Thread by @itsmechase

"The Scaling Wars - Where Will DeFi Live?"

feat... Mihailo Bjelic (Polygon), Ben Jones (Optimism), Illia Polosukhin (NEAR), Harry Kalodner (Arbitrum), Luigi Donorio Demeo (Ava Labs)

a thread 🧵

#Permissionless2022

1/ On the battle between ETH and Alt L1s...

Ethereum is the gold standard of security and it has the social adoption.

Initially there was an emphasis on sharding...[but now] the emphasis on layer 2 has grown much stronger

@ben_chain

2/ On the battle between ETH and Alt L1s...

The original idea for ETH 2 was that users would not understand which chain they are operating on --

"eventually we'll converge into a 'super chain' that hides all of this."

@ilblackdragon

3/ On the battle between ETH and Alt L1s...

Ethereum introduced a grand vision of a global, permissionless network

"I think it's going to be hard to replicate this on the other Layer 1s. That is my personal opinion."

@MihailoBjelic

4/ On the battle between ETH and Alt L1s...

"The bull case for Alt L1s is a super-chain where there is an abstraction between which L1 [the user] is using."

@MihailoBjelic

"I think it's good to have options."

@luigidemeo

5/ On the battle between ETH and Alt L1s...

"I think L2s have a very important place for scaling…I don't think they are the best for certain things, in particular, finance."

@luigidemeo

6/ On the battle between ETH and Alt L1s...

I think [finance] is less optimal on L2 than L1. One of the benefits of blockchain is finalizing a txn super-fast…instant finality is super important…obviously there is a delay b/n execution [on ETH]…"

@luigidemeo

7/ On the battle between ETH and Alt L1s...

Hahahah there was a great exchange between @MihailoBjelic and @ilblackdragon about the ability to roll back txns on Ethereum

Mihailo says it's not practically possible. Ilia says it is with enough money.

😂😂😂

8/ On L1s and L2s being blurred...

The lines between L1 and L2 are getting increasingly blurry

One of the most promising designs is the use of ZK Proofs.

ZK is how we unify all of these visions.

@MihailoBjelic

9/ On Ethereum security...

The fast approaching merge will bring Ethereum off of proof of work to proof of stake, which will make things much more secure

10/ On the timeline for a scalable future...

"You can go on Optimism right now and get zero fee txns" 😂

There is a long road ahead for scaling, but the end game is in sight. There is now a very consistent framework. Shoutout to Vitalik's 'End game' post

@ben_chain

11/ On the timeline for a scalable future...

Right now is nothing like 2017. People continued building.

There are huge technical roadmaps we are building on @NEARProtocol

You already can scale, but more is launching

@ilblackdragon

12/ On the timeline for a scalable future...

We can offer solutions today on @0xPolygon that are being used accommodates up to 50M users)

"It was always important for us to offer something today...but also push the boundaries for offering more robust solutions"

@MihailoBjelic

13/ On the timeline for a scalable future...

"We have the ability to scale...via subnets...800k-900k txns per day...but not with the set of decentralized validators that you want"

@luigidemeo

14/ On the timeline for a scalable future...

"My bigger question is 'does the space have enough demand'. We can increase blockspace, but are there enough use cases."

It's incumbent on us [as an industry] to determine use cases for blockchains that users want."

@luigidemeo

15/ On the timeline for a scalable future...

"Over the next year there will be a lot of progress...we are very excited about the Ethereum scaling roadmap. [However], the systems in place are nothing compared to what they will look like in the next year."

@hkalodner

Thanks for reading! Check back throughout the day for more #Permissionless2022 threads

Thanks @Permissionless and @Blockworks_ for hosting a great conference!