The 🔴Optimist: OP Superchain News #29-1
#1 media about The Superchain: Optimism, Base, Mode, Zora, Frax, Lyra, Ancient, Redstone, Worldcoin, Mint, Lisk
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🔥Hottest news
Your bi-weekly breakdown of the most juicy news about the Superchain.
🔴 Blobs is the new Block
Dencun - 13/03/2024. Mark this date. EIP-4844 will be implemented on Layer 2, driving fees down by 10x. This could reduce the fees up to 1ct…yes, 0.01$.
🟡App chain & Layer 3 by Mode & Base
Layer 0, Layer 1, Layer 2, Layer 3…If you are lost, don’t worry, we have prepared a cool & relax reading to let you know what’s a Layer 3, and why it’s freaking cool.
🟠Podcast: Project interview (Updates & Roadmap)
The last 2 weeks, we were pleased to receive on Stage :
Propy Inc.: Onchain Real Estate
Frax Finance: A Fraxtal masterclass with Sam Kazemian
GOVERNANCE & VOTE TIMELINE
Next round applications open until 21-Mar 7PM GMT
If you wish to delegate your OP Tokens to Subli => Go to this page, and click on DELEGATE. Delegate Address: 0x3b128c6c1207d72092a8b3f6d651dfe54682a404
🔥Hottest news
🎁Wombat Exchange took the 1st snapshot for its WomPets 1st Chapter NFT Airdrop featuring 1111 babyWoms
🔵 Coinbase launched its smart wallet to onboard 110m users, soon integrated by Coinbase Wallet
🟢 Coinbase institutional saw a record in unique end users with 380m trading volume
✈ Coinbase ventures has announced its investment in Aerodrome & just set a new ATH in voting incentives + fees
👨🏫Grand Base, the 1st decentralized market for spot synthetic RWAs (like COIN) & Heroes of Mavia, mutliplier game on Mobile, reached 2.6 Monthly Active Users in the 1st month, has now launched on Base
🚴♂️ Velodrome announced 6 pools as part of Slipstream launch, and 16 protocols such as Optimism, Stargate, Synthetix, Maker are now using RELAY that auto-locks VELO rewards
🟣 Lumio has joined the Superchain as the 1st chain to integrate Move, SVM parallelized EVM and WASM apps on Ethereum
🥇 wBTC is now live on Base thanks to BitGo
🕹Ancient 8 chain, part of the Superchain, has launched mainnet
⚪ Lisk, part of the Superchain & powered by Gelato, Testnet is live on Sepolia
🔴 Blobs is the new Block
by Thomas
Blobs is the new block! The long-awaited "Blobs" are about to make their appearance in the Ethereum ecosystem.
If you haven't really been following this event, you're in the right place: discover how this evolution contributes to the adoption of L2.
Dencun Upgrade
On March 13th, the Dencun upgrade will take place on the Ethereum network at epoch 269568.
This long-awaited update by the community is part of Ethereum's roadmap, “The Surge”, focusing on scalability.
Although Dencun encompasses a multitude of EIPs (find the complete list here), the one everyone is talking about is EIP-4844 (Proto-Danksharding).
Why? Well, because this EIP is focused on the overall reduction of transaction fees on L2 as well as improving their scalability.
Once the update is implemented, predictions show that transaction fees on rollups will be reduced by up to 10X! That's something to delight us users.
Optimism has deployed a post-EIP-4844 transaction predictor: test it with your transactions here.
How does EIP-4844 work?
To improve the overall transaction fees of L2s, EIP-4844 focuses on the cost of sending data from rollups to Ethereum.
To achieve this, this EIP introduces two new technical components: “Blobs” and “blob transport transactions”.
Blobs are a compressed data structure (similar to a zip file) that self-destructs after a period of approximately 2 weeks.
Blob transport transactions are a new type of transaction that runs alongside blocks and transport the blobs: think of it like a sidecar.
The blobs are not tied to blocks: this is what allows them to self-destruct after two weeks.
To link them to blocks, the network relies on a KZG commitment that proves the integrity of the blob data. More technical details can be found here.
Blobs thus not only allow for the storage of specific types of data but also rid the network of obsolete information.
