinc. When building your own compiler ,zkSync I chose LLVM,LLVM/Solidity Compatibility problems with lead to 2021 year 8 month zkSync 2.0 The main reason for not going online as scheduled , This is also the current zkSync 2.0 Focus on overcoming problems during testing online lines .

StarWare Use Cairo It seems that the compatibility is worse , This is a StarkWare Your shortcomings ? Not at all .

StarWare Use Cairo Language to transplant smart contract logic to Rollup among , Although the new language increases the entry cost of developers to some extent , but Cairo Many features make it possible to ZK More elegantly integrated into the blockchain ecosystem , such as Cario Language has supporting AIR( Algebraic intermediate code representation ) Visualization tools , To see the details in the certificate , It can also be generated safely and reliably zk-STARK To ensure computational integrity , At the same time, the feeling of language design is more in line with the logic of mathematical proof , More neat , It also has a complete tool chain .

Besides , It can also improve security .Cairo Of AIR Relatively simple , This makes the efficiency and amortization cost of on chain verifiers and off chain certification services lower , And auditing a single is simple AIR More complex application specific than auditing AIR More secure . With Cairo, We can rely on a single Verifier Intelligent contract ; You no longer need to deploy validators for every application you use .

Please note the meaning of this security attribute : A set of audits of the contract protects any application from demonstrating system risk , Let them only audit business logic . As for business logic , Understanding and auditing the correctness of code is better than understanding application specific AIR It's much easier .Cairo It doesn't solve the current EVM The problem of possible loopholes in the contract , Some people are trying to solve this problem .

Going to the market

ZK Rollup The mode of winning the market is the same as the so-called “ Ethereum killer ” The public chain is almost the same .StarkWare At present, it is centralized , They are promoting decentralization ,zkSync Is open source and decentralized ( But the degree is not high ), None of them have tokens . alike ,Rollup Two players from another lineup Optimism and Arbitrum There are also no tokens .

zkSync Will issue tokens , This can be confirmed from their source code , and Starkware and Arbitrum No public statement ,Optimism Recently hinted at the release of tokens .

However ,L2s To promote decentralization and win the market , Issuing money is a necessary means , Tokens are more than just a good incentive tool , It can also help better manage the community . At present, the main obstacle to issuing money is L2s The immaturity of cross chain bridge , as well as EVM Compatibility has not been well solved .

A16Z according to Web3 Organizational structure and economic incentive model , Put it GTM The definition of a matrix is as follows :

They think that Web3 Going to the market (Go to Market, GTM) The pattern of Web2 There is a big difference , The most innovative part is the introduction of tokens and new organizational forms DAO Appearance . The market direction of each quadrant is different , And can cover from traditional web2 Everything from style strategies to emerging and experimental strategies .

And measure Layer1/Layer2 Factors to win the market include Github Number of collections on 、 Number of protocol developers 、 Project integration quantity 、 Number of protocol forks and TVL.

At this point , because StarkWare Not open source , There is no way to compare . from 2022 year 3 According to the monthly data ,zkSync、Optimism and Arbitrum The three situations are as follows :

  • from Github In terms of the number of collections on ,zkSync most .zkSync by 1.3K, Slightly higher than the Optimism Of 0.9K and Arbitrum Of 0.7K;

  • from Github In terms of the number of protocol developers on ,Optimism most .zkSync by 43 people ,Optimism by 66 people ,Arbitrum by 36 people ;

  • from Github In terms of the number of protocol forks on ,Arbitrum Slightly higher 355 Time .zkSync and Optimism Quite a , Respectively 292 and 303 Time ;

  • from TVL Come up and see ,Arbitrum Now far ahead , by $3.41b, and zkSync and Optimism Respectively $148m and $562m;

Compared with the more successful Ethereum “ Alternative chain ” Solana Come on ,Solana Of Github The number of collections is 7.7K, The number of bifurcations is 1.8K, Contributors reach 305 people , and TVL by $7.46b.

You can see the present Rollup It's far from the time to call it winning the market , They still have a lot of work to do . The most important thing is to get more project integration , More adoption will attract more developers , So as to build better ecological projects , Get more users to adopt , Inflow of more funds . These require the project side to go to the community (Go to Community,GTC) To do it .

Towards community issues

Some people think that , The main difference between incentives in market entry and community entry strategies can be summarized as the difference between value capture and value creation . For a product , The community is made up of its users , For a public chain or agreement , The community is made up of applications that use it . therefore , ad locum , Use ecosystem (Ecosystem) To replace the community (Community) May be more accurate .

at present , With StarkNet Alpha and zkSync 2.0 Launch of test network ,ZK Rollup Technology is being adopted rapidly , The ecology of both is also expanding . Someone has sorted out the ecology of the two technologies, as shown in the figure below .

