polynya Profile picture
11 Dec, 8 tweets, 2 min read
With EIP-4488 now coming post-Merge, here are other avenues to lower fees on rollups:

- Optimizations & calldata compression: Arbitrum Nitro will halve fees, Optimism working on it
- Wallets supporting BLS signatures: Arbitrum can enable it: easy ~1K gas reduction

(1/7)
- Socially & financially incentivize developers to deploy on rollups. Particularly memecoins & NFTs, which have been the majority culprit for excessive gas fees on Ethereum
- Incentives for dapps on rollups - Uniswap liquidity mining coming to A1 & OE is a big deal

(2/7)
- Greater usage on rollups -> lower fees. Currently, a swap on zkSync / ZigZag costs $0.61, will go lower. (Source: L2fees)
- Volitions: StarkNet & zkSync will both have alt-DA options. zkPorter estimates $0.01-$0.03 tx fees. Lower security, but still higher than alt-L1s.

(3/7)
- Explore minimum viable consensus layer solutions post-Merge as an alternative to 4488: e.g. dataspace on Beacon Chain, have just 1 data shard sharing p2p layer with Beacon Chain, or 4 data shards, 1 subnet, everyone validates etc. Just thinking out loud here.

(4/7)
(Btw: NEAR's first phase is like that: 4 "shards" but everyone validates)

- Rollup teams implement better security. More transparent and broader community multi-sigs, and ideally, with timelocks. Doesn't lower fees, but will make people more comfortable using rollups.

(5/7)
- More efficient L1 fee determination by rollups. Today, Optimism has a 1.5x buffer which is totally excessive. If you have a moving average function, we can easily drop this down to ~1.0x. Evade spikes by delaying batch submissions. Also, consider loss-leading.

(6/7)
I expect gas prices to be ~20 gwei if speculative activity like memecoins & NFTs see a lull. Swaps on ORs could be <$1, and <$0.25 on ZKRs. I think we accomplish a lot with social consensus. Let's use this time to push developers & people to using rollups by default.

(7/7)
Potential action plan:

- Tell all your friends & followers to use rollups, skip Ethereum
- Tell developers to deploy on rollups. If memecoin or NFTs, consider skipping Ethereum entirely.
- Push MetaMask & wallet teams to support BLS signatures
- Push CEXs to integrate rollups

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More from @epolynya

14 Dec
Haven't listened to UCC, but seeing a lot of comments about it. Firstly, I'm delighted we have moved past the "rollups bad" phase to "rollups awesome but only on L1 bags I hold". However, the whole point of a modular architecture is the concept of L1s melt away.

1/
Rollups will always verify on the most secure, decentralized, robust, battle-tested settlement layer, backed by the soundest money and with the widest range and depth of liquidity. The cost is negligible, and the risks of having a bridge to a less secure SL isn't worth it.

2/
I believe Bitcoin would have been the best SL, but given it doesn't support rollups, Ethereum is the next best option. For a PLONK rollup doing 1,000 TPS, gas fees per transaction is only $0.00003. With 10,000 TPS it's 10x lower still etc. These are negligible numbers.

3/
Read 11 tweets
11 Dec
Lots of takes about Solana. Here's the fundamental problem:

- It optimizes for the lowest quality transactions (spam)
- It doesn't have a fee market that prices execution granularly

Best solution: become a validium, use QoS, have mass exits for CR.

polynya.medium.com/transaction-qu…
Alternatively, implement an actual pricing system (I know there's some work happening on that) and set a transaction fee floor to $0.01 or so like Polygon PoS has done.

For negligible / 0 fees, a modular approach is the only way out.
Is it acceptable for an L1 to reject transactions it determines to be spam or DDoS attack?
Read 4 tweets
10 Dec
Common misconceptions around rollups melt away when you make a simple perspective shift: anything any L1 can do, as a rollup it can do it better.

L1 does X TPS -> Rollup does 10X TPS
L1 does X finality -> Rollup does 0.1X finality
L1 does 3 programming languages -> Rollup 10
L1 does 3 upgrades / yr -> Rollup does 12
L1 has novel fee model -> Rollup has multiple novel fee models
L1 does yearly state expiry -> Rollup monthly
3 L1s suck at interoperability and fragment liquidity -> 10 rollups have superior interop, can even share liquidity (see: dAMM)
All above for a simple reason: a rollup only needs to provide ephemeral censorship resistance & liveness for a few minutes; while an L1 needs CR, liveness & safety forever. By cooperating with settlement & DA layers, frees up a rollup to be infinitely more innovative & efficient.
Read 6 tweets
5 Dec
With today's technology, it would take over 10,000 years for a crew to travel to Proxima Centauri. In 50 years, we could have the tech to do it in less than 100 years. So, why not wait? The ye olde crew can milk a lot of attention in the short term, and be absorbed later.
This is the fate that awaits megalomaniac blockchains (aka L1s). In a couple of years for now, they will be utterly obsolete, leapfrogged >1,000x, but there's still users & devs to onboard now while the next-gen tech (rollups/DA layers) is maturing. Soon, they'll be assimilated.
So, please, feel free to use & develop for megalomaniac blockchains today, but be aware they'll be heavily crippled and pretty useless tomorrow. Vastly prefer projects that have a clear path to a modular future. The ones with rollup-deniers are NGMI - stay away from them.
Read 4 tweets
20 Nov
One of the most underappreciated benefit of rollups vs high-TPS L1s is efficiency of liveness, censorship resistance and finality. In the latter, the consensus protocols have to offer permanent CR, L, and safety. In rollups, you only need ephemeral CR, L for a few minutes.

1/8
ORs generally settle every couple of minutes, SNARK rollups like Loopring ~12 minutes, STARK rollups like dYdX ~1 hour. It could be longer if they are less active, but as activity ramps up and the tech matures, I'd expect these times to decrease rapidly, eventually few sec.

2/8
Rollups that want to maximize ephemeral CR & L, can run proof-of-stake consensus just like their MC ancestors. However, they only need to do this for a few minutes instead of forever! As a result, they can be far more efficient. Which also enables more rapid finality.

3/8
Read 9 tweets
17 Nov
Web3 is a positive sum game. Solana's technology has abysmal scalability, capable of addressing <1% of TAM long term. The notion of a single database addressing much of the global audience is ludicrous in web2, and a single ledger doing the same is no different with web3.

1/6
I welcome more centralized solutions like Solana or Polygon PoS to onboard the surplus demand in the short term here & now. However, Polygon has a much more ambitious and future-leaning roadmap than Solana with ZKRs, scaling well beyond what Solana can ever dream of.

2/6
Solana's bizdev and marketing teams have done a phenomenal job, and the audience they onboard till StarkNet, zkSync 2.0 and Polygon Hermez/Miden mature will be well earned. But this is <<1% of where web3 is headed long term. Remember, a single ZKR can outscale Solana.

3/6
Read 7 tweets

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