The ⚪Optimist: Superchain News #33
The Superchain Knowledge Hub
First of all, i’d like to express my thanks to you readers, for your comments, support, likes on this Journey. Big 👏 to the team for making The Optimist the go-to Media for everything about DEFI on the Superchain.
Results of last poll is well spotted and in line with our previous newsletter. Check our article about Base here.
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————————————— KEY TAKEAWAYS ——————————
➡➡➡Governance timeline
🔥Hottest news
Your bi-weekly breakdown of the most spicy🌶 news about the Superchain
⚪Welcome to World Chain: Unveiling the Proof of Humanity
5m people authenticated as real HUMAN BEING, 10m+ accounts created => That are some impressive stats from Worldcoin who launched World Chain: “The blockchain for Humans”, & joining the superchain.
➡➡➡🦄Meme of the week
🔴 The state of the superchain
The Superchain might be the most powerfull tech built by a Collective but is still poorly understood. Why it can become one of the top 5 narratives? What are the chains committed to it? What we should expect for 2024? First you read, then you “OMG”
➡➡➡✒ Post of the week
🟠Podcast: Project interview (Updates & Roadmap)
Ethena [STABLECOIN]: The new synthetic dollar USDe
Clearpool [RWA]: Private Credit & Institutional Lending
GOVERNANCE TIMELINE
RPGF 4 is around the corner & aims at rewarding builders on the Superchain. Now split in 4 rounds, here is the detail for Round 1.
Round 1 rewarded builders: Drive demand for blockspace (more info here)
Total grant: 10m OP
Timeline:
Sign up: May 23rd - June 6th
Application Review Process: June 6th - June 18th
Voting: June 23rd - July 8th
Results & Grant delivery: July 15th
Spotlight project: MoChad
What does it take to be a Chad ?
MoChad is the community coin of Mode, with a vision of growing the network and its community in unison. $MOCHAD is designed to reward active Mode community members helping to grow Mode and the on-chain cooperative.
Learn more at https://www.mochad.xyz/ and become a MoChad yourself by joining the community.
🔥Hottest news
🟡CELO is launching a community vote to deploy its new L2 and joining the Superchain
🔴 Redstone mainnet launched (Gaming chain using Plasma technology for data availability)
🟠 BOB mainnet launched, triggering the end of Fusion SEASON 1 and the start of Season 2
✈ Slipstream is now live on Aerodrome
⚪ Renzo & Kelp DAO will release ezETH & rsETH withdrawal in May
🔵 BSX, the 1st onchain order-book Perp Dex backed by Base and advised by Arthur Hayes, is launching its season 1 point program
⚜ Securitize, the project behind the Blackrock Digitial fund BUILD, partners with Barclays & Citi banks to test tokenized deposit
🟣After receiving a grant of 50k OP, Lumio, the alt VM chain of the superchain incubated by Pontem network, has launched a community campaign. Airdrop incoming👀 ?
🟢Ancient8 has partnered with iQLabs, a NFT lending protocol
🔵Base is now the 2nd chain with the most $USDC onchain, after Ethereum
🌲 KlimaDAO, a protocol tokenizing carbon credits, is launching its token $KLIMA on Base
🚲Velodrome continues its expansion & will launch on Lisk
🟡Airpuff ended its Airdrop Season 1 on April 30, and kicked-off at the same time Season 2. Season 1 participants can claim $APUFF airdrop on May 30
⚪Welcome to World Chain: Unveiling the Proof of Humanity
by Nataliii
Superchain is growing more and more. So let’s say hello to World Chain - new member of Superchain.
It’s interesting that Worldcoin user transactions currently represent about 44% of OP Mainnet’s activity, making it the largest application on the network.
Let's find out more about.
What is World Chain?
Project Worldcoin, developped by the startup Tools for Humanity, co-founded by Sam Altman from OpenAI (the company that created ChatGPT) announced the launch of its own Layer 2 blockchain called World Chain.
The new network will be built using the Optimism Toolkit (OP Stack). This will ensure compatibility with applications in the Ethereum ecosystem, sharing security, tech & bridge. World Chain will use World ID identity verification technology based on a scanned iris of the eye.
