1/20💩CROSS-CHAIN $POOP 💩
One of @Polkadot's great innovations is XCM- native, safe cross chain messaging.
Let's take a look at how tokens like $POOP are using @MoonbeamNetwork's EVM XCM hybrid (the XC-20), to fuse leading tech with the network adoption of @ethereum 🧵👇
One of @Polkadot's great innovations is XCM- native, safe cross chain messaging.
Let's take a look at how tokens like $POOP are using @MoonbeamNetwork's EVM XCM hybrid (the XC-20), to fuse leading tech with the network adoption of @ethereum 🧵👇
2/ WHY DO BRIDGES SUCK?🌉
Bridges link blockchains and are either trust-based or trustless, relying on third parties or code respectively.
These are easy points of weakness for skilled hackers, with $2billion exploited from bridges this year alone.
coindesk.com/learn/are-bloc…
Bridges link blockchains and are either trust-based or trustless, relying on third parties or code respectively.
These are easy points of weakness for skilled hackers, with $2billion exploited from bridges this year alone.
coindesk.com/learn/are-bloc…
3/ The @Polkadot Solution - XCM⛓️
XCM = Cross-Consensus Message Format, or a common language through which parachains, pallets, smart contracts and more can interact.
It is a safe, stable, and reliable message passing system underpinned by the shared security of the relay chain
XCM = Cross-Consensus Message Format, or a common language through which parachains, pallets, smart contracts and more can interact.
It is a safe, stable, and reliable message passing system underpinned by the shared security of the relay chain
4/ HOW TO SPEAK XCM?🗣️
There are 2 primary methods:
VMP (vertical message passing) - relay chain (L0) to parachain (L1)
XCMP (x-chain message passing) - between parachains (L1s)
There are 2 primary methods:
VMP (vertical message passing) - relay chain (L0) to parachain (L1)
XCMP (x-chain message passing) - between parachains (L1s)
5/ SO WHAT DOES IT GIVE US?🔥
Well asset transfer for starters..
✅asset teleporting (burn-mint bridge mechanism)
✅remote transfers (via an intermediary; lock-mint / burn-unlock bridge mechanism)
Well asset transfer for starters..
✅asset teleporting (burn-mint bridge mechanism)
✅remote transfers (via an intermediary; lock-mint / burn-unlock bridge mechanism)
6/ BIGGER PICTURE🗺️
✅HIGHER ASSET UTILISATION (more connectivity)
✅SCALABILITY- each parachain is custom built from modules, fit for that particular project's purpose. With XCM, parachains can easily leverage other parachains' products to seamlessly scale their own projects
✅HIGHER ASSET UTILISATION (more connectivity)
✅SCALABILITY- each parachain is custom built from modules, fit for that particular project's purpose. With XCM, parachains can easily leverage other parachains' products to seamlessly scale their own projects
7/ GREAT! Problem solved 🥳
WRONG 👺
Adoption☹️
Ethereum use solidity, the language for coding smart contracts; and on top of having a market cap greater than all other L1 and L0s combined, it's hard to argue @ethereum don't have supreme network effect.
WRONG 👺
Adoption☹️
Ethereum use solidity, the language for coding smart contracts; and on top of having a market cap greater than all other L1 and L0s combined, it's hard to argue @ethereum don't have supreme network effect.
8/ #DOT however uses RUST language, on which the modular blockchain framework "substrate" was created, including the native smart contracts Ink!
But while this tech is purpose-built for the next wave of web3, there is an enormous non-substrate fluent dev community out there👀
But while this tech is purpose-built for the next wave of web3, there is an enormous non-substrate fluent dev community out there👀
9/ THE GREAT TRANSLATOOOR - @MoonbeamNetwork ㊗️
Enter Moonbeam - a substrate polkadot parachain in ethereum clothing; allowing solidity devs to create dapps on Polkadot with a familiar interface.
Taking the first steps for ETH devs and dapps to onboard 😎
Enter Moonbeam - a substrate polkadot parachain in ethereum clothing; allowing solidity devs to create dapps on Polkadot with a familiar interface.
Taking the first steps for ETH devs and dapps to onboard 😎
10/ The ERC20 🪙🪙
These Solidity devs can then work away at creating their native ERC20 tokens on #DOT.. the technical standard for fungible tokens created using the #ETH blockchain.
At its core, the ERC-20 first allowed different smart contract enabled tokens to be exchanged.
These Solidity devs can then work away at creating their native ERC20 tokens on #DOT.. the technical standard for fungible tokens created using the #ETH blockchain.
At its core, the ERC-20 first allowed different smart contract enabled tokens to be exchanged.
