All top 5 rollups by TVL are "normal" rollups: Arbitrum, Base, Optimism, Blast, and ZKsync.
Data availability (DA) lives on EIP-4844 blobs, there's a single centralized sequencer, and the canonical state root is determined by an Ethereum L1 contract.
"Sovereign" rollups are a new term being pushed by Celestia, where DA can live wherever and canonical state is not determined by a zk-verifier or fraud proof, but simply social consensus. This is not actually a rollup, inherits no security, it's an L1 with validator set size 1.
"Based" rollups like Taiko do the opposite, inheriting even more L1 security. L1 validators compete to post state root updates, not a centralized sequencer. This accrues more MEV to L1 and guaranteeing tx inclusion is the source of the latest preconf discussions.
TLDR - Normal rollups have the most robust tech stack, sovereign rollups are cheapest, and based rollups inherit the most decentralization.
With 58 distinct L2s live today (!) and another 49 upcoming launches, it'll be fascinating to see which architectures win out and why!
• • •
Missing some Tweet in this thread? You can try to
force a refresh
You can see all transactions flowing through it on BaseScan at https://t.co/cGGF1cF4Kfbasescan.org/address/0xcf20…
Friend shares are not an ERC20, but they're tracked similarly to one. This means you could theoretically write a wrapper intermediary to spin up liquidity pools, but imagine there's a reason they've shied away from this. Nobody has done so yet
a virtual automated market maker is like a uniswap v2 pool without any actual liquidity. it simulates having liquidity, and moves prices up and down with buys and sells like it was xy=k
but there are no underlying tokens, just math simulations
why is this an attractive product?
because it gets you levered perp-like behavior on arbitrary tokens, like NFTs. this makes bootstrapping markets easier. and users love it, as shown by 500MM of volume on the nftperp beta
This was always obvious, btw. If they can recover your seed phrase for you when you lose your ledger, then they can recover your seed phrase when compelled by a government, when an insider gets bribed, when the database gets hacked, etc. TEEs get broken all the time
Their “privacy” policy is absolutely ridiculous. Zero chance they won’t roll over and leak your private keys to the nearest government at first signs of trouble
Stop using Ledger hardware wallets. Migrate away from them immediately. They’ve shown nothing but gross incompetence and wild misunderstanding of their own purpose. And now they’ve publicly admitted to intentionally backdooring their own proprietary hardware. Stop using Ledger
“it’s opt-in, you don’t have to use it”
this is misdirection. a hardware wallet should have a secure enclave where the private key never leaves the device, under any circumstances
they’ve opened APIs for the enclave to send encrypted key shards to 3rd parties on the Internet
Reminder:
- Ledger previously had a data breach leaked a list of customer names and addresses
- Ledger is encouraging customers to wear hardware wallets as public jewelry
- Ledger can always leak private keys from the enclave with further firmware updates
we're not hardforking mainnet to make testing easier, so it's clear that testnets must relax their emulation assumptions to support widespread permissionless distribution
this can be done via ephemerality (rapid setup/teardown) or changing supply mechanics (infinite mint)
actually changing supply mechanics wouldn't help. if everybody could mint 1 gETH every minute, gas wouldn't be 1000 gwei, it would be 1000000 gwei. endless bot race
so ephemerality it is. the solution to overspeculation is increasing supply (of testnets). same as L1s/NFTs/memes