Note: This is not the first attempt to create a biometric identification system using blockchain. A group of developers in the TON network ecosystem called TON Society on April 8 announced on partnership with the developers of AI solutions HumanCode for the implementation of biometric identification in the Telegram messenger.
Objective: Give priority to human users over bots.
Worldcoin Foundation described the upcoming World Chain as an innovation aimed at improving the user experience with blockchain technology by allocating block space and gas limits specifically for verified human users. This human-centric design is designed to improve scalability and efficiency, especially for everyday applications.
The foundation says World Chain is targeting a broad audience, with preparations to support up to 1 billion people using infrastructure built on Optimism's OP stack. In this blog, the fund emphasized that the platform is designed to eliminate common inefficiencies in blockchain systems, which are exacerbated by transactions managed by bots.
It is estimated that bots make up up to 80% of all blockchain activity😱, which leads to network congestion and increased fees. World Chain's integration with World ID supposedly allows users to verify their identities anonymously using zero-knowledge proofs, providing priority service and gas without sacrificing privacy.
This mechanism is expected to streamline transaction processes and evenly distribute the load created by bots and significant users, with initial funding from the Worldcoin Foundation. The initiative also includes support for developers through Worldcoin Community Grants and collaborative efforts led by the Worldcoin Foundation.
«We expect a quick developer preview of World Chain and a full launch closer to summer,” the foundation said.
Everyone will be able to send transactions to World Chain, but those created by verified people will be given priority for faster confirmation. Those users who have already submitted biometrics to Worldcoin operators and received a World ID will receive priority for transaction processing.
Verified addresses will also receive some free gas. In addition to ETH, which will remain the main token, fees can be paid using $WLD.
The World ID identity verification system and its native $WLD token will remain “neutral.” This means that they will remain as public goods, free to be implemented and used on other networks.
Why OP Stack?
After many migrations within the Ethereum Ecosystem, Worldcoin can finally find its new permanent home in a place that can scale.
Starting with Ethereum Rollups: shortly before Worldcoin’s release from beta in July 2023, Worldcoin decided that Ethereum Rollups have matured enough and to migrate to OP Mainnet, at that time including around 2 Million Worldcoin users. The launch of the Worldcoin project in July 2023, however, quickly showed many areas in the overall L2 infrastructure stack that could benefit from improvement (including OP mainnet itself, relayer infrastructure, RPC providers, World App infrastructure). While Worldcoin was the first major application launching on an Ethereum L2 (and remains the largest to this day), it became clear that the L2 ecosystem was still in an early stage for major applications.
WorldCoin team firmly believe L2s should be the place for experimentation and innovation, and that they can significantly contribute to this mission. Committed to making a meaningful contribution, they decided to join the Superchain effort and launch World Chain, a dedicated L2.
Bringing the entire world onchain presents a monumental task, exceeding the capacity of any single entity. World Chain team recognizes that collaboration is key to achieve this goal. That’s why they and we are excited to be part of the Superchain alongside Optimism, Coinbase, and the wider Ethereum ecosystem.
Controversial
But the Worldcoin platform has faced a ban on operations since its launch. Its activities have already been banned in India, Brazil, France, Germany, South Korea and several other countries. In Kenya and Hong Kong, the offices of project operators were closed. Regulators are concerned about the collection of citizens' biometric data, which they consider illegal. In response to criticism, the company introduced a Personal Custody feature that allows users to store their biometric data on their devices.
To reduce the amount of negativity, according to a recent CNF report, Worldcoin introduced the “unverify” feature», aimed at giving users more control over their personal data. Developed in response to increased regulatory scrutiny, this feature allows users to actively manage the privacy of their data.
If you wish more details about World Chain, you can check the official blog post: worldcoin.org
As any blockchain, a full ecosystem will land on Worldchain as previously stated at the start of this article. It will be very interesting to follow the development of this chain, be sure that we will share any DEFI opportunities with you. Stay tuned and stay optimistic.
🦄Meme of Week
🔴 The state of the superchain
By Subli
You, my fellow reader who follows me in this Optimism journey, may have no doubt how promising is the Superchain vision. But if you’re a new subscriber, you may have no clue what it is, what for or if we really need this.