11/ The @MoonbeamNetwork touch 🖌️
As part of their translation services, #GLMR represents these foreign assets via a standard ERC-20 UI with a pre-compiled contract; the "XC-20"
Enabling solidity devs to create polkadot compatible XC20 tokens without needing to know substrate🤯
As part of their translation services, #GLMR represents these foreign assets via a standard ERC-20 UI with a pre-compiled contract; the "XC-20"
Enabling solidity devs to create polkadot compatible XC20 tokens without needing to know substrate🤯
12/ SO WHAT?💩
Why should we care?
What benefits does being an XC-20 bring to the token, and to the ecosystem as a whole?
Let's use the recently minted XC-20 $POOP as an example
Why should we care?
What benefits does being an XC-20 bring to the token, and to the ecosystem as a whole?
Let's use the recently minted XC-20 $POOP as an example
13/ PRO #1 - Adoption👶
Simply, being an XC-20 grants $POOP access to the huge and growing pool of solidity devs, to build dapps and projects which interact with the token, creating cross-threads, partnerships and network effect
Simply, being an XC-20 grants $POOP access to the huge and growing pool of solidity devs, to build dapps and projects which interact with the token, creating cross-threads, partnerships and network effect
14/ PRO #2 - VMP up and down the @MoonsamaNFT eco ↕️
We know that Moonsama are building a full ecosystem on @Polkadot, including a Moonsama (L1) parachain with the Exosama L2 sitting on top.
VMP will facilitate seamless asset transfer up and down these busy channels.
We know that Moonsama are building a full ecosystem on @Polkadot, including a Moonsama (L1) parachain with the Exosama L2 sitting on top.
VMP will facilitate seamless asset transfer up and down these busy channels.
15/ PRO #3 - XCMP to other parachains ↔️
Want to transfer $POOP between your Moonsama and @MoonbeamNetwork parachains to farm some $GLMR?
No more seedy L1 bridges waiting to be exploited, asset transfer done under the umbrella security of the @Polkadot relay chain 👌
Want to transfer $POOP between your Moonsama and @MoonbeamNetwork parachains to farm some $GLMR?
No more seedy L1 bridges waiting to be exploited, asset transfer done under the umbrella security of the @Polkadot relay chain 👌
16/ PRO #4 - Safety🗝️
Knowing Donnieverse loves a good pivot, while we don't know what future is in store, we know it's likely to involve a lot of x-chain action.
And as eyes build on Moonsama, so come the exploiters..
Making the safety mechanics of XC20 all the more crucial🔒
Knowing Donnieverse loves a good pivot, while we don't know what future is in store, we know it's likely to involve a lot of x-chain action.
And as eyes build on Moonsama, so come the exploiters..
Making the safety mechanics of XC20 all the more crucial🔒
17/ PRO #5 - Max DOT Utilisation⚒️
And with safety assured, XC20 brings added value through seamlessly integrating the tools that @Polkadot has to offer, such as @ParallelFi's borrowing and lending features..
Collateralise $POOP to buy more $POOP?
And with safety assured, XC20 brings added value through seamlessly integrating the tools that @Polkadot has to offer, such as @ParallelFi's borrowing and lending features..
Collateralise $POOP to buy more $POOP?
https://twitter.com/ParallelFi/status/1579363191234387969?s=20&t=FKtwwcL2Okhci9KE5NiYaA
18/ PRO #6 - Max ETH Utilisation ⚒️
And not only that, XC-20s can be used across the EVM DEFI world too, enabling $POOP to be swapped and farmed across gigaplatforms like @AaveAave, @CurveFinance and @LidoFinance, bringing more cross-chain eyes to the token
And not only that, XC-20s can be used across the EVM DEFI world too, enabling $POOP to be swapped and farmed across gigaplatforms like @AaveAave, @CurveFinance and @LidoFinance, bringing more cross-chain eyes to the token
19/ PRO #7 - On Chain Governance👩⚖️
And on top of all this, being an XC-20 token grants $POOP access to the #DOT tech modules that come with it, like on chain governance, channeling @gavofyork's vision of decentralisation
And on top of all this, being an XC-20 token grants $POOP access to the #DOT tech modules that come with it, like on chain governance, channeling @gavofyork's vision of decentralisation
20/ THE tl;dr🔍
Being an XC-20 token grants $POOP full flexibility, security and scaleability, harnessing the tech power of @Polkadot with the network effect and UIUX of @ethereum, all backed by a powerful community voice.
TECH + ADOPTION = 💩🔥
Being an XC-20 token grants $POOP full flexibility, security and scaleability, harnessing the tech power of @Polkadot with the network effect and UIUX of @ethereum, all backed by a powerful community voice.
TECH + ADOPTION = 💩🔥
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