The ecological prosperity of the two is equal , It can be seen that zkSync Get more cross chain 、DeFi And wallet app support , and StarkWare There is more prosperity in Games&NFTs ecology .

For one L1s/L2s Ecologically , Mobility is equivalent to bandwidth , Connect different application scenarios , Forming a bigger network , The value Internet . The definition of liquidity here is the exchange of value between different applications , When liquidity is good , Less loss of value , When liquidity is poor , There is a higher loss of value .

Another situation is , There is no exchange of value between different applications , There is no liquidity . In an ecosystem , If liquidity can run through the whole ecosystem , Like Ethereum Ecology , Any Ethereum based application , Can be priced and exchanged through Ethereum , This ecosystem is an ecosystem that can work normally .

I divide it into horizontal mobility and vertical mobility .L2s The function of the bridge is to open up different Rollups Liquidity between , Recently, there has also been an innovative way to get through called LayerZero, It innovates the mobility bridging method of traditional bridges , Brings better security and distrust . Vertical mobility mainly depends on different applications , user (End Users) adopt Wallet Connected to the whole ecosystem , Sometimes through payment (Payment) Means to recharge and buy cryptocurrency to obtain value , Exchange value in different applications , Sometimes you need to pass Marketplace Intermediate exchange of applications .

L2 Ecological value flow chart

At present, at each liquidity node ,StarkWare and zkSync Have corresponding application deployment , Most of them are in the testing stage , The ecological comparison is shown in the figure below .

Go to the community ( ecology ), First of all, we need to be able to open up vertical liquidity inside , This requires support for composability , So that there is a unified standard in Ecology , It can integrate different application protocols without license , Like Lego blocks . It's easy to do this on Ethereum , But due to the problem of zero knowledge proof ,StarkWare and zkSync Great efforts have been made in this regard , This problem is being solved .

Community ( ecology ) The premise of vitality is good horizontal liquidity , This requires a useful bridge to support , It can connect the liquidity of Ethereum at low cost , what's more , It can be easily combined with other L2 The solution is even L1 Communicate with the solution . For both applications and users , A fast ( high TPS) Low cost ( Low commission ) A secure blockchain is naturally attractive , When the migration cost is lower , Then the stronger the attraction of ecology to applications and users .

Community ( ecology ) The necessary condition for taking off is the emergence of killer applications , Attract a large number of users and capital to enter . This is not just through high APY 、 Token airdrops or subsidies and closed “ Play and earn ” Ecology can be realized .

How to invest and expand ecological

Blockchain is the Internet of value , Traditional Internet is information internet . Information and data are transmitted by bandwidth , Value exchange depends on liquidity . Public chain ecology should first realize the flow of value , The second is the efficient flow of value , Then, based on the efficient flow of value, through the establishment of applications to meet the needs of users , Really improve production efficiency , Finally, establish an efficient 、 No permission is required 、 Not censored 、 Democracy prevents evil 、 Open and inclusive 、 Open and transparent blockchain world .

Thanks to smart contracts , The application of blockchain is not limited to being a decentralized ledger , It also derives the non homogeneity token, which is used to define the ownership of the digital world and the homogeneity token as the cornerstone of governance DAO As a new governance organization structure and other new things . These innovations combine with existing Internet applications to further derive more application scenarios , However, the current blockchain infrastructure can not well undertake the landing of these application scenarios .

The first is capacity expansion . Whether it's TPS Or data availability , All need expansion . This point ZK Rollup and Validium Fruitful exploration has been made , There are others Layer 2/Layer 1 Solution , Such as Optimistic Rollup、Plasma、Solana、Celestia wait . Capacity expansion technology itself is the best investment target , At this stage , We can pay more attention to on chain storage technology . And after the expansion , high TPS And reliable data availability will greatly improve the performance of blockchain , This will allow more complex applications to be built on the blockchain , These applications can be divided into two categories: Internet chain reform and blockchain originality .

  • Internet chain change : The most obvious is in GameFi field , Such as GameFi Real time battle settlement on the chain 、 Real time communication on the chain and large-scale payment can be realized ;

  • Blockchain is original : High performance blockchain infrastructure allows more frequent and intensive value exchange behavior than before , This will greatly promote the low cost of value flow , The application of innovation should be to really improve the efficiency of capital utilization , So as to improve the application of productivity . Besides , High performance blockchain makes it possible to realize the liquidity of data capital market , This is a disruptive innovation , Data as a factor of production in the information age , Be able to fully flow and apply , And make a reasonable and fair distribution of interests ;

The second is liquidity , It is divided into horizontal liquidity and vertical liquidity .