Given that transactions posted on L1 will be 10 to 100 times lower than today, the overall cost of transaction fees on L2 will be drastically reduced.
Here is how Ethereum will look after the EIP:
Although the EIP will go live on Ethereum on March 13th, rollups will need to adapt the update to their network.
Optimism has announced that blobs will be available on March 14th at 00:00:01 UTC through the Ecotone update.
Once activated, you will be able to enjoy reduced transaction fees.
Towards a massive adoption of the Superchain?
The EIP-4844 arrives at the right time as it aligns perfectly with the Delta upgrade of the Optimism ecosystem.
You probably read a lot about Celestia and other DA (Data Availability) solution that aim to reduce fees to be paid by rollup when depositing data on L1. But do you know that Ethereum worked out its own internal solution?
Although this improvement has flown under the radar, this update deployed two weeks ago reduces the operational cost (named OPEX in the industry) of an OP chain by over 90%!
Example in February taken from this amazing dashboard: OP Stack chains L1 Activity (Chain / L2 Revenue / L1 Fees / Gross Margin / % of L1 fees ) :
OP Mainnet: 2k ETH / 1,97k ETH / 30 ETH / 98.5%😱
Base: 1.7k ETH / 1.37k ETH / 330 ETH / 80%😭
This is made possible thanks to “Spans Batches”: an improvement that helps “minimize the v0 batch spec’s overhead by encoding consecutive L2 blocks into one batch”.
The cost reduction thus drastically improves the profitability of OP chains. You can see it in this graph showing the evolution of net profits for Zora.
Let's recap the situation:
Builders looking to establish themselves in the OP Superchain now have ease of deployment and a highly competitive infrastructure cost, improving their profitability.
Users will benefit from reduced fees across the entire Optimism ecosystem (and beyond) thanks to EIP-4844.
Wouldn't it be the perfect recipe for the much sought-after mass adoption? I remind you how much Base has committed to give to Optimism as part of the Law of Chain:
Base has committed to contribute either 2.5% of Base's total revenue from sequencing or, if it's more, 15% of the profit Base makes from L2 transactions after subtracting the costs of submitting data to L1.
By reducing operational costs, chains will be able to scale more easily, thus generate more revenue, which in return will make them more profitable and at the same time will contribute more to RPGF (Retroactive Public Good Funding) from Optimism. Do you see the flywheel?
Only time will tell... In the meantime, the entire Optimism ecosystem is reaping the benefits.
😁Meme of Week
🟡App chain & Layer 3 by Mode & Base
By Nataliii
Have you ever heard of the Layer 3?
And no, it's not about everyone's favorite quest platform, it’s about additional protocol layer in blockchain technology built on top of Layer 2.
In the realm of cryptocurrencies and blockchain technology, constant evolution is underway. One of the latest developments capturing the community's attention is the concept of Layer 3, which adds another layer of functionality to existing Layer 1 (core blockchains) and Layer 2 (smart contracts and scalability).
What is Layer 3?
Layer 3 is an additional protocol layer in blockchain technology built on top of Layer 2, offering higher-level functions and capabilities. This layer may include various protocols and solutions such as data coordination mechanisms, resource management, and smart contracts designed to deliver more complex and flexible services.
Why is Layer 3 used?
Enhanced Scalability: Layer 3 can offer new mechanisms to improve network performance and scalability. This may include optimizing resource usage, more efficient transaction management, and data compression.
Functionality Expansion: Layer 3 enables the addition of more complex features and capabilities that cannot be achieved at lower protocol levels. This can include smart contracts, additional security mechanisms, and capabilities for decentralized applications.
Improved Privacy and Confidentiality: Layer 3 can provide enhanced data privacy and confidentiality mechanisms, ensuring a more secure environment for users and enterprises.
Flexibility and Extensibility: Since Layer 3 is built on top of lower protocol layers, it can be more flexible and easily extensible, allowing the network to adapt to various needs and conditions.
Reducing fees
So Layer 3 represents an exciting step in the evolution of blockchain technology, providing new opportunities and functionalities to enhance performance, flexibility, and privacy. It opens the door to creating even more innovative and efficient systems that can change the way we interact with the digital world.
