🧵 Let's break down what happens when you send a transaction:
1. A user sends a transaction to an RPC.
They won't even know they're using a based rollup! But they will see an almost instant confirmation that their transaction has been accepted because of... preconfirmations ✅
2. The RPC forwards the user transaction and a preconfirmation request to an entity called a Gateway.
A Gateway is an entity that can offer preconfirmations. So when it receives a transaction from a user, it can instantly say if a preconfirmation is available.
Everyone is talking about based rollups - but how do based blocks get built?
🧵 It's time to break down the steps involved:
Ethereum is transactions. L1, L2, L3... it's all transactions and the ordering of those transactions is important because money can be made by controlling the execution order - known as MEV.
While many Ethereum rollups today have centralized sequencers which control the order of transactions, based rollups can be thought of as "permissionless blocks" that anyone can build.
Sovereignty and Composability: breaking the appchain tradeoff once and for all
Spire Labs has raised $7m to orchestrate the development of the Based Stack - the next generation of based rollups.
We are excited to announce our seed funding rounds, led by @Maven11Capital and @anagramxyz with participation from @a16zcrypto CSX, @BanklessVC, @VoltCapital, @l2iterative, @FinalityCap, and @DCGco.
Angel investors include @nickwh8te, @sassal0x, @anilkumar827, @ballsyalchemist, @ayyyeandy & @robbie_rollup, @ThogardPvP, @maqstik, @JacobArluck, @stakeeth, and @sjerniganIV .
Aspire to be based.
Ethereum sells settlement
Ethereum sells DA
Ethereum sells economic security
Ethereum will sell sequencing. Soon.