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polynya.eth #danksharding Profile picture
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Feb 11 • 4 tweets • 2 min read
Abstracting all of the blockchain stuff from the user is a critical step to mass adoption. VeVe made it to the top 5 grossing iPhone apps a couple of weeks ago (now at #30) - to their users it's just digital collectibles. Most probably don't know what Immutable X or Ethereum is.
Likewise, Argent is doing stellar work in simplifying UX. You can stake ETH, trade a number of tokens, invest for yield in DeFi protocols etc. Users don't need to know what zkSync, ZigZag, Yearn or Ethereum is. I see Argent (& others) eventually becoming a "dapp OS" for web3.
As the space matures, and rollups enable massive scale, I hope the focus will shift to applications, applications, applications*. Then, interfaces that make it as easy to access these "web3" applications as "web2" apps.

Some more rambling here: polynya.medium.com/the-web3-stack…
*L1s, rollups, volitions, oracles, etc. are just underlying infrastructure. What will really make or break this industry is the quality of applications, and their ability to offer user experiences that are significantly superior and differentiated to the "web2" status quo.

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More from @epolynya

polynya.eth #danksharding Profile picture
Feb 10
Advice for Avalanche validators (and really, all networks with PoS, delegations, no slashing & no PBS): deploy a smart contract, return 100% of your rewards to delegators. This means your delegators earn more from delegating to you (depending on protocol, 2x more).
Earn from MEV instead.

Eventually, you end up with a centralized cabal with the highest economies of scale running in servers where a vast majority of stake is delegated. These have a significant advantage over smaller stakers and can return higher rewards to delegators.
Solutions:

a) socialize MEV with PBS + smoothing, censorship resistance with crLists
b) have decentralized staking protocols like Rocket Pool (or Lido in the future), instead of individual validators running their own smart contracts
c) have conservative block times
Read 5 tweets
polynya.eth #danksharding Profile picture
Feb 3
IMO, the Steem attack is without doubt the most important event in the history of blockchains, yet most people have forgotten. I won't go into details, but here's what I learned:

1) Token distribution is critical in proof-of-stake networks - attack could have been avoided

1/4
2) All stake in CEXs is compromised and can be used for coordinate attacks
3) Inclusive accountability is also critical - this attack could have been avoided had there been a culture of non-block-producing users running nodes
4) Delegators are apathetic, they won't defend

2/4
5) Stakeholders don't necessarily act in their own best interests
6) Social coordination works, but it comes at a steep cost
7) Newer protocols are more resilient, but a repeat of this is not impossible - particularly for chains with weaker economic security

3/4
Read 4 tweets
polynya.eth #danksharding Profile picture
Jan 31
All of this is true:

- Mature rollups can 100% inherit security
- Early beta rollups can still share security, but have other risks
- It's pragmatic for large validator sets to converge on a few chains
- Some applications are fine with lower security and small validator sets
Related:

Also, it's important to note that "rollups" are a type of construction with wildly different designs and implementations. We have to examine each rollup independently to determine how resilient they are today, and what their future roadmap looks like.
Read 5 tweets
polynya.eth #danksharding Profile picture
Jan 27
Seeing FUD that "rollups only scale compute". Not true, rollups and DAS scale compute, storage IOPS, storage size and bandwidth - the whole deal.

Compute: this one is established and undisputed. How much depends on the rollup's design, but let's say ~100x vs L1s.

(contd.)
The greatest trick rollups pull off is actually data:

- Converting complex state (SSD) to sequential DATA (HDD).

- Compressing this sequential data heavily.

As an example, the baseline transaction on L1s is ~128 bytes, and complex DeFi transactions can be hundreds of bytes.
Meanwhile, dYdX transactions are only 5.35 bytes, and the baseline is 16 bytes. Furthermore, instead of XXX bytes on expensive SSDs, you only need X or XX bytes on very cheap HDDs. Altogether, this is a 100x to 1,000x boost in data efficiency.

But wait! There's data sharding!
Read 7 tweets
polynya.eth #danksharding Profile picture
Jan 20
With recursive rollups / L3s the blockchain industry moves one step closer to the endgame. But I see too few talking about the elephant in the room:

Moving StarkEx to StarkNet would make StarkNet arguably the biggest smart contract platform after Ethereum, > alt-L1s.

(contd)
Today, StarkEx:

1) Immutable X mints and trades more NFTs than any other chain. In terms of $ volumes, OpenSea on Ethereum is still dominant, of course.

2) dYdX has the highest volumes of any dapp, with the second highest protocol revenues of any dapp after OpenSea.
Sorare raised $700M last year with >250,000 active users and growing fast, DeversiFi is an awesome spot DEX, and we have new players like Connext and @socol_io (if "SimpDAOs" are the next big thing, it'll all happen here!) joining the StarkEx fray.
Read 5 tweets
polynya.eth #danksharding Profile picture
Jan 19
Casual 30% few days ago, another 30% now; 50% with Arbitrum Nitro. Rollups are advancing rapidly. Over the course of 2022, rollups will mature to a point that'll make monolithic L1s look like DINOsaurs. Enjoy the ride while it lasts, the parks won't be endorsed.
Final form won't happen till 2023/24 and beyond. It's just that monolithic L1s have set such a bottom barrel low bar it'll be easy for rollups to flip that.

Keep building, rollup teams, you're doing awesome work! Reason shall prevail.
Timeless
Read 4 tweets

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