And on February 21, the launch of Mode Flare L3s was announced.
What is Mode Flare L3s?
It is Layer 3 network powered by Optimism (OP Stack) and Celestia as the Data Availability layer for unmatched performance. Mode is working with the leading infrastructure provider Conduit, to enable Mode L3s.
Mode Flare L3s introduces a new era of blockchain development, offering modular chains that empower developers to deploy appchains swiftly and efficiently. Targeting standalone protocols that demand high throughput and low transaction fees, such as onchain games and high-performance exchanges, Mode Flare L3s are the optimal choice for developers who want scalable infrastructure and world-class support with go-to-market.
Through a strategic partnership with Conduit, the leading rollup infrastructure provider, Mode has streamlined the process for builders. Conduit's technology enables the rapid deployment of Mode L3 testnets in minutes and the transition to mainnet in just a few days, setting a new standard for speed and efficiency in blockchain development.
Mode Flare L3s are designed for developers to deploy appchains effortlessly, ideal for high-throughput and ultra-low fees.
Why Mode Flare L3s?
Discover the key advantages:
High throughput
Rapid deployment
EVM compatibility
A flexible tech stack
Reduced transaction costs
Comprehensive growth support
Let’s see that tx fees on Mode Flare L3s lower than $0.005! Fantastic!
Also, buiding on Mode Flare L3s you have the key advantages of Mode:
Sequencer fee sharing
Mode Grants
Dev Drops
Infrastructure partners
All Mode L3s will have support from world-class infrastructure from the following partners:
PYTH - Oracle Partner - Secure your smart contracts with reliable, low-latency market data from institutional sources.
Goldsky - Indexing Partner - Real-time, high performance indexing via subgraphs and data replication pipelines.
Blockscout - Blockexplorer - A leading open-source blockchain explorer for EVM chains such as Mode and Mode Flare L3s.
Mode's collaboration with Conduit and other tech giants like Pyth, Goldsky, and Blockscout underscores its commitment to providing world-class infrastructure, ensuring the highest standards of performance, security, and reliability for all Mode L3 deployments.
And Mode proudly introduces its initial launch partners: DedPrz (Casino), LIQ Markets (Perps), and Macaw Predictions (Positional market), each set to debut their Mode Flare L3s on testnet, with many more partnerships in the pipeline.
So as a Modular DeFi Layer 2 backed by a $6 million grant from Optimism, Mode's mission is to build new economic systems for growth. Mode Flare L3s are a critical step towards a more open, efficient, and inclusive financial future.
Base is also building its L3
If you read about Frames on our previous newsletter, you should now that Syndicate launched the 1st Layer 3 chain, an OP Stack L3 on Base with Celestia underneath unlocking high throughput and extremely low gas costs for Frame developers. L2 Fees can limit your APP growth, especially for viral apps like Frames, gas costs can become prohibitive, and this is what L3 chain is solving in this case.
Final thoughts
Do you remember the blockchain Trilemma? Are we starting to finally find the right equilibrium?
Security: L1 layer - Ethereum
Scalability: L2 & L3 layers (Optimism, Mode Flare)
Decentralization: L1 staking & L2 sequencer (decentralized sequencer still to be worked on)
✖ Post of the week
🟠Podcast:
Podcasts are the source of Alpha🔥. And what if you can transform 1h of listening into 5min of reading? The 🔴Optimist Podcast partnered with Revelo Intel to provide written notes of all podcasts for FREE.
The Optimist Social accounts:
Discord Handle: Subli#0257
Twitter: The Optimist
Farcaster: Subli_Defi
Notion (Research database): https://sublidefi.notion.site/sublidefi/Subli_Defi-c57a3141c983433ca74e785a0bf1bcd0
Youtube: https://www.youtube.com/c/Subli_Defi
Disclaimer: Nothing in this content is financial advice. We may have some positions on the presented projects, however these articles are written in a non biais way so that you can make you own opinion out of it.
Do your own research before investing, and remember that Crypto is extremely volatile and risky.
Does he have a seat for extra finance in the super chain
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