  • Horizontal liquidity refers to the value in different public chains /L2 Transfer from ecology . When a new public chain /L2 When ecology is formed , Users need to migrate from the original ecosystem , You need a useful value exchange tool , This tool is sometimes called a bridge . At present, the traditional bridge tools have some safety problems , This may result in the loss of users' funds , Sometimes it even causes a chain effect . Fortunately, some new bridge technologies have emerged , Such as LayerZero. I believe there will be more and better technologies , As in proper research zk bridges, It can solve many problems existing in the current bridge . Bridge as the liquidity entrance of ecological value , Can derive more DeFi application , To capture more value ;

  • Vertical liquidity refers to the value in the same public chain /L2 Transfer from ecology . The optimization of vertical liquidity contributes more to the efficient flow of value , This benefits from various innovative DeFi application , Such as AMM、Yield Farm、Lending etc. . Efficient application will cause less value loss in this exchange process . The value captured in this link is undoubtedly huge , However, the current solution is not good enough , Most schemes provide liquidity by locking liquidity , The use of funds is not efficient . Novel solutions in this area include Tokemak and dAMM etc. , In this regard, we can pay more attention to L2 application ;

Then there is the issue of data privacy . No company wants all its financial data to be made public , So that the whole network can review each financial flow . The data on the blockchain is in the middle of the Internet HTTP Time , All information is in clear text “ transmission ”, and ZK The emergence of Technology , It can usher in HTTPS Time . It can be believed that , Almost every transaction on the blockchain in the future , Can be protected by zero knowledge technology .

By then , Blockchain technology can go deep into every corner of society , In ensuring that transactions are de trusted 、 tamper-proof 、 Open and safe , And bring the privacy of the transaction . The best way to open privacy protection should be in the form of agreement , As plug-in , Like Lego building blocks, it is built together with other agreements , Be configurable 、 Can own and resist censorship . In the foreseeable future , Privacy protocols will be called protocols that every application must integrate .

Finally, let's talk about the wallet , Wallet as the entrance to the blockchain world , Its position is very important . If you want to use the Internet analogy , Wallets are like browsers in the Internet age , Information interacts with people through browsers , And value interacts with people through wallets . It is said that this is the Netscape era of blockchain , The little fox may be the Netscape that came into being in those days , Although their ending may be different , But I don't think the current wallet is easy to use .

The most important point is , Value does not flow efficiently between different wallets . Although some compatibility problems may affect interoperability here , But there is no doubt that , We need a common set of standards to define this value interface .

The above is the infrastructure , It is the area where value is generated and captured , Only by perfecting these problems ( There may be no details ), Blockchain technology can usher in a real explosion , Value Internet can connect everyone .

In the past public chain Ecology , The value is mainly captured by the agreement , The first is the public chain itself , The second is DeFi field , Especially exchanges and exchange platforms . Here you can refer to the famous fat protocol theory . There has always been a controversy about the fat agreement theory , But for now , The fat agreement theory is roughly correct . In my opinion, this is because the era of blockchain infrastructure is far from coming to an end .

Infrastructure construction is a long time 、 Difficult and costly , But it is the area with the most moat effect . On top of the infrastructure , Applications that can bring huge benefits are called kinetic energy applications , It must be the application of kinetic energy that creates the most value effect . Infrastructure or kinetic energy , It is not a constant layer , Just like Taobao used to be the driving force of the Internet , Now, as a platform, Taobao is gradually becoming the infrastructure of ant financial services . The core purpose of infrastructure is to pave the way for the application of kinetic energy , Reduce the adoption cost of kinetic energy applications .

The kinetic energy era of blockchain has not come yet , And with the advent of the era of kinetic energy , There is no doubt that the fat agreement theory will fail ( Although there have been some problems ). At the current point in time , Betting on infrastructure tracks that can reduce the cost of application adoption is a wise choice . About the adoption cost of the application , It's not just about economic costs , It also includes efficiency 、 Technical threshold and even belief cost ( Embodied in decentralization 、 De trusting 、 Anti censorship and other aspects of blockchain fundamentalism ).

With L2 Time ZK Rollup The gradual application of , even to the extent that L3、L4 Coming of age , It will undoubtedly make the kinetic energy era of blockchain predictable , So who is the protagonist in the kinetic energy era ? That must come from areas that can become killer applications , These areas include games 、 entertainment 、 Social networks and virtual reality and so on .

Early bets on these areas , It is also a desirable way of investment , But combining its difficulty with the rate of return , At this stage, the cost performance is not high . When investing in these areas , We can fully consider whether they make full use of the new infrastructure , Or retain full scalability for new infrastructure , These can keep them fast enough in the era of fast-growing blockchain infrastructure 、 High value cost control and efficiency improvement , So as to greatly improve their competitiveness .


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