Below are my thoughts after having spent 2 years deep in the Optimism collective, met hundred of project & chain builders, and having my own user eyes after having used DEFI since 2021.
TL;DR: I see the Superchain like a Giant Mall with no boundaries. One infinite place where Customer (Users) can find anything they want.
Reminder: What’s the Superchain?
The best definition is from Optimism website:
The Superchain is a horizontally scalable network of chains that share security, a communication layer, and an open source development stack
Here are keys facts that will dig the pit between the Superchain & all the other chains:
Common infrastructure: The OP STACK. Benefits:
Chain project team doesn’t need to be “Tech Experts” anymore & can now focus on their product line (Ancient 8 = Gaming, Base = Onchain economy, Zora = Creators, World Chain = Identity, …).
Chain tech upgrades like DENCUN are deployed at the Infra level, so any chain can benefit from it as soon as implemented & avoid problem like Blast:
Security & Decentralization: Ethereum as the Settlement layer, is the largest decentralized security layer with 32 millions of ETH staked (100b$ of ETH staked) (data from https://dune.com/hildobby/eth2-staking). Ethereum is also the most Decentralized network, with 1 millions validators (data from https://dune.com/hildobby/eth2-staking)
Common user Base: Each chain will bring its own community, with the largest one brought onchain by Base. With 110 millions users coming from Coinbase, Base users will be able to interact with all the other chains without knowing on which chain they are
The largest building team in the world: As part of the Superchain, each chain member of joins their efforts to build the future of the OP STACK. As any industry is lead by innovation, the more talented people you bring, the further you go
Economy: By joining the superchain, each team commits 15% of the chain revenue or 2.5% of the Net Margin that will fuel RPGF (Retroactive Grant). 28d-average revenue to Optimism = 40 ETH/day (approx 45m$/year). And with the number of users across the Superchain going up, expect Optimism Revenue to go up too
How many chains, how much TVL?
There are now 16 chains that have committed or show interest to commit to be part of the Superchain with a total TVL of 13b$.
What’s hot for 2024?
Custom gas tokens: Chain will be able to set easily their governance token as gas token for their chain. And you won’t believe who proposes this proposal to be integrated as part of the OP Stack: 🟨opBNB 😁. You can find the proposal here on the Optimism Governance Forum.
Superchain expansion: Expect 16 to be broken very soon! The more chains integrate the super chain, the larger will be the overall community. Follow the Optimism Chief Growth Officer Ryan on X for more announcements to come.
Stage 1 Decentralization: There are 3 stages according to L2Beat to assess a rollup decentralization state.
Currently, the OP Stack is in stage 0, and will soon upgrade to Stage 1 thanks to Permissionless Fraud (Fault) Proof, currently live on Testnet, planned to launch on Mainnet this summer:
Interop Rollup: Imagine a world where chains are fully abstracted. You can swap tokens on Aerodrome without considering where your liquidity is, which gas token you need to have to pay for tx fees… This world is soon to come thanks to Socket (yes, the team behind Bungee). Read this amazing article from them.
The cost of spinning up a new rollup has decreased significantly, blobs and data availability have made settling transactions even cheaper, and we now have L3s on top of L2s. It’s only a matter of time before we get to a world of 10,000 rollups and chains.
However, the modular future is at risk because of increasing fragmentation between chains.
Socket thesis is simple: users won’t be able to survive & navigate a world with 10k+ rollups, which means 10k+ gas tokens possibly, 10k+ fragmented USDC... The future ais not cross-chain but multi chain as said Vitalik. But one needs to differentiate the environment you build on, and the interface you play with.
Cross-Chain is dead, Chain-Abstraction is the future.
Socket is building the first intent based chain-abstraction protocol. And I expect this to fuel the cross messaging layer on the Superchain. Follow Socket & expect more news to come.
Until Socket is fully releasing the above, I strongly suggest you bookmark this website: https://superbridge.app/
Currently only bridging from L1 to L2 (and back) is allowed (using the official ethereum bridge), but expect soon cross-chain bridge between the superchain chains.
Finally, should I say that Socket has been backed by Coinbase in September 2023…Probably nothing 👀
Tell me you’re not excited as I’m now??!! LFG Superchain!
✒ 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.